To the Members of BlueStone Jewellery Lifestyle Limited
Report on the Audit of the Standalone Financial Statements
OPINION
We have audited the accompanying standalone
financial statements of BlueStone Jewellery
Lifestyle Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2026, and the
Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash
Flows and the Statement of Changes in Equity for
the year then ended, and notes to the standalone
financial statements, including material accounting
policies and other explanatory information
(hereinafter referred to as the "standalone financial
statements").
In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone financial statements give the
information required by the Companies Act, 2013
("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 ("Ind AS") and
other accounting principles generally accepted
in India, of the state of affairs of the Company as
at March 31, 2026, and its profit (including other
comprehensive income), its cash flows and changes
in equity for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing ("SAs") specified under section 143(10)
of the Act. Our responsibilities under those SAs are
further described in the "Auditors Responsibilities
for the Audit of the Standalone 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 ("ICAI") together with the ethical requirements
that are relevant to our audit of the standalone
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 ICAIs
Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to
provide a basis for our opinion on the standalone
financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most
significance in our
audit of the standalone financial statements of current period. These matters were
addressed in the context
of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, and we
do not provide a separate opinion on these matters. We have determined the matters
described below to be
the key audit matters to be communicated in our report.
Sr. Key Audit Matters |
How the Key Audit Matters was addressed in our |
1 Revenue Recognition - refer note 2.2.7 and |
Our audit procedures in respect of this area included |
The revenue of the Company consists |
- Evaluated the design and implementation of |
- Tested the accuracy of retail revenue recorded |
Sr. Key Audit Matters |
How the Key Audit Matters was addressed in our |
|
The Company processes a high volume of |
- Performed substantive testing for samples of |
|
- Performed cash counts, on a test check basis, at |
||
- Tested credit notes issued to retail customers and |
||
Given the quantitative significance of |
||
- Tested sales transactions on a test check basis on |
||
- Assessed the appropriateness of the accounting |
||
- Ensured the adequacy and appropriateness of |
||
2. Existence of inventory - refer note 2.2.5 |
Our audit procedures in respect of this area included |
|
The Companys inventory comprises |
- Evaluated the design and operating effectiveness |
|
locations including manufacturing units |
- Attended physical inventory counts at |
|
The existence of inventory is subject |
- Performed independent test counts, including |
|
- Obtained independent confirmations for |
||
- Performed cut-off testing around the reporting |
||
Sr. Key Audit Matters |
How the Key Audit Matters was addressed in our |
|
Given the materiality of inventory balances |
- Obtain the records of physical verification and |
|
INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITORS REPORT THEREON
The Companys Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in
the Directors report and Management Discussion
and Analysis Report, but does not include the
standalone financial statements and our auditors
report thereon, which we obtained prior to the date
of this auditors report.
Our opinion on the standalone 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
financial statements, our responsibility is to read
the other information identified above and, in
doing so, consider whether the other information
is materially inconsistent with the standalone
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 BOARD OF DIRECTORS FOR THE
STANDALONE FINANCIAL STATEMENTS
The Companys Management and Board ofDirectors
are responsible for the matters stated in section
134(5) of the Act with respect to the preparation of
these standalone financial statements that give a
true and fair view of the financial position, financial
performance, cash flows and changes in equity of
the Company in accordance with the accounting
principles generally accepted in India, including
the Ind AS specified 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
of 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 financial statement that give a true and
fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements,
the Management and the Board of Directors of
the Company are responsible for assessing the
Companys 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 Companys Management and the Board of
Directors are also responsible for overseeing the
Companys financial reporting process.
AUDITORS RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance
about whether the standalone financial 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 influence the
economic decisions of users taken on the basis of
these standalone financial statements.
We give in "Annexure A" a detailed description of
Auditors responsibilities for Audit of the Standalone
Financial Statements.
REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS
1. As required by the Companies (Auditors
Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub-
section (11) of section 143 of the Act, we give
in "Annexure B" 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, based
on our audit, we report, to the extent applicable
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 of the aforesaid standalone financial
statements.
(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, except that
(i) in case of an accounting software that is
part of books of accounts, in the absence
of sufficient appropriate audit evidence we
are unable to comment whether back-up
of the books of account and other books
and papers maintained in electronic
mode, have been kept in servers physically
located in India on a daily basis, (ii) in case
of another accounting software that is
part of books of accounts, in the absence
of adequate coverage in SOC report, we
are unable to comment whether back-up
of the books of account and other books
and papers maintained in electronic
mode, is maintained on a daily basis, as
explained in Note 49 to the standalone
financial statements and except for the
matters stated in paragraph 2(h)(vi) below
on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014.
(c) The Balance Sheet, the Statement of Profit
and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and
the Statement of Changes in Equity dealt
with by this Report are in agreement with
the books of account maintained for the
purpose of preparation of the standalone
financial statements.
(d) In our opinion, the aforesaid standalone
financial statements comply with the Ind
AS specified under Section 133 of the Act.
(e) On the basis of the written representations
received from the directors as on March
31, 2026 taken on record by the Board
of Directors, none of the directors are
disqualified as on March 31, 2026 from
being appointed as a director in terms of
Section 164 (2) of the Act.
(f) The modification relating to the
maintenance of accounts and other
matters connected therewith are as stated
in paragraph 2(b) above on reporting under
Section 143(3)(b) and paragraph 2(h)(vi)
below on reporting under Rule 11(g).
(g) With respect to the adequacy of the
internal financial controls with reference
to standalone financial statements of the
Company and the operating effectiveness
of such controls, refer to our separate
Report in "Annexure C".
(h) With respect to the other matters to
be included in the Auditors 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 does not have any
pending litigations which would
impact its financial position.
ii. The Company did not have any long-
term contracts including derivative
contracts for which there were any
material foreseeable losses.
iii. There are no amounts which are
required to be transferred to the
Investor Education and Protection
Fund by the Company during the year
ended March 31, 2026.
iv. a. To the best of our knowledge
and belief, as disclosed in the
note 47(iv) to the standalone
financial statements, 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
person(s) or entity(ies), 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 by
or on behalf of the Company
("Ultimate Beneficiaries") or
provide any guarantee, security or
the like on behalf of the Ultimate
Beneficiaries.
b. To the best of our knowledge
and belief, as disclosed in the
note 47(v) to the standalone
financial statements, no funds
have been received by the
Company from any person(s)
or entity(ies), 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 by or
on behalf of the Funding Party
("Ultimate Beneficiaries") 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,
and according to the information
and explanations provided to
us by the Management in this
regard, 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) contain any material
mis-statement.
v. The Company has neither declared
nor paid any dividend during the year.
vi. a. Based on our examination
which included test checks,
the Company has used certain
accounting softwares for
maintaining its books of account
which has a feature of recording
audit trail (edit log) facility and
the same has been operated
throughout the year for all the
relevant transactions recorded in
the software except as follows:
i. no audit trail feature was
enabled at the database level
in respect of an accounting
software to log any direct
data changes as explained
in Note 48 to the standalone
financial statements.
ii. we are unable to comment
on audit trail at database level
in respect of an accounting
software due to absence
adequate coverage in SOC
report as explained in Note
48 to the standalone financial
statements.
Further, where enabled, audit trail
feature has been operated for all
relevant transactions recorded in
the accounting softwares. Also,
during the course of our audit
and considering SOC report, we
did not come across any instance
of audit trail feature being
tampered with in respect of such
accounting software. Additionally,
the audit trail of prior years, where
applicable, has been preserved by
the Company as per the statutory
requirements for record retention
to the extent it was enabled and
recorded in respective years.
b. Based on our examination
which included test checks,
the Company has used certain
accounting softwares for
maintaining its books of accounts
for processing of payroll (upto July
16, 2025) and processing of leases, which is managed and maintained by a third-party
software service provider as explained in note 48 to the standalone financial statements.
However, in absence of sufficient and appropriate audit evidence including SOC report,
we are unable to comment whether these accounting softwares has a feature of recording
audit trail (edit log) facility and whether the same has operated throughout the year for
all
relevant transactions recorded in the software or whether there is any instance of audit
trail
feature being tampered with. Additionally, we are unable to comment whether the audit
trail of prior years has been preserved by the Company as per the statutory requirements
for record retention prescribed under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.
3. In our opinion, according to information, explanations given to us, the remuneration
paid or provided by
the Company to its directors is within the limits laid prescribed under Section 197 read
with Schedule
V of the Act.
For M S K A & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No. 105047W/W101187
Ankush Agrawal
Partner
Place: Bangalore Membership No.: 159694
Date: April 23, 2026 UDIN: 26159694FBQAUO4774
"Annexure A"
To the Independent Auditors Report of even date on the Standalone Financial
Statements of BlueStone jewellery and lifestyle limited
Auditors Responsibilities for the Audit of the Standalone 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 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 and Board of Directors.
- Conclude on the appropriateness of
Management and Board of Directors 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 Companys ability to continue
as a going concern. If we conclude that a
material uncertainty exists, we are required
to draw attention in our auditors 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 auditors report.
However, 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.
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 standalone financial statements of current
period and are
therefore, the key audit matters. We describe these matters in our auditors 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.
For M S K A & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No. 105047W/W101187
Ankush Agrawal
Partner
Place: Bangalore Membership No.: 159694
Date: April 23, 2026 UDIN: 26159694FBQAUO4774
"Annexure B"
To Independent Auditors Report of even date on the Standalone Financial Statements of
BlueStone jewellery
and lifestyle limited for the year ended march 31, 2026.
[Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements
in
the Independent Auditors Report]
i. (a) A The Company has maintained proper
records showing full particulars
including quantitative details and
situation of property, plant and
equipment and relevant details of
right of use assets.
B The Company has maintained proper
records showing full particulars of
intangible assets.
(b) Property, plant and equipment and right
of use assets were physically verified by
the management according to a phased
programme designed to cover all items
over a period of three years which, in our
opinion, is reasonable having regard to
the size of the Company and the nature of
its assets. Pursuant to the programme, a
portion of property, plant and equipment
and right of use assets have been physically
verified by Management during the year.
No material discrepancies were noticed on
such verification.
(c) According to the information and
explanations given to us, there are no
immovable properties, and accordingly,
the provisions stated under clause 3(i)
(c) of the Order are not applicable to the
Company.
(d) According to the information and
explanations given to us, the Company
has not revalued its property, plant and
equipment (including right of use assets)
and intangible assets during the year.
Accordingly, the provisions stated under
clause 3(i)(d) of the Order are not applicable
to the Company.
(e) According to the information and
explanations given to us, no proceeding
has been initiated or pending against
the Company for holding benami
property under the Benami Transactions
(Prohibition) Act, 1988, as amended and
rules made thereunder. Accordingly, the
provisions stated under clause 3(i)(e) of the
Order are not applicable to the Company.
ii. (a) The inventory (excluding stocks with third
parties and stocks-in-transit) has been
physically verified by the management
during the year. In respect of inventory lying
with third parties, these have substantially
been confirmed by them and in respect
of goods in transit, the goods have been
received subsequent to the year end. No
discrepancies were noticed in respect
of such confirmations. In our opinion,
the frequency, coverage and procedure
of such verification is reasonable and
appropriate, having regard to the size of the
Company and the nature of its operations.
The discrepancies noticed on physical
verification of inventory as compared to
book records were not 10% or more in
aggregate for each class of inventory.
(b) During any point of time of the year, the
Company has been sanctioned working
capital limits in excess of ^ 5 crores
rupees, in aggregate from Banks and
financial institutions, on the basis of
security of current assets. Based on the
records examined by us in the normal
course of audit of the standalone financial
statements, quarterly statements filed
with such Banks are in agreement with
the books of accounts of the Company
Refer note 18 to the standalone financial
statements. Further, according to the
information and explanations given to us
we understand that such filing of quarterly
returns is not required for the loans taken
from financial institutions.
iii. (a) According to the information and
explanation provided to us, the Company
has not provided guarantees or security or
granted any loans or advances in nature of
loans, secured or unsecured to companies,
firms, limited liability partnership or any
other parties during the year. During the
year, the Company has made investment
in a subsidiary company amounting
to ^ 252.00 million (refer note 7 of the
standalone financial statements). The
Company has not made investment in
firms, limited liability partnership or any
other parties during the year.
(b) According to the information and
explanations given to us and based on the
audit procedures performed by us, we are
of the opinion that the investments made
and terms and conditions in relation to
investments made are not prejudicial to
the interest of the Company. The Company
has not provided any loan or provided any
advances in the nature of loans or any
security or given any guarantee.
(c) According to the information and
explanations given to us and based
on the audit procedures performed by
us, the Company has not provided any
loan or any advances in the nature of
loans. Accordingly, the provisions stated
under clause 3(iii)(c) of the Order are not
applicable to the Company.
(d) According to the information and
explanations given to us and based
on the audit procedures performed by
us, the Company has not provided any
loan or any advances in the nature of
loans. Accordingly, the provisions stated
under clause 3(iii)(d) of the Order are not
applicable to the Company.
(e) According to the information and
explanations given to us and based
on the audit procedures performed by
us, the Company has not provided any
loan or any advances in the nature of
loans. Accordingly, the provisions stated
under clause 3(iii)(e) of the Order are not
applicable to the Company.
(f) According to the information and
explanations given to us and based
on the audit procedures performed by
us, the Company has not provided any
loan or any advances in the nature of
loans. Accordingly, the provisions stated
under clause 3(iii)(f) of the Order are not
applicable to the Company.
iv. According to the information and explanations
given to us, the Company has not given any
loans, or provided any guarantee or security as
specified under Section 185 and 186 of the
Act. In respect of the investments made by the
Company, the provision of Section 186 of the
Act have been complied with.
v. According to the information and explanations
given to us, the Company has neither accepted
any deposits from the public nor any amounts
which are deemed to be deposits, within the
meaning of the provisions of Sections 73
to 76 of the Companies Act, 2013 and the
rules framed there under. Accordingly, the
requirement to report under clause 3(v) of the
Order is not applicable to the Company.
vi. The provisions of sub-Section (1) of Section 148
of the Companies Act, 2013 are not applicable
to the Company as the Central Government
of India has not specified the maintenance of
cost records for any of the products/services
of the Company. Accordingly, the requirement
to report on clause 3(vi) of the Order is not
applicable to the Company.
vii. (a) According to the information and
explanations given to us and the records
examined by us, in our opinion, undisputed
statutory dues including goods and services
tax, provident fund, employees state
insurance, income-tax, duty of customs,
cess and other statutory dues have been
regularly deposited by the Company with
appropriate authorities in all cases during
the year. No undisputed amounts payable
in respect of these statutory dues were
outstanding as at March 31, 2026, for a
period of more than six months from the
date they became payable.
(b) According to the information and
explanations given to us and the records
examined by us, there are no dues relating
to goods and services tax, provident fund,
employees state insurance, income-tax,
duty of customs, cess and other statutory
dues which have not been deposited on
account of any dispute.
viii. According to the information and explanations
given to us, there are no transaction which are
not recorded in the books of account which
have been surrendered or disclosed as income
during the year in Income-tax Assessment
under the Income Tax Act, 1961. Accordingly,
the requirement to report as stated under
clause 3(viii) of the Order is not applicable to
the Company.
ix. (a) In our opinion and according to the
information and explanations given to us
and the records of the Company examined
by us, the Company has not defaulted in
repayment of loans or borrowings or in
payment of interest thereon to any lender.
(b) According to the information and
explanations given to us and on the basis
of our audit procedures, we report that
the Company has not been declared
wilful defaulter by any bank or financial
institution or government or any
government authority.
(c) In our opinion and according to the
information and explanations provided
to us, money raised by way of term loans
during the year have been applied for
the purpose for which they were raised.
Refer Note 18 to the standalone financial
statements.
(d) According to the information and
explanations given to us, and the
procedures performed by us, and on an
overall examination of the standalone
financial statements of the Company, we
report that no funds raised on short-term
basis have been utilised for long-term
purposes by the Company.
(e) According to the information and
explanations given to us and on an overall
examination of the standalone financial
statements of the Company, we report
that the Company has not taken any funds
from an any entity or person on account of
or to meet the obligations of its subsidiary
and associate.
(f) According to the information and
explanations given to us and procedures
performed by us, we report that the
Company has not raised loans during
the year on the pledge of securities held
in its subsidiary or associate company.
Accordingly, the requirement to report
under Clause 3(ix)(f) of the order is not
applicable to the Company.
x. (a) In our opinion and according to the
information and explanations given to
us, monies raised during the year by the
Company by way of initial public offer
were applied for the purpose for which
they were raised, though idle funds which
were not required for immediate utilization
have been invested in bank deposits
as explained in note 53. The maximum
amount of idle funds invested during the
year was ^ 6,100.00 million, of which ^
500 million was outstanding at the end of
the year.
(b) According to the information and
explanations given to us and based on
our examination of the records of the
Company, the Company has not made any
preferential allotment or private placement
of shares or convertible debentures (fully,
partly, or optionally convertible) during
the year. Accordingly, the requirements to
report under clause 3(x)(b) of the Order is
not applicable to the Company.
xi. (a) Based on our examination of the books and
records of the Company and according to
the information and explanations given to
us, we report that no fraud by the Company
or no material fraud on the Company has
been noticed or reported during the year in
the course of our audit.
(b) During the year no report under Section
143(12) of the Act, has been filed by
secretarial auditor or by us in Form ADT-4
as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the
Central Government.
(c) We have taken into consideration the
whistle blower complaints received by
the Company during the year while
determining the nature, timing, and extent
of audit procedures.
xii. The Company is not a Nidhi Company.
Accordingly, the provisions stated under clause
3(xii)(a) to (c) of the Order are not applicable to
the Company.
xiii. According to the information and explanations
given to us and based on our examination
of the records of the Company, transactions
with the related parties are in compliance
with Sections 177 and 188 of the Act, where
applicable and details of such transactions
have been disclosed in the standalone financial
statements as required by the applicable
accounting standards.
xiv. (a) In our opinion and based on our
examination, the Company has an internal
audit system commensurate with the size
and nature of its business.
(b) We have considered the internal audit
reports of the Company issued till the date
of our audit report, for the period under
audit.
xv. According to the information and explanations
given to us, and based on our examination of
the records of the Company, in our opinion
during the year the Company has not entered
into any non-cash transactions with its directors
or persons connected with its directors and
accordingly, the requirement to report on on
clause 3(xv) of the Order is not applicable to the
Company.
xvi. (a) The Company is not required to be
registered under Section 45 IA of the
Reserve Bank of India Act, 1934 (2 of
1934) and accordingly, the requirements
to report under clause 3(xvi)(a) of the Order
is not applicable to the Company.
(b) The Company is not engaged in any Non-
Banking Financial or Housing Finance
activities during the year and accordingly,
the provisions stated under clause 3 (xvi)
(b) of the Order are not applicable to the
Company.
(c) The Company is not a Core investment
Company (CIC) as defined in the
regulations made by Reserve Bank of India.
Accordingly, the requirement to report
under clause 3 (xvi)(c) of the Order is not
applicable to the Company.
(d) The Group (as defined in the Core
Investment Companies (Reserve Bank)
Directions, 2016) does not have any Core
Investment Company (as part of its group.
Accordingly, the requirement to report
under clause 3(xvi)(d) of the Order is not
applicable to the Company.
xvii. Based on the overall review of standalone
financial statements, Company has not incurred
cash losses during the current financial year
but has incurred cash losses amounting to
^ 236.29 million during the immediately
preceding financial year.
xviii. There has been no resignation of the statutory
auditors during the year. Accordingly, reporting
under clause 3(xviii) of the Order is not
applicable to the Company.
xix. According to the information and explanations
given to us and on the basis of the financial
ratios (as disclosed in note 42 to the standalone
financial statements), ageing and expected
dates of realisation of financial assets
and payment of financial liabilities, other
information accompanying the standalone
financial statements, our knowledge of the
Board of Directors and management plans
and based on our examination of the evidence
supporting the assumptions, nothing has come
to our attention, which causes us to believe that
any material uncertainty exists as on the date
of the audit report that Company is not capable
of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a
period of one year from the balance sheet date.
We, however, state that this is not an assurance
as to the future viability of the Company. We
further state that our reporting is based on the
facts up to the date of the audit report and we
neither give any guarantee nor any assurance
that all liabilities falling due within a period of
one year from the balance sheet date, will get
discharged by the Company as and when they
fall due.
xx According to the information and explanations
given to us and based on our verification,
provisions of Section 135 of the Act, are not
applicable to the Company during the year.
Accordingly, reporting under clause 3(xx) of the
Order is not applicable to the Company.
xxi. The reporting under clause 3(xxi) of the Order is
not applicable in respect of audit of standalone
financial statements. Accordingly, no comment
in respect of the said Clause has been included
in the report.
For M S K A & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No. 105047W/W101187
Ankush Agrawal
Partner
Place: Bangalore Membership No.: 159694
Date: April 23, 2026 UDIN: 26159694FBQAUO4774
Annexure C
To the Independent Auditors Report of even date on the Standalone Financial Statements
of BlueStone
jewellery and lifestyle limited
[Referred to in paragraph 2(g) under Report on Other Legal and Regulatory
Requirements in the
Independent Auditors Report of even date to the Members of BlueStone Jewellery and
Lifestyle Limited on
the Standalone Financial Statements for the year ended March 31, 2026]
Report on the Internal Financial Controls with reference to standalone financial
statements
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the
Act")
OPINION
We have audited the internal financial controls
with reference to standalone financial statements
of BlueStone Jewellery and Lifestyle Limited ("the
Company") as of March 31, 2026 in conjunction with
our audit of the standalone financial statements of
the Company for the year ended on that date.
In our opinion, and to the best of our information
and according to the explanations given to us, the
Company has, in all material respects, an adequate
internal financial controls with reference to
standalone financial statements and such internal
financial controls with reference to standalone
financial statements were operating effectively as
at March 31, 2026, based on the internal financial
controls with reference to standalone financial
statements criteria established by the Company
considering the essential components of internal
control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting
(the "Guidance Note") issued by the Institute of
Chartered Accountants of India (ICAI).
MANAGEMENTS AND BOARD OF
DIRECTORS RESPONSIBILITY FOR
INTERNAL FINANCIAL CONTROLS
The Companys Management and the Board of
Directors are responsible for establishing and
maintaining internal financial controls based
on the internal financial controls with reference
to standalone financial statements criteria
established by the Company considering the
essential components of internal control stated
in the Guidance Note issued by the ICAI. These
responsibilities include the design, implementation
and maintenance of adequate internal financial
controls that were operating effectively for ensuring
the orderly and efficient conduct of its business,
including adherence to Companys policies, the
safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and
completeness of the accounting records, and the
timely preparation of reliable financial information,
as required under the Act.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the
Companys internal financial controls with reference
to standalone financial statements based on our
audit. We conducted our audit in accordance
with the Guidance Note issued by ICAI and the
Standards on Auditing prescribed under section
143(10) of the Act, to the extent applicable to an
audit of internal financial controls with reference to
standalone financial statements. Those Standards
and the Guidance Note require that we comply
with ethical requirements and plan and perform
the audit to obtain reasonable assurance about
whether adequate internal financial controls with
reference to standalone financial statements was
established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal
financial controls with reference to standalone
financial statements and their operating
effectiveness. Our audit of internal financial
controls with reference to standalone financial
statements included obtaining an understanding
of internal financial controls with reference to
standalone financial statements, assessing the risk
that a material weakness exists, and testing and
evaluating the design and operating effectiveness
of internal control based on the assessed risk.
The procedures selected depend on the auditors
judgement, including the assessment of the risks of
material misstatement of the standalone financial
statements, whether due to fraud or error.
We believe that the audit evidence we have
obtained, is sufficient and appropriate to provide a
basis for our audit opinion on the Companys internal
financial controls with reference to standalone
financial statements.
MEANING OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO
FINANCIAL STATEMENTS
A companys internal financial control with reference
to financial statements is a process designed
to provide reasonable assurance regarding the
reliability of financial reporting and the preparation
of financial statements for external purposes in
accordance with generally accepted accounting
principles. A companys internal financial control
with reference to financial statements includes
those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions
are recorded as necessary to permit preparation of
financial statements in accordance with generally
accepted accounting principles, and that receipts
and expenditures of the company are being
made only in accordance with authorizations of
management and directors of the company; and (3)
provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use,
or disposition of the companys assets that could
have a material effect on the financial statements.
INHERENT LIMITATIONS OF
INTERNAL FINANCIAL CONTROLS
WITH REFERENCE TO STANDALONE
FINANCIAL STATEMENTS
Because of the inherent limitations of internal
financial controls with reference to standalone
financial statements, including the possibility
of collusion or improper management override
of controls, material misstatements due to error
or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial
controls with reference to standalone financial
statements to future periods are subject to the risk
that the internal financial control with reference
to standalone financial statements may become
inadequate because of changes in conditions, or
that the degree of compliance with the policies or
procedures may deteriorate.
For M S K A & Associates LLP
(Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No. 105047W/W101187
Ankush Agrawal
Partner
Place: Bangalore Membership No.: 159694
Date: April 23, 2026 UDIN: 26159694FBQAUO4774
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
