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Nimbus Projects Ltd.

BSE: 511714 Sector: Infrastructure
NSE: N.A. ISIN Code: INE875B01015
BSE 00:00 | 30 Aug 15.75 0
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NSE 05:30 | 01 Jan Nimbus Projects Ltd
OPEN 15.75
PREVIOUS CLOSE 15.75
VOLUME 100
52-Week high 46.90
52-Week low 11.50
P/E
Mkt Cap.(Rs cr) 12
Buy Price 15.75
Buy Qty 900.00
Sell Price 17.00
Sell Qty 50.00
OPEN 15.75
CLOSE 15.75
VOLUME 100
52-Week high 46.90
52-Week low 11.50
P/E
Mkt Cap.(Rs cr) 12
Buy Price 15.75
Buy Qty 900.00
Sell Price 17.00
Sell Qty 50.00

Nimbus Projects Ltd. (NIMBUSPROJ) - Auditors Report

Company auditors report

TO THE MEMBERS OF NIMBUS PROJECTS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Nimbus ProjectsLimited ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flow and the Statement of Changes in Equity for the year then ended anda summary of the 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements to give a true and fair view of the financialposition financial performance (including other comprehensive income) Cash Flow andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under Section133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act and the Rules made there underincluding the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalonefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditors' judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

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

Report on Other Legal and Regulatory Requirements

(i) As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section(11) of section 143 of the Act ("theOrder") and on the basis of such checks of the books and records of the Company aswe considered appropriate and according to the information and explanations given to uswe give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

(ii) 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 (including other comprehensiveincome) the Statement of Cash Flow and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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 Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i The Company has disclosed the impact if any of pending litigations as at 31stMarch 2018 on its financial position in its standalone financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-termcontracts. The Company does not have any derivative contracts;

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

For OSWAL SUNIL & COMPANY
Chartered Accountants
Firm Registration No. 016520N
Place: New Delhi (CA Naresh Kumar)
Date: 30th May 2018 Partner
Membership No. 085238

'ANNEXURE 'A' 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) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) According to information and explanations given to us all the assets have beenphysically verified by the management during the year under the regular programme ofverification which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. No material discrepancies were noticed on such verification.

(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 immovable properties areheld in the name of the Company.

2) (a) Company's inventory comprises Finished Flats and trading stock of Commercial& Residential Units. As explained to us inventory has been physically verified bymanagement during the year which in our opinion is reasonable.

(b) The Company is maintaining proper records of inventory. No material discrepancieswere noticed on such verification.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act. Accordingly the provisions of paragraph 3 (iii) (a) to (c) of theOrder are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and I86 of the Companies Act2013 with respect to the loans and investments.

5) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6) According to information and explanations given to us the Central Government hasnot prescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013. Therefore provisions of Clause 3 (vi) of the order are notapplicable to the company.

7) (a) According to the information and explanations given to us and records examinedby us the Company is generally regular in depositing with the appropriate authoritiesundisputed statutory dues including provident fund employees' state insuranceincome-tax service tax custom duty excise duty value added tax goods and servicestax cess and other material statutory dues wherever applicable. According to theinformation and explanations given to us no undisputed amounts payable in respect of theabove were in arrears as on 31st March 2018 for a period of more than six months from thedate on when they become payable.

b) According to the information and explanation given to us and records examined by usthere are no dues of income tax service tax custom duty excise duty value added taxgoods and services tax & cess or any other statutory dues which have not beendeposited on account of any dispute except the amounts mentioned below:

Name of the statute Nature of dues Demand amount (Rs.) Amount paid (Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Demand under Section 154 2991080/- 2105412/- AY 200 8-09 Income Tax Officer New Delhi
Income Tax Act 1961 Demand under Section 143 (3) 299570/- AY 200 9-10 Income Tax Officer New Delhi
Income Tax Act 1961 Demand under Section 143(3)/153A 1861328/- 372300/- AY 2010-11 CIT (Appeals) Kanpur
Income Tax Act 1961 Demand under Section 143(3)/153A 8593510/- 1844000/- AY 2011-12 CIT (Appeals) Kanpur
Income Tax Act 1961 Demand under Section 143(3)/153A 114263721/- 22860000/- AY 2012-13 CIT (Appeals) Kanpur
Income Tax Act 1961 Demand under Section 143(3)/153A 128714961/- 25742000/- AY 2013-14 CIT (Appeals) Kanpur
Income Tax Act 1961 Demand under Section 143(3)/153A 103643702/- 19606500/- AY 2014-15 CIT (Appeals) Kanpur
D VAT Act 2004 D VAT Act 1897983/- - AY 2007-08 VATO New Delhi
D VAT Act 2004 D VAT Act 17586/- - AY 2011-12 VATO New Delhi
D VAT Act 2004 D VAT Act 158211/- ' AY 2013-14 VATO New Delhi

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans and borrowing to banks. The Companyhas not taken any loan either from financial institutions or from the government and hasnot issued any debentures.

9) The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable.

10) According to the information and explanation given to us and based on ourexamination we report that no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.

11) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12) In our opinion the Company is not a nidhi company. Therefore the provisions ofparagraph 3 (xii) of the Order are not applicable to the Company.

13) According to the information and explanations given to us and based on ourexamination of the records of the Company in our opinion all transactions with therelated parties are in compliance with section 177 and 188 of Companies Act 2013 and thedetails have been disclosed in the Financial Statements as required by the applicableaccounting standards.

14) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable.

16) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and accordingly the provisions of paragraph 3 (xvi) of the Orderare not applicable to the Company and hence not commented upon.

For OSWAL SUNIL & COMPANY
Place: New Delhi Chartered Accountants
Date: 30th May 2018 Firm Registration No. 016520N
(CA Naresh Kumar)
Partner
Membership No. 085238

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF NIMBUS PROJECTS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NimbusProjects Limited ("the Company") as of 31st March 2018 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 ('ICAI'). 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.

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 designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial 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 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) 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 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.

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 on 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For OSWAL SUNIL & COMPANY

Chartered Accountants Firm Registration No. 016520N

Place: New Delhi

Date: 30th May 2018

(CA Naresh Kumar)

Partner

Membership No. 085238