Mar 31, 2015
We have audited the accompanying financial standalone statements of
MPIL Corporation Limited ("the Company"), which comprise the Balance
Sheet as at 31st March , 2015, the Statement of Profit and Loss, Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements:
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("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 and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. 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 financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility:
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, 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 on the standalone
financial statements.
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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) in the case of Statement of Profit and Loss, of the loss of the
Company for the year then ended on that date; and
(c) 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, 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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) 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, in our opinion and to the best of our information and
according to the explanations given to us:
a) The Company has disclosed the impact of pending litigations on its
financial position in the aforesaid financial statements - Refer Note
17 to the financial statements;
b) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER
LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF THE MPIL CORPORATION LIMITED ON STANDALONE FINANCIAL
STATEMENTS
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we state that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the management at
reasonable intervals, considering the size of the Company and nature of
fixed assets. No major discrepancies were noticed on such verification.
2. The company does not have any inventory. Therefore, paragraph 3(ii)
of the Order is not applicable.
3. During the year, the Company has not granted any loans, secured or
unsecured to/ from companies, firms or other parties covered in the
register maintained under Section 189 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 nature of its business for purchase of
fixed assets and for the sale of services. The Company has during the
year, neither purchased any inventory nor sold any goods. During the
course of our audit, no major weaknesses have been noticed in the
internal controls system.
5. No deposits within the meaning of directives issued by RBI (Reserve
Bank of India) and Sections 73 to 76 or any other relevant provisions
of the Act and rules framed there under have been accepted by the
Company.
6. According to the information and explanations given to us, the
company is not required to prepare and maintain cost records under
section 148(1) of the Act.
7. a) The Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of
Excise, value added tax, Cess and other statutory dues applicable to the
Company with the appropriate authorities. No undisputed amounts payable
in respect of the aforesaid statutory dues were outstanding as at the
last day of the financial year for a period of more than six months from
the date they became payable.
b) According to the records of the Company, there are no dues of Income
Tax, Sales Tax, Wealth Tax, Service tax, Duty of Customs, Duty of
Excise, Value added tax, Cess which have not been deposited on account
of any dispute except the following:
Name of the Statute Nature of Forum where the dispute is
Dues pending
The Income Tax Act, 1961 Income Tax ITAT, Pune
Name of the Statute Financial Amount in
Year Rs.
The Income Tax Act, 1961 2000-01 475,000
c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
8. The Company has no accumulated losses as at 31st March, 2015 and it
has not incurred any cash losses in the financial year ended on that
date and in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks and financial institutions.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
11. Based on the information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing standards in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For LODHA & COMPANY
CHARTERED ACCOUNTANTS
Firm Registration No: 301051E
A.M.Hariharan
Place : Mumbai PARTNER
Dated : 29th May, 2015 Membership No: 38323
Mar 31, 2014
We have audited the accompanying financial statements of MPIL
Corporation Limited (''the Company'') which comprise the Balance Sheet as
at March 31, 2014, Statement of Profit and Loss and the Cash Flow
Statement of the Company for the year then ended, and a summary of the
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 mis-statement, whether
due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on 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 the ethical require- ments
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 the 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 ofthe accounting estimates made by the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2014;
(b) in the case of Statement of Profit and Loss, of the profit of the
Company for the year then ended on that date; and
(c) 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 ex- amination 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 Stand- ards notified
under 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 on 31st March, 2014 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 2014, from
being appointed as a Director in terms of clause (g) of sub-Section (1)
of Section 274 of the Act.
ANNEXURE REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF MPIL CORPORATION LIMITED
(''THE COMPANY'') FOR THE YEAR ENDED 31ST MARCH, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. Fixed assets are being physically verified at reasonable intervals,
considering the size of the Company and nature of fixed assets. No
discrepancies were noticed on such verification.
c. During the year, no substantial part of fixed assets has been
disposed off by the Company.
2. The Company does not have any inventory. Therefore, the provisions
of Clause 4 (ii) of the Order are not applicable to the Company.
3. The Company has not taken/granted any loan, secured or unsecured
from/to companies, firms or other parties covered 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 procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and for the sale of services.
The Company has during the year, neither purchased any inventory nor
sold any goods. During the course of our audit, no major weaknesses
have been noticed in the aforesaid internal control system.
5. According to the information and explanations given to us, we are
of the opinion that the Company has not entered into any contracts or
arrangements with other parties, which need to be entered in the
register required to be maintained under Section 301 of the Act.
6. No deposits within the meaning of Section 58A and Section 58AA of
the Act and rules framed there under have been accepted by the Company.
7. The Company has an internal audit system commensurate with the size
of the Company and nature of its business.
8. According to the information and explanations given to us, the
company is not required to prepare and maintain cost records under
Section (l)(d) of the Act.
9. a. According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Income Tax,
Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty, Cess and
other statutory dues applicable to the Company with appropriate
authorities. No undisputed amounts payable in respect of the aforesaid
statutory dues were outstanding as at the last day of the financial
year for a period of more than six months from the date they became
payable.
b. According to the information and explanations given to us and on the
basis of our examination of the records of the Company, there are no
dues of Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth Tax,
Excise Duty, Cess which have not been deposited on account of any
dispute except those mentioned in the table below.
Name of the statute Nature of Period to which it relates
dues
Income Tax Act, 1961 Income Tax Financial Year 2000-01
Name of the statute Amount Forum where dispute is pending
Rs.
Income Tax Act, 1961 475,000 ITAT, Pune
10. The Company has no accumulated losses as at 31st March, 2014 and
it has not incured any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders during the year.
12. During the year, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investments. However proper records
have been maintained in respect of transaction and contracts entered
into, wherever the investments are made by the Company in securities.
The securities have been held by the company in its own name.
15. According to the information and explanations given to us, the
company has not given guarantees for loan taken by others from banks or
financial institutions.
16. The Company does not have any term loans.
17. According to the information and explanations given to us and on
overall examination of the cash flow statements and balance sheet of
the Company, in our opinion, funds raised on short term basis have,
prima-facie, not been used for long term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year or in recent
past.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For LODHA & CO.
Chartered Accountants
Firm Registration No. 301051E
A.M. Hariharan
Place : Mumbai Partner
Date : 29th May, 2014 Membership No. 38323
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of MPIL
Corporation Limited (''the Company'') which comprise the Balance Sheet as
at 31st March, 2013, Statement of Profit and Loss and the Cash Flow
Statement of the Company for the year then ended, and a summary of the
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 referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on 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 the 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 the 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 the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of Statement of Profit and Loss, of the profit of the
Company for the year then ended on that date; and
(c) 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 referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e) on the basis of written representations received from the directors
as on 31st March, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF MPIL CORPORATION LIMITED
(''THE COMPANY'') FOR THE YEAR ENDED 31st MARCH, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. Fixed assets are being physically verified at reasonable intervals,
considering the size of the Company and nature of fixed assets. No
discrepancies were noticed on such verification.
c. During the year, no fixed asset has been disposed off by the
Company.
2. The Company does not have any inventory. Therefore, the provisions
of Clause 4(ii) of the Order are not applicable to the Company.
3. The Company has not taken/granted any loan, secured or unsecured
from/to companies, firms or other parties covered under 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 procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and for the sale of services.
The Company has during the year, neither purchased any inventory nor
sold any goods. During the course of our audit, no major weaknesses
have been noticed in the aforesaid internal control system.
5. According to the information and explanations given to us, we are
of the opinion that the Company has not entered into any contracts or
arrangements with other parties, which need to be entered in the
register required to be maintained under section 301 of the Act.
6. No deposits within the meaning of Section 58A and Section 58AA of
the Act and rules framed thereunder have been accepted by the Company.
7. The Company has an internal audit system commensurate with the size
of the Company and nature of its business.
8. According to the information and explanations given to us, the
Company is not required to prepare and maintain the cost records under
Section 209(1)(d) of the Act.
9. a. According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company
is generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Income Tax,
Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty, Cess and
other statutory dues applicable to the Company with appropriate
authorities except tax deducted at source of Rs. 1,200 (since paid on
29th May, 2013) and Service Tax of Rs. 15,086 (as informed by
management, the dues will be paid after completion of certain
procedures necessary for making payment).
b. According to the information and explanations given to us and on
the basis of our examination of the records of the Company, there are
no dues of Income Tax, Sales Tax, Service Tax, Customs Duty, Wealth
Tax, Excise Duty, Cess which have not been deposited on account of any
dispute except those mentioned in the table below.
Name of the
statute Nature of
dues Period to
which it Amount Forum where dispute
is pending
relates (Rs. in
Lacs)
Income Tax
Act, 1961 Income Tax Financial Year 475,000 Commissioner of
Income Tax
2000-01 (Appeals)
10. The Company has no accumulated losses as at 31st March, 2013 and
it has not incurred cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders during the year.
12. During the year, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investments. However proper records
have been maintained in respect of transactions and contracts entered
into, wherever the investments are made by the Company in securities.
The securities have been held by the Company in its own name.
15. According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
16. The Company does not have any term loans.
17. According to the information and explanations given to us and on
overall examination of the cash flow statements and balance sheet of
the Company, in our opinion, funds raised on short term basis have,
prima-facie, not been used for long term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year or in recent
past.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For LODHA & CO.
Chartered Accountants
ICAI Firm Registration No. 301051E
A.M. Hariharan
Place : Mumbai Partner
Membership No. 38323
Date : 30th May, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of MPIL Corporation
Limited ("the Company") as at 31st March, 2012, the Statement of Profit
and Loss and the Cash Flow Statement of the Company for the year ended
on that date, both 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.
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 Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 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.
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 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 prescribed by Companies (Accounting Standards)
Rules, 2006, to the extent applicable;
e) On the basis of written representations received from directors as
on 31st March, 2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director of the Company in terms of
clause (g) of sub-section (1) of Section 274 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 the
notes thereon, 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* March, 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 Row Statement, of the cash flows for the
year ended on that date.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed Assets are being physically verified at reasonable intervals,
considering the size of the Company and nature of fixed assets. No
discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed of any fixed assets.
(ii) As per explanations and information given to us, the Company does
not have any inventories. Therefore, the provisions of Clause 4(ii) of
the Order are not applicable to the Company.
(iii) As informed, the Company has not granted/taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets. The Company has
during the year, neither purchased any inventory nor sold any goods or
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) According to the information and explanations given to us, the
Company has not entered into any contracts or arrangements with other
parties, which need to be entered in the register maintained under
Section 301 of the Act.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any public deposits under the
provisions of the Section 58A and 58AA or any other relevant provisions
of the Act and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) According to the information and explanations given to us, the
Company is not required to prepare and maintain the cost records under
Section 209(l)(d) of the Act.
(ix) (a) The Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, State Insurance, Income tax, Sales tax. Wealth tax,
Service tax, Customs Duty, Excise Duty, Cess and other material
statutory dues applicable to the Company with the appropriate authorities.
No undisputed amounts payable in respect of the aforesaid statutory
dues were outstanding as at the last day of the financial year for a
period of more than six months from the date they became payable except
an amount of Rs.16,650 payable to Investor Education and Protection
Fund for want of appropriate details.
(b) According to the records of the Company, there are no dues in
respect of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess which have not been deposited.
(x) The Company has no accumulated losses as at end of the financial
year and it has not incurred cash losses in the current year but has
incurred cash losses in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
bank.
(xii) During the year, the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, provisions of Clause 4(xiii) of the Order are
not applicable to the Company. .
(xiv) The Company is not carrying the business of dealing or trading in
shares, securities, debentures and other investments. However, proper
records have been maintained in respect of transactions and contracts
entered into, wherever the investments are made by the Company in
securities. The securities have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long-term
investments.
(xviii) According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Act.
(xix) According to the information and explanations given to us, the
Company has not issued any debentures during the year or in the recent
past.
(xx) According to the information and explanations given to us, during
the year or in the recent past the Company has not raised any money
through public issues.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices and according to the information and explanations given to
us, we have neither come across any fraud on or by the Company nor have
we been informed of any such case by the management.
For LODHA & Co.
Chartered Accountants
A. M. HARIHARAN
Partner
Place : Mumbai Membership No:38323
Date : 21st May, 20i2 Firm Registration No. 301051E
Mar 31, 2011
1. We have audited the attached Balance Sheet of MPIL Corporation
Limited as at 31st March, 2011 and the Profit and Loss Account for the
year ended on that date and also the Cash Flow Statement 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.
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 Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956 (hereinafter referred to as the
ÃActÃ), we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
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 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 prescribed by Companies (Accounting Standards) Rules, 2006,
to the extent applicable;
e) On the basis of written representations received from directors as
on 31st March, 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director of the Company in terms of
clause (g) of sub-section (1) of Section 274 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
ÃSignificant Accounting Policies and Notes to Accountsà in Schedule ÃM'
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, 2011;
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 REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2011 OF MPIL
CORPORATION LIMITED.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed Assets are being physically verified at reasonable intervals,
considering the size of the Company and nature of fixed assets. No
discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed of any fixed assets.
(ii) As per explanations and information given to us, the Company does
not have any inventories. Therefore, the provisions of Clause 4(ii) of
the Order are not applicable to the Company.
(iii) (a) As informed, the Company has not granted any loans, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Act.
(b) During the year, the Company has taken an unsecured loan of
Rs.300,000 from a company covered in register maintained under Section
301 of the Act. The rate of interest and other terms and conditions of
the loan taken by the Company are not prima facie, prejudicial to the
interest of the Company. The payment of the principal amount and
interest was regular. The Company has not taken any loan from firms or
other parties covered in the same register.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets. The Company has
during the year, neither purchased any inventory nor sold any goods or
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) According to the information and explanations given to us, the
Company has not entered into any contracts or arrangements with other
parties, which need to be entered in the register maintained under
Section 301 of the Act.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any public deposits under the
provisions of the Section 58A and 58AA or any other relevant provisions
of the Act and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) According to the information and explanations given to us, the
Company is not required to prepare and maintain the cost records under
Section 209(1) (d) of the Act.
(ix) (a) The Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, State Insurance, Income tax, Sales tax, Wealth tax,
Service tax, Customs Duty, Excise Duty, Cess and other material
statutory dues applicable to the Company with the appropriate
authorities. No undisputed amounts payable in respect of the aforesaid
statutory dues were outstanding as at the last day of the financial
year for a period of more than six months from the date they became
payable except an amount of Rs.16,650 payable to Investor Education and
Protection Fund for want of appropriate details.
(b) According to the records of the Company, there are no dues in
respect of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess which have not been deposited.
(x) The Company has no accumulated losses as at end of the financial
year and it has incurred cash losses in the current year but has not
incurred cash losses in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
bank.
(xii) During the year, the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Therefore, provisions of Clause 4(xiii) of the Order are not
applicable to the Company.
(xiv) The Company is not carrying the business of dealing or trading in
shares, securities, debentures and other investments. However, proper
records have been maintained in respect of transactions and contracts
entered into, wherever the investments are made by the Company in
securities. The securities have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long-term
investments.
(xviii) According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Act.
(xix) According to the information and explanations given to us, the
Company has not issued any debentures during the year or in the recent
past.
(xx) According to the information and explanations given to us, during
the year or in the recent past the Company has not raised any money
through public issues.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices and according to the information and explanations given to
us, we have neither come across any fraud on or by the Company nor have
we been informed of any such case by the management.
For Lodha & Co.
Chartered Accountants
A. M. HARIHARAN
Partner
Membership No:38323
Firm Registration No. 301051E
Place : Mumbai
Date : 27th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of MPIL Corporation
Limited as at 31st March, 2010 and the Profit and Loss Account for the
year ended on that date and also the Cash Flow Statement 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 Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of sub- section (4A) of
Section 227 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.
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 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 prescribed by Companies (Accounting Standards) Rules, 2006,
to the extent applicable;
e) On the basis of written representations received from directors as
on March 31, 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director of the Company in terms of
clause (g) of sub-section (1) of Section 274 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 to Accounts" in Schedule M
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, 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 for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2010 OF MPIL
CORPORATION LIMITED
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
audit, we state that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed Assets are being physically verified at reasonable intervals,
considering the size of the Company and nature of fixed assets. No
discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed of any fixed assets.
(ii) As per explanations and information given to us, the Company does
not have any inventories. Therefore, the provisions of clause 4(ii) of
the Order are not applicable to the Company.
(iii) The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets. The Company has
neither purchased any inventory nor sold any goods or services. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
(v) According to the information and explanations given to us,
particulars of contracts or arrangements referred to in Section 301
that need to be entered in the register have been so entered.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any public deposits under the
provisions of the Sections 58A and 58AA or any other relevant provision
of the Act and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and nature of its business.
(viii) According to the information and explanations given to us, the
Company is not required to prepare and maintain the cost records under
Section 209(l)(d) of the Act.
(ix) (a) The Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to the Company with the.appropriate
authorities, to the extent applicable. Mo undisputed amounts payable in
respect of the aforesaid statutory dues were outstanding as at the last
day of the financial year for a period of more than six months from the
date they became payable except an amount of Rs. 16,650 payable to
Investor Education and Protection Fund for want of appropriate details.
(b) According to the records of the Company, there are no dues in
respect of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty, Cess which have not been deposited.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current year and in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
bank.
(xii) During the year, the Company has not granted loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
(xiii) The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, provision of clause 4(xiii) of the Order are
not applicable to the company.
(xiv) The Company is not carrying the business of dealing or trading in
shares, securities, debentures and other investments. However, proper
records have been maintained in respect of transactions and contracts
entered into, wherever the investments are made by the Company in
securities. The securities have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were obtained.
(xvii) According to the information given to us, the funds raised on
short term basis have not been used for long-term investment.
(xviii) According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Act.
(xix) According to the information and explanations given to us, the
Company has not issued any debentures during the period.
(xx) According to the information and explanations given to us, during
the year the Company has not raised any money through public issues.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices and according to the information and explanations given to
us, we have neither come across any fraud on or by the Company nor have
we been informed of any such case by the management.
For LODHA & COMPANY
Chartered Accountants
A. M. HARIHARAN
Partner
Membership No:38323
Firm Registration No. 301051E
Place : Mumbai
Date : 26th May, 2010