| We have audited the accompanying financial statements of M/s. NIHAR
INFO GLOBAL LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the 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 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 the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these 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
there under. 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 financial
statements are free from material misstatement. An audit involves
performing procedures to obtain audit evidence about the amounts and
the disclosures in the financial statements. 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 financial control relevant to the Company's preparation of the
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 the 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 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 financial
statements.
Opinion
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 Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Emphasis of Matter
(a) We draw your attention to Note 1.8 with respect to Investments have
not been confirmed by the parties.
(b) Due to un availability of Confirmation from debtors, advances and
creditors , we are unable to draw conclusion on those balances Report
on Other Legal and Regulatory Requirements 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
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) Based on the Written Representation received from the directors as
on 31st March 2015, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st
March,2015 from being appointed as a director in terms of Sub-section 2
of Section 164 of the Act.
(f) 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:
(g) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer clause No.vii(b)
of CARO,2015 and note no.2.37 to the financial statements;
Annexure to Independent Auditors' report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date of M/s .NIHAR INFO
GLOBAL LIMITED for the year ended March 31, 2015).
i. In respect of fixed assets
(a) The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us, all the fixed assets have been physically
verified by the Management during the year. No material discrepancies
were noticed on such verification.
ii. In respect of its inventories:
The company does not have any inventory.
iii. In respect of loans:
As informed to us, during the year the company has granted unsecured
Interest free loans to one company covered in the register maintained
under section 189 of the Companies Act.
The receipt of the principal amount is not due as on 31st ,March 2015.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods &
services.
v. The company has not accepted any deposits, and hence clause (v) of
Companies (Auditor's Report) Order, 2015 is not applicable.
vi. Section 148(1) of the Companies Act, 2013 is not applicable as
company has no manufacturing activity.
vii. a) According to the information and explanations given to us and
the records produced and examined by us, in our opinion, the company is
not regular in depositing undisputed statutory dues consisting of
service tax, VAT,TDS ,ESI and Professional Tax; while the undisputed
statutory dues under PF are paid however with delay. As explained to
us, the company did not have any dues on account of Excise duty, Wealth
tax and Investor Education and Protection Fund.
According to the information and explanations given to us, there are
undisputed amounts payable in respect of , Income-tax, Service tax, VAT
and TDS which are in arrears as at 31 March 2015 for a period more than
six months from the date they became payable.
Name of
the statute Nature of
the dues Amount(Rs.) Period to which the
amount relates
Andhra Pradesh
Value Added
Tax Act, 2005 Value Added
Tax 6,511 2014-15
Finance Act,
1994 Service Tax 5,97,118 2014-15 &
2013-14
Income Tax
Act, 1961 TDS 73,305 2014-15 &
2013-14
b) According to the information and explanations given to us, there are
no dues of Income-tax, Service tax and Customs duty which have not been
deposited with the appropriate authorities on account of any dispute.
As informed to us, the company did not have any dues on account of
Wealth tax and Excise duty.
viii. The Company does not have any accumulated losses and has not
incurred cash losses in the current financial year and in the
immediately preceding financial year. ix. In our opinion and
according to the information and explanations given to us, as the
company has not take any loan from bankers and financial institutions,
this Clause is not applicable x. According to the information and
explanations given to us the company has not given any guarantee for
loans taken by others from banks or financial institutions. xi. In
our opinion and according to the information and explanations given to
us, the Company has not taken any term loans .Hence this clause is not
applicable. xii. According to the information and explanations given
to us, no fraud on or by the company has been noticed or reported
during the course of audit.
For C. RAMACHANDRAM & CO.,
Chartered accountants, FRN.002864S
(Sd/-)
C.RAMACHANDRAM
Partner
Membership No: 25834
Place: Hyderabad Date: 27/08/2015
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