D. Basu & Co., Chartered Accountants, issued an independent auditor's report to the members of Assam Carbon Products Limited regarding the audit of the financial statements for the year ended March 31, 2024. The financial statements audited include the Balance Sheet, Statement of Profit and Loss (including Other Comprehensive Income), Cash Flow Statement, Statement of changes in Equity, and a summary of significant accounting policies with explanatory information.
**Opinion:**
The auditor's opinion is that the financial statements give a true and fair view of the state of affairs of Assam Carbon Products Limited as at March 31, 2024, and its profit, cash flow, and changes in equity for the year then ended, in accordance with the Companies Act, 2013, and Indian Accounting Standards (IND AS).
**Basis of Opinion:**
The audit was conducted in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. The auditors are independent of the company, adhering to the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI). The auditors believe the audit evidence obtained is sufficient and appropriate to provide a basis for their opinion.
**Key Audit Matters:**
The auditors determined that there were no matters which needed to be reported.
**Information Other than the Financial Statements:**
The Board of Directors is responsible for other information including shareholder information, Report of the Board of Directors & Management Discussion and Analysis, excluding the financial statements and auditor's report. The audit opinion does not cover this other information, and the auditors are not required to express any assurance conclusion thereon.
**Management's Responsibility:**
The Board of Directors is responsible for preparing IND AS financial statements that give a true and fair view, maintaining adequate accounting records, safeguarding company assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments, and maintaining adequate internal financial controls. Management is also responsible for assessing the company's ability to continue as a going concern.
**Auditor's Responsibility:**
The auditor's objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement and to issue an auditor's report. This includes exercising professional judgment, maintaining skepticism, identifying and assessing risks of material misstatement, and obtaining sufficient audit evidence.
**Other Legal and Regulatory Requirements:**
As required by the Companies (Auditor's Report) Order 2020, the auditor provided a statement on the matters specified in paragraphs 3 & 4 of the order which is documented in "Annexure A".
**Section 143(3) of the Act Reporting:**
The auditors report that they have obtained all necessary information, proper books of account have been kept, the financial statements are in agreement with the books of account, the IND AS financial statements comply with accounting standards, and none of the directors are disqualified.
**Internal Financial Controls:**
A separate report in "Annexure B" expresses an unmodified opinion on the adequacy and operating effectiveness of the company's internal financial controls over financial reporting.
**Other Matters Included in the Auditor's Report:**
The remuneration paid to directors is in accordance with section 197 of the Act. The company has disclosed the impact of pending litigation, did not have material foreseeable losses from long-term contracts, and had no amounts required to be transferred to the Investor's Education and Protection Fund.
**Representations by Management:**
Management has represented that no funds have been advanced or loaned with the understanding that the intermediary will lend or invest in other entities identified by the company, and no funds have been received by the company with the understanding that the company will lend or invest in entities identified by the funding party.
Based on audit procedures, nothing has come to the auditor's notice that the representations contain any material misstatement.
**Dividend and Accounting Software:**
The final dividend proposed in the previous year was declared and paid in accordance with section 123 of the Act. The company used accounting software with an audit trail facility, which operated throughout the year, and no tampering was found.
**Annexure A - Additional Reporting:**
The Company has maintained proper records of its assets. Physical verification of fixed assets is conducted regularly and no material discrepancies were noted. Title deeds of immovable properties are held in the name of the Company. The Company has not revalued any of its assets or held any benami property. Inventory has been physically verified and any discrepancies noted were not material. The company has working capital facilities from banks that have been utilized for their intended purpose, and is regularly filing required details with the bank. The company has not granted any loans, secured or unsecured, to companies, firms, or other parties. The Company has not accepted any deposits during the year. The Central Government has not prescribed maintenance of cost records. Statutory dues, including GST, provident fund, and income-tax, have generally been regularly deposited. The Company has not defaulted in repayment of loans or other borrowings. The company has not raised any money by initial public offer. The company has a proper internal audit system.
**Annexure B - Report on Internal Financial Controls:**
The auditor expressed an unmodified opinion that the Company has an adequate internal financial controls system over financial reporting, and such controls were operating effectively as at March 31, 2024. The management is responsible for establishing and maintaining internal financial controls, and the auditors' responsibility is to express an opinion on these controls based on their audit.
**Financial Results (Standalone, Audited):**
For the year ended March 31, 2024 (Audited), Assam Carbon Products Limited reported:
* Revenue from Operations: INR 6,264 Lacs
* Other Income: INR 168 Lacs
* Total Income: INR 6,432 Lacs
* Profit before tax: INR 1,155 Lacs
* Tax expense: INR 332 Lacs
* Net Profit from after tax: INR 823 Lacs
* Total Comprehensive Income: INR 826 Lacs
* Earnings per share of Rs. 10 each: INR 29.85
**Balance Sheet Highlights (As at March 31, 2024 - Audited):**
* Total Assets: INR 6,235 Lacs
* Equity Share Capital: INR 276 Lacs
* Other Equity: INR 4,719 Lacs
**Cash Flow Statement:**
For the year ended March 31, 2024:
* Net Cash provided by operating activities: INR 666 Lacs
* Net cash used in investing activities: INR (48) Lacs
* Net cash used in financing activities: INR (55) Lacs
* Net increase in cash and cash equivalents: INR 498 Lacs
* Cash and cash equivalents closing balance: INR 644 Lacs
