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Nouveau Global Ventures Ltd.

BSE: 531465 Sector: Others
NSE: N.A. ISIN Code: INE317B01034
BSE LIVE 14:58 | 08 Dec 14.95 -0.30
(-1.97%)
OPEN

15.25

HIGH

15.25

LOW

14.95

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.25
PREVIOUS CLOSE 15.25
VOLUME 660
52-Week high 17.45
52-Week low 14.95
P/E
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 14.95
Sell Qty 720.00
OPEN 15.25
CLOSE 15.25
VOLUME 660
52-Week high 17.45
52-Week low 14.95
P/E
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 14.95
Sell Qty 720.00

Nouveau Global Ventures Ltd. (NOUVEAUGLOBAL) - Auditors Report

Company auditors report

To the Members of

Nouveau Global Ventures Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of M/S. NOUVEAUGLOBAL VENTURES LIMITED which comprise the Balance Sheet as at 31st March 2017 andthe Statement of Profit and Loss and Cash Flow Statements for the year then ended and asummary of significant 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 in Section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of 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 standalone 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

31 March 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 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.

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 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) 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) Rules 2014.

(e) On the basis of written representations received from the directors as on 31stMarch 2017taken on record by the Board of Directors none of the directors isdisqualified as on31st March 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 included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and

Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us :

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

ii. the Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. therewere no amounts which were required to be transferred to the investor andEducation and Protection Fund by the Company; and

iv. The Company has provided requisite disclosures in the standalone financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated the November 8 2016 of the Ministry of Finance duringthe period from November 8 2016 to December 30 2016. Based on audit procedures performedand the representations provided to us by the management we report that the disclosuresare in accordance with the books of account maintained by the Company and as produced tous by the Management.

For CPM & ASSOCIATES

Chartered Accountants

(Firm Registration No. 114923W)

Sd/-

(C.P. MAHESHWARI)

Partner

M.No. 036082

PLACE: MUMBAI

DATED: 16th May 2017

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORTS

(Referred to in our report of even date)

Annexure referred to in Paragraph 1 under the heading of "Report on other Legaland regulatory requirements "of our Report of even date to the members of the companyon the standalone financial statement for the year ended as on March 31 2017 we reportthat:

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

b. As per the information and explanations given to us physical verification of fixedassets has been carried out in terms of the phased program of verification adopted by thecompany and no material discrepancies were noticed on such verification.

c. In our opinion and according to the information explanation and documents providedto us and on the basis of representation by the management we report that the title deedsin respect of immovable properties comprising Office at Jaipur are held in the name ofCompany.

(ii) As per the representation by the management and explanation given to us theinventories have been physically verified by the management during the year anddiscrepancies noticed on such verification are not material. In our opinion company needsto strengthen its internal control system with respect to inventory management system.

(iii) a. As per the information and explanation given to us the company has grantedunsecured loans to two subsidiary Companies covered in the register maintained undersection 189 of the companies Act 2013.

b. In the case of the loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act since the loan granted is interest free and theterms and condition of arrangements do not stipulate any schedule of repayment the loansare repayable on demand. Accordingly paragraph 3(iii) (b) of the Order is not applicableto the Company in respect of repayment of the principal amount and payment of Interest.

c. There are no overdue amounts as at the year-end in respect of the principal amountas the terms of arrangement do not stipulate any schedule of repayment of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.

(iv) As per the information and explanation given to us In respect of LoansInvestments guarantees and security by the company are in compliance of the provisions ofsection 185 and section 186 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public.

(vi) As per the information and explanation given to us the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Act for any of theservices rendered by the Company.

(vii) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company in respect of undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax wealth taxservice tax duty of customs value added tax cess and other material statutory dues havebeen generally regularly deposited during the year by the Company with the appropriateauthorities. As explained to us the Company did not have any dues on account of Exciseduty.

According to the information and explanations given to us no undisputed amountspayable in respect of income tax sales tax wealth tax service tax duty of customsvalue added tax cess and other material statutory dues were in arrears as at 31 March2017 for a period of more than six months from the date they became payable except:

TDS default of Rs. 151938/- for Assessment Year 2014-15 and Rs. 93570/- for Prioryears.

b. According to the information and explanations given to us there are no dues ofIncome tax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty and Cess whichhave not been deposited on account of any dispute except Income Tax demand as Under:

Nature Demand Assessment year Amount (Rs.) Forum Where Disputed Status quo
Income Tax demand u/s 143(3) r.w.s 153C 2010-11 62563460 CIT(A) 52 Pending for hearing
Income Tax demand u/s 143(3) r.w.s 153C 2011-12 41314760 CIT(A) 52 Pending for hearing
Income Tax demand u/s 143(3) r.w.s 153C 2012-13 134301990 CIT(A) 52 Pending for hearing
Income Tax demand u/s 143(3) r.w.s 153C 2014-15 15570 CIT(A) 52 Pending for hearing
Income Tax demand u/s 143(3) r.w.s 153C 2015-16 3802440 CIT(A) 52 Pending for hearing

viii) In our opinion and according to the information and the explanations given to usthe Company has not defaulted in repayment of dues to any financial institutions or bankor government. As explained to us the company has not issued any debentures.

ix) In our opinion and according to the information explanation and managementrepresentation given to us the company has not raised any money by way initial publicoffer or further public offer (including debt instruments) and term loan facility availedfrom the bank have been applied for the purpose for which those are raised.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the year.

(xi) In our opinion and according to the information and the explanations given to usthe Company has paid the managerial remuneration in compliance of the provisions ofsection 197 read with schedule V to the companies Act 2013.

(xii) In our opinion the company is not a Nidhi company accordingly paragraph 3(xii)of the Order is not applicable to the Company.

(xiii) In our opinion and on the basis of management representation all transactionswith the related party are in compliance with the provisions of section 177 and 188 of thecompanies Act 2013 where applicable and the details have been disclosed in financialstatement as required by the applicable Accounting Standards.

(xiv) According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Therefore paragraph 3(xiv) of theOrder is not applicable to the Company.

(xv) In our opinion and according to the information and the explanations given to usthe Company has not entered into any non-cash transactions with directors or personconnected with him and therefore provisions of section 192 of Companies Act 2013 are notapplicable to the company accordingly paragraph 3(xv) of the Order is also not applicableto the Company

(xvi) In our opinion and according to the information and the explanations given to usthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For CPM & ASSOCIATES

Chartered Accountants

(Firm Registration No. 114923W)

Sd/-

(C.P. Maheshwari)

Partner

M.No. 36082

PLACE: MUMBAI

DATED: 16th May 2017

ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORTS

Referred in paragraph 2(f) of the Independent Auditors' Report of even date to themembers of NOUVEAU GLOBAL VENTURES LIMITED on the standalone financial statements for theyear ended March 31 2017.

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 NOUVEAUGLOBAL VENTURES LIMITED ("the company") as at March 31 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining InternalFinancial Controls over financial controls based on the Internal Controls over financialreporting criteria established by the company considering the essential components ofInternal Controls stated in the Guidance Note on Audit of Internal Financial Controls overfinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI"). These responsibilities includes the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 were established and maintained and if such control 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 risks 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 consolidated financial statements whether due to fraud orerror.

We believe that the audit evidence obtained is sufficient and appropriate to provide abasis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal 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 of external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control 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 thattransactions 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 control 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 to the best of our information and according to the explanation givento us the Company has in all material respects the internal financial controls systemover financial reporting however such internal financial controls over financial reportingneeds to be strengthen in order that same be operated effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in Guidance Note on Auditof Internal Financial Controls Over Financial Reporting issued by the ICAI.

For CPM & ASSOCIATES

Chartered Accountants

(Firm Registration No. 114923W)

Sd/-

(C.P. Maheshwari)

Partner

M.No. 36082

PLACE: MUMBAI

DATED: 16th May 2017