Scribd Logo
Upload

Welcome to Scribd!

  • NIC ASIA Select 30

    Uploaded by

    Bishow Maharjan
    9 views23 pages
    Redf

    Original Title

    1682673769_NIC ASIA Select 30

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Redf

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    9 views23 pages

    NIC ASIA Select 30

    Uploaded by

    Bishow Maharjan
    Redf

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 23
    ULR.P. & Associates, Chartered Accountants 116 Madhya Marga, Budchanagar Kathmandu-10, Kathmandu Mobile: 9851067858 Email: umesh@urpca.com INDEPENDENT AUDITOR'S REPORT ‘To the unit holders of NIC Asia Select 30 (Index Fund) ‘Report on the Audit of the Financial Statements Unqualified Opinion ‘We have audited the accompanying financial statements of NIC Asia Select 30 (Index Fund), which comprise the Statement of Financial Position as at 32° Ashud 2079, and the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in unit holders Fund and Statement of Cash Flows for the period then ended, and notes to the financial statements, including a summary of Significant Accounting Policies and Noves to Aecounts, In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the NIC Asia Select 30 (Index Fund) as at 32" Asadh 2079, and its financial performance and its cash flows for the period then ended in accordance with Nepal Financial Reporting Standards (NFRS) and Mutual Fund Regulations, 2067 Basis for Unqualified Opinion We conducted our audit in accordance with Nepal Standards on Auditing (NSAs). Our responsibilities under those standards are further deseribed in the Auditor's Responsibilities for the Auelit of the Financial Statements seetion of our report, We are independent of the Scheme in accordance with the Institute of Chartered Accountants of Nepal's Code of Fthiey jor Professional Accowants 2018 tovether with the ethical requirements thet are relevant to our aucit of the financial statements in Nepal, and we have fulfilled other ethical responsibilities in accordance with these requirements. We believe that the auidit evidence we have obtained is sufficient anid appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, These matters were addressed in the context of our audit of nancial statements as a whole, and in forming cur opinion thercon, and we do not provide a separate opinion on these matters. We have determined that the cash and cash equivalents and related income on the instuments classified es cash and cash equivalent as key audit matters as it consitutes 7/.3% of total assets of the fund. As mutual funds usually old less cash and cash equivalent, the classification of the asset was key matters determined during the audit. ‘Ouraudit approach regarding the verification of classification of the asset included obtaining external confirmation and classifying the instruments as per NAS 07- ‘Cash Flow Statements’. We concluded that the classification of instruments as cash and cash equivalent is correct as on cut-off date as the instruments are short term deposits having term less than 90 day's. Other Information Management is responsible for the other information, The other information does not include the financial statements and our auidivor’s report thereon, Such information is expected to be made available to us after the date of this auditor's report Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conelusion thereon, In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing 50, 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. When we read such information, if we conclude that there is a material misstatement therein, we are cequired to communicate the matter to those charged with governance. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management of the NIC Asia Capital Limited is responsible for the preparation and fair presentation of the financial statements in accordance with Nepal Financial Reporting Standards, and for such intemal control as, Management determines is necessaty to enable the preparation of financial steterents that are {ree from ‘material misstatement, whether duce to fraud or error. In preparing the finaneial statements, management is responsible for assessing the fund ability to continue as @ going concern, disclosing, as applicable, matters related fo going concern and using the going scneern basis of accounting unless management either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so. ‘Those charged with governance are responsible for overseeing the Scheme’s financial reporting provess, Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial sialements 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 thet an audit conducted in aceordance with NSAs will always detect a material misstatement when itexists. 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 economie decisions of users taken on the basis of these financial statements, As a part of audit in accordance with NSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Wdentify and assess the risk of material misstatement of the financial statement whether due to fraud or error; design and perform audit procedure responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide an opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control * Obrain an understanding of internal control relevant to the audit in order to design audit procedures that tare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ‘of the Scheme’s intemal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based ou the audit evidence obtained, whether a material uncertainty exists related to events or conditions that ‘may east significant doubt on the Scheme’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements of, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, fiture events or conditions may cause the entity to cease to continue as going concern, * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underly ‘manner that achieves fair presentation, ing transactions and events in a 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 intemal control that wwe identify during our audit. Thank You! Sincerely: Yours CA. Umesh Raj Pig Sole Practitioner, ULRP, & Associates, Chartered Accountants UDIN: 221016CA00599vFWZx. Date: 14!" October 2022 NIC ASIA Select 30 (Index Fund) (Sponsored by NIC AISA Bank Limited and Managed by NIC ASIA Copitel Limited) Statement of Financial Position as at 32nd Asadh, 2079 (16th July, 2022) inner Particulars Noles Ashad End 2079 Ashad End 2078 Gurzent Assets Sesh and Gash Eales 3 s79.208.749 —1243. 965.403 nancial Asolo Fir Valuo Through Pret oF Lowa ; “3027579 91 509 Financial Asset Neosued at Amorise8 Coe 3 : ; Diner Aasels 5 2.048.578 4.18809 Non Curent Ae Final Asset Neste at Amotised Cost g Fixed Denost 156,000,600 Teta 7232077 805TH Cae Current abies osued Eiporasa k Oher Payetls ‘ seousrs __a.124z08 [Liabilities (Excluding Net Assets Attributable to Unitholders 5,909,973 3,124,264 | Unit Holder's Funds Net assets Atrouabe fo Uni Hoders 8 1z067ere1 121292070 ‘ota 4a3n077 0051 216017 008 Tavpar Sars — = Ta Explanatory Notes form infogl part of Financial Statement (on Behalf of NIC ASIA Capital Limite ae ar Rebar mena {Fund Maragomont Company) oo A amends Rayamai Goi ota hot Erect Ofer Chekmen Hanieh Grime Dinebn Ba rece x ' hin Sopkota Datel Dre Indep Dir Incependent oreot Pata: 14th October 2022 hace : Kathmancly WSNIC ASIA A NIC ASIA Select 30 (Index Fund) [Sponsored by NIC AISA Bank Limited and Managed by NIC ASIA Capital Limited) Statement of Profit or Loss and Other Comprehensive Income For the Poried from ist Shrawan, 2078 to 32nd Azadh, 2079 (Vth July, 2024 to 16th July, 2022) in PR Pariculars Notes FY 2078/79 Fy 2077/78 Ineome Realised Income, Interest income 0 79,093,431 389,206 Dividend income " 549,532 Gain on Sale of Equity Stocks, 12 454,245 Gther Income Unroalised income Fali Vaue Gains/(osses) 13 (73,666,014) Total 7,134,198 BIG Exponses end Losses NEPSE Ling Foe 165.000 Bank Charges 7.045 200 Bock Building Licence Fee 10,600 ‘GDSC Listing and Software Fee 320,000 Depository Fea 2,495,020 s1pa4 Fund Managemen! Fee 18,712,649 813.826 ‘Sofware Expenses 98,440 27388 Publication Exoenses 416,360 25,000 Scheme Audit Fee 113.009 56,500 Supervisor Fee 1.247.540 40,922 Pre Operating Exparsies 18 8,564,926 Total 75,286,028 7,410,504 Profit (Loss) for the period (16.154.681) 7.077.288) (thor Compreharsive income Wersaasi] TOTES) Increase/(Decroase) in Net Assets Auributable fo UnithOlgers On Behalf of NIC ASIA Capital Limited (Fund Management Company) J Romi amanda Rayenaih Ghier Eccutve Ongar Monish Ghimiro Ghiet Investment Omer (yy er Rupesh ttl Director Date: 74 October 2022 Place - Kathmandu LZ Kopi harman Director Oye Rebin Sapkota Independent Director yes om sea: NIC ASIA Soloct 30 (Index Fund) [Sponsored by NIC AISA Bank Limited and Managed by NIC ASIA Capital Limited) Statement of Casi Flows For the Period from 4st Shrawan, 2078 to 32nd Asadh, 2079 (16th July, 2021 to 18th July, 2022), in NPR Pariculars FY207878 FY 2077/78 ‘R. Cash Fiow Wom Oporaling Aotivilee Surplus/ (etict) fer the year (6.758.831) —_(1,07,288) Acjustmenis for (increase )Decrease in Unrsalized (gain)iioss on financial assets hold for trading purposes 79,660,018 Inereaser(Decrease) in Liabinies 3,124,268 \Increase)Decrease in Share (@91.500) {Increase Decrease in Other Assots (155.855,875} (4,189,700) ‘Net cash generated(usea) in Operations (7) (364,761,065) (6,034,194) 3B. Cash Flow from Investing Activities [Net cash generatedi(used) in investing (2) ©. Cash Flow from Financing Activities Increase|(Decrease) n Unit Capital Dividend Paid during the year (net of tax) Net cash generated{used) In financing (3) 1,260,000,000 250,000,000 Net Inereasel(Decraasa)in Cash and Cash Equivalents (#293) (Gaa7eT 068) 4.245 865,508 ‘Gesh end Cash Equielenis at beginning ofthe yearperod 7.243.805.0006, Cash and Cash Equivalents af end of period 879,204,740 7,245,965 805, Components of Gash and Gash Equivalents Baancs wih Barks On Bohalf of NIC ASIA Capital Limited (Fund Management Company) Ramendra Rayamajhi Chel Executive Officer ge A Manish Ghinre Chet Invesiment Oficer [er Rupesh Luilel Director Date: 14in Octaver 2022 lave :

    You might also like