We have audited the accompanying financial statements of ABRAM FOOD LIMITED
(formerly known as Abram Food Private Limited) (the “Company”), which comprise the
Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Statement of
Changes in Equity and the Statement of Cash Flows ended on that date, and a summary of
significant accounting policies and other explanatory information (hereinafter referred to as
the “financial statements”).
In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid financial statements give the infomiation required by the Companies Act,
2013 (the “Act”) in the manner so required and give a true and fair view in conformity with
the Accounting Standards prescribed under section 133 of the Act read with Rule 7 of the
Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit,
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing ( SA”s) specified under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor’s Responsibilities for the Audit of the
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
(“ICAI”) together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficients ml
appropriate to provide a basis for our audit opinion on the financial statements.
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Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors and Management is responsible for the preparation of the
other information. The other information comprises the information included in the
Management Discussion and Analysis, Board’s Report including Annexures to Board’s
Report, Business Responsibility and Sustainability Report, Corporate Governance Report,
and Shareholder Information, but does not include the financial statements and our auditor’s
report thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of our
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 and Those Charged with Governance (TCWG)
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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,
lelevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is 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 the Board ofl^^^v
brno do sf t0 HqUidate the C°mpany °r t0 Cease 0perati0ns’ 0r haS n° rea<*«° alternative
P^r °f DireCt°rS ^ alS° reSPOnSiWe &r °VerSe6ingthe Company’s feanoia. reporting
Auditor’s Responsibility
auditor’s report that includes our opinion. Reasonable assurance is a high level assurance"
but is not a guarantee that an audit conducted in aecordance with SAs will always d^ect a
material restatement when it exists. Misstatements can arise from fraud or 3 and are
considered material if, individually or in the aggregate, they could reasonably be xpected to
influence the economic decisions of users taken on the basis of these financialstotem/nt
• Identify and assess the risks of material misstatement of the Financial Results
! , fraud or error’ desiSn and P«form audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
fraud rrrr Jhe riSk °f ^ det6Cting 3 materiaI missta‘ement resulting from
fraud is higher than for one resulting from error, as fraud may involve colfusT
forgery, intentional omissions, misrepresentations, or the override of internal control. ’
• Obtain an understanding of internal financial controls relevant to the audit in order to
**rappropriate in the —und“ ^
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
to company has adequate internal financial controls with reference to finlndal
atement m place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
abilMhe6 CStS r t0 6VentS M C°nditi0nS th£“ may °aSt Significant doubt««the
bihty of the Company to continue as a going concern. If we conclude that a material
rckte?^,61513^ ^ 8re reqUired t0 dl'aW attenti0n 111 our ^‘oris report to the
disclosures in the Financial Statement or, if such disclosures are inadequate;®^
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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 Financial Results,
including the disclosures, and whether the Financial Results 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 scone 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 Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the
besf of our knowledge and b elief 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, Statement of Changes in
Equity and the Statement of Cash Flows dealt with by this Report are in —
agreement with the relevant books of account.
(d) In our opinion, the aforesaid financial statements comply with the accounting
standards specified under Section 133 of the Act read with rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations* received from the directors as on
31/03/2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31/03/2024 from being appointed as a director in terms of
Section 164 (2) of the Act.
ffi With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in “Annexure A”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company's internal
financial controls over financial reporting.
(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, no remuneration has been paid by the Company to its
directors during the year.
(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 no pending litigations during the financial year under
consideration.
ii. The Company has made provision, as required under the applicable law or
applicable accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts.
iii. There has been no transfer of amount to the Investor Education and Protection
Fund by the Company, as the company was not required to do so.
iv. In respect of funds advanced/ received:
a) The management has represented that, to the best of it’s knowledge
and belief, other than as disclosed in the notes to the accounts, no^C&AS^N,
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funds 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 entities
(Intermediaries”), with the understanding, whether recorded in
wnhng or otherwise, that the frrtermediaiy 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 it’s knowledge
mid belief, other than as disclosed in the notes to the accounts, no
fluids have been received by the company from any person or entity
mcluding foreign entities (“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 m 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; and
c) Based on our audit procedures we considered these reasonable and
appropriate in the circumstances and nothing has come to our notice
that has caused us to believe that the representations under sub-clause
(a) and (b) contain any material mis-statement.
v. No Dividend has been declared or paid by the company during the year.
vi. Based on our examination, which included test checks, the Company has used
accounting software Tally for maintaining its books of accounts for the
feancml year ended March 31, 2024 which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all
relevant transactions recorded in the software. Further, during the course of
our audit we did not come across any instance of the audit trail feature being
tampered with. s
As provreo to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutoty requirements for record retention is not applicable for the finanejffife.
year ended March 31,2024.
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* f FR(Jj605354C M
1*1 \ 1L _ / * I
Z ml CenSfr^the C°TanieS (AUdit°r’S ReP°rt) °rder> 2020 (“the 0rder”) ^
Sa ^ ” m tenns of Se^on 143(11) of the Act, we give in “Annexure
B a statement on the matters specified in paragraphs 3 and 4 of the Order.
For GAUR & ASSOCIATES
Chartered Accountants
FRN: 005354C
M. No. 016746
UDIN: 2-H0\6 7-76 g.Jcg zyZ PlaCe: New-Delhi
' fcT7 Date: 07/0872024
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