Vivanta Industries Limited
We have audited the accompanying financial statements of Vivanta Industries Limited("the Company") which comprise the balance sheet as at March 31 2021 and theStatement of Profit and Loss and statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.
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 CompaniesAct 2013 (Act') in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 its loss and cash flows for the yearended on that date.
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 ofthe Standalone Financial Results" section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Act and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence obtained by us is sufficientand appropriate to provide a basis for our opinion.
Management's Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the annual standalone financialstatements for the year ended March 31 2021. The Board of Directors of the Company areresponsible for the preparation and presentation of the Statement that give a true andfair view of the net profit and other comprehensive income and other financial informationin accordance with the applicable accounting standards prescribed under Section 133 of theAct read with relevant rules issued thereunder and other accounting principles generallyaccepted in India and in compliance with Regulation 33 of the Listing Regulations Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Statement that gives a trueand fair view and are free from material misstatement whether due to fraud or error. Inpreparing Statement the Board of Directors are responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless the Board ofDirectors either intends to liquidate the Company or to cease operations or has norealistic 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 Statement as awhole is free from material misstatement whether due to fraud or error and to issue anauditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthis Statement.
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 Statement whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations 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. Under Section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to these financial results in placeand the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.
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 theability of the Company 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 Statement 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 Group and of itsJoint Venture to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the Statement includingthe disclosures and whether the financial results represent the underlying transactionsand 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.
The Statement includes the standalone results for the quarter ended March 31 2021being the balancing figure between the audited figures in respect of the full financialyear ended March 31 2021 and the published unaudited year-to-date figures up to the thirdquarter of the current financial year which were subjected to a limited review by us asrequired under the Listing Regulations.
Our opinion on the same is not modified in respect of above matters
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 in terms of Section 143 (11) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act we report that: a. We have obtainedall information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit; b. In our opinion proper books of accountas required by Law have been kept by the Company so far as appears from our examinationsof those books; c. The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account; d.In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with the Companies (Indian AccountingStandard) Rules 2015 as amended. e. On the basis of written representationsreceived from the directors as on 31/03/2021 and taken on record by the Board ofDirectors none of the directors are disqualified as on 31/03/2021 from beingappointed as a director in terms of sub-section (2) of section 164 of the Companies Act2013.
| ||FOR G M C A & CO. |
| ||Chartered Accountants |
| ||FRN NO.:109850W |
|Place: Ahmedabad || |
|Date: 28/06/2021 || |
| ||MITT S. PATEL |
| ||PARTNER |
| ||MEMBERSHIP NO. 163940 |
| ||UDIN: 21163940AAAAOK6271 |
Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2021.
The Members of VIVANTA INDUSTRIES LIMITED
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.
(c) Yes The Title deeds of Immovable Properties are held in the name of the Company.
(2) In Respect of Inventories
As explained to us the inventories (excluding inventories with third parties) werephysically verified during the year by the Management at reasonable intervals.
(3) Compliance under section 189 of The Companies Act 2013
The Company has not granted any loan to the parties covered in the register maintainedu/s 189 of the companies Act 2013.
(a) As there is no such loan question of prejudicially does not arise.
(b) As there is no such loan question of repayment terms & conditions also doesnot arise.
(c) There is no overdue amount of loans granted to companies firms or other partieslisted in the register maintained under section 189 of the companies Act 2013.
(4) Compliance under section 185 and 186 of The Companies Act 2013
In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013except non charging of interest as provided u/s 186(7) in respect of loans granted by thecompany
(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rulesframed thereunder while accepting Deposits According to information and explanationsgiven to us the Company has not accepted any deposits from public during the year. Inrespect of unclaimed deposits the Company has complied with the provisions of sections 73to 76 or any other relevant provisions of the Companies Act 2013 and the rules madethereunder.
(6) Maintenance of cost records
The Company is not required to maintain cost Records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013.
(7) Deposit of Statutory Dues
(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Income-tax Sales Tax Wealth Tax Service Tax Duty of customsDuty of excise Value added tax Cess and any other material statutory dues with theappropriate authorities.
(b) According to the information and explanations given to us no undisputed amountpayable in respect of Income Tax Wealth Tax Service Tax Sales Tax Customs Duty andExcise Duty were in arrears as of 31st March 2021 for a period of more than six monthsfrom the date they became payable.
(8) Repayment of Loans and Borrowings
The company has not defaulted in repayment of dues to financial institution bank ordebenture holders during the year.
(9) Utilization of Money Raised by Public Offers and Term Loan For which theyRaised
The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. However money raised by way of termloans have been applied for the purposes for which they have been obtained.
(10) Reporting of Fraud During the Year
Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year.
(11) Managerial Remuneration
Managerial Remuneration has been provided of Rs.200000 by the Company.
(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio
As per information and records available with us The company is not Nidhi Company.
Therefore the provisions of clause 3 (xii) of the Order are not applicable to theCompany.
(13) Related party compliance with Section 177 and 188 of companies Act 2013
Yes All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.
(14) Compliance under section 42 of Companies Act - 2013 regarding Privateplacement of Shares or Debentures
According to the information and explanations give to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.
(15) Compliance under section 192 of Companies Act 2013
The company has not entered into any non-cash transactions with directors or personsconnected with him.
(16) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934
The company is not required to be registered under section 45-IA of the Reserve Bank oflndia Act.
|Place: Ahmedabad || |
|Date: 28/06/2021 || |
| ||For G M C A & Co. |
| ||Chartered Accountants |
| ||FRN: 109850W |
| ||CA. Mitt S. Patel |
| ||Partner |
| ||Membership No. 163940 |
| ||UDIN: 21163940AAAAOK6271 |
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/sVivantaIndustriesLimited("the Company") as of March 31 2021 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls. 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 Companies Act 2013.
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 on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note 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 judgement 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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.
In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these Standalone Financial Statementsand such internal financial controls over financial reporting with reference to theseStandalone Financial Statements were operating effectively as at March 31 2021 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.
| ||For G M C A & Co. |
| ||Chartered Accountants |
| ||FRN: 109850W |
| ||CA. Mitt S. Patel |
|Place:Ahmedabad ||(Partner) |
|Date:28/06/2021 ||Membership No. 163940 |
| ||UDIN:21163940AAAAOK6271 |