We have audited the standalone financial statements of M/s S V Global Mill Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss, (including
Other Comprehensive Income), the Statement of Changes in Equity and Statement of Cash Flows for the
year then ended and notes to the Standalone Financial Statements, including a summary of the material
accounting policies information and other explanatory information, [hereinafter referred to as Ind AS
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 give the information required by the Companies Act, 2013
("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 March 31, 2026, its profit, the changes in Equity, and
its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit 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 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 Act 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.
Emphasis of Matter
We draw attention to the following matter in the Notes to the statement:
(i). The company's case for additional compensation pertaining to the compulsory acquired land
which was pending before the Hon'ble Supreme Court of India was disposed off vide its final
judgement order dated 9th Feb 2026 and the matter was remanded back to the Hon'ble High
Court of Karnataka. Following a request for reference to mediation, the High Court has referred
the case to Karnataka Mediation Centre on 6th April 2026.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, 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 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 key audit matters to be communicated in our report.
Information other than the Standalone Financial Statements and Auditor's Report thereon
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 standalone financial
statements and our auditor's report 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 during the course of our audit or
otherwise appears to be materially misstated. If, based on the work we have performed on the other
information that we have obtained prior to the date of auditor's report, we conclude that if there is a
material mis-statement of this other information, we are required to report that fact. We have nothing
to report in this regard.
Management Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of 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), Changes in Equity
and Cash Flows of the Company in accordance with 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
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 to the preparation and presentation of the Ind AS Standalone Financial Statements
that give a true and fair view and are free from material mis-statement, 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.
The Board of Directors is 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 mis-statement, 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 mis-statement
when it exists. Mis-statements 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 mis-statement 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 mis-statement 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 controls 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 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 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 mis-statements 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 in (i) planning the scope of our audit work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified mis-statements 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.
Report on other Legal and Regulatory Requirements
1. 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),
the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are
in agreement with the books of account.
(d) In our opinion, the aforesaid Ind AS Standalone financial statements comply with the Indian
Accounting Standards prescribed under Section 133 of the Act, read with Rule 3 of the
Companies (Indian Accounting Standards) Rules, 2015.
(e) On the basis of the written representations received from the Directors as on 31st March, 2026
taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March
2026 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 A".
(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 explanations given to us,
the remuneration paid 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 Auditors' 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 has disclosed the impact of pending litigations on its financial position in its
financial statements. Refer Note 30 & 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 that, to the best of its knowledge and belief, as
disclosed in notes to the financial statements 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) The management has represented that, to the best of its knowledge and belief, other
than as disclosed in notes to financial statements 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,
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 such audit procedures we have 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) contain any material mis¬
statement.
v) The Company has not declared or paid any dividend during the year and accordingly
reporting on the compliance with section 123 of the Act, is not applicable for the year under
consideration.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023. 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 been in operation since 1st January 2025, 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 since then.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the
matters specified in paragraphs 3 and 4 of the Order.
For M/s S VISWANATHAN LLP
Chartered Accountants
Regn No : 004770S/S200025
Sd/-
Chella K Srinivasan
Partner
Place: Chennai Membership Number : 023305
Date : 25th May 2026 UDIN: 26023305ZBKNKX5790
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