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Northlink Fiscal & Capital Services Ltd.

BSE: 539110 Sector: Others
NSE: N.A. ISIN Code: INE736P01019
BSE 00:00 | 11 Apr Northlink Fiscal & Capital Services Ltd
NSE 05:30 | 01 Jan Northlink Fiscal & Capital Services Ltd
OPEN 31.20
PREVIOUS CLOSE 31.20
VOLUME 500
52-Week high 31.20
52-Week low 7.82
P/E 222.86
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 31.20
CLOSE 31.20
VOLUME 500
52-Week high 31.20
52-Week low 7.82
P/E 222.86
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Northlink Fiscal & Capital Services Ltd. (NORTHLINKFISCAL) - Auditors Report

Company auditors report

To the Members of

NORTHLINK FISCAL AND CAPITAL SERVICES LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of NORTHLINK FISCAL ANDCAPITAL SERVICES LIMITED ("the Company") which comprise the standaloneBalance Sheet as at March 31 2017 and the Statement of Profit and Loss and Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Managements' Responsibility for the Financial Statements

The company's Board of Directors is responsible for the matters stated in Section 134(5) of The Companies Act2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance cash flows and changes in equity of the Company inaccordance with the Accounting principles generally accepted in India including theIndian Accounting Standards specified under 133 of The Act read with Rule 7 of theCompanies ( Accounts ) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 thereunder.

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.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatement that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place an adequate internal controls systems over financialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company Directors as well as evaluating the overallpresentation of the financial statements.

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

Opinion

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 31stMarch 2017 and its profit and its cash flows for the year ended on that date except thefollowing.

a. The company is not registered with Service Tax Act for the Goods Transport Agencyservice availed during the year 2016-17 and not paid any service tax on the payment offreight paid.

Report on Other legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

2. 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 purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss including Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statement comply with the AccountingStandards specified under Section 133 of the Act 2013 read with the Rule read with Rule 7of the Companies ( Accounts ) Rules 2014.

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

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"; and

g) With respect to the other maters 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) The company has no pending litigation with any department so no impact on itsfinancial statements;

ii) As there are not any material foreseeable losses on long term contracts thereforethe company has not made any provision required under the applicable law or accountingstandards.

iii) There has been no delay in transferring amounts required to be transferred ifany to the investor Education and Protection Fund by the Company.

iv) The company has provided requisite disclosures in NOTE 37 as to the holding ofspecified bank notes on November 8 2016 and December 30 2016 as well as dealings inspecified bank notes during the period from November 8 2016 to December 30 2016. Basedon our audit procedures and relying on management representation regarding the holding andnature of cash transactions including specified bank notes we report that thesedisclosures are in accordance with books of accounts maintained by the company and asproduced to us by the management.

For PARMOD G GUPTA & ASSO.
CHARTERED ACCOUNTANTS
(FIRM'S REG. NO. 018870N)
Sd/-
Place: LUDHIANA (PARMOD GUPTA)
Dated:30.05.2017 PARTNER
M. NO. 096109

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT‘ S

(i) (a) The company has maintained the proper records showing the full particularsincluding quantitative details and situation of all the fixed assets.

(b) The fixed assets are physical verified by the management according to a phasedprogramme designed to cover all the items every year which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. Pursuant to theprogramme a portion of the fixed assets has been physically verified by the managementduring the year and 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.

(ii) (a) In our opinion and according to the information and explanations given to usthe inventory has been physically verified by the management during the year.

(b) In our opinion and according to the information and explanations given to us thediscrepancies noticed on verification between the physical stock and the book records werenot material and have been properly dealt with in the books of accounts.

(iii) (a) As per information & explanation given to us the company is NBFC and hasnot granted any loans secured or unsecured to companies firms limited liabilitypartnership or other parties covered in the register maintained under section 189 of thecompanies act 2013. Accordingly the provision of clause 3(iii)(a) (b) and (c) of theorder are not applicable to the company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provision of section 185 and 186 of the Act with respect tothe loans and investment made.

(v) The Company has not accepted any deposits from the public within the meaning ofdirectives issued by the Reserve Bank of India and provisions of section 73 to 76 or anyother relevant provisions of the Companies Act 2013 and the rules framed there under.

(vi) The Central Govt. has not prescribed the maintenance of cost records under section148(1) of the Companies Act 2013 for any of the services/material rendered or supply bythe company.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of provided fund investor education and protectionfund employee's state insurance income tax sale tax wealth tax customs duty exciseduty cess and other material statutory dues as applicable with the appropriateauthorities. Further there were no undisputed amounts outstanding at the year-end for aperiod of more than six months from the date they became payable except of service tax onfreight.

(b) According to the information and explanations given to us and the records of theCompany examined by us the company has no dues of Income Tax Sales tax Custom DutyWealth tax Excise duty Service Tax and cess which have not been deposited on account ofany dispute.

(viii) According to the records of the company examined by us and the information andexplanation given to us in our opinion the company has defaulted in repayment of lasttwo installments (Feb 2017 & March 2017) to Tata Motor Finance of Rs.23311.00 each.

The installment of Feb 2017 was paid on 26/05/2017.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) except of term loans for the purchase of vehicleduring the year which is applied for the purchase of the vehicle only.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give 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 Companies Act 2013.

(xii) 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.

(xiii) 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 Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) 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.

However the company has issued 2000000 share warrants @ Rs.11/- each against which Rs.55 Lac has been received. These warrants are optionally convertible into Equity Shares ofRs. 10/- each at a premium of Rs.1/- each after 18 months from date of allotment.

(xv) 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 him with regards to acquisition orto be acquired any fixed assets. Accordingly paragraph 3(xv) of the Order is notapplicable.

(xvi) The company is registered with Reserve Bank of India vide certificate No.06.00130 dt.09.09.1998.

For PARMOD G GUPTA & ASSO.
CHARTERED ACCOUNTANTS
(FIRM'S REG. NO. 018870N)
sd/-
Place: LUDHIANA (PARMOD GUPTA)
Dated:30.05.2017 PARTNER
M. NO. 096109

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 NORTHLINKFISCAL AND CAPITAL SERVICES LIMITED ("the Company") as of 31 March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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'). 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 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 at 31 March 2017 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 PARMOD G GUPTA & ASSO.
CHARTERED ACCOUNTANTS
(FIRM'S REG. NO. 018870N)
sd/-
Place: LUDHIANA (PARMOD GUPTA)
Dated: 30.05.2017 PARTNER
M. NO. 096109