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Mack Trading Co Ltd.

BSE: 501471 Sector: Others
NSE: N.A. ISIN Code: INE436D01012
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Mack Trading Co Ltd. (MACKTRADINGCO) - Auditors Report

Company auditors report

To the Members of

MACK TRADING COMPANY LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of MACK TRADING COMPANY LIMITED("the Company") which comprise the Balance Sheet as at March 31 2015 and 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 Financial Statements

Management is responsible for the matters stated in section 134(5) of Companies Act2013 ("the Act") with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the Accounting principles generally accepted inIndia including the accounting standards specified under section 133 of the act readwith rule 7 of the companies (Accounts) Rules 2014.This responsibility also includes themaintenance of adequate accounting records in accordance with provision of the act forsafeguarding the assets of the company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgement and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provision of the act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovision of the act and the rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 sufficient and appropriate toprovide a basis for our audit opinion the financial statements.

Basis for Qualified Opinion

Company being listed company is required to appoint Internal Auditor under section 138of Company’s Act 2013 but company has not complied with such provision of theCompany’s Act 2013.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effect of matter described in the basis for QualifiedOpinion paragraph the financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) In the case of Statement of the Profit and Loss Account of the "Profit"for the year ended on that date; and

c) In the case of the 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 2015’ issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanation s given to us we give in the Annexure a statement on thematters specified in paragraph 3 and 4 of Order.

2. As required by section 143(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 and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) in our opinion the Balance Sheet the Statement of Profit and Loss and Cash FlowStatement comply with Accounting Standards referred to in section 133 of the companiesact 2013 read with rule 7 of the Companies (Accounts) Rules 2014

e) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of clause (g) ofsub-section (2) of section 164 of the Companies Act 2013.

f) With respect to the matters included in the auditor’s report and to best of ourinformation and according to the explanation given to us.

1) There has been no delay in transferring amounts required to be transferred to theinvestor’s education and protection fund by the company

For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No. : 040403
Place: MUMBAI
Date: 28/05/2015

Annexure to Independent Auditors’ Report

Referred to in paragraph 1 of the Our Report of even date to the members of MACKTRADING COMPANY LIMITED on the accounts of the company for the year ended 31stMarch 2015.

i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies have been noticed on such verification.

ii) Company does not have any Inventory.

iii) The company has granted unsecured loan to One subsidiary company covered in theregister maintained under section 189 of the Companies Act .The Company has not grantedany secured/ unsecured loans to firms or other parties covered in the register maintainunder section 189 of the Act.

(a) In respect of the aforesaid loan the party is repaying the principal amount asstipulated and company is not charging interest on such loan.

(b) In respect of the aforesaid loan there is no overdue amount more than Rupees OneLakh.

iv) In our opinion and according to information and explanation given to us there isan adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of fixed assets and for the sale of services.

v) Company has not accepted deposits from public within the meaning of section 73 and74 of the Act and rule framed there under to the extent notified.

vi) There is no requirement of maintenance of cost records has been specified by theCentral Government under sub-section (1) of section 148 of the Companies Act.

vii) (a) According to information and explanation given to us and the records of thecompany examined by us in our opinion the company is regular in depositing theundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-Lax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities and

(b) According to the information and explanation given to us there is no amountpayable in respect of income tax or sales tax or wealth tax or service tax or duty ofcustoms or duty of excise or value added tax or cess have not been deposited on account ofany dispute

(c) There are no amount required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made thereunder.

viii) The Company does not have any accumulated losses and has not incurred cash lossduring the financial year covered by our audit and in the financial.

ix) The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.

x) The company has not given any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions whereof are prejudicial to the interestof the company.

xi) In our opinion and according to the information and explanation given to us thecompany had not taken any term loan.

xii) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have not come across anyinstance of material fraud on or by the company noticed or reported during the year.

For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No. : 040403
Place: MUMBAI
Date: 28/05/2015