We have audited the accompanying Standalone IND AS financial statements of M/s
AVIVA INDUSTRIES LIMITED ("the Company"), which comprises the Balance Sheet as
at March 31, 2025, the Statement of Profit and loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of the Cash Flows for the
year ended on that date and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information (hereinafter referred to
as "the Standalone IND AS Financial Statements").
In our opinion and to the best of our information and according to the explanations
given to us, except for the effects of the matter described in the Basis for Qualified
Opinion section below the aforesaid Ind AS financial statements give the information
required by the Companies Act, 2013, (as amended "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 Companies (Indian Accounting
Standards) Rules 2015, as amended (Tnd AS") and other accounting principles generally
accepted in India, of the state of affairs of the company as at March 31, 2025, and its
loss, total comprehensive loss, changes in equity and its cash flows for the year ended
on that date.
BASIS FOR QUALIFIED OPINION
We conducted our audit of the Standalone IND AS Financial Statements in accordance
with the Standards on Auditing (SAs), as 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 made 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 audit
opinion on the financial statements.
1. We draw attention to Note Number 24 (xii) stating the non-compliance with the provisions
of Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 and Section 203 of the Companies Act, 2013; that mandates the appointment of a
whole-time Company Secretary by a listed entity.
EMPHASIS OF MATTER
1. We draw attention to the fact that the trading in securities of the company was
suspended during the year in lieu of non-payment of the listing fee.
2. Attention is drawn to the fact that the Company had no revenue from operations for
the first three quarters. Though, the business activities have resumed in the fourth
quarter.
Our opinion is not modified in respect of this matter.
OTHER MATTER
We draw attention to Note number 22 to the financial statements that describes various
contingent liabilities.
Our opinion is not modified in respect of this matter.
INFORMATION OTHER THAN THE 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 Management Discussion and
Analysis, Board's Report including Annexures to Board's Report, Business Responsibility
Report, Corporate Governance Report, and Shareholder's Information, but does not
include the Standalone Financial Statements and our auditor's report thereon.
Our opinion on the Standalone IND AS 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 IND AS 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 IND AS 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.
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH
GOVERNANCE 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 IND AS 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 the accounting principles generally accepted in India, including Indian
Accounting Standards (Ind AS) prescribed 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 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 Standalone IND AS 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 IND AS Financial Statements, management and Board of
Directors 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 the Board of Directors either intends 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 RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE
FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the Standalone IND AS
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 IND AS 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 misstatement of the Standalone IND AS
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 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 with reference to Standalone
Financial Statements 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. Flowever, 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 misstatements 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 misstatements 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 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 O'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" 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 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, Statement of Changes in Equity and Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Standalone Financial Statements comply with the
Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of written representation received from directors as on March 31,
2025 taken on the 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
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 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 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, as
amended, 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 as detailed in Note number 22 to the Standalone Ind AS Financial
Statement.
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 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, 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;
(b) The Management has represented that, to the best of its knowledge and
belief, 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 directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding Parties or
provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
(c) Based on the audit procedures performed 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) provided under (a) and (b) above, contain any
material misstatement.
v. No dividend declared or paid during the year by the company in compliance with
Section 123 of the Act.
vi. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended March 31, 2025 which did not had the feature of recording audit trail (edit
log) facility and the same has not been operated throughout the year for all
relevant transactions recorded in the software.
FOR P SINGHVI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN 113602W
Sd/-
(PRAVEEN SINGHVI)
PLACE: AHMEDABAD PARTNER
DATED: MAY 31, 2025 M. NO. 071608
UDIN: 25071608BMHRXM8246
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