Mar 31, 2014
We have audited the accompanying financial statements of CUPID TRADES &
FINANCE LIMITED (the Company), which comprise the Balance Sheet as at
March 31, 2014 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
The Company's 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 the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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
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.
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, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. 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
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended, 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.
2. 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 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
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
our audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(C) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per As informed to us the company is not required to maintain
cost accounts and records as prescribed by Central Government under
section 290 (1)(d) of the Companies Act 1956
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
156662/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014 we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, not
have we been informed of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 22.05.2014 CA RAKESH PURI PARTNER
M. No.: 092728
Mar 31, 2013
We have audited the accompanying financial statements of CUPID TRADES
AND FINANCE LIMITED which comprise the Balance Sheet as at 31 March
2013 & the Statement of Profit and Loss and for the year then ended,
and a summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position &
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. 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
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.
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
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:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, 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.
2. 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 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
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH-1 OF OUR REPORT OF EVEN DATE
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(C) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per As informed to us the company is not required to maintain
cost accounts and records as prescribed by Central Government under
section 290 (1)(d) of the Companies Act 1956
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
1,19,607/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, not
have we been informed of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.08.2013
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2012
(1) We have audited the attached Balance Sheet of CUPID TRADES AND
FINANCE LIMITED as on 31st March 2012, the relative Profit and Loss
Account and the Cash Flow Statement for the year ended on that date,
all of which have been signed by us under reference to this report.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
(2) We have conducted our audit in accordance with auditing and
assurance 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 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.
(3) As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above we report that:
1. 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.
2. 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
books.
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report, are in agreement with the books of account.
4. In our opinion, the Balance Sheet, Profit & Loss Account, and Cash
Flow statement dealt with by this report comply with the Accounting
Standard referred to in sub-section (3c) of Section 211 of the
Companies Act, 1956.
5. On the basis of written representation received from the Directors
and taken on records by the Board of Directors, we report that none of
the Directors is disqualified as at 31st March 2012 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the statement
on accounting policies and the notes thereon, give the information
required by the Companies Act, 1956 in the manner so required, and give
a true and fair view: -
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 and;
(b) In case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(C) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. (a) The inventories have been physically verified by the management
at reasonable intervals during the year.
(b)The Procedures of physical verification followed by the Management
as explained to us are, in our opinion, reasonable and adequate in
relation to the size of the company and the nature of its business.
(c)As per information and explanation given to us, the discrepancies
noticed on physical verification of inventories have been properly
dealt with in the books of accounts.
3. (a) As per information and explanation given to us, the company has
not granted loans to parties covered in the register maintained under
section 301 of the Companies Act, 1956. hence, clause (iii) (a), (b),
(c) & (d) are not applicable to the company
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. Hence, clause (iii) (e), (iii)
(f) and (iii) (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weakness in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956,
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits from public within the
meaning of provisions of section 58A & Section 58 AA of the Companies
Act, 1956.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (1)(d) of the Companies Act 1956.
9. According to the information and explanations given to us, and on
the basis of our examination of the books of accounts, the company has
been regular in depositing undisputed statutory dues including Income
Tax and other statutory dues with the appropriate authorities. There
were no arrears of such dues as on 31st March, 2012 for a period of
more than six months from the date they became payable.
10. The company has not accumulated losses and has not incurred cash
losses in current financial year. The Company has also not incurred
cash loss in the previous financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, the Company has not defaulted in
repayment of dues to any financial institution, bank or debenture
holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clauses (xiii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion the Company has maintained records of transactions
and contracts in respect of investment in shares, mutual funds and
other investments and generally timely entries have been made therein.
All the shares, mutual funds and other investments held by the
companies are in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
Banks or financial institutions.
16. The company has not raised any term loans during the year.
17. On the basis of an overall examination of the Balance Sheet of the
Company and according to the information and explanations given to us,
in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
18. 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 during the year.
19. The Company has not issued any debentures till date.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, not
have we been informed of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 03.08.2012
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2010
We have audited the attached Balance sheet of M/s Cupid Trades &
Finance Limited as at 31st March, 2010 and also the Profit and Loss
Account of the company for the year ended on that date, annexed there
to and the Cash Flow Statement for the year 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.
We conducted our audit in accordance with the 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 test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant astimates made
by management as well as evaluating the overall financial statement
presentation.
We believe that our audit provides a reasonable basis for our opinion.
1. As required by Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexture a statement
on the matters specified in paragraphs 4 and 5 of the said order.
2. Further to our comments in Annexure referred to in paragraph 1
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, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account, maintained at Head Office Mumbai.
d) On the basis of the 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
31st march, 2010 from being appointed as a director, in terms of clause
(g) of sub-section (1)of Section 274 of the Companies Act, 1956.
e) 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 (3C) of Section 211 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 said Balance Sheet & Profit & Loss
Account read together with notes thereon give the information required
by the Companies Act, 1956 in the planner so required and give a true &
fair view in confirmity with the accounting principles generally
accepted in India :-
I) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2010 : ii) In the case of Profit and Loss account of
the profit for the year ended on that date. iii) In case of Cash Flow
Statement, of the cash flows for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 1 of our Report of even date) The annexure
referred to in para 1 of our report of even date on the accounts of M/s
Cupid Trades & Finance Limited for the year ended 31st March, 2010.
I. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets on the basis of available information.
b) The fixed assets have been physically verified by the management
during the year and we have been informed that no material
discrepancies have been noticed on such verification.
c) In our opinion & according to the information & explanations given
to us, a substantial part of fixed assets has not been disposed off by
the company during the year affecting going concern basis.
II. a) As explained to us, inventories have been physicallay verified
by the management, at regular intervals during the year.
b) In our opinion, the procedure of physical verification of stocks
followed by the management are resonable and edequate in relation to
the size of the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with in
the books of accounts.
III. a) The company has taken unsecured loan from Two Company covered
in the register maintained under section 301 of the companies act 1956.
The maximum amount involved during the year is Rs. 2,54,30,000/- &
total amount outstanding as on 31 st March 2010 is Rs.
94,87,091/-According to information and explanation given to us the
Company has not granted un-secured loans to any companies covered in
the explanations given to us the Company has not granted un-secured
loans to any companies covered in the register maintained u/s 301 of
the companies Act, 1956.
b) In our opnion, the rate of interest and other terms and conditions
on which loan have been taken/granted to other parties listed in the
register maintained under section 301 of the Companies Act, 1956 are
not, prime facie, prejudicial to the interest of the company.
c) No terms of repayment of principal and or interest are stipulated.
d) As no repayment schedule is fixed, there is no overdue amount in
respect of loans taken/given by the company.
IV. In our opinion and according to the information & explanation
given to us there are adequate Internal control procedures commensurate
with the size of the company and nature of its business with regard to
purchase of raw materials, shares and other assets and for the sale of
goods. During the course of audit, we have not observed the continuing
failure to correct major weaknesses in internal controls. .
V. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956,
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
b) According to the information and explanations given to usi such
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The company has not accepted any deposits from public within the
meaning of provisions of section 58 A & section 58AA of the Companies
Act, 1956.
VII. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
209 (1) (d) of the Companies Act, 1956.
IX. According to the records of the company, undisputed staturoty dues
including Provident Fund, Investor Education and Protection fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have been generally
deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2010 for a period of more than six months from the date of becoming
payable.
X. The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
XI. In our opinion and according to the information and explanations
given to us, the company has not taken any loans from financial
institutions, banks or debenture holders. ë
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of Shares, debentures and other
securities.
XIII. In our opinion, the Company is not a chit fund or a nidhi/matual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
XIV. In our opinion, the company is dealing or trading in shares,
securities, debentures and proper records of the transactions have been
maintained by the company. The investment held for deriving the
dividend income are in the name of the company.
XV. The company has not raised any new term loans during the year.
XVI. On the basis of an overall examination of the Balance Sheet of
the company and according to the information and explanations given to
us, in our opinion, funds raised on a short term basis have not been
used for long-term investment and vice-versa.
XVII. The company has" not made any prefrential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year.
XVIII. The company has not issued any debentures till date.
XIX. The company has not raised any money by the way of public issue
during the year.
XX. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
3/1106(R), Navjivan Society, For Pachori & Associates
Lamington Road, Chartered Accountants
Mumbai - 400 008. P.V. PACHORI
Race : Mumbai. Partner
Dated : The 28 th day of May 2010 M. N. 38146
Mar 31, 2009
We have audited the attached Balance sheet of M/s Cupid Trades &
Finance Ltd. as at 31st March, 2009 and also the Profit and Loss
Account of the company for the year ended on that date, annexed there
to and the Cash Flow Statement for the year 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.
We conducted our audit in accordance with the 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 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.
1. As required by Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-Bectiorr(4A) of Section
227 of the Companies Act, 1956, we encloseÃin-tfte- Annexture a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further to our comments in Annexure referred to in paragraph 1
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, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account, maintained at Head Office Mumbai.
d) On the basis of the written representations received from the
directors, as on March 31,2009, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st march, 2009 from being appointed as a director, in. terms of
clause (g) of sub-section (1) of Section 274 of the Companies Act,
1956.
e) 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 (3C) of Section 211 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 said Balance Sheet & Profit & Loss
Account read together with notes thereon give the information required
by the Companies Act, 1956 in the manner so required and give a true &
fair view in confirmity with the accounting principles generally
accepted in India :-
i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2009;
ii) In the case of Profit and Loss account of the profit for the year
ended on that date.
iii) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in Paragraph 1 of our Report of even date)
The annexure referred to in para 1 of our report of even date on the
accounts of M/s Cupid Trades & Finance Ltd for the year ended 31st
March, 2009.
I. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets on the basis of available information.
b) The fixed assets have been physically verified by the management
during the year and we have been informed that no material
discrepancies-have been noticed on such verification.
c) In our opinion & according to the information & explanations given
to us, a substaintial part of fixed assets has not been disposed off by
the company during the year affecting going conern-basis.
II. a) As explained to us, inventories have been physicallay verified
by the management at regular intervals during the year.
b) In our opinion, the procedure of physical verification of stocks
followed by the management were resonable and adequate in relation to
the size of the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with in
the books of accounts.
III. a) The company has taken unsecured loan from Two Companies
covered in the register maintained under section 301 of the companies
act 1956. The Maximum amount involved during the year is Rs.
94,85,000/-& the total amont outstanding as on 31st March 2009 is Rs.
74,85,000/-. According to information and explanation given to us the
Company has granted un-secured loans to three companies covered in the
register maintained u/s 301 of the companies Act, 1956. The Maximum
amount involved was Rs. 1,30,30,000/- and balance outstanding at the
year end is Rs. 92,526/-
b) In our opnion, the rate of interest and other terms and conditions
on which loan have been granted to other parties listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prime
facie, prejudicial to the interest of the company.
c) No terms of repayment of principal and or interest are stipulated.
d) As no repayment schedule is fixed, there is no overdue amount in
respect of loans given by the company.
IV. In our opinion and according to the information & explanation
given to us there are adequate Internal control procedures commensurate
with the size of the company and nature of its business with regards to
purchase of raw materials, shares and other assets and for the sale of
goods. During the course of audit, we have not observed the continuing
failure to correct major weaknesses in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956,
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
b) According to the information and explanations given to us, such
transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The company has not accepted any deposits from public within the
meaning of provisions of section 58 A & section 58AA of the Companies
Act, 1956.
VII. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the company is not required to maintain cost
accounts and records aprescribed by Central Government under section
209 (1.) (d) of the Companies Act, 1956. .
IX. According to the records of the company, undisputed staturoty dues
including Provident Fund, Investor Education and Protection fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have been generally
deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2009 for a period of more than six months from the date of becoming
payable.
X. The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
XI. In our-opinion and according to the information and explanations
given to us the company has
not defaulted in the repayment of dues to the financial institutions,
banks or debenture holders.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of Shares, debentures and other
securities.
XIII. In our opinion, the Company is not a chit fund or a nidhi/matual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
XIV. In our opinion, the company is dealing or trading in shares,
securities, debentures and proper records of the transactions have been
maintained by the company The investment held for à deriving the
dividend income are in the name of the company.
XV. According to the information and explanations given to us. The
company has given corporate guarantee of Rs.425 Lacs for credit
facilities extenden by bank to a Pvt. Ltd. company in which directors
of the company are interested and the company has extended charge on
immovable property at Kolkata for the same.
XVI. The company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the company and according to the information and explanations given to
us, in our opinion, funds raised on a short term basis have not been
used for long-term investment and vice-versa.
XVIII. The company has not made any prefrential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year.
XIX. The company has not issued any debentures till date.
XX. The company has not raised any money by the way of public issue
during the year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
3/1106(R), Navjivan Society, For Pachori & Associates
Chartered Accountants
P.V. PACHORI
Partner
M. N.38146
Lamington Road,
Mumbai - 400 008.
Place: Mumbai
Dated : The 30 th day of June 2009