Auditor Report of Nouveau Global Ventures Ltd.
Mar 31, 2016
INDEPENDENT AUDITORS'' REPORT
TO THE MEMBERS OF M/S NOUVEAU GLOBAL VENTURES LIMITED
Report on the Financial Statements
We have audited the accompanying standalone financial statements of M/S NOUVEAU GLOBAL VENTURES LIMITED, which comprise the Balance Sheet as at 31st March, 2016, and the Statement of Profit and Loss and Cash Flow Statements for the year then ended and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the standalone Financial Statements
The Company''s Board of Directors is responsible for the matters in Section 134(5) of the Companies Act, 2013 ("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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s 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.
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 audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s 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 Company''s preparation of the financial statements that give 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 accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the 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 2016 and its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory
Requirements
1) As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of subsection (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 appears from our examination of those 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 written representations received from the directors as on 31st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the other matters included in the Auditor''s 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 does not have any pending litigations which would impact its financial position.
ii. the Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the investor and Education and Protection Fund by the Company.
Annexure referred to in Paragraph 1 under the heading of "Report on other Legal and regulatory requirements "of our Report of even date to the members of the company on the standalone financial statement for the year ended as on March 31, 2016, we report that:
(i) a. The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets.
b. As per the information and explanations given to us, physical verification of fixed assets has been carried out in terms of the phased program of verification adopted by the company and no material discrepancies were noticed on such verification.
c. In our opinion and according to the information, explanation and documents provided to us and on the basis of representation by the management, we report that the title deeds in respect of immovable properties comprising Office at Jaipur are held in the name of Company.
(ii) As per the representation by the management and explanation given to us, the inventories have been physically verified by the management during the year and discrepancies noticed on such verification are not material. In our opinion company needs to strengthen its internal control system with respect to inventory management system.
(iii) a. As per the information and explanation given to us, the company has granted unsecured loans to three companies, two subsidiaries and one other company covered in the register maintained under section 189 of the companies Act, 2013.
b. In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated.
The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii) (b) of the Order is not applicable to the Company in respect of repayment of the principal amount.
c. There are no overdue amounts for more than 90 days in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.
(iv) As per the information and explanation given to us, In respect of Loans , Investments, guarantees and security by the company are in compliance of the provisions of section 185 and section 186 of the Companies Act, 2013.
(v) The Company has not accepted any deposits from the public.
(vi) As per the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
(vii) a. According to the information and
explanations given to us and on the basis of our examination of the records of the Company, in respect of undisputed statutory dues including, provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been generally regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Excise duty.
According to the information and explanations given to us, no undisputed amounts payable in respect of 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 2016 for a period of more than six months from the date they became payable except:
Income Tax demand for Assessment Year 2006-07 amounting to Rs. 176381, TDS default of Rs. 151938/- for Assessment Year 2014-15 and Rs. 93570/- for Prior years.
b. According to the information and explanations given to us there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute.
viii) In our opinion and according to the information and the explanations given to us, the Company has not defaulted in repayment of dues to any financial institutions or bank or government. As explained to us the company has not issued any debentures.
ix) In our opinion and according to the information, explanation and management representation given to us the company has not raised any money by way initial public offer or further public offer (including debt instruments) and term loan facility availed from the bank have been applied for the purpose for which those are raised.
(x) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.
(xi) In our opinion and according to the information and the explanations given to us, the Company has paid the managerial remuneration in compliance of the provisions of section 197 read with schedule V to the companies Act, 2013.
(xii) In our opinion, the company is not a Nidhi company accordingly paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and on the basis of management representation, all transactions with the related party are in compliance with the provisions of section 177 and 188 of the companies Act, 2013 where applicable and the details have been disclosed in financial statement as required by the applicable Accounting Standards.
(xiv) According to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Therefore, paragraph 3(xiv) of the Order is not applicable to the Company.
(xv) In our opinion and according to the information and the explanations given to us, the Company has not entered into any noncash transactions with directors or person connected with him and therefore provisions of section 192 of companies Act ,2013 are not applicable to the company accordingly paragraph 3(xv) of the Order is also not applicable to the Company
(xvi) In our opinion and according to the information and the explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Referred in paragraph 2(f) of the Independent Auditors'' Report of even date to the members of NOUVEAU GLOBAL VENTURES LIMITED on the standalone financial statements for the year ended March 31, 2016.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the Internal Financial Controls over financial reporting of NOUVEAU GLOBAL VENTURES LIMITED ("the company"), as at March 31, 2016, in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining Internal Financial Controls over financial controls based on the Internal Controls over financial reporting criteria established by the company considering the essential components of Internal Controls stated in the Guidance Note on Audit of Internal Financial Controls over financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities includes the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such control operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risks that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.
We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements of external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes 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 principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s 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 control 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 controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanation given to us, the Company has, in all material respects, an adequate the internal financial controls system over financial reporting and such the internal financial controls over financial reporting were operating effectively as at 31st March, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For CPM & ASSOCIATES
Chartered Accountants
(Firm Registration No. 114923W)
Sd/-
(C.P. Maheshwari)
Partner M.No. 36082
PLACE: MUMBAI
DATED: 30th May, 2016
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying standalone financial statements of M/S
NOUVEAU GLOBAL VENTURES LIMITED, which comprise the Balance Sheet as at
31st March, 2015, and the Statement of Profit and Loss and Cash Flow
Statements for the year then ended 31st March, 2015, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the standalone Financial Statements
The Company's Board of Directors is responsible for the matters in
Section 134(5) of the Companies Act, 2013 ("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 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 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 statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
Auditor's 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.
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 audit
to obtain reasonable assurance about whether the standalone financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's 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 Company's
preparation of the financial statements that give 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 accounting policies used and the reasonableness of
the accounting estimates made by Company's Directors, as well as
evaluating the overall presentation of the 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 (Auditor's 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 appears from our examination of those
books.
(c) The Balance Sheet, the Statement of Profit and Loss, and 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 written representations received from the directors
as on 31st March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the other matters included in the Auditor's 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 does not have any pending litigations which would
impact its financial position.
ii. the Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. there were no amounts which were required to be transferred to
the investor and Education and Protection Fund by the Company.
Annexure referred to in Paragraph 1 under the heading of "Report on
other Legal and regulatory requirements "of our Report of even date to
the members of the company on the standalone financial statement for
the year ended as on March 31, 2015, we report that:
i) a. The Company has maintained proper records showing full
particulars, including quantitative details and situations of fixed
assets. b. As per the information and explanations given to us,
physical verification of fixed assets has been carried out in terms of
the program of verification adopted company and no material
discrepancies were noticed on such verification.
ii) a. As per the information and explanation given to us, the
inventories have been physically verified by the management during the
year at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory and
no material discrepancies were noticed on verification of inventory.
iii) a. As per the information and explanation given to us, the
company has granted unsecured loans to two companies covered in the
register maintained under section 189 of the companies Act, 2013. b.
In the case of the loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act, the borrowers have
been regular in the payment of the interest as stipulated. The terms of
arrangements do not stipulate any repayment schedule and the loans are
repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is
not applicable to the Company in respect of repayment of the principal
amount. c. There are no overdue amounts of more than rupees one lakh
in respect of the phased loans granted to the bodies corporate by the
listed in the register maintained under section 189 of the Act.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory and fixed assets and for the sales
of goods and services. During the course of our audit, no major
weakness has been noticed in the internal controls.
v) The Company has not accepted any deposits from the public.
vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
vii) a. According to the information and explanations given to us and
on the basis of our examination of the records of the Company, in
respect of undisputed statutory dues including, provident fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, duty of customs, value added tax, cess and other material
statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities. As explained to us, the
Company did not have any dues on duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of 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 except
Income Tax demand for Assessment Year 2006-07 amounting to Rs. 176381,
TDS default of Rs. 151938/- for Assessment Year 2014-15 and Rs. 93570/-
for Prior years.
b. According to the information and explanations given to us there are
no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited 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
and Education and Protection Fund by the Company.
viii) The Company does not have accumulated losses during the year and
has not incurred cash losses in current financial year and the
immediately preceding financial year.
ix) In our opinion and according to the information and the
explanations given to us, the Company has not defaulted in repayment of
dues to any financial institutions or bank.
x) 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.
xi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
company were, prima facie, applied by the company for the purposes for
which the loans were obtained.
xii) 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.
For CPM & Associates
Chartered Accountants
(Firm Registration No. 114923W)
Sd/-
C. P. Maheshwari
(Partner)
Mem. No. : 036082
Date : 30th May, 2015
Place : Mumbai
Mar 31, 2014
We have audited the accompanying financial statements of M/S NOUVEAU
GLOBAL VENTURES LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2014, the Statement of Profit and Loss Account
and Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
principles generally accepted in India including Accounting Standards
notified under the Companies Act, 1956 (the Act) read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013
and in accordance with accounting principles generally accepted in
India. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements 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 financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s 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 auditors
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss Account, of the
profit for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by The Companies (Auditor''s Report) Order, 2003 (Âthe
OrderÂ) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
2. As required by Section 227(3) of the Act, 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
audit;
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
books;
c. The Balance Sheet, the Statement of Profit & Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
e. On the basis of the written representations received from the
Directors as on 31st March 2014 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2014
from being appointed as a Director in terms of Section 274(1) (g) of
the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 1
UNDER THE HEADING OF "REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS" OF OUR REPORT OF EVEN DATE.
(i) In respect of its fixed assets:
a) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) All the assets have been physically verified by the Management in
accordance with a phased programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
c) During the year, the company has not disposed off substantial part
of the Fixed Assets and accordingly going concern status of the company
is not affected.
(ii) In respect of its inventories:
a) The Inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of the inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business
c) The Company has maintained proper records of its inventories. No
material discrepancies were noticed on physical verification as
compared to book records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the companies Act, 1956:
a) The Company has granted unsecured loans to its two subsidiary
companies, one director and one other company, covered in the register
maintained u/s 301 of the Companies Act, 1956 on call basis. The
maximum amount outstanding during the year was Rs. 1259.19 lacs and
the year-end balance was Rs. 701.87 lacs.
b) The rate of Interest and Other terms and conditions of such loans is
not prima facie, prejudicial to the interest of the Company.
c) The receipt of principal amount and interest are regular.
d) There is no overdue amount of loans granted to the companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act. 1956.
e) The Company has taken unsecured loans from 2 parties covered in the
register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
1111.37 lacs and the year-end balance was Rs. 1037.84lacs.
f) The rate of Interest and Other terms and conditions on which the
loans have been taken are prima facie, not prejudicial to the interest
of the Company;
g) The company is regular in repaying the principal amounts as well as
interest on loan taken as stipulated.
(iv) In our opinion the internal control systems in respect of purchase
of fixed assets and inventory and sale of goods and services needs to
be strengthened considering the size of the Company and the nature of
its business. We have not observed continuing failure to correct any
major weaknesses in internal control system of the company.
(v) a) The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under that section have been so entered.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) The Company does not have a formal internal audit system
commensurate with its size and nature of business but its financial and
other internal checks, ensures proper recording of financial
transactions.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1)(d) of the Companies Act, 1956 for the
Company.
(ix) a) In our opinion and according to the information and
explanations given to us, the Company has been generally regular in
depositing undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty and cess with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March, 2014 for a period of more than six months from the date they
became payable.
c) According to the information and explanations given to us there are
no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute.
(x) The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
(xii) The Company has not granted loan and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit fund,
nidhi or mutual benefit fund/societies are not applicable to the
Company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing in shares and timely entries have been
made therein. All the shares have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
company were, prima facie, applied by the company during the year for
the purposes for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of balance sheet of the company, funds raised on
short-term basis have not been used for long-term investments.
(xviii) The Company has not made any preferential allotment of shares
to parties covered in the register maintained under Section 301 of the
Act during the year.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised money through a public issue during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the Company has been noticed or reported by the Company
during the course of audit
For CPM & Associates
Chartered Accountants
C. P. Maheshwari
Partner
Mem. No. : 036082
Date : 30th May, 2014
Place : Mumbai
Mar 31, 2012
We have audited the attached Balance Sheet of Nouveau Global Ventures
Limited as at 31st March, 2012, and also the Statement of Profit and
Loss and 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.
We conducted our audit in accordance with 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 includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles 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
our opinion.
1. As required by the Companies (Auditors' Report) Order, 2003 and
amendments thereto issued by the Central Government in terms of Section
227(4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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
audit;
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
books;
c) The Balance Sheet and 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 Balance Sheet and Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with
Accounting Standards referred to in the sub-section (3C) of section 211
of the Companies Act, 1956;
e) On the basis of the written representa- tions received from the
Directors, as on 31st March, 2012 and taken on record by the Board, 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 accounts read together with the
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 31st March 2012,
ii) In the case of Statement of Profit and Loss, of the Profit for the
year ended on that date and
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) All the assets have been physically verified by the Management in
accordance with a phased programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
c) No substantial part of fixed assets has been disposed off during the
year, which has a bearing on the going concern assumption.
(ii) a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the inventories followed
by the manage- ment are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c) The Company has maintained proper records of its inventories. No
material discrepancies were noticed on physical verification as
compared to book records.
(iii) a) The Company has granted unsecured loans to its subsidiary
company, covered in the register maintained u/s 301 of the Companies
Act, 1956 on call basis. The maximum amount outstanding during the year
was Rs. 43.68 lacs and the year-end balance was Rs. 23.08 lacs .
b) The said loan is interest free. Other terms and conditions of such
loans is prima facie not prejudicial to the interest of the Company.
c) In view of our comments in para (iii)(a) and (b) above, clauses
4(iii)(c) and (d) of the said Order are not applicable.
d) The Company has taken unsecured loans from 3 parties covered in the
register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
32.80 lacs and the year-end balance was Rs. 7.8 .
e) The said loans are interest free. Other terms and conditions on
which the loans have been taken are prima facie, not prejudicial to the
interest of the Company;
f) In view of our comments in para (iii) (d) & (e) above, clauses 4
(iii) (g) of the said Order is not applicable.
(iv) In our opinion the internal control systems in respect of purchase
of fixed assets and inventory and sale of goods and services needs to
be strengthened considering the size of the Company and the nature of
its business. We have not observed continuing failure to correct any
major weaknesses in internal control system of the company.
(v) a. The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act,1956 that needs to be entered into the
register maintained under that section have been so entered.
b. The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) The Company does not have a formal internal audit system
commensurate with its size and nature of business but its financial and
other internal checks, ensures proper recording of financial
transactions.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1)(d) of the Companies Act, 1956 for the
Company.
(ix) a) In our opinion and according to the information and
explanations given to us, the Company has been generally regular in
depositing undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty and cess with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
c) According to the information and explanations given to us there are
no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute,
(x) The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
(xii) The Company has not granted loan and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit fund,
nidhi or mutual benefit fund / societies are not applicable to the
Company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing in shares and timely entries have been
made therein. All the shares have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
company were, prima facie, applied by the company during the year for
the purposes for which the loans were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of balance sheet of the company, funds raised on
short-term basis h ave not been used for long -term investments.
(xviii) The Company has not made any preferential allotment of shares
to parties covered in the register maintained under Section 301 of the
Act during the year.
(xiv) The Company has not issued any debentures during the year.
(xx) The Company has not raised money through a public issue during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the Company has been noticed or reported by the Company
during the course of audit.
For CPM & Associates
Chartered Accountants
Firm Regn. No.: 114923W
C. P. Maheshwari
Partner
Mem. No. 036082
Place : Mumbai
Date : 1st September, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Nouveau Global Ventures
Limited as at 31st March, 2011, the Profit and Loss Account and 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.
We conducted our audit in accordance with 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 includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles 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
our opinion.
1. As required by the Companies (Auditors' Report) Order, 2003 and
amendments thereto issued by the Central Government in terms of Section
227(4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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
audit;
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
books;
c) The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with
Accounting Standards referred to in the sub-section (3C) of section 211
of the Companies Act, 1956;
e) On the basis of the written representat- ions received from the
Directors, as on 31st March, 2011 and taken on record by the Board, we
report that none of the directors is disqualified as on 31st March,
2011 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 accounts read together with the
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 31st March 2011,
ii) in the case of Profit and Loss Account, of the Profit for the year
ended on that date and
iii) in the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) All the assets have been physically verified by the Management in
accordance with a phased programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
c) No substantial part of fixed assets has been disposed off during the
year, which has a bearing on the going concern assumption.
(ii) a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business
c) The Company has maintained proper records of its inventories. No
material discrepancies were noticed on physical verification as
compared to book records.
(iii) a) The Company has granted unsecured loans to its subsidiary
company, covered in the register maintained u/s 301 of the Companies
Act, 1956 on call basis. The maximum amount outstanding during the year
was Rs. 43.68 lacs and the year-end balance was Rs. 43.68 lacs .
b) The said loan is interest free. Other terms and conditions of such
loans is prima facie not prejudicial to the interest of the Company.
c) In view of our comments in para (iii)(a) and (b) above, clauses
4(iii)(c) and (d) of the said Order are not applicable.
d) The Company has taken unsecured loans from 4 parties covered in the
register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
245.82 lacs and the year-end balance was Rs. Nil .
e) The said loans are interest free except in two cases where interest
has been charged. The rate on interest wherever paid and other terms
and conditions on which the loans have been taken are prima facie, not
prejudicial to the interest of the Company;
f) In view of our comments in para (iii) (d) & (e) above, clauses 4
(iii) (g) of the said Order is not applicable.
(iv) In our opinion the internal control systems in respect of purchase
of fixed assets and inventory and sale of goods and services are needs
to be strengthened considering the size of the Company and the nature
of its business. We have not observed continuing failure to correct
any major weaknesses in internal control system of the company.
(v) a. The particulars of contracts or arrange- ments referred to in
Section 301 of the Companies Act,1956 that needs to be entered into the
register maintained under that section have been so entered.
b. The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) The Company does not have a formal internal audit system
commensurate with its size and nature of business. but its financial
and other internal checks, ensures proper recording of financial
transactions.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1)(d) of the Companies Act, 1956 for the
Company.
(ix) a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty
and cess with the appropriate authorities except the following:
1. Profession Tax Rs. 20,050 /- (Since Paid) which is deposited on
yearly basis and
2. Rs. 9,495/- towards Investor Education and Protection Fund (For
Unclaimed Dividend)
which are outstanding at the year end for a period of more than six
months from the date it became payable.
b) According to the records of the Company, dues of Income Tax, Sales
Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which
have not been deposited on account of any dispute are as under-
Name of Statute : Income Tax Act, 1961
Nature of dues : Income Tax for A.Y. 2006-07
Amount : Rs. 1,76,381/-
Forum while
dispute Is
pending : Commissioner of Income Tax Appeals and
assessing officer
(x) The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
(xii) The Company has not granted loan and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit fund,
nidhi or mutual benefit fund / societies are not applicable to the
Company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing in shares and timely entries have been
made therein. All the shares have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) The Company has not raised any term loans during the year.
(xvii) According to the information and explana- tions given to us and
on an overall examina- tion of balance sheet of the company, funds
raised on short-term basis have not been used for long-term
investments.
(xviii) The Company has not made any preferential allotment of shares
to parties covered in the register maintained under Section 301 of the
Act during the year.
(xiv) The Company has not issued any debentures during the year.
(xx) The Company has not raised money through a public issue during the
year.
(xxi) According to the information and explanation given to us, no
fraud on or by the Company has been noticed or reported by the Company
during the course of audit.
For Singrodia Goyal & Co.
Chartered Accountants
Firm Reg. No.: 112081W
Narayan Pasari
Partner
Mem. No. 38095
Place : Mumbai
Date : 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Nouveau Multimedia
Limited as at 31st March, 2010, the Profit and Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Stand- ards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstate- ment. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
pres- entation. We believe that our audit provides a reasonable basis
for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) amendment or- der 2004
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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
audit;
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
books;
c) The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with
Accounting Standards re- ferred to in the sub-section (3C) of section
211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
Directors, as on 31st March, 2010 and taken on record by the Board, we
report that none of the directors is disqualified as on 31st March,
2010 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 explana- tions given to us, the said accounts read together with
the 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 ac- cepted in
India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010,
ii) in the case of Profit and Loss Account, of the Profit for the year
ended on that date and
iii) in the case of the Cash Flow State- ment, of the Cash Flows for
the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph (1) of our Report of even date
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and accord- ing to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) All the assets have been physically verified by the Management in
accordance with a phased programme of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
c) No substantial part of fixed assets has been disposed off during the
year, which has a bearing on the going concern assumption.
(ii) a) Inventories held in custody of the Com- - pany have been
physically verified by the management at reasonable intervals. For
shares held with the custodian and deposi- tory participant, statement
from them has been obtained on a regular basis.
b) The procedures of verification of inventory followed by the
management are reason- able and adequate in relation to the size of the
Company and the nature of its busi- ness.
c) The Company is maintaining proper records of inventory. No
discrepancies have been noticed on reconciliation of physical inven-
tories with the custodian and depository participant as compared to the
book records.
(iii) a) The Company has granted unsecured loans to two parties,
including a subsidiary company covered in the register main- tained u/s
301 of the Companies Act, 1956 on call basis. The maximum amount out-
standing during the year was Rs. 153.68 lacs and the year-end balance
was Rs. 43.68 lacs.
b) The said loans are interest free. Other terms and conditions of such
loans are prima facie not prejudicial to the interest of the Company.
c) In view of our comments in para (iii)(a) and (b) above, clauses
4(iii)(c) and (d) of the said Order are not applicable.
d) The Company has taken unsecured loans from four parties covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
202.00 lacs and the year-end balance was Rs. Nil.
e) The said loans are interest free. Other terms and conditions of such
loan are prima facie not prejudicial to the interest of the Company.
f) In view of our comments in para (iii) (d) & (e) above, clauses 4
(iii) (g) of the said Order is not applicable.
(iv) There are adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to the
purchase of fixed assets and inventory and sale of goods and services.
During the course of our audit, we have not observed continuing failure
to correct any major weaknesses in internal control system of the
company.
(v) a. The particulars of contracts or arrange- ments referred to in
Section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under that section have been so entered.
b. The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) The Company does not have a formal internal audit system
commensurate with its size and nature of business but its financial and
other internal checks, ensures proper recording of financial
transactions.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 for
the Company.
(ix) a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depos- iting
undisputed statutory dues including Provident Fund, Employees State
Insur- ance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise
Duty and cess with the appropriate authorities except the following:
1. Service Tax Rs. 152,049/- (since paid),
2. Profession Tax Rs. 13,450/- which is deposited on yearly basis and
3. Rs. 9,495/- towards Investor Education and Protection Fund which is
outstanding at the year end for a period of more than six months from
the date it became payable.
b) According to the records of the Company, dues of Income Tax, Sales
Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which
have not been deposited on account of any dispute are as under-:
Name of Statute : Income Tax Act, 1961
Nature of dues : Income Tax for A.Y.
2006-07 and A.Y. 2007-08.
Amount : Rs. 1,76,381/- and
Rs. 93,447/- respectively.
Forum while dispute Is pending :
Commissioner of Income Tax Appeals and Assessing officer.
(x) The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
(xii) The Company has not granted loan and advances on the basis of
security by way of pledge of shares, debentures and other secu- rities.
(xiii) The provisions of any special statute applica- ble to chit fund,
nidhi or mutual benefit fund / societies are not applicable to the
Company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing in shares and timely entries have been
made therein. All the shares have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) The Company has not raised any term loans during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of balance sheet of the company, funds raised on
short-term basis have not been used for long- term investments.
(xviii) 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.
(xiv) The Company has not issued any debentures during the year.
(xx) We have verified the end use of money raised by right issues as
disclosed in the Note II (18) of Schedule "S".
(xxi) According to the information and explanation given to us, no
fraud on or by the Company has been noticed or reported by the Company
during the course of audit.
For Singrodia Goyal & Co.
Chartered Accountants
Firm Regn. No.: 112081W
Narayan Pasari
Partner
Mem. No. 38095
Place : Mumbai
Date: 30th August 2010
Mar 31, 2009
We have audited the attached Balance Sheet of Nouveau Multimedia
Limited as at 31st March, 2009, the Profit and Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Stand- ards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstate- ment. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
pres- entation. We believe that our audit provides a reasonable basis
for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) amendment or- der 2004
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 and 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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
audit;
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
books;
c) The Balance Sheet and the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with
Accounting Standards referred to in the sub-section (3C) of section 211
of the Companies Act, 1956, except Accounting Standard 15 (AS-15)
relating to Ac- counting of Retirement Benefits of Employees as
referred to in note 1 of Schedule "S";
e) On the basis of the written representations received from the
Directors, as on 31st March, 2009 and taken on record by the Board, we
report that none of the directors is disqualified as on 31st March,
2009 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 explana- tions given to us, the said accounts 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 ac- cepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2009,
ii) in the case of Profit and Loss Account, of the Profit for the year
ended on that date and
iii) in the case of the Cash Flow State- ment, of the Cash Flows for
the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph (1) of our
Report of even date
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets up to previous year. However, it has not been updated for
additions made during the current year.
b) All the assets have been physically verified by the Management
during the year by way of a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepan- cies were noticed on
such verification.
c) No substantial part of fixed assets has been disposed off during the
year, which has a bearing on the going concern assumption.
(ii) a) Inventories held in custody of the Company have been physically
verified by the man- agement at reasonable intervals. For shares held
with the custodian and depository participant, statement from them has
been obtained on a regular basis.
b) The procedures of verification of inventory followed by the
management are reason- able and adequate in relation to the size of the
Company and the nature of its busi- ness.
c) The Company is maintaining proper records of inventory. No
discrepancies have been noticed on reconciliation of physical inven-
tories with the custodian and depository participant as compared to the
book records.
(iii) a) The Company has granted unsecured loans to two parties,
including a subsidiary company covered in the register main- tained u/s
301 of the Companies Act, 1956 on call basis. The maximum amount out-
standing during the year was Rs. 153.68 lacs and the year-end balance
of loan given to such company was Rs. 153.68 lacs.
b) The said loans are interest free. Other terms and conditions of such
loans are prima facie not prejudicial to the interest of the Company.
c) In view of our comments in para (iii)(a) and (b) above, clauses
4(iii)(c) and (d) of the said Order are not applicable.
d) The Company has taken unsecured loans from four parties covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
212.50 lacs and the year-end balance of loan given to such company was
Rs. Nil.
e) The said loans are interest free. Other terms and conditions of such
loan are prima facie not prejudicial to the interest of the Company.
f) In view of our comments in para (iii) (d) & (e) above, clauses 4
(iii) (g) of the said Order is not applicable.
(iv) There are adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to the
purchase and sale of inventory (shares). Dur- ing the course of our
audit, we have not observed any major weaknesses in internal control
system.
(v) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered in the register
main- tained under section 301 of the Companies Act, 1956 have been
entered and the prices at which these transactions are made are reason-
able having regard to the prevailing market prices at the relevant
time.
(vi) The Company has not accepted any deposits from the public.
(vii) The Company does not have a formal internal audit system
commensurate with its size and nature of business but its financial and
other internal checks, ensures proper recording of financial
transactions.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 for
the Company.
(ix) a) In our opinion and according to the infor- mation and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues including Provi- dent Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and cess with the appropriate authorities except
Profession Tax which is deposited on yearly basis and Rs. 9,495/-
towards Investor Education and Protection Fund which is outstanding at
the year end for a period of more than six months from the date it
became payable.
b) According to the records of the Company, dues of Income Tax, Sales
Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which
have not been deposited on account of any dispute are as under-: Name
of Statute : Income Tax Act, 1961 Nature of dues : Income Tax for A.Y.
2006-07 Amount : Rs. 1,76,381/- Forum while dispute Is pending :
Commissioner of Income Tax Appeals.
(x) The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses during the financial
year and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank or through issue of debentures.
(xii) The Company has not granted loan and advances on the basis of
security by way of pledge of shares, debentures and other secu- rities.
(xiii) The provisions of any special statute applicable to chit fund,
nidhi or mutual benefit fund / societies are not applicable to the
Company.
(xiv) The Company has maintained proper records of transactions and
contracts in respect of dealing in shares and timely entries have been
made therein. All the shares have been held by the Company in its own
name except to the extent of exemption granted under section 49 of the
Act.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) The Company has not raised any term loans during the year.
(xvii)According to the information and explanations given to us and on
an overall examination of balance sheet of the company, funds raised on
short-term basis have not been used for long- term investments.
(xviii)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.
(xiv) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of public issue during
the year.
(xxi) According to the information and explanation given to us, no
fraud on or by the Company has been noticed or reported by the Company
during the course of audit.
For Singrodia Goyal & Co.
Chartered Accountants
Narayan Pasari
Partner
Mem. No. 38095
Place : Mumbai
Date : 29th June, 2009
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
More Information on Nouveau Global Ventures Ltd.
-
Nouveau Global Ventures Ltd. Tools
- Bulk Deals
- Block Deals
-
Nouveau Global Ventures Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Product Mix
- Banker/Auditor/Registrar
-
Company History
- Rights
- BSE Price History
-
Nouveau Global Ventures Ltd. Key Financial Ratios
- Ratios
-
Nouveau Global Ventures Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
Nouveau Global Ventures Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
Nouveau Global Ventures Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Nouveau Global Ventures Ltd. Corporate Announcements
- Book Closure
- Board Meetings
- Change of Name
