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Mishka Finance and Trading

BSE: 512191|ISIN: INE231N01024|SECTOR: Finance - Investments
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« Mar 14
Auditor's Report (Mishka Finance and Trading) Year End : Mar '15
We have audited the accompanying financial statements of Mishka Finance
 & Trading Limited (the Company), which comprise the Balance Sheet as
 at 31/03/2015, the Statement of Profit and Loss, for the year then
 ended, and a summary of the 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 stated
 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 and financial performance 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 maintenance of adequate
 accounting records in accordance with the provisions of the Act for
 safeguarding of the assets of the Company and for preventing and
 detecting 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 adequate internal financial controls, 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 the
 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 a true and fair view in order to design
 audit procedures that are appropriate in the circumstances. An audit
 also includes evaluating the appropriateness of the accounting policies
 used and the reasonableness of the accounting estimates made by the
 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, of the state of affairs of the Company as
 at 31/03/2015, and its Profit and its 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 (the
 order) issued by the central government of India in terms of
 sub-section (11) of Section 143 of the Act, we give in the annexure a
 statement on the matters specified in paragraph 3and 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 it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and 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 the written representations received from the
 directors as on 31/03/2015 taken on record by the Board of Directors,
 none of the directors is disqualified as 31/03/2015 from being
 appointed as a director in terms of Section 164 (2) of the Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company did not have any pending litigations on its financial
 position in its financial statements.
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii.  The Company does not required to be transferred fund to the
 Investor Education and Protection Fund.
 
 (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date)
 
 (1) In Respect of Fixed Assets
 
 (a) The company does not have fixed assets thus clauses 1 (a) & (b) are
 not applicable to the company.
 
 (2) In Respect of Inventory
 
 (a) Physical verification of inventory has been conducted at reasonable
 intervals by the management.
 
 (b) Procedures for physical verification of inventory followed by the
 management is reasonable and adequate in relation to the size of the
 company and the nature of its business. There is no inadequacies in
 such procedures that should be reported.
 
 (c) Company is maintaining proper records of inventory. No material
 discrepancies were noticed on physical verification.
 
 (3) Loans and advances to parties covered under section 189
 
 In our opinion and according to the information and explanations given
 to us, the Company has neither granted nor taken any loans, secured or
 unsecured to/ from the companies, firms or other parties covered in the
 register maintained under Section 189 of the Companies Act, 2013;
 
 (a) The loans granted are re-payable on demand. As informed, the
 company has not demanded repayment of any such loan during the year,
 thus there has been no default on the part of the parties to whom the
 money has been lent. The payment of interest has been regular.
 
 (b) There is no overdue amount of any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Companies Act
 
 (4) Internal Control in reference to Purchase of Inventory and Fixed
 Assets and whether there is continue failure of Internal control
 
 In our opinion and according to the information and explanations given
 to us there are adequate internal control system commensurate with the
 size of the company and the nature of its business for the purchase of
 inventory and fixed assets and for the sale of goods and services.
 During the course of audit We have not observed continuing failure to
 correct major weaknesses in internal control system.
 
 (5) Rules followed while accepting Deposits
 
 No deposits within the meaning of Sections 73 to 76 or any other
 relevant provision of the Act and rules farmed there under have been
 accepted by the Company.
 
 (6) Maintenance of cost records
 
 The Company is not required to maintain cost records pursuant to the
 Rules made by the Central Government for the maintenance of cost
 records under sub-section (l) of section 148 of the Companies Act.
 
 (7) According to the information and explanations given to us in
 respect of statutory dues
 
 (a) The company is regular in depositing with appropriate authorities
 undisputed statutory dues including Provident fund, EmployeesRs, state
 insurance, Income tax, Service tax, and other material statutory dues
 applicable to it.
 
 
 (b) According to the records of the Company, there are no dues of
 provident fund, Employees'' state insurance, income-tax, sales-tax,
 wealth tax, service tax, duty of customs, duty of excise, value added
 tax or cess and any other statutory dues with the appropriate
 authorities that have been not been deposited on amount of any dispute.
 
 (c) The Company does not required to be transferred fund to the
 Investor Education and Protection Fund.
 
 (8) Company which has been registered for a period less than five years
 and accumulated losses are more than 50% of Net worth, Reporting of
 cash Losses
 
 The company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses in the financial year
 and in the immediately preceding financial year.
 
 (9) Default in Repayment of Loans taken from Bank or Financial
 Institutions
 
 The company has not taken any loan from Bank or Financial Institutions.
 
 (10) Terms for Loans and Advances from Banks or Financial Institutions
 prejudicial to the interest of the company
 
 As company has not taken any loan Bank or Financial Institutions , thus
 this clause is not applicable .
 
 (11) Application versus purpose of Term Loan.
 
 During the year, the Company has not taken any term loans..
 
 (12) Reporting of Fraud During the Year Nature and Amount
 
 According to the information and explanation given to us, no fraud on
 or by the company has been noticed or reported during the year.
 
 For Raju & Prasad Chartered Accountants
 
 Chartered Accountants 
 
 FRN : 003475S
 
 Sd/-
 
 AVINASH T. JAIN
 
 Partner
 
 Membership No. 041689
 
 Place : Mumbai 
 
 Date : 29/05/2015
Source : Dion Global Solutions Limited
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