We have audited the accompanying financial statements of READYMIX CONSTRUCTION
MACHINERY LIMITED. (“The Company"), which comprise the Balance Sheet as on 31st
March 2024, the Statement of Profit and Loss and Cash flow Statement for the year ended
31st March 2024, 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 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 financial performance, and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. 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 Companies Act, 2013 and the
Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Information other than the Financial Statements and Auditors' Report thereon
The Company's management and board of directors are responsible for the preparation of
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^fSpmSsnriation 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 and on the other information obtained prior to the date of this auditor's report,
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 Financial
Statements
The Company's Board of Directors are 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. This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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, the Board of Directors are 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 the Board
of Directors 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 Responsibility for the Audit of Financial Statement
Our objectives are to obtain reasonable assurance about whether the financial statements
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
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 financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances and also for the
purpose of expressing an opinion on the effectiveness of the entity's internal 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.
Report on other Legal and Regulatory Requirements
1. 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", a statement on the matters specified in the paragraph 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 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 31st March 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 statements of the Company and the operating effectiveness of such
controls, refer to our separate report in "Annexure B" to the Auditors Report.
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 has no pending litigations which would impact its financial
position.
ii. The Company does not have any long-term contracts, including derivative
contracts for which there were any material foreseeable losses.
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 it's knowledge and
belief, other than as disclosed in the notes to the accounts, 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 person(s) or entity(ies), including foreign entities ("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;
The management has represented, that, to the best of it's knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have
been received by the company from any person(s) or entity(ies), including
foreign entities ("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; and
Based on audit procedures which we 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 above contain any material
misstatement.
v. The Company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.
vi. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year
ended 31st March 2024, which has a feature of recording audit trail (edit log) facility.
Further, during the course of our audit we did not come across any instance of the
audit trail feature being tampered with.
h) With respect to the matter to be included in Auditor's Report under section
197(16) of the Act, in our opinion and according to the information and
explanations given to us, the limit prescribed by section 197 for maximum
permissible managerial remuneration is not applicable to the company in the
current year.
For B S M A R T AND ASSOCIATES LLP
CHARTERED ACCOUNTANTS
FRN: 121181W/W100011
ABHISHEK JHUNJHUNWALA\aS\ hjj
PAR™ER
M. NO: 138187
DATE: 20/08/2024
PLACE: PUNE
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