Vaishno Cement Co Ltd.
|BSE: 526941||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE116E01018|
|BSE 00:00 | 30 Aug||Vaishno Cement Co Ltd|
|NSE 05:30 | 01 Jan||Vaishno Cement Co Ltd|
|BSE: 526941||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE116E01018|
|BSE 00:00 | 30 Aug||Vaishno Cement Co Ltd|
|NSE 05:30 | 01 Jan||Vaishno Cement Co Ltd|
THE MEMBERS OF
VAISHNO CEMENT COMPANY LIMITED
REPORTON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying Standalone financial statements of Vaishno CementCompany Limited ("the Company") which comprise the Balance Sheet as at 31stmarch 2019 the Statement of Profit and Loss and Cash Flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ('the Act'') with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theAccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014. This responsibility also includes maintenance of adequate Accounting recordsin accordance with the provisions of the Act for safeguarding the Assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the company's Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2019 and its Loss for the year ended on that date.
Key Audit Matters
Key Audit matters are those matters that in our professional judgement were mostsignificant in our audit of the financial statements for the financial year ended March31 2019. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.
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 ofthe Act we give in the Annexure A statement on the matters specified in Paragraphs 3 and4 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 bestof 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 theCompany 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 dealtwith by this Report are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under 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 31stMarch 2019 and taken on record by the Board of Directors none of the directors isdisqualified as on march 312019 from being appointed as a director in terms of section164 ( 2) of the Act.
f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in (Annexure B).
g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules 2014. i. The Company does not have any pending litigations which wouldimpact its financial position. ii. The Company did not have any long- term contractsincluding derivative Contracts for which there were any material foreseeable losses. iii.There were no amounts which required to be transferred by the Company to the InvestorEducation and Protection
For & on behalf of
Basu & Co.
S.K. Kar (Partner)
Place: Kolkata Dated: 28/05/2019
Annexure A" to the Independent Auditors' Report
The Annexure Referred to our Independent Auditor' Report to the members of the Company VAISHNOCEMENT COMPANY LIMITED on the standalone Financial Statements for the yearended 31st March 2019 we report that;
The Company has no Fixed Assets; therefore the physical verification of Assets does notarise.
1) The Company has no Inventory.
2) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with size of the company and thenature of its business with regard to purchase of fixed assets and sale of services. Wehave not observed any major weakness in the internal control system during the course ofthe audit.
3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company.
4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013in respect of loans investments guarantees and security.
5) The Company has not accepted any deposits from the public.
6) As informed to us the maintenance of Cost Records has not been prescribed by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.
a) According to the books and records as produced and examined by us in accordance withgenerally accepted auditing practices in India and also based on Managementrepresentations undisputed statutory dues including Provident Fund
Employees state Insurance Dues Income Tax Sales Tax Wealth Tax Service TaxCustom Duty Excise Duty Value Added Tax Cess and Other material Statutory dues havegenerally been regularly deposited by the Company during the year with the appropriateauthorities in India. According to the information and explanation given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at March31st 2019 for a period of more than six months from the date of becoming payable.
b) As at 31st March 2019 there have been no disputed dues which have not beendeposited with the respective authorities in respect of Income Tax Wealth Tax ServiceTax Sales Tax Custom Duty Excise Duty Value Added Tax and Cess.
7) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.
8) The Company has accumulated losses at the end of the financial year.
9) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by other from banks or financialinstitutions.
10) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3(ix) of the Order are not applicable.
11) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.
12) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;
13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.
14) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) Of the Order are not applicable to the Company.
15) In our opinion and according to the information given to us and based on ourexamination of the Records of the company company has not made any preferential allotmentor private placement of Shares or fully or partly convertible debentures during the year.
16) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.
17) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.
" Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of VAISHNOCEMENT COMPANY LIMITED ("the Company") as of March 31 2019 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Instituted of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the
"Guidance Note") and the Standards on Auditing issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with gener allyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.