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MPS
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« Mar 12
Auditor's Report (MPS) Year End : Mar '13
REPORT ON THE FiNANCiAL STATEMENTS
 
 We have audited the accompanying financial statements of MPS LIMITED
 (the Company), which comprise the Balance Sheet as at 31st March ,
 2013, 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 RESPONSiBILiTV FOR THE FiNANCiAL STATEMENTS
 
 The Company''s 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 Section 211(3C)
 of the Companies Act, 1956 (the Act) 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'' responsibilitv
 
 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 judgement, 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 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
 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 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 affairs of the
 Company as at 31st March, 2013;
 
 (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 REGULATORV REQUIREMENTS
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government in terms of Sec- tion
 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 agree- ment 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 Ac- counting
 Standards referred to in Section 211(3 C) of theAct.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2013 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 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, v, vi, viii,
 xii, xiii, xiv, xvi, xix, xx of paragraph 4 of the Order are not
 applicable.
 
 (ii) In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of the fixed assets.
 
 (b) The fixed assets are physically verified by the Management in
 accordance with a program of verification, which in our opinion
 provides for physical verification of all the fixed assets at
 reasonable intervals. According to the information and explanations
 given to us, no material discrepancies were noticed on such
 verification.
 
 (c) The fixed assets disposed off 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 affected 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 covered 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
 Compa- ny and the nature of its business with regard to purchases of
 fixed assets and the rendering 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) In our opinion, the internal audit functions carried out during the
 year by an external agency appointed by the Man- agement have been
 commensurate with the size and the nature of its business.
 
 (vi) According to the information and explanations given to us in
 respect of statutory dues:
 
 (a) The Company has generally been regular in depositing undisputed
 statutory dues, including Provident Fund, Investor Education and
 Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax,
 Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
 material statutory dues applicable to it with the appropriate
 authorities, except for certain delays in remittances of Valued Added
 Taxes and Service Tax.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Employ- ees'' State
 Insurance, Income-tax, Sales tax, Wealth Tax, Service Tax, Customs
 Duty, Excise Duty, Cess and other material statutory dues in arrears as
 at 31st March, 2013 for a period of more than six months from the date
 they became payable, other than Rs.17,699 relating to Service Tax which
 has been deposited by the Company subsequent to the year end.
 
 (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
 31st March, 2013 on account of disputes are given below:
 
 Statute                 Nature of Dues   Forum where Dispute is pending
 
 Income Tax Act, 1961    Income Tax       Income Tax Appellate Tribunal
 
                                          Commissioner of Income Tax
                                         (Appeals) 
 
                                          Dispute Resolution Panei (DRP)
 
 The Finance Act         Service Tax      Customs and Excise Service 
                                          Tax Appellate Tribunal
 
 Statute                 Year to which the amount           Amount 
                                                            involved 
                         relates                           (Rs. in lacs)
 
 Income Tax Act 1961     2004-05 and 2006-07                   143.95
 
                         2006-07 and 2007-08                   496.87 
 
                         2009-10                                13.15
 
 The Finance Act         April 06 to September, 2008           191.47
 
 (vii) The Company does not have accumulated losses at the end of the
 financial year and has not incurred cash losses during the financial
 year covered by our audit and in the immediately preceding financial
 year.
 
 (viii) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in the repay- ment of dues
 to banks. There are no borrowings from financial institutions and the
 Company has not issued any debentures.
 
 (ix) The Company has not given any guarantee for loans taken by others
 from banks or financial institutions.
 
 (x) In our opinion and according to the information and explanations
 given to us and on an overall examination of the Balance Sheet, we
 report that funds raised on short-term basis have, prima facie, not
 been used during the year for long- term investment.
 
 (xi) The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register main- tained under
 section 301 of the Act.
 
 (xii) To the best of our knowledge and according to the information and
 explanations given to us, no fraud on or by the Com- pany has been
 noticed or reported during the year.
 
                                          For DELOITTE HASKINS & SELLS
 
                                                 Chartered Accountants
 
                                        (Firm Registration No. 008072S)
 
                                                        Monisha Parikh
 
                                                               Partner
 
 MUMBAI, 27th May, 2013                          (Membership No. 47840)
Source : Dion Global Solutions Limited
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