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NR International Ltd.

BSE: 532623 Sector: Others
NSE: N.A. ISIN Code: INE605F01017
BSE 00:00 | 03 Feb NR International Ltd
NSE 05:30 | 01 Jan NR International Ltd
OPEN 5.00
PREVIOUS CLOSE 5.00
VOLUME 100
52-Week high 7.50
52-Week low 4.99
P/E
Mkt Cap.(Rs cr) 5
Buy Price 5.00
Buy Qty 9.00
Sell Price 5.00
Sell Qty 21.00
OPEN 5.00
CLOSE 5.00
VOLUME 100
52-Week high 7.50
52-Week low 4.99
P/E
Mkt Cap.(Rs cr) 5
Buy Price 5.00
Buy Qty 9.00
Sell Price 5.00
Sell Qty 21.00

NR International Ltd. (NRINTERNATIONAL) - Auditors Report

Company auditors report

To The Members of

N R INTERNATIONAL LIMITED.

Opinion

We have audited the standalone financial statements N R International Limited(“the Company”) which comprise the Balance Sheet as at 31st March 2019 and thestatement of Profit and Loss statement of changes in equity and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies for the year ended on that date.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and loss changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthere-under and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

(i) During the year the Company has transferred the Land & Building situated at aLeased Land in Vill- Sandhakud PS- Paradeep Dist- Jagatsingpur Odisha to Mr. NirmalModi director of the Company at an amount of Rs.6.72 Lacs by executing an agreementbetween Mr. Nirmal Modi and the Company and incurred loss of Rs.19.10 Lacs.

(ii) In the past the Company has gave a corporate guarantee to Allahabad Bank on behalfof loan taken by M/s. Surya Sponge Iron Limited. The same loan has been settled during theyear and the company has paid Rs.88.62 Lacs against the settlement and shown the same asan exceptional item in the Profit & Loss Account.

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 that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; 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 financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation. Wecommunicate with those charged with governance regarding among other matters the plannedscope and timing of the audit and significant audit findings including any significantdeficiencies in internal control that we identify during our audit.

Other Matter

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information in the Integrated Report Board's Report along-withits Annexures and Financial Highlights included in the Company's Annual Report for theFinancial Year 2019-19 but does not include our auditor's report thereon. Our opinion onthe Standalone Financial Statements does not cover the other information and we do notexpress any form of assurance conclusion thereon. In connection with our audit of theStandalone Financial Statements our responsibility is to read the other information andin doing so consider whether the other information is materially inconsistent with theStandalone Financial Statements or our knowledge obtained in the audit or otherwiseappears to be materially misstated. We have nothing to report in this regard.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the “Annexure A” a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164 (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 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 disclosed the impact of pending litigations on its financialposition in the point no (viic) of CARO Report attached herewith;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For AGARWAL VISHWANATH & ASSOCIATES

Registration No.: 323024E

Chartered Accountants

(CA VISHWANATH AGARWAL)

PARTNER

Membership No. : 054806

Place: Kolkata

Date: The 31st August 2019

UDIN :

“Annexure A” referred to in Paragraph 1 of the Our Report of even date to themembers of N R INTERNATIONAL LIMITED on the accounts of the company for the year ended 31stMarch 2019.

i) a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The management has physically verified certain fixed assets during the year inaccordance with a programme of verification which in our opinion provides for physicalverification of the fixed assets at reasonable intervals having regard to the size of theCompany and nature of its assets. According to the information and explanations given tous no material discrepancies were noticed on such verification.

c. The immovable properties are held in the name of the Company.

ii) The Company does not deals in any trading or manufacturing of Goods and henceclause (ii) of this para is not applicable to the Company.

iii) As informed to us the Company has granted loans to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.

a) The terms and conditions of the grant of such loans are not prejudicial to theinterest of the Company.

b) No schedule of repayment of principal and payment of interest has been stipulated.

c) As no schedule of repayment is stipulated the question of overdue amount does notarise. Though the Company has informed that the reasonable steps have been taken forrecovery of the principal and interest

iv) In our opinion and according to the information and explanations given to usloans investments guarantees and security covered under section 185 and 186 of theCompanies Act 2013 has been complied with.

v) According to the information and explanation given to us the Company has notaccepted any deposit from the public and as such clause (v) of the order is not applicableto the Company.

vi) The Central Government has not specified the maintenance of cost records undersection 148(1) of the Companies Act 2013 in respect of the products dealt with by theCompany.

vii) According to the information and explanations given to us in respect of thestatutory dues:

a. The Company is generally regular in depositing undisputed statutory dues includingInvestor Education and Protection Fund Income Tax Wealth Tax Sales Tax Service TaxGoods & Service Tax Customs Duty Excise Duty Cess and other applicable statutorydues with the appropriate authorities during the year.

b. There were no undisputed amounts payable in respect of Income Tax Sales TaxService Tax Value Added Tax Goods and Service Tax Customs Duty Excise Duty Cess andother material statutory dues in arrears as at March 31 2019 for a period of more thansix months from the date they became payable.

c. Details of dues of Income Tax Sales Tax Service Tax Excise Duty and Value AddedTax which have not been deposited as at March 31 2019 on account of dispute are givenbelow:

Nature of Statute Nature of Dues Forum where dispute is pending Period to which the amount relates Amount (Rs. In Lacs)
Orissa VAT VAT Audit Assessment U/s.42 01.04.2006 to 31.01.2008 64.06
Orissa CST CST Audit Assessment U/s.5 01.04.2006 to 31.01.2008 0.10
Orissa Entry Tax Entry Tax Audit Assessment U/s.90 01.04.2006 to 31.01.2008 21.69
Service Tax Service Tax Audit Assessment 01.04.2008 to 31.03.2010 27.33

viii) The Company has not defaulted in payments of loans or borrowing from a financialinstitution bank or Government. Further the Company has not issue any debentures duringthe year under review.

ix) No moneys has been raised by way of initial public offer or further public offer(including debt instruments) and no any term loans has been obtained during the year andas such clause (ix) of the order is not applicable to the Company.

x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during theyear.

xi) In our opinion and according to the information and explanations given to us themanagerial remuneration paid by the Company is covered under the provisions of section 197read with schedule V of the Companies Act 2013. xii) The Company is not a Nidhi Companyand as such clause (xii) of the order is not applicable to the Company.

xiii) In our opinion and according to the information and explanation given to us allthe transaction with the related parties are covered under the provisions of section 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

xiv) During the year under review the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures.

xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him.

xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For AGARWAL VISHWANATH & ASSOCIATES

Registration No.: 323024E

Chartered Accountants

(CA VISHWANATH AGARWAL)

PARTNER

Membership No. : 054806

Place: Kolkata

Date: The 31st August 2019

UDIN :

Annexure B referred to in paragraph 2 (vi) to the Independent Auditor's Report of evendate on the Standalone Financial Statements of N R INTERNATIONAL 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 N RINTERNATIONAL LIMITED (“the Company”) as of March 31 2019 in conjunction withour audit 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 Reporting (the“Guidance Note”) issued by the Institute of Chartered Accountants of India(ICAI)”. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 my /our audit opinion on the Company's internal financial controlssystem over 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:

a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

c) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 31stMarch 2019based on “the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote issued by the ICAI”.

For AGARWAL VISHWANATH & ASSOCIATES

Registration No.: 323024E

Chartered Accountants

(CA VISHWANATH AGARWAL)

PARTNER

Membership No. : 054806

Place: Kolkata

Date: The 31st August 2019

UDIN :