To the Members of Nimbus Industries Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statement* of Nimbus Industries
Limited (the Company), Which comprise the balance sheet as at 31 March 20A
the statement of profit and loss and the cash flow statement for the year then ended, and
a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation
and presentation of these standalone financial statements that give a true and fair view
of the financial position, financial performance and cash flows of the Company in
accordance with the accounting principles 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 includes 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
preparation and presentation of the financial statemen ts that give a true and fair view
and are free from material misstatement; whether due to fraud or error.
Auditors 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, and theorda U/S-143 (II)
of the act.
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 auditto 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
the disclosures in the financial statements. The procedures selected depend on the
auditors judgment, including the assessment 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 financial control relevant to the Companys preparation ofthe
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on whether the Company has in place an adequate internal financial controls system
over financial reporting and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Companys Directors, as well
asevaluatingthe overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone 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, of the state of affairs of the Company
as at 31 March 2015 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 itappears from our examination ofthose 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 (Accounts) Rules, 2014;
(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 Auditors 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. the
Company has no pending litigations and hence the question of disclosing the impact of the
same on its financial position in its financial statements does not arise; ii. the Company
has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative
contracts; and iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company.
N. L. Upadhyaya& Co.
Chartered Accountants
PRN: 11165 W
Proprietor
Mem No: 35535
Date:-28/05/2016
Annexure to the Independent Auditors Report The Annexure referred to in our
Independent Auditors Report to the members of the Company on the standalone financial
statements for the year ended 31 March 2015, we reportthat:
1. As required by the Companies (Auditors 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 extentapplicable.
2. As required by section 143 (3) ofthe Act, we reportthat:
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative . details and situation of fixed assets.
(b)The Company has a regular programme of physical verification of its fixed assets by
which fixed assets arc verified every year. In accordance with this programme, fixed
assets were verified during the year and no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and the nature of its assets.
(ii) (a) Physical verification of stock of inventories has been carried out by the
managementat reasonable intervals.
(b) The procedures of physical verification of inventories followed by the management
is reasonable and adequate in relation to the size ofthe company and nature of its
business.
(c) The company has been maintaining proper records of its inventories and no material
discrepancies were noticed on physical verification of inventories carried out by the
management.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms
and other parties covered in the register maintained under section 189 ofthe Companies
Act. 2013 (the Act).
(iv) In our opinion and according to the information and explanations given to us,
there is an adequate internal control system commensurate with the size ofthe Company and
the nature of its business with regard to puritan of inventory & fixed assets and sale
of goods. We have not observed any major weakness in the internal control system duringthe
course ofthe audit.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records by the
Company undersection 148(1) ofthe Act.
(vii) (a) According to the information and explanations given to us and on the basis of
our examination ofthe records ofthe Company, amotnas deducted/ accrued in the books of
account in respect of undisputed statutory dues including provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax, cess, wherever
applicable, and other material statutory dues, except income tax, have been regularly
deposited during the year by the Company with the appropriate authorities. According to
the information and explanations given to us. no undisputed amounts payable in respect of
provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value
added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for
a period Of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no material
dues of wealth tax, duty of customs & cess which have not been deposited with the
appropriate authorities on account of any dispute.
(c) According to the information and explanations given to us there were no amounts
which were required to be transferred to the investor education and protection fund in
accordance with the relevant provisions of the Companies Act, 1956 (I of 1956) and rules
there under.
(i) The Company does not have any accumulated losses at the end of the financial year
and has not incurred cash losses in the financial year and in the immediately preceding
financial year.
(ii) The Company did not have any outstanding dues to financial institutions, banks or
debenture holders during the year.
(iii) 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.
(iv) The Company- did not have any temu loans outstanding during the year.
(v) According to the information and explanations given to us, no material fraud on or
by the Company has been noticed or reported during the course of our audit.
N. L. Upadhyaya& Co.
Chartered Accountants
PRN: 11165 W
Proprietor
Mem No: 35535
Date:- 28/5/2016
+91-9892691696
