We have audited the accompanying standalone financial
statements of M/S. VISHAL FABRICS LIMITED (“the
Company"), which comprises 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 Cash Flow Statement for the year ended on that
date, and a summary of significant accounting policies and
other explanatory information (hereinafter referred to as the
“standalone 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 (the “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)
Rule, 2015, as amended (“Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at 31st March 2026 and its profit & total
Comprehensive Income ,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 Companies Act, 2013. 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 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 separate opinion
on these matters. Based on the circumstances and facts of
the audit and entity, there are no key audit matters to be
communicated 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 Report, Corporate
Governance and Shareholder's Information, 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, 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.
Responsibility of Management and Those Charged
with Governance for the 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 and
presentation of these standalone 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, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of 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 judgements and estimates that
are responsible 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 Standalone 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 the Board of Directors either intend to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.
The Company's Board of Directors is also responsible for
overseeing the Company's financial reporting process.
Auditor's Responsibility 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 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 Standalone
Financial Statements.
A further description of the auditor's responsibilities for the
audit of the financial statements is included in Annexure A.
This description forms part of our auditor's report.
Reporton 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 the Annexure B, statement on the
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
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
purpose 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 Standalone Balance sheet, the statement
of Standalone Profit and loss including other
comprehensive Income, Statement of changes in
Equity and the Standalone Cash Flow Statement
dealt with by this Report are in agreement with the
books of account;
d) In our opinion, the aforesaid standalone statement
of financial statements complies with the Indian
Accounting Standards specified under Section 133
of the Act.
e) On the basis of written representations received
from the directors as on March 31, 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 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 over financial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure
C". Our report expresses an unmodified opinion
on the adequacy and operating effectiveness
of the Company's internal financial controls over
financial reporting.
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:
I n 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 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:
i) The Company has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements.
ii) The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses, if
any.
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,
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, 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, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity (“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 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 (i)
and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material
misstatement.
v) The company has not declared or paid any
dividend during the year in contravention
of the provisions of section 123 of the
Companies Act, 2013.
vi) The reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
is applicable and 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.
and as informed to us the audit trail has
been preserved by the company as per the
statutory requirements for record retention.
For, S V J K and Associates
Chartered Accountants
Firm Reg. No. 135182W
Place: Ahmedabad Reeturaj Verma
Date: 20.05.2026 Partner
UDIN: 26193591ONAEFN2593 M.No. 193591
|