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NMS Resources Global Ltd.

BSE: 522289 Sector: Others
NSE: N.A. ISIN Code: INE169F01014
BSE 16:00 | 17 Sep 26.10 1.20
(4.82%)
OPEN

26.10

HIGH

26.10

LOW

26.10

NSE 05:30 | 01 Jan NMS Resources Global Ltd
OPEN 26.10
PREVIOUS CLOSE 24.90
VOLUME 1037
52-Week high 41.40
52-Week low 2.60
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.10
CLOSE 24.90
VOLUME 1037
52-Week high 41.40
52-Week low 2.60
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

NMS Resources Global Ltd. (NMSRESOURCES) - Auditors Report

Company auditors report

To the Members of

NMS Resources Global Limited

(Formerly ‘IFM Impex Global Limited')

Report on the IndAS Financial Statements

1. We have audited the accompanying IndAS financial statements of NMS RESOURSES GLOBALLIMITED (“the Company”) which comprise the Balance Sheet as at 31 March 2019the Statement of Profit and Loss for the year then ended and a summary of the significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 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.

3. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act; safeguarding the assets of the Company;preventing 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

4. Our responsibility is to express an opinion on these financial statements based onour audit.

5. 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 there under.

6. 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.

7. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial 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 overall presentationof the financial statements.

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

Qualified or Adverse Opinion

9. 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 31March 2019 and its profit and its cash flows for the year ended on that date.

10. Other matter

a. The comparative Ind AS financial information of the company for the correspondingyear ended March 31 2018 were audited by the predecessor auditor M/S Neeraj RameshChandra & Associates who expressed unmodified opinion vide their audit report datedMay'18 and reliance has been place by us on the same for the purpose of this report.

Report on Other Legal and Regulatory Requirements

11. A as required by Sectionl43(3) of the Act we report that:

a. we have sought and except for the matters described in the basis of qualifiedopinion paragraphs obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. Except for the possible effects of matters described in the basis for qualifiedopinion above In our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books;

c. the financial statements dealt with by this report are in agreement with the booksof account;

d. Except for the possible effects of matters described in the basis for qualifiedopinion above in our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133of the Act read with Rule 7 of theCompanies Rules 2014 (as amended);

e. The matters described in the basis for qualified opinion above In our opinion mayhave an adverse effect on the functioning of the effect.

f. on the basis of the written representations received from the directors as on 31March 2019 and taken on record by the Board of Directors None of the directors aredisqualified as on 31 March 2019 from being appointed as a directors in terms ofSectionl64(2) of the Act;

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. To the best of our knowledge the Company has no pending litigations.

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.

For N Kantan & Associates

Chartered Accountants

Sd/-

Nisith Kanthan

Partner

FRN 014757c

M.No.512807

Place: Delhi

Date: 30/05/2019

annexure to the auditors' report

The Annexure referred to in our report to the members of NMS RESOURCES GLOBAL LIMITED(Formerly ‘IFM Impex Global Limited'} for the year ended 31st March 2019.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The Company has maintained proper records to show full particulars includingquantitative details and situation of all fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Asinformed to us by the management In accordance with this programme certain fixed assetswere verified during the year and no material discrepancies were noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there were no provision were made for Gratuity.

2. According to the information and explanations given to us we are of the opinionthat the company has not granted any loans secured or unsecured to companies firm orother parties covered in the register required under Section 189 of The companies Act2013. Accordingly paragraph 3(iii) of the order is not applicable.

3. According to the information and explanations given to us and based on the auditprocedures conducted by us during the year the Company has not granted any loansinvestments guarantees or security covered under section 185 or section 186 of theCompanies Act 2013.

4. The company has not accepted any deposits from public during the current financialyear accordingly clause 3(v) of the order is not applicable.

5. Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013.

6. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is NOT regular in depositingthe undisputed statutory dues including Provident Fund Employees State Insurance IncomeTax Sales Tax/VAT Wealth Tax Custom Duty Excise Duty Service Tax Cess and othermaterial statutory dues as applicable with appropriate authorities.

According to the information and explanations given to us there are no undisputedamounts payable in respect of Income Tax Wealth Tax Sales Tax Customs Duty and ExciseDuty Service Tax GST which were outstanding as at March 31 2019 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us the NO dues of Incometax Wealth tax Sales tax Value added tax Service tax Customs duty Excise duty GSTand Cess with the appropriate authorities on account of dispute.

7. The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments)and term loans during the year.

8. According to the information and explanations given to us and based on ourexamination of the records of the Company we have neither come across any instance offraud on or by the Company noticed or reported during the period nor have been informedof any such case by the management.

9. According to the information and explanations provided to us ManagerialRemuneration paid by the company as per section 197 read with Schedule V to the CompaniesAct 2013.

10. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in notes to accounts in the financialstatements as required by the applicable accounting standards.

12. 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.

13. 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 any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the order is not applicable.

14. According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For N Kantan & Associates

Chartered Accountants

Firm's reg. No.: 014757c

CA Nishith Kantan

(Partner)

Membership No.512807

Place: Delhi

Date: 30/05/2019

annexure - b to the auditors' report

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 NMSRESOURCES GLOBAL LIMITED (“The Company”) as of 31 March 2019 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

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 ofthe assets ofthe 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 at March 31st 2019 based on“the 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”.

Nevertheless the implementation of the same needs an improvement. Further in order tostrengthen internal financial control as informed the management has already initiatedthe process for engaging an external agency to make it more efficient and meaningful.

For N Kantan & Associates

Chartered Accountants

Firm's reg. No.: 014757c

CA Nishith Kantan

(Partner)

Memb. No.512807

Place:Delhi

Date: 30/05/2019

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