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Nivi Trading Ltd.

BSE: 512245 Sector: Financials
NSE: N.A. ISIN Code: INE552F01011
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Nivi Trading Ltd. (NIVITRADING) - Auditors Report

Company auditors report

TO THE MEMBERS OF Nivi Trading Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Nivi Trading Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theProfit and Loss Statement the Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS' 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 thereunder. 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 materialmisstatements. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor's 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 in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of 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 financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 and its loss 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 2016' issued by theCentral Government of India in term of sub-section (11) of Section 143of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the 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 Profit and Loss Statement and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of the written representations received from the directors as on March31st2017 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f) 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".

g) 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 our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

(i) The Company has disclosed the impact of pending litigations as at March 31 2017 onits financial position in its financial statements - refer Note 12(a) of Notes toAccounts.

(ii) The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any and as required onlong-term contracts including derivative contracts.

(iii) There has been no amount required to be transferred to the investor Educationand Protection Fund by the Company.

(iv) The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 which are in accordance with the books of accounts maintainedby the company-refer Note 12(g) of Notes to Accounts.

FOR Gupta Saharia & Co.
Chartered Accountants
(FRN- 103446W)
CA Suresh Saharia
Place; Mumbai Partner
Date: 09-05-2017 (Membership No.: 040180)

ANNEXURE "A" TO THE AUDITORS' REPORT

[Referred to in paragraph (1) of our report of even date]

(i) As per the records of the company verified by us the company does not own anyFixed Assets.

(ii) As per the records of the company verified by us the company does not hold anyinventory.

(iii) As explained to us the Company has not granted any loans secured or unsecuredto Companies firms Limited Liability Partnerships or other parties covered in theRegister maintained under Section 189 of the Companies Act 2013.

(iv) According to the records of the company examined by us the company has not madeany Loans Investments or given any guarantee or security in accordance with section 185and 186 of companies Act 2013.

(v) The Company has not accepted any deposits from the public within the meaning ofSection 73 and 76 of the Companies Act 2013 and the rules framed there under to theextent notified.

(vi) The Company is a Trading company and hence the rules made by the CentralGovernment of India under sub-section (1) of Section 148 of the Companies Act 2013regarding maintenance of Cost Records are not applicable to the company.

(vii) (a) According to the records of the Company examined by us and the informationand explanations given to us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees' state insurance incometax sales tax wealth tax service tax duty of customs duty of excise value added taxand other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of Income-Tax Sales- Tax Entry-TaxWealth-Tax Service-Tax Customs Duty Excise Duty and Cess as at March 31 2017 whichhave not been deposited on account of disputes are as follows.

Statement of Disputed Dues

Name of statute Nature of Dues Amount Disputed (INR) Period Forum where dispute is pending
Income Tax Act 1961 Assessment 144016 2001-02 income Tax Tribunal
44683 2005-06 Income Tax Tribunal

(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution bank Government or any dues to debenture holders as atbalance sheet date.

(ix) According to the records of the company examined by us and the information andexplanation given to us the company has not raised money by way of initial public offeror further public offer (including debt instruments] and term loan during the year.

(x) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the company or any fraud on the company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the management.

(xi) According to the records of the company examined by us no managerial remunerationhas been paid or provided.

(xii) The company is not a Nidhi company.

(xiii) According to the records of the company examined by us and the information andexplanation given to us there are no transactions with the related parties as per section177 and 188 of Companies Act 2013.

(xiv) According to the records of the company examined by us the company has not madeany preferential allotment or private allotment of shares or fully or partly convertiblesdebenture during the year.

(xv) According to the records of the company examined by us and the information andexplanation given to us the company has not entered into any non-cash transactions withdirectors or persons connected with him.

(xvi) According to the records of the company examined by us the company is notrequired to be registered under section 45 IA of the Reserve Bank of India Act. 1934.

FOR Gupta Saharia & Co.
Chartered Accountants
(FRN-103446W)
CA Suresh Saharia
Place: Mumbai Partner
Date: 09-05-2017 (Membership No.: 040180)

Annexure "B" to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NiviTrading Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the financial statements of the 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the 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 the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' 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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 auditor's 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 controls systemover financial reporting.

Meaning of Infernal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2} provide reasonable assurance that ‘transactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

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 controlsover 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 2017 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofinternal Financial Controls Over Financial Reporting issued by the ICAI.

For Gupta Saharia & Co.
Chartered Accountants
(FRN-103446W)
CA Suresh Saharia
Place:-Mumbai Partner
Date:-09-05-2017 (Membership No.:- 040180)