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Nidhi Granites Ltd.

BSE: 512103 Sector: Others
NSE: N.A. ISIN Code: INE276H01013
BSE LIVE 15:02 | 08 Dec 21.00 -0.40
(-1.87%)
OPEN

21.00

HIGH

21.00

LOW

21.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 21.00
PREVIOUS CLOSE 21.40
VOLUME 10
52-Week high 33.00
52-Week low 16.50
P/E 420.00
Mkt Cap.(Rs cr) 2
Buy Price 21.00
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.00
CLOSE 21.40
VOLUME 10
52-Week high 33.00
52-Week low 16.50
P/E 420.00
Mkt Cap.(Rs cr) 2
Buy Price 21.00
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00

Nidhi Granites Ltd. (NIDHIGRANITES) - Auditors Report

Company auditors report

FOR THE YEAR ENDED 31ST MARCH 2015

To

The Members of

NIDHI GRANITES LIMITED MUMBAI.

Report on the Financial Statements

1. I have audited the accompanying financial statements of NIDHI GRANITES LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year ended on that date anda summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act’) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of Companies (Accounts)Rules 2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors’ Responsibility

3. My responsibility is to express an opinion on these financial statements based on myaudit.

4. I 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.

5. I have conducted the audit in accordance with the Standards on Auditing specifiedunder Section 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company’smanagement and Board of Directors as well as evaluating the overall presentation of thefinancial statements.

7. I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion.

Basis for Qualified Opinion

8. The Company has not made provision for Gratuity Liability based on actuarialvaluation as stipulated which is a departure from the Accounting Standard referred to inSection 133 of Companies Act 2013 ( Act ) read with rule 7 of Companies ( Accounts )Rules 2014AS-15 Employee Benefit ( Revised).

Qualified Opinion

9. In my opinion and to the best of our information and according to the explanationsgiven to me expect for the effects of the matter described in the Basis for qualifiedopinion paragraph the aforesaid financial statements give the information required bythe 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 31st March 2015 and its Profit and its Cash Flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act (hereinafter referred to as the "Order")and on the basisof such checks of the books and records of the Company as I considered appropriate andaccording to the information and explanations given to me I give in the " Annexure" a statement on the matters Specified in paragraphs 3 and 4 of the Order.

11. As required by section 143(3) of the Act I further report that:

a. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purpose of my audit;

b. In my opinion proper books of account as required by law have been kept by theCompany so far as appears from my examination of those books;

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

d. In my opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 except that Company has not made provision forGratuity Liability and compensated absence based on actuarial valuation as stipulated inAS-15 Employee Benefit ( Revised).

e. On the basis of written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director interms of Section 164(2) of the Act.

f. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in my opinionand to the best of my knowledge and belief and according to the information andexplanations given to me:

i. the Company does not have any pending litigations which would impact its financialposition.

ii. the Company does not have any material foreseeable losses on account of long-termcontracts and in the current year the company does not have any derivative contract.

iii. According to the information and explanation given to me by the management thereis no amount required to be transferred to the Investor Education and Protection Fund inaccordance with the provisions of the Companies Act 1956 and the rules made there under.

FOR K. N.GANDHI & CO.
CHARTERED AACCOUNTANTS
FRN NO.: 124129W
Place: Mumbai K.N.GANDHI
Date : 31st July 2015 Proprietor
M. No. : F-8261

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT

(REFERRED TO IN PARAGRAPH 10 OF INDEPENDENT AUDITORS REPORT OF EVEN DATE TO THE MEMBERSOF NIDHI GRANITES LIMITED ON FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED 31ST MARCH 2015.)

On the basis of such checks as I have considered appropriate and according to theinformation and explanations given to me during the course of my audit I report that:

1) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals. I am informed that no material discrepancies were noticed by the management onsuch verification of fixed assets.

2) (a) The physical verification of inventory has been conducted at reasonableintervals by the management.

(b) The procedures of physical verification of inventory as followed by the managementis reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory and there were no materialdiscrepancies noticed on physical verification.

3) According to information and explanations given to me the Company has not grantedany loan secured or unsecured to/from companies firms or other parties covered undersection 189 of the Act.

4) The Company has adequate internal control system commensurate with the size of thecompany and the nature of its business for purchase of inventory fixed assets and for thesale of goods and services.

5) The company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013.

6) As informed to me I have broadly reviewed the records maintained by the companypursuant to the rules prescribed by the Central Government for maintenance of cost recordsunder subsection (1) of Section 148 of the Act and is of the opinion that prima facie theprescribed accounts and records have been made and maintained. However I have not made adetailed examination of records with a view to determine whether they are accurate orcomplete.

7) a) According to the information and explanations given to me the company isgenerally regular in depositing undisputed statutory dues including provident fundInvestors Education and Protection Fund Income Tax Sales Tax Wealth Tax Customs DutyExcise Duty Cess and any other statutory dues applicable to it with the appropriateauthorities during the year. According to the information and explanations given to methe provisions of Employees State Insurance Act are presently not applicable to theCompany.

b) According to the information and explanations given to me the Company does not haveany disputed statutory dues.

c) According to the information and explanation given to me by the management there isno amount required to be transferred to the Investor Education and Protection Fund inaccordance with the provisions of the Companies Act 1956 and the rules made there under.

8) The Company has no accumulated losses as at the end of the financial year and it hasnot incurred any cash losses in the financial year ended on that date. The company has notincurred any cash loss in the immediately preceding financial year.

9) According to the records of the company examined by me and as per the informationand Explanations given to me the company has not availed of any loans from any financialinstitution or bank or debenture holders as at the balance sheet date.

10) In my opinion and according to the information and explanations given to me theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the period.

11) In my opinion and according to the information and explanations given to me theCompany has not raised any term loan during the year.

12) During the course of my examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India I haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

FOR K. N.GANDHI & CO.
CHARTERED AACCOUNTANTS
FRN NO.: 124129W
Place: Mumbai K.N.GANDHI
Date: 31st July 2015 Proprietor
M. No. : F-8261