We have audited the accompanying Ind AS financial statements of White Organic Agro Limited (the "Company")
which comprise the Balance Sheet as at 31 March, 2025, and the Statement of Profit and Loss (including other
comprehensive income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended,
and Notes to the Financial Statements, including a Summary of Significant Accounting Policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, except for the
effects of the matters described in the Basis for Qualified Opinion section of our report, the aforesaid Ind AS
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 Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended ("Ind
AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025, and profit, changes in equity and its cash flows for the year ended on that.
Basis for Qualified Opinion
1. Non-Provision of Doubtful Loan:
The Company had a 75% stake in Future Farms LLP which was exited in the year 2020-2021. The Company
had invested Rs. 201.91 Lakhs in Future Farms LLP which was later converted into loan as recoverable from
Future Farms LLP due to disinvestment. The amount is still outstanding since 2021. The management has not
made any provisions towards the same as they are of the opinion that the amount is recoverable. In our
opinion, provision need to be made since the amount is outstanding since 2021. Had the provision of Rs.
201.91 Lakhs made during the year the profit would have reduced by Rs. 201.91 Lakhs for the current period
and Loan and Advances receivable would have been reduced by Rs. 201.91 Lakhs.
2. Non-Transfer of Unpaid Dividend to Investor Education and Protection Fund (IEPF):
The Company has not transferred the unpaid dividend amounting to Rs. 45,669/- pertaining to the financial
year 1997-98 to the Investor Education and Protection Fund as required under Section 124(5) and Section
125 of the Companies Act, 2013 which is a non-compliance of the provisions of the Act.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a 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 communicate in our report.
Other Information
The Company's management and Board of Directors is 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 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 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 Ind AS financial statements
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 Ind AS financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, changes in equity
and cash flows of the Company in accordance with accounting principles generally accepted in India, including
Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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 Ind AS financial statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Ind AS 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.
Auditors' Responsibility for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
standalone Ind AS financial statements. The procedures selected depend on the auditor's judgment, including
the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due
to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to
the Company's preparation of the standalone Ind AS financial statements that give a true and fair view in order
to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by
the Company's Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 Ind AS 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 Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls
system 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 management's 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 Ind AS 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 Ind AS financial statements, including the
disclosures, and whether the Ind AS financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• 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.
• From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the Ind AS financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our 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"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 and on the basis
of such checks of the books and records of the Company as we considered appropriate and according to the
information and explanation given to us, we give in "Annexure 1", a statement on the matters specified in
paragraphs 3 & 4 of the Order, to the extent applicable.
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 of our knowledge and
belief were necessary for the purposes of our audit except for the matter described under Basis for Opinion
paragraph.
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 except for the matter described under Basis for Opinion
paragraph.
c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Cash Flow
Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books
of account.
d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards (Ind AS)
prescribed under Section 133 of the Act, read with relevant rules issued thereunder except for the matter
described under Basis for Opinion paragraph.
e) On the basis of the written representations received from the directors as on 31 March, 2025, 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.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and
the operating effectiveness of such controls, we give our separate Report in "Annexure 2".
g) 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 does not have pending litigations which would materially impact its financial position
except for income tax appeal filed for financial year 2017 -18 (A.Y 2018-19), kindly refer to note no. 32
for more details.
ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
iii. There has been delay in transferring unpaid dividends amounting to ? 45,669/- to Investor Education
and Protection Fund by the company, which fall due for transfer in FY 2002-03 but has not been
transferred till 31st March, 2025. As informed, the management of the Company was changed during FY
2010-11 and new management is in the process of transferring the unpaid dividend to Investor Education
& Protection Fund.
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 such 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 (a) and (b) contain any material misstatement.
v. The company has not declared or paid any dividend during the year.
vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from April
1, 2023. Based on our examination which included test checks and as informed by the management of
the company, the Company has used accounting software for maintaining its books of account, which
has a feature of recording audit trail (edit log) facility and the same has been operative throughout the
year for all relevant transactions recorded in the respective software. Further, the audit trail feature has
not been tampered with and the audit trail has been preserved by the Company as per statutory
requirements.
FOR GUPTA RAJ & CO.
CHARTERED ACCOUNTANTS
FIRM NO. 001687N
PLACE: MUMBAI CA NIKUL JALAN
DATED: 30/05/2025 (PARTNER)
UDIN: 25112353BMIXYO5533 MEMBERSHIP NO. 112353
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