We have audited the Standalone Financial Statements of SHAIVAL REALITY LIMITED
("the Company"), which comprises the Balance Sheet as at 31st March 2025, and the
Statement of Profit and Loss, statement of changes in Equity and statement of Cash
Flows for the year ended on that date, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as "the Financial Statements")
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 Accounting Standards prescribed under
section 133 of the Act read with Companies ( Accounting Standards ) Rules 2015, as
amended ("AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, the Profit, changes in equity
and its cash flows for the year ended on that date.
2. Basis for Opinion
We conducted our audit of the Standalone Financial Statements in accordance with
the Standards on Auditing (SAs) specified under section 143(10) of the Act (SA's)
Our responsibilities under those Standards are further described in the Auditor's
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 (ICAI) 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 thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI's
Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion on the standalone financial
statements.
3. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the Financial Statements of the current period.
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.
We have determined that there are no key audit matters to communicate in our
report.
4. Other Information - Board of Directors' Report
A. The Company's Board of Directors is responsible for the preparation of other
information and presentation of its report (hereinafter called as the "Board
Report") which requires various information under section 134(3) of the Act.
However, our opinion on the financial statements does not cover the other
information and we do not any form of assurance conclusion thereon.
B. 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 during the course of our 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 the fact. We
have nothing to report in this regard.
5. Managements' and Board of Directors' Responsibility for the (Standalone)
Financial Statements
A. The Company's Management and Board of Directors are 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 Indian Accounting Standards specified under
Section 133 of the Act, read with Companies (Accounts) Rules, 2015.
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.
B. In preparing the standalone financial statements, management and Board of
Directors are responsible for assessing the Company's 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 and the
Board of Directors either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. The Board of Directors
is also responsible for overseeing the Company's financial reporting process.
6. Auditor's Responsibilities for the Audit of the standalone Financial Statements
A. Our responsibility is to express an opinion on these standalone financial
statements based on our audit. In conducting 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 thereunder.
B. 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 auditor's 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.
C. 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.
Under section 143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company 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 management's 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 Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's 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 auditor's 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.
D. Materiality is the magnitude of misstatements in the financial statements
that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the financial statements 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.
E. 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.
F. 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.
G. 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 auditor's 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.
II Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, 2013, 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. (A) 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 Statement
of Cash Flow dealt with by this Report are in agreement with the books
of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the directors
as on 31st March, 2025 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2025 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 with
reference to financial statements over financial reporting of the
Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company's
internal financial controls with reference to standalone financial
statements.
g. In our opinion, the managerial remuneration for the year ended 31st
March, 2025 has been paid/provided by the Company to its directors in
accordance with the provisions of section 197 read with Schedule V to
the Act;
h. With respect to the other matters to be included in the Auditor's
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 has been no delay in transferring amounts, 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, other than as disclosed in
note to the accounts, no funds have been advanced or
loaned 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 persons or entities,
including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise,
that the Intermediary shall, directly or indirectly lend or
invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on behalf of
the Company 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, as disclosed in notes to the
accounts, no funds have been received by the Company
from any persons or entities, including foreign entities
("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall
directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the Funding Parties or
provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(c) Based on the audit procedures performed that has
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) contain any material mis¬
statement.
v. The Company has not declared or paid dividend during the
year covered by our audit.
vi. Based on our examination, which included test checks, the
Company has used accounting software for maintaining its
books of accounts for the financial year ended march 31,
2025 which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for
all relevant transactions recorded in the software. Further
during the course of our saudit, we did not come across
any instance of the audit trail feature being tampered
with.
For, Jaimin Deliwala & Co.
Chartered Accountants
Firm Reg. No. 0103861W
Sd/-
Place: Ahmedabad Jaimin Deliwala
Date: 1st May, 2025 Proprietor
M. No.: 044529
UDIN: 25044529BMIMJO1091
|