We have audited the attached Balance Sheet of MOUNTEVEREST TRADING &
INVESTMENT LIMITED as at
31st March, 2007 and also the Profit & 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
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies [Auditors Report] order, 2003 as
amended by the Companies [Auditors Report) [Amendment] order 2004
issued by the Central Government in terms of Section 227[4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said order to the
extent applicable to the Company.
2. Further to our comments in the annexure referred to above, we
report that :-
a] We have obtained all the information and explanations which to the
best of our knowledge and belief, were necessary for the purpose of our
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 such
c] The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d] In pur opinion, the balance sheet, profit and loss account and Cash
Row statement dealt with by this report comply with the applicable
accounting standards referred to in sub-section [3c] of section 211 of
the Companies Act, 1956.
e] . On the basis of written representations received from the
directors as on 31st March, 2007 and taken on record by the Board of
Directors, we report that none of the directors of the company is
disqualified from being appointed as Director as at 31st March, 2007 in
terms of section 274[1 ] [g] of the Companies Act, 1956.
f] In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Significant Accounting Policies and other Notes thereon in Schedule -
14, give the information required by the Companies Act, 1956 in the
manner so required and give 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 31.3.2007.
ii] In the case of the Profit & Loss Account of the PROFIT of the
company for the year ended on that date.
iii] In case of cash flow statement of the cash flow of the company for
the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT ON ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH, 2007
1. The Company has no fixed assets during the year.
2. The company has no stocks of finished goods etc.
3. According to the information and explanations given to us, 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 Companies Act 1 956. Accordingly,
paragraph 4 (iii) [b], [c] and [d] of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us there are adequate internal control procedure commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories, fixed assets and with regard to the sale of
goods. During the course of audit, no major weakness has been noticed
in the underlying internal controls.
5. In our opinion and according to information and explanations given
to us there are no transactions that are required to be entered in the
register maintained under section 301 of the Act.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of provisions of section 5BA and 58AA of the Companies Act,
1956 and the Companies [Acceptance of Deposits) Rules, 1975.
7. In our opinion and according to the information and explanations
given to us, the Company has adequate internal audit system
commensurate with its size and nature of its business.
8. We are informed that the Central Government has not prescribed the
maintenance of cost records under section 209[1 ][d] of the Companies
9. As per information and explanations given to us the Company has
been regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at the year end
outstanding for a period of more than six months from the date they
10. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Paragraph 4 [xii] of the order is not applicable.
11. During the year the Company has not made any preferential
allotment of shares to parties and Companies covered in the Register
maintained u/s 301 of the Companies Act 1 956. As such paragraph 4
[xviii] of the order is not applicable.
12. Since the Company has not raised money by way of Public Issue
during the year paragraph 4 [xx] of the order is not applicable.
13. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended 31.03.2007.
14. Other clauses of the order are not applicable to the Company for
the year under report.
For O.P. BAGLA & CO.
Place : New Delhi [Atul Aggarwal)
Dated : 30.06.07 Partner
M. No. 92656