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ATN International Ltd.

BSE: 511427 Sector: Financials
NSE: ATNINTER ISIN Code: INE803A01027
BSE LIVE 13:07 | 02 Dec 0.32 -0.01
(-3.03%)
OPEN

0.32

HIGH

0.32

LOW

0.32

NSE LIVE 14:09 | 02 Dec 0.25 0
(0.00%)
OPEN

0.25

HIGH

0.25

LOW

0.25

OPEN 0.32
PREVIOUS CLOSE 0.33
VOLUME 5016
52-Week high 0.64
52-Week low 0.26
P/E
Mkt Cap.(Rs cr) 1.26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.32
Sell Qty 964.00
OPEN 0.32
CLOSE 0.33
VOLUME 5016
52-Week high 0.64
52-Week low 0.26
P/E
Mkt Cap.(Rs cr) 1.26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.32
Sell Qty 964.00

ATN International Ltd. (ATNINTER) - Auditors Report

Company auditors report

To the Members of

ATN INTERNATIONAL LTD.

Report on the Financial Statements

1. We have audited the accompanying financial statements of ATN INTERNATIONAL LTD.("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act’) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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 made thereunder.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company’smanagement and Board of Directors as well as evaluating the overall presentation of thefinancial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

8. In 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 2015 and its Loss and its cash flow for the year ended on that date.

Emphasis of Matter

9. We draw reference to:

I. STATEMENT OF PROFIT AND LOSS:

During the year the Company has not provided

a) Interest Rs 94.50 Lakhs payable to Rural Electrification Corporation Ltd (Refer NoteNo 4.A.2)

b) Diminution in value of Investments Rs 488.42 Lakhs (Refer Note 9.1)

c) Loss in value of inoperative Wind Power Project the amount of loss not quantified bymanagements as per AS - 28 And consequently the loss of the Company for the current yearis understated & Reserve & Surplus is overstated by the above amount & has itsresultant effect in overstatement of Investments Loans & Advances and understatementof Current Liabilities.

II. BALANCE SHEET

a) The Company is accounting interest payment on cash basis which has resulted inaccumulated interest liability of Rs. 1730.58 Lakhs to Rural Electrification CorporationLtd. As a resultant effect Secured / Unsecured Loans / Liabilities are understated tothat extent.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order.

11. As required by section 143(3) of the Act we further 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 purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) in our opinion subject to Note No- 9.1 regarding valuation of investment NoteNo-4.A.2 regarding non-provision of interest & Note No- 23 for non- provision of lossin value of wind power project the aforesaid financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014;

e) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct;

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014;

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For SHAMBHU KEDIA & CO.
Chartered Accountants
Firm Reg. No. 319011E
S. K. KEDIA
Place: Kolkata Proprietor
Dated: 28th May 2015 M. No. 054042

Annexure referred to in paragraph 10 Our Report of even date to the members of

ATN INTERNATIONAL LTD. on the accounts of the company for the year ended 31st March2015

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets ;

(b) As explained to us fixed assets have been physically verified by the managementduring the year at regular intervals which in our opinion is reasonable having regard tothe size of the Company and the nature of its fixed assets; as informed to us no materialdiscrepancies were noticed on such verification.

ii. The Company does not have any inventory. Hence the requirement of clause (ii) ofparagraph 3 of the said Order is not applicable to the Company.

iii. According to the information and explanations given to us the company has notgranted any loans to companies Forms or other parties covered in the register maintainedunder section 189 of the Companies Act 2013.

iv. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for the sale of goods andservices. Further on the basis of our examination of the books and records of the Companyand according to the information and explanations given to us no major weakness has notbeen noticed or reported.

v. In view of matured outstanding deposits having been deposited in a separate accountas per order of Company Law Board the Company has complied with the provisions of theCompanies Act 2013 read along with the rules framed under the Non-Banking FinancialCompanies (Reserve Bank) Directions 1998 as regards to the deposits accepted from public.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of activities carriedon by the company.

vii. (a) According to the information and explanations given to us and based on therecords of the company the company has generally been regular in depositing theundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty and othermaterial statutory dues as applicable with the appropriate authorities. According to theinformation and explanations given to us there were no outstanding Statutory dues as on31st March2015 for a period of more than six month from the date they become payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

(c) Based on the information & Explanations obtained the company has no liabilityor requirement to transfer any amount to Investor Education and Protection Fund inaccordance with the relevant provisions of the Act and the rules thereunder.

viii. The Company has accumulated losses exceeding fifty percent of its net worth atthe end of the year.

The Company has incurred cash losses during the financial year covered by our audit andalso in the immediately preceding financial year.

ix. According to the records of the company examined by us and as per the informationand explanations given to us the company has not made payment against due to financialinstitutions amounting to Rs. 93500000/- and interest thereon except Rs. 20000000/-paid as per courts directives as the matter is sub-judice. The Company hasoutstanding debentures amounting to Rs 16.69 Lacs for which amount has been deposited in aseparate bank fixed deposit.

x. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year.

xi. In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year.

xii. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

For SHAMBHU KEDIA & CO.
Chartered Accountants
Firm Reg. No. 319011E
S. K. KEDIA
Place: Kolkata Proprietor
Dated: 28th May 2015 M. No. 054042

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