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ATN International Ltd.

BSE: 511427 Sector: Financials
NSE: ATNINTER ISIN Code: INE803A01027
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ATN International Ltd. (ATNINTER) - Auditors Report

Company auditors report

TO THE BOARD OF DIRECTORS ATN INTERNATIONAL LTD.

1. We have audited the accompanying Statement of Financial Results of ATN InternationalLtd ("the Company") for the year ended March 31 2021 ("theStatement") attached herewith being submitted by the company pursuant to therequirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5 2016.

2. This statement which is the responsibility of the company's management and approvedby the Board of Directors of the Company has been prepared on the basis of relatedfinancial statements which have been prepared in accordance with the Accounting Standardsprescribed under Section 133 of the Companies Act 2013 read with relevant rules issuedthere under as applicable and other accounting principles generally accepted in India.Our responsibility is to express an opinion on the Statement based on our audit of suchfinancial statements.

3. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Statement is free from material misstatement(s). An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the statement.The procedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the statement whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation and fair presentation of the statement that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Management as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the statement.

4. In our opinion and to the best of our information and according to the explanationsgiven to us the statement:

(a) is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 in this regard; and(b) gives a true and fair view in conformity with the aforesaid Accounting Standards andother accounting principles generally accepted in India of the net profit and otherfinancial information of the Company for the year ended March 31 2021.

5. The statement includes the Results for the quarter ended 31st March 2021 being thebalancing figure between audited figures in respect of the full financial year ended 31stMarch 2021 and the published year to date figures up to the end of the third quarter ofthe current financial year which were subject to limited review by us.

Our report is not modified in respect of this matter.

For Jain Sonu & Associates
Chartered Accountants
Firm Regd. No. 324386E
Sonu Jain
Partner
Place : Kolkata Membership No. 060015
Dated : 23rd June 2021 UDIN : 21060015AAAACQ2125
59

Report on the Ind AS standalone Financial Statements

Opinion :

1. We have audited the accompanying standalone Ind AS financial statements of ATNInternational Ltd which comprise the Balance Sheet as at 31st March 2021 the Statementof Profit and Loss the Statement of Changes in Equity and the Statement of Cash Flow forthe year then ended and notes to the financial statements including a summary of thesignificant accounting policies and other explanatory information. (Hereinafter referredto as "Ind AS financial statements").

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements for the year ended 31st March 2021give the information required by the Act in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the company as at 31st March 2021 its losses changes in equity andits cash flows for the year ended on that date.

Basis for Opinion :

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities 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 together with the ethical requirements that are relevant to our audit of the Ind ASfinancial 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 :

4. Key Audit Matters are those matters that in our professional judgement were ofmost significance in our audit of the division's financial statements for the year. Thesematters were addressed in the context of our audit of the division's financial statementsas a whole and in forming our opinion thereon and we do not provide a separate opinionon these matters.

We have not determined any matters as Key audit matters to be communicated in ourreports.

Information Other than the Financial Statements and Auditor's Report Thereon :

5. The Company's Board of Directors is responsible for the other information. The otherinformation comprises theinformation included in the Board report but does not includethe financial statements and our auditor's report thereon.The board report is expected tobe 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 identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.When we read the report containing other information if we conclude that thereis a material misstatement therein we are required to communicate the matter to thosecharged with governance.

Management's Responsibility for the Ind AS Financial Statements :

6. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies

Act 2013 ("the Act") with respect to the preparation of these Ind ASfinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder section 133 of the Act read with Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of accounting records relevant to the preparation and presentation of theInd AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

7. 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 Company or to cease operations or has no realisticalternative but to do so.

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

Auditor's Responsibilities for the Audit of the Ind AS Financial Statements :

9. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa 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.

10. A further description of our responsibilities for the audit of the financialstatements is as follows :

A. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also :

(i) Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

(ii) Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe Company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

(iv) Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 going concern. 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.

(v) 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.

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

C. 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.

Report on Other Legal and Regulatory Requirements :

11. 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 Companies Act 2013 we give in "Annexure - A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extendapplicable.

12. 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 it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss(Including Other Comprehensive Income) Statement of Changes in Equity and the Statementof Cash Flow dealt with by this Report are in agreement with the books of account. d) Inour opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. e) On the basis of written representationsreceived from the directors as on 31st March 2021 taken on record by the board ofdirectors none of the directors are disqualified as on 31st March 2021 from beingappointed as directors in terms of section 164(2) of the Act. f) With respect to theadequacy of the internal financial controls with reference to financial statements of theCompany and the operating effectiveness of such controls refer to our separate report in"Annexure B".

Our report expresses an unmodified opinion on the adequacy and operating effectivenessof the Company's internal financial controls with reference to financial statements. g)With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinionand to the best of our information and according to the explanations given to us : i. TheCompany does not have any pending litigations which would impact its financial position;ii. The Company did not have long-term contracts including derivative contracts for whichthere were any material foreseeable losses. iii. There were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company.

For Jain Sonu & Associates
Chartered Accountants
Firm Regd. No. 324386E
Sonu Jain
Partner
Place : Kolkata Membership No. 060015
Dated : 23rd June 2021 UDIN : 21060015AAAACQ2125

ANNEXURE - "A"

TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the members of M/s. ATNINTERNATIONAL LIMITED on the financial statements for the year ended on 31st March2021 we report that :

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets of the Company were physically verified by the Management atreasonable intervals According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company no immovable properties are held in the name ofthe Company.

2. The Company had no Inventories during the year thus paragraph 3(ii) of the Orderis not applicable to it.

3. The Company has not granted any loans secured or unsecured to the Companies FirmsLimited Liability Partnership or other parties covered in the register maintained undersection 189 of the Companies Act 2013 (‘the Act'). Accordingly this clause is notapplicable to it.

4. 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. The Company has not given any guarantee(s) or providedany security for loan taken by third party.

5. The Company has not accepted any deposits from the public. According the directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the companies Act 2013 and the rules framed there under are notapplicable to the Company.

6. The Central Government has not prescribed the maintenance of cost records underSection 148 (1) of the Companies Act 2013 for the business activities carried out by theCompany. Accordingly this clause is not applicable to it.

7. a) According to the information and explanations given to us and on the basis of ourexamination of the records of the company amounts deducted/accrued in the books ofaccounts in respect of undisputed statutory dues including Provident Fund Income TaxGoods and Services Tax duty of customs cess and other material statutory dues applicableto the Company with the appropriate authorities have been regularly deposited during theyear by the Company with the appropriate authorities. As explained to us the Company didnot have any dues on account of employees' state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax Goods and Services Tax duty of customscess and other material statutory dues were in arrears as at 31st March 2020 for a periodof more than six months from the date they became payable.

b) According to the information and explanations given to us and based on ourexamination of the records of the Company there are no material dues of Provident FundIncome Tax Goods and Services Tax duty of customs cess which have not been depositedwith the appropriate authorities because of any dispute.

8. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders. Accordingly paragraph 3(viii) of the Order is notapplicable to the Company.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable to the Company.

10. 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 duringour audit.

11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable to it.

13. 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.

14. 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 preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Therefore reporting under clause 3 (xiv) of the Order is not applicable to theCompany.

15. 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-cashtransactions with directors or persons connected with him. Accordingly provisions ofsection 192 of the Companies Act 2013 read with paragraph 3(xv) of the Order are notapplicable to it.

16. The Company is not required to be registered under section 45-IA of the RBI1934.

For Jain Sonu & Associates
Chartered Accountants
Firm Regd. No. 324386E
Sonu Jain
Partner
Place : Kolkata Membership No. 060015
Dated : 23rd June 2021 UDIN : 21060015AAAACQ2125

ANNEXURE - "B"

TO THE INDEPENDENT AUDITORS' REPORT

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 M/s. ATNINTERNATIONAL LIMITED as of 31st March 2021 in conjunction with our audit of thefinancial 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 Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITORS' 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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained are 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 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. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that 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 timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 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 31st March 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.

For Jain Sonu & Associates
Chartered Accountants
Firm Regd. No. 324386E
Sonu Jain
Partner
Place : Kolkata Membership No. 060015
Dated : 23rd June 2021 UDIN : 21060015AAAACQ2125

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