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SW Investments Ltd.

BSE: 503659 Sector: Financials
NSE: N.A. ISIN Code: INE948K01011
BSE 00:00 | 21 Oct 57.65 0
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NSE 05:30 | 01 Jan SW Investments Ltd
OPEN 57.65
PREVIOUS CLOSE 57.65
VOLUME 38
52-Week high 107.50
52-Week low 18.65
P/E 13.25
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 57.65
CLOSE 57.65
VOLUME 38
52-Week high 107.50
52-Week low 18.65
P/E 13.25
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SW Investments Ltd. (SWINVESTMENTS) - Auditors Report

Company auditors report

To

The Members of SW Investments Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of SW InvestmentsLimited (the "Company") which comprise the Balance Sheet as at 31st March2021 the Statement of Profit and Loss including Other Comprehensive Income the Statementof Changes in Equity and the Statement of Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 (the "Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2021 and its profit includingtotal comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit of financial statements in accordance with theStandards 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 Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act and theRules made thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics.

We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter

We draw attention to Note 34 to the Financial Statements whichassesses the recoverability of certain assets the Company has considered internal andexternal information up to the date of this report in respect of the current and estimatedfuture global economic indicators consequent to the global health pandemic. The actualimpact of the pandemic may be different from that considered in assessing therecoverability of these assets.

Our report is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined that there are no key audit matters to communicate inour report.

Information Other than the Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board'sReport (including annexures thereto) Business Responsibility report Corporate Governancereport and Shareholder's Information but does not include the financial statements andour auditor's report thereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

If based on the work we have performed 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.

Responsibilities of Management and those charged with Governance forthe Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the management 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 theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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 can arise from fraud or error and are considered materialif individually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of thefinancial 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 theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

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

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matters

Opening balances has been taken on the basis of the financialstatements for the year ended 31st March 2020 audited by another firm of CharteredAccountants who have issued an unmodified report dated 24th June 2020.

Report on Other Legal and Regulatory Requirements

1. 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 we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the said Order to the extent applicable.

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

a) We have sought & 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 Statement of Changes in Equity and the Statement of Cash Flows dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Financial Statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Account) Rules 2014.

e) On the basis of the written representations received from thedirectors as on March 312021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312021 from being appointed as a director in termsof section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us no remuneration is paid by the Company to its directors duringthe year.

h) 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 do not have any pending litigations which would impactits financial position.

(ii) The Company did not have any long term contracts includingderivative contracts for which there were any material foreseeable losses; and

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

For BAGARIA & CO. LLP
Chartered Accountants
Firm's Registration No. - 113447W/W-100019
Vinay Somani
Partner
Place: Mumbai Membership No. 143503
Date: June 25 2021 UDIN: 21143503AAAAJT6846

"Annexure A" to the Independent Auditor's Report

(Referred to in our Report of even date)

On the basis of such checks as we considered appropriate and accordingto the information and explanation given to us during the course of our audit we reportthat:

i. The Company does not have any Property Plant and Equipment andtherefore the provision of clause 3(i) of the order are not applicable to the Company.

ii. The Company does not have any inventory and therefore the provisionof clause 3(ii) of the order are not applicable to the Company.

iii. According to the information and explanations 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) of the Order are notapplicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct to the extent applicable with respect to the loans and investments made. The Companyhas not provided any guarantee and security to parties covered under section 185 and 186of the Act.

v. No deposits have been accepted by the Company within the meaning ofSection 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptanceof Deposits) Rules 2014 (as amended). Accordingly the provisions of clause 3(v) of theOrder are not applicable to the Company.

vi. The maintenance of cost records has not been specified by theCentral Government under section 148(1) of the Companies Act 2013

vii. According to the information and explanations given to us inrespect of statutory dues:

a. According to the information and explanations given to us and on thebasis of our examination of the records the Company is generally regular in depositingundisputed statutory dues including provident fund employees' state insurance incometax sales tax custom duty cess excise duty service tax goods and service tax valueadded tax and other material statutory dues during the year with the appropriateauthorities. No undisputed amounts payable in respect of the aforesaid statutory dues wereoutstanding as at the last day of the financial year for a period of more than six monthsfrom the date they became payable.

b. According to the information and explanations given to us there areno dues of income tax goods and service tax sales tax service tax duty of customsduty of excise value added tax cess which have been not deposited on account of anydispute.

viii. Based on our audit procedures and on the basis of information andexplanations given to us the Company has not defaulted in repayment of loans fromfinancial institutions. The Company has not taken any loans or borrowings from banks andgovernment or issued any debentures during the year.

ix. In our opinion and according to the information and explanationsgiven to us the term loans have been applied for the purpose for which they were raised.The Company has not raised any money by way of Initial public offer or further publicoffer (including debt instrument) during the year or in the recent past.

x. Based upon the audit procedures performed and the information andexplanations given by the Management we report that no fraud by the Company and nomaterial fraud on the Company by its officers or employees has been noticed or reportedduring the year.

xi. According to the information and explanations given to us noremuneration is paid by the Company to its directors during the year and therefore theprovisions of clause 3(xi) of the Order are not applicable to the Company.

xii. In our opinion the Company is not a Nidhi Company and hencereporting under clause 3 (xii) of the Order is not applicable.

xiii. According to the information and explanations given to us alltransactions with the related parties are in compliance with section 177 and 188 of theCompanies Act 2013 and the details have been disclosed in the Financial Statements asrequired by the applicable accounting standards.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year or in the recent past. Therefore the provisions of clause3(xiv) of the Order are not applicable to the Company.

xv. According to the information and explanations given to us theCompany has not entered into any non-cash transactions prescribed under Section 192 of theAct with directors or persons connected with them during the year.

xvi. The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For BAGARIA & CO. LLP
Chartered Accountants
Firm's Registration No. - 113447W/W-100019
Vinay Somani
Partner
Place: Mumbai Membership No. 143503
Date: June 25 2021 UDIN: 21143503AAAAJT6846

"Annexure B" to the Independent Auditor's Report

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

We have audited the internal financial controls over financialreporting of SW Investments Limited ("the Company") as of and for the year ended31st March 2021 in conjunction with our audit of the Financial Statements of the Companyfor the year 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("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

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 Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 financial statements whether due to fraud 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 financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of management and directors of theCompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the 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 controlsover financial reporting to future periods are subject to the risk that the internalfinancial control over financial reporting may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has broadly in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at 31st March2021 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For BAGARIA & CO. LLP
Chartered Accountants
Firm's Registration No. - 113447W/W-100019
Vinay Somani
Partner
Place: Mumbai Membership No. 143503
Date: June 25 2021 UDIN: 21143503AAAAJT6846

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