We have audited the Standalone Financial Statements of SC Agrotech Limited (Formerly Known as Sheel
International Limited) ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2025, the
Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of
Cash Flows and the Standalone Statement of Changes in Equity for the year then ended, and a summary of material
accounting policies, notes forming part of Standalone Financial Statements and other explanatory information
(herein after referred to as "Standalone 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 gives 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 Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at
31st March, 2025, and its Profit, total comprehensive income, its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Financial Statements in accordance with the Standard 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 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 made 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 obtained by us is sufficient and appropriate to provide a basis for our audit opinion on Standalone
Financial Statement.
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
Standalone Financial Statements as a whole, and in forming ouropinion thereon, and we do not provide a separate
opinion on these matters.
Information other than the financial statements and Auditor's Report Thereon
• The Company’s management and board of directors are responsible for the preparation of the other information.
The other information comprises the information included in the management discussion and analysis, board's
report including annexures to board's report, business responsibility and sustainability report, corporate
governance, tax transparency report and shareholder's information, but does not include the Standalone Financial
Statements, consolidated financial statement and our audit reports thereon. Our opinion on the Standalone
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 standalone 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 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.
Responsibilities of Management and Those charged with governance 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 of these standalone financial statements that give a true and fair
view of the financial position, financial performance, including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. 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 statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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.
Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone 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 Standalone 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 Standalone 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 with reference to
Standalone Financial statement 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
Standalone 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 Standalone Financial statements, including the
disclosures, and whether the Standalone financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone
Financial Statements may be influenced.
We consider quantitative materiality and qualitative factors (i) in 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 in the Standalone
Financial Statements.
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.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Standalone 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.
Emphasis Of Matter:
Refer to Notes forming part of statement which includes the balance of Trade Payables, Loans including deposits
and advances are subject to confirmation from and reconciliation with the relevant parties as on the date of
balance sheet date.
Our opinion is not modified with respect to above mentioned matter.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit, 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.
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.
(b) The Balance Sheet and the Statement of Profit and Loss, the Statement of Cash Flow and Statement of
Changes in Equity dealt with by this Report are in agreement with the books of account.
(c) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended;
(d) 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.
(e) The modification relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph (b) above on reporting under section 143(3)(b) and in sub-clause (2)(h)(F) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014;
(f) With respect to the adequacy of the internal financial controls 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 expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company's internal financial controls with reference to the Standalone Financial Statement.
(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, as amended 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 which would impact its financial position
B. The Company does 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. (i) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes 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 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;
(ii) The management has represented, that, to the best of it's knowledge and belief, other than as disclosed in
the notes to the accounts, no funds 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
(iii) Based on the audit procedures performed that have 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) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and
(b) above, contain any material misstatement.
e. The company has not declared or paid any dividend during the year in contravention of the provisions
of section 123 of the Companies Act, 2013.
f. Based on our examination which included test checks, we concluded that company has used accounting
software for maintaining its books of account which have a feature of recording audit trail (edit log) facility but
the same has not been operated throughout the year for all relevant transactions recorded in the respective
software:
1. In respect of the Company, the feature of recording audit trail (edit log) facility was not enabled at the database
layer to log any direct data changes for all the accounting softwares used for maintaining the books of account.
Further, where audit trail (edit log) facility was unenabled, we did not come across any instance of the audit trail
feature being tampered with.
2. 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 B" a statement
on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.
Date : 29/05/2025 For, V S S B & Associates
Place : Ahmedabad Chartered Accountants
Firm NO.0121356W
(Vishves A. Shah)
Partner
M. No. 109944
UDIN: 25109944BMGPMT9646
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