We have audited the accompanying financial statements of Karnimata Cold Storage Limited (“the Company”),
which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes of Equity for the year then ended
and notes to the financial statements, including a summary of significant accounting policies and other
explanatory information for the year ended on that date (hereinafter referred to as the “Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, 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 31st March, 2024, and its profit and total comprehensive income, its Cash
Flows and Changes in Equity for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 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
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 year. 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. Based on the audit procedure performed including assessment of risk of material misstatement we
have not come across any material Key Audit Matters that are required to be communicated in accordance with
the standard.
Information Other than the Financial Statements and Auditors' 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 company's management and the annual report for the
year ended March 31, 2024 but does not include the financial statements and our auditors' 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 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 with respect to the above.
Responsibilities of Management and those charged with Governance 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, total comprehensive income, changes in equity and 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 assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of 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 also responsible for overseeing the company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstament, 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 misstament when it exists. Misstaments 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 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 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. But not for the purpose of expressing an opinion on the 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 auditors' 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 auditors' 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.
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.
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 Act, we based on our examination given in the
“Annexure A”, a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent
applicable.
2. Further to our comments in the annexure referred to in the paragraph above, 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;
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;
c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income, the statement
of changes in equity and Cash Flow Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under
Section 133 of the Act; read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31st March, 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 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 with reference to financial statement of the
company and the operating effectiveness of such controls, refer to our separate report in Annexure B.
3. 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 any pending litigations as on 31st March, 2024 which would impact its
financial position;
ii) The Company did not have any long-term contracts including derivate contracts for which there were any
material foreseeable losses except in case of loans advances to farmers for which necessary provisions
has been made in the Financial Statements.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
iv) 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 on behalf of the Ultimate Beneficiaries.
v) The management has represented that to the best of its knowledge and belief, no funds have been
received by the Company from 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 on behalf of the Ultimate Beneficiaries.
vi) 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 clause (iv) and (v)
contain any material misstatement.
vii) The company has not declared or paid any dividend during the year and has not proposed final dividend
for the year.
viii) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014 is applicable from 1st
April, 2023.
Based on our examination which included test checks, the feature of audit trail (edit log) was enabled in the
month of March, 2024. For accounting softwares for maintaining its books of account,
After the facility was enabled, it was operated throughout the year for the Account software. We did not
come across any instance of the audit trail feature being tempered with.
ix) With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act :
In our opinion and according to the information and explanation given to us, the remuneration paid by the
company to its directors during the current year is in accordance with the provisions of Sec 197 of the Act.
The remuneration paid to any director is not in excess of the limits laid down under sec 197 of the Act.
R C Jhawer
Proprietor
Membership No. 17704
For and on behalf of
R C Jhawer & Co.
Chartered Accountants
Regn. No. 310068E
7A, Bentinck Street (New Wing UDIN : 24017704BKEKRI6937
Kolkata - 700 001 Dated, the 30th day of May, 2024
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