Mar 31, 2014
We have audited the accompanying financial statements of MACK TRADING
COMPANY 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 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") 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.
Auditors'' 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 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of Statement of the Profit and Loss Account, of the
"Profit" for the year ended on that date; and
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, the Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under 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.
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, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in paragraph 1 of the Our Report of even date to the
members of MACK TRADING COMPANY LIMITED on the accounts of the company
for the year ended 31st March, 2014.
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, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
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. (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 4
(iii) [(b), (c) and (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.
3. 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 fixed assets and payment for expenses. During the course of
our audit, no major instance of continuing failure to correct any
weaknesses in the internal controls has been noticed.
4. 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.
5. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
6. 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.
7. (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, 2014 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.
8. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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.
15. The Company has no outstanding debentures during the period under
audit.
16. The Company has not raised any money by public issue during the
year.
17. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
18. Clauses (ii), (viii), (xi), and (xiii) of the aforesaid order are
not applicable to the company.
For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
Sd/-
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No.: 040403
Place: MUMBAI
Date: 29/05/2014
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of MACK TRADING
COMPANY LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, 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 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.
Auditors'' 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 andperform 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 ofmaterial 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Profit and Loss Account, of the "Profit" for the
year ended on that date; and
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
{"theOrder") 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 taw 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
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
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, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in paragraph 1 of the Our Report of even date to the
members of MACK TRADING COMPANY LIMITED, on the accounts of the company
for the year ended 31st March, 2013.
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, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
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. (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 4
(Hi) [(b), (c) and (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.
3. 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.
4. 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-IIFftoancial year
therefore requirement of reasonableness of transactions d^^Wr-3l^^,
14. 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.
15. The Company has no outstanding debentures during the period under
audit.
16. The Company has not raised any money by public issue during the
year.
17. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
18. Clauses (ii), (viii),(xi),and (xiii) of the aforesaid order are
not applicable to the company.
For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No. : 040403
Place: MUMBAI
Date: 31/05/2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of MACK TRADING COMPANY
LIMITED as at 31st March., 2012 the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed there to.
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. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 (the Act), we annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said Order..
3. We conducted our audit in accordance with standards on auditing
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 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.
(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 of accounts;
(c) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the Books of
Account.
(d) In our opinion,, the Balance Sheet of the company comply with
Accounting Standards as referred in sub-section (3C) of Section 211 of
the Company Act, 1956, to the extent applicable.
(e) As per information and explanations given to us, none of the
directors of the company are disqualified from being appointed as a
director under clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us., the said accounts, read together with
significant Accounting Polices and Notes forming part of 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 Indiai.
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March., 2011,
ii) in the case of Profit and Loss Account, the "Profit" of the Company
for the year ended on that date,
iii) in the case of the Cash Flow Statement of the cash flows for the
year ended on that date,.
ANNEXURE TO THE AUDITORS, REPORT Referred to in our Report of even
date:
On the basis of such checks as we considered appropriate and in terms
of the information and explanation given to us, we state that :
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year, there is a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) No disposal of fixed assets of the Company has taken place during
the year.
(a) The company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
The Company has adequate internal control procedure commensurate with
the size of the Company and nature of its Business for purchase of
inventories and fixed assets and for the sale of goods and services.
(a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into a register
in pursuance of section 301 of the Companies Act, 1956, have been so
entered.
(b) There are no transaction of purchase and sales of goods, materials
and services made in pursuance of contracts or arrangement entered in
the register maintained under section 301 of the Act aggregating during
the year to Rs. 500000 or more in respect of each party.
On the basis of such checks as we considered appropriate and in terms
of the information and explanation given to us, we state that :
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management
during the year, there is a regular programme of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) No disposal of fixed assets of the Company has taken place during
the year.
(a) The company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
The Company has adequate internal control procedure commensurate with
the size of the Company and nature of its Business for purchase of
inventories and fixed assets and for the sale of goods and services.
(a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into a register
in pursuance of section 301 of the Companies Act, 1956, have been so
entered.
(b) There are no transaction of purchase and sales of goods, materials
and services made in pursuance of contracts or arrangement entered in
the register maintained under section 301 of the Act aggregating during
the year to Rs. 500000 or more in respect of each party.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted / invited any deposits
falling within the preview of Section 58A / 58AA of the Companies Act,
1956 during the financial year.
6. In our opinion, the Company has Internal Audit system commensurate
with the size and nature of its Business.
7. (a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed Statutory dues
including Investor Education Protection Fund, Employees State
Insurance, Income-tax, Sales-tax, Wealth-tax, Custom Duty, Provident
Fund, Cess and other material statutory dues applicable to it except
Provident Fund.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income-tax, Wealth-tax,
Sales-tax, Customs Duty, Excise months from the date they became
payable
(c) According to the information and explanation given to us, there are
no dues of sales tax, Income Tax, Customs duty, Wealth Tax, Excise duty
and Cess which have not deposited on Account of any dispute.
8. The Company did not have any accumulated losses at the end of the
Financial year nor had it incurred any cash loss during the financial
year or in the immediately preceding Financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advance on the
basis of security by way of pledge of shares, debentures and other
securities.
10. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
11. The Company has not taken any term loan during the year.
12. The Company has not made any preferential allotment of shares
during the year to parties and Companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
13. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the company nor have we been informed by the management of any such
instance being noticed or reported during the year.
14. Clauses (ii), (viii), (xi), (xiii), (xiv), (xvii), (xix) and (xx)
of the aforesaid Order are not applicable to the company,,
for A.K.NEVATIA AND ASSOCIATES
Chartered Accountants
CA ANIL KUMAR NEVATIA
(M.NO.040403)
Place: MUMBAI 19, LAXMINARAYAN SHOPPING
Date: 26.05.2012 CENTRE, PODDAR ROAD, MALAD
EAST, MUMBAI, MAHARASHTRA-400097
Mar 31, 2011
We have audited the attached Balance Sheet of MACK TRADING COMPANY
LIMITED as at 31st March., 2011 and also the annexed Profit and Loss
Account and the Cash Flow Statement for the year ended on that date-
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 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 from any material misstatement,. An audit
includes, examining on a 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion,,
2. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 (the Act, we annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said Order..
3. Further to our comments In the Annexure referred to above, we report
that::
i. 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..
ii. 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.
iii. The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the Books of
Account,,
iv. In our opinion,, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section 3 (C) of Section 211 of
the Act,,
v. Based on representations made by all the Directors of the Company to
the Board and the information and explanations as made available to us
by the Company,, none of the Directors of the Company primaÃfacie have
any disqualifications as referred to in clause (g) of sub-section (1)
of Section 274 of the Act.
vi. In our opinion and to the best of our information and according to
the explanations given to us., the said accounts read with the notes
thereon 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 Indiai.
(a) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March., 2011,
(b) in the case of the Profit and Loss Account., of the Profit for the
year ended on that date,
and
(c) in the case of the Cash Flow Statement of the cash flows for the
year ended on that date,.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011 OF MACK
TRADING COMPANY LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us,, we state that;:
i. a) The Company has maintained proper records to show full
patriculars including quantitative detai1s and situations of its fixed
assets.
b) The fixed assets of the company have been physically verified during
the year by the management and no material discrepancies between the
book records and the physica1 inventory have been noticed.
c) Wo substantial part of fixed assets of the company has been disposed
off during the year.
ii. The company has neither granted nor taken any loans,, secured or
unsecured., to/from companies., firms or other parties covered in the
register maintained under Section 301 of the Act.,
iii. In our opinion, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business for purchase of inventories and fixed assets and for the sale
of goods and services.
iv. a) In our opinion the transactions that need to be entered in the
register maintained under Section 301 of the Act have been so entered.
b) There are transactions of purchase and sale of goods,, materials and
services made in pursuance of contracts or arrangements entered in the
register maintained under Section 301 of the Act aggregating during the
year to Rs. 5,00,000 or more in respect of each party.
v. The Company has not accepted any deposits from the public.
vi. In our opinion., the company's present internal audit system :i.s
commensurate with its size and nature of its business,.
vii. a) The company has been regular in depositing undisputed statutory
dues including Provident Fund,, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax., Wealth Tax,,
Service Tax, Customs Duty,, Excise Duty, Cess and other statutory dues
with the appropriate authorities applicable to it.
b) At the end of the financial year there were no dues of Sales Tax,
Income Tax, Customs Duty, Wealth Tax,, Service Tax., Excise Duty and
Cess which have not been deposited on account of any dispute.
viii. The company did not have any accumulated losses at the end of
the financial year, nor had it incurred any cash loss during the
financial year or in the immediately preceding financial year.
ix. The company has not granted any loans and advances on the basis of
security by way of pledge of shares,, debentures and other securities.
x. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
xi. There were no term loans obtained by the company during the year.
xii. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under Section 301 of the Act.
xiii. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the company nor have we been informed by the management of any such
instance being noticed or reported during the year.
xiv. Clauses (ii), (viii), (xi),, (xiii), ( xiv), (xvii), (xix) and
(xx) of the aforesaid Order are not applicable to the company,,
For R. V. SHAH & CO.,
Firm Registration No. 109765 W
Chartered Accountants
(R.V. SHAH)
Proprietor
Membership No. 016097
Place : MUMBAI
DATED : 27th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of HACK TRADING COMPANY
LIMITED as at 31st March,, 20.1.0 and also the annexed Profit and Loss
Account 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.
1. 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 from any material misstatement. An audit
includes,, examining on a 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 presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Government of India in terms of Section 227 (4A)
of the Companies Act, 1956 (the Act), we annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said Order.:
3, Further to our comments in the Annexure referred to above, we
report. that.
i. 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.
ii. 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,.
iii. The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the Books of
Account,
iv. In our opinion,, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt. with by this report comply with the
Accounting Standards referred to in sub-section 3 (C> of Section 211.
of the Act.
v. .Based on representations made by all the Directors of the Company
to the Board and the .information and explanations as made available to
us by the Company none of the Directors of the Company prima-facie
have any disqualifications as referred to in clause (g) of sub-section
(1) of Section 274 of the Act,
vi. In our opinion and to the best of our information and according to
the explanations given to us.,, the said accounts read with the notes
thereon 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 I ndias
(a) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March,, 2010,
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
and
(c> in the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2010 OF MACK
TRADING COMPANY LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that;
i. a) The Company has maintained proper records to show full
particulars including quantitative details and situations of its fixed
assets.
b) The fixed assets of the company have been physically verified during
the year by the management. and no material discrepancies between the
book records and the physical inventory have been noticed.
c) No substantial part of fixed assets of the company has been disposed
off during the year.
ii. The company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties- covered in the
register maintained under Section 301 of the Act.
iii. In our opinion,, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business for purchase of inventories and fixed assets- and for the sale
of goods and services.
iv. a) In oar opinion the transactions that need to be entered in the
register maintained under Section 30.1 of the Act have been so entered.
b) There are no transactions of purchase and sale of goods. materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Act aggregating during
the year to Rs,. 5,00Ã0O0 or more in respect of each party.
v. The Company has not accepted any deposits from the public.
vi. In our opinion, the companys present internal audit system is
commensurate with its size and nature of its business.
vii. a) The company has been regular in depositing undisputed statutory
dues including Provident Fund. Investor Education and Protection Fund
Employees State Insurance, Income Tax, Sates Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other" statutory dues with the
appropriate authorities applicab1e to it.
b) At the end of the financial year there were no dues of Sales Tax,
Income Fax. Customs Duty,, Wealth Tax, Service Fax, Excise Duty and
(Cess which have not been deposited on account of any dispute.
viii. The company did not have any accumulated losses at the end of
the financial year, nor had it incurred any cash loss during the
financial year or in the immediately preceding financial year
ix. The company has not (granted any loans, and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
x. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
xi, There were no term loans obtained by the company during the year.
xii. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under Section 301 of the Act.
xiii. During the course of our examination of the books of" "account
carried out in accordance with the generally accepted auditing
practices in India,, we have not come across any instance of fraud on
or by the compare nor have we been informed by the management of any
such instance being noticed or reported during the year.
xiv. Clauses (ii), (viii), (xi),, (xiii),(xiv), (xvii), (xix ) and (xx)
of the aforesaid Order are & not applicable to the company.
For R. V. SHAH & CO.,
Chartered Accountants
(R.V. SHAH)
Proprietor
Membership Mo. 016977
place : Mumbai
DATED : 31st Hay, 2010
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