We have audited the accompanying financial statements of M/s. Sylvan Plyboard (India) Limited (hereinafter referred to
as ‘the Company'), which comprises of the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss, the
Cash Flow Statement for the year ended, and notes to the financial statements, including a summary of the significant
accounting policies and other explanatory information.
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, as amended (hereinafter referred to as ‘the Act') in
the manner so required and give a true and fair view in conformity with the accounting standards and other accounting
principles generally accepted in India, of the state of affairs of the company as at 31st March 2025, its profit 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 Auditors'
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 provision 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 audit opinion
on the financial statements.
Information Other than the Financial Statements and Auditors’ 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 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 identified above
when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in 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 information; we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Management’s and Board of Director’s and Those Charged with Governance for the
Financial Statements:
The Company's Management and Board of Directors is 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, 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
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, the 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 the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternatives but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditors’ Responsibility 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 auditors' 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
the 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
decision of users taken on the basis of these financial statements.
As a 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 misstatements 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 controls.
• 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 Act, we are also responsible for expressing our opinion
on whether the Company has in place an adequate internal financial control system over financial reporting and the
operating effectiveness of such controls.
• Evaluate the appropriateness of the accounting policies used and the reasonableness of the accounting
estimates and related disclosures made by the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting in preparation
of the financial statements 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 auditors' 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 auditors' 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.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the 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 misstatements in the 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, relate 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 (hereinafter referred to as ‘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-
‘A' a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.
2. 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.
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 company does not have any branch office thus audit under sub-section(8) of Section 143 of the Act does
not apply to the company;
d) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in
agreement with the books of account;
e) in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section
133 of the Act, read with Rules 7 of the Companies (Accounts) Rules, 2021 as amended (to the extent
applicable) prescribed thereon;
f) in our opinion and on the basis of information and explanations provided to us, there are no such matters or
financial transactions or other matters which have adverse effect on the functioning of the company;
g) 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;
h) in our opinion and on the basis of information and explanations provided to us, there are no qualifications,
reservation or adverse remark relating to the maintenance of the accounts and other matters connected
therewith; and
i) with respect to the adequacy of internal financial control over financial reporting of the company & the operating
effectiveness of such controls, refer to our separate report in Annexure B. Our Report express an unmodified
opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial
reporting.
j) 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, 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 the financial position of the Company.
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 amount 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, 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 ("Ultimate
Beneficiaries”) by or on behalf of the company or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(ii) the management has represented, that, to the best of its knowledge and belief, 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 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 such audit procedures as 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 d (i) and (ii)
contain any material mis-statement.
e) no dividends were declared or paid during the year by the company. Hence, no reporting under this clause is
applicable.
3. With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act: In our opinion
and according to the information and explanations given to us, the remuneration paid by the company to its
directors during the current year is in accordance with the provisions of section 197 of the Act.
4. 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
and the same has been maintained by the Company for the year ended 31st March, 2025. Further, during the
course of our audit we did not come across any instance of audit trail feature being tampered with.
For Dokania S. Kumar & Co.
Chartered Accountants
Firm Registration No.: 322919E
Sd/-
(CA Sourav Dokania)
Partner
Membership No. 304128
Place: Kolkata
Date: 29.05.2025
UDIN: 25304128BMKSN K6123
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