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NMS Resources Global Ltd.

BSE: 522289 Sector: Others
NSE: N.A. ISIN Code: INE169F01014
BSE 00:00 | 27 Jan 20.40 0.65
(3.29%)
OPEN

20.50

HIGH

20.70

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18.80

NSE 05:30 | 01 Jan NMS Resources Global Ltd
OPEN 20.50
PREVIOUS CLOSE 19.75
VOLUME 755
52-Week high 34.50
52-Week low 14.30
P/E 185.45
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.50
CLOSE 19.75
VOLUME 755
52-Week high 34.50
52-Week low 14.30
P/E 185.45
Mkt Cap.(Rs cr) 6
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

M/s. NMS RESOURCES GLOBAL LIMITED

Report on the Standalone Financial Statements for FY 2021-22

Opinion

We have audited the accompanying Standalone financial statements of M/s.NMS RESOURCES GLOBAL LIMITED ("the Company") which comprisesthe Balance Sheet as at March 31 2022 the Statement of Profit and Loss (including othercomprehensive Income) Statement of changes in Equity and Statement of Cash Flows for theyear then ended and summary of significant accounting policies and other explanatoryinformation (herein after referred to as "the Standalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("IndAS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2022Profit and Total comprehensive Income changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit of Standalone financial statements in accordancewith the Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the Independencerequirements that are relevant to our audit of the Standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the Standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined a matter to be the key auditmatters to be communicated in our report.

Our opinion is not modified in respect of these matters.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report includingAnnexures to Board's Report Business Responsibility Report Corporate Governance andShareholder's Information but does not include the Standalone financial statementsand our auditor's report thereon.

Our opinion on the Standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the Standalone financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the Standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report the fact. We have nothing to report in thisregard.

Responsibility of Management for the Standalone Financial Statements

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 Standalonefinancial 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 IndAS 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 of 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 Standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether theStandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgement and maintain professional skepticism throughout the audit We also:

• Identify and assess the risks of material misstatement of theStandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher that for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosure made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exist we are required to draw attent6ion in our auditor'sreport to the related disclosures in the Standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditors' report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone financial statements including the disclosure and whether the Standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013(18 of 2013) we give in the Annexure Astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

2. 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. Companymaintains Standalone books of accounts at its head office and therefore no separate branchaudit was conducted.

c. The Balance Sheet the Statement of Profit and Loss including othercomprehensive Income Statement of change in equity and the Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. In our opinion the aforesaid Standalone financial statements complywith the IndAS specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Amendment Rules 2021.

e. On the basis of the written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as a director interms of Section 164 (2) 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 unmodified opinion onthe adequacy on operating effectiveness of the Company's internal financial controlsover 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:

In our opinion to the best of our information and according to theexplanations given to us that the company had not paid any remuneration to Directorsother than sitting fees.

h. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Amendment Rules 2021 in our opinion and to the best of our information and according tothe explanations given to us:

1. The Company has disclosed the impact of pending litigations on itsStandalone financial position in its financial statements wherever applicable.

2. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

3. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

4. (a) The Management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person(s) or entity(ies) including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Company("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

(b) The Management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any person(s) or entity(ies)including foreign entities Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall directly or indirectly lend orInvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been consideredreasonable and Appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (i) and (II) of Rule 11(e)as provided under (a) and (b) above contain any material misstatement.

For SPS Associates
Chartered Accountants
FRN- 012358N
Mukesh Srivastava
Partner
M. No. 525933
UDIN- 22525933AJXXMM6953
Place: New Delhi
Date: 30/05/2022

Annexure A

(Refer to in Paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of NMS RESOURCES GLOBALLIMITED on the Standalone financial statements for the year ended 31 March 2022 of evendate)

Based on the audit procedures performed for the purpose of reporting atrue and fair view on the financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:

(i) (a)The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

(b) The Company is maintaining proper records showing full particularsof intangible assets.

(c) The fixed assets comprising of property plant and equipment havebeen physically verified by the Management during the year and no material discrepancieswere noticed on such verification.

(d) There was no immovable property held by company.

(e) The company has not revalued its Property Plant and Equipment(including Right of Use assets) or intangible assets or both during the year.

(f) In our Opinion no proceedings have been initiated or are pendingagainst the company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) In our opinion Management has conducted physical verificationof inventory at reasonable intervals during the year. No material discrepancies werenoticed on the aforesaid verification.

(b) As per information available with us the company has not beensanctioned any working capital limits from the bank.

(iii) As per information and explanations provided to us the companyhas not made investments in provided any guarantee or security or granted any loans oradvances in the nature of loans secured or unsecured to companies firms LimitedLiability Partnerships or any other parties during the year.

(iv) In our opinion based upon the information and explanationprovided the Company has complied with the provisions of Sections 185 and 186 of the Actin respect of loans investments guarantees and security.

(v) In our opinion the Company has not accepted any deposits withinthe meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)Rules 2014 (as amended). Accordingly the provisions of Clause 3(v) of the Order are notapplicable.

(vi) Maintenance of cost records as per the Notification by CentralGovernment under Sub- Section (1) of Section 148 of the Act are not applicable for theCompany.

(vii) (a) According to the records of the company and explanationgiven it was not regular in depositing undisputed statutory dues including ProvidentFund Employees' State Insurance GST TDS and other material statutory dues. Followingundisputed statutory dues were outstanding on the last day of the financial year.

S No Particulars Amount (in Rs)
1 ESIC 18378
2 PF 7153
3 GST 1248655
4 TDS 36254

(b) There was no dues out of point (a) above which was not depositedon account of any dispute.

(viii) In our Opinion and based upon the explanations provided companyhas not surrendered or disclosed any unrecorded income during the year in the taxassessment of Income tax act of 1961.

(ix) (a).The Company has not defaulted in repayment of loans orborrowings to any bank or financial institution or government during the year. The Companydid not have any outstanding debentures during the year.

(b). The Company has not been Declared wilful defaulter by any bank orFinancial Institution or other Lender.

(c). There was no Term Loan taken or applied by the company during theyear.

(d). As per our information the loans raised for short term basis havenot been utilized for long term basis.

(e). As per our information Company has not taken any funds from anyentity or person on account of or to meet the obligations of its subsidiaries associatesor joint ventures it is clarified that all the fund taken for his own primary purposes .

(f). Company has not raised any loans during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies.

(x) (a). The Company did not raise moneys by way of initial publicoffer or further public offer (including debt instruments). In our opinion the term loanswere applied for the purposes for which the loans were obtained.

(b). Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully partially or optionally convertible)during the year.

(xi) (a). No fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the period covered by our audit.

(b). As per our information No report under sub-section (12) ofsection 143 of the Companies Act has been filed by the auditors in Form ADT-4 asprescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the CentralGovernment.

(c) There was not any Whistle Blower Complaints so the auditor has notconsidered whistle-blower complaints . (xii) In our opinion the Company is not a NidhiCompany. Accordingly provisions of Clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are incompliance with Sections 177 and 188 of Act where applicable and the requisite detailshave been disclosed in the financial statements etc. as required by the applicable IndAS.

(xiv) (a) The company has an internal audit system commensurate withthe size and nature of its business. (b) We have considered reports of the InternalAuditors for the period under audit and found there was no material observationhighlighted.

(xv) In our opinion and to the best of our information the Company hasnot entered into any non-cash transactions with the Directors or persons connected withthem covered under Section 192 of the Act.

(xvi) The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

(xvii) In our Opinion Company has not incurred any cash loss in thecurrent financial year but there was cash loss of Rs.57.50 Lacs in the immediatelypreceding financial year.

(xviii) There has been resignation of the statutory auditors during theyear there was no issues objections or concerns raised by the outgoing auditor.

(xix) On the basis of the financial ratios ageing and expected datesof realization of financial assets and payment of financial liabilities other informationaccompanying the financial statements the auditor's knowledge of the Board ofDirectors and management plans the auditor is of the opinion that no material uncertaintyexists as on the date of the audit report that company is capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date.

(xx) Company was not required to transfer any unspent amount to a Fundspecified in Schedule VII to the Companies Act within a period of six months of the expiryof the financial year in compliance with second proviso to sub-section (5) of section 135of the said Act as it was not applicable on company.

(xxi) This is being report on standalone financial statementsprovision of sub-clause (xxi) of the Order is not applicable.

For SPS Associates
Chartered Accountants
FRN:- 012358N
Mukesh Srivastava
Partner
M No.: 525933
UDIN- 22525933AJXXMM6953
Place: New Delhi
Date: 30/05/2022

Annexure B

(Referred to in paragraph 2(f) under ‘Report on Other legal andregulatory requirements' section of our report to the Members of NMS RESOURCES GLOBALLIMITED for the year ended 31 March 2022 of even date)

Independent Auditor's report on the Internal Financial Controlsunder Clause (i) of Sub-Section 3 of Section 143 of the Companies Act 2013 ("theAct")

1. In conjunction with our audit of the Standalone financial statementsof NMS RESOURCES GLOBAL LIMITED ("the Company") as of and for the year ended 31March 2022 we have audited the Internal Financial Controls over Financial Reporting("IFCoFR") of the Company as of that date.

Management's Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible forestablishing and maintaining internal financial controls based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in Guidance Note on Audit of Internal FinancialControls over Financial Reporting (the "Guidance Note") issued by Institute ofChartered Accountants of India (ICAI). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of the Company's businessincluding 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 Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sIFCoFR based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the ICAI and deemed to be prescribed under Section 143(10) of the Actto the extent applicable to an audit of IFCoFR and the Guidance Note issued by the ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate IFCoFRwere established and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the IFCoFR and their operating effectiveness. Our audit of IFCoFRincluded obtaining an understanding of IFCoFR assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk.

The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. 2

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A Company's IFCoFR is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A Company's IFCoFR include 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 assetsthat could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

7. Because of the inherent limitations of IFCoFR including thepossibility of collusion or improper Management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the IFCoFR to future periods are subject to the risk that IFCoFR maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

Opinion

8. In our opinion the Company in all material respects has adequateInternal Financial Controls over Financial Reporting and such Internal Financial Controlsover Financial Reporting were operating effectively as at 31 March 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For SPS Associates
Chartered Accountants
FRN:- 012358N
Mukesh Srivastava
Partner
M. No.: 525933
UDIN- 22525933AJXXMM6953
Place: New Delhi
Date: 30/05/2022

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