We have audited the financial statements of VIVAA TRADECOM LIMITED, which comprise the balance sheet as at 31st March
2024, and the statement of profit and loss and statement of cash flow for the year then ended, and notes to the financial
statements, including a summary of significant accoun'ng policies and other explanatory informa'on.
In our opinion and to the best of our informa'on and according to the explana'ons given to us, the aforesaid financial statements
give the informa'on required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity
with the accoun'ng principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its
profit/loss, and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Audi'ng (SAs) specified under sec'on 143(10) of the Companies
Act, 2013. Our responsibili'es under those Standards are further described in the Auditor's Responsibilities for the Audit of the
Financial Statements sec'on of our report. We are independent of the Company in accordance with the Code of Ethics issued by
the Ins'tute 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 thereunder, and we have fulfilled our other
ethical responsibili'es 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:
Insurance on stock, cash and Plant & machinery was inadequate during the year.
Information other than the Financial Statements and Auditors' Report thereon
The Company's Board of Directors is responsible for the other informa'on. The other informa'on comprises the informa'on
included in the Board's 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 informa'on and we do not express any form of assurance
conclusion thereon.
In connec'on with our audit of the financial statements, our responsibility is to read the other informa'on and, in doing so,
consider whether the other informa'on 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 informa'on, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and those charged with Governance for the 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 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, the Board of Directors 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
the Board of Directors 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 repor'ng process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objec'ves 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 skep'cism throughout
the audit. We also:
• Iden'fy 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 detec'ng a material misstatement resul'ng from fraud is higher than for one resul'ng
from error, as fraud may involve collusion, forgery, inten'onal omissions, misrepresenta'ons, 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 sec'on 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 opera'ng effec'veness of such
controls.
• Evaluate the appropriateness of accoun'ng policies used and the reasonableness of accoun'ng es'mates and related
disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accoun'ng and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or condi'ons that may cast significant doubt on
the Company's ability to con'nue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw aEen'on 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 condi'ons may cause the Company to cease to con'nue as a going concern.
• Evaluate the overall presenta'on, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transac'ons and events in a manner that achieves fair presenta'on.
We communicate with those charged with governance regarding, among other maEers, the planned scope and 'ming of the
audit and significant audit findings, including any significant deficiencies in internal control that we iden'fy 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 rela'onships and other maEers that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
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-sec'on (11) of sec'on 143 of the Companies Act, 2013, we give in the "Annexure A" statement on the maEers
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
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, 2024 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in
terms of Section 164(2) of the Act.
(f) Since the Company's turnover as per last audited financial statements is more than Rs.50 Crores and its borrowings from
banks and financial institutions at any time during the year is less than Rs.25 Crores, the Company is not exempted from
getting an audit opinion with respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls vide notification dated June 13, 2017;
(g) 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:
a. The Company does not have any pending litigations except stated in Note No. 12(a) of Notes to accounts which
would impact its financial position.
b. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
c. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the
Company.
d. A. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) during
the year 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 by or on
behalf of the Company (Ultimate Beneficiaries) 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, 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 Party or
- provide any guarantee, security or the like from 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 the representations under subclause (iv)(A) and (iv)(B) contain any
material mis-statement.
e. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the year.
f. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the company has used such accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been
operated throughout the year for all transactions recorded in the software and the audit trail feature has not been
tampered with and the audit trail has been preserved by the company as per the statutory requirements for record
retention.
For Shreekant S. Shah & Co.
Chartered Accountants
FRN:110177W
Date: 28/05/2024
Place: Ahmedabad
Shreekant S Shah
Partner
Membership No.: 038215
UDIN: 24038215BJZZLY1583
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