We have audited the accompanying standalone financial statements of SHRI AHIMSA
NATURALS LIMITED (FORMERLY SHRI AHIMSA MINES AND MINERALS
LIMITED) (“the Company”) which comprise the Standalone Balance Sheet as at 31st March,
2024, the Standalone Statement of Profit and Loss and the Standalone Statement of Cash Flows
for the year then ended, and notes to the standalone financial statements, including a summary
of significant accounting policies and other explanatory information.
Basis for Qualified Opinion
(i) We draw your attention to Note No. 37 of the standalone financial statements regarding
purchases of agricultural land and payment of advance of Rs. 21 Lacs in respect of such
purchases, as more fully described in the said Note. We are unable to make any further
comment in this regard in absence of Agreement/Conveyance Deed in favour of the
Company.
(ii) We draw your attention to Note No. 38 of the standalone financial statements regarding
accounting for Insurance Claim Rs. 58.49 Lacs which is yet to be approved as more
described in the said Note. We are unable to make any further comment in this regard in
absence of approval of claim by the respective insurance company.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations given to us,
except for the possible effects of the matters described in the Basis of Qualified Opinion
paragraph above, the aforesaid standalone financial statements give the information 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
Companies (Accounting Standard Rules), 2021 (“AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31s' March, 2024 and its
Profit and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those
SAs 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 (“1C A I”)
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 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 sufficient and appropriate to provide
a basis for our audit opinion on the standalone financial statements.
Other Information
The Company's Management and Board of Directors are responsible for the preparation of the
other information. The other information comprises the information included in the Company’s
Annual Report, but does not include the standalone financial statements and our auditor’s report
thereon.
Our opinion on standalone 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 standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the standalone 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.
Management’s and Board of Directors’ Responsibilities for the Standalone
Financial Statements
The Company’s Management and Board of Directors are 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 state of affairs, profit/loss 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. 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
standalone financial statements 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, the respective 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 the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting
process.
Auditors’ 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 financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section I43(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls with respect to standalone financial statements 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 the Management and Board of
Directors.
• Conclude on the appropriateness of the Management and Board of Director’s use of the
going concern basis of accounting in preparation of standalone financial statements 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 the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of mis-statements 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 mis-statements in the standalone 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 Section 143(11) of the Act, we give in the
Annexure “A” a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss and
the Standalone Statement of Cash Flows dealt with by this Report are in agreement
with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act;
e) On the basis of the written representations received from the directors as on Is’
May, 2024 and taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2024 from being appointed as a director in terms of
Section 164(2) of the Act;
0 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;
In our opinion and according to the information and 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 of the Act. The Ministry of Corporate Affairs
has not prescribed other details under Section 197(16) of the Act which are
required to be commented upon by us.
g) 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, and
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 as on 3Isl
March, 2024 on its financial position in its standalone financial statements.
Refer Note 31 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.
(iv) (a) The Management has represented that, to the best of its 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(s) or entity(ies), including
foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, 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 its knowledge and
belief, no funds (which are materia! either individually or in the aggregate)
have been received by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall directly
or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Parties (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.
(c) Based on the audit procedures performed that have been considered
reasonable and appropriate in the circumstances, nothing has come to our
notice that has caused us to believe that the representations under sub¬
clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)
hereinabove, contain any material misstatement.
(v) The Company has neither declared nor paid any dividend during the year.
(vi) Based on our examination which includes test checks in our opinion, the
Company has used such accounting software for maintaining its books of
account which has a feature of recording audit trail (edit log) facility and
the same has been operated throughout the year for all transactions
recorded in the software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with.
As provisions to Rule 3(1) of Companies (Accounts) Rules, 2014 is
applicable from Is' April, 2023, reporting under Rule 11(g) of Companies
(Audit and Auditors) Rule, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the
financial year ended 31S1 March, 2024.
FOR JAIN V1NOD & COMPANY
® CHARTERED ACCOUNTANTS
(Firm’s Registration No. 005420C)
(VINOD GANGWAL)
PLACE: JAIPUR PARTNER
DATE: 10th June, 2024
Membership No.073827
UD1N: 4.3^3,
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