Report on the Financial Statements
We have audited the accompanying financial statements of Multipurpose
Trading And Agencies 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 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 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.
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 entity''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.
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 conformity with the accounting principles generally accepted in
a) in the ease of the Balance Sheet, of the state of affairs of the
Company as at
b) in the case of the Profit and Loss Account, of the loss for the year
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
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
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, Statement of Profit and
Loss, and Cash Flow Statement comply with the Accounting Standards
referred to 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 2014 and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2014, front being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act,
f) Since the Central Government has not issued any notification as to
the rate at f) 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.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 2 of our report to the Members of
MULTIPURPOSE TRADING AND AGENCIES LIMITED on the Accounts for the
period ended on 31st March, 2014)
i. The Company has no fixed assets on the day of the Balance Sheet.
ii. The question of physical verification of goods does not arise, as
there was no, opening inventory & no trading activity during the
iii. a) The company has availed unsecured loan from companies, firm and
other parties listed in the register maintained under section 301 and
section 370 (1- B) of the Companies Act, 1956 amounting to Rs. 4,90,000
(previous year Rs. 10,50,000) and such lending companies are not
charging any interest from the Company.
b) The company has not granted any advance in the current year
(previous year Rs 4,00,000 ) to a company, listed in the register
maintained under section 301 or to companies under same management as
defined under section 370 (IB) of the Companies Act, 1956, where no
interest is being charged by the company.
iv. In our opinion and according to the information and explanation
given to us, the company has an internal control procedure in general,
commensurate with size of the company and the nature of its business.
v. a) The Company has maintained register in pursuance of section 301
of the Act and all the transactions that need to be entered have been
b) In our opinion and according to the information and explanation
given to us there are no transactions exceeding the value of rupees
five lakhs occurred during the year made in respects of any party in
pursuance of contracts or arrangement that needs to be entered in the
register maintained under section 301 of the Companies Act, 1956.
vi. As the company has not invited public deposits, provision of
section 58A of the Companies Act, 1956 and the Companies (Acceptance of
deposits) Rules, 1975 are not applicable to the company.
vii. In our opinion, company has adequate internal audit system
commensurate with its size and nature of its business.
viii. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 201 (1) (d) of the
Companies Act, 1956.
ix. a) The provision of Provident fund Act and ESI Act are not
applicable to the company and therefore provisions are not applicable.
b) In our opinion and according to the information and explanations
given to us, there are no undisputed and outstanding amounts payable in
respect of income-tax, wealth-tax, sales-tax, custom duty and excise
duty as at the last day of the financial period concerned for a period
of more than six months from the date they become payable as on the
Balance Sheet date.
x. The company has incurred cash losses in the current as well as in
the previous financial year Further its accumulated losses are more
than the 50% of Its Net Worth
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institution, bank etc.
xii. The Company has not granted any loans and advances on. the basis
of security by way of pledge of shares, debentures and other
securities, so the question of maintenance of such records does not
xiii. In our opinion, the company is not chit fund or nidhi / mutual
benefit fund society. Hence this clause is not applicable to the
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures, and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor Report) Order,
2003 are not applicable to the company.
xv. As explained to us by the Management of the company, the company
has not given any guarantee for loans taken by others from bank or
xvi. There are no term loan availed by the Company hence any reporting
in the matter is not applicable.
xvii. According to the information and explanation given to us and on
an overall examination of the Balance sheet of the Company, we report
that no funds raised on Short term basis have been used for Long term
xviii. There were no preferential allotment of shares to parties and
companies covered in the register maintained U/S 301 of the Act, hence
this clause is not applicable.
xix. As the company has not issued any debenture this clause is not
XX. The Company has not raised any money from the public issues hence
this clause is not applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For NIDHI BANSAL & CO
Place: New Delhi (Varun Gupat)
Dated: 21.05.2014 (Partner)
[Membership No. 503070]