| We have audited the accompanying financial statements of NUTECH GLOBAL
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with accounting principles generally accepted
in India including the Accounting Standards referred to in section 133
of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the design,
implementation and maintenance of adequate internal control that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstate- ment, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assess- ment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company's prepara-
tion and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Profit & Loss Account, of the profit/ loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
(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 best of 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 the Company 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 statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Ac- counts) Rules, 2014 to the
extent applicable ;
(e) on the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company
ii. As the Company has not declared any dividend in the past years &
there is no unpaid dividend, so there is no requirement of transfer of
amount in Investor Education & Protection fund (IEPF).
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information & explanation given to us during the course of our
audit, we report that:
i.
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
ii.
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information & explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally main- taining proper records of its
inventories. No material discrepancy was noticed on physical verifica-
tion of stocks by the management as compared to book records.
iii. According to the information & explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Hence clause (iii) (a) & (b) is not applicable
to the company as the company has not granted any such loans.
iv. In our opinion and according to the information & explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business for the purchase of inventories & fixed assets & for sale of
goods and services. During the course of our audit, no major instance
of continuing failure to correct any weaknesses in the internal control
system has been noticed.
v. The Company has not accepted any loans/deposits from public. In our
opinion and according to the information and explanation given to us
the provisions of Section 73 and 76 of the Companies Act, 2013 and the
Rules framed there under, wherever applicable, are being complied with.
No order has been passed by company law board against the company.
vi. The Central Government has prescribed maintenance of the cost
records under 148(1) of the Companies Act, 2013 in respect to the
company's products. We have broadly reviewed the books of accounts and
records maintained by the company in this connection and are of the
opinion that
prima facie, the prescribed accounts and records have been made and
maintained. We have however, not made a detailed examination of the
records with a view to determine whether they are accurate or complete.
vii.
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, , Employees' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, VAT, cess
and other material statutory dues to the extent applicable have
generally been regularly deposited with the appropriate authorities.
(b) According to the information & explanations given to us and the
records examined by us, there is no disputed amount payable in respect
of income tax, wealth tax, service tax, sales tax, customs duty and
excise duty, VAT and cess.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, custom duty, wealth tax, Service
Tax, excise duty, VAT and cess which have not been deposited on account
of any dispute.
(d) As the Company has not declared any dividend in the past years &
there is no unpaid dividend, so there is no requirement of transfer of
amount in Investor Education & Protection fund (IEPF).
viii. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
ix. Based on our audit procedures and on the information &
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial institu-
tions, banks or debenture holders.
x. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
xi. Based on our audit procedures and on the information &
explanations given by the management, we report that the term loans
have been applied for the purpose for which they were raised.
xii. In our opinion and according to the information & explanations
given to us, we report that no material fraud on or by the Company has
been noticed or reported during the year, nor have we been informed of
such case by the management.
For and behalf of
(O.P. DAD & CO.)
Chartered Accountants
(Firm Reg. No. 002330C)
Place: Jaipur
Date: 27 th May, 2015 Sd/-
(O.P. DAD)
Partner
M. No. 035373
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