JKVS & CO, Chartered Accountants, issued an Independent Auditor's Report on the audited annual financial results of The Scottish Assam (India) Limited, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). The report is addressed to the Board of Directors of The Scottish Assam (India) Limited.
**Opinion:**
The auditors have audited the accompanying statement of Annual Financial Results of The Scottish Assam (India) Limited for the quarter and year ended March 31, 2024, along with the Statement of Assets and Liabilities and the Statement of Cash Flows as of the same date. These statements are submitted by the Company pursuant to the requirements of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'). In the auditor's opinion, based on their information and explanations, the Annual Financial Results are presented in accordance with the requirements of Regulation 33 of the Listing Regulations and give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2024.
**Basis for Opinion:**
The audit was conducted in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. The auditor's responsibilities under those SAs are described in the 'Auditor's Responsibilities for the Audit of the Annual Financial Results' section of the report. The auditors 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 the audit of the financial statements under the provisions of the Act and the Rules thereunder. The auditors have fulfilled their other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics and believe that the audit evidence obtained is sufficient and appropriate to provide a basis for their opinion on the audited Annual Financial Results.
**Management and Board of Directors' Responsibilities:**
The Company's Management and Board of Directors are responsible for the preparation and presentation of the annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the statement of assets and liabilities and the statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. They are responsible for maintaining adequate accounting records, safeguarding assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments and estimates, and designing, implementing, and maintaining adequate internal financial controls.
**Auditor's Responsibilities:**
The auditor's objectives are to obtain reasonable assurance about whether the Annual Financial Results are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. This includes identifying and assessing the risks of material misstatement, designing and performing audit procedures, evaluating accounting policies and disclosures, and concluding on the appropriateness of the going concern basis of accounting.
**Other Matters:**
The Annual Financial Results include the results for the quarter ended March 31, 2024, and the corresponding quarter ended in the previous year. The figures up to the end of the third quarter had only been reviewed and not subjected to audit. These results have been prepared for filing with stock exchanges and are based on the audited financial statements of the Company for the year ended March 31, 2024, on which an unmodified opinion was issued on May 29, 2024.
The report was signed in Kolkata on May 29, 2024, by Suprio Ghatak, Partner, Membership No.: 051889, Firm Registration No.:318086E. UDIN: 24051889BKBOAS6790
**Financial Results Highlights (Year Ended March 31, 2024):**
* **Revenue from Operations:** ₹3,296.87 Lakhs
* **Total Income:** ₹4,986.00 Lakhs
* **Profit/Loss from Operations before Tax:** ₹1,380.47 Lakhs
* **Net Profit/Loss after Tax:** ₹1,204.03 Lakhs
* **Total Comprehensive Income for the period after tax:** ₹1,224.98 Lakhs
* **Equity Share Capital:** ₹80.00 Lakhs
**Assets and Liabilities (As at March 31, 2024):**
* **Total Assets:** ₹9,376.79 Lakhs
* **Total Equity:** ₹8,009.51 Lakhs
**Cash Flow Statement (For the Year Ended March 31, 2024):**
* **Net cash from/ (used in) operating activities:** ₹(324.04) Lakhs
* **Net cash from/ (used in) investing activities:** ₹110.64 Lakhs
* **Net cash from/ (used in) financing activities:** ₹63.82 Lakhs
* **Net change in cash and cash equivalent:** ₹(149.58) Lakhs
* **Cash and cash equivalents as at end of year:** ₹42.92 Lakhs
* **Dividend Recommendation:** The Board of Directors have recommended dividend @ Rs.8.00 Per share for the year 2023-2024 which is subject to approval of the shareholders at the ensuing Annual General Meeting.
