Atmastco Limited
Report on the Audit of the Financial Statements Opinion
We have audited the financial statements of Atmastco Limited ('the Company'), which comprise the Balance Sheet as at 31st March 2023, the statement of profit and loss, Cash Flow Statement arid notes to the financia statements, including a summary of the significant accounting policies and other explanatory informatior (hereinafter referred to as 'the financial statements').
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give tire information required by the Companies Act, 2013 ('tire Act') in tire manner so required and give a true and fair view hr conformity with tire accounting principles generally accepted in India, of tire state of affairs of tire Company as at 31st March 2023 and of the Profit, its cash flows for the year ended on that date;
Basis for Opinion
We conducted our audit in accordance with tire 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 Financial Statements section of our report. We are independent of the Company- in accordance with the Code of Ethics issued by tire Institute of Chartered Accountants of India (ICAI) together with the independent requirements that are relevant to our audit of dre financial statements under the provisions of dre Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance widr these requirements and dre Code of Ethics. We believe that dre audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.
Key Audit Matters
Key audit matters are drose matters drat, in our professional judgment, were of most significance in our audit of the financial statements of dre current period. These matters were addressed in the context of our audit of dre financial statements as a whole, and in forming our opinion drereon, and we do not provide a separate opinion on these matters.
Reporting of key* audit matters as per Standard of Audidng 701, Key Audit Matters are xrot applicable to the Company:as it is air uxrlisted compairy. ^
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 annual report, but does not include the financial statements and our auditors' report thereon.
Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether tire other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on tire work we have performed, we conclude that there is a 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 Financial Statements
The Company's Board of Directors is responsible for tire matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to tire preparation of these financial statements that give a tiue and fair view of the financial position, financial performance of tire company in accordance with the Accounting Standard and other accounting principles generally accepted in India. 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 desigxr, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to the preparation and presentation of tire financial statements that give a hue and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is 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 tire Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing die company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectiveS'are to obtain reasonable assurance about whedier die financial statements as a whole are free from material misstatement, whedier 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 inr accordance widi 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 die economic decisions of users taken on the basis of these financial ^statements.
As part of an aildit in accordance widi SAs, we exercise professional judgment and maintain^^pfe&^i skepticism, djibughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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.
• Evaluate tire 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 tire financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to tire date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate tire overall presentation, structure and content of the financial statements, including tire disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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We communicate with those charged with governance regarding, among other matters, tire 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- trray reasonably be thought to bear on our independence, axrd where applicable, related safeguards
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From the matters communicated with those charged with governance, we determine those matters that were of most significance in tire audit of the financial statements of the current year and are therefore the key audit m'Mei's.
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 communicateddn our report because the adverse consequences of doing so would reasonably be expected:tooutweigh; the public interest benefits of such communication.
1. This report includes a statement on the matters specified in paragraph 3 & 4 of tire Companies (Auditor's Report) Order, 2020 issued by tire Central Government in terms of sub section (11) of section 143 of the Act, in the 'Amrexure-A'.
2. As required by section 143(3) of tire 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 tire 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 Company has two Branch offices, at Orissa and Rajasthan with Separate GST Registrations and accounting data has beexr incorporated in the attached financial Statement.
d) The Balance Sheet, the Statement of Profit and Loss dealt with by this Report are in agreement with the relevant books of account;
e) In our opinion, said financial statements comply with tire Indian Accounting Standards specified under section 133 of the Act read with Rule 7 of tire Companies (Accounts) Rules, 2014
f) On the basis of written representations received from the directors, as on 31st March 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 from being appointed as a director in terms of Section 164(2) of the Act.
g) With respect to the adequacy of the internal financial controls over financial reporting of tire company and the operating effectiveness of such controls, refer to our separate report in 'Annexure-B' and
h) With respect to the other matters to be included in the Auditor's 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;
a) The Company have pending litigations which would impact its financial position are;-
• Demand by Income Tax Department for which an appeal is pending with The Ý Commissioner of Income Tax (Appeals) Raipur relating to Assessment year 2015-16 - Rs. c dll, 17.910/-.
"• 'iDemand by Income Tax Department for which an appeal is pending with The " >• ’^Commissioner of Income Tax (Appeals) Raipur relating to Assessment year 2017-18 - Rs.
. t:i v 4,79.755/-
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b) Thd‘Company did not have any long-term contracts including derivative contracts for which therb'wefe any material foreseeable losses; and
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c) TheleW'ere no amounts which were required to be transferred to tire Investor Education aird ! t i^Otedti'Oll'fund by the Company.
d) (i) The management has represented to us that, to the best of its knowledge and belief, othei than as disclosed in the notes to the accounts, no funds have advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (" Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(ii) The management has represented to us that, to die best of its knowledge and belief, odiei than as disclosed in the notes to the accounts, no funds have been received by die company from any person(s) or entity(ies), including foreign entities("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether directly or indirectly ,lend or invest in other persons or entities identified in any mannei whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficialies, and
(iii) Based on such audit procedures performed diat have been considered reasonable and appropriate in die circumstances, nothing has come to our notice that has caused us to believe that die representation under sub clause (a) and (b) contain any material misstatement.
(e) Since the company has not declared or paid any dividend during the year, the question of commenting on whether the same is in accordance with section 123 of the companies Act, 2013 does not arise.
(f) Proviso rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of accounts using accounting software which has a feature of recording audit trial (edit log) facility is applicable to die Company with effect from April 1, 2023, and accordingly, reporting under rule ll(g):of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
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