We lime audited the accompanying standalone financial statements of Piccadily Agro
Industries Ltd ("the Company"I, which comprises the Standalone Balance Sheet as at March
31, 2025. the Standalone Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flows and the Standalone Statement of Changes in
Equity for the year then ended March 31, 2025, and a summary of significant accounting
policies and other explanatory information. (Hereinafter referred to as "the standalone
financial statements" U
In our opinion and to the best of our information and according ti> theexplanations 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 lair view in conformity
with the Indian Accounting Standards proscribed under section 133 of the Act road with the
Companies (Indian Accounting Standards!! Kales, 21115, as amended, ("Ind AS") and other
accounting principles generally accepted in India, oT the stale of af fairs of the Company as al
March 31, 2025, the profit and total comprehensive income, changes in equity 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 specified under Section 143(101 of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditor's Kcsponsihilities 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 hy the Institute of Chartered Accountants of India
(ICA1) together with tile independence requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Ad and the Rules made there
under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAl's Code of Ethics, We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for uur audit opinion on the
standalone financial statements
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the flnaneial statements of the current period. These matters were
addressed in the context of our audit of thefinancial statements ash whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. We have
determined that there are no key audit matters to he communicated in our report.
Other Information
The Company's Management and Board of Directors 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 Annex ure to Hoard's Report,
Corporate Governance and Shareholder's Information, but does not include the standalone
financial statements and our auditor's report thereon. The company's annual report is
expected to be made available to us after the date of this auditor's report.
Our opinion on I hi* standalone financial stakmuib does not rover the other information anti
we do not express any form of ussij ra nee to nr fusion thereon.
In connection with our audit of the standalone Unancinl statements* our responsibility is hi
read the other information when it becomes available 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 he materially
misstated.
Malta gem cut's Responsibility for the Standalone Financial .Statements
The Company's hoard of Directors is responsible for the matters stated in section lj4(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, pmflt/loss (including other comprehensive income),
changes in equity and cash flows of the Company in accordance with the Ind AS and other
accounting principles generally accepted in India. 'Hits responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and delecting frauds and other
irregularities; selection and application of appropriate accounting policies: making
judgments and estimates that arc 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, w hether due to fraud or error.
In preparing the standalone 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,
I he Hoard of Directors an* 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 au 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 oil the hasis of these standalone financial
statements.
As part of an audit in accordance w ith SAs, w e 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,
arid 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 lhan for one
resulting from error, as fraud may involve collusion* forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding ofinternal financial controls relevant to the audit in order to design
audit procedures that are appropriate in Lhe circumstances. Under section 143(3)(J) oflhe Act,
we are also responsible for expressing our opinion on whether Lhe Company has adequate
internal financial controls system in place and the operalingefiTectivenessofsuch controls.
‘Evaluate the appropriateness of accounting policies used and the reasonableness oT
accounting estimates and related disclosures made by management and Lhe board of directors.
‘Conclude on the appropriateness ofmanagement and theboard ofdnector's use of the going
concern basis of accounting and, based on the audit evidence Ob tamed ,whet her a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company;* ability to continue as a going concern, [fwe conclude that a material uncertainly
exists, we are required Lo draw attention in our auditor;* report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conelusions are based on the audit evidence obtained up to the dale of our auditor;*
report. lloweveT, future evenLs or conditions may cause Lhe 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 Lhe underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in Lhe standalone financial statements that,
individually or in aggregate, makes it probable lhat the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative fitetors 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.
Wc communicate with those charged with governance regarding, am ongoLher matters,
the planned scope and liming of the audit and significant audit findings, including any
significant deficiencies in internal control lhat weidentify dunngour audit.
We also provide those charged with governance with a statement lhat we have complied with
relevant elhieal requirements regarding independence, and Lo communicate with them all
relationships and other matters that may reasonably bethought to bear on our independence,
and where applicab le, related safeguards.
From the mailers communicated with [hose charged with governance, we determine Lhose
malLers that were of most significance in the audit of the standalone financial I statements of the
current period and are therefore the key audit maLters. We describe these malLers in our
a udilora> report unless law or regulation precludes public disclosure about the matter or wrhen.
in extremely rare circumstances, we determine that a malLer should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the pub lie interest benefits of such communication.
Re port on Other Legal and Regulator}' Requirements
1. As required by iheCompanies (Auditor's Report) Order, 2020{*'the Order'-t issued i>y the Central
Government in terms of Section 143(I I) of the Act, we give in “Annexure [l-- a statement on the
matters specified in paragraphs 3 and 4 of the Order.
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
nfour k now ledge and be I ief were accessary for the purpose ojour audi t,
(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 ex am in at ion of those books:
(cj The Balance Sheet. Statement of Profit and Loss including Other Comprehensive
income, the Cash Flow Statement and Statement: of Changes in Lquity dealt with by this
R e po rt a re i n ag rec me ill wi th t he boo ks of a ccou m;
(d) In our opinion, the aforesaid standalone financial statements comply with the Indian
Accounting Standards specified under section 133 of the Act. read with Kute 7 df the
Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors as on March 3L
2023 lakenon record by (lie Board of Directors, none^f the directors is disqualified as on
March 3 1,2023, from being appointed as a director in terms of section 164(2) of the Act,
(0 With res pec L Lo the adequacy of the inLernal financial controls over financial reporting
of the Company and Lhe operating effectiveness of such controls, refer to our separate
reporting '‘AmicXure A”. Our report expresses an unmodified opinion on lire adequacy and
npe rating effectiveness of the Company’s internal financial controls over financial repotting,
(g) With respect tn die other matters fo 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 of the Act.
(h) With respect to the other matters to be included in the Auditor's Report in accordance
with Ryle ! ! of lhe Companies (Audit and Auditor.',) Rules, 2(114, in our opinion and to the best
of our information and according to the ex pi an at ions given tons:
L The Company has disclosed the impact of pending litigations on iLs financial posiLioti
in its standalone End AS financial statements Ý Refer Note 32 to the standalone Ind AS financial
statements;
Ur 1’he Company did not have arty long-term contracts including derivative com me is
for which there were any material foreseeable losses;
111. There has been no delay m transferring amounts and equity shares, required to be
transferred, Lothe Investor [education and Protection Fund by the Company.
IV. 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 oilier sources or kind
of funds! by the Company to or in any other person or entity, including foreign cniiiy
("intermediaries”), with the understanding whether recorded in wi lling or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or end lies
identified in any maimer whatsoever by or on behalf of the Company (‘'Ultimate
Beneficiaries") of provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
V. The Management has represented, that, to the best of its knowledge and belief, no
In lids (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, w hether recorded in writing or otherwise, ihaL the Company shall* whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by pi on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any
gu a ra n t ee, s ecij ri ty or rh e J i k e on beba]fofth|^L 11 j ni a te ljjS| ne ft c iari es,
VI, Based on (he audit.procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused lis Lo believe that the
represcuta lions under sub-clause (v) and (vi) ol’Rule 11(e) contain any material misstatement.
VII, Based on otir examination which included test checks, the Company has used
accounting softwares for maintaining its books of account, which have a feature of recording
audit (mil (edit log) facility and the same lias operated throughout the year for all relevan1
transactions recorded in the respective software. Hurt her, for the periods audit trail (edit log)
facility was enabled and operated throughout the year for the respective accounting software,
vye did not cot lie across any instance of the audit trail feature being tampered with.
VIH. The company has not declared or paid any dividend during the year in contravention
of I he provisiotis of sect ion l%3 of the Co m pa n i e> Act, 2013.
3, Willi respect to the mattenobe included in the Auditors’ Report under Section 197(16}
of the Act;
In our opinion and according to the information and explanations given to tis, the remuneration paid
by rhe Company to its directors during rhe current year is in accordance with the pro visions of
Section 197 of the Act, The remuneration paid to any direeroi is not in excess of the limit laid down
under Section 197 of the Act. The Ministry of Corporate Affairs lias not prescribed other details
under Sect ion 197(10) which are required to be commented upon by us.
For JAIN St ASSOCIATfifl
Chartered Accountants
(Regd No.iOOl 36JN)
Sd/-
Datc: May 20, 2023 Krishan Mangawa
Placet Gumgram Partner
UDJN: 255B236RMJPJQ4533 Membership No,: 513230
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