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MPS

BSE: 532440|NSE: MPSLTD|ISIN: INE943D01017|SECTOR: Printing & Stationery
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« Mar 14
Auditor's Report (MPS) Year End : Mar '15
 We have audited the accompanying standalone financial statements of MPS
 LIMITED (the Company), which comprise the Balance Sheet as at 31st
 March, 2015, the Statement of Profit and Loss, 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 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.
 
 Auditor''s 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 aforesaid standalone 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, of the state of
 affairs of the Company as at 31st March, 2015, and its profit and its
 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 in terms of Section 143(11) 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:
 
 (i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 25.1(i) and
 Note 30 to the financial statements;
 
 (ii) The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses - Refer Note 25.6 to the financial statements;
 
 (iii) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company - Refer Note
 
 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)
 
 Having regard to the nature of the Company''s business/
 activities/results during the year, clauses (ii) and (vi) of paragraph
 4 of the Order are not applicable to the Company.
 
 (i) 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 verified during the year by the
 Management in accordance with a regular programme of verification
 which, in our opinion, provides for physical verification of all the
 fixed assets at reasonable intervals. According to the information and
 explanation given to us, no material discrepancies were noticed on such
 verification.
 
 (ii) The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the Register maintained
 under Section 189 of the Companies Act, 2013.
 
 (iii) 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 purchases of
 fixed assets and the sale of services. During the course of our audit,
 we have not observed any major weakness in such internal control
 system.
 
 (iv) According to the information and explanations given to us, the
 Company has not accepted any deposit during the year.
 
 (v) According to the information and explanations given to us, in
 respect of statutory dues:
 
 (a) The Company has been regular in depositing undisputed statutory
 dues, including Provident Fund, Employees'' State Insurance, Income-tax,
 Sales Tax, Wealth tax, Value Added Tax, Investor Education and
 Protection Fund, Customs Duty, Excise Duty, Cess and other material
 statutory dues applicable to it and generally been regular in
 depositing Service Tax with the appropriate authorities.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth tax,
 Service Tax, Value Added Tax, Investor Education and Protection Fund,
 Customs Duty, Excise Duty, Cess and other material statutory dues in
 arrears as at March 31, 2015 for a period of more than six months from
 the date they became payable.
 
 (c) There are no dues of Sales Tax, Wealth tax, Customs Duty, Excise
 Duty, Value Added Tax and Cess which have not been deposited as at
 March 31, 2015 on account of disputes. Details of dues of Income-tax
 and Service Tax which have not been deposited as at March 31, 2015 on
 account of disputes are given below:
 
 Name of     Nature of        Forum where      Period Which     Amount
 statute     relats           dispute          the Amount       involved
                              is Pending
 
 Income      Income tax       Income Tax         FY 2006-07       112.35
 Tax Act                      Appellate
                              Tribunal
 
 Income      Income tax       Income Tax         FY 2007-08       163.97
 Tax Act                      Appellate
                              Tribunal
 
 Income      Income tax       Income Tax         FY  2008-09       12.95
 Tax Act                      Appellate
                              Tribunal
 
 Income      Income tax       Income Tax         FY  2009-10      174.58
 Tax Act                      Appellate
                              Tribunal
 
 Finance     Service tax      Customs and         July 2003 to    329.58
 Act                          Excise Service      September
                              Tax Appellate       2008
                              Tribunal
 
 *amount as per demand orders including interest and penalty wherever
 quantified in the order.
 
 (d) In our opinion and according to the information and explanations
 given to us, the amount required to be transferred to investor
 education and protection fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules made
 thereunder has been transferred to such fund within time.
 
 (vi) 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.
 
 (vii) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to a
 bank. Further, in our opinion and according to information and
 explanations given to us, the Company did not have any amount
 outstanding to financial institutions or debenture holders.
 
 (viii) 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.
 
 (ix) According to the information and explanations given to us, the
 Company has not taken any term loan during the year.
 
 (x) 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. 015125N)
 
 Vijay Agarwal
 Partner
 GURGAON, May 25, 2015                           (Membership No.094468)
 
Source : Dion Global Solutions Limited
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