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Sueryaa Knitwear Ltd.

BSE: 540318 Sector: Industrials
NSE: N.A. ISIN Code: INE249U01013
BSE 05:30 | 01 Jan Sueryaa Knitwear Ltd
NSE 05:30 | 01 Jan Sueryaa Knitwear Ltd

Sueryaa Knitwear Ltd. (SUERYAAKNITWEAR) - Auditors Report

Company auditors report

REPORT ON STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEARENDED ON 31sT MARCH 2021

To

THE BOARD OF DIRECTORS OF Sueryaa Knitwear Limited

Report on the audit of the Standalone Financial Results Opinion

We have audited the accompanying statement of quarterly and year to date standalonefinancial results Sueryaa Knitwear Limited ("the Company") for the quarter endedMarch 312021 and for the year ended March 312021 ("Statement") attachedherewith being submitted by the Company pursuant to the requirement of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended("Regulation"). In our opinion and to the best of our information and accordingto the explanations given to us these Standalone Financial Results:

i. are presented in accordance with the requirements of Regulation 33 of the ListingRegulations in this regard; and

ii. give a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable accounting standards and other accountingprinciples generally accepted in India of the net loss and other comprehensive income andother financial information of the Company for the quarter ended March 312021 and for theyear ended March 312021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 ("the Act"). Ourresponsibilities under those Standards are further described in the "Auditor'sResponsibilities for the Audit of the Standalone Financial Results" section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial results under the provisions of theCompanies Act 2013 and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

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. These 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. Nokey audit matter exist which needs to be specified here.

The Note No. 28 to the accompanying financial statements with regard to management'sevaluation of uncertainty due to outbreak of COVID-19 and its impact on future operationof the Company. Our opinion is not modified in respect of this matter and we concur withthe view of the management on the impact of covid-19 on the company. Our opinion is notmodified in respect of this matter

Management's Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year to date standalone financialresults have been prepared on the basis of the interim financial statements. The Company'sBoard of Directors are responsible for the preparation of these financial results thatgive a true and fair view of the net profit/loss and other comprehensive income and otherfinancial information in accordance with the recognition and measurement principles laiddown in Indian Accounting Standard 34 ‘Interim Financial Reporting' prescribed underSection 133 of the Act read with relevant rules issued thereunder and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of the ListingRegulations. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial results that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial results the Board of Directors are responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalonefinancial results as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa 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 results.

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 standalone financialresults whether due to fraud or error design and perform audit procedures responsive tothose risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the company's internal control.

RI Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.

Cl Conclude on the appropriateness of the Board of Directors' use of the going concernbasis 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 financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

PI Evaluate the overall presentation structure and content of the standalone financialresults including the disclosures and whether the financial results represent theunderlying transactions and events in a manner that achieves fair presentation.

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.

FOR SANJEEV BIMLA & ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN NO 008840N)
(CA.SANJEEV GUPTA)
PLACE: LUDHIANA PARTNER M.NO.084788
DATE: 29.06.2021 UDIN: 21087488AAAACA2959

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