We have audited the Ind AS financial statements of Rishi
Laser Limited (“the Company”), which comprise the
balance sheet as at 31st March 2025, and the statement of
Profit and Loss (including Other Comprehensive Income),
statement of changes in equity and 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. (hereinafter
referred to as “financial statements”).
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
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 affairs of the Company as at March 31, 2025,
the profit and total comprehensive income, changes in
equity and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the
Auditor's Responsibilities for the Audit of the 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
together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions
of the Companies Act, 2013 and the Rules thereunder,
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the 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 no key audit matters to
be communicated in our report.
OTHER INFORMATION
The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual Report but does not
include the financial statements and our auditor's 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 the 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 in the 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.
When we read the information, if we conclude that there
is a material misstatement therein, we are required
to communicate the matter to those charged with
governance and take appropriate actions necessitated
by the circumstances and the applicable laws and
regulations.
MANAGEMENT'S AND BOARD OF DIRECTOR'S
RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's management and 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 of these 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 accounting principles generally accepted in India,
including the Indian Accounting Standards specified under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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 financial statement
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.
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 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.
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 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 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 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 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 financial statements, including the
disclosures, and whether the 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.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
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 A” a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
As required by Section 143(3) 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 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 except
for matters stated in paragraph (i)(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), and 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 financial statements
comply with the Accounting Standards specified
under Section 133 of the Act.
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) The modifications relating to the maintenance of
accounts and other matters connected therewith are
as stated in the point no (b) above on reporting under
Section 143(3)(b) of the Act and paragraph i(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.
g) 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 B”.
h) 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(16) of the Act.
i) 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 has no pending litigations to be
disclosed except as shown in note no 42.
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 amounts, required to be
transferred, to the Investor Education and
Protection Fund by the Company.
iv. a) The Management has represented, to
the best of it's knowledge and belief that,
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,
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, to the
best of it's knowledge and belief that, 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,
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; and
c) Based on such audit procedures performed
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 (i) and (ii) above, contain any material
misstatement.
v. There is no dividend declared or paid during the
year by the Company and hence provisions of
section 123 of the companies Act, 2013 are not
applicable.
vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable
from 1 April 2023. Based on our examination
which included test checks, we are of the opinion
that the;
• Company has multiple locations, and it
has adopted decentralised method of
accounting. In our opinion Except for two
locations, the company has not enabled
the feature of recording audit trail (edit log)
facility at the database level and hence
the same was not operated throughout the
year. In absence of audit trail (edit log), we
are unable to comment whether audit trail
feature of the said accounting software
was enabled and operated throughout the
year for all relevant transactions recorded
in the software or whether there were any
instances of the audit trail feature been
tampered with.
• Further, for the location where audit trail
(edit log) facility was enabled and operated
throughout the year for the accounting
software, we did not come across any
instance of the audit trail feature being
tampered with. The audit trail has been
preserved by the company as per statutory
requirement for record retention for such
records for which feature of recording audit
trail has been enabled.
For Shah Mehta & Bakshi
Chartered Accountants
Firm's Registration No. 103824W
Himesh Gajjar
Partner
Membership No. 177342
Vadodara, May 20, 2025
UDIN: 25177342BMIVMU1750
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