THE MEMBERS OF NOVA PUBLICATIONS INDIA LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of NOVA PUBLICATIONS INDIALIMITED ("the Company") which comprise the Balance Sheet as at 31/03/2016 theStatement of Profit and Loss for the year then ended and a summary of the significantaccounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys 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.
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 theauditors 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 Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Companys 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.
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 at31/03/2016 and its Profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors 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 statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.
As required by Section 143 (3) of the Act we report that:
We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.
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.
The Balance Sheet the Statement of Profit and Loss and dealt with by this Report arein agreement with the books of account.
In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.
On the basis of the written representations received from the directors as on31/03/2016 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2016 from being appointed as a director in terms of Section 164 (2)of the Act.
With respect to the other matters to be included in the Auditors 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:
The Company has disclosed the impact of pending litigations on its financial positionin its financial statements.
The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.
|Date : 18.05.2016 ||FOR CHANDRA KIRAN & CO. |
|Place : JALANDHAR ||(Chartered Accountants) |
| ||PARMINDER SINGH |
| ||FRN: 005695N |
| ||M.No. :084722 |
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 includingquantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.
(2) In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable intervals bythe management.
(b) Procedures for physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness. There is no inadequacies in such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.
(3) No Loans and advances to parties covered under section 189
(4) Internal Control in reference to Purchase of Inventory and Fixed Assets and whetherthere is continue failure of Internal control
In our opinion and according to the information and explanations given to us there areadequate internal control system commensurate with the size of the company and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of audit We have not observed continuing failure tocorrect major weaknesses in internal control system.
(5) Rules followed while accepting Deposits
No deposits within the meaning of Sections 73 to 76 or any other relevant provision ofthe Act and rules farmed thereunder have been accepted by the Company.
(6) Maintenance of cost records
The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (l) of section148 of the Companies Act.
(7) According to the information and explanations given to us in respect of statutorydues
(a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Investor education protection fund Employees'state insurance Income tax Sales tax Wealth tax Service tax Custom duty Excise dutyCess and other material statutory dues applicable to it.
(8) Company which has been registered for a period less than five years and accumulatedlosses are more than 50% of Net worth Reporting of cash Losses
The company does not have any accumulated losses at the end of the financial year andhas not incurred cash losses in the financial year and in the immediately precedingfinancial year.
(9) Default in Repayment of Loans taken from Bank or Financial Institutions
The company has not defaulted in repayment of dues to financial institution or bank.
(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial tothe interest of the company
On the basis of records examined by us and information provided by the management weare of the opinion that the company has not given guarantees for loans taken by other frombanks or financial institutions.
(11) Application versus purpose for which Loan Granted
The company did not have any term loans outstanding during the year.
(12) Reporting of Fraud During the Year Nature and Amount
According to the information and explanation given to us no fraud on or by the companyhas been noticed or reported during the year.