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Nishtha Finance & Investment (India) Ltd.

BSE: 539311 Sector: Financials
NSE: N.A. ISIN Code: INE217Q01018
BSE LIVE 13:44 | 07 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.55
PREVIOUS CLOSE 19.50
VOLUME 1200
52-Week high 33.85
52-Week low 11.60
P/E 371.00
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.45
Sell Qty 100.00
OPEN 18.55
CLOSE 19.50
VOLUME 1200
52-Week high 33.85
52-Week low 11.60
P/E 371.00
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.45
Sell Qty 100.00

Nishtha Finance & Investment (India) Ltd. (NISHTHAFINANCE) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

NISHTHA FINANCE AND INVESTMENT (INDIA) LIMITED NEW DELHI

Report on the Financial Statements

1. We have audited the accompanying financial statements of M/s Nishtha Finance andInvestment (India) Limited ("the Company") which comprises the BalanceSheet as at March 31 2016 and the Statement of Profit and Loss and Cash Flow statementfor the year ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the preparation of thesefinancial statement in terms of the requirements of the Companies Act 2013 that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards generally accepted in India includingthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. The Board of Directors of the Company are responsiblefor maintenance of adequate accounting records in accordance with the provisions of theAct for safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements by the Directors of the Companyas aforesaid.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

While conducting the audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

4. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

5. 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 to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s directors as wellas evaluating the overall presentation of the financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Opinion

7. 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 flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. 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 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

9. As required by Section 143(3) of the Act we report to the extent applicable that:

a) We have sought and obtained all the information and explanations which is to thebest 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 theCompany so far as appears from our examination of those books

c) The Balance Sheet Statement of Profit and Loss and cash flow statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014;

e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

FOR JAIN & GANGRADE
Chartered Accountants
Sd/-
CA VINOD K. JAIN
M. No. 076974
PROPRIETOR
DATED: 30/05/2016
PLACE: INDORE

Annexure referred to in Paragraph 8 of the Auditors Report for the year ended 31stMarch 2016 of Nishtha Finance and Investment (India) Limited as required by the Companies(Auditors Report) Order 2015 and amendments thereto and according to the information andexplanations given to us during the course of the audit and on the basis of such checks ofthe books and records as were considered appropriate we report that:

1. In Respect of its Fixed Assets:

(a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of Fixed Assets of the company;

(b) According to the information and explanation given to us and the records produce tous these fixed assets have been physically verified by the management at reasonableintervals and no any material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and the records produce tous and on the basis of our examination of the records of the company the title deeds ofimmovable properties are held in the name of the company.

2. According to the information and explanation given to us and the records produce tous and on the basis of our examination of the records of the company the management hadconducted physical verification of the inventory at reasonable intervals and no materialdiscrepancies were noticed during the verification.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans secured orunsecured to the companies firms Limited Liability Partnership or any other partiescovered in the register maintained under Section 189 of the Companies Act 2013. Thereforeother point of the said clause is not applicable to the company.

4. In our opinion and according to the information and explanations given to us and onthe basis of our examination of the books of accounts the company had complied with theprovisions of section 185 and 186 of the Companies Act 2013 with respect to the loans andinvestments made.

5. In our opinion and according to the information and explanations given to us and onthe basis of our examination of the books of accounts the company had not accepted anydeposit from the public.

6. We have reviewed the books of accounts maintained by the Company pursuant to theorder made by the Central Government for the maintenance of the cost records underprovisions of Section 148(1) of the Companies Act 2013 and of the opinion that primafacie the prescribed accounts and records have not been applicable to the Company.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the company has been generally regular indepositing undisputed statutory dues including income tax and other material statutorydues applicable to it. According to the information and explanations given to us noundisputed amounts payable in respect of Income Tax were outstanding as at 31st march2016 for a period of more than six months from the date they become due.

(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account there were no dues of income tax and other statutorydues which have not been deposited on account of any dispute / pending in any forum.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to a financial institution bank Government or dues to debentureholders.

9. The company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loan during the year. Accordingly paragraph3(IX) of the order is not applicable.

10. Based on our audit procedures and on the information and explanations given by themanagement no fraud by the company or any fraud on the Company by its officers oremployees has been noticed or reported during the course of audit.

11. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company had not paid / provided managerialremuneration as required in accordance with the requisite approvals mandated by theprovision of the section 197 read with the Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us thecompany is not a nidhi company; accordingly the said clause of the order is not applicableto the company.

13. According to the information and explanations given to us and on the basis of ourexamination of the books of account no transactions with the related parties had beenmade under sections 177 and 188 of Companies Act 2013 accordingly the said clause is notapplicable to the company.

14. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review.

15. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not entered into any non-cashtransactions with directors or persons connected with him; accordingly the said clause ofthe order is not applicable to the company.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR JAIN & GANGRADE
Chartered Accountants
Sd/-
CA VINOD K. JAIN
M. No. 076974
PROPRIETOR
DATED: 30/05/2016
PLACE: INDORE