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अबन अफशोर

बीएसई: 523204  |  NSE: ABAN  |  ISIN: INE421A01028  |  Oil Drilling And Exploration

खोजें अबन अफशोर कनेक्शन Mar 17
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '18

Report on the Ind AS Standalone Financial Statements

We have audited the accompanying Ind AS Standalone Financial Statements of ABAN OFFSHORE LIMITED (“the company”), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Ind AS Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013(“the Act”) with respect to the preparation and presentation of these Standalone 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 the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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; design, implementation and maintenance of adequate internal financial controls, that are 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.

Auditors’ Responsibility

Our responsibility is to express an opinion on these IndAS Standalone Financial Statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS Standalone Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS Standalone Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Ind AS Standalone Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the Ind AS Standalone Financial Statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Ind AS Financial Statements.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Ind AS Standalone Financial Statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS Standalone Financial Statements:

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS Standalone Financial Statements give the information required by 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 31st March 2018, its Profit (including other comprehensive income) and its cash flows and changes in equity for the year ended on that date.

Emphasis of matter We draw attention to Note No 8(a) to Standalone Ind AS financial statements:

The Company has defaulted in repayment of instalments and payment of interest on term loans from banks for an amount of INR 4,900.25 million. The Banks have recalled the entire loan outstanding including interest. As such, the Company has re-classified these dues to banks from Non-current Liability to Current Liability during the year.

Our opinion is not modified in respect of above matter. Other matters

The comparative financial information of the Company for the corresponding year ended 31st March 2017, included in these standalone financial results for the year ended 31st March 2018 were audited by predecessor auditor who expressed an unmodified opinion on those financial information/statements on 29th May 2017.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure A, a statement on the matters Specified in paragraphs 3 and 4 of the Order.

2 As required by section 143(3) of the Act, we further 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 purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, 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 Ind AS Standalone Financial Statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with relevant rules there under.

e) On the basis of written representations received from the directors as on 31st March, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018, 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’; and

g) With respect to 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 has disclosed the impact of pending litigations on its financial position in its financial statements.

ii. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

Annexure referred to in Independent Auditors’ Report to the Members of M/s ABAN OFFSHORE LIMITED on the Ind AS Financial Statements for the year ended 31st March 2018, we report that:

i. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) According to the information and explanation given to us and on verification of documents provided to us, we are of the opinion that the title deeds of immovable properties are held in the Company.

ii. In our opinion the inventories have been physically verified during the year by the Management at reasonable intervals. The material discrepancies noticed on verification between the physical stocks and the book records have been dealt with in the books of account.

iii. The Company has given unsecured loans during the year and in earlier years to its wholly owned foreign subsidiary being the companies covered in the Register maintained under Section 189 of “the Act”, as shown below:

Company

Unsecured Loan granted during the year (Indian Rupees in Millions)

Loan Amount outstanding at the end of the year (Indian Rupees in Millions)

Maximum amount outstanding during the year (Indian Rupees in Millions)

Aban Holdings Pte Limited,Singapore

62.841

6876.475

6876.475

iv. The Company has granted unsecured loan, provided guarantee and invested in its wholly owned foreign subsidiary and Indian subsidiaries. The Company has also invested in other companies. Based on the information and explanations given to us we are of the opinion that the company has compiled with the provisions of Section 185 and 186 of the Companies Act, 2013, wherever applicable with respect to the said transactions.

v. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 73 of “the Act”and hence directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of “the Act” and the Rules framed there under are not applicable to the Company at present.

vi. The Central Government has not prescribed maintenance of Cost Records under sub-section (1) of section 148 of “the Act” in respect of business of the company and hence the provision of clause 3(vi)of the Order is not applicable with regard to maintenance of cost records.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, in our opinion, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, Goods and service tax, and other material Statutory dues as applicable, with the appropriate authorities in India.

(b)There were no undisputed amounts payable in respect of Provident Fund, Employee Staff Insurance, Service Tax, Sales Tax, Income-tax and other material statutory dues in arrears as at 31st March, 2018 for a period of more than 6 months from the date they became payable.

(c) According to the information and explanations given to us, there are statutory dues, which have not been deposited with appropriate authorities on account of dispute as per the details given below.

Name of the Statute

Nature of dispute

Disputed demand in Rs in millions

Period to which the amount relates

Forum where dispute is pending

Income Tax Act 1961

Regular Assessment

556.40

2002-2006

High Court of Madras

Income Tax Act 1961

Regular Assessment

97.48

2008-2009

Commissioner of Income Tax

Income Tax Act 1961

Regular Assessment

396.17

2006-2008

Income Tax Appellate Tribunal

Income Tax Act 1961

Regular Assessment

418.38

2008-2009

Income Tax Appellate Tribunal

Income Tax Act 1961

Regular Assessment

812.00

2009-2010

Income Tax Appellate Tribunal

Income Tax Act 1961

Regular Assessment

1,907.90

2010-2011

Income Tax Appellate Tribunal

Income Tax Act 1961

Regular Assessment

854.33

2011-2012

Income Tax Appellate Tribunal

Income Tax Act 1961

Regular Assessment

1,490.36

2012-2013

Income Tax Appellate Tribunal

Finance Act 1994 (Service Tax dues)

Regular Assessment

17.36

2007

Supreme Court

Finance Act 1994 (Service Tax dues)

Regular Assessment

78.72

2011

CESTAT, Chennai

Finance Act 1994 (Service Tax dues)

Regular Assessment

18.94

2011-2012

CESTAT, Chennai

Finance Act 1994 (Service Tax dues)

Regular Assessment

36.78

2012-2014

CESTAT, Chennai

Finance Act 1994 (Service Tax dues)

Regular Assessment

79.80

2014-2015

CESTAT, Chennai

Finance Act 1994 (Service Tax dues)

Regular Assessment

37.31

2005-2011

CESTAT, Chennai

Finance Act 1994 (Service Tax dues)

Regular Assessment

236.49

2012-2014

CESTAT, Chennai

Finance Act 1994 (Service Tax dues)

Regular Assessment

605.75

2008-2010

CESTAT, Mumbai

Finance Act 1994 (Service Tax dues)

Regular Assessment

166.89

2009-2012

CESTAT, Mumbai

Finance Act 1994 (Service Tax dues)

Regular Assessment

0.46

2015-2016

CESTAT, Mumbai

Finance Act 1994 (Service Tax dues)

Regular Assessment

46.01

2015-2017

CESTAT, Mumbai

Customs Act 1962

Regular Assessment

107.90

2015-2016

CESTAT, Mumbai

Customs Act 1962

Regular Assessment

916.00

2016-2017

CESTAT, Bombay High Court

Sales Tax Act of various states

Regular Assessment

984.90

2010-2011

Joint Commissioner of Sales Tax Appeals

Sales Tax Act of various states

Regular Assessment

459.75

2012-2013

Appellate Authority

Sales Tax Act of various states

Regular Assessment

580.00

2013-2014

Appellate Authority

viii. Based on our audit procedures and according to the information and explanations given to us, we have noted default in repayment of term loan instalments and payment of interest to banks during the year. The unpaid overdue loan instalments and interest as at 31st March 2018 are as given below:

Name of the Lender

Amount of default including interest payable as at the Balance Sheet Date In INR Million

Period of Default

Punjab National Bank

3,257.33

April 2017 to March 2018

Central Bank of India

1,425.81

June 2017 to March2018

IndusInd Bank

217.11

May 2017 to March2018

The banks have issued notices recalling the dues. As such , the company has classified these dues from Non-current Liability to current liability during the year - refer note no 8(a)

The Company has no dues to Government during the year and has no dues to financial institutions and does not have any debentures.

ix. During the year the Company has not raised moneys by way of initial public offer or further public offer. According to the information and explanations provided to us, the company has not taken any term loan during the year and hence the provision of clause 3(ix) of the Order relating to application of term loan funds is not applicable to the company.

x. During the course of our examination of the books of account, we have neither come across any instance of fraud by the company or any fraud on the company by its officers or employees, either noticed or reported during the year, nor we have been informed of any such case by the Management.

xi. According to the information and explanations provided to us, we are of the opinion that the company has provided and paid the managerial remuneration in accordance with the provisions of section 197 of “the Act”. However, with regard to re-appointment of two non-resident whole time directors, in terms of Part I of Schedule V of “the Act”, the approval of Central Government is awaited.

xii. The company is not a Nidhi Company and hence the provisions of clause 3(xii) of the Order, relating to compliance with maintenance of net owned funds and deposits, are not applicable to the company.

xiii. According to the information and explanations provided to us, the transactions entered into by the company, during the year, with the related parties are in compliance with section 177 and 188 of “the Act”. The details of the related party transactions as required by the applicable Indian Accounting Standards have been disclosed by the company in the financial statements.

xiv. During the year under audit, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence the provisions of clause 3(xiv) of the Order, relating to compliance with section 42 of “the Act”, are not applicable to the company.

xv. According to the information and explanations provided to us, during the year the company has not entered into any non-cash transactions with the directors or persons concerned with him. Hence the provision of clause 3(xv) of the Order, relating to compliance with provisions of section 192 of “the Act”, is not applicable to the company.

xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

Annexure B to the Independent Auditors’ Report

Report on the Internal Financial Controls over Financial Reporting under clause (i) of the Sub-section 3 of the Section 143 of the Companies Act, 2013 (‘The Act’)

We have audited the internal financial controls over financial reporting of ABAN OFFSHORE LIMITED (‘the company’) as of 31st March 2018 in conjunction with our audit of Ind AS Standalone 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 control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting 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 company’s internal financial controls over financial reporting based on our Audit. We conducted our audit in accordance with the Guidance note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an Audit of Internal Financial Controls, both applicable to an audit of Internal Financial Controls and both issued by the ICAI. These standards and 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 risk of material misstatement of the Ind AS 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 and the company’s internal financial control 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 Ind AS Financial Statements for external purposes in accordance with generally accepted accounting principles. A Company’s internal financial control over financial reporting includes these policies and procedures that (1) pertain to the maintenance of records that, in reasonable detailed, 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 Ind AS Financial Statements in accordance with generally accepted principles, and that receipts and expenditures are being made only in accordance with authorization 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 Ind AS Financial Statements.

Inherent Limitation of Internal Financial Controls over Financial Reporting

Because of the inherent limitation 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 control 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, 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 31st March, 2018, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute Of Chartered Accountants of India.

For P. Murali & Co.,

Chartered Accountants

Firm Registration No: 007257S

P. Murali Mohana Rao

Partner

Membership No. 023412

Place: Chennai

Date: 30.05.2018

स्रोत: रेलीगरे टेचनोवा

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