| We have audited the attached financial statements of Mansoon Trading
Company Limited (hereinafter referred to as the Company), comprising
of the Balance Sheet as at 31st March 2014, the Statement of Profit
and Loss and the Cash Flow Statement for the year ended along with the
Significant Accounting Policies and other explanatory information
forming an integral part thereof.
II. 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 Section 211 (3C) of the
Companies Act, 1956 (hereinafter referred to as the Act), read with
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.
III. 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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
of 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
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 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 the
management, as well as evaluating the overall financial statement
presentation.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a reasonable basis for our audit opinion
IV. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Act, we enclose in the Annexure a statement on
the matters specified in paragraph 4 of the said Order, to the extent
applicable to the Company during the year under review.
2. Further to our comments in the Annexure referred to in 1. above as
per the requirements of Section 227(3) of the Act, we report as
follows:
(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, Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
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
Companies Act, 2013;
(e) On the basis of written representations received from the
respective directors as on 31st March 2014 and taken on record by the
Board of Directors, none of the directors is disqualified as on 31st
March 2014 from being appointed as a director in terms of clause (g)
of sub-section (1) of Section 274 of the Act;
V. 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 2014;
(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.
Annexure to the Auditors' Report
(Referred to in Paragraph IV (1) of our Report of Even Date)
In terms of the information and explanations given to us and the books
and records examined by us and on the basis of such checks as we
considered appropriate, we further report as under:
1. Fixed Assets:
The Company does not have any fixed assets during the year under
review.
2. Inventories
- The Company does not have inventories at any time during the year.
3. Loans to and from parties covered under Section 301 of the Act
The Company has neither taken nor granted any loans from/ to parties
covered in the register maintained under Section 301 of the Act.
4. Internal Control
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 nature of its business with regard to
provision of services. During the course of our audit, we have not
come across any continuing failure to correct major weaknesses in the
prevailing internal controls.
5. Transactions with parties covered under Section 301 of the Act
Based on the records verified by us and on the explanations and
information made available to us, no transactions have been made by
the Company with the parties covered in the Register maintained under
section 301 of the Act during the year, each aggregating to amount
exceeding Rs.5 lacs per annum.
6. Public Deposit
The Company has not accepted any deposits from the pubic within the
purview of directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Act and the rules framed
there under.
7. Internal Audit
The Company does not have a formal internal audit system at any time
during the year under review.
8. Cost Records
We have been explained that the Central Government has not prescribed
for the maintenance of cost records under Section 209 (l)(d) of the
Act, in respect of the class of the Company. ^
9. Statutory Dues
As per the financial and other records verified by us, the Company is
regular in depositing undisputed statutory dues in respect of
Income-tax dues with the appropriate authorities and there are no
undisputed dues in respect of the same outstanding for a period
exceeding six months as at the close of the year.
Considering the present operations of the Company, there can be no
liability on account of Excise Duty, Sales Tax, Service Tax, Customs
Duty, ESIC, and Cess. As explained to us, there were no dues arising
to the Company in respect of the Investor Education and Protection
Fund and Wealth Tax during the year.
As per the records and based on the explanation given to us, following
are the disputed Income tax dues of the Company as at the close of the
year.
Statute Nature of Dues Amount (Rs.) Period (A.Y.) Forum
Income Tax Income Tax and 505.03 Lacs 2011-12 Commissioner
Act, 1961 Interest of Income
Act,1961 Mumbai (5)
10. Accumulated losses
There were no accumulated losses with the Company during the year.
Also the Company has not incurred any cash losses during the current
year or in the immediately preceding year.
11. Loans against pledge of securities
During the year, the Company has not granted any loans and/or advances
on the basis of security by way of pledge of shares, debentures and
other securities to any party.
12. Dues to Financial Institutions/Banks/Debenture Holders .
The Company has not given any guarantee in respect of loans/facilities
availed by group companies/ parties from Banks/financial institutions.
13. Term Loans
Based on our verification of the books of accounts, during the year,
the Company has not raised any term loans from banks / financial
institutions.
14. Guarantees given
As per the records verified by us, during the year, the Company has
not given any guarantee for loans taken by others from banks or
financial institutions.
15. Preferential Allotment
During the year under review, the Company has not made any
preferential allotment of its equity shares to parties and/or to
concerns ought to be listed in the Register maintained under Section
301 of the Act.
16. Debentures
No debentures have been issued by the Company during the year under
review and hence the question of creation of charge is not applicable.
17. Public Issue
The Company has not raised any money through public issue during the
year under review.
18. Frauds:
Based upon the audit procedures performed for the purpose of reporting
the true and fair view of the financial statements and as per the
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..
19. Other Clauses:
Other Clauses of the said order are not applicable to the Company
during the year under review.
For Shyam Malpani & Associates
Chartered Accountants
Firm Registration No. 120438 W
Shyam Malpani
Proprietor
Membership No. F- 34171
Mumbai, dated 30th June 2014
|