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SVA India Ltd.

BSE: 531885 Sector: Others
NSE: N.A. ISIN Code: INE763K01014
BSE 00:00 | 26 Aug SVA India Ltd
NSE 05:30 | 01 Jan SVA India Ltd
OPEN 7.75
PREVIOUS CLOSE 7.75
VOLUME 100
52-Week high 7.75
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.75
CLOSE 7.75
VOLUME 100
52-Week high 7.75
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SVA India Ltd. (SVAINDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF SVA INDIA LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone financial statements of SVA INDIALIMITED ("the Company") which comprise the Standalone Balance Sheet as atMarch 31 2020 the Standalone Statement of Profit and Loss (including other comprehensiveincome) The Standalone Cash Flows statement and Standalone statement of changes in Equityyear then ended and a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act

2013("the Act") in the manner so required and give a true and fair view inconformity with the

Indian Accounting Standard prescribed under section 133 of the act read with Companies(Indian Accounting Standards) Rules 2015 as amended ("Ind AS") and otheraccounting principles generally accepted in India of the state of affairs of the companyas at 31 March 2020 and its profits total comprehensive income its cash flows and thechanges in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the Standalone financial statements in accordance with theStandard on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those standards are further described in the auditor'sResponsibility for the audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone financial statements of the current period.These matters were addressed in the context of our audit of the Standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined the matters described below the key audit matter to be communicatedin our report. We have fulfilled the responsibilities described in auditor'sresponsibilities for the audit of

Ind AS section of our report including relation to these matters.

Key Audit Matters How our audit addressed the key audit matters
1. Accuracy of recognition ? measurement presentation and disclosure of revenue and other related balances in view of adoption of Ind AS 115 "Revenue from ? Contracts with Customers" (new revenue accounting standards) We assessed the Company's process to identify the impact of adoption of the new revenue accounting standards.
? The application of the new revenue accounting standards involves certain key judgements relating to identification of distinct performance obligations determination of transaction price of the identified performance obligations effects of variable consideration and the appropriateness of the basis used to recognise revenue at a point in time or over a period of time. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
i) Evaluated the design of internal controls relating to implementation of the new revenue accounting standards.
ii) Selected a sample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation re-performance and inspection of evidence in respect of operation of these controls.
iii) Tested the relevant information technology systems access and changes management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.
? 2. Valuation of Investment ? Our procedures did not identify any materials exceptions We peruse the audited financial statements of the company.
The company has made Investment in Foreign company and its making ? continuously losses and management has valued its investments hence its ? valuation of Investment is our part of key audit matters. Check the calculation made by the management for valuation of Investments.
Verify the provision made for the negative value of Investments.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT

THEREON

The Company's Board of Directors is responsible for the preparation of otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis

Board's Report Business Responsibility Report and Corporate Governance Report butdoes not include the standalone financial statements consolidated financial statementsand our auditor's reports 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 during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Ind AS and other AccountingPrinciples generally accepted in India This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the

Company'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.

AUDITOR'S RESPONSIBILITY

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 inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those 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 financial 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 on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements. We communicate with those charged with governance regarding among othermatters 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 state statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence 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 auditor's 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.

REPORT ON OTHER LEGAL AND REGULATOY REQUIREMENTS

(i) 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 the Act wegive in the "Annexure A" a statement on the matters specified in the paragraph 3and 4 of the Order.

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

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for 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 and the cash flow statementdealt with by this Report are in agreement with the books of account.

d) Except for the matter prescribed in para 4 above in our opinion the aforesaidfinancial statements comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

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

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operative effectiveness of such controls refer to ourseparate report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting; and g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:

i) The company does not have any pending litigations which would impact its financialposition as of March 31 2020

ii) The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Agrawal Jain and Gupta

Chartered Accountants

Firm Registration No.: 013538C

(Narayan Swami)

Partner

M.NO: 409759

UDIN : 20409759AAAABM7916

Place: Mumbai Date: 25th July 2020

Annexure A to the Independent Auditors' Report [Referred to in paragraph 6 (i) of ourreport of even date]

i. a) The Company is maintaining proper record showing full particulars includingquantitative details situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over the period of three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. In accordance with this program certain fixed assets were verifiedduring the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipments / investmentproperties are held in the name of the company.

ii. The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

iii. In our opinion and according to information and explanation given to us TheCompany has granted unsecured loans to companies covered in the register maintained underSection 189 of the Act. The Company has not granted any secured/ unsecured loans to firmsor other parties covered in the register maintained under Section 189 of the Act.

(a) In respect of the aforesaid loan no written loan contract has been entered intodue to which we are unable to comment on the compliance with terms and conditions or anyrelevant laws and regulation.

(b) In respect of the aforesaid loan the amount due is significant and material andhas been outstanding in the books of the company for over 5 years.

iv. In our opinion and according to the information and explanations given to usprovisions of section 186 of the Act in respect of loans and advances given investmentsmade and guarantees given has been complied with by the Company. The provisions ofsection 185 in respect of loans to directors including entities in which they areinterested and provisions of section 186 with respect to securities given are notapplicable to the Company and hence not commented upon.

v. According to Information and explanation given to us the Company has not acceptedany deposits within the meaning of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order are not applicable.

vi. The company does not qualify the prescribed criteria as specified in Companies(Cost Records and

Audit) Rules 2014 and therefore is not required to maintain the cost records asprescribed under Section 148 (1) of the Act. Hence paragraph 3 (vi) of the order is notapplicable.

vii. In respect of statutory dues:

(a) According to the information and explanation given to us and records examined byus the company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax duty of customsduty of excise value added tax Cess and any other statutory dues to the appropriateauthorities. According to the information and explanation given to us there were noundisputed amounts payable in respect of Income Tax and any other statutory duesoutstanding as on 31st March 2020 for a period more than six months from the date theybecame payable.

(b) According to the information and explanations given to us the company doesn't haveany disputed dues as on 31-03-2020 and hence paragraph 3 (vii) (b) of the Order is notapplicable.

viii. According to records of the company examined by us and the information andexplanations given to us the company has not defaulted in repayment of dues from anyfinancial institution banks government or debenture holders.

ix. According to records of the company examined by us and the information andexplanations given to us the Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) or by way term loan and henceparagraph 3(ix) of the order is not applicable.

x. 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 neither come across anyinstances of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have been informed of any of such case by themanagement.

xi. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid for managerialremuneration in accordance with the requisite approvals as mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a

Nidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records during the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Accordingly paragraph 3 (xiv) of the order is not applicable.

xv. According to the information and explanations given to us and based on ourexamination of the records during the year the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable. xvi. To the best of our knowledge and according to theinformation and explanations given to us the company has not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934

For Agrawal Jain and Gupta Chartered Accountants Firm Registration No.: 013538C

(Narayan Swami)

Partner M.NO: 409759

UDIN : 20409759AAAABM7916

Place: Mumbai

Date: 25th July 2020

Annexure - B to the Independent Auditors' Report [Referred to in paragraph 6 (ii) (f)of our report of even date]

Report on the Internal Financial Controls Over Financials Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act") of SVA IndiaLimited

We have audited the internal financial controls over financial reporting of SVA INDIALIMITED

("the Company") as of March 31 2020 in conjunction it's our audit of thefinancial statements of the Company for the year ended and as at on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of

Chartered Accountants of India (‘the Guidance Note'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. The Guidance Note and those Standards 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 about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due 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 internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For Agrawal Jain and Gupta

Chartered Accountants

Firm Registration No.: 013538C

(Narayan Swami)

Partner

M.NO: 409759

UDIN : 20409759AAAABM7916

Place: Mumbai

Date: 25th July 2020

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