INDEPENDENT AUDITORS' REPORT
The Members of
Shivamshree Business Limited
(Erstwhile known as Siddharth Business Limited)
REPORT ON THE FINANCIA L STA TEMENTS
We have audited the accompanying financial statements of SHIVAMSHREE BUSINESSLIMITED which comprise the Balance Sheet as at March 31 2018 the Statementof Profit and Loss and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
MANAGEMENT' S RESPONSIBILITY FOR THE FINANCIALSTATEMENTS
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 financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 financial statements thatgive a true and f air view and are free from material misstatement whether due to fraudor error.
A UDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company' s preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Companyhas in place an adequate internal financial controls system over financial reporting andthe operating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312018;
(b) In the case of the Statement of Profit and Loss of the Profit and Cash Flows ofthe Company for the year ended on that date; and
REPORT ON OTHER LEGAL AND REGU LATORY REQU IREMENTS
1 . As required by the Companies (Auditors' report) Order 2016 issued by the CentralGovernment of India in terms of sub - section (11) of section 143 of the Companies Act2015 we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.
2 . As required by Section143 (3) of the Act we report that:
(a) We have sought and obtained all the information and explanations which to the bestof our know ledge and belief were necessary f or the purposes of our audit.
(b) 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.
(c) The Balance Sheet the Statement of Profit and Loss dealt with by this Report arein agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the A ct read with Rule 7 of the Companies(Accounts) Rules2014.
(e) On the basis of the written representations received from the directors as on 31stMarch2018 taken on record 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31stMarch 2018 from being appointed as a director interms of Section 164 (2) of the act
(f) We have not commented upon the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls ascompany satisfies the criteria specified under the provisions of section 143(3) (i) ofCompanies Act 2013.
(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
(a) The Company does not have any pending litigations which would impact its financial
(b) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
FOR M/s- Sandeep Manuja & Associates
CHARTERED ACCOUNTANTS FRN: 009525N
Sandeep Manuja Proprietor
Membership No.: 087888 PLACE:
Ludhiana DATE: 30.05.2018
ANNEXURE (1) TO AUDITORS' REPORT
Referred to in paragraph (1) of our report of even date Shivamshree Business Limited
I. In respect to Company's fixed assets:
a) The company has generally maintained proper records showing full particularsincluding details of quantity and the situation of the fixed assets.
b) As explained to us a major portion of the fixed assets has been physically verifiedby the management during the year in accordance with a phased programme of verificationadopted by the company. In our opinion the frequency of verification is reasonable havingregard to the size of the company and nature of its assets. As informed to us no materialdiscrepancies were noticed on such physical verification.
c) Based on our audit procedures performed for the purpose of reporting the true and fair view of financial statements and according to information and explanations given bythe management the title deeds of immovable properties are held in the name of theCompany.
II. As explained to us inventory has been physically verified by the management duringthe year no material descrepancies were noticed on such physical verification.
III. The company has granted loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under 189 ofthe Companies Act 2013.
a) All terms and conditions are as per the benefits of company and are not prejudicialto the company's Interest.
b) Schedule of repayment of principal and interest has been stipulated and receipts areregular.
c) There is no such amount which is overdue more than 90 days of above mentioned loan.
IV. In respect of loans investments guarantees and security all mandatory provisionsof section 185 and 186 of the Companies A ct 2013 have been complied with.
V. In our opinion and according to information and explanations given to us thecompany has not accepted any deposits from the public.
VI. The Central Government has not prescribed maintenance of cost record under subsection (1) of section 148 of the Companies Act 2013 for the nature of the business ofthe company.
VII. According to the information and explanations given to us in respect of statutorydues:
1) the Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including employees' state insurance Service tax Income -taxprofessional tax and other material statutory dues as applicable to it with theappropriate authorities.
2) According to the records of the company there are no dues of income tax servicetax employees' state insurance and professional tax which have not been deposited on 31stMarch 2018 for a period of more than six months from the date they became payable onaccount of any dispute by aforesaid entities.
VIII. In our opinion & according to the information and explanations given to usthe company has not defaulted in repayment of dues to any Financial Institution or Bank asat Balance sheet date.
IX. In our opinion and according to the information and explanations given to us theCompany has neither raised any new term loans during the year nor was any unutilizedamount left on this account as at the beginning of the year. Therefore the provisions ofClause 3(ix) of the companies (Auditor's Report) Order 2016 are not applicable to thecompany.
X. To the best of our knowledge and belief and according to the information andexplanations given to us no material Fraud on or by the officers and employees of theCompany has been noticed or reported during the course of our audit.
XI. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has not been paid or provided in thebooks of accounts hence clause 3(xi) are not applicable to the company.
XII. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.
XIII. In our opinion all transactions w ith the related parties are in compliance with section 177 and 188 of Companies Act 2013 and the details have been disclosed in thenotes to Financial Statements as required by the applicable accounting standards.
XIV. Based upon the audit procedures perform ed and the inform ation and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 39xiv) of review. Accordingly theprovisions of clause 3 (x iv) of the Order are not applicable to the Company and hence notcommented upon.
XV. 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 as prescribed under section 192 of the CompaniesAct 2013. Accordingly the provisions of clause 3(xv) of the Order are not applicable tothe company and hence not commented upon.
XVI. In our opinion the company is not required to be registered under section 45IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the company and hence not commented upon.
FOR M/s- Sandeep Manuja & Associates
CHARTERED ACCOUNTANTS FRN: 009525N
Membership No.: 087888
PLACE : Ludhiana
DATE : 30.05.2018