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Mishka Finance and Trading
BSE: 512191|ISIN: INE231N01024|SECTOR: Finance - Investments
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« Mar 12
Auditor's Report (Mishka Finance and Trading) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Mishka Finance
 and Trading Limited, which comprise the Balance Sheet as at 31st March
 2013, the Statement of Profit and Loss and the Cash Flow Statement 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 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 the
 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 the 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 the 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 31st March, 2013;
 
 (b) in the case of the Statement of Profit and Loss, of the profit of
 the Company for the year ended on that date, and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company 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 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, 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, Statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 referred to in sub- section (3C) of section 211 of the Act.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2013 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2013
 from being appointed as a director in terms of clause (g) of
 sub-section (1) of section 274 of the Act.
 
 Annexure to Independent Auditor''s Report
 
 (Referred to in paragraph 1 under Report on Other Legal and Regulatory
 Requirements section of our report of even date)
 
 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 maintaining of
 records or physical verification is not applicable to the extent.
 Consequently, the provisions of clauses 1 (b) and 1(c) of the order are
 not applicable to the Company.
 
 2. (a) As explained to us, physical verification of inventories has
 been conducted by the management at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 (c) In our opinion and on the basis of our examination of the records,
 the Company is generally maintaining proper records of its inventories.
 No material discrepancy was noticed on physical verification of stocks
 by the management as compared to book records.
 
 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.
 
 (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.
 
 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, there were no
 contracts or arrangements referred to in section 301 of the Act, 1956.
 Hence Clause 5(b) of the said order is not applicable.
 
 6.  The Company has not accepted any deposits from the public and
 consequently, the directives issued by the Reserve Bank of India and
 the provisions of Sections 58A, 58AA or any other relevant provisions
 of the Act and the rules framed there under of the Companies Act, 1956
 are not applicable.
 
 7.  As per information & explanations given by the management, the
 Company did not have any internal audit system commensurate with its
 size and the nature of its business.
 
 8.  As per information & explanation given by the management, the
 company is not required to maintain cost records as prescribed by the
 Central Government under clause (d) of sub-section (1) of section 209
 of the Act, 1956.
 
 9.  (a) The Company is regular in depositing the undisputed statutory
 dues including Provident Fund, Investor Education and Protection Fund,
 Employees'' State Insurance , Income Tax, Sales Tax, Value Added Tax,
 Wealth Tax, Service Tax, Custom Duty and Excise Duty, cess and other
 material statutory dues applicable to it with appropriate authorities
 were in arrears, as at 31st March,2013 for a period of more than six
 months from the date they became payable.
 
 (b) According to records of the Company examined by us there are no
 dues of Sales Tax, Value Added Tax, Wealth Tax, Income Tax, Service
 Tax, Custom Duty, Excise Duty and Cess which have not been deposited on
 account of any dispute.
 
 10.  In our opinion, the company has no accumulated losses during the
 financial year covered by our audit, Further; the company has incurred
 cash losses during the financial year covered by our audit and the
 immediately preceding financial year.
 
 11. The Company has neither taken any loans from a financial
 institution or a bank nor issued any debentures.
 
 12. The Company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13. In our opinion and according to information and explanations given
 to us, the nature of activities of the Company does not attract any
 special statute applicable to chit fund and nidhi /mutual benefit fund
 / societies.
 
 14.  According to information and explanations given to us, the Company
 is trading in Shares. 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 guarantee for loans taken by others from
 banks or financial institutions.
 
 16. The Company has not obtained any term loans.
 
 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.  The Company has not made any preferential allotment of shares to
 companies or firms or parties covered in the register maintained under
 section 301 of the Companies Act, 1956
 
 19.  The company did not have outstanding debentures during the year.
 
 20.  During the year, the Company has not raised money by public
 issues.
 
 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 MNRD & Associates
 
                                    Chartered Accountants
 
                                    Firm Reg. No. 126991W
 
                                    Narayan Toshniwal 
 
                                    Partner
 
                                    Mem. No. 048334 
 
 Place: Mumbai Dated: 29.05.2013
Source : Dion Global Solutions Limited
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