You are here » Home » Companies » Company Overview » Shiva Suitings Ltd

Shiva Suitings Ltd.

BSE: 521003 Sector: Others
NSE: N.A. ISIN Code: INE02Z901011
BSE 05:30 | 01 Jan Shiva Suitings Ltd
NSE 05:30 | 01 Jan Shiva Suitings Ltd

Shiva Suitings Ltd. (SHIVASUITINGS) - Auditors Report

Company auditors report

To

The Members of Shiva Suitings Ltd.

Report on the Audit of the IND AS Standalone Financial Statements

1. Opinion

We have audited the accompanying standalone Ind AS financial statements of ShivaSuitings Ltd ("the Company") which comprise the Balance Sheet as at 31 March2020 and the Statement of Profit and Loss (including other comprehensive income) thestatement of Cash Flows and the statement of changes in equity for the year then endedand notes to the financial statement including a summary of significant accountingpolicies and other explanatory information (herein after referred to as "standaloneInd AS financial statements")

In our opinion and to the best of our information and according to the explanationgiven to us the aforesaid Ind AS standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs of the Company as at 31 March 2020 and its financial performanceincluding comprehensive income its cash flows and the change in equity for the year endedon that.

2. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

3. Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. There matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

4. Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the standalone financial statements and our auditors'report thereon

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

5. Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind As) specifiedunder Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act; for safeguarding the assets of the Company; for preventing anddetecting frauds and other irregularities; selection and application of appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and

prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

6. Auditors Responsibility for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under

Section 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to standalonefinancial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

7. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section 11 of section 143 of theCompanies Act 2013 we give in the Annexure I a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable..

A. As required by Section143(3) of the Act we report that:

i. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

ii. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

iii. The Standalone IND AS Balance sheet the standalone statement of profit and lossincluding other comprehensive income the statement of cash flow and the statement ofchanges in equity dealt with by this report are in agreement with the books of account.

iv. In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards (Ind As) specified under Section 133 of the Act read withrelevant rule issued thereunder.

v. On the basis of the written representations received from the directors as on 31March 2020 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of Section164(2) of the Act;

vi. We have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as of 31 March 2020 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on that date andour report dated 29/06/2020 as per Annexure II expressed.

B. With respect to the other matters to be included in the Auditors' Report in

accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in

our opinion and to the best of our information and according to the explanations

given to us:

i. The Company does not have any pending litigations which may impact its standaloneInd AS financial statements;

ii. The company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. The company has not deposited /transferred following amount which were required tobe transferred to the Investor Education and Protection Fund the details are as under :

Nature of the Transactions Period Amount (in Rs.)
Debenture Interest F.Y. 2006-07 8486/-

C. With respect to the matter to be included in the Auditors' Report under Section197(16) of the Act:

In our opinion and according to the information and explanations given to us noremuneration is paid by the Company to its directors during the current year under Section197 of the Act.

For P.R. Agarwal & Awasthi Chartered Accountants Firm Registration No.: 117940W

Sd/-

CA Pawan KR. Agarwal-Partner Membership No. 034147 UDIN No. : 20034147AAAABJ2816 PLACE:MUMBAI DATE: June 29 2020

"Annexure I" to the Standalone IND AS Independent Auditor's Report

With reference to the Annexure I referred to in the Independent Auditors' Report to the

members of the Company on the standalone Ind AS financial statements for the year

ended 31 March 2020 we report the following:

1. In respect of Property Plant &Equipments:

The company does not have any fixed assets and therefore comments under this clausehas not been called for.

2. As explained to us physical verification of inventory has been conducted during theyear at reasonable intervals by the management and in our opinion and according to theinformation and explanation given to us the Company is maintaining proper records of itsinventories and no material discrepancies were noticed on physical verification.

3. In our opinion and accordingly to the information and explanation given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability partnerships or other parties covered in the Register maintained under section189 of the Act. Accordingly the provisions of clause 3(iii) (a) to (c) of the Order arenot applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantee or security to the partiescovered under section 185 of the Act. Based on our audit procedures performed for thepurpose of reporting the true and fair view of the financial statements and according tothe information and explanations given by the Management the Company has complied withthe provisions of section 186 of the Act in respect of the loans and investments made andguarantees and securities provided by it to the extent applicable to the Company.

5. According to the information and explanations given to us the Company has notaccepted any deposits from the public and hence the directives issued by the Reserve Bankof India and the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the Companies (Acceptance of Deposit) Rules 2015 with regard to the depositsaccepted from the public are not applicable. Further according to the information andexplanations given to us no order has been passed by the Company Law Board or theNational Company Law Tribunal or the Reserve Bank of India or any

Court or any other Tribunal.

6. To the best of our knowledge and according to the information and explanations givento us the Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act. in respect of the business activities carried on by thecompany. Accordingly the provisions of the clause 3 (vi) of the Order is not applicableto the Company.

7. In respect of Statutory Dues:

a) According to information and explanations given to us and on the basis of ourexamination of the books of account. and records the Company has been generally regularin depositing undisputed statutory dues Including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Goods and Service Tax Duty of CustomsDuty of Excise Value added Tax Cess and any other statutory dues with the appropriateauthorities.

b) According to the information and explanation given to us there are no dues ofIncome Tax Sales Tax Service Tax. Goods and Service Tax Duty of Customs Duty ofExcise Value Added Tax outstanding on account of any dispute.

8. The Company has not taken any Loans or borrowings from financial institutions banksand government or has not issued any debentures. Accordingly provisions of the clause3(viii) of the Order is not applicable to the Company.

9. According to information and explanations given to us the company has not raisedmoneys during the year by way of initial public offer or further public offer (includingdebt instruments) or term loans. Accordingly provisions of the clause 3 (ix) of the Orderis not applicable to the Company.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11. According to the records of the Company the Company has not paid any managerialremuneration during the year.

12. In our opinion and according to Information and explanations provided to us theCompany is not a Nidhi Company. Accordingly provisions of the clause 3(xii) of the Orderis not applicable to the Company.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debenture during the year under review.Accordingly provisions of the clause 3 (xiv) of the Order is not applicable to theCompany.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withDirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order is not applicable to the Company.

16. In our opinion. and to the best of our information and according to theexplanations provided by the management are of the opinion that the company is notrequired to be registered under section 45JA of the Reserve Bank of India Act.l934.

For P R Agarwal & Awasthi

Chartered Accountants

Firm Registration No 117940W Sd/-

CA Pawan KR Agarwal

Partner

M No-034147

UDIN No. :20034147AAAABJ2816

Place: Mumbai

Date: June 29 2020

"Annexure II" to the Standalone IND AS Independent Auditor's Report

1. Independent Auditor's report on the Internal Financial Controls with reference tofinancial statements and its operative effectiveness under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act")

In conjunction with our audit of the standalone Ind AS financial statements of ShivaSuitings Ltd ("the Company") as of and for the year ended 31st March2020 we have audited the internal financial controls over financial reporting (IFCoFR) ofthe company of as of that date.

2. Management7s Responsibility for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the criteria being specified by management. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls with reference to financial statements that were operating effectivelyfor ensuring the orderly and efficient conduct of the company's business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

3. Auditors' Responsibility

Our responsibility is to express an opinion on the Company's IFCoFR based on our audit.We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India (ICAI) and deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of IFCoFR and theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate IFCoFR were established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining

an understanding of IFCoFR assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's IFCoFR.

4. Meaning of Internal Financial Controls over Financial Reporting

A company's IFCoFR is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles includingthe Accounting Standards. A company's IFCoFR includes those policies and procedures that(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2)providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles includingAccounting Standards and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

5. Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of IFCoFR including the possibility of collusionor improper management override of controls material misstatements due to error or fraudmay occur and not be detected. Also projections of any evaluation of the IFCoFR to futureperiods are subject to the risk that IFCoFR may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

6. Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting and such internal financial controls over financial

reporting were operating effectively as at 31st March 2020 based on thecriteria being specified by management.

For P R Agarwal & Awasthi

Chartered Accountants

Firm Registration No 117940W

Sd/-

CA Pawan KR Agarwal

Partner M No-034147

UDIN No. :20034147AAAABJ2816

Place: Mumbai

Date: June 29 2020