We have audited the accompanying financial statements of MAYUR FLOORINGS LTD. ("the Company"),which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (includingother comprehensive Income), the statement of Cash Flow and the statement of Changes in Equity forthe year then ended and a summary of the significant accounting policies and notes to financialstatement and other explanatory information (herein after referred to as "financial statements").
In our opinion and to the best of our information and according to the explanations given to us, theaforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") inthe manner so required and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state ofaffairs of the Company as at March 31, 2024, and its profit and total comprehensive income, changes inequity and its cash flows for the year ended on that date.
We conducted our audit of the financial statements in accordance with the Standards on Auditingspecified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are furtherdescribed 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 ofChartered Accountants of India (ICAI) together with the independence requirements that are relevantto our audit of the standalone financial statements under the provisions of the Act and the Rules madethereunder, and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in ouraudit of the financial statements of the current period. These matters were addressed in the context ofour audit of the financial statements as a whole, and in forming our opinion thereon, and we do notprovide a separate opinion on these matters.
Revenue Recognition: Investment Management FeeRefer to the accounting policies in the financial statements.
Significant Accounting Policy 2.3 - Revenue Recognition and Note 2.3 to the financial statements -Revenue from Operations
Key audit matter
How the matter was addressed in our audit
Management fee is the most significant accountbalance in the statement of profit and loss.
Our audit procedures included the following:
We have identified revenue from management
Testing of design and operating effectiveness
fees as a key audit matter since -
of controls:
- There are No inherent risks in computation
•
Understood and evaluated the design and
of management fees due to system taken
implementation of management controls
input of key contractual terms and
and other key controls relating to
computation of applicable Assets Under
recognition of management fee.
Management ("AUM"), which could result
Test checked the operating effectiveness of
in no errors.
management controls, and other key
- Management fees are accounted for on
controls over recognition of managementfee.
accrual basis in accordance with theInvestment Management Agreement withthe NPS Trust (National Pension SystemTrust).
Involved our information technology ("IT")specialists to test general informationtechnology controls of the systems used forcomputation and recording of managementfees. Further, tested IT controls with respectto input and changes of management fee
rates and logic of computation.
Substantive tests
Evaluated recognition of revenue in respectof management fee based on therequirements of Ind AS 115.
Test checked management fee rates wereapproved by authorized personnel.
Test checked key inputs into the IT systemsback to source documents, and re¬performed on a sample basis.
Test checked the management fee invoicesand reconciled with the accounting records.
Test checked the receipts of managementfee income in the bank statements.
Obtained and read the quarterly concurrentauditor reports on daily net assets valuecomputation of the Management Fees.
Evaluated the adequacy of disclosuresrelating to the management fee in thefinancial statements.
The Company's Board of Directors is responsible for the preparation of the other information. The otherinformation comprises the information included in the Management Discussion and Analysis, Board'sReport including Annexures to Board's Report, Business Responsibility Report, Corporate Governanceand Shareholder's Information, but does not include the financial statements and our auditor's reportthereon. Our opinion on the financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained during the course of our audit or otherwise appears tobe materially misstated. If, based on the work we have performed, we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We have nothing to reportin this regard.
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act withrespect to the preparation of these financial statements that give a true and fair view of the financialposition, financial performance, total comprehensive income, changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies; making judgmentsand estimates that are reasonable and prudent; and design, implementation and maintenance ofadequate internal financial controls, that were operating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement, whether due to fraudor error.
In preparing the financial statements, management is responsible for assessing the Company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate the Company or tocease operations, or has no realistic alternative but to do so. The Board of Directors is also responsiblefor overseeing the Company's financial reporting process.
Auditor's Responsibility for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit 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 theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.
A further description of our responsibilities for the audit of the financial statements is included in"Appendix I" of this auditor's report.
For BANSILAL SHAH & COChartered AccountantsFRN.No: 000384W
Sd/-
Dhruv ShahPartner
Membership No. :223609Place: UdaipurDate: 29.05.2024UDIN: 24223609BKEZMG5130