We have audited the accompanying financial statements of MAYUR FLOORINGS LTD. ("the Company"),
which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including
other comprehensive Income), the statement of Cash Flow and the statement of Changes in Equity for
the year then ended and a summary of the significant accounting policies and notes to financial
statement and other explanatory information (herein after 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, 2024, and its 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 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 independence 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 we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the 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 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.
Description of Key Audit Matter
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Revenue Recognition: Investment Management Fee
Refer to the accounting policies in the financial statements.
Significant Accounting Policy 2.3 - Revenue Recognition and Note 2.3 to the financial statements -
Revenue from Operations
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Key audit matter
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How the matter was addressed in our audit
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Management fee is the most significant account
balance in the statement of profit and loss.
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Our audit procedures included the following:
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We have identified revenue from management
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Testing of design and operating effectiveness
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fees as a key audit matter since -
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of controls:
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- There are No inherent risks in computation
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Understood and evaluated the design and
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of management fees due to system taken
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implementation of management controls
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input of key contractual terms and
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and other key controls relating to
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computation of applicable Assets Under
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recognition of management fee.
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Management ("AUM"), which could result
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Test checked the operating effectiveness of
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in no errors.
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management controls, and other key
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- Management fees are accounted for on
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controls over recognition of management
fee.
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accrual basis in accordance with the
Investment Management Agreement with
the NPS Trust (National Pension System
Trust).
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Involved our information technology ("IT")
specialists to test general information
technology controls of the systems used for
computation and recording of management
fees. Further, tested IT controls with respect
to input and changes of management fee
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rates and logic of computation.
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Substantive tests
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Evaluated recognition of revenue in respect
of management fee based on the
requirements of Ind AS 115.
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Test checked management fee rates were
approved by authorized personnel.
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Test checked key inputs into the IT systems
back to source documents, and re¬
performed on a sample basis.
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Test checked the management fee invoices
and reconciled with the accounting records.
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Test checked the receipts of management
fee income in the bank statements.
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Obtained and read the quarterly concurrent
auditor reports on daily net assets value
computation of the Management Fees.
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Evaluated the adequacy of disclosures
relating to the management fee in the
financial statements.
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Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business Responsibility Report, Corporate Governance
and Shareholder's Information, 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 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 a 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 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 financial statements that give a true and fair view of the financial
position, financial performance, total 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 (Ind AS) prescribed 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 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. The Board of Directors is also responsible
for overseeing the Company's financial reporting process.
Auditor's Responsibility 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 standalone financial statements.
A further description of our responsibilities for the audit of the financial statements is included in
"Appendix I" of this auditor's report.
For BANSILAL SHAH & CO
Chartered Accountants
FRN.No: 000384W
Sd/-
Dhruv Shah
Partner
Membership No. :223609
Place: Udaipur
Date: 29.05.2024
UDIN: 24223609BKEZMG5130
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