TO THE MEMBERS OF VASUNDHARA RASAYANS LIMITED Report on the Audit of Financial
Statements Opinion
We have audited the accompanying financial statements of VASUNDHARA RASAYANS LIM- ITED
("the company ) which comprise the Balance Sheet as at March 31 2023, the Statement
of Profit and Loss including the statement of Other Comprehensive Income, the Statement of
Changes in Equity and Cash Flow statement for the year then ended, and 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 CompaniesAct, 2013 ("the
Act") in the manner so required and give a true and fair view in conformity with the
Indian Accounting Stan- dards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and
other accounting principles generally accepted in India: a) in the case of the Balance
Sheet, of the state of affairs of the Company as at March 31, 2023; b) in the case of the
Statement of Profit and Loss , of the Profit for the year ended on that date. Basis of
Opinion We conducted our audit 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 Auditors 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
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. Key Audit Matters Key audit matters are those matters that, in our
professional judgment, were of most signifi- cance in our audit of the financial
statements of the current period. 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. "We have determined that there are no
key audit matters to communicate in our report” Responsibility of Management for the
Financial Statements The Companys 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, total comprehensive income, changes in equity
and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate ac- counting policies; making
judgments and estimates that are reasonable and prudent; and design, imple- mentation 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 give a true and fair view and
are free from material misstate- ment, whether due to fraud or error. In preparing the
financial statements, management is responsible for assessing the Companys 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 Com- pany or to cease operations, or has no realistic alternative but to do
so. The Board of Directors are responsible for overseeing the companys financial
reporting pro- cess. Auditors Responsibility 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 misstatement, whether due to fraud or error, and to
issue an auditors report that includes our opinion. Reasonable assurance is a high level
of assurance, butis 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 aggre- gate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements. As part of an Auditin accordance with SAs, We exercise
professional judgement and maintain professional skepticism throughout the Audit. We also
: Identify and assess the risk of material misstatement of the Financial Statements,
whether due to fraud or error, design and perform, audit procedures responsive to those
risk, and obtain audit evi- dence 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 omission, misrepresentations, or the override of internal control. Obtain an
understanding of internal financial controls relevant to the audits in orderto design
audit procedures that are appropriate in the circumstances.Under section 143(3)(i) of the
Act, we are also responsible for expressing our 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 account- ing estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of account-
ing and, based on the audit evidence obtained, whether a material uncertainty exits
related to events or conditions that may cast significant doubt on the Companies ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors reportto the related disclosure in the
financial statement or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the Audit evidence obtained upto 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
underline transactions and events in a manner that achieves fair presentation. Materiality
is the magnitude of misstatement in the financial statements that, individually or in
aggregate makes it probable that the economic decisions of a reasonably knowledgeable user
of the financial statements may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our Audit work and in evaluating the
results of our work and (ii) to evaluate the effect of any identified misstatements in the
financial statements. 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 significance defi- ciency 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 auditors report unless
law or regulations 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 for doing so would reasonably be expected to outweigh the public
interest benefits of such communica- tion. Report on Other Legal and Regulatory
Requirements
1 As required by the Companies (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give
"Annexure A" 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 &
obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit; b) in our opinion proper books of
account as required by law have been kept by the Company so far as appears from our
examination of those books; c) the Balance Sheet, and the Statement of Profit and Loss
including other Comprehensive Income, Statement of Changes in Equity and Statement of Cash
Flow dealt with by this Report are in agreement with the relevant books of account; d) In
our opinion, the aforesaid financial statements comply with the Ind AS 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 March 31, 2022, and
taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2023, from being appointed as a director in terms of Section 164(2) of the Com-
panies Act, 2013. 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 our separate Re- ports in "Annexure B". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Companys internal financial
controls over financial reporting.
9) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in
our opinion and to the best of our information and according to the explanations given to
us: (i) The Company does nothave any pending litigations which would impact its financial
position. (i) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses. (iii) There were no amount
which were required to be transferred to the Investor Education and Protection Fund by the
Company. (iv) (a) The Managementhas represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate) 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 or entity, including
foreign entity (“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; (b) The Managementhas represented, that, to
the best of its knowledge and belief, no funds (which are material either individually or
in the aggregate) have been received by the Company from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether recorded in
writing or oth- erwise, 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; (c) Based on the audit procedures
thathave been considered reasonable and ap- propriate in the circumstances, nothing has
come to our notice that has caused us to believe that the representations under sub-clause
(i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.
(v) The dividend paid by the Company during the year in respect of the same declared
for the previous year is in accordance with section 123 of the Act to the extent it
applies to payment of dividend. (M) Proviso to Rule 3(1) of the Companies (Accounts)
Rules,2014 for maintaining books of account using accounting software which has a feature
of recording audit trail (edit log) facility is applicable to the company with effect from
April 1, 2023, and accordingly,reporting under rule 11(g) of Companies (Audit and
Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.
For MAMTA JAIN & ASSOCIATES
Chartered Accountants Firm Reg. No.328746E
| UDIN : 23304549BGYWIP2725 |
Mamta Jain |
| Place : Kolkata |
(Partner) |
| Dated : 29th Day of May 2023 |
Membership No.304549 |
Annexure- A
ANNEXURE TO THE
INDEPENDENT AUDITORS REPORT
The Annexure referred to in paragraph 1 under the "Report on other Legal and
Regulatory requirements" our report to the members of VASUNDHARA RASAYANS LIMITED
(‘the Company") on the financial statement for the year ended 31st March, 2023,
we report that : On the basis of such checks as we considered appropriate and according to
the information and expla- nation given to us during the course of our audit, we report
that: Mh @ (A)The Company has maintained proper records showing full particulars including
quantita- tive details and situation of property, plantand equipment: (B) The Company did
not have any Intangible assets at any time during the Year. (b) The property, plantand
equipment have been physically verified by the management during the year which, in our
opinion, is reasonable having regard to the size of the company and the nature of its
assets. According to the information and explanation given to us, no mate- rial
discrepancies were noticed on such verification.
(c The title deeds of immovable properties are held in the name of the company.
c) The Company has not revalued any Property, Plant and Equipment (including Right of
Use Assets) during the year.
c No proceedings have been initiated or are pending against the company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made
thereunder. (i) (a) The management has conducted physical verification of inventory at
reasonable intervals. The procedures of physical verification of inventory followed by the
management are reason- able and adequate in relation to the size of the company and the
nature of its business. The company is maintaining proper records of inventory and no
material discrepancies in inven- tory were noticed on physical verification. (i) (b) The
Company has not been sanctioned working capital limited in excess of five crores rupees on
the basis of security of current assets at any point of time of the year. (iii) In our
opinion and according to the information and explanations given to us, the Company has not
made investments in, provided any guarantee or security or granted any loans or dvances in
the nameture of loans, secured or unsecured to companies, firms, Limited Liability
Partnerships, or any other parties during the year.
@) The Company has given loans during the year to the holding company . The aggregate
amount of loan granted during the year was Rs. 1,150.00 lakhs and balance outstanding as
at 31st March 2023 was Rs. 1204.89 lacs (b) According to the information and explanation
given to us and on the basis of our examina- tion of the books of accounts, the
investments made by the company are prima facie not prejudicial to the interest of the
Company.
(?) Inrespectofloans given by the Company, the schedule of repayment of principal and
pay- ment of interest has been stipulated and the repayments of principal amounts and
receipts of interest are generally regular with reference to the stipulations. (d) In
respect of loans granted by the Company there is no amount which is overdue at the Balance
Sheet date as per the information and explanations provided to us. (e) No loan or advance
in the nature of loan granted which has fallen due during the year, has been renewed or
extended or fresh loans granted to settle the over dues of existing loans given to the
same parties. Accordingly, provisions of Clause (iii) (e) of Paragraph 3 of the Order are
not applicable to the Company.
(f The company has granted following loans which are repayable on demand to the related
parties as defined in clause (76) of section 2 of the CompaniesAct, 2013;
| Particulars |
As at March 31, 2023(Rs in lakhs) |
% of total Loans |
| Loans given :Repayable on demand |
|
|
| Promoter/Related Party |
1,240.89 |
94.62% |
| Others |
70.61 |
5.38% |
| Total |
1,311.50 |
100% |
) In our opinion and according to the information and explanations given to us, the
provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans,
investments, guarantees, and security has been complied by the company.
“) According to the information and explanations given to us, the Company has not
accepted any deposits during the year within the meaning of the directives issued by the
Reserve Bank of India, provisions of section 73 to 76 of the Act, any other relevant
provisions of the Act and the relevant rules framed thereunder. (vi) As informed to us,
the maintenance of Cost Records has not been specified by the Central Government under
sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the
company. (vii) (@) According to the information and explanations given to us, the Company
is generally regular in depositing with the appropriate authorities undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax, Goods &
Services Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax,
Cess and any other material statutory dues applicable to it. On the basis of the records
of the Company and the information and explanations given to us, there was no arrears of
statutory dues as on the last day of the financial year concerned outstanding for a period
of more than six months from the date, they became payable. (b) According to the
information and explanations given to us, there were no disputed dues payable in respect
of Income Tax, Goods & Services Tax, Sales Tax, Service Tax, Duty of Customs, Duty of
Excise, Value added Tax and Cess as at 31st March, 2023. (vil) According to the
information and explanations given to us, there were no such transactions which have not
been recorded in the books of account and which have been surrendered or disclosed as
income during the year in the tax assessment under the Income Tax Act, 1961. (ix) a) The
company has not defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender. b) According to information and explanations given to us,
the Company has not been declared willful defaulter by any bank or financial institution
or other lender.
c) The Company has not taken any term loan during the year. d) the funds raised on
short term basis have been utilised for sort term purposes only not for long term
purposes. e) The Company has not taken any funds from any entity or person on account of
or to meet the obligations of its subsidiaries, associates or joint ventures. The Company
has not raised any loans during the year on pledge of securities held in subsidiaries,
joint ventures and associate companies. x) According to the information and explanations
givento us, the Company has not raised money by way of initial public offer or further
public offer including debt instruments and term loan during the year. Accordingly, clause
(x)(a)of paragraph 3 of the aforesaid Order is not applicable to the Company. b) According
to the information and explanations given to us, the company has not made any preferential
allotment or private placement of shares or convertible debenture during the year. (xi)
According to the information and explanations given to us, no fraud by the Company or on
the Company by its officers or employees has been noticed or reported during the year. b)
There is no report under sub section 12 of section 143 of the Companies act has which has
been filed by the auditors in Form ADT -4 as prescribed under rule 13 of Companies (Audit
and Auditors) Rules, 2014 with the Central Government.
c) According to the informations and explanations given to us, there are no whistle
blower complaints received by the Company during the year (xii) The Company is not a Nidhi
Company. Accordingly, clause (xii) of paragraph 3 of the aforesaid Order is not applicable
to the Company. (xiii) On the basis of our examination of the books of account of the
Company and according to the information and explanations given to us, transactions with
the related parties are in compliance with section 177 and 188 of the Act and the same has
been disclosed in the notesto the financial statements as required by the applicable
Accounting Standards.
(xiv) a) On the basis of our examination of the records of the Company and according to
the information and explanations given to us, the Company has internal audit system
commen- surate with the size and nature of its business: b) We have considered reports of
internal auditorfor the year under consideration in determin- ing nature, timing and
extent of our audit procedure. xv) In our opinion, the Company has not entered into any
non-cash transactions with directors or person connected with him. Xvi) In our opinion,
the company is not required to be registered under section 45 :A of the Reserve Bank of
India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not
applicable to the Company. xvii) The Company has not incurred cash losses in in the
financial year and in the immediately preced- ing financial year, xviii) There has not
been any resignation by the statutory auditors of the Company during the year. XiX) On the
basis of our examination of the records of the Company, financial ratios, ageing, and
expected dates of financial assets and liabilities and other information accompanying
financial statement, the auditors knowledge of Board of Directors and management plans and
according to the information and explanations given to us, there are no material
uncertainty existon the date of audit report that the company is capable of meeting its
liabilities existing on the date of balance sheetand as and when they fall due within a
period of one year from the balance sheet date. (x) On the basis of our examination of the
records of the Company and according to the information and explanations given to us, The
Company is not required to spentamount towards Corporate Social Responsibility (CSR). xxi)
On the basis of our examination of the records of the Company and accordingto the
information and explanations given to us, the company does not have any subsidiary or
associate company, accordingly this clause is not applicable to the company.
For MAMTA JAIN & ASSOCIATES
Chartered Accountants Firm Reg. No.328746E
| UDIN : 23304549BGYWIP2725 |
Mamta Jain |
| Place : Kolkata |
(Partner) |
| Dated : 29th Day of May 2023 |
Membership No.304549 |
Annexure-B
Report on the Internal Financial Controls under clause (i) of sub-section 3 of the
Companies Act, 2013 (‘the Act)
We have audited the internal financial controls over financial reporting of VASUNDHARA
RASAYANS LIMITED ("the company") as of 31st March, 2023 in conjunction with our
audit of financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India ("ICAI"). These
responsibilities include the design, implementation and maintenance of adequate internal
finan- cial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to the Companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the CompaniesAct, 2013
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the ‘Guidance Note) and the Standards on Auditing, issued by ICAl and deemed to be
prescribed under the Section 143(10) of the CompaniesAct, 2013, to the extent applicable
to an audit of internal financial controls , both applicable to an audit of Internal
Financial 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 and
plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial report- ing were established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the frequency
of the internal financial controls system over financial reporting and their
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstate- ment of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficientand appropriate to
provide a basis of our audit opinion on the Companys internal financial control system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial controls over financial reporting is a process designed
to provide reason- able assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. ACompanys inter- nal financial controls over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable details, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally ac- cepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of the
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or dis- position of
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Controls over Financial Reporting
Because of inherent limitations of internal controls over financial reporting,
including the possibility of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial control over
financial reporting may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the company has, in all material respects, an adequate financial
controls system over financial reporting and such internal financial controls system over
financial reporting were operating effectively as at 31st March 2023, based on the
internal financial control over financial reporting criteria established by the company
considering the essential components of internal control stated in the Guidance Note on
audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
For MAMTA JAIN & ASSOCIATES
Chartered Accountants Firm Reg. No.328746E
| UDIN : 23304549BGYWIP2725 |
Mamta Jain |
| Place : Kolkata |
(Partner) |
| Dated : 29th Day of May 2023 |
Membership No.304549 |
+91-9892691696
