THE MEMBERS OF NOVA PUBLICATIONS INDIA LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of NOVA PUBLICATIONS INDIALIMITED ("the Company") which comprise the Balance Sheet as at 31/03/2019 theStatement 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
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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
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 andthe 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 control 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.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
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 at31/03/2019 and its Profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued by theCentral Government of India in terms of sub section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder to the extent applicable.
As required by Section 143 (3) of the Act we report that:
We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.
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.
The Balance Sheet the Statement of Profit and Loss and dealt with by this Report arein agreement with the books of account.
In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.
On the basis of the written representations received from the directors as on31/03/2019 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2019 from being appointed as a director in terms of Section 164 (2)of the Act.
With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:
(a) Company has disclosed the impact of pending litigations on its financial positionin its The financial statements.
(b) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
(c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.
FOR KOUL VIJH & ASSOCIATES
C.K.KOUL FRN: 008709N
Annexure 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) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us Fixed assets have been physically verified by the management atreasonable intervals; No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed / transfer deed /conveyance deed/ Possession Certificate/ Lease agreement/ Encumbrance Certificate providedto us we report that the title deeds comprising all the immovable properties of landand buildings which are freehold are held in the name of the Company as at the balancesheet date. The documents are with the banks/ financial institutions and are not availablefor verification.
(2) In Respect of Inventory
(a) As explained to us Physical verification of inventory has been conducted atreasonable intervals by the management.
(b) Procedures for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness. There are no inadequacies in such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification by the management.
(3) According to information and explanations given to us The Company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Act.
(4) According to the information and explanations given to us the Company has compliedwith the provisions of Sections 185 and 186 of the Act in respect of grant of loansmaking investments and providing guarantees and securities as applicable.
(5) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits. Therefore the provisions of the clause (v) ofparagraph 3 of the Order are not applicable to the Company.
(6) Having regard to the nature of the Company's business / activities the maintenanceof cost records has not been specified by the Central Government under section 148(1) ofthe Act. Accordingly reporting under clause (vi) of paragraph 3 of the Order is notapplicable.
(7) According to the information and explanations given to us in respect of statutorydues:
(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Sales Tax Service TaxCustoms Duty Value Added Tax Cess and other material statutory dues applicable to itwith the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Sales Tax Service Tax duty of Custom Value Added Tax Cessand other material statutory dues in arrears as at March 31 2019 for a period of morethan six months from the date they became payable.
(c) According to the information and explanation given by the management no dues ofIncome-tax Sales Tax Service Tax Customs Duty Value Added Tax Provident Fund and Cesswhich have not been deposited as on March 31 2019 on account of disputes.
|Name of Statute ||Nature of Dues ||Forum where Dispute is pending ||Period to which the amount relates ||Amount Unpaid ||Amount paid Under protest |
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(8) The Company has taken loans or borrowings from banks and government or has notissued any debentures. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of loans or borrowings tofinancial institutions.
(9) The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and the term loans have been applied by the Companyduring the year for the purposes for which they were raised.
(10) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.
(11) In our opinion and according to the information and explanations given to us theCompany has paid /
Provided managerial remuneration in accordance with Schedule V to the Act.
(12) The Company is not a Nidhi Company and hence reporting under clause (xii) ofparagraph 3 of the Order is not applicable.
(13) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements etc. as required by then applicable accountingstandards.
(14) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of paragraph 3 of the Order is not applicable to the Company.
(15) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its subsidiaries or associate companies or persons connectedwith them and hence provisions of section 192 of the Act are not applicable.
(16) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.