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Nirlon Ltd.

BSE: 500307 Sector: Infrastructure
NSE: NIRLON ISIN Code: INE910A01012
BSE LIVE 15:40 | 17 Nov 225.35 4.90
(2.22%)
OPEN

222.10

HIGH

226.70

LOW

222.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 222.10
PREVIOUS CLOSE 220.45
VOLUME 3568
52-Week high 249.80
52-Week low 176.25
P/E 34.09
Mkt Cap.(Rs cr) 2,031
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 222.10
CLOSE 220.45
VOLUME 3568
52-Week high 249.80
52-Week low 176.25
P/E 34.09
Mkt Cap.(Rs cr) 2,031
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nirlon Ltd. (NIRLON) - Auditors Report

Company auditors report

To

The Members of Nirlon Limited

Report on the Financial Statements

We have audited the accompanying Financial Statements of Nirlon Limited (‘theCompany') which comprise the Balance Sheet as at 31st March 2017 the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant 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 sub-section(5) of Section 134 of the Companies Act 2013 (‘the Act') with respect to thepreparation of these Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including Accounting Standardsspecified under section 133 of the Act read with rule 7 of the for the year ended on thatCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; design implementation andmaintenance of internal financial controls that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the Financial Statements that give a true and fair view and are free frommaterial misstatements whether due to fraud or error.

Auditor'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 accordancewith the Standards on Auditing specified under sub-section (10) of section 143 of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Financial Statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the Financial Statements. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the Financial Statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Financial Statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation 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 2017 of its profit and its cash flows.

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 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to usduring the course of the audit we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by sub-section (3) of section 143 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 purpose of our audit.

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 written representations received from the Directors and taken onrecord by the Board of Directors none of the Directors is disqualified as on 31st March2017 from being appointed as a Director in terms of sub-section (2) of section 164 of theAct.

f. The Company has adequate internal financial controls system in place and the sameare generally operating effectively.

g. With respect to the other matters to be included in the Auditor'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 its Financial Statements – Refer note no. 2.26 forming part of FinancialStatements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its Financial Statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. The disclosures are in accordance with books of accountmaintained by the Company.

for N. M. RAIJI & CO.

Chartered Accountants
Firm Registration No: 108296W
CA. Y. N. THAKKAR
Partner
Mumbai April 27 2017 Membership No: 33329

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report)

i. a. The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

b. The fixed assets of the Company have been physically verified by the management atreasonable intervals. No material discrepancies were noticed on such verification;

c. The title deeds of immovable properties are held in the name of the Company;

ii. The Company does not have any inventory. Thus paragraph 3(ii) of the Order is notapplicable to the Company;

iii. The Company has not granted any loans secured or unsecured to any companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Act. Accordingly sub clauses (a) (b) and (c) are notapplicable;

iv. The Company has neither granted any loans or made any investments nor has it givenany guarantee or provided security in connection with loan to others;

v. The Company has not accepted any deposits from the public;

vi. In relation to the activity of the Company the Central Government has specifiedmaintenance of cost records under sub-section (1) of section 148 of the Companies Act2013. The Company has made and maintained such accounts and records;

vii. a. The Company is generally regular in depositing undisputed statutory duesincluding provident fund employee's state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authority;

b. Particulars of disputed dues on account of statutory matters that have not beendeposited are disclosed in the Annexure A;

viii. The Company has not defaulted in repayment of loans or borrowing to any financialinstitution banks Government or debenture holders;

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) during the year. Further money raised by way ofterm loans during the year were applied for the purpose for which they were raised;

x. During the year no fraud by the Company or on the Company by its officers oremployees has been noticed or reported;

xi. The managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013

xii. The Company is not a nidhi Company. Accordingly paragraph 3(xii) of the Order isnot applicable.

xiii. All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv. The Company has not entered into non-cash transactions with Directors or personsconnected with them.

xvi. The Company is not required to be registered under section 45–IA of theReserve Bank of India Act 1934.

for N. M. RAIJI & CO.

Chartered Accountants
Firm Registration No: 108296W
CA. Y. N. THAKKAR
Partner
Mumbai April 27 2017 Membership No: 33329

Annexure - A

STATEMENT FORMING PART OF THE AUDIT REPORT

(Details of Statutory dues that have not been deposited on account of disputes)

Name of the Statue Nature of Dues (Rs.in Lakh) Forum where dispute is pending
Central Excise Act 1944 Excise Duty and Penalty thereon 135.10 CESTAT
Finance Act1994 Service Tax and Penalty thereon 821.88 CESTAT
Income Tax Act 1961 Penalty 45.33 Income Tax Appellate Tribunal
Maharashtra Value Added Tax Act2002 Vat Interest and Penalty thereon 35.40 Asst. Commissioner of Sales Tax