To
The Members of Sirohia & Sons Limited.
Report on the Standalone Financial Statements Opinion
We have audited the accompanying financial statements of Sirohia & Sons Limited
(“the Company”) which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary
of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanation
given to us the aforesaid financial statements give the information required by the Act in
the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the company as at 31st
March 2023 and its profit and cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act 2013. Our responsibilities under those
standards are further described in the Auditors Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the company in
accordance with the code of ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules there
under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Responsibility of Management for the Standalone Financial Statements
The Companys 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 of
these (Standalone) financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
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 financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2020 (“the Order”),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, refer to our separate Report in “Annexure A”. a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by section 143 (3) of the Act, we report that:
a. I have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purpose of our audit;
b. In my opinion proper books of account as required by law have been kept by the
Company 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 Statement
dealt with by this Report are in agreement with the books of account subject to
confirmation of balances of all the parties.
d. In my opinion, the aforesaid (Standalone) financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31,
2023 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the
Act.
f. Reporting on the adequacy of the internal financial controls over financial
reporting of the Company and its operating effectiveness is exempted vide notification no.
G.S.R. 583(E).-13.06.2017.
g. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us: i. The
Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
For and on behalf of
A SETHIA & CO
Chartered Accountants Firm Registration No 328380E
Sd/-
CA BHAWANA BENGANI
Partner
Membership No: - 067606 Place: Kolkata Date: 31/05/2023
UDIN: 23067606BGZHUA4210
ANNEXURE A TO INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL
STATEMENTS OF SIROHIA & SONS LIMITED FOR THE YEAR ENDED 31ST MARCH 2023
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements in the Independent Auditors Report]
i. (a) According to the information and explanations given to us, the company has
maintained proper records showing full particulars including quantitative details and
situation of Property, Plant and Equipments.
(b) According to the information and explanations given to us, Property, Plant and
Equipment have been physically verified by the management at reasonable intervals during
the year and no material discrepancies were identified on such verification.
(c) According to the information and explanations given to us, and on the basis of our
examination of the records of the Company, the title deeds of immovable properties (other
than properties where the company is the lessee and the lease agreements are duly executed
in favour of the lessee) as disclosed in the financial statements are held in the name of
the company.
(d) According to the information and explanations given to us, the Company has not
revalued its property, plant and Equipment (including Right of Use assets) and its
intangible assets. Accordingly, the requirements under paragraph 3(i)(d) of the Order are
not applicable to the Company.
(e) According to the information and explanations given to us, no proceeding has been
initiated or pending against the Company for holding Benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder. Accordingly, the
provisions stated in paragraph 3(i) (e) of the Order are not applicable to the Company.
ii. (a) According to the information and explanations provided to us, the Company has
not entered into any trading/manufacturing activities. Accordingly, the requirements under
paragraph 3(ii)(b) of the Order is not applicable to the Company.
(b) According to the information and explanations provided to us, the Company has not
been sanctioned working capital limits. Accordingly, the requirements under paragraph
3(ii)(b) of the Order is not applicable to the Company.
iii. (a) According to the information explanation provided to us, the Company has
provided loans or provided advances in the nature of loans, or given guarantee, or
provided security to any other entity. The details of loans and advances to other entities
are as follows: - (Rs. In Hundreed)
Particulars |
Nature of Transactions |
Amount (In Rs.) |
Aggregate amount granted/provided during the year- |
|
|
| -Enterprises owned by KMP |
Loans |
32,202.29 |
| -Others |
Loans |
NIL |
Balance Outstanding as at balance sheet date in respect of above cases |
|
|
| -Enterprises owned by KMP |
Loans |
5,84,271.19 |
| -Others |
Loans |
17,83,947.03 |
(b) According to the information and explanations given to us and based on the audit
procedures performed by us, we are of the opinion that the terms and conditions in
relation to investments made, guarantees provided, securities given and / or grant of all
loans and advances in the nature of loans and guarantees are not prejudicial to the
interest of the Company.
(c) In case of the loans and advances in the nature of loan, schedule of repayment of
principal and payment of interest have been stipulated and the borrowers have been regular
in the payment of the principal and interest.
(d) According to the information and explanations given to us as the principal business
of the company is of granting loans and advances. Hence, the requirements under paragraph
3(iii) (d) of the Order are not applicable to the Company
(e) According to the information and explanation provided to us, the loan or advance in
the nature of loan granted has not fallen due during the year. Hence, the requirements
under paragraph 3(iii) (e) of the Order are not applicable to the Company.
(f) According to the information explanation provided to us, the Company has granted
loans/advances in the nature of loans repayable on demand or without specifying any terms
or period of repayment. The details of the same are as follows:
| Particulars |
All Parties |
Promoters |
Related Parties |
Aggregate amount of loans/ advances in nature of loans |
|
|
|
| - Repayable on demand (A) |
23,68,218.22 |
- |
- |
- Agreement does not specify any terms or period of repayment (B) |
Nil |
- |
- |
| Total (A+B) |
23,68,218.22 |
- |
- |
Percentage of loans/ advances in nature of loans to the total loans |
100.00% |
0.00% |
0.00% |
iv. In our opinion and according to the information and explanations given to us, the
Company has not either directly or indirectly, granted any loan to any of its directors or
to any other person in whom the director is interested, in accordance with the provisions
of section 185 of the Act and the Company has not made investments through more than two
layers of investment companies in accordance with the provisions of section 186 of the
Act. Accordingly, provisions stated in paragraph 3(iv) of the Order are not applicable to
the Company.
v. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of sections 73, 74, 75 and 76 of the Act, the
rules framed thereunder and the Circulars, notifications issued from time to time with
regard to the deposits accepted. No order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal
in this respect.
vi. The provisions of sub-section (1) of section 148 of the Act are not applicable to
the Company as the Central Government of India has not specified the maintenance of cost
records for any of the products of the Company. Accordingly, the provisions stated in
paragraph 3 (vi) of the Order are not applicable to the Company.
vii. According to the information and explanations given to us, undisputed dues in
respect of provident fund, employees state insurance, income-tax, service tax, sales-tax,
duty of custom, duty of excise, value added tax, goods and service tax, cess and other
statutory dues which were outstanding, at the year end, for a period of more than six
months from the date they became payable
(a) The company is regular in depositing with appropriate authorities undisputed
statutory dues including income-tax and other material statutory dues applicable to it.
(b) According to the records of the company, the dues outstanding of income-tax and
cess on account of any dispute are as follows: -
Name of the Statute |
Nature of Dues |
Period to which the amount related |
Forum where dispute is pending |
Amount (In Rs.) |
Remarks |
Income Tax Act, 1961 |
Income Tax |
2013-2014 |
Central Processing Centre |
3,49,360.00 |
Under Protest |
viii. According to the information and explanations given to us, there are no
transactions which are not accounted in the books of account which have been surrendered
or disclosed as income during the year in Tax Assessment of the Company. Also, there are
no previously unrecorded income which has been now recorded in the books of account.
Hence, the provision stated in paragraph 3(viii) of the Order is not applicable to the
Company.
ix. In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of loans or borrowings or in payment of interest
thereon to any lender.
x. The Company did not raise any money by way of initial public offer or further public
offer (including debt instruments) during the year. Accordingly, the provisions stated in
paragraph 3 (x)(a) of the Order are not applicable to the Company. xi.
(a) During the course of our audit, examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing practices in
India, and according to the information and explanations given to us, we have neither come
across any instance of fraud by the Company nor on the Company.
(b) We have not come across of any instance of fraud by the Company or on the Company
during the course of audit of the standalone1 financial statement for the year
ended March 31, 2023, accordingly the provisions stated in paragraph (xi)(b) of the Order
is not applicable to the Company.
(c) As represented to us by the management, there are no whistle-blower complaints
received by the Company during the year. Accordingly, the provisions stated in paragraph
(xi)(c) of the Order is not applicable to the company.
xii. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph 3(xii) (a)
to (c) of the Order are not applicable to the Company. xiii. According to the information
and explanations given to us and based on our examination of the records of the Company,
transactions with the related parties are in compliance with sections 177 and 188 of the
Act where applicable and details of such transactions have been disclosed in the financial
statements. The details of which are mentioned below: -
(Rs in Hundred)
Nature of the related party I relationship n |
Nature of underlying transaction |
Amount involved (Rs.) |
Remarks (details of non-compliance may be given) |
| Gcs Chemicals Pvt Ltd |
Interest |
4,922.58 |
Nil |
| o Enterprises owned by Key |
Received |
|
|
| u Managerial Personnel |
|
|
|
| r Sonajuli Plantations Pvt Ltd |
Interest |
15,900.83/- |
Nil |
| Enterprises Owned by Key |
Received |
|
|
| Managerial Personnel |
|
|
|
| Sudhir Credit Pvt Ltd |
Interest |
12,286.82/- |
Nil |
| Enterprises Owned by Key |
Received |
|
|
| Managerial Personnel |
|
|
|
xiv. In our opinion and based on our examination, the Company does not require to
comply with provision of section 138 of the Act. Hence, the provisions stated in paragraph
3(xiv) (a) to (b) of the Order are not applicable to the company.
xv. According to the information and explanations given to us, in our opinion during
the year the Company has not entered into non-cash transactions with directors or persons
connected with its directors and hence, provisions of section 192 of the Act are not
applicable to company. Accordingly, the provisions stated in paragraph 3(xv) of the Order
are not applicable to the company.
xvi. In our opinion, the Company is required to be registered under section 45 IA of
the Reserve Bank of India Act, 1934 and it has not obtained the registration.
xvii. Based on the overall review of standalone financial statements, the Company has
not incurred cash losses in the current financial year and in the immediately preceding
financial year. Hence, the provisions stated in paragraph clause 3 (xvii) of the Order are
not applicable to the Company.
xviii. There has been resignation of the statutory auditors during the year, there were
no issues, objections or concerns raised by the outgoing auditors.
xix. According to the information and explanations given to us and based on our
examination of financial ratios, ageing and expected date of realisation of financial
assets and payment of liabilities, other information accompanying the standalone1 financial
statements, our knowledge of the Board of Directors and management plans, we are of the
opinion that no material uncertainty exists as on the date of audit report and the Company
is capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date.
xx. According to the information and explanations given to us, the provisions of
section 135 of the Act are not applicable to the Company. Hence, the provisions of
paragraph (xx)(a) to (b) of the Order are not applicable to the company. xxi. According to
the information and explanations given to us, the Company does not have any Subsidiary,
Associate or Joint Venture. Accordingly, reporting under clause 3(xxi) of the Order is not
applicable.
For and on behalf of
A SETHIA & CO
Chartered Accountants Firm Registration No 328380E
Sd/-
CA BHAWANA BENGANI
Partner
Membership No: - 067606 Place: Kolkata Date: 31/05/2023
UDIN: 23067606BGZHUA4210
Annexure - B to the Auditors Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”) We have audited the internal
financial controls over financial reporting of Sirohia & Sons Limited. (“the
Company”) as of 31 March 2023 in conjunction with our audit of the standalone
Financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the standalone financial statements, whether due to fraud or
error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For and on behalf of
A SETHIA & CO
Chartered Accountants Firm Registration No 328380E
Sd/-
CA BHAWANA BENGANI
Partner
Membership No: - 067606 Place: Kolkata
Date: 31/05/2023
UDIN: 23067606BGZHUA4210
+91-9892691696
