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S V Global Mill Ltd.

BSE: 535621 Sector: Infrastructure
NSE: N.A. ISIN Code: INE159L01013
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NSE 05:30 | 01 Jan S V Global Mill Ltd
OPEN 51.00
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VOLUME 1118
52-Week high 73.95
52-Week low 44.50
P/E 73.53
Mkt Cap.(Rs cr) 90
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 51.00
CLOSE 50.00
VOLUME 1118
52-Week high 73.95
52-Week low 44.50
P/E 73.53
Mkt Cap.(Rs cr) 90
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

S V Global Mill Ltd. (SVGLOBALMILL) - Auditors Report

Company auditors report

To the members of S V Global Mill Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of M/s S V GlobalMill Limited ("the Company") which comprise the balance sheet as at 31st March2022 and the statement of profit and loss (including other comprehensive income)statement of changes in equity and statement of cash flows for the year then ended andnotes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2022 and its profit changes inequity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the standalone financial statements under the provisions of the Companies Act 2013 andthe Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Emphasis of Matter

We draw attention to the following matter in the Notes to thestatement:

Note No. 31 regarding the non-recognition of additional compensation inthe books of accounts due to the pendency of the review petition before Hon'ble High Courtof Karnataka arising out of the Special Leave Petition filed before the Hon'ble SupremeCourt of India which directed the Hon'ble High Court of Karnataka to hear the matter onmerits pursuant to the dismissal of the appeal by the Hon'ble High Court of Karnatakaagainst the order of the II Additional City Civil and Session Judge in the matter ofgranting additional compensation in respect of the 3 acres and 16 guntas of landcompulsory acquired during the financial year 2013-14 by the Special Land AcquisitionOfficer Government of Karnataka.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined that there are no key audit matters to communicatein our report.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the matters included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon. The otherinformation is expected to be made available to us after the date of this auditor'sreport.

Our opinion on the standalone financial statements does not cover theother information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information thatwe obtained prior to the date of this auditor's report we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

When we read the other information if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance and in case the material misstatement remains uncorrected suitable actionwould be resorted to including bring to the attention of the users the matters of suchmaterial misstatement.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements the Board ofDirectors is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ('theOrder') issued by the Central Government of India in terms of sub-section (11) of Section143 of the Act we give in Annexure - I a statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including othercomprehensive income) the Statement of Changes in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directorsas on March 31 2022 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2022 from being appointed as a director in terms ofSection 164(2) of the Act.

f) With respect to the adequacy of internal financial control systemsand the operating effectiveness of such controls we give our Report in Annexure - II

g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements - Refer Note 30 & 31 to thestandalone financial statements;

ii. The company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

Annexure - I to Independent Auditor's Report

Statement of matters specified in Para 3 & 4 of the order referredto in sub-section

(11) of section 143

(i) . Property Plant and Equipment

a) (A) The company is maintaining proper records showing fullparticulars including quantitative details and situation of Property Plant &Equipment;

(B) The company does not own any intangible asset and hence thereporting requirement of this sub-clause does not apply to the company.

b) As per the information and explanation given to us the PropertyPlant and Equipment have been physically verified by the management at regular intervalswhich in our opinion is reasonable. According to the information and explanations givento us based on the records examined by us no material discrepancies were noticed on suchverification

c) According to the information and explanations given to us based onthe records examined by us the company have title deeds of immovable properties and thesame are held in the name of the company.

d) According to the information and explanations given to us based onthe records examined by us the company has not revalued any of its Property Plant andEquipment (including Right to Use asset). As the company does not own any intangibleasset the reporting requirement of this sub-clause does not apply to intangible asset.

e) According to the information and explanations given to us based onthe records examined by us no proceedings have been initiated or are pending against thecompany under Benami Transactions (Prohibition) Act 1988 and rules made thereunder as thecompany does not hold any benami property.

(ii) . Inventory

a) According to the information and explanations given to us inventoryhas been physically verified at reasonable intervals by the management which in ouropinion is reasonable and no material discrepancies were noticed.

b) The company has not been sanctioned working capital limits by bankor financial institutions at any point of time of the year and hence the reportingrequirements of this sub-clause does not apply to the company.

(iii) . Investments providing any guarantee or security

a) The company during the year has granted loan to its subsidiarycompany

>
Particulars Guarantees Security Loans Advances in the nature of loans
Aggregate amount granted/provided during the year 1500.00
- Subsidiaries - - -
- Joint Venture - - - -
- Associates - - - -
- Others - - - -
Balance Outstanding as at balance sheet date in respect of above cases
- Subsidiaries
- Joint Venture - - 1700.00 -
- Associates - - - -
- Others - - - -
- - - -

b) The company has not made any investment provided guarantees orgiven security during the year and therefore the reporting requirements of this sub-clauseare not applicable to the company.

c) According to the information and explanations given to us inrespect of loans and advances in the nature of loans the schedule of repayment ofprincipal and payment of interest has been stipulated while granting such loans andadvances in the nature of loans and the repayment and/or receipts are regular.

d) No amounts are overdue for more than ninety days

e) As per the information and explanation given to us no loan oradvance in the nature of loan granted which has fallen due during the year has beengranted or extended or fresh loans granted to settle the over dues of existing loans givento those parties.

f) The company has not granted any loans or advances in the nature ofloans that are repayable on demand or without specifying any terms or period of repaymentto promoters. related parties as defined in clause (76) of section 2 of the Companies Act2013.

(iv) . Compliance with section 185 & 186 in respect of Loans andInvestments

In respect of loans advanced guarantees given or security orinvestment made the company has complied with the provisions of section 185 and/orsection 186 of the Companies Act.

(v) . Public Deposits

In our opinion and according to the information and explanations givento us based on the examination of records the company has not accepted deposits frompublic and there are no amounts which are deemed to be deposits and hence the provisionsof sections 73 to 76 or any other provisions of the Companies Act and the rules made thereunder are not applicable to the company.

(vi) . Maintenance of Cost Records

Maintenance of cost records has not been specified by the CentralGovernment under subsection (1) of section 148 of the Companies Act 2013.

(vii) . Statutory dues

a) The company has generally been regular in depositing undisputedstatutory dues including Goods and Service Tax Provident Fund employee state insuranceincome tax sales tax service tax duty of customs duty of excise value added tax cessand any other statutory dues to the appropriate authorities and based on information andexplanation given to us and examination of records there are no outstanding of statutorydues as at 31st March 2022 for a period of more than six months from the date they becamepayable.

b) According to the information and explanations given to us there areno dues of statutory dues referred to in (a) above which have not been deposited by theCompany on account of any dispute except other than those stated below.

Name of the Statute Nature of Dues Amount (Rs. In crore) Period to which the amount relates Forum where dispute is pending Remarks
Wealth Tax Act 1957 Tax on Assessment 12.63 FY 201011 to FY 2014-15 Commissioner of Wealth Tax (Appeals) Rs. 2.00 crore deposited under protest

(viii). Recording of income not recorded in books and disclosed underIT Act

According to the information and explanations given to us and the basedon the examination of records the company has not surrendered or disclosed as incomeduring the year in the income tax assessments under Income Tax Act 1961 any amounts thatwere previously unrecorded as income.

(ix). Repayment of Loans

a) The company has not taken loans or other borrowings from any lenderand therefore the question of default does not arise.

b) The company is not declared as wilful defaulter by any bank orfinancial institution or other lender.

c) The company has not borrowed any term loans and hence the questionof diversion of loan does not arise

d) The company has not borrowed any loans and hence the question ofshort term loans utilised for long term purposes does not arise.

e) The company has not taken any funds from any entity or person tomeet the obligations of its subsidiaries associates or joint venture.

f) The company has not raised any loans during the year.

(x) . Raising of monies through Public Offer and/or Term Loans

a) The company has not raised monies by way of initial public offer orfurther public offer (including debt instruments) during the relevant financial year.

b) The company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partially or optionallyconvertible) during the year under review as referred to in section 42 and section 62 ofthe Companies Act 2013.

(xi) . Frauds

a) According to the information and explanations given to us no fraudby the company or any fraud on the Company has been noticed or reported during the year.

b) No report under sub-section (12) of section 143 of the CompaniesAct 2013 has been filed by the Auditors in Form ADT-4 as prescribed under rule 13 ofCompanies (Audit and Auditors) Rules 2014 with the Central Government.

c) The Auditor has considered whistle blower complaints if anyreceived during the year by the company.

(xii) . Compliance with Net Owned Funds Ratio & unencumbered termdeposits

The company is not a Nidhi company and hence the provisions para 3(xii)(a) to (c) of the Order referred to in Companies (Auditor's Report) Order 2020 issued bythe Central Government of India in terms of sub-section (11) of Section 143 of the Actdoes not apply to the company

(xiii) . Transaction with Related Parties

Transactions with related parties are in compliance with section 177and 188 of the Companies Act wherever applicable and the details have been disclosed inthe financial statements etc. as required by the applicable accounting standards.

(xiv) . System of Internal Audit

a) The company has a system of internal audit to commensurate with thesize and nature of its business

b) The report of the Internal Auditors for the period under audit wereconsidered by the Statutory Auditor.

(xv) . Non-cash transactions

The company has not entered into any non-cash transactions withdirectors or persons connected with them as referred to in section 192 of the CompaniesAct 2013

(xvi) . Registration with Reserve Bank of India

The company is not carrying any activities which require registrationunder section 45-IA of the Reserve Bank of India Act 1934 and hence the provisions para3(xvi) (a) to (d) of the Order referred to in Companies (Auditor's Report) Order 2020issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act does not apply to the company.

(xvii) . Cash Losses

The company has not incurred any cash losses in the financial year andin the immediately preceding financial year.

(xviii) . Resignation of Statutory Auditors

The Statutory Auditor of the Company has not resigned during the year.

(xix) . Financial Ratios ageing realisation of financial assets andpayment of financial liabilities

Based on the financial ratios ageing and expected dates of realisationof financial assets and payment of financial liabilities other information accompanyingthe financial statements the auditor's knowledge of the Board of Directors and managementplans we are of the opinion that no material uncertainty exists as on the date of theaudit report that company is capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate.

(xx) . Transfer of unspent CSR Expenditure to fund referred to ScheduleVII to the

Companies Act

a) There is no unspent amount of CSR Expenditure that is required to betransferred to a Fund specified in Schedule VII to the Companies Act as at the end of thefinancial year as referred to in sub-section (5) section 135 of the Companies Act.

b) There is no unspent amount of as referred to in sub-section (5) ofsection 135 of the Companies Act that is required to be transferred to special account incompliance with the provisions of sub-section (6) of section 135 of the Companies Act.

(xxi) . Qualifications or Adverse Remarks in CARO of companies includedin consolidated financial statements

There are no qualifications or adverse remarks in CARO of companiesincluded in the consolidated financial statements for the period under audit.

Annexure - II to Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of S V Global Mill Limited ("the Company") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of the standalone financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company's assets that could have a material effect on thestandalone financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate. Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

Place: Chennai P. B. Vijayaraghavan & Co.
Date: May 13 2022 Chartered Accountants
UDIN: 22226831AIXGMN3400 FRN: 004721S
Sd/-
K. Srinivasan
Partner
M. No. 226831

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