Annual Report: 2021
BSR & Co. LLP, Chartered Accountants, performed an independent audit of the standalone financial statements of Imagine Marketing Private Limited ("the Company"). The audit report, addressed to the Members of Imagine Marketing Private Limited, covers the standalone balance sheet as of 31 March 2021, the standalone statement of profit and loss, and the standalone statement of cash flows for the year then ended, along with notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
Opinion: The auditor’s opinion, based on the information and explanations provided, is that the standalone financial statements give a true and fair view, in conformity with accounting principles generally accepted in India, as required by the Companies Act, 2013 ("Act"). This view encompasses the state of affairs of the Company as at 31 March 2021, and its profit and cash flows for the year ended on that date.
Basis for Opinion: The audit was conducted in accordance with Standards on Auditing (SAs) specified under section 143(10) of the Act, ensuring independence from the Company and fulfillment of ethical responsibilities as per the Code of Ethics issued by the Institute of Chartered Accountants of India. The auditors believe the evidence obtained is sufficient and appropriate to support their opinion.
Other Information: The management and Board of Directors are responsible for the other information included in the Company's Annual Report, excluding the standalone financial statements and the auditor's report. The auditor's responsibility includes reading this other information to identify material inconsistencies with the financial statements or knowledge obtained during the audit, with no material misstatements reported.
Management's and Board of Directors' Responsibility: The Management and Board of Directors are responsible for preparing the standalone financial statements in accordance with section 134(5) of the Act and the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This includes maintaining adequate accounting records, safeguarding assets, preventing and detecting fraud, selecting and applying appropriate accounting policies, making reasonable judgments and estimates, and designing, implementing, and maintaining adequate internal financial controls. The Management and Board of Directors are also responsible for assessing the Company's ability to continue as a going concern, disclosing related matters, and overseeing the Company's financial reporting process.
Auditor's Responsibilities: The auditor's objectives are to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes their opinion. This involves exercising professional judgment, maintaining professional skepticism, identifying and assessing risks of material misstatement, obtaining an understanding of internal control relevant to the audit, evaluating the appropriateness of accounting policies, and evaluating the overall presentation, structure, and content of the financial statements.
Report on Other Legal and Regulatory Requirements:
Annexure A:
Annexure B:
Standalone Balance Sheet (as at 31 March 2021):
Equity and Liabilities:
Assets:
Standalone Statement of Profit and Loss (for the year ended 31 March 2021):
Earnings per Equity Share:
Cash Flows:
The report also includes notes to the financial statements which include details on the company's accounting policies, share capital, reserves and surplus, long term borrowings, short term borrowings, trade payables, other current liabilities, short term provisions, property plant and equipment, non current investments, long-term loans and advances, inventories, trade receivables, cash and bank balances, short-term loans and advances, other current assets, revenue from operations, other income, purchase of stock-in-trade, increase or decrease in inventories of stock, employee benefit expenses, finance costs, other expenses, value of import calculated on CIF basis, deferred tax asset, earnings per share, related party disclosures, contingent liabilities and commitments, corporate social responsibility, unhedged foreign currency exposure and others.
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