Report on audit of the Standalone Financial Statements Disclaimer ofOpinion
We have audited the accompanying Statements of Standalone FinancialResults of PARTY CRUISERS LIMITED ("the Company") for the half year ended 31March 2022 and for the period from 1st April 2021 to 31st March2022("the statement") attached herewith being submitted by the Company pursuantto the requirement of Regulation 33 of the Securities and Exchange Board of India("SEBI") (Listing Obligations and Disclosure Requirements) Regulations 2015 asamended ("Listing Regulations").
In our opinion and to the best of our information and according to theexplanation given to us these standalone financial statements:
i. are presented in accordance with the requirements of Regulation 33of the Listing Regulations in this regard; and
ii. Indicate that Because of the significance of the matters describedin the Basis for Disclaimer of Opinion section of our report we have not been able toobtain sufficient appropriate audit evidence to provide a basis for an audit opinion onthese financial statements.
Basis for Disclaimer Opinion:
1. Trade Receivables
The Company?s Current Financial Assets as at 31st March 2022includes Trade Receivables aggregating to Rs.105.06 Lakhs (31st March 2021 Rs. 228.76Lakhs) which were outstanding for substantial period of time. Management has assessedthat; no adjustments are required for carrying value of aforesaid balances. Consequentlyin the absence of sufficient appropriate audit evidence to support the Management?scontention of recoverability of these balances we are unable to comment upon theadjustments if any that are required to the carrying value of aforesaid balances andconsequential impact if any on the accompanying standalone financial results.
2. Trade Payables
The Company?s Current Financial Liabilities as at 31stMarch 2022 includes Trade Payables aggregating to Rs. 175.88 Lakhs (31st March 2021 Rs.83.01 Lakhs) respectively in respect of which confirmations/statements from the respectiveparties have not been received and which were outstanding for substantial period of time.Further whilst we have been able to perform alternate procedures with respect to certainbalances in the absence of confirmations/ statements from the respective parties we areunable to comment upon the adjustments if any that are required to the carrying value ofaforesaid balances and consequential impact if any on the accompanying standalonefinancial results
The Company generally follow AS -2 and value the inventory at cost orrealizable value whichever is lower. However in the absence of sufficient appropriateaudit evidence we are unable to comment on impact of the same.
Responsibilities of Management and Those Charged with Governance forthe Financial Statements
These standalone financial results have been prepared on the basis ofthe condensed standalone interim financial statements. The Company?s Management andBoard of Directors are responsible for the preparation and presentation of thesestandalone financial results that give a true and fair view of the net profit/loss andother comprehensive income (loss) and other financial information in accordance with therecognition and measurement principles laid down in Accounting Standard 25InterimFinancial Reporting? prescribed under Section 133 of the Act and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of the ListingRegulations. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial results that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the standalone financial results the Management and theBoard of Directors are responsible for assessing the Company?s ability to continue asa going concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless the Board of Directors either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso.
The Board of Directors is also responsible for overseeing theCompany?s financial reporting process.
Auditor?s Responsibilities for the Audit of the StandaloneFinancial Results
Our objectives are to obtain reasonable assurance about whether thestandalone financial results as a whole are free from material misstatement whether dueto 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit.
We also identify and assess the risks of material misstatement of thestandalone financial results whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on the effectiveness of the company?s internalcontrol.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the Management andBoard of Directors.
Conclude on the appropriateness of the Management and Board ofDirectors? use of the going concern basis of accounting and based on the auditevidence obtained whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Company?s ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor?s report to the related disclosures in the standalonefinancial results or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor?sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of thestandalone financial results including the disclosures and whether the standalonefinancial results represent the underlying transactions and events in a manner thatachieves fair presentation.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
For Ramanand & Associates
Chartered Accountants Firm
Registration No: 117776W
Membership No. 103975
Date: 20th May 2022