We have audited the financial statements of M/s Jiwanram Sheoduttrai Industries
Limited ("the Company"), (Erstwhile Jiwanram Sheoduttrai Industries Private
Limited) which comprise the balance sheet as at 31st March 2025, and the statement of profit
and loss 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 Accounting Principles generally accepted in India, of the state of affairs of the Company
as at 31st March, 2025, and its profit and its 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 Act. Our responsibilities under those Standards are further
described in the Auditor's 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 Act and the Rules thereunder, 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
on the financial statements
Emphasis of Matter Paragraph
• Company has recorded receivable on account of disputed insurance claim which
are carried in the Balance Sheet at Rs 8,64,08,464/-. During the financial year
2016-17 company faced loss of stock due to fire and in 2020-21 company suffered
loss of stock, plant and machinery and factory shed due to Amphan Cyclone.
Company filed Insurance claims for the loss suffered, but the claims has not been
settled however some amount of the claim is received partly. Finally, the
company has filed a petition for recovery of the claim amount at higher forum for
the settlement of the claim.
• The Company's other non-current assets include VAT receivable which is carried
at Rs 17,219,559/- on the balance sheet as at March 31,2025.
• We draw attention to Note No. 36(c) to the financial Statements as at 31-03-2025
in relation to outstanding balances of Trade and other receivables, Receivable
from Government Authorities, Insurance Claim Receivable, Trade Payables and
Loans & Advances receivable / payable which are subject to confirmation from
respective authorities and subsequent adjustments, if any.
• We draw attention to Note No. 9.3 (i) to the financial statement as at 31-03-2025 in
relation to Disclosure under The Micro, Small & Medium Enterprise
Development Act, 2006. Additionally, due to limitation of classification &
information, we are unable to verify the compliance with section 43B(h) of
Income Tax Act 1961 which pertains to the disallowance of any sum payable to
micro or small enterprises beyond the time limit specified under section 15 of the
Micro, Small and Medium Enterprises Development Act 2006.
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 not determined any matters as Key Audit Matters to be communicated in our
reports.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Management Board of Directors is responsible for the other information.
The other information comprises the information included in the Company's Annual Report,
but does not include the financial statements and our auditor's report thereon. The
Company's annual report is expected to be made available to us after the date of this
auditor's report.
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 identified above when it becomes available 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.
When we read the company's annual report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance and take necessary actions, as applicable under relevant laws and regulations.
Management's and Board of Directors' Responsibilities for the Financial Statements
The Company's Management and Board of Directors are responsible for the matters stated
in section 134(5) of the Act with respect to the preparation of these financial statements that
gives a true and fair view of the state of affairs, profit/loss 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 gives a true and fair view
and are free from material misstatement, whether due to fraud or error.
In preparing the 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
either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors are also responsible for overseeing the company's financial reporting
process.
Auditor's Responsibilities 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
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.
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 controls 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 company has adequate
internal financial control with reference to financial statements 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 and Board of Directors.
• Conclude on the appropriateness of management's and Board of Directors use of the going
concern basis of accounting in preparation of financial statements 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
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.
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
I. 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.
II. (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 Statements of Cash Flows 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;
e. On the basis of the written representations received from the directors as on March 31, 2025
and taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 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 over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B".
(B) 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 has disclosed the impact of pending litigations as at 31st March 2025, on its
financial position in its financial statements (Refer Note no. 30 of the financial statements).
(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.
(iv) (a) The Management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) during the year 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 Company or
• Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
(b) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the company from any persons or 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 party or
• Provide any guarantee, security or the like form or on behalf of the Ultimate
Beneficiaries; and
(c) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that
representations under sub clause (iv)(a) and (iv)(b) contain any material
misstatement.
(v) The Company has not declared any dividend during the year with respect to financial
year 2024-25, therefore the clause is not applicable.
(vi) As stated in note no.36(w) to the financial statements and based on our examination
which included test checks, the company ,in respect of financial year commencing on 1st
April 2024, has used an accounting software for maintaining its books of accounts which
has a feature of recording audit trail (edit log) facility and the same has been operated
throughout the year for all relevant transactions recorded in the software.
Further, during the course of our audit we did not come across any instance of audit trial
feature being tampered with.
III. With respect to the matter to be included in the Auditor's report under section 197(16) of
the Act:
In our opinion and according to the information and explanations given to us, the
remuneration paid by the company to its directors during the current year is in accordance
with the provision of section 197 of the act. The remuneration paid to any director is not in
excess of the limit, laid down under section 197 of the act. The Ministry of corporate affairs
has not prescribed other details under section 197(16) of the act which are required to be
commented upon by us.
For M/S Jain Sonu & Associates
Chartered Accountants
Firm Registration No.-324386E
CA. Sonu Jain
Place: Kolkata (Partner)
Date: 30.05.2025 Membership No. 060015
UDIN : 25060015BMLXCL9511
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