TO

THE MEMBERS

RIYAASAT LIFESTYLE LIMITED


The Directors of the Company take great pleasure in presenting their Annual Report
along with audited statement of accounts for the year ended 31st March, 2023.


FINANCIAL HIGHLIGHTS


During the year under review, performance of your company as under:


(Amount in Thousands)



  

    
Particulars
    
As At 31st March, 2023
    
As At 31st March, 2022
  
  

    
Revenue from Operations
    
2,09,348.61
    
43,646.02
  
  

    
Other Income
    
6.79
    
13.99
  
  

    
Profit/(Loss) before taxation
    
16,742.35
    
1,080.75
  
  

    
Less: Tax Expense
    

    

  
  

    
Current Tax
    
2,920
    
286.09
  
  

    
Earlier year Tax
    
17.36
    

  
  

    
Deferred Tax
    
(48.21)
    
(5.12)
  
  

    
Profit/(Loss) after tax
    
13,853.20
    
799.78
  



STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK


The Company is engaged in the business of designing wedding outfits by incorporating
ethnic elements with fashionable motifs that resonate with modern-day bride and groom.

There has been no change in the nature of business of the Company during the financial
year ended 31st March, 2023.

The financial results during the year are satisfactory. The Revenue from operations
stood at Rs. 2,09,348.61/- and Profit after Tax of the company has stood at Rs. 13,853.20/-
during FY 2022-23. In the previous year, it was stood at Rs. 43,646.02/- and Rs.
799.78/- respectively.

Your Directors assures you that they would grab all business opportunities that could
be seized from the market for the overall development of our business and foresee bright
prospects of the Company in the years to come.

We seek long-term relationship with clients while addressing their requirements. Our
customer centric approach has resulted in high levels of client satisfaction and
retention. The upcoming years will brings more profitability and efficiency to the
Company.


DIVIDEND


In view of the planned business growth, your Directors deem it proper to preserve the
resources of the Company for its activities and therefore, do not propose any dividend for
the Financial Year ended March 31, 2023.


TRANSFER TO RESERVES


No amount was transferred to the reserves during the financial year ended 31st
March, 2023. ANNUAL RETURN



Pursuant to provisions of rule 12(1) of the Companies (Management and Administration)
Rules, 2014 and Section 92(3) of the Companies Act, 2013 as amended, the extract of annual
return in Form MGT 9 is not required to be annexed herewith in the report. The Company
will upload Form MGT-7 on the website https://www.rivaasat.in/ after filing Form MGT-7 on
MCA portal.


DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)


There are three directors appointed on the date of incorporation as first directors of
the company out of the subscribers to the MOA and AOA. The name of the directors are here
as under-

1. Gaurang ramanbhai galiya

2. Ramanbhai nanubhai galiya

3. Sobhanaben ramanbhai galiya

There has been changes in the constitution of Board during the year under review.


SHARE CAPITAL


There has been increase in authorised share capital of the company from Rs.5,00,000
(50,000 equity shares of Rs.10 each) to Rs.75,00,000 (7,50,000 equity shares of Rs.10
each).

The Issued, Subscribed & Paid up capital of the Company has been increased by way
of issue and allotment of 7,00,000 equity shares of Rs.10 each on right issue basis in the
Board Meeting held on 24th February, 2023. Presently, the Issued, Subscribed
& Paid up capital is Rs. 75,00,000/- (7,50,000 equity shares of Rs.10 each).


DETAILS OF SUBSIDIARY. JOINT VENTURE OR ASSOCIATE COMPANIES


The Company does not have any Subsidiary, Joint Venture or Associate Company.


DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)


There has been no change in the constitution of Board during the year under review.


NUMBER OF BOARD MEETINGS


During the Financial Year 2022-23, 5 meetings of the Board of Directors of the company
were held. The board of directors timely and fully complied with regulations that are
mandatory to hold a meeting.


  

    
NAME OF DIRECTORS
    
DATES OF BOARD MEETINGS
  
  

    
26/0412022
    
16/08/2022
    
05/09/2022
    
09/01/2023
    
24/02/2023
  
  

    
GAURANG RAMAN BHAI GALIYA
    
?
    
?
    
?
    
?
    
?
  
  

    
RAMANBHAI NANUBHAI GALIYA
    
?
    
?
    
?
    
?
    
?
  
  

    
SOBHANABEN RAMANBHAI GALIYA
    

    
?
    
?
    
?
    
?
  



PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186


In terms of section 186 of Companies Act 2013 where the aggregate loans and investments
so far made, the amounts for which guarantee or security provided to any person or body
corporate are within the threshold limits. No guarantee was prescribed by the company for
any person or body corporate.


PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES


All contracts / arrangements / transactions entered by the Company during the financial
year with related parties were in the ordinary course of business and at an arm's length
basis.

During the year, the Company had not entered into any contract/ arrangement /
transaction with related parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions.

There are no materially significant related party transactions that may have potential
conflict with interest of the Company at large.

The transactions with related party are annexed herewith in the Form AOC-2 as Annexure
- II. EXPLANATION TO AUDITOR'S REMARKS



There are no such adverse remarks were found during the course of Audit.

Other observations in the Auditor's Report are dealt within the notes to the accounts
at appropriate places and are self-explanatory.


MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY


No material changes have occurred and any commitments have been made during the year
and between 31st March 2023 to date of this board report, which may affect the
financial position of the company.


CONSERVATION OF ENERGY, TECHNOLOGY. ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO


A statement related to the Section 134 (3) (m) of the Companies Act, 2013, read with
rule(8), sub rule (3), Companies (Accounts) Rules, 2014 is annexed in Form B.


RISK MANAGEMENT POLICY


The Company has adopted several strategies at Management level to mitigate Business
risks and uncertainties. To manage competition risk, the management has inbuilt a day to
day monitoring system & Formal structures have been put in place to quickly and
systematically identify, prioritize, monitor and mitigate such risks on a constant basis
and respond to possible future events that might impact the achievement of objectives.
This is a real-time and ever-evolving area, given the dynamic nature of the environment.


STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO THE
FINANCIAL STATEMENTS


The Board has adopted the policies & procedures for ensuring the orderly &
efficient conduct of its business, including adherence to the company's policies, the
safeguarding of its assets, the accuracy & completeness of the accounting records, and
the timely preparation of reliable financial disclosures.


SIGNIFICANT AND MATERIAL ORDERS


There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and Company's operations in future.


STATUTORY AUDITORS


M/s. Arpan Chudgar & Associates, Chartered Accountants has resigned from the
Company w.e.f. 6th June, 2023.

In terms of the first proviso to Section 139 of the Companies Act, 2013 M/s.
Abhishek Kumar & Associates, Chartered Accountants, are to be appointed as
statutory auditors of the Company at this Annual General Meeting. In terms of the first
proviso to Section 139 of the Companies Act, 2013, M/s. Abhishek Kumar & Associates,
Chartered Accountants are to be appointed as statutory auditors at this Annual General
Meeting to hold office from this Annual General Meeting till sixth Annual General meeting
of the company. Accordingly, the appointment of M/s. Abhishek Kumar & Associates,
Chartered Accountants, as statutory auditors of the Company, is to be placed for
approval by the shareholders.

The Board has duly reviewed the Statutory Auditor's Report on the Accounts. The
observations comments and notes of Auditor are self explanatory and do not call for any
further explanation / clarification.


DEPOSITS 


The Company has not accepted any loans/deposits from public, which attract the
provisions of Section 73 to 76 of the Companies Act, 2013, and the deposits covered under
Chapter V of the Act, as framed there under (rule 8 sub rule 5 of companies (accounts)
rules 2014).


NON DISQUALIFICATION OF DIRECTORS 


None of the Directors are disqualified during the F.Y 2022-23.


MISCELLANEOUS INFORMATIONS AND DISCLOSURES 


Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:

1. Issue of shares (including sweat equity shares) to employees of the Company under
any scheme.

2. No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company's operations in future.

3. CSR is not applicable on the Company.


DIRECTORS RESPONSIBILITY STATEMENT 


A directors' responsibility statement pursuant to of Section 134(5) of the Companies
Act 2013 is annexed herewith in Annexure-I.


ACKNOWLEDGMENT 


Your Directors would like to express their sincere appreciation for the assistance and
co-operation received from the banks, Government authorities, customers, vendors and
members during the year under review. Your Directors also wish to place on record their
deep sense of appreciation for the committed services by the Company's executives, staff
and workers.


FOR RIYAASAT LIFESTYLE LIMITED



  

    
GAURANG RAMANBHAI GALIYA
    
RAMANBHAI NANUBHAI GALIYA
  
  

    
DIN: 09371655
    
DIN: 09371656
  
  

    
DIRECTOR
    
DIRECTOR
  
  

    
Date: 29/08/2023
    

  
  

    
Place: Ahemdabad