We have audited the accompanying Ind AS financial statements of SEASONS TEXTILES LIMITED ("the company"), whichcomprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including other comprehensiveincome), Statement of Cash Flows and the Statement of changes in Equity for the year then ended, and a summary ofsignificant accounting policies and other explanatory information. (collectively referred to as "Ind AS financialstatements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind ASfinancial statements give the information required by the Companies Act, 2013 in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of theCompany as at March 31, 2024, its loss including other comprehensive income, its cash flows and the changes in equityfor the year ended on that date.
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements' section of our report. We are independent of theCompany in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Actand the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Ind AS financial statements.
The Company's Board of Directors is responsible for the other information. The other information comprises theinformation included in the Director's Report, but does not include the Ind AS financial statements and our auditor'sreport thereon.
Our opinion on the Ind AS financial statements does not cover the other information and we do not express any formof assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is to read the other information and,in doing so, consider whether such other information is materially inconsistent with the Ind AS financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. We have nothing to report inthis regard.
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013with respect to preparation of these Ind AS financial statements that give a true and fair view of the state of affairs(financial position), profit or loss (financial performance including other comprehensive income), cash flows andchanges in equity of the Company in accordance with the accounting principles generally accepted in India, includingthe 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 theAct 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 andprudent; and design, implementation and maintenance of adequate internal financial controls, that were operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation andpresentation of the 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 Ind AS financial statements, management is responsible for assessing the Company's ability to continueas a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to cease operations, or has no realisticalternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are freefrom 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 withSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these Ind AS financial statements.
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specifiedunder Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticismthroughout the audit. We also:
• Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resultingfrom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing ouropinion on whether the Company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based onthe audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company's ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor's report. However, future events or conditions maycause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Ind AS financial statements, including thedisclosures, and whether the Ind AS 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 timingof the audit and significant audit findings, including any significant deficiencies in internal control that we identifyduring our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethicalrequirements regarding independence, and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence, and where applicable, related safeguards.
1. As required by the Companies (Auditor's Report) Order, 2020, ("the order") issued by the Central Governmentof India in terms of sub-section (11) of section 143 of the Act, we enclose in the "Annexure A", a statement onthe matters specified in paragraphs 3 and 4 of the said 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 knowledgeand 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 appearsfrom our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), theStatement of Cash Flow and Statement of changes in Equity dealt with by this Report are in agreementwith the books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specifiedin Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
e) On the basis of written representations received from the directors as on March 31, 2024 taken on recordby the Board of Directors, none of the directors is disqualified as on March 31, 2024, from being appointedas 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 companywith reference to these Ind AS financial statements and the operating effectiveness of such controls,refer to our separate report in "Annexure B";
g) In our opinion and to the best of our information, the remuneration paid by the company to its directorsduring the year is in accordance with the provision of Section 197 of The Act; and
h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditor's) Rules, 2014, in our opinion and to the best of our information andaccording to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financialstatements.
ii. The Company did not have any material foreseeable losses on long term contracts includingderivatives contracts.
iii. There were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company.
iv.
a) The management has represented that, to the best of its knowledge and belief, no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any other sourcesor 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 theIntermediary shall, whether, directly or indirectly lend or invest in other persons or entities identifiedin any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide anyguarantee, 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 person(s) or entity(ies), including foreign entities ("FundingParties"), 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 mannerwhatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) c) Based on such audit procedures that were considered reasonable and appropriate in thecircumstances, nothing has come to our notice that has caused us to believe that the representationsunder sub-clause (a) and (b) contain any material misstatement.
v. No dividend has been declared or paid during the year by the Company.
Chartered Accountants,
Firm's Registration Number- 003202N
Partner
Membership No. 017572
UDIN:24017572BKAUCF4801
Dated: 24/05/2024
Place: New Delhi