We have audited the accompanying standalone Financial statements of NIVI TRADING
LIMITED (“the Company”), which comprise the Balance Sheet as at 31 March 2025, 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 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 31st March, 2025, 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 standalone 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 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 Report including Annexures thereon but
does not include the standalone financial statements and our 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 material 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 free 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 responsible for 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 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
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, makes it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative 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,
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March, 2025, from being appointed 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 material misstatement.
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 and the audit trail has been preserved by the Company as
per the statutory requirements for record retention
For VORA & ASSOCIATES
CHARTERED ACCOUNTANTS
(ICAI Firm Reg. No.: 111612W)
RONAK A. RAMBHIA
PARTNER
(Membership No. 140371)
UDIN: 25140371BMIXPR5622
PLACE: MUMBAI
DATED: 14/05/2025
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