Riyaasat Lifestyle Ltd Directors Report

TO

THE MEMBERS

RIYAASAT LIFESTYLE LIMITED

The Directors of the Company take great pleasure in presenting their Annual Report along with audited statement of accounts for the year ended 31^st March, 2023.

FINANCIAL HIGHLIGHTS

During the year under review, performance of your company as under:

(Amount in Thousands)

Particulars	As At 31st March, 2023	As At 31st March, 2022
Revenue from Operations	2,09,348.61	43,646.02
Other Income	6.79	13.99
Profit/(Loss) before taxation	16,742.35	1,080.75
Less: Tax Expense
Current Tax	2,920	286.09
Earlier year Tax	17.36
Deferred Tax	(48.21)	(5.12)
Profit/(Loss) after tax	13,853.20	799.78

STATE OF COMPANYS AFFAIRS AND FUTURE OUTLOOK

The Company is engaged in the business of designing wedding outfits by incorporating ethnic elements with fashionable motifs that resonate with modern-day bride and groom.

There has been no change in the nature of business of the Company during the financial year ended 31^st March, 2023.

The financial results during the year are satisfactory. The Revenue from operations stood at Rs. 2,09,348.61/- and Profit after Tax of the company has stood at Rs. 13,853.20/- during FY 2022-23. In the previous year, it was stood at Rs. 43,646.02/- and Rs. 799.78/- respectively.

Your Directors assures you that they would grab all business opportunities that could be seized from the market for the overall development of our business and foresee bright prospects of the Company in the years to come.

We seek long-term relationship with clients while addressing their requirements. Our customer centric approach has resulted in high levels of client satisfaction and retention. The upcoming years will brings more profitability and efficiency to the Company.

DIVIDEND

In view of the planned business growth, your Directors deem it proper to preserve the resources of the Company for its activities and therefore, do not propose any dividend for the Financial Year ended March 31, 2023.

TRANSFER TO RESERVES

No amount was transferred to the reserves during the financial year ended 31^st March, 2023. ANNUAL RETURN

Pursuant to provisions of rule 12(1) of the Companies (Management and Administration) Rules, 2014 and Section 92(3) of the Companies Act, 2013 as amended, the extract of annual return in Form MGT 9 is not required to be annexed herewith in the report. The Company will upload Form MGT-7 on the website https://www.rivaasat.in/ after filing Form MGT-7 on MCA portal.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

There are three directors appointed on the date of incorporation as first directors of the company out of the subscribers to the MOA and AOA. The name of the directors are here as under-

1. Gaurang ramanbhai galiya

2. Ramanbhai nanubhai galiya

3. Sobhanaben ramanbhai galiya

There has been changes in the constitution of Board during the year under review.

SHARE CAPITAL

There has been increase in authorised share capital of the company from Rs.5,00,000 (50,000 equity shares of Rs.10 each) to Rs.75,00,000 (7,50,000 equity shares of Rs.10 each).

The Issued, Subscribed & Paid up capital of the Company has been increased by way of issue and allotment of 7,00,000 equity shares of Rs.10 each on right issue basis in the Board Meeting held on 24^th February, 2023. Presently, the Issued, Subscribed & Paid up capital is Rs. 75,00,000/- (7,50,000 equity shares of Rs.10 each).

DETAILS OF SUBSIDIARY. JOINT VENTURE OR ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint Venture or Associate Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

There has been no change in the constitution of Board during the year under review.

NUMBER OF BOARD MEETINGS

During the Financial Year 2022-23, 5 meetings of the Board of Directors of the company were held. The board of directors timely and fully complied with regulations that are mandatory to hold a meeting.

NAME OF DIRECTORS	DATES OF BOARD MEETINGS
	26/0412022	16/08/2022	05/09/2022	09/01/2023	24/02/2023
GAURANG RAMAN BHAI GALIYA	?	?	?	?	?
RAMANBHAI NANUBHAI GALIYA	?	?	?	?	?
SOBHANABEN RAMANBHAI GALIYA		?	?	?	?

PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186

In terms of section 186 of Companies Act 2013 where the aggregate loans and investments so far made, the amounts for which guarantee or security provided to any person or body corporate are within the threshold limits. No guarantee was prescribed by the company for any person or body corporate.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and at an arms length basis.

During the year, the Company had not entered into any contract/ arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

There are no materially significant related party transactions that may have potential conflict with interest of the Company at large.

The transactions with related party are annexed herewith in the Form AOC-2 as Annexure - II. EXPLANATION TO AUDITORS REMARKS

There are no such adverse remarks were found during the course of Audit.

Other observations in the Auditors Report are dealt within the notes to the accounts at appropriate places and are self-explanatory.

MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY

No material changes have occurred and any commitments have been made during the year and between 31^st March 2023 to date of this board report, which may affect the financial position of the company.

CONSERVATION OF ENERGY, TECHNOLOGY. ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

A statement related to the Section 134 (3) (m) of the Companies Act, 2013, read with rule(8), sub rule (3), Companies (Accounts) Rules, 2014 is annexed in Form B.

RISK MANAGEMENT POLICY

The Company has adopted several strategies at Management level to mitigate Business risks and uncertainties. To manage competition risk, the management has inbuilt a day to day monitoring system & Formal structures have been put in place to quickly and systematically identify, prioritize, monitor and mitigate such risks on a constant basis and respond to possible future events that might impact the achievement of objectives. This is a real-time and ever-evolving area, given the dynamic nature of the environment.

STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Board has adopted the policies & procedures for ensuring the orderly & efficient conduct of its business, including adherence to the companys policies, the safeguarding of its assets, the accuracy & completeness of the accounting records, and the timely preparation of reliable financial disclosures.

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

STATUTORY AUDITORS

M/s. Arpan Chudgar & Associates, Chartered Accountants has resigned from the Company w.e.f. 6^th June, 2023.

In terms of the first proviso to Section 139 of the Companies Act, 2013 M/s. Abhishek Kumar & Associates, Chartered Accountants, are to be appointed as statutory auditors of the Company at this Annual General Meeting. In terms of the first proviso to Section 139 of the Companies Act, 2013, M/s. Abhishek Kumar & Associates, Chartered Accountants are to be appointed as statutory auditors at this Annual General Meeting to hold office from this Annual General Meeting till sixth Annual General meeting of the company. Accordingly, the appointment of M/s. Abhishek Kumar & Associates, Chartered Accountants, as statutory auditors of the Company, is to be placed for approval by the shareholders.

The Board has duly reviewed the Statutory Auditors Report on the Accounts. The observations comments and notes of Auditor are self explanatory and do not call for any further explanation / clarification.

DEPOSITS

The Company has not accepted any loans/deposits from public, which attract the provisions of Section 73 to 76 of the Companies Act, 2013, and the deposits covered under Chapter V of the Act, as framed there under (rule 8 sub rule 5 of companies (accounts) rules 2014).

NON DISQUALIFICATION OF DIRECTORS

None of the Directors are disqualified during the F.Y 2022-23.

MISCELLANEOUS INFORMATIONS AND DISCLOSURES

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

2. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

3. CSR is not applicable on the Company.

DIRECTORS RESPONSIBILITY STATEMENT

A directors responsibility statement pursuant to of Section 134(5) of the Companies Act 2013 is annexed herewith in Annexure-I.

ACKNOWLEDGMENT

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the banks, Government authorities, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Companys executives, staff and workers.

FOR RIYAASAT LIFESTYLE LIMITED

GAURANG RAMANBHAI GALIYA	RAMANBHAI NANUBHAI GALIYA
DIN: 09371655	DIN: 09371656
DIRECTOR	DIRECTOR
Date: 29/08/2023
Place: Ahemdabad