Financial Year: 2024
Independent Auditor's Report for APL METALS LIMITED
Opinion: VPC & Associates, Chartered Accountants, have audited the standalone annual financial results of APL METALS LIMITED for the year ended March 31, 2024. The results were submitted to comply with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In their opinion, the standalone financial results are presented in accordance with Regulation 33 and give a true and fair view, in conformity with Indian Accounting Standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income for the year ended March 31, 2024.
Basis of Opinion: The audit was conducted in accordance with the Standards on Auditing (SAs) under Section 143(10) of the Companies Act, 2013. The auditors are independent of the Company and have fulfilled ethical responsibilities. The audit evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion.
Emphasis of Matter: Note 6 of the financial statements highlights that the company incurred a net cash loss during the current financial year. However, the financial statements have been prepared on a "Going Concern" basis due to the reasons outlined in Note 6.
Management's Responsibility: The Board of Directors is responsible for the preparation and presentation of standalone financial results that give a true and fair view of the net profit and other comprehensive income, the statement of assets and liabilities, and the statement of cash flows, in accordance with Indian Accounting Standards and Regulation 33. This includes maintaining adequate accounting records, safeguarding assets, preventing fraud, applying appropriate accounting policies, and maintaining adequate internal financial controls. The Board is also responsible for assessing the Company's ability to continue as a going concern.
Auditor's Responsibilities: The auditor's objectives are to obtain reasonable assurance about whether the standalone annual financial results are free from material misstatement and to issue an auditor's report. This involves exercising professional judgment, maintaining skepticism, identifying and assessing risks of material misstatement, designing and performing audit procedures, and obtaining sufficient audit evidence. The auditor is also responsible for expressing an opinion on whether the Company has adequate internal financial controls with reference to financial statements.
The auditor evaluates the appropriateness of accounting policies, reasonableness of accounting estimates, and related disclosures made by the Board of Directors. They also conclude on the appropriateness of the Board's use of the going concern basis of accounting and whether a material uncertainty exists. The auditor communicates with those charged with governance regarding the audit's scope, timing, findings, and any significant deficiencies in internal control.
Other Matters: The standalone annual financial results include the results for the quarter ended March 31st, 2024, which is the balancing figure between the audited figures for the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review.
Financial Performance (Year Ended March 31, 2024):
Balance Sheet Highlights (as of March 31, 2024):
Cash Flow Statement Highlights:
Explanatory Notes Highlights:
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