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Nouveau Global Ventures Ltd.

BSE: 531465 Sector: Others
NSE: N.A. ISIN Code: INE317B01034
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NSE 05:30 | 01 Jan Nouveau Global Ventures Ltd
OPEN 14.00
PREVIOUS CLOSE 14.00
VOLUME 2
52-Week high 14.66
52-Week low 14.00
P/E 233.33
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.00
CLOSE 14.00
VOLUME 2
52-Week high 14.66
52-Week low 14.00
P/E 233.33
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nouveau Global Ventures Ltd. (NOUVEAUGLOBAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF NOUVEAU GLOBAL VENTURES LIMITED

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements of NouveauGlobal Ventures Limited ("the Company") which comprise the Balance Sheet asat March 31 2018 the Statement of Profit and Loss (Including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

2. 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 to give a true and fair view of the financialposition and financial performance including other comprehensive income cash flow andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards (Ind AS) specified under section 133of the Act. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthese financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We 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 and the Order under Section 143(11) ofthe Act.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 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 presentationof the financial statements.

7. 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

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements to loss of wholly ownedsubsidiary which has considerably eroded net worth give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including Ind AS affairs (financialposition) of the Company as at 31st March 2018 and its loss (financial performanceincluding other comprehensive income) its cash flow and the change in equity for the yearended on that date.

Report on Other Legal and Regulatory Requirements

9. This report does not include a statement on the matters specified by the Companies(Auditor's Report) Order 2016 issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the Annexure A a statement on thematter specified in paragraphs 3 and 4 of the order.

10. 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 standalone financial statements dealt with by this Report are in agreement withthe books of account.

(d) In our opinion the aforesaid standalone financial statements comply with the IndAS specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of section164 (2) of the Act.

(f) We have also audited the Internal Financial Controls over Financial Reporting(IFCOFR) of the Company as on 31st March 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 4th June 2018 as per Annexure B expressed an unmodified opinion; 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) Rules2014 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 litigation on its financial positionin its Ind AS financial Statements – Refer 34 to the Ind AS financial statements. ii.The Company did not have any long-term contracts including derivative contract for whichthere were any material foreseeable losses. iii. There has not been an occasion in case ofthe Company during the year under report to transfer any sums to the Investor Education& Protection Fund and therefore the question of delay in transferring such sums doesnot arise.

For Sunil Vankawala & Associates
Chartered Accountants
Firm Regn No: 110616W
Sd/-
Sunil T Vankawala
Proprietor
M.No. 033461
Place : Mumbai
Dated : 4th June 2018

ANNEXURE ‘A' TO THE AUDITORS' REPORT

(Referred to in paragraph (9) of our Report of even date)

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

(b) As explained to us the Management has physically verified fixed assets during theyear and no discrepancies have been noticed. In our opinion the frequency of physicalverification of fixed assets is reasonable.

(c) The title of all the immovable properties which includes office premise are held inthe name of the Company.

2. (a) The inventories have been physically verified by the management during the yearexcept stock lying with third parties for which the confirmations are obtained. In ouropinion the frequency of verification is reasonable.

(b) The procedures for physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining stock records and discrepancies noticed were notsignificant between book records and physical verification.

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

As per the Information and explanation given to us since one of the said SubsidiaryCompany has incurred heavy losses Therefore Company had closed down the subsidiary w.e.f.4th February 2018. Pursuant to such closure the Company has written off all the Loans& Investments made in such subsidiary amounting to Rs. 96966645/-

As per the Information and explanation given to us in respect of the amount ofRs.2160767 advanced to another Subsidiary Company there are no stipulation aboutinterest and repayment and therefore the said loan is repayable on demand hence we areunable to offer our Comments thereon.

(b) In the case of the loan granted to the body 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 to the Company in respect of repayment ofthe principal amount and payment of interest.

(c) There are no overdue amounts as at the year end in respect of the principal amountas the term of arrangement do not stipulate any schedule of repayment of the loans grantedto the bodies corporate listed in the register maintained under section 189 of the Act.

4. In our opinion and according to the information and explanations given to us theCompany has not granted loans or provided any guarantees or security to the partiescovered under Section 185. Further the Company has complied with the provisions ofsection 186 of the Companies Act 2013 in respect of the loans and investments made. TheCompany has not provided any guarantees or security.

5. In our opinion the Company has not accepted any deposits within the meaning ofsections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of Clause 3(v) of the Order are not applicable.

6. Reporting under clause 3(vi) of the Order is not applicable as the Company'sbusiness activities are not covered by the Companies (Cost Records and Audit) Rules 2014.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues applicable to it with the appropriate authorities except a sumof Rs. 255177/-towards VAT & Rs. 65200/- towards Professional Tax payable which haveremained outstanding as at 31.03.2018 for a period exceeding six months from the date itbecame payable.

(b) According to the information and explanations given to us except income tax duesthere are no other statutory dues that have not been deposited with the appropriateauthorities on account of any dispute. Details of dues towards Income Tax that have notbeen deposited on account of dispute are as stated below:

Name of the Statute Nature of dues Amount (Rs.) Period to which it relate Forum where dispute is pending
Income - tax Act 1961 Against order passed u/s 143(3) r.w.s.153C 62563460/- A.Y. 2010-11 CIT (A) – 52 Mumbai
Income - tax Act 1961 Against order passed u/s 143(3) r.w.s.153C 41314760/- A.Y. 2011-12 CIT (A) – 52 Mumbai
Income - tax Act 1961 Against order passed u/s 143(3) r.w.s.153C 134301990/- A.Y. 2012-13 CIT (A) – 52 Mumbai
Income - tax Act 1961 Against order passed u/s 143(3) r.w.s.153C 15570/- A.Y. 2014-15 CIT (A) – 52 Mumbai
Income - tax Act 1961 Against order passed u/s 143(3) 3802440/- A.Y. 2015-16 CIT (A) – 52 Mumbai

8. The Company has not defaulted in repayment of loans of borrowings to any bank orfinancial institution or government during the year. The Company did not have anyoutstanding debentures during the year.

9. The Company has not raised any moneys by way of initial public offer further publicoffer (including debt instruments) and term loans. Accordingly the provisions of clause3(ix) of the Order are not applicable to 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 material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11. In our opinion and according to the information and explanations given to us andbased on examination of the records of the Company the Company has paid/providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of clause 3(xii) of the Orderare not applicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in standalone Ind AS financial statements as required bythe applicable accounting standards applicable and details of such transactions have beendisclosed in the financial statements as required by the applicable accounting standards.

14. During the year under consideration the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debenture.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with its directors or persons connected with him.Accordingly the provisions of clause 3(xv) of the Order are not applicable to theCompany.

16. The Company is not required to be registered under section 45 –IA of theReserve Bank of India Act 1934. Accordingly the provisions of clause 3(xvi) of the Orderare not applicable to the Company.

For Sunil Vankawala & Associate
Chartered Accountants
Firm Regn No: 110616W
Sd/-
Sunil T Vankawala
Proprietor
M.No. 033461
Place : Mumbai
Dated : 4th June 2018

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 10(f) of the Independent Auditor's Report of even date to themembers of Nouveau Global Ventures Limited on the standalone financial statementsfor the year ended 31st March 2018

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

1. We have audited the internal financial controls over financial reporting of NouveauGlobal Ventures Limited ("the Company") as of March 31 2018 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 (the "Guidance Note").These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 Standards on Auditing prescribed under section 143(10) of Act and the GuidanceNote to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

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 (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

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 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 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For Sunil Vankawala & Associates
Chartered Accountants
Firm Regn No: 110616W
Sd/-
Sunil T Vankawala
Proprietor
M.No. 033461
Place : Mumbai
Dated : 4th June 2018