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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 12.69
PREVIOUS CLOSE 12.69
VOLUME 789
52-Week high 13.72
52-Week low 12.69
P/E
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.70
Sell Qty 1437.00
OPEN 12.69
CLOSE 12.69
VOLUME 789
52-Week high 13.72
52-Week low 12.69
P/E
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.70
Sell Qty 1437.00

Nouveau Global Ventures Ltd. (NOUVEAUGLOBAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF NOUVEAU GLOBAL VENTURES LIMITED

REPORT ON THE IND AS FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone Ind AS financial statements of NOUVEAUGLOBAL VENTURES LIMITED. ("the Company") which comprise the Balance Sheetas at 31st March 2019 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 significant accounting 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 Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India including Indian Accounting Standards (‘Ind AS') specified under section 133of the Act of the state of affairs(financial position) of the Company as at 31st March2019 and its loss (financial performance including other comprehensive income) its cashflows and the changes in equity for the year ended on that date.

BASIS OF OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder 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.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to becommunicated in our report:

Key audit matter How our audit addressed the key audit matter
Bad Debts / Provision for doubtful debts Our procedures included the following:
The company has provided loans & advances to certain parties in due course of business • Obtaining an understanding from the management with regard to details of loan account
The loans are repayable on demand and interest is accrued periodically as per terms of loan agreement. • Obtaining documentation of process followed by the management in pursuing recovery of interest and principal amount
In FY 18-19 1 borrower defaulted on payment of interest and the same was adjudged un recoverable by the management. • Analysing process followed by the management in relation to the efforts put in for recovery of amount outstanding.
The management tried to recover the same but at the end of the year the same was deemed unrecoverable and hence written off in books of accounts.

Key audit matter How our audit addressed the key audit matter

The matter has been determined to be a key audit matter Based on the above proceduresWe considered the in view of write off of an amount of Rs.150000/-. (principal) adequacyof the documentation and process followed by the & advances of Rs. 100000/- being nonrecoverable and management in recovery of amount outstanding. In the end the same beingwritten off in books of accounts. The the judgement of non-recovery lies with themanagement and management has done efforts to recover the same but were accordingly wehave taken representation for the same. The unable to recover the same. We have takenmanagement management has adjudged the amount as non-recoverable representation for thesame. and hence written off in books of accounts for the period ending 31st March 2019.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone financial statementsthat give a true and fair view of the state of affairs(financial position) profit or loss(financial performance including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; 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.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

AUDITOR'S RESPONSIBILITY

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 scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

- Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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

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 Companies Act 2013 we give in the "Annexure A" a statement on thematters specified in the paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose 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) Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31st March2019 taken on record by the Board of Directors none of the directors is disqualified ason 31st March 2019 from being appointed as a director in terms of section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on the financial position in theInd AS financial statements - refer Note 33 to the financial statements; ii. The Companydid not have any long-term contracts including derivative contracts for which there wereany material foreseeable losses; iii. There has not been an occasion in case of thecompany during the year under Report to transfer any sums to the investor education andprotection fund and therefore the question of delay in transferring such sums does notarise.

For Sunil Vankawala & Associates
Chartered Accountants
FRN: 1010616W
Sd/-
Sunil T. Vankawalala
Proprietor
Membership No.033461
Place: Mumbai
Dated: 30th May 2019

Annexure – A to the Auditor's Report

The Annexure referred to in Paragraph 1 of the Auditors Report of Even date to theMembers of NOUVEAU GLOBAL VENTURES LIMITED

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

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

b. We are informed that the Company has carried out physical verification of fixedassets during the year. Necessary effect has been given in the accounts. However we areinformed that the effect was not significant.

c. According to information and explanations given to us and on the basis ofexamination of the documents the title deeds of the immovable property included in thefixed assets are registered in the name of the Company.

2. a. The inventories have been physically verified by the management and by us duringthe year. In our opinion 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 grantedinterest free Unsecured loan to subsidiary Company covered in the register maintainedunder section 189 of The Companies Act 2013.

As per the Information and explanation given to us in respect of the amount ofRs.2160767 advanced to Subsidiary Company there are no stipulation about repayment andtherefore the said loan is repayable on demand hence we are unable to offer our Commentsthereon.

(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 the arrangements do not stipulate any schedule of repayment theloan are repayable on demand

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

4. As per the information and explanations given to us there are no transactionsduring the year in respect of loans investments guarantees and security in contraventionto section 185 and 186 of the Companies Act 2013.

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. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the company

7. a. The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax goods andservices tax duty of customs duty of excise value added tax cess and other materialstatutory dues as applicable with the appropriate authorities except a sum of Rs.60875/- towards profession tax payable which have remained outstanding as at 31.03.2019for a period exceeding six months from the date they became payable.

b. However GST returns are field after due date whereas return for February 2009 andmarch 2009 are not field till date of the Report. According to the information andexplanation given to us except income tax duesthere are no other statutory dues that havenot been deposited with the appropriate authorities on account of any dispute . Details ofdues towards income tax that have not been deposited on account of dispute are as statebelow :

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

c. The Company has not defaulted in repayment of loans of borrowings from any financialinstitution banks government during the year. The Company did not have any outstandingdebentures during the year.

d. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly provisionsof clause 3 (ix) of the Order is not applicable to the Company.

e. During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and according tothe information and explanations given to us we have neither come across any instance offraud on or by the Company noticed or reported during the year nor have we been informedof such case by the management.

f. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration. Accordance with the requisite approvals mandated by the provision of section197 read with Schedule V to the Act.

g. 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.

h. 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 Ind AS financial statements as required by theapplicable Indian accounting standards.

i. According to the information and explanations give 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.

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

k. The Company is not required to be registered under section 45-IA of the Reserve Bankof India Act 1934. Accordingly the provisions of clause 3(xvi) of the order are notapplicable to the Company.

For Sunil Vankawala & Associates
Chartered Accountants
FRN: 1010616W
Sd/-
Sunil T. Vankawalala
Proprietor
Membership No.033461
Place: Mumbai
Dated: 30th May 2019

ANNEXURE "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 NOUVEAUGLOBAL VENTURES LIMITED ("the Company") as of 31st March 2019 in conjunctionwith our audit of the Ind AS Standalone financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company are responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued 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 company's policies the safeguarding ofits 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 Act.

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 deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial control andboth issued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 auditor's judgment including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.

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

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 Ind AS 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 Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial 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 31st March 2019 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 Sunil Vankawala & Associates
Chartered Accountants
FRN: 1010616W
Sd/-
Sunil T. Vankawalala
Proprietor
Membership No.033461
Place: Mumbai
Dated: 30th May 2019