We have audited the accompanying financial statements of NUTRICIRCLE LIMITED ("the
Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit
and Loss (including other comprehensive income), and the Statement of Cash Flows for the
year ended on that date, and a summary of the 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 these financial results:
(i) are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
(ii) give a true and fair view in conformity with the recognition and measurement principles
laid down in the applicable accounting standards and other accounting principles generally
accepted in India (Comprising of the net profit/loss and other comprehensive income) and
other financial information of the company for the quarter and Year Ended March 31,2025.
Basis for Qualified Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the Financial
Results 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 together with the ethical
requirements that are relevant to our audit of the financial results under the provisions of the
Companies Act, 2013 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 obtained by us is sufficient and appropriate to provide a basis for our
qualified opinion on financial statements.
During the course of our audit, we noted that an unsecured loan of Rs 50.00 lakhs is
outstanding from Mr. K. Veersham to Nutricircle Limited. However, the Company has not
provided a balance confirmation or alternative evidence in respect of this loan. In the absence
of such confirmation or supporting documentation, we were unable to verify the completeness
and accuracy of the said loan balance.
Accordingly, we were unable to obtain sufficient appropriate audit evidence regarding this
matter, which has led to a limitation in the scope of our audit and forms the basis for our
qualified opinion.
Our conclusion on the financial statements is qualified in respect of the above matter
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.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company’s Board of Directors are 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 Annexures to Board’s Report, Corporate Governance and
Shareholder’s Information, but does not include the financial statements and our auditor's report
there on.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion there on.
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 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 Responsibility for the Financial Statements
The Company's Board of Directors are 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, total comprehensive income, and cash
flows of the Company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards referred to in Section 133 of Companies Act 2013, read
with 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 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 statements 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.
The Board of Directors are responsible for overseeing the Company's financial reporting
process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our responsibility is to express an opinion on these financial statements based on our audit
We have taken into account the provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the audit report under the provisions of the
Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section
143(10] of the Act. Those Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the Accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
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 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 143(3)(i) of the
Act, 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 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 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. 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 misstatements in the 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.
From the matters communicated with those charged with governance, we determine those
matters that were of significance in the audit of the 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 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, issued by the Central
government of India, in terms of section 143 (11] of the companies Act, 2013, and on the
basis of our examination of the books and records as we considered appropriate and
according to the information and explanation given to us, we give in the “Annexure B" a
statement on the matters specified in paragraph 3 and 4 of the Order, to the extent
applicable.
2. As required by section 143(3] of the Companies Act 2013, 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 purpose of our audit.
b] In our opinion proper books of account as required by law have been kept by the Company
so far as appears from our examination of those books.
c] The Balance Sheet and Statement of Profit and Loss and Cash flow Statement dealt with by
this Report are in agreement with the books of account.
d] In our opinion, the aforesaid financials comply with the Indian Accounting Standards
specified under of Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts] Rules, 2014.
e] On the basis of written representations received from the directors as on March 31, 2025,
and taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2025, from being appointed as a director in terms of sub section (2] of section
164 of the Companies Act, 2013.
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 our separate report in
"Annexure A"; and
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] There are no pending litigations for or against the Company which would impact its
financial position.
ii] The Company does not have any derivatives contracts. Further there are no long term
contracts for which provisions for any material foreseeable losses is required to be made.
iii] There are no amounts pending that are required to be transferred to Investor Education
and Protection Fund.
h] (i] 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 share premium
or any other sources or kind of funds] by the Company to or in any other persons or
entities, 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 ("Ultimate Beneficiaries”) by or on behalf of the Company or
• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries
(ii) 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 ("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 ("Ultimate Beneficiaries") by or on behalf of the Funding Party
or
• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries.
(iii) Based on such audit procedures as 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 (h) (i) and (h) (ii) contain any material mis-statement.
(i) Based on our examination, which included test checks, the company have used an accounting
software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software. Further, during our audit, we did not come across any instance of audit
trail feature being tampered with.
Furthermore, the audit trail has been preserved by the company as per the statutory
requirements of record retention where the audit trial feature has been enabled.
For NSVR& ASSOCIATES LLP.,
Chartered Accountants
(FRN No.008801S/S200060)
Sd/-
R Srinivasu
Partner
M.No:224033
UDIN: 25224033BMHXT08217
Date: 26th May 2025.
Place: Hyderabad.
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