We have audited the accompanying financial statements of Vaishno Cement Company Limited (“the
Company”), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss, the
statement of change in equity, the statement of Cash Flow statement 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, the aforesaid
financial statements give the information required by the Companies Act, 2013(‘the Act’) in the manner so
required and gives 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 31st, 2024, its Profit, changes and its cash flows for
the year ended on that date.
BASIS FOR OPINION
We conducted our audit in accordance with the Standards on Auditing (SAs) specified u/s 143(10) of the Act.
Our responsibilities under those SAs 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 together with the ethical requirement
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 on the financial statements.
INFORMATION OTHER THAN THE FINANCIAL STATEMENT AND AUDITOR’S REPORT
THEREON
The Company’s board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board’s Report including Annexures to Board’s Report,
Business Responsibility Report but does not include the financial statements does not cover the other 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 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 is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (‘’the Act’’) with respect to the preparation of these financial statements that give a true and fair
view of the financial position, financial performance 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 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility 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 the design, implementation and maintenance of 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 liquidated 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.
AUDITORS’ RESPONSIBILITY FOR THE AUDIT OF FINANCIAL STATEMENTS
Our 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 our
opinion. Reasonable assurance 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 i 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 SA 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. Under section 143(3) of the Companies Act, 2013, we are also
responsible for expressing your 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
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 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, 2016 (“the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 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 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 and Cash flow Statement dealt with by this
Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and the Statement of Profit & Loss and Cash Flow Statement
comply with the Accounting Standard referred to in section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2024 and
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024
from being appointed as a director in terms of section 164 (2) of the Companies Act, 2013.
f) With respect to the adequacy of the internal financial control over financial reporting of the Company and
the operating effectiveness of such controls, refer to our separate report in (Annexure -B).
g) With respect to the other matters included in the auditor’s report and to best of our information and
according to the explanation given to us.
i. The company have no pending litigation on its financial position in its financial statement.
ii. The company has made provisions, as required under the applicable law or Accounting
Standards, for material foreseeable losses, if any, and long-term contracts including derivative contracts.
iii. Since the Company has incurred Loss during the Financial Year ending as on 31st March, 2024,
there is no declaration of Dividend.
iv. Based on our examination which includes test checks. The company has not used accounting
software for maintaining its books of accounts which have feature of audit trail (edit log) facility for the year
for all relevant transaction, so we could not verify that.
For, M/s. Bijan Ghosh & Associates
Chartered Accountants
Firm’s registration number: 323214E
Sd/-
CA. Bijan Ghosh
Membership No: 009491
Place: Kolkata
Dated: The 30th day of May, 2024
UDIN: 24009491BKDZXZ3709
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