Mar 31, 2015
We have audited the accompanying financial statements of MFS INTERCORP
LIMITED which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the 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 Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view 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 Company's Directors, 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 on the financial
statements.
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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, 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
As required by the Companies (Auditor's Report) Order, 2015 issued by
the Central Government of India in term of sub-section (11) of section
143 of the Companies Act, 2013 we give in the Annexure a statement on
the matters specified in the paragraphs 3 and 4 of the Order, to the
extent applicable.
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, the 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund 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. The company does not have any Fixed Assets. Hence, clause (i) (a) &
(b) are not applicable to the company.
2. The company does not have any inventory. Hence, clause (ii) (a),
(b) & (c) are not applicable to the Company.
3. As per information and explanation given to us, the company has not
granted loans to parties covered in the register maintained under
section 189 of the Companies Act hence clause (iii) (a) & (b) 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. During the course
of our audit we have not observed any continuing failure to correct
major weakness in internal controls.
5. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under are not applicable to the Company.
6. As informed to us, Central government has not prescribed
maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, in respect of products of the company.
7. In respect of Statutory dues:
a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues with the
appropriate authorities during the year.
b) As per information & according to explanation given to us, there are
no cases of non deposit with the appropriate authorities of disputed
dues of Income-tax, and any other statutory dues with the appropriate
authorities during the year.
c) There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
8. The accumulated losses at the end of the financial year are not
more than 50% of its net worth. The Company has incurred cash losses of
Rs. 87868/- during the financial year covered by the audit and also
incurred losses in the immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, there are no loans taken from financial
institution, banks or debenture-holders therefore the question of
payments does not arise.
10. 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.
11. The company has not raised any term loans during the year.
12. In our opinion and according to the information and explanations
given to us, no material fraud on or by the company, has been noticed
or reported, during the course of our audit.
For, Y. D. & CO
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.05.2015 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of MFS INTERCORP
LIMITED (Formerly known as Muskan Ferro Silicons Limited) 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
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, the Statement of Profit and Loss, and the 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 the Cash Flow Statement comply with 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 the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
Annexure to the Auditors'' Report
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of MFS INTERCORP LIMITED (Formerly known as Muskan Ferro
Silicons 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. 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 information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
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, 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.
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
39095/- during the financial year under report
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. 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.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 29.05.2013
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of MFS INTERCORP
LIMITED (Formerly known as Muskan Ferro Silicons Limited) 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 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.
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. 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 information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
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
NIL 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. 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.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.08.2013 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2012
(1) We have audited the attached Balance Sheet of MFS Intercorp Limited
(Formerly known as Muskan Ferro Silicons 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 together with the
Notes thereon, particularly the note no 4 regarding inter corporate
investment and Loans 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 to the Auditors' Report
Annexure referred to in Paragraph 3 of the Auditors Report of Even date
to the Member of MFS Intercorp Limited (Formerly known as Muskan Ferro
Silicons Limited)
i) The Company does not have any Fixed Assets.
ii) The Company does not have any inventory during the year.
iii) The Company has neither granted nor taken any loans during the
year, secured or unsecured, from companies, firms or other parties
listed in the register maintained under Section 301 of the Act.
iv) 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. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations given to us, we are of
the opinion that there are no transactions that need to be entered into
the register maintained under section 301 of the companies Act 1956.
vi) In our opinion, and according to the information and explanations
given to us, the company has not accepted any fixed deposits which are
covered under provisions of section 58A and section 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule
1975.
vii) In our opinion and according to the information and explanations
given to us, Company does not have internal audit system commensurate
with the size and nature of its business.
viii) The Central government has not prescribed any maintenance of cost
records for the Company's product pursuant to Rules made under section
209 (1)(d) of the Companies Act, 1956.
ix) It is informed to us that provident fund, employees' state
insurance, income-tax, sales-tax, wealth tax, customs duty, excise
duty, cess and other material statutory Law are not applicable to the
company and no undisputed liabilities as on 31st March,2012 outstanding
for a period of more than six months from the date they became payable.
x) The Company has incurred cash loss during the year . and also in
immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us the disputed amount of secured loan is Rs. 1372200/- and
the matter is pending.
xii) As per information & according to explanation 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.
xiii) The provisions of any special statue applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
xiv) As per information & according to explanation given to us, the
Company has not made any investments
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) As per information & according to explanation given to us, the
company has not obtained any term loan 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 preferential 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 debenture till date. Therefore,
creation of reserves in respect of debentures does not arise.
xx) The Company has not raised any money by public issues 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
auditing 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.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 09.08.2012 CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2011
(1) We have audited the attached Balance Sheet of MUSKAN FERRO SILICON
LIMITED as on 31st March 2011, 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 2011 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 together with the
Notes thereon, particularly the note no 4 regarding inter corporate
investment and Loans 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 2011 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 TO AUDITORS' REPORT
Annexure referred to in Paragraph 3 of the Auditors Report of Even date
to the Member of MUSKAN
FERRO SILICON LIMITED
i) The Company does not have any Fixed Assets.
ii) The Company does not have any inventory during the year.
iii) The Company has neither granted nor taken any loans during the
year, secured or unsecured, from companies, firms or other parties
listed in the register maintained under Section 301 of the Act.
iv) 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. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations given to us, we are of
the opinion that there are no transactions that need to be entered into
the register maintained under section 301 of the companies Act 1956.
vi) In our opinion, and according to the information and explanations
given to us, the company has not accepted any fixed deposits which are
covered under provisions of section 58A and section 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule
1975.
vii) In our opinion and according to the information and explanations
given to us, Company does not have internal audit system commensurate
with the size and nature of its business.
viii) The Central government has not prescribed any maintenance of cost
records for the Company's product pursuant to Rules made under section
209 (1)(d) of the Companies Act, 1956.
ix) It is informed to us that provident fund, employees' state
insurance, income-tax, sales-tax, wealth tax, customs duty, excise
duty, cess and other material statutory Law are not applicable to the
company and no undisputed liabilities as on 31st March,2011 outstanding
for a period of more than six months from the date they became payable.
x) The Company has incurred cash loss during the year . and also in
immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us the disputed amount of secured loan is Rs. 1372200/- and
the matter is pending.
xii) As per information & according to explanation 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.
xiii) The provisions of any special statue applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
xiv) As per information & according to explanation given to us, the
Company has not made any investments
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) As per information & according to explanation given to us, the
company has not obtained any term loan 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 preferential 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 debenture till date. Therefore,
creation of reserves in respect of debentures does not arise.
xx) The Company has not raised any money by public issues 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
auditing 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.
For C. P. Rawka & Co.
CHARTERED ACCOUNTANTS
FRN No. 000518 C
Sd/
C. P. Rawka
Place : Indore Proprietor
Dated : 01st September, 2011 M.No. 70060
Mar 31, 2010
We have audited the attached Balance Sheet of MUSKAN FERRO-SILICONS
LTD. as at 31st MARCH 2010 & also the annexed Profit & Loss Account
and Cash Flow statement of the Company for the year ended on that date
annexed thereto. These Financial statements are the responsibility of
the MUSKAN FERRO SILICONS LTD. management. Our responsibility is to
express on opinion on these financial statement based on our Audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan ans perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An Audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in 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.
01. 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, We annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order.
02. Further to our comments in Annexure referred to in paragraph 1
above, we report that :
a. We have obtained all the information & explanation which to the
best of our knowledge & belief necessary for the purpose of our audit.
b. In our opinion, proper books for Accounts as required by law have
been kept by the Company so for as apperars from our examination of
Books of the Company.
c. The Balance Sheet and Profit & Loss Account dealt by the report arc
in agreement with the books of Accounts of the Company.
d. In our opinion, the Balance Sheet and the Profit & Loss Account and
Cash Flow statement dealt with by this report comply with the
Accounting Standard referred to in Section 211 (3C) of the Companies
Act 1956 the extent applicable.
e. On the basis of the 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 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 Act1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Accounts, read together with the
notes thereon, give the information required by the Companies Act 1956
in the mariner so required and present a true and fair view in
conformity with the accounting principles generally accepted in India.
(i) In the case of Balance Sheet of the state of the affairs of the
company as at 31st March 2010.
(ii) In the case of profit & Loss Account, of the profit for the year
ended on that date.
(iii) In the case of Cash Flow statement of the Cash Flow for the year
ended on that date.
Annexure Referred to in the Auditors report on the accounts of Muskan
Ferro Silicon Ltd.
1. (a) In our opinion, the procedures of physical verification of
Stock of Shares followed by the management were adequate in relation to
the size of the company and the nature of its business.
(b) The company is maintaining proper records of Stock of Shares. The
discrepancies noticed on physical verification of stocks as compared to
book records were not materials and have been properly dealt with in
the books of account.
2. The company had not taken or granted any loans, secured or
Unsecured from companies, firm or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956.
3. 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
purchases of inventory and fixed assets and for the sale of goods.
Further, in our opinion, there is no continuling failure to correct
major weaknesses in internal control.
4 (a) To the best of our knowledge and belief and according the
information and explanations given to us, we are of the opinion that
the none transaction that need to be entered into the register
maintained under section 301 of companies act, 1956.
(b) In the opinion and having regard to our comments in paragraph (IV)
above and accounting to the information and explanations given to us,
that no transaction made in purchase of contracts or arrangements
entered in the register maintained under Section 301 of Companies Act
1956.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted deposit from the public
during the year.
6. The company has an internal audit system commensurate with its size
and nature of its business.
7. The Central Government has not prescribed the maintenance of cost
records by the company under section 209 (I)(d) of the Companies Act,
1956.
8. (a) It is informed to us that Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales-Tax,
Custom Duty, Excise Duty, cess not applicable to the co. and no
undisputed liabilities as on 31st March 2010 outstanding for a period
of more than six months from the date they became payable.
(b) As per the information and explanations given to us there is no
case where sales tax/income tax/ wealth tax/ custom duty/excise
duty/cess have not been deposited on account of dispute.
9. The compnay has made loss during the Current year.
10. In our opinion and according to the information and explanation
given to us the disputed amount of secured loan is Rs. 13,72.200/- and
the matter is pending :
11. 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.
12. The company is not a Chit fund, nidhi or mutual benefit
fund/society.
13. In our opinion, the company has maintained proper records of the
transactions and contracts of the Investment/Proceeding of shares dealt
is by the Company and timely entries have been made there in. The
investment made by the company are in its own name.
14. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
15. According to the inforamtion and explantions given to us, and on
overall examination of the Balance Sheet of the company we report that
company has not raised term loans from Bank and Financial Institutions
during the year.
16. According to the information and explanations given to us. and on
overall examination of the Balance Sheet of the Company the funds not
raised by either short term or long term.
17. The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956.
17. The company has not issued any debentures during the year.
18. The company has not made any public issue during the year.
19. According to the information and explanations given to us, any
fraud on or by the company has not been noticed tpr reported during the
year.
For : C.P. Rawka & Co.
Chartered Accountants
C.P. Rawka
Proprieter
Place: INDORE
Date : 20.08.2010