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Cupid Trades & Finance Ltd.

BSE: 512361 Sector: Others
NSE: N.A. ISIN Code: INE108G01010
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Cupid Trades & Finance Ltd. (CUPIDTRADES) - Auditors Report

Company auditors report

TO THE MEMBERS OF CUPID TRADES AND FINANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CUPID TRADES & FINANCELIMITED (the Company) which comprise the Balance Sheet as at March 31 2014 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of 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 financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) in the case of the balance sheet of the state of affairs of the Company as at 31March 2014;

ii) in the case of the statement of profit and loss of the profit for the year endedon that date;

iii) In the case of cash flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2003 as amended issuedby the Central Government of India in terms of sub-section (4A) of section 227 of the Actwe give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of theOrder.

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 ourknowledge 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 theCompany so far as appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

d. In our opinion the Balance Sheet & Statement of Profit and Loss comply with theAccounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act1956; and

e. On the basis of written representations received from the directors as on 31 March2014 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Companies Act 1956.

f. Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.

For Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA CA RAKESH PURI
DATE: 22.05.2014 PARTNER
M. No.: 092728

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof CUPID TRADES & FINANCE LIMITED on the accounts of the company for the year ended31st March 2014.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us all the assets have been physically verified by the managementat reasonable intervals during the year. According to information and explanations givento us no material discrepancies have been noticed on such verification.

(c) In our opinion and according to the information and explanations given to us nofixed asset has been disposed during the year and therefore does not affect the goingconcern assumption.

2. Company does not have inventories during the year hence other sub clause notapplicable

3. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 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 ourexamination of the books of account the Company has not taken loans from companies firmsor other parties listed in the register maintained under Section 301 of the Companies Act1956. 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 thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controlshas been noticed.

5. a) Based on the audit procedures applied by us and according to the information andexplanations provided by the management the particulars of contracts or arrangementsreferred to in section 301 of the Act have been entered in the register required to bemaintained under that section.

b) As per information & explanations given to us and in our opinion thetransaction entered into by the company with parties covered u/s 301 of the Act does notexceeds five lacs rupees in a financial year therefore requirement of reasonableness oftransactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58Aand 58AA of the Companies Act 1956.

7. As per information & explanations given by the management the Company has aninternal audit system commensurate with its size and the nature of its business.

8. As per As informed to us the company is not required to maintain cost accounts andrecords as prescribed by Central Government under section 290 (1)(d) of the Companies Act1956

9. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2013 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

10. The accumulated losses at the end of the financial year are not more than 50% ofits net worth and it has incurred cash losses of Rs 156662/- during the financial yearunder report and it has also incurred cash losses in the immediately preceding financialyear.

11. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

12. According to the information and explanations given to us the Company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Thereforethe provision of this clause of the Companies (Auditor's Report) Order 2003 (as amended)is not applicable to the Company.

14. According to information and explanations given to us the Company is trading inShares Mutual funds & other Investments. Proper records & timely entries havebeen maintained in this regard & further investments specified are held in their ownname.

15. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management wereport that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examinationof the Balance Sheet of the Company as at 31st March 2014 we report that nofunds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations givento us by the management we report that the Company has not made any preferentialallotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted audit practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year not have webeen informed of such case by the management.

For Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
CA RAKESH PURI
PLACE: LUDHIANA PARTNER
DATE: 22.05.2014 M. No.: 092728

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