We have audited the accompanying financial statements of Sheetal Universal Limited. ('the
Company'), which comprise the balance sheet as at 31stMarch 2025, the statement of profit
and loss and the Cash Flow Statements for the year ended on that date, and a summary of
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 Act in the
manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India and subject to notes on accounts attached with
financial statement, of the state of affairs of the Company as at 31stMarch, 2025 and its
profit for the year ended on that date.
Basis of Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor's Responsibility 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
The Company's management is responsible for carrying out the physical verification/
inspection of its Property plant and equipment on a regular basis. We have not
independently carried out inspection of Property plant and equipment of the company
during the financial year covered under audit. Any adjustment to the value of such assets as
appearing in the balance sheet of the company may have effect on profit and net value of
property plant and equipment of the company for the financial year ended on 31stMarch,
2025.
The company's management is responsible for carrying out balance confirmation and
reconciliation with various trade receivable, trade payables, loans and advances and other
balances as appearing in the balance sheet as on 31stMarch 2025, All these balances have
not been independently verified by us except checking of balances confirmation on test
check basis. Any adjustment to the value of such balances as appearing in the balance sheet
of the company may have effect on the profit and value of the net balances of the company
for period and year ended as at 31stMarch 2025.
Our opinion is not modified in respect of these matters.
Information Other than the Financial Statements and Auditors' Report Thereon
The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis
and Directors' Report (the" Reports") but does not include financial statements and our
auditors' report thereon. The reports are expected to be made available to us after the date
of this auditors' report.
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.
Management's Responsibility 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 financial statements that give a true and fair view of the financial position and
financial performance 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
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.
Auditor's Responsibility
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 the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professionals kepticism 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 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 the management.
Conclude on the appropriateness of management's use of the going concerns 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 sub-section (11) of section 143 of
the Act, We give in the "Annexure -A" a statements on the matter specified in
paragraphs 3 and 4 of the order. (CARO)
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 and the Statement of Profit and Loss dealt with by this Report
are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with the Companies
(Accounts) Rules, 2015 as amended.
e) On the basis of written representations received from the directors as on March
31, 2025, and 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 sub-section (2) of section 164 of the Companies Act, 2013.
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 B".
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 has been paid by the Company to its directors
during the year is in accordance with the provisions of section 197 of the Act.
a) 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 does not have any pending litigations which would
impact its financial position.
ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii) There were no amounts which were 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(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall,
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(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
c)Based on the audit procedures that has been considered as
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 mis-statement
v) The company has not declared or paid any dividend during the year
and has not proposed final dividend for the year.
For V V Patel & Company
Chartered Accountants
FRN: - 118124W
Kamlesh P. Viradia
Partner.
Mem. No 122480.
Date:- 30.05.2025
Place: - Rajkot
UDIN: - 25122480BMGXGV9815
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