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MPS
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« Mar 13
Auditor's Report (MPS) Year End : Mar '14
We have audited the accompanying financial statements of MPS LIMITED
 (the Company), which comprise the Balance Sheet as at March 31, 2014,
 the Statement of Profit and Loss and the 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 Financial Statements
 
 The Company''s Management is responsible for the preparation of 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 notifed under the Companies Act, 1956 (the
 Act) (which continue to be applicable in respect of Section 133 of the
 Companies Act, 2013 in terms of General Circular 15/2013 dated
 September 13, 2013 of the Ministry of Corporate Afairs) and in
 accordance with the accounting principles generally accepted in India.
 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. 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 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
 efectiveness of the Company''s internal control. An audit also includes
 evaluating the appropriateness of the 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 sufcient 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 aforesaid 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 afairs of the
 Company as at March 31, 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the Profit of the
 Company for the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company 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) issued by the Central Government in terms of Section 227(4A) 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 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 Balance Sheet, the Statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 notifed under the Act (which continue to be applicable in respect of
 Section 133 of the Companies Act, 2013 in terms of General Circular
 15/2013 dated September 13, 2013 of the Ministry of Corporate Afairs).
 
 (e) On the basis of the written representations received from the
 directors as on March 31, 2014 taken on record by the Board of
 Directors, none of the directors is disqualifed as on March 31, 2014
 from being appointed as a director in terms of Section 274(1)(g) of the
 Act.
 
 Annexure to the independent auditors'' Report
 
 (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date)
 
 (i) Having regard to the nature of the Company''s
 business/activities/results during the year, clauses ii, vi, viii, xii,
 xiii, xiv, xvi, xix and xx of Paragraph 4 of the Order are not
 applicable to the Company.
 
 (ii) In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The fixed assets were physically verifed during the year by the
 Management in accordance with a regular programme of verifcation which,
 in our opinion, provides for physical verifcation of all the fixed
 assets at reasonable intervals. According to the information and
 explanation given to us, no material discrepancies were noticed on such
 verifcation.
 
 (c) The fixed assets disposed of during the year, in our opinion, do not
 constitute a substantial part of the fixed assets of the Company and
 such disposal has, in our opinion, not afected the going concern status
 of the Company.
 
 (iii) The Company has neither granted nor taken any loans, secured or
 unsecured, to/from companies, firms or other parties listed in the
 Register maintained under Section 301 of the Companies Act, 1956.
 
 (iv) In our opinion and according to the information and explanations
 given to us, having regard to the explanations that some of the items
 purchased are of special nature and suitable alternative sources are
 not readily available for obtaining comparable quotations, there is an
 adequate internal control system commensurate with the size of the
 Company and the nature of its business with regard to purchase of fixed
 assets and sale of services. During the course of our audit, we have
 not observed any major weakness in such internal control system. The
 activities of the Company do not involve purchase of inventory and sale
 of goods.
 
 (v) To the best of our knowledge and belief and according to the
 information and explanation given to us, there are no contracts or
 arrangements that needed to be entered in the Register maintained in
 pursuance of Section 301 of the Companies Act, 1956.
 
 (vi) In our opinion, the internal audit functions carried out during
 the year by an external agency appointed by the Management, have been
 commensurate with the size of the Company and the nature of its
 business.
 
 (vii) According to the information and explanations given to us, in
 respect of statutory dues:
 
 (a) The Company has generally been regular in depositing undisputed
 dues, including Provident Fund, Investor Education and Protection Fund,
 Income-tax, Employees'' State Insurance, Sales Tax, Wealth Tax, Service
 Tax, Customs Duty, Excise Duty, Cess and other material statutory dues
 applicable to it with the appropriate authorities, other than delays in
 remittances of Service Tax.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Employees'' State
 Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
 Excise Duty, Cess and other material statutory dues in arrears as at
 March 31, 2014 for a period of more than six months from the date they
 became payable.
 
 (c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax,
 Custom Duty, Excise Duty and Cess which have not been deposited as on
 March 31, 2014 on account of disputes are given below:
 
                   Nature of 
 Statute           Dues            Forum where dispute is pending
 
 Income Tax Act    Income Tax      Income Tax Appellate Tribuna
                                   Commissioner of Income Tax (Appeals)
 
                                   Dispute Resolution Panel
 
 Finance Act       Service Tax     Customs and Excise Service Tax
                                   Appellate Tribuna
 
 
 Statue       Period to which the amount         Amount involved
                    relates                      INR in Lacs
 
 Income Tax 
 Act               2006-07                        112.25
 
                   2007-08                        123.32
 
                   2008-09 and 2009-10            182.19
 
 Finance Act       April 2006 to September, 2008  174.88
 
 (viii) The Company does not have accumulated losses at the end of the
 financial year and the Company has not incurred cash losses during the
 financial year covered by our audit and in the immediately preceding
 financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in the repayment of dues to
 banks and financial institutions. The Company has not issued any
 debentures.
 
 (x) According to the information and explanations given to us, the
 Company has not given guarantees for loans taken by others from banks
 and financial institutions.
 
 (xi) In our opinion and according to the information and explanations
 given to us, and on an overall examination of the Balance Sheet of the
 Company, we report that funds raised on short-term basis have, prima
 facie, not been used during the year for long-term investment.
 
 (xii) During the year, the Company has not made any preferential
 allotment of shares to the parties and companies covered in the
 Register maintained under section 301 of the Company Act, 1956.
 
 (xiii) To the best of our knowledge and according to the information
 and explanations given to us, no fraud by the Company and no material
 fraud on the Company has been noticed or reported during the year.
 
                                     For DELOITTE HASKINS & SELLS
 
                                            Chartered Accountants
 
                                  (Firm Registration No. 008072S)
 
                                                   Monisha Parikh
 MUMBAI, May 22, 2014                                     Partner
 
 MP/MGR/2014                               (Membership No. 47840)
 
 
Source : Dion Global Solutions Limited
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