The Members of
Navigant Corporate Advisors Limited
Report on the Financial Statements
We have audited the accompanying financial statement of NAVIGANT CORPORATE ADVISORSLIMITED which comprise the Balance Sheet as at 31st March 2016 and the Statement ofProfit and Loss for year ended 31st March 2016 and Cash Flow Statement for year ended 31stMarch 2016 and a summary of significant accounting policies and other explanatoryinformation.
Management is responsible for the preparation of these financial statement that give atrue and fair view of the financial position and financial performance of the Company inaccordance with the sec.134(5) of the Companies Act 2013 Accounting Standards Notifyunder Companies Act 2013 read with General Circular 08/2014 dated 04-04-2014 issued byThe Ministry of Corporate Affairs in respect of Section 133 of the Companies Act2013 andin accordance with the accounting principle generally accepted in India. Thisresponsibility includes the designs implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statement that gives a trueand fair view and is free from material misstatement whether due to fraud or error.
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 issued by the Institute of Chartered Accountants of India.Those standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in
policies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis foraudit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationgiven to us the financial statement give the information required by the act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.
a) In the case of the Balance Sheet of the State of Affairs of the Company as at 31stMarch 2016; and
b) In the case of the Statement of Profit and Loss of the profit for the year ended31st March 2016; and
c) In the case of the Cash Flow Statement of the cash flows for the year ended 31stMarch 2016;
Report on Other Legal and Regulatory Requirements
1. Of section 143(3) of the Companies Act 2013 is enclosed as Annexure to this report.
2. As required by section 143(3) of the Act we report that:
a. We have obtained all the information and explanation which to the best of ourknowledge 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 thecompany so far as appears from our examination of those books;
c. The Balance Sheet and the Statement of Profit and Loss are in agreement with thebooks of account;
d. In our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards notify under the Act read with the General Circular 15/2013 dated13-09-2013 of the Ministry of Corporate Affairs in respect of section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rule2014;
e. On the basis of written representation received form the directors as on 31 March2016 and taken on record by the board of directors none of the directors is disqualifiedas on 31st March 2016 from being appointed as a director in terms of section 164 of theCompanies Act 2013.
For M.S. Jhanwar & Co.
Membership no. 143830
Navigant Corporate Advisors Limited
We refer to our report on the financial statements of Navigant Corporate AdvisorsLimited (the Company) for the year ended March 31 2016 issued on 21st May 2016.
This may be treated as an Annexure to our aforesaid Report on financial statements forthe year ended March 31 2016.
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.
b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.
c) The companydo not own any immovable property.
ii. In respect of its inventories: The company being in to consultancy businesshence do not have any inventories accordingly instant clause is not applicable in thiscase.
iii. In respect of the loans secured or unsecured granted by the Company tocompanies firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013 The company has not granted any loans whether secured or unsecuredto any of parties covered in the register maintained under Section 189 of the CompaniesAct 2013 accordingly instant clause is not applicable in this case.
iv. According to the information and explanations given to us in respect of loansinvestments guarantees and security provisions of section 185 and 186 of the CompaniesAct 2013 have been complied with.
v. According to the information and explanations given to us the Company has notaccepted any deposit from the public. Therefore the provisions of Clause (v) of CARO 2016are not applicable to the Company.
vi. The company is in to consultancy operations hence maintenance of cost recordsas specified by the Central Government under sub-section (1) of section 148 of theCompanies Act 2013 is not applicable to company.
vii. In respect of statutory dues:
a) According to the records of the Company undisputed statutory dues includingProvident Fund Duty of Excise Value Added Tax Cess and other material statutory dues asapplicable to company have been generally regularly deposited with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were outstanding as at March 31 2016 fora period of more than six months from the date of becoming payable.
b) According to records of company there are no dues of income tax or sales tax orwealth tax or service tax or duty of customs or duty of excise or value added tax or cesshave not been deposited on account of any dispute.
viii. The company has not defaulted in repayment of loans or borrowings to afinancial institution bank Government or dues to any debenture holder.
ix. According to the information and explanations given to us the company has notraised any money by way of initial public offer or further public offer (including debtinstruments) during the year under review.
x. According to the information and explanations given to us no fraud by thecompany or any fraud on the Company by its officers or employees has been noticed orreported during the year under review.
xi. According to the information and explanations given to us managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Companies Act 2013.
xii. Company is not a Nidhi Company.
xiii. According to the information and explanations given to us all transactionswith the related parties are in compliance with sections 177 and 188 of Companies Act2013 and the details have been dis closed in the Financial Statements etc. as required bythe applicable accounting standards;
xiv. According to the information and explanations given to us company has madeprivate placement of shares during the year under review and the requirement of section 42of the Companies Act 2013 have been complied with and the amount raised have been usedfor the purposes for which the funds were raised.
xv. According to the information and explanations given to us company has notentered into any non-cash transactions with directors or persons connected with him.
xvi. According to the information and explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For M.S. Jhanwar & Co.
Membership no. 143830