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Nivaka Fashions Ltd.

BSE: 542206 Sector: Others
NSE: N.A. ISIN Code: INE139E01028
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NSE 05:30 | 01 Jan Nivaka Fashions Ltd
OPEN 6.24
PREVIOUS CLOSE 6.24
VOLUME 485
52-Week high 9.80
52-Week low 6.11
P/E 124.80
Mkt Cap.(Rs cr) 64
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.24
CLOSE 6.24
VOLUME 485
52-Week high 9.80
52-Week low 6.11
P/E 124.80
Mkt Cap.(Rs cr) 64
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nivaka Fashions Ltd. (NIVAKAFASHIONS) - Auditors Report

Company auditors report

TO THE MEMBERS OF NIVAKA FASHION LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of NIVAKAFASHION LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2020 and the statement of Profit and Loss (including Other ComprehensiveIncome) Statement of changes in equity and statement of cash flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

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 required by the Companies Act2013"the Act" in the manner so required and give a true and fair view in conformitywith the Indian Accounting Standards prescribed under section

133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 asamended "Ind AS" and other accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2020 and profit including totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the

Companies Act 2013. Our responsibilities under those Standards are further describedin the Auditor's

Responsibilities for the Audit of the Financial Statements section of our report. Weare independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Information Other than the Standalone Ind AS Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Ind AS 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 standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Ind AS Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure "A" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

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 Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the relevant books of accounts

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified 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 31stMarch 2020 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2020 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". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

With respect to the other matters to be included in the Auditor's Report in accordancewith the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the Company has not paid/not provided for any remuneration to its directorsduring the year. Hence the Company has complied with the provisions of section 197 of theAct regarding payment of managerial remuneration within limits.

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 opinion and to the best of ourinformation and according to the explanations given to us:

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

ii. The Company did not any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorProtection Fund by the Company.

For Motilal & Associates Chartered Accountants FRN: 106584W

CA. Mokshesh Shah Partner Membership No.172906 Date: 31/07/2020 UDIN:20172906AAAABK7934 Place: Mumbai

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Reports on Companies (Auditor's Report) Order2016 (‘the Order') issued by theCentral Government in terms of Section 143(11) of the Companies Act2013 (‘the Act')of NIVAKA FASHION LIMITED:

1. In respect of Company's Fixed Assets:

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

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

(c) The title deeds are held in the name of the Company

2. In respect of Inventories:

As explained to us the Inventories has been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable. The discrepanciesnoticed on verification between the physical stocks and the book records were notmaterial.

3 . The Company has granted loans to entities covered in the register maintainedunder section 189 of Companies Act

2013. The terms and condition of the grant of such loan are not prejudicial to theCompany's Interest. At the year end no loan given were outstanding.

4.In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. In our opinion and according to the information and explanations given to usthe Company has not accepted any deposits in contravention of Directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable. No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal.

6. We have broadly reviewed the books of accounts and records maintained by theCompany pursuant to the rules prescribed under section 148(1) of the Act for maintenanceof cost records in respect of manufacture of products and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

7. In respect of Statutory Dues:

According to the information and explanation given to us in respect of statutory dues:

(a) According to the records of the Company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund investor education protection fund employees' state insurance income tax salestax good and service tax wealth tax service tax custom duty excise duty Cess andother material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax service tax goods and service taxsalestax custom duty excise duty and Cess were in arrears as at 31st March 2020for a period of more than six months from the date they became payable

(c) According to the information and explanations given to us there are no dues ofsales tax goods and service tax income tax custom dutywealth tax excise duty and Cessthat have not been deposited with appropriate authorities on account of any dispute

8.Based on our audit procedures and according to the information and explanations givento us we are of the opinion the Company has not defaulted in repayment of dues to aFinancial Institution Banks or Government.

9. The Company has not raised moneys by way of initial public offer or furtherpublic offer during the year (including debt instrument and term loans).

10. Based upon the audit procedures performed and according to the informationand explanations given to us no fraud by the Company or any fraud on the Company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

11.In our opinion and according to the information and explanation given to us theCompany has paid managerial remuneration during the year. The Company has complied withthe provisions of Section 197 read with Schedule V of the Act regarding payment of withinlimits.

12.The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable.

13. Based upon the audit procedures performed and according to the information andexplanations given to us All transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review hence clause3(xiv) is not applicable to company and hence not commented upon.

15. The Company has not entered into any non-cash transactions with directors orpersons connected with him and hence provision of Section 192 of the Act are notapplicable.

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

For Motilal & Associates Chartered Accountants FRN: 106584W

CA. Mokshesh Shah Partner Membership No.172906 Date: 31/07/2020 UDIN:20172906AAAABK7934 Place: Mumbai

ANNEXTURE ‘B' TO THE INDEPENDENT AUDITOR'S 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 NIVAKAFASHION LIMITED (‘the Company') as of 31 March 2020.

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'). 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 deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively 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 auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis 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 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 uthorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of the

Company'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 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 2020 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 Motilal & Associates Chartered Accountants FRN: 106584W

CA. Mokshesh Shah Partner Membership No.172906 Date: 31/07/2020 UDIN:20172906AAAABK7934 Place: Mumbai

SCHEDULE: -10

SIGNIFICANT ACCOUNTING POLICIES

I. BASIS OF ACCOUNTING:

These financial statements have been prepared in accordance with the generally acceptedaccounting principles in India under the historical cost convention on accrual basis.Pursuant to section 133 of the Companies Act 2013 read with Rule 7(1) of the Companies(Accounts) Rules 2014 till the standards of accounting or any addendum theretoareprescribed by Central Government in consultation and recommendation of the NationalFinancial Reporting Authority the existing Accounting Standards notified under theCompanies Act 1956 shall continue toapply.

Consequently these financial statements have been prepared to comply in all materialaspects with the accounting standards notified under Section 211(3C) of the Companies Act1956 [Companies (Accounting Standards) Rules2006 as amended] and other relevantprovisions of the Companies Act 2013.

All assets and liabilities have been classified as current or non-current as per theCompany's operating cycle and other criteria set out in the Schedule III to the CompaniesAct 2013. Based on the nature of products and the time between the acquisition of assetsfor processing and their realization in cash and cash equivalentsthe Company hasascertained its operating cycle as 12 months for the purpose of current non-currentclassification of assets and liabilities

II. FIXED ASSETS:

Capitalization at acquisition cost including directly attributable cost such asfreight insurances and specific installation charges for bringing the assets to itsworking condition.

III. VALUATION OF INVENTORY:

Inventories are stated at lower of cost and net realizable value. The Cost of rawmaterials packing materials components stores and spares and traded goods is determinedusing the moving weighted average method.

The cost of finished goods and work in progress comprises raw materials directlabour other direct costs and related production overheads and excise duty on suchgoods.Net realizable value is the estimated selling price in the ordinary course ofbusiness less the estimated costs of completion and the estimated costs necessary to makethe sale.

IV. RECOGNITION OF INCOME AND EXPENDITURE

Sale of goods: Sales are recognized when the significant risks and rewards of ownershipin the goods are transferred to the buyer as per the terms of the contract whichcoincides with the delivery of goods and are recognized net of trade discounts rebatessales taxes and excise duties.

Interest: Interest income is recognized on a time proportion basis taking into accountthe amount outstanding and the rate applicable.

Revenue/Incomes and Costs/Expenditures are accounted on accrual basis.

V. PROVISION & CONTINGENT LIABILITY

Provisions: Provisions are recognized when there is a present obligation as a result ofa past event it is probable that an outflow of resources embodying economic benefits willbe required to settle the obligation and there is a reliable estimate of the amount of theobligation. Provisions are measured at the best estimate of the expenditure required tosettle the present obligation at the Balance sheet date and are not discounted to itspresent value.

Contingent Liabilities: Contingent liabilities are disclosed when there is a possibleobligation arising from past events the existence of which will be confirmed only by theoccurrence or non-occurrence of one or more uncertain future events not wholly within thecontrol of the company or a present obligation that arises from past events where it iseither not probable that an outflow of resources will be required to settle or a reliableestimate of the amount cannot be made.

VI. INVESTMENTS

Investments that are readily realizable and are intended to be held for not more thanone year from the date on which such investments are made are classified as currentinvestments. All other investments are classified as long term investments. Currentinvestments are carried at cost or fair value whichever is lower.Long-term investmentsare carried at cost. However provision for diminution is made to recognize a declineother than temporary in the value of long-term investments such reduction beingdetermined and made for each investment individually.

VII. DEFERRED TAX

Deferred tax is recognized for all the timing differences subject to the considerationof prudence in respect of deferred tax assets. Deferred tax assets are recognized andcarried forward only to the extent thatthere is a reasonable certainty that sufficientfuture taxable income will be available against which such deferred tax assets can berealized.

Deferred tax assets and liabilities are measured using the tax rates and tax laws thathave been enacted or substantively enacted by the Balance Sheet date. In situations wherethe Company has unabsorbed depreciation or carry forward losses under tax laws alldeferred tax assets are recognized only to the extent that there is virtual certaintysupported by convincing evidence that they can be realized against future taxable profits.

At each Balance Sheet date the Company re-assesses unrecognized deferred tax assetsif any.

VIII. RELATED PARTY TRANSACTION

Sr. No Description of relationship Name of Related Party
1. Key Management Personnel (KMP) Priyesh S Jain
Bhavin S Jain
2. Company in which KMP/ Relative of KMP can exercise Significant influence Knowsys Media Private Limited
Knowsys Retail Private Limited
Knowsys Consulting Private Limited
Regent Finmarketing Private Limited
Vincent Commercial Co Limited

Details of related party transaction during the year ended 31st March 2020

Particulars KMP Relatives of KMP Company in Which KMP/Relative of KMP can exercise Significant influence Total
Loan Accepted Knowsys Media Pvt Ltd -
Knowsys E-Com Pvt Ltd 967000
Vincent Commercial Company Ltd 18208520
Knowsys Consulting Pvt Ltd 3206263
Loan Repaid Knowsys Media Pvt Ltd 26500
Knowsys Consulting Pvt Ltd 3580908
Knowsys E-Com Pvt Ltd 386000
Vincent Commercial Company Ltd 57285729
Rent Bharati S Jain 900000
Director Sitting Fees Priyesh S Jain -
Bhavin S Jain Nicky Priyesh Jain -
Salary Paid 1640000
Bhavin S Jain 1210000

NOTES OF ACCOUNTS:

(1) In the opinion of the management the provident Fund and ESI Act are not applicableto the terms of employment of any employee of the Company. Hence no provisions or paymenthave been made for the same. As no employees of the Company has put in the qualifyingperiod of services for the entitlement of gratuity benefits. No provision has been madefor the same.

(2) In the Opinion of the Board of Directors Current Assets are realizable.

(3) No further information pursuant to Schedule III of the Companies Act 2013 isgiven as the same is not applicable to the company.

(4) Balance in respect of debtors bank creditors Loans and Advances including Banksare subject to reconciliation and Confirmation.

(5) There is no contingent liability in the Company.

(6) There are no employee drawing remuneration exceeding 1200000/- per annum or 100000/- per month as the case may be. (7) The company has not made any payment to anyrelated party as required by AS-18 of ICAI. (8) The provision of Income Tax has been madeconsidering current profit and any shortfall of earlier years.

(9) Previous year's figures have been regrouped / rearranged whenever necessary so asto confirm to the balance of the current year.

Sr. No Particulars Current Year Previous Year
1. Remittance & Expenditure in Foreign Currency Nil Nil
2. Earning in Foreign Currency Nil Nil
3. Value of Imports on CIF Value Nil Nil
(10) Payment to M/s Motilal & Associates. Chartered Accountant is an under
As Audit Fees : 75000.00
As Income Tax Matter : NIL
As Other Matter : NIL

(11) Earnings per Share is calculated by dividing profit by no. of shares.

(12) There is no additional information pursuant to schedule III of the Companies Act2013.

(13) The deferred tax liability is not provided as amount pertaining to it nil.

We confirm that the above Balance Sheet has been correctly extracted from the accountsof the Company for the year ended 31st March 2020 audited by us.

As Per our Attached Report of Even Date
PLACE: MUMBAI FOR MOTILAL & ASSOCIATES
DATE: 31/07/2020 CHARTERED ACCOUNTANTS
CA MOKSHESH SHAH
(PARTNER)
M.No.172906

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