We have audited the Financial Statements of SVS VENTURES LIMITED
U70100GJ2015PLC085454 ("the Company"), which comprise the Balance Sheet as at 31st
March 2024, the Statement of Profit and Loss, Statement of Cash Flows for the year then ended
and notes to the financial statements, including a summary of significant accounting policies and
other explanatory information.
Auditor Opinion
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
Accounting Standards 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, 2024, the
Profit and its cash Hows for the year ended on that date.
Basis l'or 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 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 financial statements under the provisions of the Act and the Rules
there under, 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 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 except.
1. There were no business activity of main object since 01/10/2023 except commission
income.
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2. The transactions of Loan and advances to related parties & investment in balance
sheet having no income which are subject to justification of disbursement and
recovery.
3. Previous year ITR not filed & no tax paid.
k. Sale / purchase turnover as per GST data are not tallied, hence subject to
reconciliation.
5. Stock records / WIP also subject to verification.
6. No Depreciation provided on IPO expense / Goodwill.
7. As informed by the assesse he/it does not have relevant information regarding any
micro or small enterprise which is registered under MSME development Act 2006,
hence amount due and interest payable is not ascertainable.
8. Details shown in AIS/TIS for sale / receipts and other details are not tallied with
books of accounts and subject to reconciliation.
9. Related party transaction disclosed in significant accounting policy, and notes to
account.
Information Other than the Standalone Financial Statements and Auditor's Report
Thereon
The Company's Board of Directors is 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
Report, 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 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 except noted in key audit matter.
©For, J M Patel & Bros.
Chartered Accountants
Reg. No. 107707W
CA JASWANT M PATEL
Date: 30/05/2024 (PROPERITOR)
UDIN: 24030161BKELXA8567 Mem. No. 030161
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