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NILE Ltd.

BSE: 530129 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE445D01013
BSE 00:00 | 16 Jul 470.60 -36.30
(-7.16%)
OPEN

503.00

HIGH

503.00

LOW

468.00

NSE 05:30 | 01 Jan NILE Ltd
OPEN 503.00
PREVIOUS CLOSE 506.90
VOLUME 3285
52-Week high 1164.00
52-Week low 466.05
P/E 6.13
Mkt Cap.(Rs cr) 141
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 503.00
CLOSE 506.90
VOLUME 3285
52-Week high 1164.00
52-Week low 466.05
P/E 6.13
Mkt Cap.(Rs cr) 141
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

NILE LIMITED

Hyderabad.

Report on the Standalone IND-AS Financial Statements

We have audited the accompanying standalone IND-AS financial statementsof Nile Limited which comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss including the statement of Other Comprehensive Income theCash Flow Statement and the statement of changes in equity for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone IND-AS financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash fl ows and the statement of changes in equity of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (IND-AS) specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and the companies (Indian AccountingStandards)Rules2015 as amended. 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; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the IND-AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these IND-AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit ofthe standalone IND-AS financial statements in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the IND-AS financial statements. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the IND-AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the IND-AS financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the IND-AS financialstatements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the IND-AS financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid IND-AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit and loss statement including statement ofOther comprehensive Income its cash fl ows and the statement of changes in equity for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 (‘ theorder ‘) issued by the Central Government of India in terms of Subsection 11 ofSection 143 of the Companies Act 2013 we give in the Annexure-A a statement on thematters 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 havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. (b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books (c) The Balance Sheet the Statement of Profitand Loss including the statement of Other Comprehensive income the Cash Flow Statementand the statement of changes in equity dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid IND-AS financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014 and Companies (Indian Accounting Standards) Rules2015 as amended.

(e) On the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualifi ed as on 31st March 2018 from being appointed as a director interms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". (g) With respect to the othermatters 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 andaccording to the explanations given to us: i. The Company has disclosed impact of pendinglitigation in Notes on IND-AS Financial Statements under ‘contingent liabilities andcommitments to the extent not provided for'. ii. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses. iii. There has been no delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company

For Gokhale & Co

Chartered Accountants FRN: 000942S

sd/-

Chandrashekhar Gokhale

Partner Membership No. 023839

Place : Hyderabad Date : 14-05-2018

Annexure-A to the Auditor's Report dated May 14 2018 issued to theMembers of Nile Limited

Annexure-A to the Auditor's Report dated May 14 2018 issued to theMembers of Nile Limited

As required by the Companies ( Auditor's Report ) Order 2016 issuedby the Central Government of India in terms of Subsection (11) of section 143 of theCompanies Act 2013 (18 of 2013 ) and on the basis of such checks as we consideredappropriate we further report that: (i) (a) The company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets.(b) The fixed assets have been physically verified by the management according to a phasedprogramme designed to cover all assets on rotation basis. In respect of assets verifiedaccording to this programme which is reasonable no material discrepancies were noticed.(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of the immovable property areheld in the name of the company.

(ii) The inventory has been physically verified by the management atreasonable intervals and in our opinion the frequency of verification is reasonable. Nomaterial discrepancies were noticed in physical verification between the physical stocksand the book stocks (iii) The company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Hence our comments on sub-clause(a) (b) and (c) of clause (iii) of paragraph 3 of the order are Nil. (iv) The company hasnot given any loans guarantees or security to which provisions of section 185 and 186 ofthe Companies Act 2013 are applicable.

(v) In our opinion and according to the information and explanationgiven to us with regard to the deposits accepted the company has complied with thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76and other relevant provisions of the Companies Act 2013 and the rules framed thereunder.No order has been passed by the Company law board or National Company Law Tribunal orReserve Bank of India or any Court or any other Tribunal against this Company in anymatter relating to the deposits accepted by the company.

(vi) As per the information and explanation furnished to usmaintenance of Cost records has been specified by the Central Government U/s. 148(1) ofthe Act for this Company and we are of the opinion that the prescribed accounts andrecords have been made and maintained by the Company. However we have not conducted anyaudit of the same.

(vii) (a) According to the information and explanations given to us andon the basis of our examination of records of the company amounts deducted or accrued inthe books of account in respect of undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax Goods and serviceTax duty of customs duty of excise value added tax cess and other material statutorydues have been regularly deposited during the year by the company with the appropriateauthorities and there are no such amounts outstanding due for a period of more than sixmonths as at the Balance Sheet date. (b) According to the information and explanationsgiven to us following are the details of statutory dues which have not been deposited onaccount of disputes. Apart from this there are no other disputed dues of income tax orduty of customs or duties of excise pending payment :

Name of the statute Nature of dues Amount (Rs in lakhs) Period to which the amount relates Forum where dispute is pending Remarks
APVAT Act 2005 Penalty under APVAT 1.38 June 2014 to March 2015 The Appellate Deputy Commissioner (CT) Tirupati An amount of Rs 0.52 lakhs has been paid under protest
APVAT Act 2005 APVAT 16.48 April 2015 to June 2017 Company is preparing for filing of appeal before the Appellate Deputy Commissioner (CT) Tirupati

(viii) In our opinion and according to the information and explanationgiven to us the Company has not defaulted in repayment of loans or borrowings fromfinancial institutions bank and Government. The Company has not issued debentures.

(ix) During the year no money was raised by way of initial public offeror further public offer (including debt instruments) by the company. (x) On the basis ofinformation and explanations give to us no material fraud by the company or on the Companyby its officers or employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us andbased on our examination of the records of the company the company has paid or providedfor managerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act. (xii) In our opinionand according to the information and explanations given to us the company is not a Nidhicompany. Accordingly paragraph 3 (xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us andbased on our examination of records of the company transactions with related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in the Financial Statements as requiredby the applicable accounting standards.

(xiv) The company has not made any preferential allotment / privateplacement of shares/fully or partly convertible debentures during the year under review.Hence compliance to the provision of section 42 of Companies Act 2013 is not applicable.

(xv) According to the information and explanations given to us andbased on our examination of records the company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3 (xv)of the Order is not applicable. Hence compliance to the provision of section 192 ofCompanies Act 2013 is not applicable (xvi) According to the information and explanationsgiven to us and based on our audit the company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For Gokhale & Co

Chartered Accountants Firm Regn. No 000942S

sd/-

Chandrashekhar Gokhale

Partner Membership No 023839

Place : Hyderabad Date : 14-05-2018

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls over Financial Reporting interms of Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct").

We have audited the Internal Financial Controls over financialreporting of Nile Limited (‘the Company') as of March 31 2018 in conjunctionwith our audit of the IND-AS financial statements of the Company for the year ended onthat 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". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

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 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 toprovide a basis for our audit opinion on the Company's internal financial controls systemover 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 (i) pertain to themaintenance of records that in reasonable detail accurately and fairly refl ect thetransactions and dispositions of the assets of the company; (ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could 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.

Opinion

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 at March 31 2018 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of Internal Financial Control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Gokhale & Co

Chartered Accountants Firm Regn. No 000942S

sd/-

Chandrashekhar Gokhale

Partner Membership No 023839

Place : Hyderabad Date : 14-05-2018