Amani Trading & Exports Ltd.
|BSE: 512008||Sector: Others|
|NSE: N.A.||ISIN Code: INE886D01018|
|BSE 00:00 | 08 Sep||81.05||
|NSE 05:30 | 01 Jan||Amani Trading & Exports Ltd|
Amani Trading & Exports Ltd. (AMANITRADEXP) - Auditors Report
Company auditors report
TO THE MEMBERS OF AMANI TRADING AND EXPORTS LIMITED
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of AMANI TRADINGAND EXPORTS LIMITED ("the Company") which comprise the balance sheet as at 31stMarch 2020 the statement of Profit and Loss (including other comprehensive income) thestatement of changes in equity and the statement of cash flows for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (herein after referred to as "thefinancial statements").
in our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the the Indian Accounting Standards prescribed undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended ("Ind AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2020 itsprofit total comprehensive income and changes in equity and its cash flows for the yearended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance withthe Standards on Auditing ("SAs") specified under section 143(10) of the Act.Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India ("ICAI") together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our opinion on the financial statements.
Emphasis of Matter
There was a nationwide lockdown due to COVID-19 pandemic. Since theCompany was not operating at significant level the Company does not see any uncertaintyin realizing the carrying amounts of its receivables and other assets appearing in itsBalance Sheet as at 31st March 2020.
Our report is not modified due to matters referred above.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the Standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. Based on the circumstances and facts of the audit andentity there are no key audit matters to be communicated in our report
Information Other than the Financial Statements and Auditor's ReportThereon
The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance and Shareholders Information but does not include the financial statements andour 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 financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.
If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the Ind AS and other accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material 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 for the Audit of theFinancial Statements
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 professions skepticism throughout the audit. We also:
a) 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.
b) Obtain an understanding of internal financial control relevant tothe audit in order to design audit procedures that are appropriate in the circumstances.Under section 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
c) Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
d) 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.
e) 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.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable
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 have beenkept 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 othercomprehensive income) the statement of Changes in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of the written representations received from thedirectors as on 31st March 2020 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2020 from beingappointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".
g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended inour opinion and to the best of our information and according to the explanations given tous no remuneration paid by the Company to its directors during the year.
h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 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.
iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.
Date: 29th June 2020
UDIN : 20102651AAAAAZ9165
"Annexure A" referred to in the Independent Auditors' Reportof even date to the members of AMANI TRADING AND EXPORTS LIMITED on the FinancialStatements for the year ended 31st March 2020.
Based on the audit procedures performed for the purpose of reporting atrue and fair view on the financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit we report that:
1. (a) The Company has maintained proper records showing fullparticulars including quantitative
details and situation of fixed assets on the basis of availableinformation.
(b) Some of the fixed assets were physically verified during the yearby the management in accordance with programme of verification. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification. In our opinion the frequency of verification of the fixed assets isreasonable having regard to the size of the Company and the nature of its assets.
(c) At company does not have any immovable property this clause is notapplicable
2. (a) The inventories have been physically verified by the managementduring the year. In our
opinion the procedures for the physical verification of inventoryfollowed by management are reasonable and adequate in relation to the size of the companyand the nature of its business.
(b) In our opinion and according to the information and explanationgiven to us the company has maintained proper records of inventory. No materialdiscrepancies were noticed on physical verification of inventory.
3. The Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013. Accordingly clause (iii)(a) and (iii)(b) of paragraph of theOrder are not applicable to the company for the current year.
4. in our opinion and according to the information and explanationsgiven to us in respect of the unsecured loan given and investments made by the Companythe provisions of section 186 of the Act have been complied with. The company has notprovided any guarantee or security to which provisions of 186 of the Act is applicable. Noloan is given by the company to which provisions of section 185 apply.
5. According to the information and explanation given to us theCompany has not accepted any deposit from the Public within the meaning of the provisionsof section 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed thereunder. Further we are informed that no order has been passed by theCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any otherCourt or Tribunal in this regard.
6. In absence of any manufacturing activity carried out by the companythe requirement of maintenance of cost records under sub section 1 of section 148 of theCompanies Act 2013 are not applicable to the Company during the year under audit.
7. (a) According to the information and explanations given to us and onthe basis of our
examination of the books of account the company has been regular indepositing undisputed statutory dues including Provident Fund Employees' State InsuranceIncome
tax Sales-tax Goods and Services tax Service tax Custom dutyExcise duty Value added Tax Cess and any other material statutory dues wherever payablehave been paid during the year with the appropriate authorities. Moreover as at 31stMarch 2020 there are no such undisputed dues payable for a period of more than sixmonths from the date they became payable.
(d) (b) According to the information and explanations given to usthere is no due under
dispute for the Income Tax Sales Tax Value added Tax Excise Duty andService Tax GST and other material statutory dues as at 31st March 2020.
8. In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the books of account the Company hasnot defaulted in repayment of loans or borrowings from any financial institution banksgovernment or due to debenture holders during the year.
9. The Company did not raise any money by way of initial public offeror further public offer (including debt instruments). The Company has not availed any termloans during the year.
10. According to the information and explanations given to us no fraudby the Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.
11- According to the information and explanations given to us and onthe basis of our examination of the books of account no managerial remuneration has beenpaid or provided by the Company during the year.
12. In our opinion and according to the information and explanationsgiven to us the Company is not a nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable to the Company.
13. According to the information and explanations given to us and basedon our examination of the records of the Company transactions with the related partiesare in compliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.
14. According to the information and explanations give to us and basedon our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.
15. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable to the Company.
16. In our opinion and according to the information & explanationgiven to us the Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.
Date: 29th June 2020
UDIN : 20102651AAAAAZ9165
"ANNEXURE B" TO THE AUDITORS' REPORT
Report on the Internal Financial Control clause (i) of sub-section 3 ofsection 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financialreporting of AMANI TRADING AND EXPORTS LIMITED ("the company") as of March 312020 in conjunction with our audit of the financial statements of the Company for the yearended on that date.
Management Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishingand maintaining internal financial control 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.
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 ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal 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 aboutthe adequacy of the internal financial control 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 Judgement including the assessment of thematerial 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 Over Financial 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:
1. pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;
2. provide reasonable assurance that transactions are recorded asnecessary to
of financial statements in accordance with generally acceptedaccounting principles and the
receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and
3. provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.
Inherent limitations of internal Financial Controls Over FinancialReporting
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.
In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2020 basedon the 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.
Date: 29th June 2020