Nihar Info Global Ltd.
|BSE: 531083||Sector: IT|
|NSE: N.A.||ISIN Code: INE876E01033|
|BSE 00:00 | 02 Dec||10.71||
|NSE 05:30 | 01 Jan||Nihar Info Global Ltd|
Nihar Info Global Ltd. (NIHARINFOGLOB) - Auditors Report
Company auditors report
M/s. Nihar Info Global Limited.
Report on the Audit of the Individual Financial Statements
We have audited the accompanying individual financial statements ofM/s. Nihar Info Global Limited ("the Company") which comprise the Balance Sheetas at March 31 2021 the Statement of Profit and Loss (including Other ComprehensiveIncome) and the Statement of Changes in Equity and the Statement of Cash Flows for theyear ended on that date and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the individual financialstatements").
Management's Responsibility for the Individual FinancialStatements
The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these individualfinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the individualfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the individual financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors areresponsible for overseeing the Company's financial reporting process.
Our responsibility is to express an opinion on these Individual Ind ASfinancial statements based on our audit. In conducting our audit we have taken intoaccount the provisions of the Act the accounting and auditing standards and matters whichare required to be included in the audit report under the provisions of the Act and theRules made thereunder. We conducted our audit of the Individual Ind AS financialstatements in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Individual Ind ASfinancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the Individual Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Individual Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the Individual Ind ASfinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overallpresentation of the Individual Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the Individual Ind AS financialstatements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Individual Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 and its profit total comprehensive incomeits cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order2016("the Order") issued by the Central Government of India in terms of sub-section(11) of Section 143 of the Companies Act 2013 we give in the Annexure A a statement onthe matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
As required by Section 143 (3) of the Act we report that:
a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Cash Flow and the Statement of Changes in Equitydealt with in this report are in agreement with the books of account.
d. In our opinion the aforesaid Ind AS financial statements complywith the Indian Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.
e. Based on the written representation received from the directors ason March 31 2021 and taken on record by the Board of Directors we report that none ofthe directors are disqualified as on March 31 2021 from being appointed as a director interms of Sub-section 2 of Section 164 of the Act.
f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and the operating effectiveness of the Company's internalfinancial controls over financial reporting.
g. With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of Section 197(16) of the Actas amended:
h. In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of Section 197 of the Act.
i. With respect to the other matters to be included in theAuditor'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 theexplanations given to us:
a. The Company has no pending litigations on its financial position inits financial statements.
b. There is no requirement for any provision as required by any act orIndian Accounting Standards for material foreseeable losses if any on long termcontracts including derivative contracts.
c. There are no amounts which are required to be transferred toInvestor Education and protection fund.
ANNEXURE A TO THE AUDITORS' REPORT
Annexure referred to in paragraph under Report on Other Legal andRegulatory Requirements' section of our report of the Independent Auditors'Report of even date of M/s. Nihar Info Global Limited on the financial statements for theyear ended March 31 2021
In terms of the information and explanations sought by us and given bythe company and the books and records examined by us in the normal course of audit and tothe best of our knowledge and belief we state the following:
i. a. The Company is particulars including quantitative details andsituation of fixed assets.
b. The Company has verified fixed assets at regular intervals. Therewas no material discrepancies were noticed on such verification.
c. According to information and explanations given to us and on thebasis of our examination of the records of the company the title deeds of immovableProperties are held in the name of the company.
iii. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 185 and 186 of theAct with respect to the loans and investments made.
iv. According to the information and explanations given to us theCompany has not accepted any deposit falling under the purview of the provisions ofSection 73 to 76 of the Companies Act 2013 during the year and does not have anyunclaimed deposits and hence reporting under clause (v) of the order is not applicable.
v. Section 148(1) of the Companies Act 2013 is not applicable as thecompany as there is no manufacturing activity.
vi. According to the records of the Company examined by us and theinformation and explanations given to us the Company has not defaulted in repayment ofloans or borrowing to any financial institution bank or government as at the balancesheet date.
vii. The company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments) during the reporting period.The Company has not availed any term loans during the financial year.
viii. To the best of our knowledge and according to the information andexplanations given to us no material fraud by the Company and no material fraud on theCompany by its officers or employees has been noticed or reported during the year.
ix. In our opinion and according to the information and explanationsgiven to us the Company has paid / provided managerial remuneration in arty transactionshave been disclosed in the financial statements etc. as required by the applicableaccounting standards.
x. According to the information and explanations given to us theCompany has not made preferential allotment of shares during the year.
xi. According to information and explanation given to us and based onour examination of records of the company the company has not entered into non-cashtransactions with directors or any persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable to the company.
xii. In our opinion as per the information and explanation given to usthe company is not required to be registered under section 45 IA of Reserve Bank of IndiaAct 1934. Thus paragraph 3(xvi) of the Order is not applicable to the company.
Annexure - B to the Auditors' Report
Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financialreporting of M/s. Nihar Info Global Limited ("the Company") as of March 31 2021in conjunction with our audit of the financial statements of the Company for the yearended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks o f material misstatement of the financial statements whether due to fraud orerror.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that
1. Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;
2. Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and
3. Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over FinancialReporting
Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as on March 312021 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.