Independent Auditor Report
Standalone Financial Results
The Members of Kovilpatti Lakshmi Roller Flour Mills Limited, Gangaikondan.
Report on the Audit of the Standalone Financial Statements
Opinion
I have audited the standalone financial statements of Kovilpatti Lakshmi Roller Flour Mills
Limited ("the Company"), which comprise the balance sheet as at 31st March 2023, and the
statement of Profit and Loss, 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 which are included the financial
statements/ information for the year ended on that date audited by the branch auditors of the
Company's branches located at Coimbatore, Tamilnadu.
In my opinion and to the best of my information and according to the explanations given
to me, the aforesaid standalone financial statements give the information required by
the Companies Act ("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 31,2023, its profit and other comprehensive income, changes in
equity and its cash flows for the year ended on that date.
Basis for Opinion
I conducted my audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies 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 together with the ethical requirements that
are relevant to my audit of the financial statements under the provisions of the Companies
Act, 2013 and the Rules thereunder, and I have fulfilled my other ethical responsibilities in
accordance with these requirements and the 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
Key audit matters are those matters that, in my professional judgment, were of most significance
in my audit of the financial statements of the current period. These matters were addressed
in the context of my audit of the financial statements as a whole, and in forming my opinion
thereon, and I do not provide a separate opinion on these matters.
I have determined the matter described below to be the key audit matter to be communicated
in my report.
The Company's Management and Board of Directors is responsible for the other information.
The other information comprises the Board's report and the corporate governance report but
does not include the standalone financial statements and my auditor's report thereon. Those
reports are expected to be made available to me after the date of my auditor's report.
My opinion on the financial statements does not cover the other information and I will 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 my knowledge
obtained in the audit, or otherwise appears to be materially misstated. When I read the other
information, if I conclude that there is a material misstatement therein, I am required to
communicate the matter to those charged with governance and I shall report that fact."
Management’s Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
i Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the accounting standards specified under
section 133 of the Act, read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for the 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 gives 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
My objectives are to obtain reasonable assurance about whether the 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 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 on the basis of these financial statements.
I give in “Annexure A” a detailed description of Auditors; responsibilities for Audit of the
Standalone Financial Statements.
Other Matter
I did not audit the financial statements/ information of 1 (One) branch included in the stand¬
alone financial statements of the Company whose financial statements/financial information
reflect total assets of ' 5,976.34 lakhs as at 31st March 2023 and the total revenue of
' 12,197.79 lakhs for the year ended on that date, as considered in the standalone financial
statements/ information of these branches have been audited by the branch auditors whose
reports have been furnished to me, and my opinion in so far as it relates to the amounts and
disclosures included in respect of branch is based solely on the report of such branch auditors.
My opinion is not modified in respect of these matters.
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, I give in the "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
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 purposes of my audit.
(b) In my opinion, proper books of account as required by law have been kept by the
Company so far as it appears from my examination of those books and proper returns
adequate for the purposes of my audit have been received from the branches not visited
by me.
(c) The reports on the accounts of the branch offices of the Company audited under Section
143(8) of the Act by branch auditors have been sent to me and have been properly dealt
with by me in preparing this report.
(d) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account and with the returns received
from the branches not visited by me.
(e) In my opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(f) On the basis of the written representations received from the directors as on 31st March
2023 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
(g) 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 C”.
(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:
• The Company has disclosed the impact of pending litigations on its financial position
in its financial statements - Refer Note 36 to the financial statements;
• The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
• There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
(i) (A) 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.
(B) 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; and
(C) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to my notice that has caused us to believe that the
representations under subclause (i) (A) and (i) (B) contain any material misstatement.
(j) The dividend declared or paid during the year by the Company is in compliance with
Section 123 of the Act.
(k) As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which
provides for books of account to have the feature of audit trail, edit log, and related matters
in the accounting software used by the Company, is applicable to the Company only with
effect from financial year beginning April 1, 2023, the reporting under clause (g) of Rule 11
of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not applicable.
(l) The Company has paid/ provided for managerial remuneration in accordance with the
requisite approvals mandated by the provisions of Section 197 read with Schedule V to the
Act.
For Marimuthu And Associates
Chartered AccountantsCA. R Marimuthu
Membership No. 005770
Place : Coimbatore FRN: 014572S
Date : May 26, 2023 UDIN: 23005770BGXHGQ5636
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