Annual Report: 2023
The document is the Independent Auditor's Report for Mayasheel Retail India Limited, including the audit of standalone financial statements as of March 31, 2023. AKNR & Co, Chartered Accountants, conducted the audit in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and have expressed an opinion that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India.
Key Audit Matters: The audit matters of most significance were addressed in the context of the audit of the financial statements as a whole, and no separate opinion is provided on these matters.
Responsibilities: The Board of Directors is responsible for the preparation and presentation of standalone financial statements per Section 134(5) of the Companies Act, 2013, including maintaining adequate accounting records and internal financial controls. The management is also responsible for assessing the Company’s ability to continue as a going concern. The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement and issuing an auditor's report, while exercising professional judgment and skepticism throughout the audit.
Legal and Regulatory Requirements: The report includes statements on matters specified in paragraphs 3 and 4 of the Companies (Auditors' Report) Order, 2020 ("the Order") and also includes a statement that proper books of account have been kept by the Company, the financial statements comply with the Accounting Standards specified under Section 133 of the Act, and none of the directors are disqualified as of March 31, 2023. There's a separate report in "Annexure B" on the adequacy of internal financial controls.
Annexure A: This annexure details observations on property, plant, equipment, intangible assets, inventory, and loans & advances. Key points include:
Annexure B: This annexure reports on internal financial controls over financial reporting. The management is responsible for maintaining these controls. The auditor's responsibility is to express an opinion on these controls based on their audit. The company has an adequate internal financial controls system, though a material weakness exist in obtaining periodic balance confirmation for advances and payables. The internal financial controls over financial reporting were operating effectively as of March 31, 2023.
Financial Statements:
Share Capital: Authorized share capital is 5,00,00,000 equity shares of Rs. 10/- each. The company has issued 5,00,000 shares to allot to Mr. Deepak Sharma.
Reserves and Surplus: The General reserve shows a closing balance of (500.20).
List of Pending Litigations: The report lists ongoing legal cases including eviction suits and arbitration matters, but states the company is not making any provisions for uncertain liabilities at this time.
Related Party Transactions: The auditor has identified related parties and detailed the transactions with them, including Director's Remuneration, Sitting Fees, rent expense, and outstanding balances.
Additional Regulatory Information: The title deeds of immovable property are held in the name of the company. The company has disclosed Loans or Advances in the nature of loans granted to promoters, Directors, KMPs and the related parties, with relevant details and No proceedings are pending against the Company for holding benami property. The document also lists key financial ratios, including Current Ratio, Debt-Equity Ratio, Return on Equity Ratio, Inventory Turnover Ratio, and Net Profit Ratio.
Other: Mr. Deepak Sharma has been employed by the Company w.e.f. 21st November, 2021, and a settlement agreement has been executed wherein it has been agreed to allot 15,00,000 shares of Mayasheel Retail India Limited (Formerly known as Mayasheel Retail LLP) to Mr. Deepak Sharma under Mayasheel Employee Stock Option Plan 2022 as approved by the Company.
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