We have audited the accompanying Standalone financial statements of M/s. NMS GLOBAL LIMITED
(“the Company’’) which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit
and Loss (including other comprehensive Income), Statement of changes in Equity and Statement of
Cash Flows for the year then ended, and summary of significant accounting policies and other
explanatoryinformation (herein after referred to as “the Standalone financial statements”).
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 Companies Act 2013
(“the Act”) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“IndAS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2024, Profit and Total
comprehensive Income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of Standalone financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibilities for the Audit of the Standalone 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 (ICAI) together with the
Independence requirements that are relevant to our audit of the Standalone financial statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. 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.
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the Standalone financial statements of the current period. These matters were addressed
in the context of our audit of the Standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. We have determined a
matter to be the key audit matters to be communicated in our report. Our opinion is not modified in
respect of these matters.
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board's Report including Annexures to Board's Report, Business Responsibility Report, Corporate
Governance and Shareholder's Information, but does not include the Standalone financial statements
and our auditor's report thereon.
Our opinion on the Standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the Standalone financial statements or our knowledge obtained during the course of our 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 the fact. We have nothing to report in this regard.
Responsibility of Management for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these Standalone financial statements that give a true and fair view
of the financial position, financial performance, total comprehensive income, changes in equity and
cash flows ofthe Company in accordance with the IndAS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of 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 Standalone financial statement that give a true and fair view and
are free from material misstatement, whether due tofraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to ceaseoperations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the company's financial reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is
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 Standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional skepticism throughout the audit, We also:
• Identify and assess the risks of material misstatement of the Standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher that
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of
the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosure made by management.
• Conclude on the appropriateness of management's 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 Company's ability to
continue as a going concern. If we conclude that a material uncertainty exist, we are required
to draw attent6ion in our auditor's report to the related disclosures in the Standalone
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 auditors' report.
However, future events or conditions may cause the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the Standalone financial
statements, including the disclosure and whether the Standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013(18 of 2013), we give in the Annexure A statement on the matters specified in
paragraphs 3 and 4 of theOrder, 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. Company maintains Standalone
books of accounts at its head office and therefore no separate branch audit was conducted.
c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income,
Statement of change in equity 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 IndAS specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Amendment
Rules, 2021.
e. 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.
f. With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
Annexure B. Our report expresses an unmodified opinion on the adequacy on operating
effectiveness of the Company's internal financial controls over financial reporting.
g. With respect to the other matters to be included in the Auditor's Report in accordance with
the requirements of section 197(16) of the Act, as amended:
In our opinion, to the best of our information and according to the explanations given to us,
thatthe company had not paid any remuneration to Directors other than sitting fees.
h. 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) Amendment Rules, 2021, in our opinion and
to the best of our information and according to the explanations given to us:
1. The Company has disclosed the impact of pending litigations on its Standalone
financial position in its financial statements, wherever applicable.
2. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
3. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
4. (a) The Management has represented that, to the best of its knowledge and belief,
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, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of its knowledge and belief
no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, directly or indirectly,
lend or Invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the likeon behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures performed that have been 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) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
For Mukul Garg & Associates
Chartered Accountants
FRN- 019503C
CA Rinki
Partner
M. No. 531095
UDIN-24531095BKCZNF2309
Place: New Delhi
Date: 30/05/2024
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