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LAVA INTERNATIONAL LIMITED Consolidated Financial Statements for Period 01/04/2018 to 31/03/2019

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LAVA INTERNATIONAL LIMITED Consolidated Financial Statements for Period 01/04/2018 to 31/03/2019 LAVA INTERNATIONAL LIMITED Consolidated Financial Statements for period 01/04/2018 to 31/03/2019 [700300] Disclosure of general information about company Unless otherwise specified, all monetary values are in Millions of INR 01/04/2018 01/04/2017 to to 31/03/2019 31/03/2018 LAVA INTERNATIONAL Name of company LIMITED Corporate identity number U32201DL2009PLC188920 Permanent account number of entity AABCL5987H B-14, HOUSE 2 , BASEMENT, SHIVLOK COMMERCIAL Address of registered office of company COMPLEX , Karampura Delhi West Delhi , DELHI , INDIA - 110015 Commercial and Type of industry Industrial Date of start of reporting period 01/04/2018 01/04/2017 Date of end of reporting period 31/03/2019 31/03/2018 Nature of report standalone consolidated Consolidated Content of report Financial Statements Description of presentation currency INR Level of rounding used in financial statements Millions Type of cash flow statement Indirect Method [700400] Disclosures - Auditors report Details regarding auditors [Table] ..(1) Unless otherwise specified, all monetary values are in Millions of INR Auditors [Axis] 1 01/04/2018 to 31/03/2019 Details regarding auditors [Abstract] Details regarding auditors [LineItems] Category of auditor Auditors firm Suresh Surana & Name of audit firm Associates LLP Name of auditor signing report Rahul Singhal Firms registration number of audit firm 121750W/W-100010 Membership number of auditor 096570 2ND FLOOR, TOWER-B, B-37, Address of auditors SECTOR-1 NOIDA Uttar Pradesh-UP Permanent account number of auditor or auditor's firm ACLFS1562L SRN of form ADT-1 R22014948 Date of signing audit report by auditors 24/12/2019 Date of signing of balance sheet by auditors 24/12/2019 Unless otherwise specified, all monetary values are in Millions of INR 01/04/2018 to 31/03/2019 Textual information (1) Disclosure in auditor’s report explanatory [TextBlock] [See below] Whether companies auditors report order is applicable on company No Whether auditors' report has been qualified or has any reservations or No contains adverse remarks LAVA INTERNATIONAL LIMITED Consolidated Financial Statements for period 01/04/2018 to 31/03/2019 Textual information (1) Disclosure in auditor’s report explanatory [Text Block] INDEPENDENT AUDITORS REPORT To, The Members of Lava International Limited Report on the Audit of the Consolidated Ind AS financial statements Opinion We have audited the accompanying consolidated Ind AS financial statements of Lava International Limited(hereinafter referred to as the Holding Company) its subsidiaries, trust (the Holding Company, its subsidiaries and trust together referred to as the Group), its associate and a joint venture comprisingof the Consolidated Balance Sheet as at 31 March 2019, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Cash FlowsStatement and Consolidated statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information(hereinafter referred to as the Consolidated Ind AS financial statements). In our opinion and to the best of our information and according to the explanations given to usand based on the consideration of reports of other auditors on separate financial statements and other financial information of subsidiaries,trust, joint venture andassociatethe aforesaid consolidated 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 accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at 31 March 2019, and its consolidated profit (including Other Comprehensive Income), its consolidated cash flows and consolidated change in equity for the year ended on that date. Basis for Opinion We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing (SAs) as speci?ed under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of theConsolidated Ind AS financial statements section of our report. We are independent of the Group 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 ?nancial statements under the provisions of the Actand the Rules thereunder, and we have ful?lled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is su?cient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements. Other Information The Holding Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Holding Company Boards Report including Annexures to Boards Report, but does not include the Ind AS consolidated financial statements and our auditors report thereon. Our opinion on the Ind AS consolidated 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 Ind AS consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Ind AS consolidated 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 Managementfor the Consolidated Ind AS financial statements The Holding Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act, with respect to the preparation of theseconsolidated Ind AS financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance (including Other Comprehensive Income), consolidated cash flows and consolidated change in equity of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules issued thereunder as amended. The respective Board of Directors/Trustees of the companies/Trust included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 consolidated Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated Ind AS financial statements by the Directors of the Holding Company, as aforesaid. In preparing the consolidatedInd AS Financial statements, the respective Board of Directors/Trustees of the companies/trust included in the Group are responsible for assessing the Groups ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or 2 LAVA INTERNATIONAL LIMITED Consolidated Financial Statements for period 01/04/2018 to 31/03/2019 has no realistic alternative but to do so. The respective Board of Directors/Trustees of the companies/Trust included in the Group are also responsible for overseeing the ?nancial reporting process of the Group. Auditors Responsibility for the Audit of the Consolidated Ind AS financial statements Our objectives are to obtain reasonable assurance about whether the consolidated?nancial 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 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 in?uence the economic decisions of users taken on the basis of these consolidatedInd AS ?nancial 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 consolidated 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
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