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Niyogin Fintech Ltd.

BSE: 538772 Sector: Financials
NSE: N.A. ISIN Code: INE480D01010
BSE 12:04 | 16 Aug 110.65 5.25
(4.98%)
OPEN

101.00

HIGH

110.65

LOW

101.00

NSE 05:30 | 01 Jan Niyogin Fintech Ltd
OPEN 101.00
PREVIOUS CLOSE 105.40
VOLUME 3290
52-Week high 135.70
52-Week low 17.35
P/E
Mkt Cap.(Rs cr) 886
Buy Price 110.65
Buy Qty 15992.00
Sell Price 0.00
Sell Qty 0.00
OPEN 101.00
CLOSE 105.40
VOLUME 3290
52-Week high 135.70
52-Week low 17.35
P/E
Mkt Cap.(Rs cr) 886
Buy Price 110.65
Buy Qty 15992.00
Sell Price 0.00
Sell Qty 0.00

Niyogin Fintech Ltd. (NIYOGINFINTECH) - Auditors Report

Company auditors report

To the Members of M3 Global Finance Limited

We have audited the accompanying standalone financial statements of M3 GlobalFinance Limited which comprise the Balance Sheet as at March 31 2017 the Statementof Profit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant 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 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 and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section

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 of 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 preparationandpresentationofthefinancialstatements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express financialstatements based on our audit. We havetaken into account the provisions opiniononthesestandalone of the Act the accounting andauditing 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 we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financialstatements. 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 the accounting policies used and the reasonableness of the accountingestimates made by the

Company's Directors as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficientand 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 March 31 2017 and its profit 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 sub-section (11) of section 143 ofthe Act we give in the Annexure "A" statement on the mattersspecified in the 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 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 the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March31 2017 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) oftheAct.

(f) With respect to the adequacyoftheinternalfinancialcontrols over financial reportingof the Company and the operating effectiveness of such controls refer our separate reportin 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 information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial (A) (i) to the financial statements.

(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 J K J S & CO.

Chartered Accountants

Firm Regn. No.: 121161W

Sd/-

CA. Nirmal Kumar Khetan

Partner

ICAI Membership No. 044687

Place : Mumbai

Date : April 12 2017

INDEPENDENT AUDITORS REPORT

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

The Annexure "A" referred to in Paragraph 1 under the heading "Report onOther Legal and Regulatory Requirements "in our Independent Auditor's Report to themembers of M3 Global Finance Limited for the year ended March 31 2017.

As required by the Companies (Auditor's Report) Order 2016 and amendments thereto andaccording to the information and explanations given to us during the course of the auditand on the basis of such checks of the books and records as were considered appropriate wereport that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) The Fixed Assets have beenphysically verifiedby the management during the year at reasonable intervals. In ouropinion the frequency of verification is reasonable having regard to the size of theCompany and the nature of its assets. No discrepancies have been noticed on such physicalverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the Company does not own any immovable property.

(ii) The company has not granted or taken any loans any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013.

(iii) In our opinion and according to the information and explanation given to usSections 185 and 186 of the Act are not applicable since the Company is a Non-BankingFinance Company's (NBFC) registered with Reserve Bank of India.

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

(v) The Central Government has not prescribed the maintenance of cost records underSections 148(1) of the Act for the Company.

(vi) a) According to the records of the Company the undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxDuty of Custom Duty of Excise Value Added Tax Cess and other statutory dues to theextent applicable have been regularly deposited with the appropriate authorities. Thereare no undisputed amount payable in respect of such statutory dues which have remainedoutstanding as at March 31 2017 for a period more than six months from the date theybecame payable. b) According to the information and explanation given to us the Companyhas no disputed dues of Sales Tax Income Tax Custom duty Wealth Tax Service Tax VATExcise duty Cess as on the date of Balance Sheet.

(vii) The Company has not defaulted in repayment of its dues to NBFC and has not takenany loans from banks and financial institutions.

(viii) The company did not raise money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 of the order is not applicable.

(ix) According to the information & explanations given to us no fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

(x) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandate by the provision ofsection 197 read with schedule V of the Act.

(xi) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xii) According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Accounting Standard (AS) 18 Related Party Disclosures specified under section

133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules2014.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xiv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with the directors or persons connected with him. Accordingly paragraph 3(xv) of the Order is not applicable.

(xv) In our opinion and according to the information and explanation given to us theCompany is registered under section 45-IA of the Reserve Bank of India Act 1934.

For J K J S & CO.

Chartered Accountants

Firm Regn. No.: 121161W

Sd/-

CA. Nirmal Kumar Khetan

Partner

ICAI Membership No. 044687

Place : Mumbai

Date : April 12 2017

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

The Annexure "B" to the Independent Auditor's Report of even date on theStandalone financial statements of M3 Global Finance Limited for the year ended March 312017.

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 M3 GlobalFinance Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the Standalone financial statements of the Company for the year ended on thatdate.

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. 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

Our responsibility is to express anopinionontheCompany'sinternalfinancialcontrolsoverfinancialreporting based on our audit.We conducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered

Accountants of India. Those Standards and the Guidance Note require that We comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial operating effectiveness ofinternal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficientand 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

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. reporting includes those policies and procedures that (1)pertain to the maintenance of records Acompany'sinternalfinancialcontroloverfinancialthat 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 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 overfinancialreporting including the possibility of collusion or improper management overrideof controls 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 financialcontrolover 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 March 31 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 J K J S & CO.

Chartered Accountants

Firm Regn. No.: 121161W

Sd/-

CA. Nirmal Kumar Khetan

Partner

ICAI Membership No. 044687

Place : Mumbai

Date : April 12 2017

To

The Board of Directors

M3 Global Finance Limited

As required by the "Non-Banking Financial Companies Auditor's Report (ReserveBank) Direction 1998" vide notification No. DFC.117/DG (SPT)-98 dated January2nd 1998 issued by Reserve Bank of India (RBI) and based on the books and recordverified by us and according to the information and explanation given to us during thecourse of our audit we give hereunder our report on matters specified in paragraphs 3 ofthe said Directions.

1. The Company is engaged in the business of Non-Banking Financial Institution and hasobtained a Certificate

45-IA of the Reserve Bank of India Act 1934 (2 of 1934) from the Reserve Bank ofIndia.

2. That company is entitled to continue to hold the Certificate of Registration interms of its asset/income pattern as on March 31 2017.

3. The Board of Directors has passed a resolution for non- acceptance of any publicdeposits.

4. As per the information and explanation given to us and as appears from the books ofaccounts of the Company the company has not accepted any public deposits during the yearended on March 31 2017.

5. In our opinion and as per the information and explanation given to us the companyhas complied with the prudential norms relating to income recognition accountingstandards asset classification and provisioning for bad and doubtful debts as applicableto for the year ended on

March 31 2017.

6. The company has complied with the prudential norms in respect of SystemicallyImportant Non-deposit taking NBFCs as defined in paragraph

2(1)(xix) of the Non-Banking Financial (Non- Deposit Accepting or Holding) CompaniesPrudential Norms (Reserve Bank) Directions 2007.

7. The company has furnished to the Bank the annual statement of capital funds riskassets/exposures and risk asset ratio (NBS-7).

For J K J S & CO.

Chartered Accountants

Firm Regn. No.: 121161W

Sd/-

CA. Nirmal Kumar Khetan

Partner

ICAI Membership No. 044687

Place : Mumbai

Date : April 12 2017