On the Financial Results of Tahmar Enterprises Limited (Formerly Known as Sarda Papers
Limited for the quarter and year ended March 31, 2023 pursuant to the Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To,
The Board of Directors Tahmar Enterprises Limited
(Formerly known as Sarda Papers Limited)
Opinion
We have audited the accompanying standalone Ind AS financial statements of Tahmar
Enterprises Limited (Formerly known as Sarda Papers Limited) (‘the Company),
which comprise the balance sheet as at 31 March 2023, the statement of profit and loss,
including statement of other comprehensive income, cash flow statement and statement of
changes in equity for the year 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 explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting standards prescribed under section
133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended,
and other accounting principles generally accepted in India, of the state of affairs of
the Company as at 31 March 2023, and profit (including other comprehensive income),
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under
those SAs are further described in the Auditors Responsibilities 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 the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act 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.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements for the year ended March
31, 2023. These matters were addressed in the context of our audit of the standalone
financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. For each matter below, our description of how our
audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditors responsibilities for
the audit of the Standalone Financial Statements section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the
Standalone Financial Statements. The results of our audit procedures, including the
procedures performed to address the matters provide the basis for our audit opinion on the
accompanying Standalone Financial Statements.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual report, but does not include
the standalone Ind AS financial statements and our auditors report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our
responsibility is to read the other information and, in doing so, consider whether such
other information is materially inconsistent with the Standalone Ind AS financial
statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities 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
and presentation of these Ind AS 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 Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules 2015 as amended.
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.
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.
The board of directors are responsible for overseeing the companys financial reporting
process.
Auditors Responsibility for the audit of Standalone Ind AS financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone
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 Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism 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. Under Section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the entity has
adequate internal financial controls system in place and the operating effectiveness of
such controls.
• 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.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Standalone Financial Statements
for the financial year ended March 31, 2023 and are therefore the key audit matters. We
describe these matters in our auditors report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report 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 including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this
Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors 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) 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". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Companys internal financial controls over
financial reporting.
g) With respect to the other matters to be included in the Auditors Report 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 the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.
h) 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, as amended in
our opinion and to the best of our information and according to the explanations given to
us: i. The Company has disclosed the impact of pending litigations on its financial
position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts;
iii. There has been no delay in transfer ring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company and its subsidiary companies
incorporated in India.
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.
For S S R V & Associates
(Chartered Accountants)
Firm No.: 135901W
Sd/-
Vishnu Kant Kabra
(Partner)
M. No.: 403437
UDIN: 23403437BGWDIK4075
Place: Mumbai
Date: 30th May, 2023
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Tahmar Enterprises Limited Formerly
known as Sarda Papers Limited of even date)
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 Tahmar
Enterprises Limited (Formerly known as Sarda Papers Limited) (the "Company")
as of March 31, 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 Board of Directors of the Company 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 (the
"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
respective companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the account in 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 of the Company 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") issued by the ICAI and the Standards
on Auditing 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 control over financial reporting included
obtaining an understanding of internal financial control 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 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, 2023, based on the internal financial
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 ICAI.
For S S R V & Associates
(Chartered Accountants)
Firm No.: 135901W
Sd/-
Vishnu Kant Kabra
(Partner)
M. No.: 403437
UDIN: 23403437BGWDIK4075
Place: Mumbai
Date: 30th May, 2023
ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of Tahmar Enterprises Limited Formerly
known as Sarda Papers Limited of even date) i. In respect of the Companys tangible
& intangible assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of tangible & intangible assets.
(b) The Company has a program of verification to cover all the items of tangible &
intangible assets in a phased manner which in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. Pursuant to the program, certain
tangible & intangible assets were physically verified by the management during the
year. According to the information and explanations given to us, no material discrepancies
were noticed on such verification.
(c) According to the information and explanations given to us, the records examined by
us and based on the examination of the conveyance deeds / registered sale deed provided to
us, we report that, the title deeds, comprising all the immovable properties of land and
buildings which are freehold, are held in the name of the Company as at the balance sheet
date. In respect of immovable properties of land and building that have been taken on
lease and disclosed as tangible & intangible assets in the standalone financial
statements, the lease agreements are in the name of the Company.
(d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not revalued its property,
plant and equipment or intangible assets or both during the year.
(e) According to information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any Benami Property under the Prohibition of Benami
Property Transactions Act, 1988 and Rules made thereunder.
ii. According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company have inventory in e books.
iii. According to the information and explanations given to us, the Company
taken loans or borrowings from financial institutions and banks and company has not
defaulted in repayment of loans and borrowings to a financial institution banks,
government or dues to debenture holders.
iv. According to the information and explanations given to us and on the basis of our
examination of records of the Company, in respect of investments made and loans,
guarantees and security given by the Company, in our opinion the provisions of Section 185
and 186 of the Companies Act, 2013 ("the Act") have been complied with. v. the
company has not accepted deposits during the year and does not have any unclaimed deposits
as at March31, 2023 and therefore, the provisions of the clause 3 (v) of the Order are not
applicable to the Company.
vi. The maintenance of cost records has not been specified by the Central Government
under section 148(1) of the Companies Act, 2013 for the business activities carried out by
the Company. Thus, reporting under clause 3(vi) of the order is not applicable to the
Company. vii. According to the information and explanations given to us and on the basis
of our examination of the records of the Company, amounts deducted/ accrued in the books
of account in respect of undisputed statutory dues including, income-tax, Goods and
Service Tax, cess and other material statutory dues have been regularly deposited during
the year by the Company with the appropriate authorities. As explained to us, the Company
did not have any dues on account of employees state insurance and duty of excise. viii.
According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not surrendered or disclosed
any transactions, previously unrecorded as income in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year.
ix. a) According to the information and explanations given to us and based on
examination of the records of the Company, the Company has not defaulted in repayment of
loans or borrowing or in the payment of interest thereon to any financial institution or
bank The Company did not have any loans or borrowings from government during the year.
b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not been declared a wilful
defaulter by any bank or financial institution or government or government authority.
c) In our opinion and according to the information and explanations given to us by the
management, term loans were applied for the purpose for which the loans were obtained.
d) According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we report that no funds raised on
short-term basis have been used for long-term purposes by the Company.
e) According to the information and explanations given to us and on an overall
examination of the standalone financial statements of the Company, we report that the
Company has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures as defined under the Act.
f) According to the information and explanations given to us and procedures performed
by us, we report that the Company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies (as defined
under the Act).
x. (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) or term loans and hence reporting under clause 3
(x)(a) of the Order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
xi. (a) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or no material fraud on the Company by its officers
or employees has been noticed or reported during the year.
(b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as
prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the
Central Government.
(c) As represented to us by the management, there are no whistle blower complaints
received by the Company during the year.
xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the
Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the
Company is in compliance with 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 standalone financial statements as required by the
applicable Indian accounting standards.
xiv. In our opinion and according to the information and explanations given to us, the
company is not required to have the internal audit system in accordance with its size and
nature of its business.
xv. In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into any non-cash transactions with its
Directors or persons connected to its directors and hence provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.
xvi. (a) The Company is not required to be registered under Section 45-IA of the
Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not
applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not
applicable.
(d) The Company is not part of any group (as per the provisions of the Core Investment
Companies (Reserve Bank) Directions, 2016 as amended). Accordingly, the requirements of
clause 3(xvi)(d) are not applicable.
xvii. According to the information and explanation given to us, the company has not
incurred any cash losses in financial year and immediately preceding financial year.
xviii. As audit tenure here has been no resignation of the statutory auditors during
the year. Accordingly, clause 3(xviii) of the Order is not applicable.
xix. In our opinion and according to information and explanation given to us, the
company can meet the liability which are exist as at the balance sheet date when such
liabilities are due in the future.
xx. According to the Information and explanation given to us, the company has not under
obligation of corporate social responsibility, so there is no amount which remain unspent
and need to transfer under special accounts in accordance with section 135 of the
companies Act, 2013. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not
applicable.
xxi. In our opinion and according to information and explanation given to us, the
company does not include any qualified and adverse remark in the audit report of the
consolidated financial statement issued by the respective auditor
For S S R V & Associates
(Chartered Accountants)
Firm No.: 135901W
Sd/-
Vishnu Kant Kabra
(Partner)
M. No.: 403437
UDIN: 23403437BGWDIK4075
Place. Mumbai
Date. 30th May, 2023
+91-9892691696
