We have audited the accompanying standalone financial statements of Associated Coaters Limited (“thecompany”) which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss and CashFlows Statement for the year ended on that date and notes to the financial statements, including a summary ofsignificant 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 aforesaidfinancial statements give the information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India, of the state of affairs of the Companyas at March 31, 2024 and profit 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) ofthe Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to our audit of the financial statements under the provisions of theCompanies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtainedis 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 ofthe standalone financial statements of the current period. These matters were addressed in the context of ouraudit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not providea separate opinion on these matters. We have determined the matters described below to be the key auditmatters to be communicated in our report.
Sr.No.
Key Audit Matter
Auditor’s Response
NIL
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON
The Company's Board of Directors is responsible for the preparation of the other information. The otherinformation comprises the information included in the Management Discussion and Analysis, Board's Reportincluding Annexures to Board's Report, Business Responsibility Report, Corporate Governance and Shareholder'sInformation, but does not include the standalone financial statements, standalone financial statements, and ourauditor's report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the otherinformation and in doing so, consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation; we are required to report that fact. We have nothing to report in this regard.
RESPONSIBILITY OF MANAGEMENT & THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONEFINANCIAL STATEMENTS
The Company's 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 thefinancial position, financial performance, and cash flows of the Company in accordance with the accountingprinciples generally accepted in India, including the accounting Standards specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design, implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant tothe preparation and presentation of the financial statement that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continueas a going concern, disclosing, as applicable, matters related to going concern and using the going concern basisof accounting unless management either intends to liquidate the Company or to cease operations, or has norealistic alternative but to do so.
That Board of Directors are also responsible for overseeing the company's financial reporting process.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF FINANCIAL STATEMENT
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected toinfluence 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 professionalskepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatementresulting 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 areappropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are alsoresponsible for expressing our opinion on whether the company has adequate internal financial controlssystem in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that maycast significant doubt on the Company's ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor's report. However, future events or conditions maycause 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 thatachieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that weidentify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethicalrequirements regarding independence, and to communicate with them all relationships and other matters that mayreasonably 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 ofmost significance in the audit of the financial statements of the current period and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when, in extremely rare circumstances, we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditor's Report) Order, 2020 (“the Order”), issued by the Central Government ofIndia in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A statementon the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable in “ Annexure A”.
As required by Section 143(3) of the Act, we report that:
We have sought and obtained all the information and explanations which to the best of our knowledge and beliefwere necessary for the purposes of our audit
• In our opinion, proper books of account as required by law have been kept by the Company so far as itappears from our examination of those books.
• The Balance Sheet & the Statement of Profit and Loss, dealt with by this Report are in agreement with thebooks of account.
• In our opinion, the aforesaid financial statements comply with the Accounting Standards specified underSection 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
• On the basis of the written representations received from the directors as on 31st March, 2024 taken on recordby the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed asa director in terms of Section 164 (2) of the Act.
• With respect to the adequacy of the internal financial controls over financial reporting of the Company and theoperating effectiveness of such controls, we report that this clause is not applicable to the company.”(Ifcompany's turnover is <50 cr and its borrowings from financial institutions is < 25 cr.)
• With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and accordingto the explanations given to us:
i) The Company does not have any pending litigations on its financial position in its financial statements.
ii) The Company has made provision, as required under the applicable law or accounting standards, for materialforeseeable losses, if any, on long-term contracts including derivative contracts.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund bythe Company.
iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which arematerial either individually or in the aggregate) have been advanced or loaned or invested (either from borrowedfunds 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, thatthe Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, securityor the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which arematerial 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 otherwise, that the Company shall, whether, directly orindirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of theFunding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the UltimateBeneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in thecircumstances, 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 company has not declared any dividend in last year which has been paid in current year. Further, nodividend has been declared in current year
vi) The reporting under rule 11(g) of the companies (Audit & Auditors) Rules, 2014 is applicable from 1 April 2023.Based on our examination, the company has used accounting software for maintaining its books of accounts forthe financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility there is asingle user ID created in the accounting software due to which the audit trail feature is not completely functional,hence the audit trail report does not capture the details as to which data was deleted/altered with respect tomodified entries.
For JMP AssociatesChartered AccountantsFRN -324235E
CA Manish GadiaPartnerM No.059677Place:- KolkataDate- 09.08.2024