To the Members of
RAJNISH WELLNESS LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Financial Statements of M/s. Rajnish
Wellness Limited "the company"), which comprise the Balance Sheet as at 31st
March, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a
summary of significant accounting policies and other explanatory information.
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 the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally accepted in India,
of the state of membership of the Company as at March 31, 2023 and its profit, total
comprehensive income, changes in equity and its cash flows 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 Standards 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 ("ICA") together with the
independence requirements that are relevant to our audit of the Standalone Financial
Statements under the provisions of the Act and the Rules made there under, 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 we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the Standalone Financial
Statements.
Information Other than the Financial Statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and
Analysis, Boards Report including Annexure to Boards Report, Business Responsibility
Report, Corporate Governance and Shareholders Information, but does not include the
Consolidated Financial Statements, Standalone Financial Statements and our auditors
report thereon.
Our opinion on the 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 Financial Statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the 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.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is 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, including
other comprehensive income, changes in equity and cash flows of the Company in accordance
with the and other accounting principles generally accepted in India. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions
of the Act 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 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
Statements 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, management is 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
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
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.
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 financial controls relevant to the audit in
order to design audit procedures that is 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 system 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.
• Conclude on the appropriateness of managements 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.
Materiality is the magnitude of misstatements in the Standalone Financial Statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the Standalone Financial Statements.
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 the 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.
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 the Annexure A, a statement on the matters Specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report 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.
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.
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this
Report are in agreement with the relevant books of account.
d. In our opinion, the aforesaid Standalone Financial Statements comply with the
specified under Section 133 of the Act, read with relevant rules issued there under.
e. On the basis of the written representations received from the Directors as on March
31, 2023 taken on record by the Board of Directors, none of the directors is disqualified
as on from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended: In our opinion
and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
g. 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 on its financial position in its
Standalone Financial Statements.
ii. The Company does not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. a. The Management has represented that, to the best of its knowledge and belief, 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 persons
or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Company or
provide any guarantee, 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 persons or entities, 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 ("Ultimate
Beneficiaries") by or on behalf of the Funding Parties or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
c. Based on the audit procedures performed that has been considered reasonable and
appropriate in the circumstances, 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 misstatement.
d. The company has not declared or paid any dividend during the year.
For M/s. Rishi Sekhri & Associates
Chartered Accountants
FRN: 128216W
Sd/-
CA Rishi Sekhri
Proprietor
Membership No. 126656
UDIN No. 23126656BGWIKV2557
Place: Mumbai
Date: 20-04-2023
Annexure "A" To the Independent Auditors Report
Annexure referred to in Independent Auditors Report to the Members of M/s. Rajnish
Wellness Limited on the Standalone Financial Statements for the year ended 31st
March 2023, we report that:
i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:
a. (A) The Company has maintained proper records showing full Particulars, including
quantitative details and situation of Property, Plant & Equipment.
(B) The company has maintained proper records showing full Particulars of intangible
assets
b. As explained to us, Property Plant and Equipment have been physically verified by
the management at regular intervals; as informed to us no material discrepancies were
noticed on such verification. In our opinion, the frequency of verification is reasonable.
c. According to the information and explanations given to us and on the basis of our
examination of records of the Company, there are no immovable properties held in the name
of the Company
d. According to the information and explanations given to us and on the basis of our
examination of records, the company has not revalued the Property Plant and Equipment or
intangible assets during the period under review.
e. As represented to as and according to the information given to us, the Company does
not hold any Benami Property. No proceedings have been initiated during the year or are
pending against the Company as at under the Benami Transactions (Prohibition) Act, 1988
(as amended in 2016) and rules made there under.
ii.
a. The Company has inventory
b. The Company has working capital limits in excess of Rs. 5 crores, in aggregate, at
any points of time during the year, from banks or financial institutions on the basis of
security of current assets.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms,
and Limited Liability partnerships or other parties covered in the register maintained
under section 189 of the Companies Act, 2013,
iv. The Company has not granted any loans or made any investments, or provided any
guarantee or security to the parties covered under section 185 and 186 of the Act.
v. The Company has not accepted any deposits from the public covered under Section 73
to 76 of the Companies Act, 2013 and rules framed there under to the extent notified.
vi. In respect of statutory dues:
a. The company is regular in depositing the undisputed statutory dues, including
Provident Fund, Employees State Insurance, Goods and Service Tax and other material
statutory dues as applicable.
vii. Based on our audit procedures and according to the information and explanations
given to us, we are of the opinion that the company does not have any transactions which
are not recorded in the books of account have been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act.
viii.
a. The Company has not defaulted in repayment of loans or other borrowings.
b. The Company has not taken any term loan during the year.
c. On an overall examination of the Financial Statements of the Company, funds raised
on shortterm basis have, prima facie, not been used during the year for long-term purposes
by the Company.
d. On an overall examination of the Financial Statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries.
e. The Company has not raised any loans during the year on the pledge of securities
held in its subsidiaries.
ix.
a. The Company has not raised moneys by way of initial public offer or further public
offer (including debt instruments) during the year.
b. During the year, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully or partly or optionally).
x.
a. No fraud by the Company and no material fraud on the Company has been noticed or
reported during the year.
b. No report under sub-section (12) of section 143 of the Companies Act has been filed
in Form ADT- 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and up to the date of this report.
c. As represented to us by the management, there are no whistle blower complaints
received by the company year.
xi. The Company is not a Nidhi Company.
xii. In our opinion, the Company is in compliance with Section 177 and 188 of the
Companies Act, 2013 with respect to applicable transactions with the related parties and
the details of related party transactions have been disclosed in the Financial Statements
as required by the applicable accounting standards.
xiii.
a. In our opinion, the Company has an adequate internal audit system commensurate with
the size and the nature of its business.
b. We have considered the internal audit reports for the year under audit, issued to
the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.
xiv. 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 hence
provisions of section 192 of the Companies Act, 2013 are not applicable to the Company
xv.
a. In our opinion, the Company is not required to be registered under section 45-IA of
the Reserve Bank of India Act, 1934.Hence, reporting under clause 3(xvi) (a), (b) and (c)
of the Order is not applicable.
b. In our opinion, there is no core investment company within the Group (as defined in
the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting
under clause 3 (xvi) (d) of the Order is not applicable.
xvi. On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
Standalone Financial Statements and 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 indicating 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.
xvii.
a. The Company is not covered under the provisions of section 135 of the Companies Act,
2013
For M/s. Rishi Sekhri & Associates
Chartered Accountants
FRN: 128216W
Sd/-
CA Rishi Sekhri
Proprietor
Membership No. 126656
UDIN No. 23126656BGWIKV2557
Place: Mumbai
Date: 20-04-2023
Annexure- "B" To the Independent Auditors Report
Report on the Internal Financial Controls over Financial Reporting under Clause (1) of
Sub-section3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/s.
Rajnish Wellness Limited ("the Company") as of in conjunction with our audit of
the Standalone Financial Statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting 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
issued by the Institute of Chartered Accountants of India (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 internal financial controls over
financial reporting of the Company based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants
of India and the Standards on Auditing prescribed under Section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of internal financial controls. 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 over financial reporting 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
system over financial reporting and their operating effectiveness. Our audit of internal
financial controls over financial re porting included obtaining an understanding of
internal financial controls over financial reporting, 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 judgment, 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 internal financial controls system over financial reporting of the Company.
Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of Standalone Financial Statements for external purposes in accordance with
generally accepted accounting principles. A Companys internal financial control over
financial reporting includes these policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detailed, 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 Standalone
Financial Statements in accordance with generally accepted principles, and that receipts
and expenditures are being made only in accordance with authorization 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 Standalone Financial Statements.
Inherent Limitation of Internal Financial Controls over Financial Reporting
Because of the inherent limitation of internal financial controls over financial
reporting, 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 over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, 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
system over financial reporting and such internal financial controls over Financial
reporting were operating effectively as at, based on the internal control over financial
reporting 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 issued by the Institute of Chartered Accountants of India.
For M/s. Rishi Sekhri & Associates
Chartered Accountants
FRN: 128216W
Sd/-
CA Rishi Sekhri
Proprietor
Membership No. 126656
UDIN No. 23126656BGWIKV2557
Place: Mumbai
Date: 20-04-2023
+91-9892691696
