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Netripples Software Ltd Auditor Reports

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Netripples Software Ltd Share Price Auditors Report

To the Members of NETRIPPLELS SOFTWARE LIMITED Report on the Financial Statements

We have audlted the accompanylng standalone financial statements NETRIPPLELS SOFTWARE LIMITED as at March 31, 2024, the Statement of proflt and loss for the year ended, the Statement of changes ?n the equlty, the statement of changes ?n the cash flows and a summary of the slgnlflcant accountlng policies and other explanatory Information.

Opini?n:

We conducted our audlt of the Financial Statements ?n accordance wlth the Standards on Auditing (SAs) speclfled under sectlon 143(10) of the Compames Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Compames Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opini?n.

The accompanying financial statements have been prepared assuming that the Company will continu? as a going concern.

"Information Other than the Financial Statements and Auditors Report Thereon"

The Companys Board of Directors is responsible for the other information. The other information comprises the [information ?ncluded in the Board report, but does not include the Financial Statements and our auditors report thereon.

Our opini?n on the Financial Statements does not cover the other information and we do not express any form of assurance conclusi?n thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Managements responsibility for the Financial Statements:

The Companys Board of Directors is responsible for the matters stated ?n Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the prepararon of these standalone financial statements that give true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principies generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014. This responsibility also ?ncludes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial Controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the prepararon and presentaron of the financial statements that give, true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Board of Directors is responsible for assessing the Companys ability to continu? as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either ?ntendsto liqu?date the Company orto cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors responsibility:

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that ineludes our opini?n. Reasonable assurance is a high level of assurance, but ?s not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit ?n accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

a. Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that ?s sufficient and appropriate to provide a basis for our opini?n. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b. Obtain an understanding of ?nternal control relevant to the audit ?n order to design audit procedures that are appropriate ?n the circumstances. Under section 143(3)(?) of the Companies Act, 2013, we are also responsible for expressing our opini?n on whether the company has adequate ?nternal financial Controls system ?n place and the operating effectiveness of such Controls

c. Eval?ate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

d. Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continu? as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention ?n our auditors report to the related disclosures ?n the Financial Statements or, if such disclosures are inadequate, to modify our opini?n. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continu? as a going concern.

e. Eval?ate the overall presentation, structure and content of the Financial Statements, includingthe disclosures, and whether the Financial Statements represent the underlying transactions and events ?n a manner that achieves fair presentation.

Materiality is the magnitude of misstatements ?n the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materialityand qualitative factors in

(i) Planning the scope of our audit work and in evaluating the results of our work; and

(ii) To eval?ate the effect of any identified misstatements in the Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in ?nternal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding ?ndependence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our ?ndependence, and where applicable, related safeguards.

Report on other legal and regulatory requirements:

As required by the Compames (Auditors Report) Order, 2020 ("the Order"), ?ssued by the Central Government of India ?n terms of sub-sectlon (11) of sectlon 143 of the Compames Act, 2013, we glve ?n the Annexure a statement on the matters specified ?n paragraphs 3 and 4 of the Order, to the extent applicable.

OR

The provlslons of the Compames (Auditors Report) Order, 2020 ("the Order"), ?ssued by the Central

Government of India ?n terms of sub-section (11) of section 143 of the Compames Act, 2013 is not

applicable to the Company since

(a) It is not a subsidiary or holding company of a public company;

(b) Its paid-up capital and reserves and surplus are not more than Rs.l Crores as at the balance sheet date;

(c) Its total borrowings from banks and finandal institutions are not more than Rs.l Crores at any time during the year; and

(d) Its turnover for the year is not more than Rs.10 Crores during the year.

As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the ?nformation and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opini?n, 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 [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.]

(c) [The reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by branch auditors have been sent to us and have been properly dealt with by us in preparing this report.]

(d) The Balance Sheet, the Statement of Profit and Loss, (the Statement of Changes in Equity) and the Cash Flow Statement dealt with by this Report are in agreement with the books of account [and with the returns received from the branches not visited by us].

(e) In our opini?n, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, r.w Rule 7 of the Companies (Accounts) Rules, 2014.

(f) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164(2) of the Act.

(g) Since the Companys turnover as per last audited Financial Statements is less than Rs.50 Crores and its borrowings from banks and financial institutions at any time during the year is less than Rs.25 Crores, the Company is exempted from getting an audit opini?n with respect to the adequacy of the ?nternal financial Controls over financial reporting of the company and the operating effectiveness of such Controls vide notification dated June 13, 2017;

OR

With respect to the adequacy of the ?nternal financial Controls over financial reporting of the Company and the operating effectiveness of such Controls, refer to our sep?rate Report in "Annexure A".

(h) With respect to the other matters to be ?ncluded in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, ?n our opini?n and to the best of our information and according to the explanations given to us:

a. The Company does not have any pending litigations which would ?mpact its financial position.

b. The Company did not have any long-term contracts ?ncluding derivative contracts for which there were any material foreseeable losses.

c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

d. i The management has represented that, to the best of its knowledge and

belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ult?mate Beneficiaries") or provide any guarantee, security or the likeon behalf of the Ult?mate Beneficiaries.

i? The management has represented, that, to the best of ifs knowledge and

belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person(s) or entity(ies), ?ncluding foreign entities ("Funding Parties"), with the understanding, whether recorded ?n writing or otherwise, that the company shall, whether, directly or ?ndirectly, lend or ?nvest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ult?mate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ult?mate Beneficiaries;

iii Based on such audit procedures which we have considered reasonable and

appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.

e. The company has not declared or paid any dividend during the year is in accordance with section 123 of the Compames Act 2013", Henee clause not applicable.

ForBGS& ASSOCIATES,
Chartered Accountants.
FRN-0013021S
B. Govardhana S?
Prnnriptnr
Membership No:224317
Place: Hyderabad
Date:03.08.2024.

"Annexure A" to the Independent Auditors Report

Referred to ?n paragraph under the heading Report on Other Legal & Regulatory Requirement of our report of even date to the fmancial statements of the Company for the year ended March 31, 2024:

1) (a) The Company has maintained proper records showing full particulars, including

quantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the ?tems over a period of three years, which ?n our opini?n, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the ?ame of the company.

2) (a) The management has conducted the physical verificaron of ?nventory at reasonable

intervals.

b) The discrepancies noticed on physical verificaron of the ?nventory as compared to books records which has been properly dealt with in the books of account were not material.

3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and henee not commented upon.

4) In our opini?n and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.

5) The Company has not accepted any deposits from the public and henee the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.

7) (a) According to ?nformation and explanations given to us and on the basis of our

examination of the books of account, and records, the Company has been generally regular ?n depositing undisputed statutory dues ?ncluding Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Valu? added Tax, Cess and any other statutory dues wlth the approprlate authorities. According to the ?nformation and explanations given to us, no undisputed amounts payable ?n respect of the above were ?n arrears as at March 31, 2024 for a perlod of more than six months from the date on when they become payable. b) According to the ?nformation and explanaron given to us, there are no dues of ?ncome tax, sales tax, outstandlng on account of any dispute.

8) In our opini?n and according to the ?nformation and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.

9) Based upon the audit procedures performed and the ?nformation and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer ?ncluding debt ?nstruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and henee not commented upon.

10) Based upon the audit procedures performed and the ?nformation and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the ?nformation and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Compames Act;

12) In our opini?n, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.

13) In our opini?n, all transactions with the related parties are in compliance with section 177 and 188 of Compames Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the ?nformation and explanations given by the management, the company has not made any preferential allotment or pr?vate placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and henee not commented upon.

15) Based upon the audit procedures performed and the ?nformation and explanations given by the management, the company has not entered ?nto any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of dause 3 (xv) of the Order are not applicable to the Company and henee not commented upon.

16) In our opini?n, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and henee not commented upon.

For and on behalf of BGS& Associates
Chartered Accountants
Firms registraron number:013021S
Membership number:224317
Place: Hyderabad,
Date: 03.08.2024

Annexure - B to the Independent Auditors Report

Report on the Internal Financial Controls over Financial Reportlng under Clause (I) of Sub- sectlon 3 of Sectlon 143 of the Compames Act, 2013

We have audited the Internal flnanclal Controls over flnanclal reportlng of NETRIPPLELS SOFTWARE LIMITED as of March 31, 2024 ?n conjunctlon wlth our audlt of the standalone flnanclal statements of the Company for the year ended on that date.

Managements Responsibility for Infernal Financial Controls:

The Companys management ?s responslble for establlshlng and malntalnlng Internal financlal Controls based on the Internal control over flnanclal reportlng crlteria establlshed by the Company conslderlng the essential components of internal control stated ?n the Guidance Note on Audlt of Internal Financial Controls over Financial Reportlng ?ssued by the Instltute of Chartered Accountants of India. These responsibilities ?nclude the deslgn, ?mplementatlon and malntenance of adequate Internal flnanclal Controls that were operatlng effectlvely for ensurlng the orderly and efflclent conduct of ?ts buslness, ?ncludlng adherence to companys polldes, the safeguarding of ?ts assets, the preventlon and detectlon of fraudsand errors, the accuracy and completeness of the accountlng records, and the tlmely prepararon of rellable flnanclal informatlon, as requlred under the Compames Act, 2013.

Auditors Responsibility:

Our responsibility ?s to express an opini?n on the Companys Internal flnanclal Controls over flnanclal reportlng based on our audit. We conducted our audlt ?n accordance wlth the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ?ssued by the Instltute of Chartered Accountants of India and the Standards on Audltlng deemed to be prescrlbed under Sectlon 143(10) of the Compames Act, 2013, to the extent appllcable to an audlt of Internal flnanclal Controls. Those Standards and the Guidance Note requlre that we comply wlth ethlcal requlrements and plan and perform the audlt to obtaln reasonable assurance about whether adequate Internal flnanclal Controls over flnanclal reportlng was establlshed and malntalned and ?f such Controls operated effectlvely ?n all material respects.

Our audlt ?nvolves performlng procedures to obtaln audlt evldence about the adequacy of the internal flnanclal Controls system over flnanclal reportlng and their operatlng effectlveness. Our audlt of Internal flnanclal Controls over flnanclal reportlng ?ncluded obtalnlng an understanding of Internal flnanclal Controls over flnanclal reportlng, assesslng the rlsk that a material weakness exlsts, and testlng and evaluatlng the deslgn and operatlng effectlveness of Internal control based on the assessed rlsk. The procedures selected depend on the audltors judgement, ?ncludlng the assessment of the rlsks of material mlsstatement of the flnanclal statements, whether due to fraud or error.

We belleve that the audlt evldence we have obtalned ?s sufflclent and approprlate to provlde a basls for our audit opini?n on the Companys Internal flnanclal Controls system over flnanclal reportlng.

Meaning of Internal Financial Controls over Financial Reporting:

A companys internal financiai control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principies. A companys internal financial control over financial reporting ineludes those policies and procedures that

1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company.

2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principies, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company.

3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys 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 financial reporting, including the possibility of collusion or improper management override of Controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial Controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteri?rate.

Opini?n:

In our opini?n, to the best of our information and according to the explanations given to us, the Company has, in all material respeets, an adequate internal financial Controls system over financial reporting and such internal financial Controls over financial reporting were operating effectively as at March 31, 2024, based on the internal control over financial reporting entena established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Infernal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India,

For BGS & ASSOCIATES,
Chartered Accountants.
Membership No :224317
Place: Hyderabad,
Date:03.08.2024

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