We have audited the accompanying financial statements of Sheel Biotech Limited
("the Company"), which comprise the Balance Sheet as at 31st March, 2024, the
Statement of Profit and Loss for the year then ended. Cash Flow Statement and a
summary of significant accounting policies and other explanatory information.
Opinion
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 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 31 March 2024 and its profit for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing specified under
section 143 (10) of the Companies Act, 2013. 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 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.
Material Uncertainty Related to Going Concern (include only is applicable)
The Company is incorporated in 26/11/1991.
As per the Financial Statements & renew of records & evidence it seems that company
have enough funds & assets as compared to its liabilities. These factors do not make
doubt on uncertainty of company as a going concern.
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.
Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable to
the Company as it is an unlisted company.
Information other than the financial statements and auditors’ report thereon
The Company’s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board’s
Report including Annexures to Board’s Report, Business Responsibility Report but
does not include the financial statements and our auditor’s report thereon.
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 standalone financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially
misstated.
Management’s Responsibility for the Financial Statement
The Company’s 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 and
financial performance of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
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.
Auditor’s Responsibility
Our responsibility is to express an opinion on these 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 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 financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and the disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Company s
preparation of the financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made by the
Company’s Directors, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified audit opinion on the financial statements.
Report on Other Legal and Regulatory Requirements
1- A statement on the matters specified in the paragraph 3 and 4 of the Order, 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 Act is applicable on Sheel Biotech Limited during the year because
company is falling in such criteria as provided and annexures to the statement is
hereby enclosed.
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 and
proper returns adequate for the purpose of this audit has been received from
branches.
(c) The Balance Sheet and the Statement of Profit and Loss and cash flow
statement 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) There is no such qualification or adverse remarks regarding maintenance of
accounts and other matters therewith. The observation or comments by the
auditor has not any adverse effects on the financial statement of the company.
(f) On the basis of the written representations received from the directors as on
March 31, 2024, and taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2024, from being appointed as a
director in terms of Section 164(2) of the Act.
(g) With respect to the adequacy of the internal financial controls over financial
reporting the company and operating effectiveness of such controls, refer to
our separate report in annexure "A”.
(h) No divided has been declared or pad during the year by company.
(i) 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 On the basis of written representations received from management as on
March 31, 2024, The Company is not involved in any litigations pending as
at 31st March 2024 which would materially impact on its financial positions
in its financial statements.
ii. The Company does 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.
For Manoj Sangeeta & Associates
Chartered^££Ountants
(Balwant singh aggarwal)
Partner
MNo:081261
Place: New Delhi
Date : 29.06.2024
UDIN: 24081261BKFPVP4402
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