1) We have audited the attached Balance Sheet of Nihar Info Global
Limited, as at 31st March 2012, the Statement of Profit and Loss and
also the Cash Flow Statement of the Company for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2) We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting policies used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
3) As required by the companies (Auditors'' Report) Order 2003 as
amended by the Companies (Auditor''s Report) Order (Amendment) 2004,
issued by the Central Government in terms of sub section (4A) of
Section 227 of the Companies Act 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
4) Further to our comments in the Annexure referred to in paragraph 3
above, we report that :
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
d) In our opinion, the Balance sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub section (3C) of section 211 of
the Companies Act, 1956.
e) On the basis of written representation received from the Directors,
as on March 31,2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read with
''Significant Accounting Policies and Notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012
(ii) in the case of the Statement of Profit and Loss, of the loss of
the Company for the year ended on that date, and
(iii) in case of Cash Flow Statement, of the cash flows of the Company
for the year ended on that date
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE to the
members of Nihar Info Global Limited on the financial statements as at
and for the year ended March 31 , 2012
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
(b) The fixed assets are physically verified by the management during
the year and no material discrepancies between the book records and the
physical inventory have been noticed. In our opinion, the frequency of
verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets have not been disposed
off by the company during the year.
2. The Company has taken an amount of Rs.98,74,546/- in the nature of
interest free unsecured demand loan from two parties covered in the
register maintained under section 301 of the Companies act 1956.
Maximum balance outstanding during the year is Rs. 2,1 1,18,366 /-
balance outstanding as on 31.03.2012 is Rs.2,1 1,18,366/-.
3. The Company has not granted/taken any loans, secured or unsecured,
to /from companies, firms or other parties covered in the register
maintained under section 301 of the act.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of special nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control system commensurate with the size of the company and
the nature of its business for the purchase of fixed assets, inventory
and for the sale of goods and services. Further, on the basis of our
examination of the books and records of the company, and according to
the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control system.
5. According to the information and explanations given to us, there
have been no contracts or arrangements referred to in section 301 of
the act during the year to be entered in the register required to be
maintained under that section. Accordingly, commenting on transactions
made in pursuance of such contracts or arrangements does not arise.
6. The company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the act and the rules framed
7. In our opinion , the company has no internal audit system
commensurate with its size and nature of its business.
8. (a) According to the records, during the year, the company is not
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees Stae Insurance, Sales Tax, Income Tax, Service Tax applicable
to it and there have been substantial delays in all cases.
(b) In our opinion and according to the information and explanation
given to us, the following arrears are outstanding as at 31st March
2012 for more than Six months:
Particulars Amount (Rs.)
Provident Fund Penalty 7,82,025/-
Income Tax deducted at source 47,107/-
9. The Company has accumulated losses as at 31st March 2012 and it has
incurred cash losses in the financial year ended on that date and in
the immediately preceding financial year also.
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
11. In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investment.
12. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
13. The company has not obtained any term loans during the year.
14. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short term
basis which have been used for long term investment.
15. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under section
301 of the act during the year.
16. The Company has not raised any money by public issues during the
17. During the course of examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have we been
informed of such case by the management.
18. The other clauses (ii), (iii) (b), (iii)(c), (iii)(d),
(iii)(f),(iii)(g),(viii),(xi),(xiii) and (xix) of paragraph 4 of the
Companies (Auditor''s Report) Order 2003, relating to inventory, cost
records, chit fund business, change in respect of debentures as amended
by the Companies(Auditor''s Report)(Amendment) Order 2004 are not
applicable in the case of the Company for the current year, since in
our opinion there is no matter which arises to be reported in the
For C. Ramchandram & Co.
Place: Hyderabad Chartered Accountants
Date: 30-08-2012 Firm Reg. No. 002864S