We have audited the accompanying financial
statements of READYMIX CONSTRUCTION
MACHINERY LIMITED. (“The Company”),
which comprise the Balance Sheet as on
31 st March 2025, the Statement of Profit and
Loss and Cash flow Statement for the year
ended 31st March 2025, 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 Standards prescribed under
section 133 of the Act read with Companies
(Accounts) Rules, 2014 as amended and other
accounting principles generally accepted in
India; of the state of affairs of the Company
as at 31st March 2025, 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.
Key Audit Matters
Key audit matters are those matters that,
in our professional judgment, were of most
significance in our audit of the financial
statements for the year ended March 31,2025
(current year). 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.
Information other than the Financial Statements
and Auditors' Report thereon
The Company's board of directors are
responsible for the preparation of the
other information. The other information
comprises the Management report, Corporate
information, Chairman's statement, Director's
report, etc but does not include the financial
statements and our auditor's report
thereon. The Management report, Corporate
information, Chairman's statement, Director's
report, etc is expected to be made available to
us after the date of this auditor's report.
Our opinion on the financial statements does
not cover the other information and we will
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 identified above when it
becomes available 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.
When we read the Management report,
Corporate information, Chairman's statement,
Director's report, etc, if we conclude that there
is a material misstatement therein; we are
required to communicate the matter to those
charged with governance under SA 720 'The
Auditor's responsibilities Relating to Other
Information'.
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 control
relevant to the audit in order to 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 internal financial controls
with reference to financial statements 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.
Report on other Legal and Regulatory
Requirements
1. 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 Act,
we give in "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
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 2025 taken on record by the Board of
Directors, none of the Directors is disqualified
as on 31st March 2025 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".
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 and according to the
information and explanations provided to us
by the Management in this regard, 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 neither declared nor paid
any dividend during the year.
vi. Based on our examination, which included
test checks, the Company has used accounting
software for maintaining its books of account
for the year ended 31st March 2025, 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) In our opinion, according to information,
explanations given to us, the Company has
paid managerial remuneration in excess of
the limits specified under Section 197 of
the Companies Act, 2013 during the year.
However, the Company has obtained the
necessary approval by way of a special
resolution passed by the shareholders in the
Extra-Ordinary General Meeting held on 05th
August 2024. Our opinion is not modified in
respect of this matter.
For B S M A R T AND ABHISHEK JHUNJHUNWALA Date: 26 May, 2025
ASSOCIATES LLP Partner Place: Pune
Chartered Accountants M. NO: 138187
UDIN: 25138187BMOPG4373
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