Nivi Trading Ltd. இன் முடிவுகள்

Mar 31, 2024

We have audited the accompanying standalone Financial statements of NIVI TRADING
LIMITED ("the Company"), which comprise the Balance Sheet as at 31 March 2024, the
Statement of Profit and Loss including other comprehensive income, the Statement of
Changes in Equity and the Cash Flow Statement for the year ended and the notes to the
Financial Statements, including a summary of significant accounting policies and other
explanatory information (herein after referred to as "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Financial Statements give the information required
by the Companies Act, 2013 ("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed u/s 1.33 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
(“Ind AS”) and other accounting principles generally accepted in India, of the State of
Affairs of the Company as at 31^st March, 2024, the Loss, total comprehensive income,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act 2013. Our responsibilities under those
standards are further described in the Auditor''s Responsibilities for the Audit of the
standalone Financial Statements section of our report. We are independent of the
company in Accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our
audit of the standalone Financial Statements under the provision of the Companies Act,
2013 and the rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalonexfinameial statements of the current period.
These matters were addressed in the context o''f our audit of the financial statements as

a whole, and in forming our opinion thereon and we do not provide a separate opinion
on these matters. We have determined that there are no such key audit matters to be
communicated in our report.

Information Other than the Financial Statements and Auditors Report thereon

The Company’s Board of Directors is responsible for the other information. The Other
information comprises the information included in the Directors Repoit including
Annexures thereon but does not include the standalone financial statements and oui
auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is
to read the other information and, in doing so, consider whether the information is
materially inconsistent with the standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a mateiial
misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the Indian Accounting Standards and other accounting
principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the standalone financial statement that give a true and fair view and are fiee from
material misstatement, whether due to fraud or error.

In preparing the standalone Financial Statements, management is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors are also respo/ablefof overseeing the company''s financial
reporting process. ''—^

Auditor’s Responsibility

Our objectives are to obtain reasonable assurance about whether the standalone
Financial Statements as a whole, are free from material misstatement, whether due to
fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgement and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than lor one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial controls system in place and
the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor''s report to the
related disclosures in the standalone 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''s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, mak^s it probable that the economic decisions of a
reasonably knowledgeable user of the^inariefal statements may be influenced. We
consider quantitative materiality and(gj^kfative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the financial statements.

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

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

From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the standalone financial
statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor''s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be 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, 2020 ("The Order") issued
by the Central Government of India in terms of Section 143 (11) of the Act, and on
the basis of such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to us, we give
in the Annexure A, a statement on the matters specified in 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 and obtained all the information and explanations which to the
best of 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 the
Company so far as it appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss (including other
comprehensive income), the Cash Flow Statement and the Statement of changes
in Equity dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone Financial Statements comply with the
Indian Accounting Standards specified under Section 133 of the Act read with the
relevant rules issued thereunder

e) On the basis of written representations received from the directors as on 31

March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March, 2024, f r o nytT&ingappointed as a director in terms of
Section 164(2) of the Act; /

f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate report in "Annexure B” and

g) With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197(16) of the Act, as amended:

According to the information and explanation given to us, the company has not
paid any remuneration to its directors during the year.

h) With respect to the other matters to be included in the Auditor''s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, as
amended, in our opinion and to the best of our information and according to the
explanation given to us:

i. The Company does not have any pending litigations which shall impact its
financial positions.

ii. The Company does not have any long terms contracts for which
provisions are required to be made.

iii. The Company is not liable to transfer any amount to the Investor
Education and Protection Fund.

iv. (a) The Management has represented that, to the best of its knowledge
and belief, no funds (which are material either individually or in the
aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person or entity, including foreign
entity ("Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge
and belief, no funds (which are material either individually or in the
aggregate) have been received by the Company from any person or entity,
including foreign entity ("Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries^

(c) Based on the audit procedures that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that
has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any
m a te ria 1 m iss ta te m e n t.

v. According to the information and explanation given to us, the company
has not paid/declared any Dividend during the year. Hence the provision
of section 123 of the Act is not applicable to the company.

vi. Based on our examination, which included test checks, the company has used
an accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software.
Further, during the course of our audit we did not come across any instance
of audit trail feature being tampered with.

Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for-
maintaining books of account using accounting software which has a
feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2024, and accordingly, reporting under
Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not
applicable for the financial period ended March 31, 2024,

For VORA& ASSOCIATES
CHARTERED ACCOUNTANTS
(ICA1 Firm Reg. No.: 111612W)

/partner

(Membership No. 140371)

UDIN: 24140371BKAKXA4530
PLACE: MUMBAI
DATED: 07/05/2024

---

Mar 31, 2014

1. We have audited the accompanying financial statements of Nivi Trading Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted. our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

5. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

6. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

7. As required by section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(e) On the basis of written representations received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31sl March, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Auditor''s Report of even date to the Members of M/s NIVI TRADING LIMITED.

(i) The Company is not having any fixed assets.

(ii) The Company is not having any inventories of raw materials, finished goods, stores and spares.

(iii) (a)The Company has not taken any loan covered in the register maintained under section 301 of the Act.

(b)The company has not granted loan to any of the parties covered in the register maintained under section 301 of the Act.

(iv) In our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods if any. During the course of our audit, no major weakness has been noticed in the internal control;

(v) (a) Based on the audit procedure applied by us and according to the information and explanation provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been properly entered in the said register;

(b) In our opinion and according to the information and explanation given to the transaction entered in the register maintained under Section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to prevailing market prices at the relevant time;

(vi) The Company has not accepted any deposits from the public;

(vii) The Company has a system of internal audit which, in our opinion is commensurate with its size and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act 1956,

(ix) (a) According to the records, information and explanation provided to us, the Company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, employees'' state insurance, income tax, and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March 2014 for a period of more than six months from the date they became payable.

There are no disputed amounts outstanding in respect of Income tax, Sales tax and Excise duty etc. as the-Iast day of the Financial year except as mentioned in (ix) (b);

(b) According to the records of the Company, the dues of sales tax, customs, wealth tax, excise duty, cess which have not been deposited on account of disputes and the forum where the dispute is pending are as given below

Name of the Nature of the Amount Forum where Relating to Statute dues (in Rs.) dispute pending the year A.Y.

Income tax Act Income Tax 1,44,016 ITAT(A) 2001-02 Income tax Act Income Tax 44,683 ITAT (A) 2005-06

(x) The Company has accumulated losses at the end of the financial year which is less than 50% of the net worth of the company and has not incurred cash losses in the current year and in the immediately preceding Financial Year.

(xi) Based on the audit procedures and on the information and explanations given by the management, the Company has not defaulted in repayment of dues to the banks or financial institutions.

(xii) Based on our examination and according to the information and explanation given to us, the Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit/nidhi/mutual benefit fund/society and hence clause 4(xiii) of the Order is not applicable.

(xiv) In our opinion the Company is investing in shares, securities, debentures and other investments out of free funds.

(xv) On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) On the basis of the information and explanations given to us the Company has not obtained term loan during the year;

(xvii) On the basis of our examination of the books of accounts and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long-term investment.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act;

(xix) The Company does not have any outstanding debenture during the year.

(xx) The Company has not raised any money by public issues during the year.

(xxi) Based on the audit procedures and information and explanations given to us by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Gupta Saharia & Co. Chartered Accountants

Suresh Saharia Partner FRN : 103446W Membership No. 040180

Place: Mumbai Date : 13 th May, 2014

---

Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Nivi Trading Limited ("the Company"}, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the .

Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act,

1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material! misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, in making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion,

Opinion

5. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

6. As required by the Companies {Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

7. As required by section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

For Gupta Saharia & Co.

Chartered Accountants

FRN : 103446W

Suresh Saharia

Partner

Membership No. 040180

Place: Mumbai,

Date: 15th May,2013

Annexure to the Auditor''s Report of even date to the Members of M/s NIVI TRADING LIMITED.

(i) The Company is not having any fixed assets,

(ii) The Company is not having any inventories of raw materials, finished goods, stores and spares.

(iii) (a)The Company has not taken any loan covered in the register maintained under section 301 of the Act.

(b}The company had granted unsecured loan to two companies covered in the register maintained under section 301 of the Act, The maximum amount involved during the year was Rs. 69,80,510/- and the year end balance of loan granted to such party was RsNil

The loan granted is not prima facie prejudicial to the interest of the Company,

(iv) In our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods if any. During the course of our audit, no major weakness has been noticed in the internal! control;

(v) (a) Based on the audit procedure applied by us and according to the information and explanation provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been properly entered in the said register;

(b) In our opinion and according to the information and explanation given to the transaction entered in the register maintained under Section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to prevailing market prices at the relevant time;

(vi) The Company has not accepted any deposits from the public;

(vii) The Company has a system of internal audit which, in our opinion is commensurate with its size and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act 1956,

(ix) (a) According to the records, information and explanation provided to us, the Company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, employees'' state insurance, income tax, and other statutory dues applicable to it and no undisputed amounts payable were outstanding as 31st March 2013 for a period of more than six months from the date they became payable. There are no disputed amounts outstanding in respect of Income tax, Sales tax and Excise duty etc. as the last day of the Financial year except as mentioned in (ix) (b);

(b) According to the records of the Company, the dues of sales tax, customs, wealth tax, excise duty, cess which have not been deposited on account of disputes and the forum where the dispute is pending are as given below:

Name of the Nature of the Amount Forum where Relating to the Statute dUes (in Rs.) dispute pending yearA.Y.

Income tax Act Income Tax 1,44,016 ITAT(A) 2001-02

Income tax Act Income Tax 44,683 ITAT(A) 2005-06

(x) The Company has no accumulated losses at the end of the financial year.

(xi) Based on the audit procedures and on the information and explanations given by the management, the Company has not defaulted in repayment of dues to the banks or financial institutions.

(xii) Based on our examination and according to the information and explanation given to us, the Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit/nidhi/mutual benefit fund/society and hence clause 4(xiii) of the Order is not applicable.

(xiv) In our opinion the Company is investing in shares, securities, debentures and other investments out of free funds.

(xv) On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) On the basis of the information and explanations given to us the Company has not obtained term loan during the year;

(xvii) On the basis of our examination of the books of accounts and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long-term investment.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act;

(xix) The Company does not have any outstanding debenture during the year.

(xx) The Company has not raised any money by public issues during the year.

(xxi) Based on the audit procedures and information and explanations given to us by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For Gupta Saharia& Co.

Chartered Accountants

FRN : 103446W



Suresh Saharia

Membership No. 040180

Place: Mumbai

Date :15thMay, 2013

---

Mar 31, 2012

We have audited the attached Balance Sheet of NIVI TRADING LTD. as at March 31,2012 and also Profit and Loss Account for the period ended on that date. These Financial statements are the responsibilities of the Company's management. Our responsibility is to express an opinion of these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956; we annex a statement on the matters specified in paragraphs 4 and 5 of the said orders.

3. Further to our comments in the Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. ....

d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section 3(C) of Sec. 211 of the Companies Act, 1956.

e) On the basis of written representations received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of section 274(l)(g) of the Companies Act, 1956;

Annexure to the Auditor's Report of even date to the Members of M/s NIVI TRADING LIMITED.

(I) The Company is not having any fixed assets.

(ii) The Company is not having any inventories of raw materials, finished goods, stores and spares.

(iii) (a)The Company has not taken any loan covered in the register maintained under section 301 of the Act.

(b)The company has granted unsecured loan to a company covered in the register maintained under section 301 of the Act. The maximum amount involved during the year was Rs. 40,00,000/- and the year and Balance of loan granted to such party was Rs 40,00,000/- The loan granted is not prima facie prejudicial to the interest of the Company.

(iv) In our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in the internal control;

(v) (a) Based on the audit procedure applied by us and according to the information and explanation provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been properly entered in the said register;

(b) In our opinion and according to the information and explanation given to the transaction entered in the register maintained under Section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to prevailing market prices at the relevant time;

(vi) The Company has not accepted any deposits from the public;

(vii) The Company has a system of interna! audit which, in our opinion is commensurate with its size and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act 1956,

f) In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with other notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

1. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012.

2. In the case of Profit and Loss Account of the Profit of the Company for the period ended on that date .

3. In the case of Cash Flow Statements, of the cash flows for the year ended on that date.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act;

(xix) The Company does not have any outstanding debenture during the year.

(xx) The Company has not raised any money by public issues during the year.

(xxi) Based on the audit procedures and information and explanations given to us by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

(ix) (a) According to the records, information and explanation provided to us, the Company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, employees' state insurance, income tax, and other statutory dues applicable to it and no undisputed amounts payable were outstanding as 31st March 2012 for a period of more than six months from the date they became payable. There are no disputed amounts outstanding in respect of Income tax, Sales tax and Excise duty etc. as the last day of the Financial year;

(b) According to the records of the Company, the dues of sales tax, customs, wealth tax, excise duty, cess which have not been deposited on accountof disputes and the forum where the dispute is pending are as given below

Name of the Nature of Amount Forum where Relating to Statute the dues (in Rs.) dispute pending the year A.Y.

Income tax Act Income Tax 1,44,016 ITAT(A) 2001-02

Income tax Act Income Tax 44,683 ITAT(A) 2005-06

(x) The Company has accumulated losses at the end of the financial year.

(xi) Based on the audit procedures and on the information and explanations given by the management, the Company has not defaulted in repayment of dues to the banks or financial institutions.

(xii) Based on our examination and according to the information and explanation given to us, the Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit/nidhi/mutual benefit fund/society and hence clause 4{xiii) of the Order is not applicable.

(xiv) ¦ In our opinion the Company is investing in shares, securities debentures and other investments out of free funds.

(xv) On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) On the basis of the information and explanations given to us the Company has not obtained term loan during the year;

(xvii) On the basis of our examination of the books of accounts and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long-term investment.

Gupta Saharia & Co.

Chartered Accountants

FRN : 103446W

Suresh Saharia

Membership No. 040180

Place : Mumbai

Date : 25th May, 2012

---

Mar 31, 2010

We have audited the attached Balance Sheet of NIVI TRADING LIMITED as at March 31, 2010 and also Profit and Loss Account for the period ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section 3(C) of Sec. 211 of the Companies Act, 1956.

e) On the Basis of written representations received from the directors, as on March 31, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of section 274(1 )(g) of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with other notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

1. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010.

2. In the case of Profit and Loss Account of the Loss of the Company for the period ended on that date.

3. In the case of Cash Flow Statements, of the cash flows for the year ended on that date.

Annexure to the Auditors report of even date to the Members of M/s NIVI TRADING LIMITED.

(i) The Company is not having any fixed assets.

(ii) The company is not having any inventories of raw materials, finished goods, stores and spares.

(iii) During the year the Company has repaid unsecured loan to parties listed in the register maintained under 301 of the Companies Act, 1956 amounted to Rs. 1,228,378/-.

(iv) In our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in the internal control;

(v) (a) Based on the audit procedure applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been properly entered in the said register;

(b) In our opinion and according to the information and explanation given to the transaction entered in the register maintained under Section 301 and exceeding during the year by Rupees five lakh in respect of each party have been made at prices which are reasonable having regard to prevailing market prices at the relevant time;

(vi) The Company has not accepted any deposits from the public;

(vii) The Company has a system of internal audit which, in our opinion is commensurate with its size and nature of its business.

(viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act 1956,

(ix) (a) According to the records, information and explanation provided to us, the Company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, employees state insurance, income tax, and other statutory dues applicable to it and no undisputed amounts payable were outstanding as 31st March 2010 for a period of more than six months from the date they became payable. There are no disputed amounts outstanding in respect of Income tax, Sales tax and Excise duty etc. as the last day of the Financial year;

(b) According to the records of the company, the dues of sales tax, customs, wealth tax, excise duty, cess which have not been deposited on account of disputes and the forum where the dispute is pending are as given below:



Name of the Nature of the Amount Forum where Relating to the Statute dues (in Rs.) dispute pen ding year A.Y.

Income tax Act Income Tax 1,44,016 CIT(A) 2001-02

Income tax Act Income Tax 44,683 CIT(A) 2005-06



(x) The Company has accumulated losses at the end of the financial year and incurred cash losses during the year and in the immediately year preceding.

(xi) Based on the audit procedures and on the information and explanations given by the management, the Company has not defaulted in repayment of dues to the banks or Financial institution.

(xii) Based on our examination and according to the information and explanation given to us, the Company has not granted loans and advance on the basis of security by way of pledge of shares, debenture and other securities.

(xiii) The Company is not a chit/nidhi/mutual benefit fund/society and hence clause 4(xiii) of the Order is not applicable.

(xiv) In our opinion the Company is dealing or trading in shares, securities debentures and other investments.

(xv) On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions;

(xvi) On the basis of the information and explanations given to us the Company has not obtained term loans during the year;

(xvii) On the basis of our examination of the books of accounts and the information and explanation given to us, in our opinion, the funds raised on short-term basis have not been used for long-term investment.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act;

(xix) The Company does not have any outstanding debenture during the year.

(xx) The Company has not raised any money by public issues during the year.

(xxi) Based on the audit procedures and information and explanations given to us by the management we report that no fraud on or by the companies has been noticed or reported during the course of our audit.



For Gupta Saharia & Co.

Chartered Accountants

Pawan Gupta

Partner

M.No.71471

Place: Mumbai

Date: 14th May, 2010