To the Members of INDIANIVESH LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the standalone nancial statements of INDIANIVESH LIMITED ("theCompany") which comprise the balance sheet as at 31st March 2019 and the statementof Pro t and Loss statement of cash ows for the year then ended and notes to thestandalone nancial statements including a summary of signi cant accounting policies andother explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone nancial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and pro t and its cash ows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) speci edunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone nancial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have ful lled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is suf cient and appropriate to provide a basis for our opinion.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the management discussion and analysisBoard's Report Report on Corporate governance and Business Responsibility report but doesnot include the standalone nancial statements and our auditor's report thereon.
Our opinion on the standalone nancial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone nancial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone nancial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.
Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone nancial statements that give a true and fair view of the nancialposition nancial performance and cash ows of the Company in accordance with theaccounting principles generally accepted in India including the accounting Standardsspeci ed under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal nancial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone nancial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.
In preparing the standaloSne nancial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's nancialreporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
1. Our objectives are to obtain reasonable assurance about whether the standalonenancial statements as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to in uence the economic decisions of userstaken on the basis of these standalone nancial statements.
2. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also :
Identify and assess the risks of material misstatement of the standalone nancialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is suf cient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances.Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal nancial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast signi cant 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 nancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions 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 standalone nancialstatements including the disclosures and whether the standalone nancial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
3. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and signi cant audit ndings including any signicant de ciencies in internal control that we identify during our audit.
4. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
5. From the matters communicated with those charged with governance we determine thosematters that were of most signi cance in the audit of the standalone nancial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest bene ts 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 speci ed 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 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.
(d) The Standalone nancial statements dealt with by this Report are in agreement withthe books of account.
(e) In our opinion the aforesaid standalone nancial statements comply with theAccounting Standards as speci ed under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
(f) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors is disqualied as on 31st March 2019 from being appointed as a director in terms of Section 164 (2)of the Act.
(g) With respect to the adequacy of the internal nancial controls over nancialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".
(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
I. The Company has disclosed the impact of pending litigations on its nancial positionin its nancial statements Refer Note- 24 to the nancial statements. ii. The Company didnot have any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company
3 In respect of companies where managerial remuneration is within limit :
With respect to the matter to be included in the Auditors' Report under section197(16): In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.
| ||For CLB & Associates |
| ||Chartered Accountants |
| ||FR No.: 124305W |
| ||Sd/- |
| ||Jeetu Kumbhar |
|Place: Mumbai ||Partner |
|Date: May 30 2019 ||M.No. 132629 |
"Annexure A" to the Independent Auditors' Report
Referred to in paragraph 1 under the heading Report on Other Legal &Regulatory Requirement' of our report of even date to the nancial statements of theCompany for the year ended March 31 2019:
(i). (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of xed assets;
(b). As explained to us xed assets have been physically veri ed by the management atregular intervals as informed to us no material discrepancies were noticed on such verication;
(c). The company does not have any immovable property.
(ii). The company does not have any inventory during the year Hence requirement ofclause (ii) of paragraph 3 of the said order is not applicable to the company.
(iii). The company has granted asecured loan to a party covered in the registermaintained under section 189 of the Companies Act 2013.
(iv). In our opinion and according to the information and explanations given to us thecompany h a s complied with the provision of section 185 and section 186 of the act inrespect of loans Investment guarantees and security.
(v). The Company has not accepted any deposits from the public covered under Section 73to 76 o f the Companies Act 2013.
(vi). As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act for any of the activities of thecompany
(vii). (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-tax Goodsand Service Tax Custom Duty Excise Duty and other material statutory dues asapplicable with the appropriate authorities in India.
(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax Goods and Service Taxcustoms duty and excise duty wereoutstanding at the year end for a period of more than six months from the date theybecame payable.
(c) According to the information and explanations given to us and based on the recordsof the company examined by us disputed dues in respect of income tax are as under :
|Assessment Year ||Demand ||Appeal Pending Before ||Amount paid against Demand |
|2013-14 ||14.81 ||ITAT Mumbai ||NIL |
(d) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to a nancial institution or bank.
(ix). The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.
(x) According to the information and explanations given to us no material fraud by thecompany o r on the company by its of cers or employees has been noticed or reported duringthe course o f our audit.
(xi) According to the information and explanations given to us and based on ourexamination of the records of the company the company paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to the act.
(xii). In our opinion and according to the information and explanations given to usthe company is not a Nidhi company.
(xiii) According to the information and explanations given to us and based on ourexamination of t h e records of the company transactions with the related parties are incompliance with section 177 and 188 of the act where applicable and details of suchtransactions have been disclosed in the nancial statements as required by the applicableaccounting standards.
(xiv). According to the information and explanations given to us and based on ourexamination of t h e records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
(xv). 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 him.
(xvi). The Company is registered under section 45-IA of Reserve Bank of India Act 1934.
| ||For CLB & Associates |
| ||Chartered Accountants |
| ||FR No.: 124305W |
| ||Sd/- |
| ||Jeetu Kumbhar |
|Place: Mumbai ||Partner |
|Date: May 30 2019 ||M. No. 132629 |
"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 nancial controls over nancial reporting of INDIANIVESHLIMITED ("the Company") as of March 31 2019 in conjunction with our audit ofthe standalone nancial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalnancial controls based on the internal control over nancial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India (ICAI). These responsibilities include thedesign implementation and maintenance of adequate internal nancial controls that wereoperating effectively for ensuring the orderly and ef cient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable nancial information as required under theCompanies Act 2013.
Our responsibility is to express an opinion on the Company's internal nancial controlsover nancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal nancial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalnancial controls over nancial reporting was established and maintained and if suchcontrols operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal nancial controls system over nancial reporting and their operatingeffectiveness. Our audit of internal nancial controls over nancial reporting includedobtaining an understanding of internal nancial controls over nancial reporting assessingthe risk that a material weakness exists and testing and evaluating the design andoperating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the nancial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion on the Company's internal nancial controls systemover nancial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal nancial control over nancial reporting is a process designed toprovide reasonable assurance regarding the reliability of nancial reporting and thepreparation of nancial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal nancial control over nancialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly re ect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of nancial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the nancial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal nancial controls over nancialreporting 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 nancial controls over nancialreporting to future periods are subject to the risk that the internal nancial control overnancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internal nancialcontrols system over nancial reporting and such internal nancial controls over nancialreporting were operating effectively as at March 31 2019 based on the internal controlover nancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
| ||For and on behalf of |
| ||CLB & Associates |
| ||Chartered Accountants |
| ||FR NO.: 124305W |
| ||Sd/- |
| ||Jeetu Kumbhar |
|Place: Mumbai ||Partner |
|Date: May 30 2019 ||M No.:132629 |