I have audited the accompanying financial statements of M/s. CHORDIA FOOD PRODUCTS LIMITED (“the Company”) which
comprises the Balance Sheet as at March 31,2024, the Statement of Profit and Loss, Statement of Cash Flows, Statement of Change
in Equity, notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.
In my opinion and to the best of my information and according to the explanations given to me, the aforesaid 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, of the state of affairs of the Company as at March 31, 2024, and its profit,
its cash flow and the statement of change in equity for the year ended on that date.
Basis for Opinion
I have conducted the audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act, 2013. My
responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of my report. I am 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 my audit of the financial statements under
the provisions of the Act and the Rules thereunder, and I have fulfilled my other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. I believe that the audit evidence I have obtained is sufficient and appropriate to provide
a basis for my opinion.
Key Audit Matters
I have determined that there are no key audit matters to communicate in my report.
Other Information
The Company's Management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company's annual report, but does not include the financial statements and auditor's report(s) thereon. The
Company's annual report is expected to be made available to us after the date of this auditor's report.
My opinion on the financial statements does not cover the other information and I do not express any form of assurance/conclusion
thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information identified above when it
becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Responsibility of Management for the 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 financial statements that give a true and fair view of the financial position, financial performance including other comprehensive
income, changes in equity, and the cash flow 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 financial statement 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 management either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the company's financial reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
My objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether
due to fraud or error, and to issue an auditor's report that includes my 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 based on these financial statements.
As part of an audit in accordance with SAs, I exercise professional judgement and maintain professional skepticism throughout the
audit. I also:
• I dentify and assess the risks of material misstatement of the 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 my 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, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
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 uncertainty exists related to events or conditions that may cast significant doubt on the
company's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention
in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my
opinion. My conclusions are based on the audit evidence obtained up to the date of my 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 statements, including the disclosures, and whether the
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. I consider quantitative
materiality and qualitative factors in (i) planning the scope of my audit work and in evaluating the results of my work; and (ii) to evaluate
the effect of any identified misstatements in the financial statements.
I 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 I identify during my audit.
I also provide those charged with governance with a statement that I 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 my
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, I determine those matters that were of most significance in
the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters, if any, in
my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I
determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) as amended, issued by the Central Government in
terms of sub section (11) of Section 143 of the Act, I give in the “Annexure A” a statement on the matters specified in paragraphs
3 and 4 of the Order.
2. As required by section 143(3) of the Act, I report that:
a. I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary
for the purpose of my audit
b. I n my opinion proper books of account as required by law have been kept by the company so far as appears from my
examination of those books;
c. The Balance Sheet, and Statement of Profit and Loss (including other comprehensive income), including statement of
changes in Equity and statement of Cash flows, dealt with by this Report are in agreement with the books of account;
d. In my opinion, the aforesaid financial Statements comply with the Indian 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 March, 2024 taken on record by the Board of
Directors, none of the directors are disqualified as on 31 March, 2024 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 over financial reporting of the Company and the operating
effectiveness of such controls refer to my separate Report in “Annexure B”,
g. With respect to the matter to be included in the Auditors' Report under section 197(16):
The Company has not paid remuneration to its directors during the current year. Accordingly, the provisions of Section 197 of
the Act is not applicable.
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 my opinion and to the best of my information and according to the explanations given to me:
i. The Company has disclosed the impact of pending litigations if any on its financial position in its financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there are any material
foreseeable losses;
iii. There were no amounts, required to be transferred to the Investor Education and Protection Fund by the Company for
the Financial Year 2023-24;
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 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 its 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 my notice that has caused me to believe that the representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain any material misstatement.
v. No dividend has been paid by the Company during the year.
vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.
Based on our examination which included test checks the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software.
Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the respective
accounting software, we did not come across any instance of the audit trail feature being tampered with.
M/s. Sunil Shah
Chartered Accountants
CA Sunil Shah
Proprietor
M No. 37483
Place: Pune Peer Review No.: 015422
Date: 29th May, 2024 UDIN: 24037483BKEWRK8598
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