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ABans Enterprises Ltd.

BSE: 512165 Sector: Others
NSE: N.A. ISIN Code: INE365O01010
BSE LIVE 13:25 | 18 Sep Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.32
PREVIOUS CLOSE 5.07
VOLUME 2900
52-Week high 5.32
52-Week low 5.32
P/E 76.00
Mkt Cap.(Rs cr) 7
Buy Price 5.32
Buy Qty 10200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.32
CLOSE 5.07
VOLUME 2900
52-Week high 5.32
52-Week low 5.32
P/E 76.00
Mkt Cap.(Rs cr) 7
Buy Price 5.32
Buy Qty 10200.00
Sell Price 0.00
Sell Qty 0.00

ABans Enterprises Ltd. (ABANSENTERPRISE) - Auditors Report

Company auditors report

To

The Members of

ABans Enterprises Limited

(Formerly Known as Matru-Smriti Traders Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of ABans Enterprises Limited(Formerly known as "Matru-Smriti Traders Limited") ('the Company') whichcomprise the Balance Sheet as at 31st March 2017 and the Statement of Profitand Loss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ('the Act'') with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the company in accordance with the accounting principlesgenerally accepted in lndia including the Accounting Standards specified under Section133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provision of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of the appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that weare operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and fair presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules rnade thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. ln making those risk assessments the auditorconsiders internal financial control relevant to the company's preparation of thefinancial statements that give a true and fair view in order to procedures that are designaudit appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the company's Directors as well as evaluating the overall presentationof the financial statements.

Opinion

ln our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the companies (Auditor's Report) order 2016 ('the order) issuedby the Central Government of lndia in terms of sub-section (11) of section 143 of the Actwe give in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the order.

2. As required by Section 143(3) of the Act we report that:

a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examinations of those books.

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withreport are in agreement with the books of account.

d) ln our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Act read with Rule 7 of the companies(Accounts) Rules 2014.

e) on the basis of written representations received from the directors as on 31tMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofSection 164(2) of the Act.

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refers to ourseparate report in Annexure B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rules 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact on itsfinancial position.

(ii) The Company did not have any material foreseeable losses on long-termcontracts including derivative contracts that require provision under any law oraccounting standards for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the Company.

"Annexure A" to independent Auditors' Report referred to in paragraph1 under the 'heading "Report on other legal of and regulatory requirements" ofour report of even date.

1. In respect of its fixed assets : a) The company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets onthe basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c) As the company has no immovable assets during the year clause (c) (i) of paragraph3 of the Order is not applicable to the company.

2. ln respect of its inventories :

a) According to the information's and explanation given to us physical verification ofinventory has been conducted at reasonable intervals by the management.

b) ln our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness. Stock not in possession of the Company are not physically verified by theCompany however the same is certified by the Company to be correct.

c) The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed physical verification of inventories as compared tothe book records having regards to the size of the operations of the Company.

3. The company has not granted any loans secured or unsecured to companies firmsLimited liability partnerships or other parties covered in the register maintained underSection 189 of the Act' consequently the requirement of clause (iii) (a) to clause (iii)(c) of paragraph 3 of the order is not applicable to the Company.

4. Company has not granted any loans Investments guarantees and securities coveredunder section 185 and 186 of the Act.

5. According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of provisions of sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed there under. Therefore the clause (v)of paragraph 3 of the Order is not applicable to the Company.

6. To the best of our knowledge and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub section (1) of Section 148 ofthe Act in respect of the activities undertaken by the Company.

7. ln respect of Statutory dues :

a) According to the records of the Company undisputed statutory dues including Directand Indirect Taxes and any other statutory dues have been regularly deposited withappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at 31stMarch 2017 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added tax cesson account of any dispute which have not been deposited.

8. ln our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institution or bank.

9. The Company has not raised rnoney by way of initial public offer or further publicoffer (including debt instruments) or term Loan and hence clause (ix) of paragraph 3 ofthe Order is not applicable to the Company.

10. Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per information and explanations given to usno fraud by the Company or on the Company by its officers or employees has been noticed orreported during the year.

11. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

12. ln our opinion company is not a nidhi company. Therefore the provisions of clause(xii) of Paragraph 3 of order are not applicable to company.

13. ln respect of transactions with related parties :

ln our opinion and according to the information and explanations given to us alltransactions with related parties are in compliance with sections 177 and 188 of the Actand their details have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

14. ln our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement or fully or partlyconvertible debentures during the year and hence clause (xiv) of paragraph 3 of the Orderis not applicable to the company.

15. ln our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transaction with the directors or personsconnected with him and covered under 192 of the Act. Hence clause (xv) of the paragraph 3of the Order is not applicable to the Company.

16. To the best of our knowledge and as explained the Company is not required to beregistered under Section 45-IA of the "Reserve Bank of India Act 1934.

"Annexure B" to lndependent Auditors' Report referred to in paragraph 2(f)under the heading Report on other legal and regulatory requirements" of our report ofeven date.

Report on the lnternal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act'').

We have audited the lnternal Financial Control over financial reporting of ABansEnterprises Limited (Formerly known as Matru-Smriti Traders Limited 'the company') as of31st March 2017 in conjunction with our audit of the financial statements ofthe Company for the year then ended.

Management Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining Internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of lnternal Financial Controls over Financial Reportingissued by the lnstitute of Chartered Accountants of lndia (lCAl). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of lnternal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by lCAl and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of lnternal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor/s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a processed designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted principles and that receipts and expenditures of theCompany are being made only in accordance with authorisations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's a5sets thatcould have a material effect on the financial statements.

lnherent Limitations of Internal Financial Controls Over Financial Reporting.

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

ln our opinion considering nature of business size of operations and organizationalstructure of the entity the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of lnternal Financial Controls Over Financial Reporting issued by the lCAl.

For Paresh Rakesh & Associates

Chartered Accountants

(Firm Registration No. 119728W)

Sd/-

Rakesh Chaturuedi

Partner

Membership No.: 102075

Mumbai

Dated: 25th April 2017