We have audited the standalone financial statements of Marvel
Decor Limited (“the Company"), which comprise the balance sheet as
at 31st March 2025, the statement of Profit and Loss (including Other
Comprehensive Income) and the statement of cash flows for and the
Statement of Changes in Equity for the year then ended on that date
(hereinafter referred to as the “standalone financial statements"), and
notes to the financial statements, including 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 and other accounting
principles generally accepted in India, of the state of affairs of the
Company as at March 31 2025, and its profit, total comprehensive
income, its cash flows and the 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 specified under section
143(10) of the Act (SAs). Our responsibilities under those Standards
are further described in the Auditor's Responsibility 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 ICAI's Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for our
audit 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 the 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 that there are not such key audit matters which required
the disclosure.
• The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis and Board's
Report including Annexures to Board's Report, but does not include
the consolidated financial statements, standalone financial
statements and our auditor's report thereon.
• 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 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
no material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Management's Responsibility for the
Standalone Financial Statements
The Company's 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, cash flows and changes in equity of the
Company in accordance with the Ind AS 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
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, 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. The Board of
Directors are also responsible for overseeing the Company's
financial reporting process.
Auditor’s Responsibilities for the Audit
of the 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 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 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 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 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 the management.
• Conclude on the appropriateness of management’s 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 Company’s ability to
continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s
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 auditor’s 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 auditor’s 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.
Emphasis of Matter
We draw attention to Note No. 1 of the Standalone Financial
Statements, which describes that the Company has made a
preferential allotment of 7,00,000 equity shares during the year at an
issue price of ?115 per share, comprising ?10 towards face value
and ?105 as securities premium. As a result, the Company has
raised a total sum of ?8,05,00,000 during the year. The accounting
treatment and related disclosures have been appropriately made in
the consolidated financial statements.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. 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, the Cash Flow Statement and
Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account.
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, 2025 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 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". Our
report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company's internal financial controls
over financial reporting.
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 /
provided by the Company to its directors during 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, 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 has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
company as it is not applicable.
iv. (a) The Management has represented that, to the best of its
knowledge and belief, other than as disclosed in notes to accounts,
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 of funds) 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 attention 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.
v. The company has not declared any kind of dividend for the year.
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 Companies Act, 2013, we give
in the Annexure B statement on the matters specified in paragraphs 3
and 4 of the order, to the extent applicable.
For Chetan Agarwal Co.
(Chartered Accountants)
Chetan L. Agarwal
(Partner)
Membership No: 107547
Firm Reg. No. 120447W
At Jamnagar as on 30-05-2025
UDIN For Standalone : 25107547BMICTR1317
UDIN For Consolidated : 25107547BMICTS2125
|