You are here » Home » Companies » Company Overview » IndiaNivesh Ltd

IndiaNivesh Ltd.

BSE: 501700 Sector: Financials
NSE: N.A. ISIN Code: INE131H01028
BSE LIVE 15:40 | 17 Aug 47.10 47.10
(%)
OPEN

47.10

HIGH

47.10

LOW

47.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 47.10
PREVIOUS CLOSE 0.00
VOLUME 2000
52-Week high 53.60
52-Week low 36.00
P/E 336.43
Mkt Cap.(Rs cr) 178
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 47.10
CLOSE 0.00
VOLUME 2000
52-Week high 53.60
52-Week low 36.00
P/E 336.43
Mkt Cap.(Rs cr) 178
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

IndiaNivesh Ltd. (INDIANIVESH) - Auditors Report

Company auditors report

TO THE MEMBERS OF

INDIANIVESH LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of IndiaNivesh Limited ('theCompany') which comprise the Balance Sheet as at 31 March 2016 the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant 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 stated in Section134(5) of the Companies Act 2013 ('the Act') with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view inorder to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its profit and its Cash Flow 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 bythe Central Government of India in terms of sub-section (11) of Section 143 of the Act wegive in the Annexure A a statement on the matters specified in the paragraph 3 and 4 ofthe order.

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 bestof 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 theCompany so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d. On the basis of the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

e. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in 'Annexure B'; and

f. with respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer to Note 24 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For CLB & Associates
Chartered Accountants
FR No: - 124305W
Sd/-
S. Sarupria
Place: Mumbai Partner
Date: 30/05/2016 M.No. 035783

Annexure A to the Auditor’s Report

Referred in paragraph 1 of Our Report of even date to the members of IndiaNiveshLimited on the financial statements as of and for the year ended 31st March 2016 On thebasis of such checks as we considered appropriate and according to the information andexplanations given to us during the course of our audit we report that:

i (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of company

ii. The Company does not have any inventory during the year. Hence the requirement ofclause (ii) of paragraph 3 of the said Order is not applicable to the Company

iii. The company has not granted any loans secured or unsecured to companies firmsand other parties covered in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us thecompany has not made any contravention with the provisions of section185 or 186 of theCompanies Act 2013 In respect of loans investments guarantees and security.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013

vi. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution or bank.

vii. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act for any of the activities of thecompany

viii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees’ State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sales tax customs duty and excise dutywere outstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the information and explanations given to us and based on the recordsof the company examined by us disputed dues in respect of Income Tax are as under:

Assessment Year Demand Appeal Pending Before Amount paid against Demand
2012-13 4390570 Effect of CIT Appeals order is pending before A.O. Mumbai NIL
2013-14 2670570 CIT (Appeals) Mumbai NIL

(d) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

x. According to the information and explanations given to us and based on ourexamination of the records of the company the company paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to the act

xi. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

xii. In our opinion and according to the information and explanations given to us thecompany is not a nidhi company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with section 177 and 188 of the act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him.

xvi. The Company is registered under section 45-IA of Reserve Bank of India Act 1934.

For CLB & Associates
Chartered Accountants
FR No.: 124305W
Sd/-
Place: Mumbai S. Sarupria
Date: 30/05/2016 Partner
M.No. 035783

Annexure B to the Auditor’s Report

Report on Internal Financial Controls under Clause (i) of sub-section 3 of section 143of the companies Act 2013(‘the Act’)

We have audited the internal financial controls over financial reporting of IndiaNiveshLimited as of 31st March 2016 in conjunction with our audit of the financial statements ofthe 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Control over financial reportingissued by Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the ‘Guidance Note’) and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors’ judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofthe Management and directors of the Company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the Company’s assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For CLB & Associates
Chartered Accountants
FR No.: 124305W
Sd/-
S. Sarupria
Place: Mumbai Partner
Date: May 30 2016 M.No. 035783