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A B M International Ltd.

BSE: 533028 Sector: Others
NSE: ABMINTLTD ISIN Code: INE251C01017
BSE 05:30 | 01 Jan A B M International Ltd
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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 Consolidation Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of ABM International Limited (the Company) which comprise the Balance Sheet as at 31stMarch 2019 and the Statement of Profit and Loss (including Other Comprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

1) The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation and presentation of these standalone Ind AS financial statements that give a true and fair view of the state of affairs(financial position) profit (financial performance including other comprehensive income)cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

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

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

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the standalone Ind AS financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the standalone Ind AS financial statements.

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

3) Opinion

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS of the financial position of the Company as at 31stMarch2019 its financial performance including other comprehensive income its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

4) As equired 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 we givein the Annexure A a statement on the matters specified in the paragraph 3 and 4 of the said order.

5) 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 best of 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 the Company so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including Other Comprehensive Loss the Cash FlowStatement and Statement of Changes in Equity dealt with by this report are in agreement with the books of account.

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

e. On the basis of the written representations received from the directors as at 31stMarch2019 taken on record by the Board of Directors none of the directors is disqualified as at 31stMarch2019 from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate report in Annexure B.

g. 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 as amended in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 32 to the standalone Ind AS financial statements.

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

For RAJAN GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 004624N
Place : New Delhi-110019( CA RAJAN KUMAR GOEL )
Date : 25-05-2019PARTNER
M. No. 083829

AnnexureA to the Independent Auditors' Report

(Annexure referred to in paragraph6 under `Report on Other Legal and Regulatory Requirements' section of our report of even date to the members of ABM International Limited on the Standalone Ind AS Financial Statements for the year ended 31stMarch2019)

i) In respect of fixed assets:

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

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

c) According to the information and explanation given by the management the title deeds of 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 intervals during the year.

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

iii) In our opinion and according to the information and explanations given to us the Company has not granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us the Company has not advanced loans to directors / to a Company in which the Director is interested to which provisions of Section 185 of the Companies Act 2013.Further Section 186 of the Companies Act 2013 is not applicable to the Company.

v) The Company has not accepted any deposit from public and therefore the provisions of 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 records under 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 of our examination of the records of the Company amountsdeducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Service tax GST Duty of Customs Duty of Excise Value added tax Cess and other material statutory dues have beenregularly deposited during the year by the Company with the appropriate authorities and according to the information and explanations given to us no undisputed amounts payable in respect of Provident Fund Employees' StateInsurance Income-tax Sales-tax Service tax Duty of Customs Duty of Excise Value added tax GST Cess and other material statutory dueswere in arrears as at 31 March 2019.

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

viii) According to the information and explanations given to us The Company has not defaulted in the repayment of dues to any financial institution banks Government and debenture holders during the year.

ix) According to the information and explanations given to us the term loans have been applied by the Company during the year for the purposes for which they were obtained. The Company 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 the best of our knowledge and belief no fraud by the Company or on the Company by its officer or 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 our examination of the records of the Company the Company haspaid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 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 management transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the standalone Ind AS financial statements etc. as required by the applicable accounting standards.

xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year and hence reporting under Clause 3(xiv) of the order is not applicable to the company.

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

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

For RAJAN GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 004624N
Place : New Delhi-110019( CA RAJAN KUMAR GOEL )
Date : 25-05-2019PARTNER
M. No. 083829

Annexure B to the Independent Auditors' Report

(Annexure referred to in paragraph 7(f) under `Report on Other Legal and Regulatory Requirements' section of our report of even date to the members of ABM International Limited on the Standalone Ind AS Financial Statements for the year ended March 31 2019)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 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 31stMarch 2019 in conjunction with our audit of the standalone Ind AS financial statements of the Company 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 internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to the Company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act2013.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of Internal Financial Controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks of material 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 to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

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

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the 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 explanations given to us the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31stMarch 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For RAJAN GOEL & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 004624N
Place : New Delhi-110019( CA RAJAN KUMAR GOEL )
Date : 25-05-2019PARTNER
M. No. 083829