1. We have audited the accompanying standalone financial statements of Srivari Species and Foods
Limited ('the Company'), which comprise the Balance Sheet as at 31 March 2025, the Statement of
Profit and Loss, the Statement of Cash Flow, and notes to the standalone financial statements,
including material accounting policy information and other explanatory information.
2. 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
('the Act') in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, including the Accounting Standards prescribed under section
133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014 (as
amended), of the state of affairs of the Company as at 31 March 2025, and its profit and its cash flows
for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing 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 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 ('ICAI') 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
4. 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 year. These matters were addressed
in the context of our audit of the standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Information other than the Standalone Financial Statements and Auditor's Report thereon
5. The Company's Board of Directors are responsible for the other information. The other information
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 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 the 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.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements
6. The accompanying standalone financial statements have been approved by the Company's Board of
Directors. The Company's Board of Directors are responsible for the matters stated in section 134(5)
of the Act with respect to the preparation and presentation of these standalone financial statements
that give a true and fair view of the financial position, financial performance including other
comprehensive income, 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 the 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, 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.
7. In preparing the standalone financial statements, the Board of Directors 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 of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
8. The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the standalone Financial Statements
9. 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 Standards on Auditing 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.
10. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the
Act 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 Act we are also responsible
for expressing our opinion on whether the Company has adequate internal financial controls with
reference 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 management;
• Conclude on the appropriateness of Board of Directors' 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; and
• 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; and
11. 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.
Report on Other Legal and Regulatory Requirements
12. As required by section 197(16) of the Act based on our audit, we report that the Company has paid
remuneration to its directors during the year in accordance with the provisions of and limits laid
down under section 197 read with Schedule V to the Act.
13. 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.
14. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit,
we report, to the extent applicable, that:
i) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit of the accompanying standalone
financial statements;
ii) 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 except for the matters stated in paragraph 14(h)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as
amended);
iii) The standalone financial statements dealt with by this report are in agreement with the books of
account;
iv) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards
referred to in section 133 of the Companies Act, 2013.;
v) On the basis of the written representations received from the directors and taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March 2025 from being appointed
as a director in terms of section 164(2) of the Act;
vi) The qualification relating to the maintenance of accounts and other matters connected therewith
are as stated in paragraph 14(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended);
vii) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company as on 31 March 2025 and the operating effectiveness of such controls,
refer to our separate report in Annexure B wherein we have expressed an unmodified opinion; and
viii) 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 (as amended), in our opinion and to the best of
our information and according to the explanations given to us:
i. the Company does not have any pending litigations which would impact its financial position as at 31
March 2025;
ii. the Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses as at 31 March 2025;
iii. there were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended 31 March 2025;
iv.
a. The management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested (either from borrowed funds or securities premium or any other
sources or kind of funds) by the Company to or in any persons or entities, including foreign entities
('the 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 ('the Ultimate Beneficiaries') or provide
any guarantee, security or the like on behalf the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, , no funds have been
received by the Company from any persons or entities, including foreign entities ('the 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; and
c. Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The Company has not declared or paid any dividend during the year ended 31 March 2025.
vi. Based on our examination which included test checks, the Company, in respect of financial year
commencing on or after 1 April 2025, has used an accounting software for maintaining its books of
account, however, due to lack of adequate Information Technology General Controls, we are unable
to rely on automated controls related to financial reporting in the accounting software and
consequently, we are unable to comment on whether the audit trail feature operated throughout
the year for all relevant transactions recorded in the software or whether there were any instances
of audit trail feature being tampered with.
For Rao and Shyam
Chartered Accountants
Firm's Registration No.: 006186S
Kandarp Kumar Dudhoria
Partner
Membership No.: 228416
UDIN: 25228416BMONUA6463
Place: Hyderabad
Date: 30 May 2025
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