We have audited the standalone financial statements of AMRAWORLD AGRICOLIMITED ("the Company"), which comprise the Standalone Balance Sheet as at 31March 2024, and the Standalone Statement of Profit and Loss (including othercomprehensive income), Standalone Statement of Changes in Equity and StandaloneStatement of Cash Flows for the year then ended, and notes to the standalone financialstatements, including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the standalone financialstatements").
In our opinion and to the best of our information and according to the explanations givento us, the aforesaid standalone financial statements give the information required by theCompanies Act, 2013 ("the Act") in the manner so required and give a true and fair viewin conformity with the accounting principles generally accepted in India, of the state ofaffairs of the Company as at 31 March 2024, and profit and other comprehensiveincome, changes in equity and its cash flows for the year ended on that date.
Basis of Opinion
We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder, and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of mostsignificance 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 financialstatements as a whole, and in forming our opinion thereon, and we do not provide aseparate opinion on these matters.
Other Information
The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual 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 informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility isto read the other information and, in doing so, consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If, based on thework we have performed, we conclude that there is a material misstatement of this otherinformation; we are required to report that fact. We have nothing to report in thisregard.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5)of the Act with respect to the preparation of these Standalone Financial Statements thatgive a true and fair view of the financial position, financial performance including othercomprehensive income, cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India, including the IndianAccounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules, 2015, as amended. This responsibilityalso includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent;and the design, implementation and maintenance of adequate internal financial controls,that were operating effectively for ensuring the accuracy and completeness of theaccounting records, relevant to the preparation and presentation of the StandaloneFinancial Statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible forassessing 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 unlessmanagement either intends to liquidate the Company or to cease operations, or has norealistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement, whether due tofraud or error, and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone financialstatements, whether due to fraud or error, design and perform audit proceduresresponsive 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, asfraud may involve collusion, forgery, intentional omissions, misrepresentations, orthe override of internal control.
- Obtain an understanding of internal financial control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act, we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.
- Conclude on the appropriateness of management's use of the going concern basisof accounting and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubton the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the standalone financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based onthe 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 agoing concern.
- Evaluate the overall presentation, structure and content of the standalonefinancial statements, including the disclosures, and whether the standalonefinancial statements represent the underlying transactions and events in amanner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statementsthat, individually or in aggregate, makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the 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 anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence, and to communicate withthem all relationships and other matters that may reasonably be thought to bear on ourindependence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determinethose matters that were of most significance in the audit of the Standalone FinancialStatements for the financial year ended March 31, 2024 and are therefore the key auditmatters. We describe these matters in our auditors' report unless law or regulationprecludes public disclosure about the matter or when, in extremely rare circumstances,we determine that a matter should not be communicated in our report because theadverse consequences of doing so would reasonably be expected to outweigh the publicinterest 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 tothe best of our knowledge and belief were necessary for the purpose of ouraudit.
b) In our opinion proper books of account as required by law have been kept bythe Company so far as appears from our examination of those books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statementdealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014 and the Companies (AccountingStandards) Amendment Rules, 2016.
e) On the basis of written representations received from the directors as on 31March, 2024, taken on record by the Board of Directors, none of the directorsis disqualified as on 31 March, 2024, from being appointed as a director interms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls,refer to our separate Report in "Annexure A". Our report expresses anunmodified opinion on the adequacy and operating effectiveness of theCompany's internal financial controls over financial reporting.
g) In our opinion and according to the information and explanations given to us,the remuneration paid by the Company to its directors during the current yearis in accordance with the provisions of Section 197 of the Act. Theremuneration paid to any director is not in excess of the limit laid down underSection 197 of the Act. The Ministry of Corporate Affairs has not prescribedother details under Section 197(16) which are required to be commentedupon by us.
h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,as amended, in our opinion and to the best of our information and accordingto the explanations given to us:
i) The Company does not have any pending litigations which would impactits financial position.
ii) The Company did not have any long-term contracts including derivativescontracts for which there were any material foreseeable losses.
iii) There were no amounts which required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv) 1. The management has represented that, to the best of its knowledge
and belief, no funds have been advanced or loaned or invested (eitherfrom borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other person(s) or entity(ies),including foreign entities ("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 entitiesidentified in any manner whatsoever by or on behalf of the Company("Ultimate Beneficiaries") or provide any guarantee, security or the likeon behalf of the Ultimate Beneficiaries;
2. The management has represented that, to the best of its knowledgeand belief, no funds have been received by the Company from anyperson(s) or entity(ies), including foreign entities ("Funding Parties"),with the understanding, whether recorded in writing or otherwise, thatthe Company shall, directly or indirectly, lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalfof the Funding Party ("Ultimate Beneficiaries") or provide anyguarantee, security or the like on behalf of the Ultimate Beneficiaries;and
3. Based on the audit procedures conducted by us, nothing has come toour notice that has caused us to believe that the representations undersub-clause (i) and (ii) contain any material misstatements.
v) No dividend declared or paid during the year by the Company.
vi) Based on our examination which included test checks, the Company hasused an accounting software for maintaining its books of account whichhas a feature of recording audit trail (edit log) facility and the same hasoperated throughout the year for all relevant transactions recorded in thesoftware. Further, during the course of our audit we did not come acrossany instance of audit trail feature being tampered with.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 isapplicable from April 1, 2023, reporting under Rule 11(g) of the Companies(Audit and Auditors) Rules, 2014 on preservation of audit trail as per thestatutory requirements for record retention is not applicable for thefinancial year ended March 31, 2024.
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 givein "Annexure B" a statement on the matters specified in paragraphs 3 and 4 ofthe Order
For, BIPIN & CO.
CHARTERED ACCOUNTANTS
FRN:101509 W
CA AMIT SHAH
PARTNER
M. No.: 126337
UDIN: 24126337BKCXQU5073
PLACE: VADODARA
DATE: 23.05.2024