To the Members of
Multipurpose Trading & Agencies Ltd.
|I. Report on the Audit of the Standalone Financial Statements |
|1. ||Opinion |
| ||A. ||We have audited the accompanying Standalone Financial Statements of Multipurpose Trading & Agencies Limited ("the Company") which comprise the Balance Sheet as at March 31 2020 the Statement of Profit and Loss (including Other Comprehensive Income) the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements"). |
| ||B. ||In our opinion and to the best of our information and according to the explanations given to us the aforesaid Standalone Financial Statements give the information required by the Companies Act 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS") and other accounting principles generally accepted in India of the state of affairs of the Company as at March 31 2020 the profit and total comprehensive income changes in equity and its cash flows for the year ended on that date |
|2. ||Basis for Opinion |
| ||We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements. |
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|3. ||Key Audit Matters |
| ||Key audit matters are those matters that in our professional judgment were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report. |
|S.NO ||Key Audit Matter ||Auditor's Response |
|1. ||Amount given to One City Promoters Private Limited( Company under the same management ) for real-estate project. ||During the Financial Year 2013-14 The company has given Rs 2.00 ( Two)Crore to M/s One City Promoters Private Limited ( Company under the same management ) for Investment in the Future real-estate projects .Even after passing of sustainable time neither the Company has received any share in the real estate Project nor have received back Money |
|4. ||Information Other than the Standalone Financial Statements and Auditor's Report Thereon |
| ||A. ||The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis Board's Report including Annexures to Board's Report Business Responsibility Report Corporate Governance and Shareholder's Information but does not include the Standalone Financial Statements and our auditor's report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon |
| ||B. ||In connection with our audit of the financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If based on the work we have performed we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard. |
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|5. || ||Management's Responsibility for the Standalone Financial Statements |
| ||A. ||The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position financial performance total comprehensive income changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error. |
| ||B. ||In preparing the Standalone Financial Statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so. |
| || ||The Board of Directors are responsible for overseeing the Company's financial reporting process. |
|6. ||Auditor's Responsibilities for the Audit of the Standalone Financial Statements |
| ||A. ||Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements. |
| ||B. ||As part of an audit in accordance with SAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also: |
| || ||i) Identify and assess the risks of material misstatement of the standalone financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control. |
| || ||ii) Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls |
| || ||iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management |
| || ||iv) Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the Standalone Financial Statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern |
| || ||v) Evaluate the overall presentation structure and content of the Standalone Financial Statements including the disclosures and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation |
| ||C. ||Materiality is the magnitude of misstatements in the Standalone Financial Statements that individually or in aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements. |
| ||D. ||We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any |
| || ||significant deficiencies in internal control that we identify during our audit. |
| ||E. ||We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards. |
| ||F. ||From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication |
|II. Report on Other Legal and Regulatory Requirements |
|1. ||As required by Section 143(3) of the Act based on our audit we report that: |
| ||A. ||We have sought and 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 the Statement of Profit and Loss including Other Comprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account |
| ||D. ||In our opinion the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 |
| ||E. ||On the basis of the written representations received from the directors as on March 31 2020 taken on record by the Board of Directors none of the directors is disqualified as on March 31 2020 from being appointed as a director in terms of Section 164 (2) of the Act. |
| ||F. ||With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting. |
| ||G. ||With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act as amended: In our opinion and to the best of our information and according to the explanations given to us the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act. |
| ||H. ||With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion and to the best of our information and according to the explanations given to us: |
| || ||i) The Company does not have any pending litigations which would impact its financial position in its Standalone Financial Statements |
| || ||ii) The Company did not have any long-term contracts including derivative contracts for which |
| || ||there were any material foreseeable losses |
| || ||iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company |
|2. || ||As required by the Companies (Auditor's Report) Order 2016 (the Order") issued by the Central Government in terms of Section 143(11) of the Act we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order. |
For NIDHI BANSAL & CO.
Chartered Accountants Audit Firm Reg. No. 022073N
(Nidhi Bansal (Partner)
Membership No. 508641
Place: New Delhi)
Dated: July 6 2020
(Referred to in paragraph 2 (F) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date on the standalone Ind AS financialstatements of MULTIPURPOSE TRADING & AGENCIES LTD as at and for the year ended March31 2020)
Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting M/sMultipurpose Trading & Agencies Ltd ("the Company") as of March 31 2020 inconjunction with our audit of the financial statements of the Company for the year endedon that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India(ICAI)". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risksofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
For NIDHI BANSAL & CO.
Chartered Accountants Audit Firm Reg. No. 022073N
Membership No. 508641
Place: New Delhi Dated: July 6 2020
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our
report of even date on the standalone Ind AS financial statements for the year ended onMarch 312020
of MULTIPURPOSE TRADING & AGENCIES LTD).
I. Fixed Assets:-
a. The Company is maintaining proper records showing full particulars of fixed assetsincluding quantities details and situation of fixed assets.
b. As explained to us fixed assets were physically verified by the management atregular intervals and no discrepancies were found on such verification.
II. According to the Information and explanation provided to us the Company is inservice sector & does not have any Inventory at any point of time during the yearFurther reporting under this Para is not applicable
III. The company has not granted unsecured loans to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2013 during theyear and in our opinion hence Para (a) and (b) are not applicable.
IV. The Company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 in respect of loans & advances investments made by the companyduring the year under review
V. In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits in contravention of the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under where applicablehave been complied with. No order has been passed by the Company Law Board or NationalCompany Law Tribunal or RBI or any court or any other tribunal.
VI. According to the information and explanation given to us government has notprescribed maintenance of cost records under sub section (1) of section 148 of theCompanies Act 2013 for the products of the company
a. As explained to us the company is generally regular in depositing undisputedStatutory Dues applicable to it.Provisions of Provident Fund and Employee's StateInsurance are not applicable to the company.
b. According to information and explanations given to us and the records of the companyexamined by us no undisputed outstanding dues of Income Tax Wealth Tax Sales TaxCustom Duty and Excise Duty were outstanding as at 31.3.2020for a period more than sixmonths from the date they became payable.
c. According to the Information and explanation given to us and the records of thecompany examined by us there are no dues of sales tax income tax custom wealth taxexcise duty cess which has not been deposited on account of any dispute
VIII. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution bank etc.
IX. According to the information and explanations given to us the Company is not raisedmoney by way of initial public offer or further public offer (including debt instruments)and term loans were applied for the purposes for which those are raised
X. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the year of our audit
XI. The Company hasprovided / paid managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act
XII. Company is not Nidhi Company hence further reporting under this clause is notapplicable
XIII. Company has disclosed all transactions with the related parties are in compliancewith sections 177 and 188 of Companies Act 2013 and the details have been disclosed inthe Financial Statements etc. as required by the applicable accounting standards;
XIV. According to the information and explanations given to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year
XV. According to the information and explanations given to us the company has notentered into any non cash transactions with directors or persons connected with him
XVI. According to the information and explanations given to us The company is notrequired to be registered under section 45IA of the Reserve Bank of India Act 1934.
| ||For NIDHI BANSAL & CO. |
| ||Chartered Accountants |
| ||S/d |
|Place: New Delhi ||(NidhiBansal) |
|Dated: July 6 2020 ||(Partner) |
| ||Membership No. 508641 |
| ||Audit Firm Reg. No. 022073N |
| ||202 Amber Tower Commercial |
| ||Complex Azadpur Delhi -110033 |