Dec 31, 2014
We have audited the accompanying financial statements of MPF Systems
Limited (Previously known as Mather and Platt Fire Systems Limited)
("the Company") which comprise the Balance Sheet as at 31 December
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
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 notified under the Companies Act, 1956 ("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 the
Companies Act, 2013. 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.
Auditor''s 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
from 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 the 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 December 2014;
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements The Ministry of
Corporate Affairs had on 01 April, 2014, vide its General Circular No.
07/2014, Dissemination of Information with Regards to the Provisions of
the Companies Act, 2013 as notified till date vis a vis corresponding
provisions of the Companies Act, 1956, identified such sections of the
Companies Act, 1956 that would cease/ continue to have effect from 01
April 2014. Accordingly, in terms of the aforesaid Circular, our
reporting in respect of section 227(3)(f) of the Companies Act, 1956,
and clauses (3), (5)(a) and (b), (6), (7), (14), (18) of the Companies
(Auditor''s Report) Order, 2003 (dealing with sections 49, 58A, 58AA,
209(1)(d) and 301 of the Companies Act, 1956) is only for the period
beginning from 1 January 2014 till 31 March 2014 since as per the
aforementioned MCA Circular these sections have ceased to have effect
from 01st April, 2014."
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
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 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, Statement of Profit and Loss and 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
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 ("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 the Companies Act, 2013; and
e. on the basis of written representations received from the directors
at on 31 March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2015, from being
appointed as a director in terms of sub-section (2) of Section 164 of
the Companies Act, 2013.
Annexure to the Independent Auditor''s Report - 31 December 2014
[Referred to in the Independent Auditors'' Report to the Members of MPF
Systems Limited (Previously known as Mather and Platt Fire Systems
Limited) (''the Company'') on the financial statements for the year ended
31 December 2014]
We report as follows:
1. a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Company has a regular program of physical verification of its
fixed assets, by which its fixed assets are verified annually. In our
opinion, the periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
c) No fixed assets have been disposed off during the year.
2. The Company does not hold any physical inventory as at the end of
the year. Accordingly provisions of clause 4(ii) of the Order are not
applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act 1956.
4. The Company has not purchased any inventory or fixed assets and
there were no sales or services rendered during the year. Accordingly,
provisions of clause 4(iv) of the Order are not applicable to the
Company.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to in
Section 301 of the Companies Act 1956, have been entered in the register
required to be maintained under that section till 31st March 2014.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs 5
lakh with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time, except for sale of certain fixed assets which are for
the specialised requirements of the buyer''s, for which suitable
alternative sources are not available to obtain comparable quotations.
However, on the basis of information and explanations provided, the
same appear reasonable.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given to
us, the Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Companies Act 1956, for any of
the products manufactured/ services rendered by the Company.
9. a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Income Tax have been regularly deposited by
the Company with the appropriate authorities except for delays in
payment of Income Tax amounting to Rs. 2,60,375/- ranging between 23 to
177 days. As explained to us, the Company did not have any dues on
account of Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise
Duty, Provident Fund, Employees'' State Insurance, Investor Education
and Protection Fund.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax and Sales Tax dues
were in arrears as at 31 December 2014 for a period of more than six
months from the date they became payable. b) According to the
information and explanations given to us, the following dues of Sales
Tax have not been deposited with the appropriate authorities on account
of disputes.
Name of the Nature of the Amount Period to
statute dues (Rs.'' which the
000) amount
relates
Works Differential 2,768 1987-1988
Contract Tax rate of tax to 1993-
under Kerala 1994
General Sales
Tax Act, 1963
Works Differential 34 1997-1998
Contract Tax rate of tax
under Kerala
General Sales
Tax Act
Works Differential 74 1998-1999
Contract Tax rate of tax
under Kerala
General Sales
Tax Act
Central Sales Non 500 1998-1999
Tax, 1956 submission to 2002-
of E-1 Form 2003
West Bengal Non 125 1998-1999
Sales Tax Act, submission to 2002-
1994 of E-1 Form 2003
Works Chargeable 3,932 1987-1988
Contract Tax of State to 1997-
under U P sales tax 1998
Trade Tax Act,
1948
Name of the Forum where
statute the dispute is
pending
Works Commercial
Contract Tax Tax Officer,
under Kerala Ernakulam
General Sales
Tax Act, 1963
Works Commercial
Contract Tax Tax Officer,
under Kerala Ernakulam
General Sales
Tax Act
Works Commercial
Contract Tax Tax Officer,
under Kerala Ernakulam
General Sales
Tax Act
Central Sales Commercial
Tax, 1956 Tax Officer,
Kolkata
West Bengal Commercial
Sales Tax Act, Tax Officer,
1994 Kolkata
Works Deputy
Contract Tax Commissioner
under U P UP Trade
Trade Tax Act, Tax Tribunal,
1948 Lucknow
10. The accumulated losses of the Company have exceeded 50% of its net
worth at the end of the financial year. The Company has incurred cash
losses in the current financial year but not in the immediately
preceding financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture-holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short-term basis have not been
used for long-term investment to the extent of Rs. 8,38,892/-.
18.The Company has not made any preferential allotment of shares to
companies/firms/other parties covered in the register maintained under
Section 301 of the Companies Act,1956.
19. The Company did not have any outstanding debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For B S R & Co. LLP
Chartered Accountants
Firm Registration No: 101248W
Juzer Miyajiwala
Place : Pune Partner
Date : 18th March 2015 Membership No: 047483 /W-100022
Dec 31, 2013
We have audited the accompanying financial statements of Mather and
Platt Fire Systems Limited ("the Company") which comprise the Balance
Sheet as at 31s; December 2013, the Statement of Profit and Loss and
the Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
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 notified under the Companies Act, 1956 ("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 the
Companies Act, 2013. 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.
Auditor''s 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
from 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 the
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
an opinion on the effectiveness of the entity''s internal control An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion
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:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st December 2013;
ii. in the case of the Statement of Profit and Loss, of the profit
for the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
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 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, Statement of Profit and Loss and 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
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 ("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 the Companies Act, 2013; and
e. on the basis of written representations received from the directors
as at 31st December 2013, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st December
2013, from being appointed as a director in terms of clause (g) of
subsection (1) of Section 274 of the Act. -
Annexure to the Independent Auditor''s Report - 31st December 2013
[Referred to in the Independent Auditorst Report to the Members of
Mather and Piatt Fire Systems Limited (''the Company'') on the financial
statements for the year ended 31s; December 2013]
We report as follows:
1. a) The Company has maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
b) The Company has a regular program of physical
verification of its fixed assets, by which all fixed assets are
verified annually. In our opinion, the periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
c) The Company has sold certain intangible fixed assets during the
year. However, the sale of intangible fixed assets does not affect the
going concern assumption.
2. The Company does not hold any physical inventory as at the end of
the year. Accordingly provisions of clause 4(ii) of the Order are not
applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
4. The Company has not purchased any inventory or fixed assets and
there were no sales or services rendered during the year. Accordingly,
provisions of clause 4(iv) of the Order are not applicable to the
Company.
5. a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Act, have been entered in the
register required to be maintained under that section.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs 5
lakh with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time, except for sale of certain fixed assets which are for
the specialised requirements of the buyer''s, for which suitable
alternative sources are not available to obtain comparable quotations.
However, on the basis of information and explanations provided, the
same appear reasonable.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal control system
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1 )(d) of the Act, for any of the
products manufactured/services rendered by the Company.
9. a) According to the information and explanations given
to us and on the basis of our examination of the records of the
Company, amounts deducted / accrued in the books of account in respect
of undisputed statutory dues including Income Tax and Sales Tax have
been regularly deposited by the Company with the appropriate
authorities. As explained to us, the Company did not have any dues on
account of Wealth Tax, Service Tax, Customs Duty, Excise Duty,
Provident Fund, Employeest State Insurance., Investor Education and
Protection Fund.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax and Sales Tax dues
were in arrears as at 31st December 2013 for''a period of more than six
months from the date they became payable.
b) According to the information and explanations given to us, there are
no dues of Sales tax which have not been deposited by the Company with
the appropriate authorities on account of any disputes except as
disclosed below:
Name of the Nature of Amount Period to Forum where
statute the dues (Rst which the the dispute is
000) amount pending
relates
Works Differential 2,768 1987-1988 Commercial
Contract Tax rate of tax to 1993- Tax Officer,
under Kerala 1994 Ernakulam
General
Sales tax
Act,1963
Works Differential 134 1997-1998 Commercial
Contract Tax rate of tax Tax Officer,
under Kerala Ernakulam
General
Sales
tax Act
Works Differential 74 1998-1999 Commercial
Contract Tax rate of tax Tax Officer,
under Kerala Ernakulam
General
Sales tax
Act
Central
Sales Non 500 1998-1999 Commercial Tax
Tax, 1956 submission to 2002- Officer, Kolkata
ofE-1 Form 2003
West Bengal Non 125 1998-1999 Commercial Tax
Sales Tax submission to 2002- Officer, Kolkata
Act, 1994 OfE-1 Form 2003
Works Chargeable 3,932 1987-1988 Deputy
Contract Tax of State to 1997- Commissioner
under UP sales tax 1998 UP Trade
Trade Tax Tax Tribunal,
Act.1948 Lucknow
10. The accumulated losses of the Company have exceeded 50% of its net
worth at the end of the financial year. The Company has not incurred
cash losses in the current financial year and in the immediately
preceding financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture-holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have, any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short term, basis have not been
used for long-term investment.
18. The Company has not made any preferential allotment of shares to
companies/firms/other parties covered in the register maintained under
Section 301 of the Act.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issue during the
year.
21 According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For B S R & Co. LLP
Chartered Accountants
Firm Registration No: 101248W
Juzer Miyajiwala
Place : Pune Partner
Date : 28- February 2014 Membership No: 047483
Dec 31, 2012
We have audited the attached Balance Sheet of Mather and Piatt Fire
Systems Limited (''the Company'') as at 31 December 2012 and also the
Statement of Profit and Loss and the Cash Flow Statement of the Company
for the year ended on that '' date, annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial statements
based onouraudit.
We 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 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 (Auditor''s Report) Order, 2003 (''the
Order''), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956 ("the Act''),
we enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred in paragraph 1
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 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 appears from our examination of
those books;
(c) the Balance Sheet, Statement of Profit and Loss and 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
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Act, tottie extent applicable;
(e) on the basis of written representations received from the directors
as on.31 December 2012, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as at31 December
2012 from being appointed as a director under clause (g) of sub-section
(1) of Section 274 of the Act; and
(f) in our opinion and to the best of our information and, according to
the explanations given to us, the said 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 December 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors'' Report -31 December 2012
(Referred to in paragraph 1 of the Auditors'' Repojl to the Members of
Mather and Piatt Fire Systems Limited (''the Company'') on the financial
statements for the year ended 31 December 2012]
We report as follows:
1. a) The Company does not hold any fixed asset as at the end of the
year. Accordingly, provisions of clause 4(i)(a) and (b) of the Order
are not applicable to the Company.
b) The Company does not have any commercial operations. In the current
year the Company has written off the entire block of fixed assets.
However, this does not affect the going concern assumption.
2. The Company does not hold any physical inventory as at the end of
the year. Accordingly provisions of clause 4(ii) of the Order are not
applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
4. The Company has not purchased any inventory or fixed assets and
there were no sales or services rendered during the year. Accordingly,
provisions of clause 4(iv) of the Order are not applicable to the
Company.
5. In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register maintained under section 301
of the Act.
Accordingly, paragraph 5(b) of the Order is not applicable.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1 )(d) of the Act, for any of the
products manufactured/ services rendered by the Company.
9. a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Income Tax and Sales Tax have been regularly
deposited by the Company with the appropriate authorities. As explained
to us, the Company did not have any dues on account of Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Sales Tax, Provident Fund,
Employees'' State Insurance, Investor Education and Protection Fund.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax and Sales Tax dues
were in arrears as at 31 December 2012 for a period of more than six
months from the date they became payable.
b) According to the information and explanations given to us, the
following dues of Sales Tax have not been deposited with the
appropriate authorities onaccount of disputes.
Name of the
statute Nature of
the dues Amount Period to which Forum where the
(Rs.000) the amount
relates dispute is pending
Works
Contract Differential
rate 2,768 1987-1988 to Commercial Tax
Officer,
Tax under
Kerala of tax 1993-1994 Emakulam
General
Sales tax
Act, 1963
Works
Contract Differential
rate 34 1997-1998 Commercial Tax
Officer,
Tax under
Kerala of tax Emakulam
General
Sales tax
Act
Works
Contract Differential
rate 74 1998-1999 Commercial Tax
Officer,
Tax under
Kerala of tax Emakulam
General
Sales tax
Act
Central
Sales Non submission 500 1998-1999 to Commercial Tax
Officer,
Tax, 1956 of E-1 Form 2002-2003 Kolkata
West Bengal
Sales Non submission 125 1998-1999 to Commercial Tax
Officer,
Tax Act,
1994 of E-1 Form 2002-2003 Kolkata
Works
Contract Chargeable of 6,581 1987-1988 to Deputy
Commissioner
Tax under
UP State sales tax 1997-1998 UP Trade Tax
Tribunal,
Trade Tax
Act, 1948 Lucknow
10. The accumulated losses of the Company have exceeded 50% of its net
worth at the end of the financial year. The Company has not incurred
cash losses in the current financial year but has incurred cash loss
during the preceding financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture-holders during the year.
12. The Company has not granted any loans or advances on the basis of
security byway of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short-term basis have been used
for long-term purpose amounting to Rs. 22,536,718.
18. The Company has not made any preferential allotment of shares to
companies/firms/other parties covered in the register maintained under
Section 301 oftheAct.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For B S R & Co.
Firm Registration No. 101248W
Chartered Accountants
Juzer Miyajiwala
Place: Pune Partner
Date: 16 February 2013 Membership No: 047483
Dec 31, 2011
We have audited the attached Balance Sheet of Mather and Piatt Fire
Systems Limited ('the Company') as at 31 December 2011 and also the
Profit and Loss Account and the Cash Flow Statement of the Company for
the year ended on that date, annexed thereto. These financial
statements are the responsibility of the Company's Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We 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 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 (Auditor's Report) Order, 2003 ('the
Order'), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956 ('the Act'),
we enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred in paragraph 1
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 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 appears from our examination of
those books;
(c) the Balance Sheet, Profit and 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
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act, to
the extent applicable;
(e) on the basis of written representations received from the directors
as on 31 December 2011, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as at 31 December
2011 from being appointed as a director under clause (g) of sub-section
(1) of Section 274 of the Act; and
(f) in our opinion and to the best of our information and according to
the explanations given to us, the said 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 December 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors' Report - 31 December 2011
[Referred to in paragraph 1 of the Auditors' Report to the Members of
Mather and Piatt Fire Systems Limited ('the Company') on the financial
statements for the year ended 31 December 2011]
We report as follows:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has a regular program of physical verification of its
fixed assets by which all fixed assets are verified annually. In our
opinion, the periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) The Company has not disposed off any of its fixed assets during the
year. Accordingly, provisions of clause 4(i)(c) of the Order are not
applicable to the Company.
2. The Company does not hold any physical inventory as at the end of
the year. Accordingly provisions of clause 4(ii) of the Order are not
applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Act. N
4. The Company has not purchased any inventory or fixed assets and
there were no sales or services rendered during the year. Accordingly,
provisions of clause 4(iv) of the Order are not applicable to the
Company.
5. In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register maintained under section 301
of the Act. Accordingly, paragraph 5(b) of the Order is not
applicable.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1 )(d) of the Act, for any of the
products manufactured/services rendered by the Company.
9. a) According to the information and explanations given to us and oh
the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Income Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Sales Tax, Provident Fund, Employees' State
Insurance, Investor Education and Protection Fund and other material
statutory dues have been regularly deposited by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Excise Duty,
Service Tax, Sales Tax, Investor Education and Protection Fund and
other material statutory dues were in arrears as at 31 December 2011
for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us, the
following dues of Sales Tax and Employees' State Insurance have not
been deposited with the appropriate authorities on account of disputes.
Name of the statute Nature of the dues Amount
(Rs' 000)
Works Contract Differential 2,768
Tax under Kerala rate of tax .
General Sales tax
Act, 1963
Works Contract Differential 34
Tax under Kerala rate of tax
General Sales tax
Act.1963
Works Contract Differential 74
Tax under Kerala rate of tax
General Sales tax
Act
Central Sales Non submission 500
Tax, 1956of E-1 Form
West Bengal Non submission 125
Sales Tax Act, of E-1 Form
1994
Works Contract Chargeable of 6,581
Tax under U P State sales tax
Trade Tax
Act, 1948
The Employee's Branch considered 120
State Insurance as Commercial
Act, 1948 establishment
Name of the Status Period to which Forum where the
the amount relates dispute is pending
Work Contract 1987-1988 Commercial Tax
Officer,
Tax Under Kerala to 1993-1994 Emakulam
General Sales Tax
Act, 1963
Work Contract 1997-1998 Commercial Tax
Officer,
Tax under Kerala
General Sales Tax
Act
Emakulam
Work Contract 1998-1999 Commercial Tax
Officer,
Tax under kerala
General Sales Tax
Tax Emakulam
Central Sales 1998-1999 to Commercial Tax
Officer,
Tax 1956 2002-2003 Kolkata
West Bengal 1998-1999 to Commercial Tax
Officer,
Sales Tax Act,
1994
2002-2003 Kolkata
Work contrast 1987-1988 to Deputy Commissioner
Tax under U P
Trade Tax 1997-1998 UP Trade Tax Tribunal,
ACT. 1948 Lucknow
The Employee's - E. S. I. Corporation,
State Insurance Kolkata
Act, 1948
10. The accumulated losses of the Company have exceeded 50% of its net
worth at the end of the financial year. The Company has incurred cash
losses in the current financial year and in the immediately preceding
financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture-holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short-term basis have not been
used for long-term investment.
18. The Company has not made any preferential allotment of shares to
companies/firms/other parties covered in the register maintained under
Section 301 of the Act.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For B S R &Co.
. Firm Registration No. 101248W
Chartered Accountants
Place : Pune Juzer Miyajiwala
Date : 11 February 2012 Partner
Membership No: 047483
Dec 31, 2010
We have audited the attached Balance Sheet of Mather and Piatt Fire
Systems Limited (the Company) as at 31 December 2010 and also the
Profit and Loss Account and the Cash Flow Statement of the Company for
the year ended on that date, annexed thereto. 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 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 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 (the
Order), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act),
we enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred in paragraph 1
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 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 appears from our examination of
those books;
(c) the Balance Sheet, Profit and 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
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act, to
the extent applicable;
(e) on the basis of written representations received from the directors
as on 31 December 2010, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as at 31 December
2010 from being appointed as a director under clause (g) of sub-section
(1) of Section 274 of the Act; and
(f) in our opinion and to the best of our information and according to
the explanations given to us, the said 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 December 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) 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 - 31 December 2010 [Referred to in
paragraph 1 of the Auditors Report to the Members of Mather and Piatt
Fire Systems Limited (the Company) on the financial statements for
the year ended 31 December 2010]
We report as follows:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has a regular program of physical verification of its
fixed assets by which all fixed assets are verified annually. In our
opinion, the periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) The Company has not disposed off any of its fixed assets during the
year. Accordingly, provisions of clause 4(i)(c) of the Order are not
applicable to the Company.
2. The Company does not hold any physical inventory as at the end of
the year. Accordingly provisions of clause 4(ii) of the Order are not
applicable to the Company.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained .under Section 301 of the Act.
4. The Company has not purchased any inventory or fixed assets and
there were no sales or services rendered during the year. Accordingly,
provisions of clause 4(iv) of the Order are not applicable to the
Company.
5. In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register maintained under section 301
of the Act. Accordingly, paragraph 5(b) of the Order is not applicable.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1 )(d) of the Act, for any of the
products manufactured/services rendered by the Company.
9. a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Income Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Sales Tax, Provident Fund, Employees State
Insurance, Investor Education and Protection Fund and other material
statutory dues have been regularly deposited by the Company with the
appropriate authorities. There were no dues on account of Cess under
Section 441A of the Act, since the date from which the aforesaid
section comes into force has not yet been notified by the Central
Government.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Excise Duty,
Service Tax, Sales Tax, Investor Education and Protection Fund and
other material statutory dues were in arrears as at 31 December 2010
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, the
following dues of Sales Tax and . Employees State Insurance have not
been deposited with the appropriate authorities on account of disputes.
Name of the statute Nature of the dues Amount
(Rs 000)
Works Contract Differential rate 2,768
Tax under Kerala of tax
General Sales tax
Act, 1963
Works Contract Differential rate 34
Tax under Kerala of tax
General Sales tax
Act, 1963
Works Contract Differential rate 74
Tax under Kerala of tax
General Sales tax
Act, 1963
Central Sales Non submission 500
Tax, 1956of E-1 Form
West Bengal Sales Non submission 125
Tax Act, 1994_of E-1 Form
Works Contract Chargeable of 6,581
Tax under U P State sales tax
Trade Tax Act,
1948
The Employees Branch considered 120
State -Insurance as Commercial
Act, 1948 establishment
Name of the Statue Period to which Forum where the
the amount relates dispute is pending
Works Contract
Tax under Kerala
General Sales tax
Act, 1963 1987-1988 Commercial Tax Officer,
to 1993-1994 Ernakulam
Works Contract
Tax under Kerala
General Sales tax
Act, 1963 1997-1998 Commercial Tax Officer
Ernakulam
Works Contract
Tax under Kerala
General Sales tax
Act, 1963 1998-1999 Commercial Tax Officer
Ernakulam
Central Sales
Tax, 1956 1998-1999 to Commercial Tax Officer
2002-2003 Kolkata
West Bengal Sales
Tax Act, 1994 1998-1999 to Commercial Tax Officer
2002-2003 Kolkata
Works Contract
Tax under U P
Trade Tax Act,
1948 1987-1988 to Deputy Commissioner
1997-1998 UP Trade Tax Tribunal,
Lucknow
The Employees
State -Insurance
Act, 1948 - E. S. I. Corporation,
Kolkata
10. The accumulated losses of the Company have exceeded 50% of its net
worth at the end of the financial year. The Company has incurred cash
losses in the current financial year and in the immediately preceding
financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture-holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short-term basis have not been
used for long-term investment.
18. The Company has not made any preferential allotment of shares to
companies/firms/other parties covered in the register maintained under
Section 301 of the Act.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For BSR and Co.
Chartered Accountants
Firm Reg. No.: 128510W
Vijay Mathur
Partner
Membership No.: 046476
Place : Pune
Date : 26 February 2011
Dec 31, 2009
We have audited the attached Balance Sheet of Mather and Piatt Fire
Systems Limited (the Company) as at 31 December 2009 and also the
Profit and Loss Account and the Cash Flow Statement of the Company for
the year ended on that date, annexed thereto. 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 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 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 (the
Order), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act),
we enclose in the Annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred in paragraph 1
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 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 appears from our examination of
those books;
(c) the Balance Sheet, Profit and 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
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act, to
the extent applicable;
(e) on the basis of written representations received from the directors
as at 31 December 2009, and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as at 31 December
2009 from being appointed as a director under clause (g) of sub-section
(1) of Section 274 of the Act; and
(f) in our opinion and to the best of our information and according to
the explanations given to us, the said 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 December 2009;
(ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors Report
[Referred to in paragraph 1 of the Auditors Report to the Members of
Mather and Piatt Fire Systems Limited (the Company) on the financial
statements for the year ended 31 December 2009]
We report as follows: 1. (a) The Company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which all fixed assets are verified annually. In our
opinion, the periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) During the year, the Company has disposed off a major part of its
fixed assets on account of fully depreciated assets being written off.
In our opinion and according to the information and explanations given
to us, the aforesaid disposal has not affected the going concern
assumption.
2. (a) The inventory in possession during the year comprised of stock
lying with third parties, therefore no physical verification was
carried out.
(b) The Company does not hold any physical inventories at the year end
hence paragraph 4(ii) of the Order is not applicable.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the actual stocks and the
book records have been dealt with in the books of accounts.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventories. There has been no purchase of fixed
assets and sales or services rendered during the year. We have not
observed any major weakness in the internal control system during the
course of the audit.
5. In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register maintained under section 301
of the Act. Accordingly, paragraph 5(b) of the Order is not applicable.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1 )(d) of the Act, for any of the
products manufactured/services rendered by the Company.
9. a) According to the information and explanations
given to us and on the basis of our examination of the records of the
Company, amounts deducted / accrued in the books of account in respect
of undisputed statutory dues including Income Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Sales Tax, Provident Fund, Employees
State Insurance, Investor Education and Protection Fund and other
material statutory dues have been regularly deposited by the Company
with the appropriate authorities. There were no dues on account of Cess
under Section 441A of the Act, since the date from which the aforesaid
section comes into force has not yet been notified by the Central
Government.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Excise Duty,
Service Tax, Sales Tax, Investor Education and Protection Fund and
other material statutory dues were in arrears as at 31 December 2009
for a period of more than six months from the date they became payable.
b) According to the information and explanations
. given to us, there are no dues of Income Tax,
Sales Tax, Service Tax and Excise Duty which has not been deposited
with the appropriate authorities on account of disputes other than
those mentioned below.
Name of the statute Nature of the dues Amount Period to which
(Rs 000) the amount relates
Works Contract Tax Differential rate of tax 2,768 1987-1988 to
under Kerala General 1993-1994
Sales tax Act, 1963
Works Contract Tax Differential rate of tax 34 1997-1998
under Kerala General
Sales tax Act
Works Contract Tax Differential rate of tax 74 1998-1999
under Kerala General
Sales tax Act
Central Sales Tax, Non submission of 500 1998-1999 to
1956 E-1 Form 2002-2003
West Bengal Sales Non submission of 125 1998-1999 to
Tax Act, 1994 E-1 Form 2002-2003
Works Contract Tax Chargeable of State 6,581 1987-1988 to
under U P Trade Tax sales tax 1997-1998
Act, 1948
The Employees State Branch considered 120 --
Insurance Act, 1948 as Commercial
establishment
Name of the Forum where the
Statue dispute is pending
Works Contract Tax
under Kerala General
Sales tax Act, 1963 Commercial Tax Officer,
Ernakulam
Works Contract Tax
under Kerala General
Sales tax Act Commercial Tax Officer,
Ernakulam
Works Contract Tax
under Kerala General
Sales tax Act Commercial Tax Officer,
Ernakulam
Central Sales Tax,
1956 Commercial Tax
Officer, Kolkata
West Bengal Sales
Tax Act, 1994 Commercial Tax
Officer, Kolkata
Works Contract Tax
under U P Trade Tax
Act, 1948 Deputy Commissioner
UP Trade Tax Tribunal,
Lucknow
The Employees State
Insurance Act, 1948 E. S. I. Corporation,
Kolkata
10. The accumulated losses of the Company have exceeded 50% of its net
worth at the end of the financial year. The Company has incurred cash
losses in the current financial year and in the immediately preceding
financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture-holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short-term basis have not been
used for long-term investment.
18. The Company has not made any preferential allotment of shares to
companies/firms/parties covered in the register maintained under
Section 301 of the Act.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For B S R and Co.
Chartered Accountants
Place : Pune Vijay Mathur
Date : 27 February 2010 Partner
Membership No.: 046476
Mar 31, 2003
1. We have audited the attached Balance Sheet of MATHER AND PLATT FIRE
SYSTEMS LIMITED as at 31st March, 2003 and also the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date annexed thereto. 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.
2. We have conducted our audit in accordance with the 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Manufacturing and Other Companies (Auditors
Report) Order, 1988 issued by the Company Law Board in terms of Section
227 (4A) of the Companies Act, 1956 (hereinafter referred to as the
"Act"), we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order, to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph
(3) 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 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, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) We are unable to express an opinion as to the extent of
recoverability / readability of certain overdue debtors of Rs.
11,283,000, overdue advances / deposits of Rs. 6,499,746 and slow
moving inventories of Rs.3,811,000. No provision for the loss
(presently not determinable) has been considered necessary at this
stage by the management in view of the measures taken for
recoverability / readability as referred to in Note No.4 in Schedule P
of financial statements;
e) In our opini6n, the Balance Sheet, Profit and Loss account and Cash
Flow Statement dealt with by this report have been prepared in
compliance of Section 211 (3C) of the Act, to the extent applicable;
f) Ms. Komal Chhabria Wazir was appointed as Director of the Company on
27lh November, 2001 as a permanent Director not liable to retire by
rotation. However, she is a Director of another public company which,
being a "sick company" within the meaning of the Sick industrial
Companies (Special Provisions) Act, 1985 is before the Board for
Industrial and Financial Reconstruction and pending the finalisation of
an acceptable scheme for its rehabilitation, has unpaid deposits and
interest thereon, unredeemed debentures after the due date of
redemption as also dividends that have remained unpaid. Save as above,
on the basis of written representations received from the directors as
on 31st March, 2003 and taken on record by the Board of Directors, none
of the other Directors is disqualified from being appointed as a
Director in terms of Section 274(1)(g) of the Act.
g) In our opinion and to the best of our information and according to
the explanations given to us, subject to what is stated in para d
above the said accounts read together with "Significant Accounting
Policies and Notes on Accounts" in Schedule P and other notes
appearing elsewhere in the accounts, particularly note 8 in the said
Schedule regarding the management perception for accounting of deferred
tax asset and note 11 regarding the transactions being continued in the
name of Mather and Platt (India) Limited post demerger 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2003;
ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date; and
iii) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF MATHER AND PLATT FIRE SYSTEMS LIMITED ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st MARCH, 2003 On the basis of such checks as we
considered appropriate and according to the information and
explanations given to us, we state that:
1. The Company has generally maintained records showing the full
particulars including the quantitative details and situation of fixed
assets. There is a programme of verification designed to cover all the
fixed assets at least once in three years. The frequency of
verification is considered reasonable, having regard to the size of the
Company and the nature of its assets. Pursuant to the programme, a
physical verification was conducted and the discrepancies noticed
between the book records and physical assets were not material.
2. None of the fixed assets have been revalued during the year.
3. The stocks of finished goods, raw materials and components, stores
& spares and loose tools have been physically verified by the
management at reasonable intervals during the year.
Stocks in possession and custody of third parties have been verified
with reference to confirmations or statements of account or
correspondence with third parties and subsequent receipt of goods.
4. In our opinion, the procedures of physical verification of above
referred stocks followed by the management are reasonable and adequate
in relation to the size of the Company and the nature of its business.
5. There were no material discrepancies noticed on physical
verification of stocks referred to above as compared to book records
and the same have been properly dealt with in the books of account.
6. In our opinion and on the basis of our examination of the stock
records, the valuation of stocks is fair and proper in accordance with
the normally accepted accounting principles and is on the same basis as
in the preceding year.
7. In our opinion, the rate of interest and other terms and conditions
of loans taken from companies and parties listed in the register
maintained under Section 301 of the Act and/ or from the companies
under the same management as defined under Section 370 (1-B)
(non-operative) of the Act, are prima facie, not prejudicial to the
interest of the Company. The Company has not taken any loan from firms
and other parties listed in the said register.
8. The Company has not granted any loan to the companies, firms or
other parties listed in the register maintained under Section 301 of
the Act and /or to the companies under the same management as defined
under Section 370 (1 -B) (non operative) of the Act.
9. The parties to whom loans and advances in the nature of loans have
been given by the Company are generally repaying the principal amounts
as stipulated from time to time and are also regular in payment of
interest, wherever applicable.
10. In our opinion and according to the information and explanations
given to us, having regard to the explanations that in certain cases of
purchases where the items are of special nature and hence, quotations
are not invited, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for purchase of stores, raw materials including components,
à plant and machinery, equipment and other assets and for the sale of
goods.
11. In our opinion and according to the information and explanations
given to us, there are transactions for purchase of goods and materials
and sale of goods, materials and services made in pursuance of
contracts or arrangements entered in the register maintained under
section 301 of the Act and aggregating during the year to Rs. 50,000 or
more in respect of each party, have been made at prices which are
reasonable having regard to prevailing market prices of such goods,
materials or services or the prices at which transactions for similar
goods, materials or services have been made with other parties,
wherever applicable.
12. In our opinion and according to the information and explanations
given to us, the Company has a regular procedure for the determination
of unserviceable or damaged stores, raw materials and finished goods
and adequate provision has been made in the accounts for the loss
arising on the items so determined.
13. The Company has not accepted any deposits within the meaning of
Section 58A of the Act.
14. In our opinion, the Company has maintained reasonable records for
sale and disposal of realizable scrap. The Company does not have any
by-product.
15. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
16. As informed, Central Government has not prescribed maintenance of
cost records under Section 209(1 )(d) of the Act, in respect of the
activities of the Company.
17. The Company has generally been regular in depositing Provident
Fund and Employees State Insurance dues with the appropriate
authorities.
18. Except for the Sales Tax including Work Contract Tax amounting to
Rs.8,03,598 excluding interest, wherever applicable, there were no
undisputed amounts payable in respect of Income tax, Wealth tax,
Customs duty and Excise duty outstanding for a period of more than six
months as at the end of the year.
19. On the basis of our examination of the books of account in
accordance with the generally accepted auditing practices, the vouchers
examined by us on test check basis, based on review of the Companys
internal control system for authorizing and booking of payments and
according to the information and explanations given to us and in our
opinion and to the best of our knowledge and belief, we have not come
across any personal expenses other than those payable under contractual
obligations with the Companys employees/ directors and/or generally
accepted business practices which have been charged to revenue account.
20. As explained, the provisions of Sick Industrial Companies (Special
Provisions) Act, 1985 are not applicable to the Company.
21. In respect of service activities of the Company :
(a) The Company has a reasonable system of recording receipts, issues
and consumption of components and allocating components consumed to the
relative jobs, commensurate with its size and nature of its business;
(b) The Company has a reasonable system, commensurate with the size of
the Company and the nature of its business, which provides for
reasonable allocation of man-hours consumed to the relative jobs ;
(c) There is a reasonable system of authorization at appropriate levels
and an adequate system of internal control commensurate with the size
of the Company and the nature of its business, for issue of components
and allocation thereof and man-hours consumed to/in the jobs.
22. In respect of Companys trading activities we are informed . that
there are no damaged goods.
For LODHA & COMPANY
Chartered Accountants
R. P. BARADIYA
Partner
Mumbai,
30th June, 2003.
Mar 31, 2002
1. We have audited the attached Balance Sheet of MATHER AND PLATT FIRE
SYSTEMS LIMITED as at 31st March, 2002 and also the Profit and Loss
Account of the Company for the year ended on that date annexed thereto.
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.
2. We have conducted our audit in accordance with the 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 by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Manufacturing and Other Companies (Auditors
Report) Order, 1988 issued by the Company Law Board in terms of Section
227 (4A) of the Companies Act, 1956 (hereinafter referred to as the
"Act"), we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order, to the extent applicable;
4 Further to our comments in the Annexure referred to in paragraph (3)
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 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 and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss account dealt
with by this report have been prepared in compliance of Section 211
(3C) of the Act, to the extent applicable;
e) Ms. Komal Chhabria Wazir was appointed as a Director of the Company
on 27th November 2001 as a person not liable to retire by rotation.
However, she is a Director of another public company which, being a
"sick company" within the meaning of the Sick Industrial Companies
(Special Provisions) Act, 1985 is before the Board for Industrial and
Financial Reconstruction and pending the finalisation of an acceptable
scheme for its rehabilitation, has unpaid deposits and interest
thereon, unredeemed debentures after the due date of redemption as also
dividends that have remained unpaid. As far as other Directors are
concerned, on the basis of written representations received from them
and taken on record by the Board of Directors, none of the Directors is
disqualified as on 31st March, 2002 from being appointed as a Director
in terms Section 274(1)(g) of the Act;
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 Notes on Accounts in Schedule O
and other notes appearing elsewhere in the accounts 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2002; and
ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF MATHER AND PLATT FIRE SYSTEMS LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31st MARCH, 2002
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us, we state that:
1. The Company has generally maintained records showing the
particulars including the quantitative details and situation of fixed
assets, and in view of the demerger being effective during the year,
the same are under segregation amongst different demerged Companies.
There is a programme of verification designed to cover all the fixed
assets at least once in three years. The frequency of verification is
considered reasonable, having regard to the size of the Company and the
nature of its assets. Pursuant to the programme, a physical
verification was conducted and no material discrepancies were noticed
between the book records and physical assets.
2. None of the fixed assets have been revalued during the year.
3. The stocks of finished goods, raw materials and components, stores
& spares and loose tools have been physically verified by the
management at reasonable intervals during the year. Stocks in
possession and custody of third parties have been verified with
reference to confirmations or statements of account or correspondence
with third parties and subsequent receipt of goods.
4. In our opinion, the procedures of physical verification of above
referred stocks followed by the management are reasonable and adequate
in relation to the size of the Company and the nature of its business.
5. There were no material discrepancies noticed on physical
verification of stocks referred to above as compared to book records
and the same have been properly dealt with in the books of account.
6. In our opinion and on the basis of our examination of the stock
records, the valuation of stocks is fair and proper in accordance with
the normally accepted accounting principles and is on the same basis as
in the preceding year.
7. In our opinion, the rate of interest and other terms and conditions
of loans taken from companies and parties listed in the register
maintained under Section 301 of the Act and /or from the companies
under the same management as defined under Section 370 (1B)
(non-operative) of the Act, are prima facie, not prejudicial to the
interest of the Company. The Company has not taken any loan from firms
and other parties listed in the said register.
8. The Company has not granted any loan to the companies, firms or
other parties listed in the register maintained under Section 301 of
the Act and /or to the companies under the same management as defined
under Section 370 (1B) (non operative) of the Act.
9. The parties to whom loans and advances in the nature of loans have
been given by the Company are generally repaying the principal amounts
as stipulated from time to time and are also regular in payment of
interest, wherever applicable.
10. In our opinion and according to the information and explanations
given to us, having regard to the explanations that in certain cases of
purchases where the items are of special nature and hence, quotations
are not invited, there is an adequate internal control procedure
commensurate with the size of the Company and nature of its business
for purchase of stores, raw materials including components, plant and
machinery, equipment and other assets and for the sale of goods.
11. In our opinion and according to the information and explanations
given to us, there are no transactions for purchase of goods and
materials and sale of goods, materials and services made in pursuance
of contracts or arrangements entered in the register maintained under
Section 301 of the Act and aggregating during the year to Rs. 50,000 or
more in respect of each party.
12. In our opinion and according to the information and explanations
given to us, the Company has a regular procedure for the determination
of unserviceable or damaged stores, raw materials and finished goods
and adequate provision has been made in the accounts for the loss
arising on the items so determined.
13. The Company has not accepted any deposits within the meaning of
Section 58A of the Act.
14. In our opinion, the Company has maintained reasonable records for
sale and disposal of realisable scrap. The Company does not have any
by-product.
15. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
16. As informed, Central Government has not prescribed maintenance of
cost records under Section 209 (1) (d) of the Act, in respect of the
activities of the Company.
17. The Company has generally been regular in depositing Provident
Fund and Employees State Insurance dues with the appropriate
authorities.
18. Except for the Sales Tax including Work Contract Tax amounting to
Rs.8,56,180, there were no undisputed amounts payable in respect of
Income tax, Wealth tax, Customs duty and Excise duty outstanding for a
period of more than six months as at the end of the year.
19. On the basis of our examination of the books of account in
accordance with the generally accepted auditing practices, the vouchers
examined by us on test check basis, based on review of the Companys
internal control system for authorising and booking of payments and
according to the information and explanations given to us and in our
opinion and to the best of our knowledge and belief, we have not come
across any personal expenses other than those payable under contractual
obligations with the Companys employees/ directors and/or generally
accepted business practices which have been charged to revenue account.
20. The Company is not a sick industrial company within the meaning of
clause (o) of sub-section (1) of Section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
21. In respect of service activities of the Company :
(a) The Company has a reasonable system of recording receipts, issues
and consumption of components and allocating components consumed to the
relative jobs, commensurate with its size and nature of its business;
(b) The Company has a reasonable system, commensurate with the size of
the Company and the nature of its business, which provides for
reasonable allocation of man-hours consumed to the relative jobs;
(c) There is a reasonable system of authorisation at appropriate levels
and an adequate system of internal control commensurate with the size
of the Company and the nature of its business, for issue of components
and allocation thereof and man-hours consumed to / in the jobs.
For LODHA & COMPANY
Chartered Accountants
N. KISHORE BAFNA
Partner
Mumbai,
Date: 29th June,2002
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