Mar 31, 2016
Independent Auditors'' Report on Financial Statements
To The Members of NIMBUS PROJECTS LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of NIMBUS PROJECTS LIMITED ("the Company") which comprise the Balance Sheet as at 31st March, 2016 , the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management 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) Rule, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provision 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 estimated 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 provision 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimate made by the Management, 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 statement.
Opinion
In our opinion and to the best of our information and according to the explanation given to us the aforesaid 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 2016 and its profit and its cash flows for the year ended on that date.
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.
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 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 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. On the basis of written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 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. 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 which would impact its financial position;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long-term contracts. The Company does not have any derivative contracts;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
''ANNEXURE A'' TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 under ''Report on other Legal and Regulatory Requirements'' section of our report of even date)
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets;
(b) According to information and explanations given to us, all the assets have been physically verified by the management during the year under the regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification;
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
2) (a) Company''s inventory comprises Finished Flats and trading stock of Commercial & Residential Units. As explained to us, inventory has been physically verified by management during the year, which in our opinion is reasonable.
(b) The Company is maintaining proper records of inventory. No material discrepancies were noticed on such verification.
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Act. Accordingly, the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable to the Company.
4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and I86 of the Companies Act, 2013, with respect to the loans and investments.
5) The Company has not accepted any deposits from the public and hence the 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 Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) We have broadly reviewed the cost records maintained by the Company as specified by the Central Government under Section 148 of the Act and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether these are accurate or complete.
7) a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as on 31st March, 2016 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute except for the amounts mentioned below:
Name of the Statute |
Nature of Dues |
Demand Amount (Rs.) |
Amount paid (Rs.) |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax Act, 1961 |
Demand under Section 154 |
29,91,080/- |
15,45,002/- |
A.Y. 2008-09 |
Income Tax Officer, New Delhi |
Income Tax Act, 1961 |
Demand under Section 143 (3) |
2,99,570/- |
2,04,667/- |
A.Y. 2009-10 |
Income Tax Officer, New Delhi |
Income Tax Act, 1961 |
Demand under Section 143 (3) |
2,66,350/- |
45,298/- |
A.Y. 2010-11 |
CIT (Appeals), New Delhi |
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans and borrowing to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
10) According to the information and explanation given to us and based on our examination, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
11) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
12) In our opinion, the Company is not a nidhi company. Therefore, the provisions of paragraph 3 (xii) of the Order are not applicable to the Company.
13) According to the information and explanations given to us and based on our examination of the records of the Company, in our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
16) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of paragraph 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
''ANNEXURE B'' TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 2(f) under ''Report on other Legal and Regulatory Requirements'' section of our report of even date) Report on the Internal Financial Controls 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 Nimbus Projects Limited (''the Company'') as of 31st March, 2016 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 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 Companies Act, 2013.
Auditors'' 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, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. 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 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 on 31st March, 2016, 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 ANIL PRAHALAD & COMPANY
CHARTERED ACCOUNTANTS
Firm Regn. No. : 003921C
(ANIL KUMAR)
Place : New Delhi Prop.
Date : 28.05.2016 Membership No. : 073030
Mar 31, 2015
We have audited the accompanying financial statements of NIMBUS
PROJECTS LIMITED ("the Company") which comprise the Balance Sheet as at
31st March, 2015 , the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
The Company's management 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 and 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)
Rule, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provision 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 estimated that
are reasonable and prudent, and design, implementation and maintenance
of internal control , 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 provision 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 the ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of 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 misstatements of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimate made by the Management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanation 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; and
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in term of Sub
Section (11) of Section 143 of the Companies Act, 2013 we give in the
Annexure a statement on the matters specified in the paragraphs 3 and 4
of the said Order.
2. As required by Section 143(3) of the Companies Act, 2013 we report
that:
i) We have obtained all information and explanations, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books;
iii) The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by this report are in agreement with books of
accounts;
iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statement, comply with the Accounting Standards referred
to in section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014..
v) On the basis of written representation received from the directors,
as on March, 31, 2015 taken on record by board of directors, none of
the directors is disqualified as on March, 31, 2015 from being
appointed as a director in term of Sub-Section (2) of Section 164 of
the Companies Act, 2013.
vi) In our opinion and to the best of our information and according to
the explanation give to us, we report as under 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:
i) The Company does not have any pending litigation which would impact
its financial position.
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required on long term contracts. The Company does not have any
derivative contracts.
iii) There has not been any occasion in case of the company during the
year under report to transfer any sums to the investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1under Report on Other Legal and Regulatory
Requirements" section of our report of even date)
1. In respect of Fixed Assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) According to information and explanation given to us, all the
assets have been physically verified by the management during the year
under the regular programme of verification which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(c) During the year, no part of the fixed assets of the Company was
disposed off.
2. In respect of Inventory
(a) Company's Inventory comprises project under construction /
development (Work In Progress) and trading stock of Commercial &
Residential Units. As explained to us, the inventories were physically
verified by the management at reasonable intervals during the previous
year, which in our opinion is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. According to the information and explanation given to us, the
Company has not granted nor taken any loans, secured or unsecured to/
from the companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Inventory, Fixed Assets and with regard to the sale of
goods and services. During the course of our audit, we have neither
come across nor have been informed of any continuing failure to correct
major weakness no major weakness in internal control system.
5. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit during the year
from the public to which the directives issued by the Reserve bank of
India and the Provisions of section 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the rules framed there under
apply, or an order has been passed by Company Law Board or National
Company law Tribunal or Reserve bank of India or any court or any other
tribunal.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014, as
amended and prescribed by the Central Government under sub section (1)
of Section 148 of the Companies Act 2013, and are of the opinion that,
prima facie, the prescribed cost records have been maintained. We have
however, not made a detailed examination of the cost records with a
view to determine whether these are accurate or complete.
7. (a) The Company is regular in depositing with appropriate
authorities, undisputed statutory dues including Income Tax, TDS,
Service Tax, Work Contract Tax, cess and other material statutory dues
applicable to it. According to the information and explanation given
to us, no undisputed amounts were in arrears as at 31st March, 2015 for
a period of more than six months from the date they become payable.
(b) According to the information and explanation given to us , there
are no dues in respect of of Sales Tax / VAT, Income Tax, TDS, Wealth
Tax, Service Tax, Work Contract Tax and cess as at 31st March 2015,
which have not been deposited with the appropriate authorities on
account of any dispute.
(c) According to the information and explanation given to us, no amount
was required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
2013.
8. The Company does not have accumulated loss at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by our audit however in the immediately
preceding financial year the company had incurred cash losses.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institutions and / or banks.
10. According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions. Accordingly, the provisions of clause 3(x) of
the order are not applicable to the Company.
11. According to information and explanation given to us, the term
loans have been applied for the purpose for which they were raised.
12. According to information and explanation given to us, no fraud of
material significance on or by the Company has been noticed or reported
during the year.
For ANIL PRAHALAD & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. : 003921C
Place : Delhi
(ANIL KUMAR)
Date :01.07.2015 Prop.
Membership No. : 73030
Mar 31, 2014
We have audited the accompanying financial statements of NIMBUS
PROJECTS LIMITED ("the Company") which comprise the Balance Sheet as at
31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
The Company''s management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
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 misstatements of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimate made by the Management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanation 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 case of the Balance Sheet, of the state of affairs of the Company
as at 31st March 2014;
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 case of Cash Flow Statement, of the cash flow of the Company for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in term of Section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in the paragraphs 4 and 5 of the said Order.
2. As required by Section 227(3) of the Act, we report that:
i) We have obtained all information and explanations, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books;
iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with books of
accounts;
iv) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards notified under the Companies Act,
1956 ("the act") read with the General Circular 15/2013 Dated 13th
September 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013.
v) On the basis of written representation received from the directors,
as on March, 31, 2014 taken on record by board of directors, none of
the directors is disqualified as on March, 31, 2014 from being
appointed as a director in term of Section 274(1) (g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date)
1. In respect of Fixed Assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) According to information and explanation given to us, all the
assets have been physically verified by the management during the year
under the regular program of verification which, in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(c) During the year, no part of the fixed assets of the Company was
disposed off.
2. In respect of Inventory
(a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The Company has not taken loans secured or unsecured to/ from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
In respect of loans, secured or unsecured, granted by the company to
parties covered in the Register maintained under section 301 of the
Companies Act, 1956, according to the information and explanation given
to us the companies has not granted any loan to any party.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Inventory, Fixed Assets and with regard to the sale of
goods and services. During the course of our audit, we have neither
come across nor have been informed of any continuing failure to correct
major weakness no major weakness in internal control system.
5. In respect of contracts or arrangements entered in the Register
maintained in pursuance of section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanation given to us:
a) The particulars of contracts or arrangements referred to in section
301 of the Act that needed to be entered in the Register maintained
under the said section have been so entered.
b) Where each of such transaction in excess of Rs. 5,00,000/- in
respect of any party, the transactions have been made at prices which
are prime facie reasonable having regard to the prevailing market
prices at the relevant time, other than certain purchases which are of
a special nature for which comparable quotations are not available and
in respect of which we are, therefore, unable to comment.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
and hence directive issued by the Reserve bank of India and the
Provisions of section 58A and 58AA of the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
7. In our opinion and according to the information and explanation
given to us, the company has an adequate internal audit system
commensurate with the size of the Company and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to Companies (Cost Accounting Records) Rules, 2011 prescribed
by the Central Government under Section 209(1) (d) of the Companies Act
1956 and area of the opinion that prima facie the prescribed cost
records have been maintained. We have however, not made a detailed
examination of the cost records with a view to determine they are
accurate or complete.
9. (a) According to information and explanation given to us and the
books and records examined by us the Company is regular in depositing
undisputed statutory dues including provident funds, investor education
and protection fund, Income Tax, TDS, Wealth Tax, Service Tax and other
material statutory dues as applicable with appropriate authorities. No
undisputed amounts were in arrears as at 31st March, 2014 for a period
of more than six months from the date they become payable.
(b) According to the records of the Company, there are no dues
outstanding of Income Tax, TDS, Wealth Tax, Service Tax and cess as at
31st march 2014, which have not been deposited with the appropriate
authorities on account of any dispute.
10. The accumulated losses of the Company at the end of the financial
year are less than fifty percent of its net worth. The Company has
incurred cash losses during the financial year covered by our audit
however, in the immediately preceding financial year; the Company had
not incurred any cash loss.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institutions and / or banks.
12. According to information and explanation given to us, the Company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities during the year.
13. In our opinion, the Company is not a chit fund or a nidhi or a
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
14. In our opinion and according to the information and explanation
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments therefore the provision of
clause 4 (xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
15. According to information and explanation given by the management,
the Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to information and explanation given to us, the term
loans have been applied for the purpose for which they were raised.
17. According to information and explanation given to us, and an
overall examination of Balance Sheet and Cash Flow Statement of the
Company, we report that no fund raised on short term basis have been,
prima facie, used for long term investment and no long term fund have
been used to finance short term requirement,
18. During the Year, the Company has made preferential allotment of 8%
Preference Shares; however none of the parties and companies are
covered in the register maintained under Section 301 of the Companies
Act 1956.
19. According to information and explanation given to us, the Company
has not issued any debentures.
20. The Company has not raised any money through a public issue during
the year.
21. According to information and explanation given to us, we report
that no fraud of material significance on or by the Company has been
noticed or reported during the course of our audit.
For ANIL PRAHALAD & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. : 003921C
Place : Delhi (ANIL KUMAR)
Date : 28.05.2014 Prop.
Membership No. : 73030
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of NIMBUS
PROJECTS LIMITED ("the Company") which comprise the Balance Sheet as at
31st March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
The Company''s management is responsible for 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 Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
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 conducted our audit in accordance
with the Standards on Auditing issued by the institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
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 misstatements of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimate made by the Management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanation 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 case of the Balance Sheet, of the state of affairs of the Company
as at 3 T''March 2013;
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 case of Cash Flow Statement, of the cash flow of the Company for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in term of Section
227 (4 A) of the Act, we give in the Annexure a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
2. As required by Section 227(3) of the Act, we report that;
i) We have obtained all information and explanations, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books;
iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with books of
accounts;
iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statement comply with the Accounting Standards referred
to in Section 211 (3C) of the Act.
v) On the basis of written representation received from the directors,
as on March, 31,2013 taken on record by board of directors, none of the
directors is disqualified as on March, 31,2013 from being appointed as
adirector in term of Section 2740Xg) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph
lunder "Report on Other Legal and Regulatory Requirements" section of
our report of even date)
1. In respect of Fixed Assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management during
the year. No material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanation
given to us, the Company has not made any substantial disposal of the
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of Inventory
(a) As explained to us, the inventories were physically verified during
the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the company andthe nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The Company has not taken loans secured or unsecured to/ from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
In respect of loans, secured or unsecured, granted by the company to
parties covered in the Register maintained under section 301 of the
Companies Act, 1956, according to the information and explanation given
to us the companies has not granted any loan to any party.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regards to purchases of Inventory and Fixed Assets and
the sale of goods and services. During the course of our audit, we have
not observed any continuing failure to correct major weakness in such
internal control system.
5. In respect of contracts or arrangements entered in the Register
maintained in pursuance of section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanation given to us:
a) The particulars of contracts or arrangements referred to in section
301 of the Act that needed to be entered in the Register maintained
under the said section have been so entered.
b) Where each of such transaction in excess of Rs. 5,00,000/- inrespect
of any party, the transactions have been made at prices which are prime
facie reasonable having regard to the prevailing market prices at the
relevant time, other than certain purchases which are of a special
nature for which comparable quotations are not available and in respect
of which we are, therefore, unable to comment.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
and hence directive issued by the Reserve bank of India and the
Provisions of section 58A and 58AAof the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
7. In our opinion and according to the information and explanation
given to us, the company has an adequate internal audit system
commensurate with the size of the Company and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to Companies (Cost Accounting Records) Rules, 2011 prescribed
by the Central Government under Section 209(1) (d) of the Companies Act
1956 and area of the opinion that prima facie the prescribed cost
records have been maintained. We have however, not made a detailed
examination of the cost records with a view to determine they are
accurate or complete.
9. (a) According to information and explanation given to us and the
books and records examined by us the Company is regular in depositing
with appropriate authorities undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess and any other material statutory dues as applicable
with appropriate authorities.
(b) According to the records of the Company, there are no undisputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess and any other material
statutory dues in arrears as at March 31,2013 for a period of more than
six months from the date they become payable.
10. The Company does not have accumulated loss at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institutions and / or banks.
12. According to information and explanation given to us, the Company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities during the year.
13. In our opinion, the Company is not a chit fund or a nidhi or a
mutual benefit fund/ society. Therefore the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
14. In our opinion and according to the information and explanation
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments therefore the provision of
clause 4 (xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company
15. According to information and explanation given by the management,
the Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to information and explanation given to us, the term
loans have been applied for the purpose for which they were raised.
17. According to information and explanation given to us, and an
overall examination of Balance Sheet and Cash Flow Statement of the
Company, we report mat no fund raised on short term basis have been,
prima facie, used for long term investment and no long term fund have
been used to finance short term requirement,
18. During the Year, the Company has made preferential allotment of 8%
Preference Shares; however none of the parties and companies are
covered in the register maintained under Section 301 of the Companies
Act 1956.
19. According to information and explanation given to us, the Company
has not issued any debentures.
20. The Company has not rai sed any money through a public issue
during the year.
21. According to information and explanation given to us, we report
that no fraud of material significance on or by the Company has been
noticed or reported during the course of our audit.
For ANIL PRAHAL AD & CO.
CHARTERED ACCOUNTANTS
Firm Regn.No. : 003921C
Place: Delhi (ANILKUMAR)
Date: 28.05.2013 Prop
Membership No.: 73030
Mar 31, 2010
1. We have audited the attached Balance Sheet of NCJ International Ltd
("the Company") as at 31st March, 2010, the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date, both annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
the financial statement based on our audit.
2. We conducted our audit in accordance with audited standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government of India in term of Sub Section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order, to the extent applicable to the Company.
4. Further to our comments in the Annexure referred to above we report
that:
i) We have obtained all information and explanations, which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by law have
been kept by the Company as far as appears from ourexamination of these
books;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of accounts;
iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt by this report comply with the Accounting
Standards referred to in Sub Section (3C) of Section 211 of the
Companies Act, 1956;
v) On the basis of written representation received from the directors,
as on March, 31, 2010, we report that none of the director is
disqualified as on March, 31,2010 from being appointment in term of
clause (g) of Sub-Section (1) of Section 274 of the Companies Act,
1956;
vi) In our opinion and to the best of our information and according to
explanation given to us , the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) In case of the Balance Sheet, of the state of affairs of the Company
as at 31 st March 2010;
b) In the case of the Profit and Loss Account, of the profit of the
Company forthe year ended on that date; and
c) In case of Cash Flow Statement, of the cash flow of the Company
forthe year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ANNEXEO
FOR THE YEAR ENDED ON 31 ST MARCH 2010.
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management during
the year. No material discrepancies were noticed on physical
verification.
(c) In our opinion there was no substantial disposal of the fixed
assets during the year affecting the going concern status of the
Company.
2. The management has been conducted regular physical verification of
inventory. The Company has maintained proper records of its inventories
and no material discrepancies were noticed on such physical
verification.
3. The Company has granted or taken loans secured or unsecured to/
from the companies , firms or other parties covered in the register
maintained under Section 301 of the Companies Act,1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
observed in the internal control.
5. The Company has entered the particulars of the transactions made
with the companies covered in the Register maintained undersection 301
of the Companies Act, 1956.
6. The Company has not accepted public deposit under provisions of
Section 58A and 58AA of the Act and rules framed there under.
7. There is an adequate internal audit system commensurate with the
size of the Company and nature of its business.
8. The Company is not required to maintain cost record prescribed
under Section 209(1 )(d) of the Act.
9. (a) According to information and explanation given to us and the
books and records examined by us the Company is regular in depositing
undisputed statutory dues including provident funds, investor education
and protection fund, employees state insurance, income tax, wealth tax,
custom duty, excise duty, cess and other material statutory dues as
applicable with appropriate authorities.
(b) According to the records of the Company, there are no dues
outstanding of sale tax, income tax, custom duty, wealth tax, excise
duty and cess on account of any dispute.
10. The Company does not have accumulated loss as the end of the
Financial Year. The Company has not incurred any cash losses during the
financial year covered by our audit.
11. During the financial year Company has not defaulted in repayment
of dues to any financial intuitions and / or banks.
12. The Company has not advanced / granted any loan on the basis of
security by way of pledge of shares, debentures and other securities
during the year.
13. The provisions of special statute applicable to chit fund, nidhi,
and mutual benefit funds/ society are not applicable to the Company.
14. In respect of dealing in shares, securities, debentures and other
investments, in our opinion and according to the information and
explanation given to us, proper records has been maintained of the
transactions and contracts and timely entries have been made therein.
15. According to information and explanation given to us, the Company
has not given guarantee for loans taken by others from banks
orfinancial intuitions.
16. According to information and explanation given to us Company has
raised term loans and also has taken car loans.
17. According to information and explanation given to us, and an
overall examination of Balance Sheet and Cash Flow Statement of the
Company, we report that no fund raised on short term basis have been,
prima facie, used for long term investment and no long term fund have
been used to finance short term requirement.
18. The Company has not made any preferential allotment of shares
during the year to the parties or companies covered in the register
maintained under Section 301 of the Act.
19. The Company has not raised any debentures during the year;
therefore there were no creation of securities during the year.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion, considering the size and the nature of the
Companys operation, no fraud of material significance on or by the
Company has been noticed or reported during the year.
For ANIL PRAHLAD & CO.
CHARTERED ACCOUNTANTS
Place: New Delhi (ANIL KUMAR)
Date: 18th,August 2010 Prop.
Membership No.: 73030