Mount Everest Trading & Investment Ltd merged Auditor Reports

MOUNTEVEREST TRADING AND INVESTMENT LIMITED ANNUAL REPORT 2006-2007 AUDITORS REPORT To The Members of MOUNTEVEREST TRADING & INVESTMENT LIMITED We have audited the attached Balance Sheet of MOUNTEVEREST TRADING & INVESTMENT LIMITED as at 31st March, 2007 and also the Profit & Loss Account and the Cash Flow statement for the Year Ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies [Auditors Report] order, 2003 as amended by the Companies [Auditors Report) [Amendment] order 2004 issued by the Central Government in terms of Section 227[4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in the paragraphs 4 & 5 of the said order to the extent applicable to the Company. 2. Further to our comments in the annexure referred to above, 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 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 such books. c] The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d] In our opinion, the balance sheet, profit and loss account and Cash Row statement dealt with by this report comply with the applicable accounting standards referred to in sub-section [3c] of section 211 of the Companies Act, 1956. e] On the basis of written representations received from the directors as on 31 st March, 2007 and taken on record by the Board of Directors, we report that none of the directors of the company is disqualified from being appointed as Director as at 31 st March, 2007 in terms of section 274[1 ] [g] of the Companies Act, 1956. f] In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other Notes thereon in Schedule - 14, give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:- i] In the case of the Balance Sheet of the state of affairs of the Company as at 31.3.2007. ii] In the case of the Profit & Loss Account of the PROFIT of the company for the year ended on that date. iii] In case of cash flow statement of the cash flow of the company for the year ended on that date. For O.P. BAGLA & CO. Chartered Accountants Sd/- Place: New Delhi [Atul Aggarwal] Dated: 30.06.07 Partner M. No. 92656 ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2007; 1. The Company has no fixed assets during the year. 2. The company has no stocks of finished goods etc. 3. According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured to/From Companies, firms or other Parties covered in the register maintained under section 301 of the Companies Act 1 956. Accordingly, paragraph 4 (iii) [b], [c] and [d] of the order are not applicable. 4. In our opinion and according to the information and explanations given to us there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, fixed assets and with regard to the sale of goods. During the course of audit, no major weakness has been noticed in the underlying internal controls. 5. In our opinion and according to information and explanations given to us there are no transactions that are required to be entered in the register maintained under section 301 of the Act. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of provisions of section 5BA and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 7. In our opinion and according to the information and explanations given to us, the Company has adequate internal audit system commensurate with its size and nature of its business. 8. We are informed that the Central Government has not prescribed the maintenance of cost records under section 209[1][d] of the Companies Act, 1956. 9. As per information and explanations given to us the Company has been regular in depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Octroi, entry tax and other statutory dues with the appropriate Authorities. There are no undisputed statutory dues at the year end outstanding for a period of more than six months from the date they become payable. 10. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Paragraph 4 [xii] of the order is not applicable. 11. During the year the Company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained u/s 301 of the Companies Act 1956. As such paragraph 4 [xviii] of the order is not applicable. 12. Since the Company has not raised money by way of Public Issue during the year paragraph 4 [xx] of the order is not applicable. 13. Based upon the audit procedures performed and 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 for the year ended 31.03.2007. 14. Other clauses of the order are not applicable to the Company for the year under report. For O.P. BAOIA & CO. Chartered Accountants Sd/- Place : New Delhi (Atul Aggarwal) Dated : 30.06.07 Partner M.No. 92656