We have audited the accompanying standalone financial statements of Shivalic Power
Control Limited (the "Company") for the year ended March 31, 2025, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing
Regulations”) the Statement of profit and loss, and statement of cash flow for the year ended
on that date, notes to the financial statement and a summary of the significant accounting
policies and other explanatory information (hereinafter referred to as “the financial
statement”)
In our opinion and to the best of our information and according to the explanations given to
us, these standalone financial statement, as presented in accordance with the requirements
of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended and give a true and fair view in conformity with recognition Accounting
Standards under section 133 of the Act read with the Companies (Accounting Standards )
Rules, 2014 and other accounting principles generally accepted in India of the state of affairs
of the company as at March 31, 2025, the profit and its cash flows for 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 (“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 together with the ethical requirements that are relevant to our audit of the standalone
financial Statements under the provisions of the Companies Act, 2013 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone 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 our opinion thereon, and we do not provide a separate opinion on these
matters. We have determined that there are no such key Audit Matters to be reported.
Other Information
The Company's management and Board of Directors are 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 auditors' 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.
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 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. 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 implementation and
maintenance of 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 for 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 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 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 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 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 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.
• 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 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 evidences 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, 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 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.
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
“Annexure A” a statement on matters specified in the paragraph 3 and 4 of the order for
the company, to the extent applicable.
• 2. As required by Section 143(3) of the Act, based on our audit we report that:
o (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.
o (b) In our opinion, proper books of accounts as required by law have been kept by the
Company so far as it appears from our examination of those books.
o (c) The Balance Sheet, the Statement of Profit and Loss, Cash flow statement and notes
to financial statements dealt with by this Report are in agreement with the relevant
books of accounts.
o (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.
o (e) On the basis of the written representations received from the directors, as on 31st
March 2025, taken on record by the Board of Directors and the report of the statutory
auditors, none of the directors of the company is disqualified as on 31st March, 2025
from being appointed as a director in terms of Section 164 (2) of the Act.
o (f) With respect to adequacy of the internal financial controls over financial reporting of
the company and the operative effectiveness of such controls, refer to our separate
report in “Annexure B”. Our report expresses an unmodified opinion on adequacy and
operative effectiveness of the Company's internal financial controls over financial
reporting.
o (g) The company being a public limited company, the other matters to be included in
Auditor's Report in accordance with requirements of Section 197 (16) of the Act, as
amended, in respect of whether the remuneration paid by Company to its directors
during the year is in accordance with the provisions of Section 197 of the Act is
applicable ; and
o (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:
Ý i) The Company does not have any pending litigations which would impact its
financial position in its financial statements.
Ý ii) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
Ý iii) There were no amounts which were required to be transferred to the Investors
Education and Protection Fund by the Company.
Ý iv)
• (a) The respective Management of the Company have represented to us that, to
the best of their knowledge and belief, no funds (which are material either
individually or in the 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 or entity, including foreign
entity (“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 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 respective Management of the Company have represented to us that, to
the best of their knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company or any of
such subsidiaries from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that
the Company or any of such subsidiaries shall, 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 our notice that has
caused us to believe that the representations under sub-clause (a) and (b) above,
contain any material misstatement.
Ý v) There is no dividend declared or paid during the year by the company.
Ý vi) Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account 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 software. Further, during the course
of our audit we did not come across any instance of audit trail feature being
tampered with.
For Shiv & Associates
Chartered Accountants
Firm's Registration No.:009989N
sd/-
CA Abhishek Vashisht
Partner
M.No-526307
UDIN:25526307BMLFPN2351
Place : Faridabad
Date : 28th May, 2025
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