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MPS Ltd.

BSE: 532440 | NSE: MPSLTD |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE943D01017 | SECTOR: Printing & Stationery

BSE Live

Apr 01, 16:00
213.50 12.90 (6.43%)
Volume
AVERAGE VOLUME
5-Day
908
10-Day
1,245
30-Day
1,297
95
  • Prev. Close

    200.60

  • Open Price

    217.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 01, 15:47
213.70 4.45 (2.13%)
Volume
AVERAGE VOLUME
5-Day
7,178
10-Day
9,383
30-Day
7,030
2,079
  • Prev. Close

    209.25

  • Open Price

    214.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    213.70 (1)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2010

Auditor's Report

We have audited the attached balance sheet of Macmillan India Limited (the Company), as at 31st December 2008, the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These fi- nancial 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 the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance 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. 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, 1 956, we enclose in the Annexure a statement or the matters specified in pargaraphs 4 and 5 of the said Order. Order. Further to our comments in the Annexure referred to above, we report that: i. We have obtained all the information and explana- tions, which to the best of our knowledge and belief were necessary for the purposes of our audit; ii. In our opinion, proper books of account as required by law have been kept by the Company, so far as ap- pears from our examination of those books; iii. The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agree- ment with the books of account; iv. 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 21 1 of the Companies Act, 1 956; v. On the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st December 2008 from be- ing appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 on the said date; vi. Without qualifying our opinion, we draw attention to: a. Note No. II (8) of Schedule 1 8 regarding the invest- ments made and advances given to the subsidiary, ICC Macmillan Inc, USA. No provision is consid- ered necessary by the management, as they have committed to extend continued financial support. b. Note No. II (6b) of Schedule 1 8 regarding non- provision of service tax, which is being disputed by the Company. vii In our opinion and to the best of Our information and according to the explanations given to us, the said accounts give the information required by the Compa- nies Act, 1956, 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 December 2008; b. in the case of the profit and loss account, of the profit for the year ended on that date; and c. in the case of 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) 1. 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. Most of the fixed assets were physically verified during the year by the management in accordance with a regular programme of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us no material discrepancies were noticed on such verification. c. Although a major part of the fixed assets have been disposed off during the year, in our opinion and according to the information and explanations giv- en to us, the ability of the company to continue as a going concern is not affected. 2. In respect of its inventories: a. As explained to us, inventories were physically verified during the year by the management at reasonable intervals. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories relating to publishing business followed by the management were reasonable and adequate in relation to the size of the Company and nature of its business. c. In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. 3. a. 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 Companies Act, 1956. b. The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Com- pany and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services and we have not observed any continu- ing failure to correct major weaknesses in such internal control systems. 5. In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act 1956, to the best of our knowledge and belief and according to the information and expla- nations given to us: a. The particulars of contracts or arrangements referred to Section 301 that needed to be entered into the register, maintained under the said section have been so entered. b. There are no transactions, in aggregate, in excess of Rs.5 lacs in respect of any party. 6. The Company has not accepted any fixed deposits from the public during the year. 7. The internal audit was carried out by the internal audit department of the Company up to June 2008. A consulting Company, which is an associate of the statutory auditors of the Holding Company, were appointed on 24th November 2008 to carry out the internal audit from 1st December 2008. Therefore, no internal audit was conducted during the period July to November 2008. 8. The Central Government has not prescribed mainte- nance of Cost Accounting Records under Section 209(1) (d) of the Companies Act, 1 956 for the Company. 9. In respect of Statutory dues: a. According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including Investor Education and Protection Fund, Provident Fund, Employees State Insurance, Income-tax, Sales-tax, VAT, Wealth tax, Service Tax, Custom duty, Cess and any other material statutory dues with the appropriate authorities during the year, though there has been a slight delay in a few cases. b. There were no undisputed amounts payable in respect of Investor Education and Protection Fund, Provident Fund, Employees State Insurance, Income-tax, Sales-tax, VAT, Wealth tax, Service Tax, Custom duty, Cess and any other material statutory dues as at 31st December 2008 for a period of more than six months from the date they became payable. c. According to the information and explanations given to us, the details of Sales Tax, VAT, Income tax, Customs Duty, Wealth Tax, Service Tax, and Cess, which has not been deposited with the appropriate authorities as on 31st December 2008 on account of any dispute are given below: Name of the Nature or the dues Statute Service Tax on Section 66A of the Commission paid to Finance Act, 1994 Macmillan UK Demand for Income Income lax Act, tax upon completion or 1961 assessment Demand for Income Income lax Act, tax upon completion or 1961 assessment Amount Period to which the Forum where the (Rs. In lacs) amount relates dispute is pending 227.77 July 2003 - Dec 2006 CESTAT, Bengaluru Commissioner of 24.36 AY 2005-06 Income Tax-Appeals, Chennai Commissioner of 1.80 AY 2005-06 Income Tax-Appeals, Chennai 10. As at the end of the financial year, the Company does not have accumulated losses. The Company has not in- curred cash losses during the financial year covered by our audit and the immediately preceding financial year. 11. The Company has not taken any loans from financial institutions, banks and debenture holders. 12. Based on our examination of documents and records, we are of the opinion that the Company has not grant- ed loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not a chit fund or nidhi mutual benefit fund / society. 14. In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities and debentures and other investments. 15. According to the information and explanations given to us, the Company has given a guarantee for loans taken by Frank Brothers & Co. (Publishers) Limited from banks during the year. 16. The Company has not raised any Term Loan 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, funds raised on short-term basis, have, prima facie, not been used during the year for long term investment. 18. The Company has not made any preferential allot- ment of shares to parties and companies covered in the register maintained under Section 301 of the Compa- nies Act, 1956. 19. The Company has not issued any debentures. 20. The Company has not raised money through public issues during the year. 21. To the best of our knowledge and belief and accord- ing to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year. Place: Bengaluru Date : 25th February 2009 For Deloitte Haskins & Sells Chartered Accountants Bhavani Balasubramanian Partner Membership No. 22156