We have audited the accompanying standalone financial statements of KRISHIVAL FOODS LIMITED
("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss
(including other comprehensive income), Statement of Changes in Equity and Cash Flows Statement for
the year then ended, and notes to the Standalone Financial Statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as "standalone financial
statements").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013 ('Act')
in the manner so required and give a true and fair view in conformity with the Indian Accounting Standard
prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standard) Rules,
2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025, its profit (including other comprehensive income), changes in
Equity and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of Standalone Financial Statements in accordance with the standards on auditing
specified under section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the auditor's responsibilities for the audit of the Standalone Financial Statements
section of our report. We are independent of the Company in accordance with the code of ethics issued by
the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to
our audit of the Standalone Financial Statements under the provisions of the Act and the rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code
of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance 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 financial statements as a whole, and in forming our opinion thereon,
during the year we could not see any key audit matters that requires significant reporting.
The Board of Directors are responsible for the other information. The other information comprises the
information included in Company's Board Report, but does not include the Standalone financial statements and
our auditor's report thereon.
Our opinion on the Standalone financial statements does not cover the other information and we do not and
will not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether such other information is materially inconsistent with the
Standalone financial statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information; we are required to report that fact. We have nothing to report in this regard.
Responsibility of Management for Standalone Financial Statements:-
The Company's management and the 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 that give a true and fair
view of the financial position, financial performance including other comprehensive income, changes in equity,
and cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the Indian accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management and Board of Directors are responsible for
assessing 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 unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a
whole are free from material misstatement, whether due to 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 audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these Standalone Financial
Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are
also responsible for expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the 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
a going concern.
• Evaluate the overall presentation, structure and content of the Standalone financial statements,
including the disclosures, and whether Standalone Financial Statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any 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 any significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A"
a statement on the matters specified in paragraphs 3 of the Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the
Cash Flow Statement and Statement of Changes in Equity dealt with in this Report are in
agreement with the books of account.
d. In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting
Standards (Ind AS) prescribed under section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.
e. On the basis of the written representations received from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from
being appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls with reference to Standalone
Financial Statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal financial controls with reference to
standalone financial statements.
g. With respect to the other matters to be included in the Auditor's Report in accordance with the
requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our
information and according to the explanations given to us, the remuneration paid by the Company
to its directors during the year is in accordance with the provisions of Section 197 read with
Schedule V of the Act.
h. With respect to the other matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i) The Company has disclosed the impact of pending litigations on its financial position in its
Standalone Financial Statements - Refer Note 39 to the Standalone Financial Statements. .
ii) The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
i. (a) The management has represented that to the best of his knowledge and belief, no funds (which
are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds)by the
company to or in any other person or entity, including
foreign entity("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 entities identified in any manner whatsoever by or on behalf of the company ("ultimate
beneficiaries")or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
(b) The management has represented that to the best of his knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the company
from any person or entity, including foreign entity ("funding parties"), with the understanding,
whether recorded in writing or otherwise, that the company shall whether directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the funding party ("ultimate beneficiaries")or provide any guarantee, security or the like on behalf
of the ultimate beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representation
under sub clause (i) and (ii) of rule 11(e) as provided under (a)and (b) above, contain any material
misstatement.
j. The final dividend proposed in the previous year, declared and paid during the current year is in
accordance with section-123 of Companies Act 2013.
The board of Directors of the company have proposed final dividend for the current year which is
subject to the approval of the members at the ensuing Annual General Meeting. The amount of
dividend proposed is in accordance with section 123 of the Act, as applicable.
k. The Company has maintained its books of account using the Tally Prime accounting software,
which includes an audit trail (edit log) feature. This feature was active throughout the year for all
transactions recorded in the software. Further, during our audit we did not come across any
instance of audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for record retention.
For Tamanna Parmar & Associates
Chartered Accountants
Firm's Registration No. 01444C
CA Tamanna Parmar
Partner
Membership No. 409291
UDIN :- 25409291BNGCBS9491
Place : Mumbai
Date : 24th May 2025
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