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APM Finvest Ltd.

BSE: 542774 Sector: Financials
NSE: N.A. ISIN Code: INE08KJ01012
BSE 10:56 | 25 Jan 25.30 2.50
(10.96%)
OPEN

26.80

HIGH

26.80

LOW

25.15

NSE 05:30 | 01 Jan APM Finvest Ltd
OPEN 26.80
PREVIOUS CLOSE 22.80
VOLUME 38890
52-Week high 27.45
52-Week low 9.80
P/E 16.11
Mkt Cap.(Rs cr) 55
Buy Price 25.35
Buy Qty 25.00
Sell Price 25.90
Sell Qty 200.00
OPEN 26.80
CLOSE 22.80
VOLUME 38890
52-Week high 27.45
52-Week low 9.80
P/E 16.11
Mkt Cap.(Rs cr) 55
Buy Price 25.35
Buy Qty 25.00
Sell Price 25.90
Sell Qty 200.00

APM Finvest Ltd. (APMFINVEST) - Auditors Report

Company auditors report

To the Members of APM Finvest Limited

Report on Compliance with Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions 2016

Pursuant to Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions 2016 (the Directions) we have examined the matters specified in Paragraph 3 of the Directions in respect of APM Finvest Limited (the Company) for the year ended March 31 2019.

Management's Responsibility for the Financial Statements

The Management is responsible for the design implementation and maintenance of adequate internal procedures systems processes and controls to ensure compliance with the Directions on an ongoing basis. This responsibility includes reporting non-compliances if any to the Reserve Bank of India Board of the Company and its Audit Committee.

Auditor's Responsibility

Our responsibility is to report on the matters specified in Paragraph 3 of the Directions based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act 2013. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether there are any identified non-compliances.

An audit involves performing procedures to obtain audit evidence about the compliance with the Directions. 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. In making those risk assessments the auditor considers internal control relevant to the Company's compliance with the Directions in order to design audit procedures that are appropriate in the circumstances.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the compliance with Directions.

Conclusion

Based on our examination of the books and records of the Company as produced for our examination and the information & explanations provided to us we report that:

1. The Company has obtained a Certificate of Registration from the Reserve Bank of India (`the Bank')

2. The Company is entitled to continue to hold a Certificate of Registration in terms of its Principal Business Criteria (Financial asset/income pattern) as at March 31 2019.

3. The Company is meeting the required net owned fund requirement as laid down in Master Direction - Non-Banking Financial Company -Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions 2016.

4. The Board of Directors have passed a resolution for non- acceptance of any public deposits.

5. The Company has not accepted any public deposits during the relevant year.

6. The Company has complied with the prudential norms relating to income recognition accounting standards asset classification and provisioning for bad and doubtful debts as applicable to it in terms of Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions 2016 as amended from time to time.

7. The Company has not been classified as a Non-Banking Financial Company - Micro Financial Institution as defined in Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions 2016.

For Narendra Singhania & Co.
Chartered Accountants
Firm Registration No. 009781N
Narendra Singhania
Place : New DelhiPartner
Date : 20 June 2019Membership No.: 087931

INDEPENDENT AUDITOR'S REPORT

To The Members of APM Finvest Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of APM Finvest Limited (the Company) which comprise the balance sheet as at 31 March 2019 the statement of profit and loss and the statement of cash flows for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Companies Act 2013 (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31 March 2019 and its profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (`ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Director's report but does not include the financial statements and our auditor's report thereon. The Director's report is expected 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 do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to read the other information identified above when it becomes available and in doing so consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Responsibilities of Management for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Companies (Accounting Standards) Rules 2006 (as amended) specified under Section 133 of the Act read with the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds 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 financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

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

 Obtain an understanding of internal financial controls relevant to the 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 on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

 Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the 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's report. However future events or conditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to 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 Act we give in the `Annexure A' a statement on the matters 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 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 and the cash flow statement dealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the Companies (Accounting Standards) Rules 2006 (as amended) specified under Section 133 of the Act read with the Companies (Accounts) Rules 2014;

e) On the basis of the written representations received from the directors as on 31 March 2019 taken on record by the Board of Directors none of the directors is disqualified as on 31 March 2019 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) The Company has not paid any managerial remuneration during the year. Accordingly the provisions of Section 197 read with Schedule V of the Act are not applicable to the Company for the year ended 31 March 2019;

h) 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 in our opinion and to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations as at 31 March 2019 which could impact its financial statements;

ii) The Company does not have any long term contracts including derivative contracts for which there could be any material foreseeable losses;

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

For Narendra Singhania & Co.
Chartered Accountants
Firm Registration No. 009781N
Narendra Singhania
Place : New DelhiPartner
Date : 20 June 2019Membership No.: 087931

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under the heading of `Report on Other Legal and Regulatory Requirements' of our report of even date to the Members of APM Finvest Limited on the Financial Statements as of and for the year ended 31 March 2019)

Re: APM Finvest Limited

(i) The Company does not have any fixed assets and hence no reporting is made in this regard.

(ii) In our opinion and according to the information and explanations given to us the nature of business activities of the Company does not give rise to any inventory and hence no reporting is made in this regard.

(iii) The Company has granted unsecured loan to a Company covered in the register maintained under Section 189 of the Companies Act 2013. In our opinion and according to the information and explanations given to us the terms and conditions of grant such loan are not prejudicial to the interest of the Company.

(iv) In our opinion and according to the information and explanations given to us there are no loans investments guarantees and securities given in respect of which provisions of section 185 and 186 of the Companies Act 2013 are applicable and hence no reporting is made in this regard.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014 (as amended).

(vi) To the best of our knowledge and according to the information and explanations given to us the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Companies Act 2013 for the business carried on by the Company.

(vii) a) Undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax service tax customs duty excise duty value added tax goods and services tax cess and other statutory dues have generally been regularly deposited with the appropriate authorities though there has been a slight delay in few cases.

b) According to the information and explanations given to us no undisputed amounts payable in respect of provident fund employees' state insurance income-tax service tax sales-tax customs duty excise duty value added tax goods and services tax cess and other undisputed statutory dues were outstanding at the year end for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us there are no dues of income tax sales-tax service tax customs duty excise duty value added tax goods and services tax and cess which have not been deposited on account of any dispute.

(viii) As per the information and explanations given to us by the management there are no dues to financial institutions banks Government or debenture holders.

(ix) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loan during the year.

(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management we report that no fraud by the Company or no fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) The Company has not paid any managerial remuneration during the year. Accordingly the provisions of Section 197 read with Schedule V of the Act are not applicable to the Company for the year ended 31 March 2019.

(xii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provisions of clause 3(xii) of the Order are not applicable to the Company.

(xiii) Based on the audit procedures performed and as per the information and explanations given to us by the management the transactions with the related parties as disclosed in the financial statements are in compliance with Section 188 of the Companies Act 2013 and have been disclosed as per the requirements of the applicable accounting standard. The provisions of Section 177 of the Companies Act 2013 are not applicable to the Company.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) The Company has not entered into any non-cash transactions with the directors or persons connected with them as referred to in Section 192 of the Companies Act 2013.

(xvi) The Company is registered under Section 45-IA of Reserve Bank of India Act 1934.

For Narendra Singhania & Co.
Chartered Accountants
Firm Registration No. 009781N
Narendra Singhania
Place : New DelhiPartner
Date : 20 June 2019Membership No.: 087931

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under the heading of `Report on Other Legal and Regulatory Requirements' of our report of even date to the Members of APM Finvest Limited on the Financial Statements as of and for the year ended 31 March 2019)

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

We have audited the internal financial controls over financial reporting of APM Finvest Limited (the Company) as of 31 March 2019 in conjunction with our audit of the 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 internal financial controls based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in 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 maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to 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 Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note issued by ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act 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.

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.

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

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

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 controls 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

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 31 March 2019 based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Narendra Singhania & Co.
Chartered Accountants
Firm Registration No. 009781N
Narendra Singhania
Place : New DelhiPartner
Date : 20 June 2019Membership No.: 087931

   

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