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A B M International Ltd.

BSE: 533028 Sector: Others
NSE: ABMINTLTD ISIN Code: INE251C01017
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A B M International Ltd. (ABMINTLTD) - Auditors Report

Company auditors report

To

The Members of

ABM International Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of ABMInternational Limited ("the Company") which comprise the Balance Sheet as at 31stMarch2018 and the Statement of Profit and Loss (including Other Comprehensive Income) theCash FlowStatement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

1) 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 preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the state of affairs(financial position) profit (financial performance includingother comprehensive income)cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) prescribed under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detectingfrauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

2) Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have considered the provisions of the Act the accounting and auditing standards andmatters which are required to be included in the audit report under the provisions of theAct and the Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

3) In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thefinancial position of the Company as at 31stMarch2018 its financialperformance including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Emphasis of Matter Paragraphs

4) We draw attention to Note 31 of the financial statements which describes theeffects changed in the accounting policy in respect of retirement benefits (gratuity) toits employees from cash basis to accrual basis. Our opinion is not modified in respect ofthis matter.

Other Matters

5) The comparative financial information of the company for the year ended 31st March2017 and the transition date opening balance sheet as at 1st April 2016 included in theseInd AS financial Statements are based on the statutory financial statements prepared inaccordance with the Companies (Accounting Standards) Rules 2006 audited by thepredecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016respectively expressed an unmodified opinion on those financial statements and have beenrestated to comply with Ind AS. Adjustments made to the previously issued said financialinformation prepared in accordance with the Companies (Accounting Standards) Rules 2006to comply with Ind AS have been audited by us.

Our opinion is not modified in respect of these other matters.

Report on Other Legal and Regulatory Requirements

6) As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act wegivein the "Annexure A" a statement on the matters specified in the paragraph 3and 4 of the said order.

7) 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 account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveLoss the Cash Flow Statement and Statement of Changes in Equity dealt with by this reportare in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act.

e. On the basis of the written representations received from the directors as at 31stMarch2018 taken on record by the Board of Directors none of the directors is disqualified asat 31stMarch 2018 from being appointed as a director in terms of Section164(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 refer to ourseparate report in "Annexure B".

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements - Refer Note 30(b) to thestandalone Ind AS financial statements.

ii) There was no amount which was required to be transferred to the Investor Educationand protection fund by the Company.

For SPMR & Associates

Chartered Accountants

Firm Reg. No. 007578N

(CA Pramod Maheshwari)

Partner

(M No. 085362)

Place: New Delhi

Date: 28thMay 2018

Annexure"A" to the Independent Auditors' Report

(Annexure referred to in paragraph 6 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of ABM InternationalLimited on the Standalone Ind As Financial Statements for the year ended 31stMarch 2018)

i) In respect of fixed assets:

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

b) As explained to us fixed assets are physical verified by the management atreasonable intervals in a phased verified programmed which in our opinion isreasonable looking to the size of the company and the nature of its business. Accordingto the information and explanation given to us no material discrepancies were noticed onsuch verification.

c) According to the information and explanation given by the management the title deedsof immovable properties are held in the name of the company.

ii) In respect of its inventories:

a) The inventoryhas been physically verified by the management at reasonable intervalsduring the year.

b) As informed by the management the proper records of inventory are being maintainedand no material discrepancies were noticed during such physical verifications.

iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable to theCompany.

iv) In our opinion and according to the information and explanations given to us theCompany has not advanced loans to directors / to a Company in which the Director isinterested to which provisions of Section 185 of the Companies Act 2013.Further Section186 of the Companies Act 2013 is not applicable to the Company.

v) The Company has not accepted any deposit from public and therefore the provisionsof the clause 3 (v) of the order are not applicable to the company.

vi) The central Government has no prescribed for the maintenance of the cost recordsunder sub section 148(1) of the Companies Act 2013 in respect of the Company.

vii) a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees' StateInsuranceIncome-tax Sales-tax Service tax GST Duty of Customs Duty of Excise Valueadded tax Cess and other material statutory dues have beenregularly deposited during theyear by the Company with the appropriate authorities and according to the information andexplanations given to us no undisputed amounts payable in respect of Provident FundEmployees' StateInsurance Income-tax Sales-tax Service tax Duty of Customs Duty ofExcise Value added tax GST Cess and other material statutory dueswere in arrears as at31 March 2018.

b) According to the information and explanations given to us there are no disputedstatutory dues which have to be deposited with the appropriate authorities.

viii) According to the information and explanations given to us The Company has notdefaulted in the repayment of dues to any financial institution banks Governmentanddebenture holders during the year.

ix) According to the information and explanations given to us the term loans have beenapplied by the Company during the year for the purposes for which they were obtained. TheCompany did not raise money by way of initial public offer or further public offer(including debt instruments) during the year.

x) According to the information and explanations given by the management and to thebest of our knowledge and belief no fraud by the Company or on the Company by its officeror employees has been noticed or reported during the course of our audit.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company haspaid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii) The Company is not a Nidhi Company and therefore the provisions of Clause 3 (xii)of the order is not applicable to the company.

xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance withSections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the standaloneInd AS financial statements etc. as required by the applicable accounting standards.

xiv) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year and hence reporting under Clause3(xiv) of the order is not applicable to the company.

xv) According to information and explanations given to us by the management theCompany has not entered into any noncash transactions specified under Section 192 of theCompanies Act 2013with directors or persons connected with him.

xvi) The Company is not required to be registered with RBI under Section 45-IA ofReserve Bank of India Act 1934.

For SPMR & Associates

Chartered Accountants

Firm Reg. No. 007578N

(CA Pramod Maheshwari)

Partner (M No. 085362)

Place: New Delhi

Date: 28thMay 2018

Annexure"B" to the Independent Auditors' Report

(Annexure referred to in paragraph7(f)under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of ABM InternationalLimitedon theStandalone Ind AS Financial Statements for the year ended March 31 2018)

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

1. We have audited the internal financial controls over financial reporting of"ABM International Limited" ("the Company") as of 31stMarch2018 in conjunction with our audit of the standalone Ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountantsof India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act2013.

Auditors' Responsibility

3. 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 Internal Financial Controls Over Financial Reporting("the Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of Internal Financial Controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. 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 OverFinancial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls OverFinancial Reporting

7. 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

8. In our opinion to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31stMarch 2018 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For SPMR & Associates Chartered Accountants Firm Reg. No. 007578N

(CA Pramod Maheshwari) Partner (M No. 085362)

Place: New Delhi

Date: 28thMay 2018