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Nouveau Global Ventures | Auditor's Report > Finance - General > Auditor's Report from Nouveau Global Ventures - BSE: 531465, NSE: N.A
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Nouveau Global Ventures

BSE: 531465|ISIN: INE317B01034|SECTOR: Finance - General
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Mar 14
Auditor's Report (Nouveau Global Ventures) Year End : Mar '15
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
Source :
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