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ABans Enterprises Ltd.

BSE: 512165 Sector: Others
NSE: N.A. ISIN Code: INE365O01010
BSE 00:00 | 26 Nov 105.05 -1.20
(-1.13%)
OPEN

115.90

HIGH

115.90

LOW

102.00

NSE 05:30 | 01 Jan ABans Enterprises Ltd
OPEN 115.90
PREVIOUS CLOSE 106.25
VOLUME 2469
52-Week high 194.80
52-Week low 72.10
P/E 437.71
Mkt Cap.(Rs cr) 147
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 115.90
CLOSE 106.25
VOLUME 2469
52-Week high 194.80
52-Week low 72.10
P/E 437.71
Mkt Cap.(Rs cr) 147
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ABans Enterprises Ltd. (ABANSENTERPRISE) - Auditors Report

Company auditors report

To

The Members of Abans Enterprises Limited

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of AbansEnterprises Limited (“the Company”) which comprise the Balance Sheet as at31st March 2020 the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as “Standalone FinancialStatements”).

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2020 its Profit including Other ComprehensiveIncome and its Cash flows and the Statement of Changes in Equity for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143 (10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined that there are no key audit matters to be communicatedin our report.

Information Other than the Financial Statementsand Auditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annual Reportbut does not include the standalone financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information; we are required to report that fact. We have nothing to report inthis regard.

Management's Responsibility for the FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134 (5) of the Companies Act 2013 (“the Act”) with respect to thepreparation of these Standalone Financial Statements that give a true and fair view of theFinancial Position Financial Performance including Other Comprehensive Income Cash Flowsand the Statement Of Changes in Equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of the appropriate accounting policies; making judgements and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that we are operating effectively for ensuring the accuracyand completeness of the accounting records relevant to the preparation and fairpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances butnot for the purpose of expressing an opinion on whether company has in place an adequateinternal financial control system over financial reporting and the operating effectivenessof such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Financial Statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theFinancial Statements including the disclosures and whether the Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016(“the Order”) issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the Annexure A statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this report are in agreement with the books of account.;

(d) In our opinion the aforesaid standalone financial statementscomply with the accounting standards specified under section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directorsas on 31st March 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2020 from being appointed as adirector in terms of section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in “Annexure B”.

(g) In our opinion the managerial remuneration for the year endedMarch 31 2020 has been paid/provided by the Company to its directors in accordance withthe provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rules 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i) The Company does not have any pending litigations which would impactits financial position.

ii) The Company did not have any material foreseeable losses onlong-term contracts including derivative contracts that require provision under any law oraccounting standards for which there were any material foreseeable losses; and

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

For Paresh Rakesh & Associates
Chartered Accountants
Firm Registration No. 119728W
Sd/-
Place: Mumbai Rakesh Chaturvedi
Date: 30th June 2020 Partner
UDIN: 20102075AAAAEI2897 Membership No: 102075

“Annexure A” to IndependentAuditors' Report referred to in Paragraph 1 under the heading of “Report onother legal and regulatory requirements” of our report of even date.

1) In respect of its Fixed Assets:

a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets on the basis of availableinformation.

b) According to explanation provided to us the company has carried outphysical verification of fixed assets which in our opinion appears to be reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

c) According to the information explanations and records given to uswe report that the Company does not hold any Immovable Property

2) In respect of its Inventories:

a) According to the information's and explanation given to us Physicalverification of inventory has been conducted at reasonable intervals by the management.Stock not in possession of the Company are not physically verified by the Companyhowever management has provided verification certificate by the third party.

b) In our opinion and according to the information and explanationsgiven to us the procedures of physical verification of inventories followed by themanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

c) The Company has maintained proper records of inventories. As perrecords provided to us there was no material discrepancies noticed on physicalverification of inventories as compared to the book records having regards to the size ofthe operations of the company.

3) Since the Company has not granted any Loans to parties covered inin the register maintained under Section 189 of the Companies Act 2013 the clause (iii)of paragraph 3 of the Order is not applicable to the Company.

4) In respect of Investment made by the Company: a) The Company hascomplied with the provisions of section 185 b) The Company has complied with theprovisions of section 186.

5) According to the information and explanations given to us theCompany has not accepted any deposits within the meaning of provisions of sections 73 to76 or any other relevant 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 theCentral Government has not prescribed the maintenance of cost records under sub section(1) of Section 148 of the Act in respect of the activities undertaken by the Company.

7)

a) According to the records examined by us the Company was regular indepositing undisputed statutory dues including income tax sales tax service tax and anyother statutory dues with appropriate authorities during the Year. and no undisputedamounts payable in respect of the aforesaid dues were outstanding as at March 31 2020for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there areno dues of Direct or Indirect Taxes on account of any dispute which have not beendeposited.

8) In our opinion and according to the information and explanationsgiven to us the company has not defaulted in repayment of outstanding dues to anyfinancial institutions or banks or any government or any debenture holders during theyear. Accordingly paragraph 3 (viii) of the order is not applicable.

9) The company has not raised money by way of initial public offer orfurther public offer (including debt instruments) or term Loan and hence clause (ix) ofparagraph 3 of the Order is not applicable to the Company.

10) Based on the audit procedures performed for the purpose ofreporting the true and fair view of the financial statements and as per information andexplanations given to us no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year..

11) Company has not paid any managerial remuneration during the yearand hence clause (xi) of paragraph 3 of the Order is not applicable to the Company.

12) In our opinion company is not a nidhi company. Therefore theprovisions of clause (xii) of paragraph 3 of the orders are not applicable to the company.

13) In our opinion and according to the information and explanationsgiven to us in respect of transactions with related parties:

a) All transactions with related parties are in compliance withsections 177 of the Act.

b) Company is in compliance with the section 188 of the Act and detailshave been disclosed in the financial statements etc. as required by the applicableaccounting standards.

14) In our opinion and according to the information and explanationsgiven to us the Company has not made any preferential allotment or private placement ofShares or fully or partly convertible debentures during the year and hence clause (xiv) ofparagraph 3 of the Order is not applicable to the company.

15) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transaction with the directorsor persons connected with him and covered under section 192 of the Act. Hence clause (xv)of the paragraph 3 of the Order is not applicable to the Company.

16) In our opinion and according to the information and explanationsgiven to us The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For Paresh Rakesh & Associates
Chartered Accountants
Firm Registration No. 119728W
Sd/-
Place: Mumbai Rakesh Chaturvedi
Date: 30th June 2020 Partner
UDIN: 20102075AAAAEI2897 Membership No: 102075

“Annexure B” to IndependentAuditors' Report referred to in paragraph 2(f) under the heading “Report onother legal and regulatory requirements” of our report of even date.

Report on the Internal Financial Controls underClause (i) of Sub/section 3 of Section 143 of the Companies Act 2013 (“theAct”)

We have audited the Internal Financial Control over financial reportingof Abans Enterprises Limited (“the company”) as of 31st March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear then ended.

Management Responsibility for the InternalFinancial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the “Guidance Note”) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls overFinancial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that:

i. pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

ii. provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and

iii. provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal FinancialControls over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion considering nature of business size of operations andorganizational structure of the entity the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at 31stMarch 2020 based on the Internal Control over Financial reporting criteria established bythe Company considering the essential components of Internal Control stated in theGuidance Note on Audit of Internal Financial Controls over Financial reporting issued bythe ICAI.

For Paresh Rakesh & Associates
Chartered Accountants
Firm Registration No. 119728W
Sd/-
Place: Mumbai Rakesh Chaturvedi
Date: 30th June 2020 Partner
UDIN: 20102075AAAAEI2897 Membership No: 102075

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