Independent Auditors Report on the Financial Results Pursuant to the Regulation 33 and
52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015
Independent Auditors Report
To The Members
SHRYDUS INDUSTRIES LIMITED
Formerly Known As VCK Capital Market Services Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of SHRYDUS INDUSTRIES LIMITED (Formerly Known
As VCK Capital Services Limited) ("the Company"), which comprise the balance
sheet as at 31st March 2023, and the statement of Profit and Loss, (including
other comprehensive income), statement of changes in equity and statement of cash flows
for the year then ended, and notes to the financial statements, including 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 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 the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind
AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2023, and loss (including other comprehensive
income),changes in equity and its cash flows for the year ended on that date.
Basis of 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 ("ICAI") 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 ICAIs Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the financial statements.
Key Audit Matters
Key audit matters are those that, in our professional judgment, were of most
significance in our audit of financial statements of the current year. These matters were
addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Information Other than the Financial Statements and Auditors Report Theron
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 financial statements and our auditors report thoron.
Our opinion on the 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 financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the 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 no 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 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 financial statements that give a true and fair view of the financial position,
financial performance, changes in equity 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. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
of 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 Responsibilities for the Audit of the Standalone Financial
Results
Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Results as a whole is 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 this Standalone Financial Results.
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 Standalone
Financial Results, 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 financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board
of Directors in terms of the requirements specified under Regulation 33 of the Listing
Regulations.
• Conclude on the appropriateness of the Board of Directors 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
ability of the Company 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 Statement 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 Standalone
Financial Results, including the disclosures, and whether the Standalone Financial Results
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Results that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone Financial Results may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the Standalone Financial Results.
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 financial statements of the
current period 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 the Companies (Auditors Report) Order, 2016 ("the Order"),
as amended, issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the "Annexure A" a statement on 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) 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, and the Cash Flow Statement
dealt with by this Report are in subject to confirmation with the books of account.
d) In our opinion, the aforesaid Ind AS 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) No written representations received from the directors as on 31St March, 2023, taken
on record by the Board of Directors that none of the directors are disqualified as on 31st
March, 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 B".
g) With the 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, no
remuneration was paid by the Company to its directors is in accordance with the provisions
of Section 197 of Act; and
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, in our opinion
and to the best of our information ang according to the explanations given to us:
I. The Company does not have any pending litigations which would impact its Ind AS
financial statements.
II. The Company did not have any long-term contracts including derivatives 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.
IV. (a) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been advanced
or loan or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been received by
the Company from any person or entity, including foreign entity ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party("
Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;
(c) . Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under(a)and (b) above, contain any material misstatement.
V. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit
log) facility is not applicable to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,2014 is
not applicable for the financial year ended March 31, 2023.
Annexure ‘A to the Independent Auditors Report.
Referred to in Paragraph 2 under "Report on other Legal and Regulatory
requirements in independent Auditors report of even date on the accounts of Shrydus
Industries Limited (Formerly Known As VCK Capital Services Ltd.) for the year ended 31st
March, 2023
1. (a) The Company has not maintained proper records showing full particulars,
including quantitative details and situation of fixed assets as they do not have any Fixed
Asset.
(b) The fixed assets have not been physically verified by the management as per a
phased program of verification.
(C) The Company does not have any immovable properties of freehold or leasehold land
and building and hence reporting under clause (i)(c) (d) (e) of the Order are not
applicable.
2. (a) As explained to us, the inventories were physically verified during the year by
the Management at reasonable intervals and no discrepancies of 10% or more were noticed on
physical verification.
(b) During any point of time of the year the company has not been sanctioned any
working capital Limit, hence, this clause is not applicable.
3. (a) The Company has not made investment in, provided any guarantee or security, but
granted loans in the nature of loans secured to Shrydus Reality Pvt Ltd of 61,50,000
during the year and outstanding at the year ended 31-03-2023 at Rs 55,24,100/-.
Clause (b),(c),(d),(e),(f) are not applicable as company has not made investment in,
provided any guarantee or security, or granted any loans, or advances in the nature of
loans secured or unsecured, to companies, firms, and Limited liability partnership or
other parties.
4. In our opinion and according to the information and explanations given to us, the
Company _ has complied with the provisions of Sections 185 and 186 of the Act in respect
of grant of loans, making investments and providing guarantees and securities, as
applicable.
5. The Company has not accepted deposits during the year and does not have any
unclaimed deposits as at 31st March, 2023 and therefore, the provisions of the clause 3
(v) of the Order are not applicable to the Company.
6. As informed to us, the maintenance of cost records has not been prescribed by the
Central Government U/s 148(1) of the Company Act,2013, in respect of the activities
carried on by the Company.
7. a) According to the records of the Company, the Company has not deposited statutory
dues including Provident fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues with the appropriate authorities except GST amounts as the same is
not applicable to the Company.
b) According to the information and explanation given to us, no undisputed amounts
payable in respect of Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess
were in arrears, as at 31st March, 2023 for a period of more than six months from the date
they became payable.
8. No transactions has been recorded in the books of account which has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (43 of 1961), Accordingly, paragraph 3(viii) of the order is not applicable to the
company;
9. According to the information and explanations given to us, the Company has not taken
any loans or borrowings from financial institutions, banks and government or has not
issued any debentures. Hence reporting under clause of the Order is not applicable to the
Company.
10. The company has not raised money by way of initial public offer (including debts
instruments)
11. To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no fraud on the Company by its officers or
employees has been noticed or reported during the year.
Clause xi (b) and (c) are not applicable as there in no fraud.
12. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the
Order is not applicable.
13. In our opinion and according to the information and explanations given to us the
Company is in compliance with Section 177and 188 of the Act, 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. During the year, the Company has made any preferential allotment of shares and
hence reporting under clause 3(xiv) of the Order is applicable to the Company.
15. The company is not having Internal audit system.
16. 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
Act are not applicable.
17. The Company is not required to be registered under Section 45-I of the Reserve Bank
of India Act, 1934.
18. The Company has not incurred cash loss in the current financial year and cash loss
in the immediately preceding financial year.
19. During the year there is no resignation of the Statutory auditors.
20. In our opinion and according to the information and explanation given to us there
is no material uncertainty exist as on date of the audit report 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
21. The company has not undertaken any project, hence clause is not applicable.
22. The company is not having any subsidiary company/ companies; hence this clause is
not applicable.
Annexure B to the Independent Auditors Report of even date on Ind AS financial
statements of VCK Capital Services Limited.
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 M/S.
Shrydus Industries Limited (Formerly known as VCK Capital Market Services Limited)
("the Company") as of March 31, 2023 in conjunction with our audit of the
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 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 authorisations 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 March 31, 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 Suvarna & Katdare Chartered Accountants Firm Regn. No. 125080W
Sd/-
CA Ravindra Raju Suvarna Partner
Membership No. 032007 UDIN:
23032007BGWDTA1498
Date -18/05/2023
+91-9892691696
