TO THE MEMBERS OF SUDEV INDUSTRIES LTD.
Report on the IndAS Financial Statements
We have audited the accompanying Ind AS financial statements of Sudev Industries
Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2022,
the Statement of Profit and Loss, the Cash Flow Statement and the Statement of changes in
equity for the year then ended and a summary of the significant accounting policies and
other explanatory information.
Managements Responsibility for the IndAS 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 Ind-AS financial statements that give a true and fair view of the financial
position, financial performance, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (IndAS) prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standard) Rules, 2015, as amended, and other accounting
principles generally accepted in India.
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 Ind AS
financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based
on our audit. We have taken into account the provisions of the Act, the accounting and
auditing standards and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made there under.
We conducted our audit of the Ind AS financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Ind AS financial statements is free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the Ind AS financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of the
Ind AS financial statements, whether due to fraud or error. In making those risk
assessment, the auditor considers internal financial control relevant to the Companys
preparation of the Ind AS financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies used and the reasonableness of
the accounting estimates made by the Companys Directors, as well as evaluating the
overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Ind AS 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 March 31, 2022, and its Loss, its cash flows and the changes in equity for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report, to the
extent applicable that:
a) We have sought and obtained all the information and explanations which to the best
of 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 the
Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Cash Flow and
the Statement of Changes in Equity dealt with by this report are in agreement with the
relevant books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on March
31, 2022 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2022 from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in "Annexure A".
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. there are no pending litigations which would have any significant impact on the
financial position in the aforesaid Financial Statements of the Company;
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses during the year ended March 31, 2022;
iii. There were no amounts required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended 31st March, 2022.
2. As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in
"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
ANNEXURE A
REFERRED TO IN UNDER THE HEADING "REPORTS ON OTHER LEGAL AND
REGULATORY REQUIREMENTS "
Report on the Internal Financial Controls Over Financial Reporting 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 M/s Sudev
Industries Limited ("the Company") as of March 31, 2022 in conjunction with our
audit of the Ind AS 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 (the
"Guidance Note") issued by the Institute of Chartered Accountants of India.
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("the
Act").
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 of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (‘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. 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 judgement, including the assessment of the risks of material
misstatement of the 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, to the best of our information and according to the explanations given
to us, 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 March 31, 2022, 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.
Annexure "B" to the Independent Auditors Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date)
1. The Company does not have fixed assets.
2. The Company does not have inventory.
3. According to the information and explanations given to us, the Company has not
granted any loans, secured or unsecured, to companies, firms, Limited Liability
Partnerships or other parties covered in the register maintained under Section 189 of the
Companies Act, 2013.
4. As informed to us, the company has not given any loan, made investments, given
guarantees and securities to any person or party covered under Section 185 and 186 of the
Companies Act, 2013.
5. According to the information and explanations given to us, the Company has not
accepted any deposit and hence reporting under paragraph 3(v) of the Order is not
applicable.
6. Requirement of maintenance of cost records under section 148 (I) of the companies
Act.2013 in not applicable in case of the company.
7. According to the information and explanations given to us, in respect of statutory
dues:
a) The Company has been regular in depositing undisputed statutory dues, including
provident fund, employees state insurance, income-tax, sales tax, service tax, customs
duty, excise duty, value added tax, goods and service tax, cess and other material
statutory dues applicable to it with the appropriate authorities and there are no
undisputed statutory dues payable for a period of more than six months from the date they
become payable as at March 31, 2022.
b) According to the information and explanations given to us there are no dues of
income Tax sale Tax service Tax custom duty Cess and excise duty which have not been
deposited on account of any dispute.
8. In our opinion and according to the information and explanations given to us, the
Company does not have any previously unrecorded income which shall record in the books of
accounts during the year.
9. According to the information and explanations given to us and on the basis of our
audit procedures, we report that the company has not been declared willful defaulter by
any bank or financial institution or government or any government authority.
10. The Company has not raised any money by way of initial public offer / further
public offer (including debt instruments) during the current year.
11. According to the information and explanations given to us and to the best of our
knowledge, no fraud by the Company and no material fraud on the Company by its officers or
employees has been noticed or reported during the year.
12. The Company is not a Nidhi Company and hence reporting under paragraph 3(xii) of
the Order is not applicable.
13. In our opinion and according to the information and explanation and records made
available by the company, the Company has complied with the provision of Section 177 and
188 of the Companies Act, 2013 where applicable, for all transactions with the related
parties and the details of related party transactions have been disclosed in the financial
statements as required by the applicable accounting standards.
14. According to the information and explanations given to us, and based on the
examination of the records of the company, Internal Audit is not applicable to the
Company.
15. According to the information and explanations given to us, and based on the
examination of the records of the company, the Company has not entered into any non-cash
transactions with its directors or persons connected with him and hence reporting under
paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-1A of the Reserve
Bank of India Act, 1934.
17. There has not been any resignation of the statutory auditor during the year.
18. According to the information and explanations given to us, and based on the
examination of the records of the company, no material uncertainty exists as on the date
of audit report.
19. The company has not transferred any unspent amount to a Fund specified in Schedule
VII to the Companies Act within a period of six months of the expiry of the financial year
in compliance with second proviso to sub-section (5) of section 135 of the said Act.
20. The Consolidated Financial Statement is not applicable to the company as it does
not have any Holding/ Subsidiary/ Associate/ Joint venture during the financial year.
21. The Company does not have any Term Loan during the year.
22. The Company does not hold any Immovable property where title deeds are not in the
name of the company or where lease agreements are not executed in the favour of the
company.
23. The Company does not hold any Benami Property.
24. According to the information and explanations given to us, the company does not
have any borrowings from banks or financial institutions on the basis of security of
current assets.
25. According to the information and explanations given to us, no funds have been
advanced or loaned or invested by company to any intermediary and no funds have been
received by the company to act as intermediary.
26. The Company is not covered under section 135 of the Companies Act,2013 for CSR
activities.
27. The Company has not traded or invested in Crypto currency or virtual currency
during the financial year.
28. Net worth of the Company is negative as on 31st March, 2022.
for AGAP & Co.
CHARTERED ACCOUNTANTS
FRN : 015555C
| Place : NEW DELHI |
| Date : 16/05/2022 |
| SD/- |
| Sunny Goel |
| (PARTNER) |
| M.NO.555284 |
| UDIN:- 22555284AJBKLY2959 |
+91-9892691696
