We have audited the accompanying Financial Statements of
Shivam Autotech Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2025, the Statement of
Profit and Loss including Other Comprehensive Income,
the Statement of Changes in Equity and the Statement of
Cash Flows for the year ended on that date, and notes to
the Financial Statements including a summary of material
accounting policies and other explanatory information
(hereinafter referred to as "the Financial Statements").
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
Companies Act, 2013, ("the Act") in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards ("Ind AS") prescribed under section
133 of the Act and other accounting principles generally
accepted in India, of the state of affairs of the Company as
at March 31, 2025 and its loss and other comprehensive loss,
changes in equity and its cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit of the Financial Statements in
accordance with the Standards 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 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
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 the Financial Statements.
Emphasis of Matter
We draw attention to:
1. Note 7 in the financial statements regarding
management judgment for determining deferred
tax assets and minimum alteration tax (MAT) credit
entitlements of Rs.1989.25 Lakhs and Rs.880.57
Lakhs respectively for earlier years which is available
to the Company on the assumption that there will
be sufficient future taxable profits. As a matter of
prudence, deferred tax assets have been recognized
till March 31, 2021. Deferred tax assets have not been
recognized for year ended March 31,2025.
2. Note 10.1 in the financial statements regarding
booking of material consumption and accounting
impact of physical verification more fully explained in
the said note.
Our opinion is not modified in respect of above matters.
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.
We have determined that there are no key audit matters to
communicate in our report.
Information Other than the Financial Statements and
Auditor's Report Thereon
The Company's Board of Directors are responsible for 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 & Sustainability Report
and Report on Corporate Governance and Shareholder's
information, 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 during the course of our 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 0information,
we are required to report that fact. We have nothing to report
in this regard.
Responsibilities of the Management and Those Charged
with Governance for the Financial Statements
The Company's Board of Directors are responsible for the
matters stated in section 134(5) of the Act with respect to the
preparation of these Financial Statements that give a true
and fair view of the financial position, financial performance
including other comprehensive loss, changes in equity
and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including
the Ind AS 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 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, 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 Board of
Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Company's Board of Directors are 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 aggregate, they could reasonably be
expected to influence the economic decisions of users taken
based on 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 financial control
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
Section 143(3)(i) of the Act, 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 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.
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 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 Section 143(11) of the Act, we give in
the "Annexure A" a statement on the matters specified
in paragraphs 3 and 4 of the Order.
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 including Other Comprehensive income,
Statement of Changes in Equity and the Statement
of Cash Flow dealt with by this Report are in
agreement with the relevant books of account.
d) In our opinion, the aforesaid Financial Statements
comply with the Ind AS specified under Section
133 of the Act.
e) On the basis of the written representations
received from the directors as on March 31, 2025
taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 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 controls with reference to the Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in "Annexure B". Our report expresses
an unmodified opinion on the adequacy and
operating effectiveness of the Company's internal
financial controls with reference to the Financial
Statements.
g) With respect to the 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 explanation
given to us, the remuneration paid/provided by
the Company to its directors during the year is in
accordance with the provisions 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,
as amended in our opinion and to the best of our
information and according to the explanations
given to us:
i. The Company has disclosed the impact of pending
litigations as at March 31, 2025 on its financial position
in its Financial Statements. Refer note 31 to the Financial
Statements.
ii. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.
iii. There has been no delay in transferring amounts
required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. (a) The Management has represented to us that, to
the best of its knowledge and belief, 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 persons or entities, 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) Management has represented to us that, to
the best of its knowledge and belief no funds
have been received by the Company from any
person(s) or entities, 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;
(c) Based on our audit procedure conducted that have
been considered reasonable and appropriate in
the circumstances, nothing has come to our notice
that cause us to believe that the representation
under sub-clause (i) and (ii) of Rule 11 (e), as
provided under (a) & (b) above, contain any
material misstatement.
(v) In our opinion, and according to the information and
explanations given to, the Company has not declared
and paid dividend during the year. Hence, the provisions
of Section 123 to the Act are not applicable to the
Company and have not been commented upon.
(vi) Based on our examination, which included test
checks, the Company has used 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
the 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 and the audit trail has been preserved
by the Company as per the statutory requirements
for record retention.
For NSBP & Co.
Chartered Accountants
Firm's Registration Number: 001075N
Sanjay Kumar Agrawal
Partner
Place: New Delhi Membership Number: 089090
Date: May 12, 2025 UDIN: 25089090BMZVXG5902
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