We have audited the standalone financial statements of Arunis Abode Limited (formerly known as M. B. Parikh
Finstocks Limited) (“the Company”), which comprise the balance sheet as at 31st March, 2024, 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 standalone financial statements, including a summary of the 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 (“Act”) in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs
of the Company as at 31st March, 2024, and profit and other 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 Act.
Our responsibilities under those SAs 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 independent requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act and Rules their under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
The Key Audit Matters
Key audit matters ('KAM') are those matters that, in our professional judgment, were of most significanc e 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.
Revenue Recognition:
The Company has major income from consultancy to its clients relating to real estate business and other incomes.
The Company applies Ind AS 115 “Revenue from contracts with customers” for recognition of revenue from consultancy,
which is being recognised at a point in time upon the Company satisfying its performance obligation which is linked to
the informing customer of completion of service and receiving confirmation from customer regarding invoice
generation.
Since significant judgement is involved in identifying performance obligations and determining when 'confirmation' of
the customer is received basis which revenue is recognised, we have considered revenue recognition as a key audit
matter.
Our audit procedures in respect of this area, among others, included the following:
• Read the company's revenue recognition accounting policies and evaluated the appropriateness of the same with
respect to principles of Ind AS 115 and their application to the significant customer contracts;
• Obtained and understood the company's process for revenue recognition including identification of performance
obligations and receipt of confirmation from customer for completion of service;
• Evaluated the design and implementation and verified, on a test check basis, the operating effectiveness of key
internal controls over revenue recognition including controls around provision of consultancy and receiving customer
confirmation;
•Verified the sample of revenue contract for consultancy to identify the performance obligations of the company under
these contracts and assessed whether these performance obligations are satisfied over time or at a point in time based
on the criteria specified under Ind AS 115;
•Assessed the adequacy and appropriateness of the disclosures made in standalone financial statements in compliance
with the requirements of Ind AS 115 - 'Revenue from contracts with customer'.
Information Other than the standalone Financial Statements and Auditors' Report Thereon
The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's Annual Report, but does not include the standalone financial
statements and our auditors' 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 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. We have nothing to report in this regard.
Management's Responsibility for the Standalone Financial Statements
The Company's management and Board of Directors are 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 state of
affairs, profit and 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 (Ind 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 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 statements 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 and Board of Directors 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
operations, or has no realistic alternative but to do so.
Board of Directors is also responsible for overseeing the Company's standalone financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone 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 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 with reference to
standalone 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 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 standalone financial statements, including the
disclosures, and whether standalone the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
• Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 statement 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.
Report on Other Legal and Regulatory Requirements
1. 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.
c) The balance sheet, the Statement of Profit and Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in
agreement with the books of account.
d) In our opinion, the aforesaid 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 31st March, 2024 taken on
record by the Board of Directors, none of the directors are disqualified as on 31st March, 2024 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 with reference to standalone financial
statements 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 with reference to standalone financial statements.
g) With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act as
amended:
In our opinion and according to the information and explanations given to us, the remuneration paid by
the company which are incorporated in India to its directors during the current 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 Auditors' 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 does not have any pending litigations which would impact its Standalone financial
position.
ii. The Company does not have any material long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, other than disclosed
in notes, to the Standalone Financial Statements, 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, other than disclosed in notes, 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 notice 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. Based on our examination which included test checks, the Company has used accounting software
“Tally Prime (Edit Log)” for maintaining its books of account which have a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software. Further, where audit trail (edit log) facility was enabled and operated, we
did not come across any instance of the audit trail feature being tampered with.
2. 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.
For : A R P A N & Associates LLP
(Formerly known as A Yadav & Associates LLP)
Chartered Accountants
FRN: 129725W/W100686
CA Arvind K. Yadav, Partner
Membership No: 047422
Place: Vadodara,
Date: 24-May-2024,
UDIN: 24047422BKBLKA7940
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