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Nidhi Granites Ltd.

BSE: 512103 Sector: Others
NSE: N.A. ISIN Code: INE276H01013
BSE 00:00 | 30 Apr Nidhi Granites Ltd
NSE 05:30 | 01 Jan Nidhi Granites Ltd
OPEN 29.00
PREVIOUS CLOSE 29.00
VOLUME 501
52-Week high 29.00
52-Week low 15.65
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 29.00
CLOSE 29.00
VOLUME 501
52-Week high 29.00
52-Week low 15.65
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nidhi Granites Ltd. (NIDHIGRANITES) - Auditors Report

Company auditors report

To

The Members of

NIDHI GRANITES LIMITED MUMBAI MUMBAI.

Report on the Financial Statements

I have audited the accompanying financial statements of NIDHI GRANITES LIMITEDMUMBAI ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory informationfor the year then ended.

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.

Auditor's Responsibility

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

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 thereunder.

I have conducted my audit in accordance with the Standards on Auditing specified underSection 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.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' 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 control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements.

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

Opinion

In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements 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 of the State of Affairs of the Company as at March31 2017 its Rs. 4476/- profit and 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 ("theOrder") issued by the Central Government of India in terms of sub-section 2 ofsection 143 of the Act we give in the Annexure-A a statement on the matters specified inparagraphs 3 and 4 of the Order..

2. 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 bestof my 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 it appears from my 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 my opinion the aforesaid Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement comply with the applicable Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct;

(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 myseparate report in "Annexure B"; and

(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 my opinionand to the best of my information and according to the information and explanations givento me:

(i) The Company does not have any pending litigations other than that disclosed innotes accompanying the financial statements which would impact its financial position.

(ii) The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred by the Company tothe Investor Education and Protection Fund in accordance with the provisions of theCompanies Act 2013 and the rules made thereunder.

(iv) The Company has provided requisite disclosures in Note 20 to these financialstatements as to the holding of Specified Bank Notes on November 8 2016 and December 302016 as well as dealings in Specified Bank Notes during the period from November 8 2016to December 30 2016. Based on our audit procedures and relying on the managementrepresentation regarding the holding and nature of cash transactions including SpecifiedBank Notes we report that these disclosures are in accordance with the books of accountsmaintained by the Company and as produced to us by the Management.

For K. N. Gandhi & Co.

Chartered Accountants

FRN: 124129W

K.N. Gandhi

Proprietor

Membership No. F-8261

Place: Mumbai

Dated : 29th May 2017.

ANNEXURE A-TO THE INDEPENDENT AUDITOR'S REPORT

(Re.: NIDHI GRANITES LIMITED MUMBAI)

Referred to in my report of even date on the accounts for the year ended on 31stMarch 2017.

(i) (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.

(ii) The physical verification of inventory has been conducted during the year by themanagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

(iii) (a)(b) The Company has not given loans to any party covered in the registermaintained under & (c) section 189 of the Companies Act 2013. Accordingly Clause(iii) (a)(b) & (c) of the paragraph 3 of the Order are not applicable to the Company.

(iv) The Company has not given any loan or guarantees or security or made anyinvestment; accordingly clause (iv) is not applicable.

(v) The Company has not accepted deposits accordingly clause (v) is not applicable.

(vi) Based on examination of records and according to the information and explanationsgiven to us the central government has not specified maintenance of cost records u/s148(1) of the Companies Act 2013.

(vii) (a) According to the records of the Company and information and explanation givento me the Company is regular in depositing undisputed statutory dues and taxes includingIncome Tax Wealth Tax Service Tax Sales Tax and any other statutory dues with theappropriate authorities and there are no such statutory dues which remain outstanding fora period of more than six months as at the last day of the financial year from the datethey became payable. Since the Company does not have any employee Statutory duespertaining to P.F. & E.S.I.C. do not arise.

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

(viii) Based on examination of the records and information and explanations given tome the Company has not taken any loan from financial institutions or banks nor issued anydebentures and hence this clause is not applicable.

(ix) According to the information and explanations given to me of the Company has notmade any public issue or follow-on offer and also not taken any term loans hence thisclause is not applicable.

(x) On the basis of my examinations and according to the information and explanationsgiven to me no fraud on or by the Company has been noticed or reported during the year.

(xi) Based on examination of the records and information and explanations given to meas the provisions of section 197 to the Companies Act 2013 is not applicable to theCompany accordingly Clause (xi) of the order is not applicable.

(xii) In my opinion and according to the information and explanation given to me theCompany is not a Nidhi Company. Accordingly Clause (xii) of the order is not applicable.

(xiii) Based on examination of the records and information and explanations given to methere are no transactions with the related parties as per Section 188 and 177 of CompaniesAct 2013.

(xiv) Based on examination of the records and information and explanations given to methe Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review hence clause (xiv) isnot applicable.

(xv) Based on examination of the records and information and explanations given to methe Company has entered into any non-cash transactions with directors or persons connectedwith him hence clause (xv) is not applicable.

(xvi) According to the information and explanations given to me the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For K.N. Gandhi & Co.

Chartered Accountants

FRN: 124129W

K.N. Gandhi

Proprietor

Membership No. F-8261

Place: Mumbai

Dated : 29th May 2017

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT

(Ref: NIDHI GRANITES LIMITED MUMBAI)

Referred to in paragraph 2(f) under the heading "Report on other Legal andRegulatory Requirements" of my report of even date on the accounts for the year ended31st March 2017 of Nidhi Granites Limited Mumbai .

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

I have audited the internal financial controls over financial reporting of NidhiGranites Limited ("the Company") as of 31st March 2017 in conjunction with myaudit 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 control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors including amendments and changes to theaccounting records the accuracy and completeness of the accounting records and thetimely preparation of reliable financial information as required under the Companies Act2013.

Auditor's Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I have conducted my audit in accordance withthe Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat I comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting were established and maintained and if such controls operated effectively in allmaterial respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company's internal financial controls systemover financial reporting and for the purpose of the opinion I have also relied on therepresentation made by the management.

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 for 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 authorisations of theManagement 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 controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In my 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 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For K.N. Gandhi & Co.

Chartered Accountants

FRN: 124129W

K.N. Gandhi

Proprietor

Membership No. F-8261

Place: Mumbai

Dated : 29th May 2017.