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NILE Ltd.

BSE: 530129 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE445D01013
BSE LIVE 15:40 | 18 Aug 616.60 -5.25
(-0.84%)
OPEN

605.10

HIGH

623.00

LOW

605.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 605.10
PREVIOUS CLOSE 621.85
VOLUME 7606
52-Week high 790.00
52-Week low 213.00
P/E 6.49
Mkt Cap.(Rs cr) 185
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 605.10
CLOSE 621.85
VOLUME 7606
52-Week high 790.00
52-Week low 213.00
P/E 6.49
Mkt Cap.(Rs cr) 185
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

NILE Ltd. (NILE) - Auditors Report

Company auditors report

TO THE MEMBERS OF NILE LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of NILE LIMITED("theCompany") which comprise the Balance Sheet as at 31st March 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

ManagementRs s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AuditorRs s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditorRs s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 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 (AuditorRs s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Sub-section (11) ofSection-143 of the Act we give in the Annexure - A a statement on the matters specifiedin paragraph 3 and 4 of the Order to the extent applicable.

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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) With respect to the other matters to be included in the AuditorRs s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in the financial statements

Refer Note. 25.8(A)(iii)(a) to the financial statements.

ii) . The Company has no long-term contracts including derivative contracts for whichthere were any material foreseeable losses.

iii) . There has been no delay in transferring amounts required to be transferred tothe Investor Education and

Protection Fund by the Company.

For J V S L & ASSOCIATES
Chartered Accountants
(Firm Regn No.015002S)
Sd/-
J VENKATESWARLU
Place : Hyderabad Partner
Date : 26-05-2016 (Ms No.022481)

Annexure - A to Independent Auditors Report dated 26.05.2016

issued to the Members of NILE LIMITED

Statement on the matters specified in Paragraphs 3 and 4 of the Companies (AuditorsReport) Order 2016

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its

fixed assets.

(b) The Company's fixed assets have been physically verified by the management atreasonable intervals as per a regular programme of verification which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

(c) The title deeds of immovable properties of the Company are held in the name of thecompany.

(ii) The inventory has been physically verified by the management at reasonableintervals and in our opinion the frequency of verification is reasonable. No materialdiscrepancies were noticed on physical verification between the physical stocks and thebook stocks.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained U/s.189of the Companies Act 2013. Hence our comments on sub-clauses

(a) (b) and (c) of clause (iii) of paragraph 3 of the order are Nil.

(iv) The Company has neither given any loans nor made investments nor given guaranteesand security to any Company to which the provisions of Section 185 and 186 of theCompanies Act 2013 are applicable.

(v) In our opinion and according to the information and explanations given to us withregard to the deposits accepted the company has complied with the directives issued bythe Reserve Bank of India and the provisions of Sections 73 to 76 and other relevantprovisions of the Companies Act 2013 and the Rules framed thereunder. No order has beenpassed by the Company Law Board or National Company Law Tribunal or Reserve Bank of Indiaor any Court or any other Tribunal against this company in any matter relating to thedeposits accepted by the company.

(vi) As per the information and explanation furnished to us maintenance of Costrecords has been specified by the Central Government U/s.148(1) of the Act for thiscompany and we are of the opinion that the prescribed accounts and records have been madeand maintained by the company. However we have not conducted any audit of the same.

(vii) (a) The company is regular in depositing undisputed statutory dues includingProvident Fund employeesRs state insurance income tax Sales-Tax Service Tax Duty ofCustoms Duty of Excise Value added tax Cess and other material statutory dues asapplicable to it to the appropriate authorities.

According to the information and explanations given to us no undisputed amounts inrespect of the above statutory dues are in arrears as at 31/3/2016 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Duty of Customs Duty of Excise Service tax and Cess which have notbeen deposited on account of any dispute.

The following are the details of statutory dues which have not been deposited onaccount of dispute:

Name of statute Nature of dues Period to which the amount relates Total amount of disputed dues (Rs In lakhs) Forum where dispute is pending Remarks
i) APVAT Act 2005 Value Added Tax June2014 to March2015 9.06 Appellate Deputy Commissioner (CT) Kurnool An amount of Rs 1.13 lakhs has been paid under protest.
ii) APVAT Act 2005 Penalty under APVAT June2014 to March2015 2.46 Appellate Deputy Commissioner (CT) Kurnool An amount of Rs 0.31 lakhs has been paid under protest.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowing to financial institutionbank and Government. The company has not issued debentures.

(ix) During the year under review the company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments). The Term loansavailed were applied for the purposes for which those are raised.

(x) During the year under review no fraud by the company or on the Company by itsofficers or employees has been noticed or reported.

(xi) As per the information and explanations given to us managerial remuneration hasbeen paid / provided in accordance with the requisite approvals mandated by the provisionsof section 197 read with schedule V to the Companies Act.

(xii) The Company is not a Nidhi Company and hence our comments on clause (xii) of para3 of the order are nil.

(xiii) As per the information and explanations given to us and based on our audit inour opinion all transactions with the related parties are in compliance with Section 177and 188 of the Companies Act 2013 and the details have been disclosed in the FinancialStatements as required by the applicable accounting standard.

(xiv) During the year under review the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures. Hencecompliance with the provisions of Section 42 of the Companies Act 2013 is not applicable.

(xv) As per the information and explanations given to us and based on our audit thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Hence compliance with provisions of Section 192 of Companies Act 2013 is notapplicable.

(xvi) As per the information and explanations given to us and based on our audit thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For J V S L & ASSOCIATES
Chartered Accountants
(Firm Regn No. 15002S)
Sd/-
J. VENKATESWARLU
Place : Hyderabad Partner
Date : 26-05-2016 ICAI Ms. No. 022481

Annexure - B to Independent AuditorsRs Report dated 26.05.2016 issued to the Members ofNILE LIMITED

Report on the Internal Financial Controls over Financial Reporting in terms of

Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct").

We have audited the Internal Financial Controls over financial reporting of NILELIMITED("the Company") as of March 312016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

1. Management s Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining InternalFinancial Controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

2. Auditors Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that

a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

3. Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

4. Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

5. Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of Internal Financial Control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For J V S L & ASSOCIATES
Chartered Accountants
(Firm Regn No.015002S)
Sd/-
J VENKATESWARLU
Place : Hyderabad Partner
Date : 26-05-2016 (Ms No.022481)