We have audited the accompanying standalone financial statements of MURAE
ORGANISORS LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March
2025, the statement of Profit and Loss (including other comprehensive income), the 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.
We do not express an opinion on the accompanying financial statements of the entity. Because of
the significance of the matter described in the Basis for Disclaimer of Opinion section of our
report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for
an audit opinion on these financial statements.
Basis for Disclaimer Opinion
We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Companies Act, 2013, as amended. Our responsibilities under
those standards are further described in the section titled “Auditor’s Responsibilities for
the Audit of the Standalone Financial Results” of this 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 results under the provisions of the
Companies Act, 2013 and the Rules thereunder. We have also fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics.
• The company has unsecured loans amounting to €21,275.11 Lacs.
Management has not charged interest on these loans, and relevant
agreements along with cross-confirmations are not available. In the absence
of valid agreements and necessary confirmations, the accuracy of the
balances and their interest-free status could not be verified, potentially
impacting the fair presentation of liabilities and interest expenses.
• Balance of GST Credit Payable €236.64 Lacs pending for GST reconciliation.
Reconciliation with the gSt Online Portal has not been carried out, affecting
the accuracy of GST Input Credit and the liability towards the government.
• The company has trade payables amounting to €19502.20 Lacs; however,
the bifurcation of Micro, Small, and Medium Enterprises (MSME) creditors
has not been provided. Non-disclosure of MSME classification contravenes
the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006,
impacting regulatory compliance and financial transparency.
• Advances to suppliers of €6775.68 Lacs remain unconfirmed. Absence of
confirmations from these suppliers affects the reliability of liabilities
disclosed in the financial statements.
• A loan/advances amounting to €28,367.23 Lacs remains unconfirmed to
certain parties. The absence of loan confirmations impacts the reliability of
Advances/ Receivables and financial disclosures.
• We are in receipt of certain sales invoices; however, they are not supported
with E-Way bills, Delivery Challans, or Transportation details. In the absence
of these critical documents, we are unable to verify the genuineness of the
transactions.
• With respect to purchases, the company has not provided Goods Inward
Reports. Further, the company does not own or lease any godown facilities,
raising concerns over the storage of inventory. Management claims that the
goods are traded directly from suppliers to customers without being held in
the company’s possession; however, in the absence of evidence, we are
unable to verify this assertion.
We conducted our audit of standalone financial statements 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 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 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 are not 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 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 depending upon the facts and
circumstances of the entity and the audit, that there are no key audit matters to
communicate in the Auditors Report except stated above under Basis of Opinion.
Information Other than the Standalone Financial Statements and Auditor’s Report
Thereon
The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Director’s Report including
Annexures to the Director’s Report, but does not include the 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 a material misstatement of this
other information, We are required to report that fact. We have nothing to report in this
regard.
Emphasis on matter
We draw attention to the disclosure relating to Related Party Transactions in the
accompanying financial statements. As stated therein, the details of related party
transactions reported are not comparable with those of the previous year, and no
information has been entered or provided in respect of related party transactions for the
financial year 2024-25. Our opinion is not modified in respect of this matter.
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 Companies Act, 2013 ("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, total comprehensive income, changes in equity and cash flows of the
Company in accordance with Ind AS and other accounting principles generally accepted in
India, including the accounting Standards 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 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 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.
Those 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 annual
financial results 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 annual financial results.
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 annual
financial results, 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 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 through a separate report on
the complete set of financial statements on whether the company has adequate
internal financial controls with reference to financial statements 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 in the standalone annual financial
results made by the Management and Board of Directors.
- Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. If We conclude that a material
uncertainty exists, We required to draw attention in our auditor’s report to the related
disclosures in the standalone annual financial results 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 annual
financial results, including the disclosures, and whether the standalone annual
financial results represent the underlying transactions and events in a manner that
achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the Statement to express an
opinion on the Statement. Materiality is the magnitude of misstatements in the
Statement that, individually or in aggregate, make it probable that the economic
decisions of a reasonably knowledgeable user of the Statement 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 Statement
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.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD
1/44/2019 dated 29th March, 2019 issued by the SEBI. We under Regulation 33(8) of the
Listing Regulations to the extent applicable.
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 "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) As described in the Basis for Disclaimer of Opinion paragraph, We sought but
were unable to obtain 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 not been kept
by the Company so far as details and records provided to us.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements subject to the matters
mentioned in the ‘the Basis for Disclaimer of Opinion’ para above, comply with the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
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 B”. Our report expresses an modified
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 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 litigation which would impact it’s
financial position except for the matters disclosed under the basis for disclaimer
of opinion para.
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.
iv. 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 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;
v. 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;
vi. Based on such audit procedures that We 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)
contain material misstatement.
vii. The company has not declared any dividend during the year.
viii. Company has not used such accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log)
facility and the same has not been operated throughout the year for all
transactions recorded in the software. Since the accounting software with
audit trail has not been used, the question of it being tampered with and
preserved by the company does not arise.
For, Parin Patwari & Co
Chartered Accountants
FRN: 154571W
Place : Ahmedabad CA Parin Patwari
Date : 29th May, 2025 (Proprietor)
M. No: 193952
UDIN: 25193952BMGWPY7790
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