We have audited the accompanying financial statements of Varyaa Creation Limited (hereinafter referred
to as “the Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit the
year then ended, and a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as “the financial statement”).
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 in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India including
AS specified under section 133 of the Act, of the state of affairs (Financial Position) of the Company as at 31
March, 2025, and its profit for the year ended on that date.
Basis for Opinion
We conducted our audit of the 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 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 (ICAI) together with the ethical 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.
Information other than the Financial Statements and Auditor’s Report thereon
The Company's Board of Directors are responsible for the other information. The other information 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.
The Directors' Report is not made available to us at the date of this auditor's report. We are nothing to report
in this regard.
Emphasis of Matters
1. We draw your attention to note 4 of the financial results wherein SEBI has passed an interim order
dated 14th May 2025 (order no. WTM/AB/CFD/SEC- 4/31401/2025-26) raising certain prima facie
observation on utilisation of issue proceeds however, The Company has denied the allegation made
in interim order wide letter dated 03/06/2025 to Securities and Exchange Board of India (SEBI). The
Company seeking further legal recourse for the same.
2. We draw your attention to note 5 of the financial results wherein Balances of trade payables, trade
receivables, advances received, are subject to reconciliation and confirmation. The management is in
the process of reconciling the same
3. We draw your attention to note 6 of the financial results wherein the company has not paid undisputed
Income tax for the financial year ended on 31st March, 2024 amounting to ' 114.19 Lacs.
4. We draw your attention to note 7 of the financial results wherein the valuation of inventory valuing
1825.08 lakhs has been taken from the valuation report given by registered valuer as the valuation of
Gems and jewelry requires technical expertise.
5. We draw your attention to note 9 of the financial results wherein During the year ended on 31st March
2025, the company had issued 13.40 Lakhs equity shares by way of public issue at a price of Rs 150
per equity share, the total amount of public issue was Rs 2010 Lakhs. For utilisation of issue proceeds
for the purpose shown in the prospectus we draw your attention to Note 4 of financial results.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The accompanying financial statements have been approved by the Company's Board of Directors. The
Company's Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these financial statements that give a true and fair view of the financial position,
financial performance and cash flow of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards (AS) specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the asset 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, the board of director are 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 the operations, or has no realistic alternative but to do so.
The Board of Directors are 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.
As part of an audit in accordance with SAs, specified under section 143(10) of the Act 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.
Report on Other Legal and Regulatory Requirements
1. As required by section 197(16) of the Act based on our audit, we report that the Company has paid
remuneration to its directors during the year in accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.
2. As required by the Companies (Auditor's Report) Order, 2020 ('the Order') issued by the Central
Government of India in terms of section 143(11) of the Act , is attached in Annexure A here with.
3. Further to comment in annexure A, as required by Section 143 (3) of the Act, we report, to the extent
applicable, 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 and the Statement of Profit and Loss 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 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.
a) 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”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls over financial reporting.
(f) 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, in our opinion and to the best of our
knowledge and belief and according to the information and explanations given to us:
i. The Company as detailed has disclosed there is no impact of pending litigations on its
financial position as at 31 March 2025.
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses as at 31 March 2025
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended 31 March 2025
4. 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 securities premium or any
other sources or kind of funds) by the Company to or in any person or entity, including foreign
entities ('the 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 ('the Ultimate Beneficiaries')
or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;
B) The management has represented that, to the best of its knowledge and belief, as disclosed
in notes to the financial statements, no funds have been received by the Company from any
person or entity, including foreign entities ('the 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 as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.
5. The Company has not declared or paid any dividend during the year ended 31 March 2025.
6. As required by the Companies (Auditor's Report) Order, 2020 (the “Order”) issued by the Central
Government in terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the Order.
7. Based on our examination which included test checks and information given to us, the Company has
used accounting software for maintaining its books of account, which have a feature of recording audit
trail (edit log), but the company has not activated the feature of audit trail (edit log) facility throughout
the year for all relevant transactions recorded in the respective software.
Other Matter
Opening Balance -The financial statements of the Company for the year ended 31 March 2024 were audited
by another auditor who expressed an unmodified opinion on those statements dated 30th May 2024. As part
of our audit of the current period, we have relied on the opening balances as reported by the predecessor
auditor, which have been properly brought forward and reflect the application of appropriate accounting
policies. Our audit procedures included reading the prior period financial statements and the predecessor
auditor's report thereon, and performing audit procedures as considered necessary to obtain sufficient and
appropriate evidence regarding the opening balances.
For Hiren Buch Associates
Chartered Accountants
FRN: - 116131W
Hiren Buch
Partner
M.No: 045767
UDIN: 25045767BMKNYQ7213
Date: 28th June, 2025
Place: Mumbai
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