We have audited the financial statements of Nouveau Global Ventures Limited (“the Company"), which
comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss (including other
comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows for the year
then ended on that date and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.
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 (‘Actj
in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, including Indian Accounting Standards (Ind-AS) specified under section 133
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
March 31, 2024 and its loss (including other comprehensive income), its Cash Flow Statement and
Changes in Equity 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 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 financial
statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of 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 the matters described below to be the key audit matters to be communicated in our
report.
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Key Audit Matter Description
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Auditor’s Response
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Exposure in group entities
The exposure within the group entities i.e.
carrying amount of the Company’s
investments, loans and advances, trade &
other receivables (net of payables) accounts
for majority of the total assets of the
Company.
Their recoverability is dependent on these
group companies generating enough cash
flows in future, estimation of which requires
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Principal Audit Procedures Performed
We compared the carrying value of these
investments, loans and advances, trade &
other receivable and trade payables with the
respective related companies, Associates
financial statement to identify whether their
net assets were in excess of their carrying
amount and assessed whether those
companies Associates have historically been
profit making.
For those companies & associates where
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management judgement.
We do not consider valuation of these
investments and recovery of intercompany
receivables, payables to be at risk. However,
due to their materiality in the context of the
Company’s financial statements, this is
considered to be the area that had a
significant effect on the company audit.
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carrying amount exceeds the net asset value
of the respective companies, Associates we
evaluated the relevant companies,
Associate’s projected statement of profit and
loss with management assumptions relating
to key inputs such as projected long term
growth and assessing the management’s
assumptions over the recoverability of
intercompany receivables.
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Information Other than the Financial Statements and Auditor’s Report thereon
The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Board’s report including Annexure to Board’s report but does
not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, on the other information obtained prior to the date of this auditor’s
report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard on the even date.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (“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 in accordance with the accounting
principles generally accepted in India, including the accounting Standards specified under section 133 of
the Act read with rule 7of the Companies (Accounts) Rules, 2014 (as amended). 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 financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the 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 responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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 financial statements.
As part of an audit in accordance with Standard on Auditing, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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 for 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 Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference
to standalone financial statements 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 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.
• Obtain sufficient appropriate audit evidence regarding the financial statement of the Company to express
an opinion on 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.
We are independent of the Group in accordance with the ethical requirements that are relevant to our
audit of the Standalone Financial Statements and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
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 sub-section (11) of section 143 of the Companies Act, 2013, we give in the
Annexure A, a statement on the matters specified in the paragraphs 3 and 4 of the order, to the extent
applicable.
2. Further to our comments in Annexure A, as required by section 143(3) of the Act., based on our audit, we
report to the extent applicable, that:
(1) 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.
(2) 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.
(3) The financial statements, dealt with by this Report are in agreement with the books of account.
(4) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended).
(5) On the basis of the written representations received from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act.
(6) we also audited the internal financial controls with reference to the financial statements of the Company
as on 31st March, 2024 in conjunction with the audit of the financial statements of the Company for the
year ended on that date and our report dated 29-05-2024 as per Annexure B expressed unmodified
opinion,
(7) 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) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(a) The Company does not have any pending litigations which would impact its financial position. Except the
following previous year disputes
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Name of the
Statute
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Nature of dues
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Amount(Rs.)
|
Period to
which it
relate
|
Forum
where
dispute is
pending
|
|
Income-tax
Act, 1961
|
Against order
passed
u/s143(3)w.r.s.153C
|
6,25,63,460/-
|
A.Y. 2010¬
11
|
CIT(A)-52,
Mumbai
|
|
Income-tax
Act, 1961
|
Against order
passed
u/s143(3)w.r.s.153C
|
4,13,14,760/-
|
A.Y. 2011¬
12
|
CIT(A)-52,
Mumbai
|
|
Income-tax
Act, 1961
|
Against order
passed
u/s143(3)w.r.s.153C
|
13,43,01,990/-
|
A.Y. 2012¬
13
|
CIT(A)-52,
Mumbai
|
|
Income-tax
Act, 1961
|
Against order
passed
u/s143(3)w.r.s.153C
|
15,570/-
|
A.Y. 2014¬
15
|
CIT(A)-52,
Mumbai
|
|
Income-tax
Act, 1961
|
Against order
passed u/s143(3)
|
38,02,440/-
|
A.Y. 2015¬
16
|
CIT(A)-52,
Mumbai
|
(b) The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses.
(c) There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
(d) (i) The management has represented that, to the best of it’s knowledge and belief, other than as
disclosed in the notes to the accounts, no funds 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(s) or entity(ies), including foreign entities (“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;
(ii) The management has represented, that, to the best of it’s knowledge and belief, other than as disclosed
in the notes to the accounts, no funds have been received by the Company from any person(s) or
entity(ies), including foreign entities (“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; and
(iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances,
nothing has come to their notice that has caused them to believe that the representations under sub¬
clause (i) and (ii) contain any material mis-statement.
(e) The Company has not declared or paid any dividend during the year, hence the provisions of section
123 of the Companies Act, 2013 are not applicable on the Company for the reporting period.
(f) 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.
(8) With respect to the matter to be included in the Auditors’ Report under Section 197(16) of the Act, in
our opinion and according to the information and explanations given to us, the Company has complied
with the limit prescribed by section 197 for maximum permissible managerial remuneration.
For Ashok Shetty & Co
Chartered Accountants
FRN: 117134W
CA Ashok R. Shetty
Partner
M. No: 102524
UDIN: 24102524BKBMIV1292
Place: Mumbai
Date: 29-05-2024
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