We have audited the accompanying financial statements of Shiv Texchem Limited ('the
company'), which comprise the balance sheet as at 31st March 2025, the statement of profit
and loss and the cash flow statement, change of equity for the year then 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 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
a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March,
2025,
b) In case of Statement of Profit & Loss, of the profit for the year ended on that date, and
c) In case of Cash Flow Statement, of the cash flows for the year ended on the date
Basis for 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 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 Companies Act, 2013 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 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,
We have determined that there are no key audit matters to communicate in 'our report.
Other Information
The Company's 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 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 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.
Responsibility of Management for the Standalone Financial Statements
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 and presentation of these
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 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 applications of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the 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 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 either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
That Board of Directors are also responsible for overseeing the company's financial reporting
process.
AUDITOR'S RESPONSIBILITY
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 Standards on Auditing (‘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) of the Act,
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.
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 Act, we
give in the "Annexure A", a statement on the matters specified in the paragraphs 3 and 4
of the Order.
2. 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"; and
3. 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, statement of profit and loss and the cash flow statement ,
statement of changes of Equity ,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 31 March
2025, taken on record by the Board of Directors, none of the directors is disqualified
as on 31 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 control with reference to
standalone financial statements of the company and the operating effectiveness of
such controls, refer to our separate Report in Annexure A " Our report Express an
unmodified opinion on the adequancy and operating effectiveness of the company's
internal financial controls with reference to standalone Financial statements.
g. With respect to other matters to be included in the Auditor's 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 provision of section 197 of 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 contract including derivative contract ; as
such the question of commenting on any material foreseeable losses thereon does not
arise;
iii. There has not been any occasion in case of the Company during the year under report
to transfer any sums to the investor education and protection fund. The question of
delay in transferring such sums does not arise.
iv. (a) The management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in aggregate) 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 person(s) or entity(ies),
including foreign entities ("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 aggregate) have been received by
the Company from any person(s) or entity(ies), including foreign entities ("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; and
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to their notice that has, caused us to believe
that the representation under sub-clause (i) and (ii) or Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, as provided in (a) and (b) above, contain any material
misstatement.
v. The Company has not paid any dividend in the current financial year and hence the
provisions of section 123 were not attracted.
vi. Based on our examination, which included test checks, the Company has used
accounting softwares 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
softwares. Further, during the course of our audit we did not come across any instance
of the audit trail feature being tampered with.
i. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the
financial year ended March 31, 2025.
For Sundarlal, Desai & Kanodia
Chartered Accountants
Firm registration number: 110560W
UDIN : 25033978BMIYZP3104 Mukul B. Desai
Place : Mumbai Partner
Date: 23/05/2025 Membership no.: 33978
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