The independent auditors' review of Shubhlaxmi Jewel Art Limited's unaudited financial results for the period between 1st April 2024 to 30th September 2024 has been completed. This review, conducted by Sanshavi & Co., Chartered Accountants, was carried out under the framework of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The review was aimed at providing a moderate level of assurance that the financial results comply with relevant accounting standards and provide accurate insights into the company’s financial health.

This independent auditors' review is an essential procedure for ensuring transparency and adherence to financial regulations. It follows the guidelines established in Accounting Standard (AS) 25, which governs interim financial reporting in India. The review process, however, is not as exhaustive as a full audit, as it involves applying certain procedures that provide only limited assurance.

The auditors did not uncover any significant misstatements or issues apart from one critical matter: the inventory valuation. In their qualified opinion, the auditors stated that physical verification of inventories was not conducted, and adequate documentation to support the inventory valuation was not made available. Inventory valuation is a crucial aspect of financial reporting, as it affects the accuracy of the balance sheet and profit-and-loss statements. In this case, the auditors had to rely on the management's certification of the inventories, which led to the qualified opinion.

Despite this issue, the review did not reveal any other material misstatements in the financial results. The company's management prepared the financial results in accordance with the Companies Act, SEBI regulations, and Indian Accounting Standards (Ind AS). The auditors confirmed that, except for the inventory issue, the rest of the financial information was consistent with SEBI's disclosure requirements.

The auditors followed the Standard on Review Engagements (SRE) 2410, which is designed to provide a thorough examination of interim financial information. However, as mentioned earlier, the scope of this review is not as extensive as an audit, which is why the auditors could not guarantee that all significant financial matters were identified. The review did not indicate any severe irregularities in the rest of the financial reporting.

In conclusion, while there were concerns over the inventory valuation, the rest of the financial data presented by Shubhlaxmi Jewel Art Limited is believed to comply with the necessary regulations. Investors and stakeholders can have a moderate level of confidence in the company's financial results, but the issue with inventory verification needs to be addressed in the future.

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