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Nirav Commercials Ltd.

BSE: 512425 Sector: Others
NSE: N.A. ISIN Code: INE242B01018
BSE 00:00 | 16 Sep 171.15 0
(0.00%)
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171.15

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171.15

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171.15

NSE 05:30 | 01 Jan Nirav Commercials Ltd
OPEN 171.15
PREVIOUS CLOSE 171.15
VOLUME 5
52-Week high 387.90
52-Week low 161.75
P/E 20.23
Mkt Cap.(Rs cr) 7
Buy Price 171.15
Buy Qty 53.00
Sell Price 171.30
Sell Qty 1.00
OPEN 171.15
CLOSE 171.15
VOLUME 5
52-Week high 387.90
52-Week low 161.75
P/E 20.23
Mkt Cap.(Rs cr) 7
Buy Price 171.15
Buy Qty 53.00
Sell Price 171.30
Sell Qty 1.00

Nirav Commercials Ltd. (NIRAVCOMMERCIAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF NIRAV COMMERCIALS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of NIRAV COMMERCIALS LIMITED(‘the Company') which comprise the Balance Sheet as at 31st March 2018 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlows and the Statement of Changes in equity for the year then ended and a summary ofsignificant 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 section 134(5) of the Companies Act 2013 (hereinaffer referred to as "the Act") withrespect to the preparation of these financial statements that give a true and fair view ofthe state of affairs (financial position) profit & loss (financial performanceincluding other comprehensive income) cash flows and changes in equity of the company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (‘Ind AS') specified under Section 133 of the Act. 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. In conducting our 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 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 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation 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 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 including Ind AS specified under Section 133 of theAct:

a) in the case of the Balance Sheet of the state of affairs (financial position) ofthe Company as at March 31 2018; b) in the case of the Statement of Profit and Loss ofthe profit (financial performance including other comprehensive income) of the Company forthe year ended on that date; and c) in the case of the Cash Flow Statement of the cashflows of the Company for the year ended on that date. d) in the case of the Statement ofchanges in equity of the changes in equity of the Company for the year ended on thatdate.

OTHER MATTER

The Company had prepared separate set of financial statements for the year ended 31stMarch 2017 and 31st March 2016 in accordance with Accounting Standards prescribed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rule 2014 (asamended) on which we issued Auditor's Report to the shareholders of the company dated 30thMay 2017 and 30th May 2016 respectively. These financial statements have been adjusted forthe differences in the accounting principles adopted by the Company on transition to IndAS which have been audited by us. Our opinion is not modified in respect of this matter.

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 sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraph 3 and 4 of the Order.

2. Further to our comments in Annexure A as required by Section143(3) of the Act wereport 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 relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with relevant rules issued thereunder;

(e) On the basis of the written representations received from the directors of theCompany as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as a director interms of Section 164 (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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting;

(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 information and according to the explanations given to us:

(i) The Company as detailed in Note No. 34 to the financial statements has disclosedthe impact of its pending litigation on its financial position;

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For MOTILAL & ASSOCIATES
Chartered Accountants
(Firm Registration No.106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai 15th June 2018

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

The Annexure A referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended on 31st March 2018. 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.

(b) The fixed assets of the company have been physically verified by the management atreasonable intervals. No material discrepancies between the book records and the physicalinventory have been noticed.

(c) All the title deeds of immovable properties are held in the name of the company.

(2) In respect of its inventories:

(a) As explained to us the inventory has been physically verified by the management atreasonable intervals.

(b) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

(3) According to the information and explanation given to us the company has grantedunsecured loan to Companies Firms Limited Liability Partnerships or other partiescovered in the register maintained under section 189 of the Companies Act. However theterms & conditions of such loans are not prejudicial to the Company's interest.Receipt of the Principle amount and interest is regular and there are no overdue amountsmore than 90 days.

(4) In Our opinion and according to the information and explanations given to us duringthe course of the audit the company has not entered in any transaction that attract theprovisions of section 185 and 186 of the Companies Act 2013.

(5) According to the information and explanations given to us the Company has notaccepted any deposits from public during the year and hence reporting under paragraph 3(v) of the Order is not applicable to the Company.

(6) The maintenance of cost records has been specified by the Central Government undersub-section (1) of Section 148 of the Act. We have broadly reviewed the cost recordsmaintained by the Company and are of opinion that prima facie the prescribed costrecords have been made and maintained. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.

(7) In respect of statutory dues:

(a) Undisputed statutory dues including provident fund employees' state insuranceincome-tax sales tax service tax Goods and Services Tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable havegenerally been regularly deposited to the appropriate authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year-end for a period of morethan six months from the date they became payable.

(b) The dues outstanding in respect of Custom Duty on account of any dispute is asfollows:

Name of the Statute Nature of Dues Amounts involved Assessment Year to which the amount relates Forum where dispute is pending
`
The Customs Act 1962 Custom Duty 34476246 01/11/2004 to 30/04/2008 The Commissioner of Customs (Appeals).

(8) According to the information and explanations given to us the Company has notavailed any loans from either financial institution or banks during the year and hencereporting under paragraph 3 (viii) of the Order is not applicable to the Company.

(9) According to the information and explanations given to us the Company has notraised any money by way of initial public offer (including debt instruments) or term loansduring the year and hence reporting under paragraph 3 (ix) of the Order is not applicableto the Company.

(10) 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 fraud on or by the company noticed or reported during the year nor have webeen informed of such case by the management.

(11) As per the information and explanations given by the management the managerialremuneration has been paid or provided in accordance with the provisions of section 197read with Schedule V to the Companies Act.

(12) The Company is not a Nidhi Company and hence reporting under paragraph 3 (xii) ofthe Order is not applicable to the Company.

(13) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable Ind AS;

(14) Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review and hence reportingunder paragraph 3 (xiv) of the Order is not applicable to the company.

(15) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him. Thus the provisions of section 192 of Companies Act 2013 are not applicable tothe company;

(16) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For MOTILAL & ASSOCIATES
Chartered Accountants
(Firm Registration No.106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai 15th June 2018

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF NIRAV COMMERCIALS LIMITED

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the financial statements of NIRAV COMMERCIALSLIMITED (the ‘Company') as of and for the year ended 31 March 2018 we have auditedthe internal financial controls over financial reporting of the Company as of that date.

Management's Responsibility for Internal Financial Controls

2. 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

3. 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 Reportingissued by the Institute of Chartered Accountants of India and the Standards on Auditingprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. 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 Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that:

a. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

c. Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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

8. In our opinion to the best of our Information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MOTILAL & ASSOCIATES
Chartered Accountants
(Firm Registration No.106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai 15th June 2018