Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Multipurpose
Trading And Agencies Limited (''the Company"), which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
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 entity''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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view conformity with the accounting principles generally accepted in
India:-
a) in the ease of the Balance Sheet, of the state of affairs of the
Company as at
b) in the case of the Profit and Loss Account, of the loss for the year
ended on
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order")issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
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, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account d) in our opinion, the Balance Sheet, Statement of Profit and
Loss, and Cash Flow Statement comply with the Accounting Standards
referred to subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31 2014 and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2014, front being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act,
f) Since the Central Government has not issued any notification as to
the rate at f) 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 TO THE AUDITORS'' REPORT
(Referred to in paragraph 2 of our report to the Members of
MULTIPURPOSE TRADING AND AGENCIES LIMITED on the Accounts for the
period ended on 31st March, 2014)
i. The Company has no fixed assets on the day of the Balance Sheet.
ii. The question of physical verification of goods does not arise, as
there was no, opening inventory & no trading activity during the
period.
iii. a) The company has availed unsecured loan from companies, firm and
other parties listed in the register maintained under section 301 and
section 370 (1- B) of the Companies Act, 1956 amounting to Rs. 4,90,000
(previous year Rs. 10,50,000) and such lending companies are not
charging any interest from the Company.
b) The company has not granted any advance in the current year
(previous year Rs 4,00,000 ) to a company, listed in the register
maintained under section 301 or to companies under same management as
defined under section 370 (IB) of the Companies Act, 1956, where no
interest is being charged by the company.
iv. In our opinion and according to the information and explanation
given to us, the company has an internal control procedure in general,
commensurate with size of the company and the nature of its business.
v. a) The Company has maintained register in pursuance of section 301
of the Act and all the transactions that need to be entered have been
entered.
b) In our opinion and according to the information and explanation
given to us there are no transactions exceeding the value of rupees
five lakhs occurred during the year made in respects of any party in
pursuance of contracts or arrangement that needs to be entered in the
register maintained under section 301 of the Companies Act, 1956.
vi. As the company has not invited public deposits, provision of
section 58A of the Companies Act, 1956 and the Companies (Acceptance of
deposits) Rules, 1975 are not applicable to the company.
vii. In our opinion, company has adequate internal audit system
commensurate with its size and nature of its business.
viii. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 201 (1) (d) of the
Companies Act, 1956.
ix. a) The provision of Provident fund Act and ESI Act are not
applicable to the company and therefore provisions are not applicable.
b) In our opinion and according to the information and explanations
given to us, there are no undisputed and outstanding amounts payable in
respect of income-tax, wealth-tax, sales-tax, custom duty and excise
duty as at the last day of the financial period concerned for a period
of more than six months from the date they become payable as on the
Balance Sheet date.
x. The company has incurred cash losses in the current as well as in
the previous financial year Further its accumulated losses are more
than the 50% of Its Net Worth
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institution, bank etc.
xii. The Company has not granted any loans and advances on. the basis
of security by way of pledge of shares, debentures and other
securities, so the question of maintenance of such records does not
arise.
xiii. In our opinion, the company is not chit fund or nidhi / mutual
benefit fund society. Hence this clause is not applicable to the
Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures, and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor Report) Order,
2003 are not applicable to the company.
xv. As explained to us by the Management of the company, the company
has not given any guarantee for loans taken by others from bank or
financial institution.
xvi. There are no term loan availed by the Company hence any reporting
in the matter is not applicable.
xvii. According to the information and explanation given to us and on
an overall examination of the Balance sheet of the Company, we report
that no funds raised on Short term basis have been used for Long term
Investment.
xviii. There were no preferential allotment of shares to parties and
companies covered in the register maintained U/S 301 of the Act, hence
this clause is not applicable.
xix. As the company has not issued any debenture this clause is not
applicable.
XX. The Company has not raised any money from the public issues hence
this clause is not applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For NIDHI BANSAL & CO
Chartered Accountant
Place: New Delhi (Varun Gupat)
Dated: 21.05.2014 (Partner)
[Membership No. 503070]
Mar 31, 2012
We have audited the attached Balance Sheet of MULTIPURPOSE TRADING AND
AGENCIES''LIMITED as at 31st. March, 2012 and the Profit and Loss
Account for the period ended on that date annexed thereto. 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Manufacturing And Other Companies (Auditor''s
Report) Order, 1988 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 Annexure a statement on the matters specified in
paragraph 4 and 5 of the said order.
Further to our comments in the annexure referred to above, we report
that:
(i) We have obtained all the information and explanation which to the
best of our knowledge and belief, were necessary for the purpose of our
audit.
(ii) 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.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
(iv) In our opinion the Balance Sheet and the 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.
(v) On the basis of written representations received from the directors
as on 31st March 2012 and taken on record by the Board Of Directors, we
report that none of the directors of .the company is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (I) of section 274 of Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in case of 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 Loss for the period ended
on that date.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 2 of our report to the Members of
MULTIPURPOSE TRADING AND AGENCIES LIMITED on the Accounts for the
period ended on 31st March, 2012)
i. The Company has no fixed assets on the day of the Balance Sheet.
ii. The question of physical verification of goods does not arise, as
there was no closing stock resulting out of the trading activity that
was under taken during the period.
iii. a) The company has availed unsecured loan from companies, firm and
other parties listed in the register maintained under section 301 and
section 370 (1-B) of the Companies Act, 1956 amounting to Rs. 1,50,000
(previous year NIL) and such lending companies are not charging any
interest from the Company.
b) The company has granted an advance of Rs 4,00,000 (previous year Rs
7,00,000 ) to a company, listed in the register maintained under
section 301 or to companies under same management as defined under
section 370 (1B) of the Companies Act, 1956, where no interest is being
charged by the company.
iv. In our opinion and according to the information and explanation
given to us, the company has an internal control procedure in general,
commensurate with size of the company and the nature of its business.
v. a) The Company has maintained register in pursuance of section 301
of the Act and all the transactions that need to be entered have been
entered.
b) In our opinion and according to the information and explanation
given to us there are no transactions exceeding the value of rupees
five lakhs occurred during the year made in respects of any party in
pursuance of contracts or arrangement that needs to be entered in the
register maintained under section 301 of the Companies Act, 1956.
vi. As the company has -not invited public deposits, provision of
section 58A of the Companies Act, 1956 and the Companies (Acceptance of
deposits) Rules, 1975 are not applicable to the company.
vii. In our opinion, company has adequate internal audit system
commensurate with its size and nature of its business.
viii. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 201 (1) (d) of the
Companies Act, 1956.
ix. a) The provision of Provident fund Act and ESI Act are not
applicable to the company and therefore provisions are not applicable.
b) In our opinion and according to the information and explanations
given to us, there are no undisputed and outstanding amounts payable in
respect of income-tax, wealth-tax, sales-tax, custom duty and excise
duty as at the last day of the financial period concerned for a period
of more than six months from the date they become payable as on the
Balance Sheet date.
x. The company has accumulated losses at the end of the financial
period and also incurred losses in the current period. However in our
opinion and according to the information and explanations given to us,
the company is not covered within the definition of the Sick Industrial
Company as contained in the section 3(1) (o) of the Sick Industrial
Company''s (Special provisions) Act, 1985.
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institution, bank etc.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other , securities,
so the question of maintenance of such records does not arise.
xiii. In our opinion, the company is not chit fund or nidhi / mutual
benefit fund society. Hence this clause is not applicable to the
Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures, and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor Report) Order,
2003 are not applicable to the company.
xv. As explained to us by the Management of the company, the company
has not given any guarantee for loans taken by others from bank or
financial institution.
xvi. There ate no term loan availed by the Company hence any reporting
in the matter is not applicable.
xvii. According to the information and explanation given to us and on
an overall examination of the Balance sheet of the Company, we report
that no funds raised on Short term basis have been used for Long term
Investment.
xviii. There were no preferential allotment of shares to parties and
companies covered in the register maintained U/S 301 of the Act, hence
this clause is not applicable.
xix. As the company has not issued any debenture this clause is not
applicable.
xx. The Company has not raised any money from the public issues hence
this clause is not applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S C GARG & ASSOCIATES
Chartered Accountants
Place: Nfew Delhi
Dated: 29.05.2012 (Subhash Garg)
Partner
[Membership No. 85615]
Mar 31, 2010
We have audited the attached Balance Sheet of MULTIPURPOSE TRADING AND
AGENCIES LIMITED as at 31st March, 2010 and the Profit and Loss Account
for the period ended on that date annexed thereto. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Manufacturing And Other Companies (Auditors
Report) Order, 1988 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 Annexure a statement on the matters specified in
paragraph 4 and 5 of the said order.
Further to our comments in the annexure referred to above, we report
that:
(i) We have obtained all the information and explanation which to the
best of our knowledge and belief, were necessary for the purpose of our
audit.
(ii) 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.
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
(iv) In our opinion the Balance Sheet and the 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.
(v) On the basis of written representations received from the directors
as on 31st March 2010 and taken on record by the Board Of Directors, we
report that none of the directors of the company is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (!) of section 274 of Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in case of Balance Sheet of the state of affairs of the company as
at 31st March, 2010 and
b) in case of Profit and Loss Account of the Loss for the period ended
on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 2 of our report to the Members of
MULTIPURPOSE TRADING AND AGENCIES LIMITED on the Accounts for the
period ended on 31st March, 2010)
i. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets. The
Company has no fixed assets on the day of the Balance Sheet.
ii. The fixed assets of the company have not been revalued during the
period.
iii. The question of physical verification of goods does not arise as
there was no trading activity during the period.
iv. The company has not taken loan, secured or unsecured from
companies, firm and other parties listed in the register maintained
under section 301 and section 370 (1-B) of the Companies Act, 1956.
v. Apart from the trade advances, the company has not granted any loan
to companies, firms or the other parties listed in the register
maintained u/s 301 or to companies under same management as defined
under section 370 (1B) of the Companies Act, 1956.
vi. The company has not granted any loans to a director, relative of a
director and a Firm in which a director of the company is a partner.
vii. In our opinion and according to the information and explanation
given to us, the company has an internal control procedure in general,
commensurate with size of the company and the nature of its business.
viii. As explained to us, the company does only trading activity and
therefore question of unserviceable or damaged goods does not arise.
ix. As the company has not invited public deposits, provision of
section 58A of the Companies Act, 1956 and the Companies (Acceptance of
deposits) Rules, 1975 are not applicable to the company.
x. The company is not required to maintain such records, as there is no
by- product / scrap resulting out of trading activity.
xi. In our opinion, company has adequate internal audit system
commensurate with its size and nature of its business.
xii. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 201 (1) (d) of the
Companies Act, 1956.
xiii. The provision of Provident fund Act and ESI Act are not
applicable to the company and therefore provisions are not applicable.
xiv. In our opinion and according to the information and explanations
given to us, there are no undisputed and outstanding amounts payable in
respect of income-tax, wealth-tax, sales-tax, custom duty and excise
duty as at the last day of the financial period concerned for a period
of more than six months from the date they become payable as on the
Balance Sheet date.
xv. The company does not have accumulated losses at the end of the
financial period. The company has incurred cash losses in the current
period.
xvi. In our opinion and according to the information and explanations
given to us, no personal expenses have been charged to revenue account.
xvii. In our opinion and according to the information and explanations
given to us, the company is not covered within the definition of the
Sick Industrial Company as contained in the section 3(1) (o) of the
Sick Industrial Companys (Special provisions) Act, 1985.
xviii. The other para of the order are not applicable to Company
considering the nature of the business.
For MM Jindal & Co.
Chartered Accountants
Place: New Delhi
Dated: 31.08.2010 Sd/-
Proprietor