Arman Holdings Ltd.
|BSE: 538556||Sector: Others|
|NSE: N.A.||ISIN Code: INE510P01018|
|BSE 00:00 | 02 Nov||Arman Holdings Ltd|
|NSE 05:30 | 01 Jan||Arman Holdings Ltd|
|BSE: 538556||Sector: Others|
|NSE: N.A.||ISIN Code: INE510P01018|
|BSE 00:00 | 02 Nov||Arman Holdings Ltd|
|NSE 05:30 | 01 Jan||Arman Holdings Ltd|
To the Members of Arman Holdings Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Arman Holdings Limited ("theCompany") which comprise the Balance Sheet as at March 31 2021 and the Statementof Profit and Loss (Including Other Comprehensive Income) Statement of Cash Flow and theStatement of Changes in Equity for the year then ended and a summary of significantaccounting policies and other explanatory information.
Managements Responsibility for the IND AS Financial Statements
The Company s Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the Indian Accounting Standards (IND AS) prescribed undersection 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 asamended and other accounting principles generally accepted in India.
This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder and the orderissued under section 143(11) of the Act.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company s preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company s
Directors as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on 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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 and its profit total comprehensive income the changes in equity and its cashflow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c. The Balance Sheet the Statement of Profit and Lossincluding Other Comprehensive Income Statement of Changes in Equity and the Statement ofCash Flow dealt with by this Report are in agreement with the books of account. d. In ouropinion the aforesaid financial statements comply with the Indian Accounting Standardsprescribed under Section 133 of the Act. e. On the basis of written representationsreceived from the directors of the Company as on 31 March 2021 taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2021 from beingappointed as a director in terms of Section 164(2) of the Act. f. With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in"Annexure A". Our report express an unmodified opinion on the adequacy andoperating effectiveness of the Company s internal financial controls over financialreporting.
g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014;
i. The Company does not have any pending litigations which would impact its financialposition ii. The Company did not have any long-term contracts including derivativecontracts; as such the question of commenting on any material foreseeable losses thereondoes not arise iii. There has not been an occasion in case of the Company during the yearunder report to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise
2. As required by the Companies (Auditor s Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section143 of theAct we give in the Annexure B a statement on the matters Specified in paragraphs 3 and 4of the Order.
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
Annexure referred to in Para 1(f) of our Report of even date on the Standalonefinancial statements for the year ended 31st March 2021 of
ARMAN HOLDINGS LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (?the Act )
We have audited the internal financial controls over financial reporting of ArmanHoldings Ltd ("the Company") as of March 31 2021 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.
Managements 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company s policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.
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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI andprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.
Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor s judgment including the assessment of the risks of materialmisstatement of the financial 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 companys internal financial control 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 control over financialreporting includes those policies and procedures that
(1)Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2)Providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; (3)Provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof 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 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.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
ANNEXURE B TO THE AUDITORS REPORT
Annexure referred to in Para 2 of our Report of even date on the Standalone financialstatements for the year ended 31st March 2021 of ARMAN HOLDINGS LIMITED.
Report as per Sub-section 11 of Section 143 of the Companies Act 2013 ("theAct").
Based on the audit procedures performed for the purpose of reporting a true and fairview of the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books and other records examined by us inthe normal course of our audit in our opinion and to the best of our knowledge we reportthat:
i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets
(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;
ii. As explained to us inventory has been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;
iii. The company has not granted any loans secured or unsecured to/from companiesfirms or other parties covered in the register maintained under section 189 of the Act.
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 respectto the loans and investments made.
v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.
vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act
vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Investors Education and Protection FundEmployees State Insurance Income-tax Goods and Service Tax Custom Duty Excise DutyCess and other material statutory dues as applicable with the appropriate authorities inIndia. The company did not have any undisputed amount payable in this respect at 31stMarch 2021 for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Goods and Service TaxCustoms Duty and Excise Duty were in arrears as at 31st March 2021 for aperiod of more than six months from the date they became payable.
viii. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.
ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.
x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.
xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the
Company has paid/provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act. xii.In our opinion and according to the information and explanations given to us the Companyis not a nidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 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.
xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the
Company has not made any preferential allotment or private placement of shares or fullyor partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the
Company has not entered into non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.