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APM Finvest Ltd.

BSE: 542774 Sector: Financials
NSE: N.A. ISIN Code: INE08KJ01012
BSE 00:00 | 28 Jun 111.85 10.10
(9.93%)
OPEN

103.80

HIGH

111.90

LOW

103.00

NSE 05:30 | 01 Jan APM Finvest Ltd
OPEN 103.80
PREVIOUS CLOSE 101.75
VOLUME 185485
52-Week high 111.90
52-Week low 28.30
P/E 22.19
Mkt Cap.(Rs cr) 242
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 103.80
CLOSE 101.75
VOLUME 185485
52-Week high 111.90
52-Week low 28.30
P/E 22.19
Mkt Cap.(Rs cr) 242
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

APM Finvest Ltd. (APMFINVEST) - Auditors Report

Company auditors report

To

The Members of

APM Finvest Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of APM Finvest Limited ("theCompany") which comprise the Balance Sheet as at March 31 2021 the Statement ofProfit and Loss (including Other Comprehensive Income)the Statement of Cash Flow and theStatement of Changes in Equity for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation(hereinafter referred to as "the financial statements").

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and its profit (including OtherComprehensive Income) its cash flows and changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibility for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements for the year ended March 31 2021.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 the matter described below to be the key audit matter tobe communicated in our report:-

Key audit matter How the matter was addressed in our audit
Fair Valuation of Investments
As at March 31 2021 the Company has investments valuing Rs. 7281.07 lakhs comprising units of Mutual Funds Alternate Investment Funds Quoted Equity Shares and Tax-free Bonds. Given the volume and value of transactions executed by the Company throughout the year and considering involvement of fair valuation we determined the existence and valuation of investments as a key audit matter of our audit. Our audit procedures included the following:
The units in Mutual Funds and Alternate Investment Fund are valued based on Net Asset Value (NAV) per unit of the respective fund. Quoted Equity Shares are valued as per last traded value on reporting date on the stock exchange. The Company's disclosures are included in Note 2.3(b) and Note 7 to the financial statements which outline the accounting policy for investment and details of the investments and its valuation. • Obtained an understanding of the process policy and controls around investments in Mutual Funds Alternate Investment Funds Quoted Equity Sharesand Tax-Free Bonds.
• Tested relevant internal controls relating to accounting of purchase and sale of investment transactions accounting of fair valuation at reporting date and controls over existence of investments.
• Compared the particulars of investments in Mutual Funds Alternate Investment Fund Tax Free Bonds and Equity Shares to the statements and confirmations provided by the mutual fund and depository participants. We traced the NAV from statement issued by the Mutual Fund/Alternate Investment Fund and tested mathematical accuracy of fair valuation of Mutual Fund/Alternate Investment Fund. We traced valuation of Quoted Equity Shares as provided by the Depository/available on the site of Stock Exchange.
• Evaluated the disclosures in relation to Investments made in the financial statements.

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for preparation of the otherinformation. The other information comprises the information included in Board's ReportCorporate Governance Report and Management Discussion and Analysis but does not includethe financial statements and our auditor's report thereon. The Other Information isexpected to be made available to us after the date of this Auditor's Report.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. When we read theother information if we conclude that there is material misstatement therein we arerequired to communicate the matter to those charged with governance as required under SA720 ‘The Auditor's Responsibilities Relating to Other Information'. Management'sResponsibility for the Financial Statements The Company's Board of Directors isresponsible for the matters stated in section 134(5) of the Act with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equityof the Company in accordance with the Ind AS and the 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 for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Companyor to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is ahighlevel of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs weexercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to the financialstatements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a goingconcern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal controlthat we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements for thefinancial year ended March 31 2021 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.

Other Matter

We draw attention to Note 43to the financial statements in which the Company describesthe uncertainties arising from the Covid- 19 pandemic. Our opinion is not modified inrespect of this matter. 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 Section 143(11) of the Act we givein Annexure "A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

2. As required by Section 143(3) of the Act based on our audit we reportthat:

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 ComprehensiveIncome) the Statement of Cash Flow and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls with reference tothese financial statements and the operating effectivenessof such controls refer to ourseparate Report in Annexure "B" to this report.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the company has not paid/ provided any managerial remuneration covered undersection 197 of the Act to its directors during the year.

h) 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 inouropinion and to the best of our information and according to the explanations given tous:

i. According to the information and explanations given to us the Company has nopending litigation having impact on its financial position as at March 31 2021.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There was no amount which was required to be transferred to the Investor Educationand Protection Fund by the Company during the year under review.

For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Registration No. 307068E
LAXMI NARAIN JAIN
Partner
New Delhi Membership No. 072579
May 29 2021 UDIN - 21072579AAAAAL6772

Annexure ‘A' to the Independent Auditor's Report

(Referred to in paragraph 1 under ‘Report on Other Legal and

Regulatory Requirements' section of our report of even date)

(i) The Company does not have any fixed assets and accordingly the clause (i) (a)(b)and (c) of paragraph 3 of the Order is not applicable to the Company.

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

(iii) (a) The Company has granted unsecured loan to a

company covered in the register maintained under section 189 of the Companies Act2013. In our opinion and according to the information andexplanations given to us theterms and conditions of the grant of such loan are in our opinion prima facie notprejudicial to the interestofthe company.

(b) The schedule of repayment of principal and payment of interest has been stipulatedand repaymentsor receipts of principal amount and interest have been regular as perstipulations or as renegotiated.

(c) There is no amount of principal or interest outstanding as on March 31 2021.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respect ofinvestmentsloans guarantees and securities as applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposit within the meaning of Section 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 as amended. Accordingly the clause (v) of paragraph3 of the Order is not applicable to the Company.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of Section 148 of theAct in respect of the business of the company.

(vii) According to the information and explanations given to us and on the basis of therecords examined by us:

(a) The Company has generally been regular in depositing undisputed statutory dues inrespect of Income-tax and Goods and service tax to the appropriate authorities. Theprovisions of Provident Fund Employees' State Insurance Sales tax Custom duty ExcisedutyValue Added tax and other material statutory dues are not applicable to thecompany.There was no undisputed amount payable in respect of statutory dues outstanding asat March 31 2021 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to usand on the basis of therecords examined by us there was no case of non-deposit of disputed dues of Income Tax orGoods and service taxwhich has not been deposited by the Company as at March 31 2021.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to the financial institution. TheCompany has not taken any loans or borrowings from banks or government and has not issuedany Debentures.

(ix) According to the information and explanations given to us the Company has notraised any money by way of initial public offer or further public offer (including debt

instruments) or term loan during the year. Accordingly the clause (ix) of paragraph 3of the Order is not applicable to the Company.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or on the Company by its officers or employees hasbeen noticed or reported during the year.

(xi) According to the information and explanations given to us the company has notpaid/ provided for any managerial remuneration covered under section 197 of the Act to itsdirectors during the year.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the clause (xii) of paragraph 3 of the Orderis not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given tousalltransactions made with the related parties are in compliance with Section 177 and188 of the Act where applicableand the details of related party transactions have beendisclosed in the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debenturesduring the year under review. Accordingly the clause (xiv) ofparagraph 3 of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with its directors or personsconnectedwiththem as per provisions of section 192 of the Act.

(xvi) The Company has obtained the requisite registration under section 45-IA of theReserve Bank of India Act 1934.

For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Registration No. 307068E
LAXMI NARAIN JAIN
Partner
New Delhi Membership No. 072579
May 29 2021 UDIN - 21072579AAAAAL6772

Annexure ‘B' to the Independent Auditor's Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls Over financial reporting of APM FinvestLimited ("the Company") as of March 31 2021 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

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 Reporting(‘the Guidance Note')issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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 internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note issued by the ICAIto the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to these financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reportingand their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining anunderstanding of such internal financial controls assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

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 Over financial reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial controlsover financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over financial reporting

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

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on theinternal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by the ICAI.

For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Registration No. 307068E
LAXMI NARAIN JAIN
Partner
New Delhi Membership No. 072579
May 29 2021 UDIN - 21072579AAAAAL6772

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