We have audited the accompanying Financial Statements
of INTERIORS & MORE LIMITED (Formerly known as
‘INTERIORS & MORE PRIVATE LIMITED’) (‘the Company’),
which comprise the Balance Sheet as at 31st March, 2025, the
Statement of Profit and Loss and the statement of Cash Flows
for the year then ended and notes to the Financial Statements,
including a summary of significant accounting policies and other
explanatory information.
OPINION
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Financial Statements
give the information required by the Act in the manner so required
and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the
company as at 31st March, 2025, the profit and total income, and its
cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the financial statement in accordance
with the Standards on Auditing specified under Section 143(10)
of the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of
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 independence requirements that are relevant to our audit
of the 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
ICAI’s 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 Financial Statements.
OTHER INFORMATION
The Company’s Management and Board of Directors are responsible
for the other information. The other information comprises the
information included in the Company’s annual report, but does not
include the financial statements and our auditors’ report thereon.
The Company’s annual report is expected to be made available to us
after the date of this auditor’s report. Our opinion on the financial
statements does not cover the other information and we will not
express any form of assurance conclusion thereon. In connection
with our audit of the financial statements, our responsibility is
to read the other information identified above when it becomes
available and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated. When we read the Company’s annual report,
if we conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged with
governance and take necessary actions, as applicable under the
relevant laws and regulations.
MANAGEMENT’S RESPONSIBILITY FOR THE
FINANCIAL STATEMENTS
The Company’s Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (“the Act”)
with respect to the preparation and presentation of these
Financial Statements that give a true and fair view of the financial
position, financial performance and cash flows of the company in
accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
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 Financial Statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Financial Statements, management is responsible
for assessing the Company’s 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. Those Board of Directors
are also responsible for overseeing the Company’s financial
reporting process.
AUDITOR’S RESPONSIBILITY
Our objectives are to obtain reasonable assurance about whether
the Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor’s 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 Financial Statements.
We have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required
to be included in the audit report under the provisions of the Act
and the Rules made thereunder.
We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether
the Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the Financial Statements.
The procedures selected depend on the Auditor’s judgment,
including the assessment of the risks of material misstatement of
the Financial Statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial
control relevant to the company’s preparation of the Financial
Statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates
made by the Company’s Directors, as well as evaluating the overall
presentation of the Financial Statements.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
1. As required by sub-section 3 of Section 143 of the Act, 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 purpose 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 and
the Statement of Cash Flows dealt with by this Report
are in agreement with the books of account;
(d) In our opinion, the aforesaid Financial Statements comply
with the Accounting Standards specified under Section
133 of the Act, read with relevant rule issued thereunder.
(e) On the basis of the written representations received from
the directors as on 31st March, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31st March, 2025 from being appointed as a director in
terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial
controls over financial reporting of the company and
the operating effectiveness of such controls, refer to our
separate report in “ANNEXURE - A”;
(g) with respect to the other matters to be included in the
Auditor’s 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.
(h) with respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us: -
i. The Company did not have any pending litigations
in its Financial Statements.
ii. The Company did not have any long term contract
including derivative contract which may lead to any
foreseeable losses.
iii. There were no amounts which are required to be
transferred to the Investor Education and Protection
Fund by the Company during the year ended 31st
March, 2025.
iv. The Company has not declared or paid any dividend
during the year.
v.
a. The Management has represented that, to
the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share
premium or any other sources or kind offunds) by
the Company to or in any other person or entity,
including foreign entity ("Intermediaries"),
with the understanding, whether recorded in
writing or otherwise, that the Intermediary
shall, whether, 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. The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or
in the aggregate) have been received by the
Company from any person or entity, including
foreign entity ("Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the Company shall, whether,
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 that have 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), as provided under (a) and (b) above,
contain any material misstatement.
vi. Proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 for maintaining books of account
using accounting software which has a feature of
recording audit trail (edit log) facility is applicable
to the Company with effect from April 1, 2023. Based
on our examination which included test checks,
the company has used accounting software for
maintaining its books of account which has a feature
of recording audit trail (edit log) facility, however
the same has not been operated throughout the year
for all relevant transactions recorded in the software.
Further, during the course of our audit we did not
come across any instance of audit trail feature being
tampered with.
Additionally, the audit trail has been preserved by
the Company as per the statutory requirements for
record retention.
2. As required by the Companies (Auditor’s 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 B” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
For Jay Gupta and Associates
(Erstwhile Gupta Agarwal & Associates)
Chartered Accountants
Firm’s Registration No: 329001E
Jay Shanker Gupta
Partner
Place: Kolkata Membership No: 059535
Date: May 26, 2025 UDIN: 25059535BMHCBC8528
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