We have audited the accompanying Ind AS financial statements of V R WOODART LIMITED (‘the Company'),
which comprise the balance sheet as at 31st March 2024, and the statement of profit and loss (including other
comprehensive income), the statement of changes in equity and the cash flow statement for the year then ended,
and notes to the Ind AS financial statements, including a summary of the significant accounting policies and other
explanatory information (herein after referred to as ‘Ind AS financial statements').
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind
AS financial statements give the information required by the Companies Act, 2013 (‘the Act') 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, its Loss (including other comprehensive income),
changes in equity 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 under Section 143(10) of
the Act. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit
of the Ind AS 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 Ind AS 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Ind AS financial statements of the current year. Based on our professional judgement, we have determined
that there are no key audit matters to communicate in our report.
Other Information
The Company's management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company's report, but does not include the financial
statements and our auditors’ report thereon.
Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the Ind AS financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is no 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 Ind AS Financial Statements
The Company's management and Board of Directors are responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these Ind AS financial statements that give a true and fair view of the
state of affairs, loss and other comprehensive income, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
(Ind AS) specified under Section 133 of the Act. 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
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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Ind AS financial statements, management and 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 management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Ind AS financial statements
Our objectives are to obtain reasonable assurance about whether the Ind AS 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 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 the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Ind AS 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 Ind AS 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 adequate 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 Ind AS 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 Ind AS financial statements, including the
disclosures, and whether the Ind AS 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 Ind AS financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors' 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 (Auditors Report) Order 2020 (“the Order”) as amended 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 paragraphs 3 & 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 (including other comprehensive income), the
statement of changes in equity and the cash flow statement dealt with by this report are in agreement
with the books of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the Ind AS specified under
Section 133 of the Act;
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 Act; and
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'.
B) 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, in our opinion and to the best of our information and
according to the explanations given to us:
i) . As informed to us, the Company does not have any pending litigation which would impact its
financial position, as on 31st March, 2024.
ii) . The Company did not have any long term contracts including derivative contracts for which there
were any material foreseeable losses.
iii). There were no amounts that were required to be transferred, to the Investor Education and
Protection Fund by the Company; and
C) Based on our examination, the Company has used accounting software’s for maintaining its books of
account during the year ended March 31, 2024, which have a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the
respective software.
Further, during the course of our examination, we did not come across any instance of the audit trail feature being
tampered with, in respect of the accounting software’s for the period for which the audit trail feature was enabled
and operating.
D) With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act, in our
opinion and according to the information and explanations given to us, no managerial remuneration was
paid to any director during the year. The Ministry of Corporate Affairs has not prescribed other details
under Section 197(16) which are required to be commented upon by us.
For Thakur, Vaidyanath Aiyar & Co.
Chartered Accountants
Firms Registration No. 000038N
Place: Mumbai
Date: 30.05.2024
C. V. Parameswar
Partner
Membership No. 11541
UDIN No. 24011541BKEUFH8336
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