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Mid East Portfolio Management Ltd.

BSE: 526251 Sector: Financials
NSE: N.A. ISIN Code: INE033E01015
BSE LIVE 15:14 | 13 Nov 1.64 -0.08
(-4.65%)
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1.64

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1.64

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.64
PREVIOUS CLOSE 1.72
VOLUME 3190
52-Week high 3.63
52-Week low 1.64
P/E 4.43
Mkt Cap.(Rs cr) 0
Buy Price 1.64
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.64
CLOSE 1.72
VOLUME 3190
52-Week high 3.63
52-Week low 1.64
P/E 4.43
Mkt Cap.(Rs cr) 0
Buy Price 1.64
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00

Mid East Portfolio Management Ltd. (MIDEASTPORT) - Auditors Report

Company auditors report

To

The Members

MIDEAST PORTFOLIO MANAGEMENT LIMITED

1. Report on the Financial Statements

We have audited the accompanying financial statements of MID EAST PORTFOLIO MANAGEMENTLIMITED ("the Company") which comprise the Balance Sheet as at 31st March 2016the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

2. Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134 (5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 its profit and its cash flows for the year ended on that date.

5. Emphasis of Matter

Attention is drawn to Note No. 12.1 of the Financial Statements regarding nonavailability of balance confirmation of Loan given to a party amounting to Rs.298338/-and the opinion framed that the debts are good for recovery.

The above matters are not subject matter of our qualification.

6. Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in the paragraph 3 and 4 of the Order.

II. 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operative effectiveness of such controls refer to ourseparate report in "Annexure B" and

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements- Refer Note No.21 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Mehta Chokshi & Shah
Chartered Accountants
Firm Registration No. 106201W
Sd/-
Vijay R Gajaria
Partner
Membership No. 137561
Place: Mumbai
Date: 30th May 2016

Annexure - A to the Independent Auditors’ Report

[Referred to in paragraph 5 (I) of our report of even date]

i. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year andthere is a regular programme of verification which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such verification.

(c) The Company does not have any immovable property and therefore paragraph 3 (i) (c) of the order is not applicable

ii. The company does not have any inventories and hence paragraph 3 (ii) of the orderis not applicable to the company.

iii. According to information and explanation given to us the Company has not grantedany loans secured or unsecured to companies firms limited liability partnership orother parties covered in the register maintained under section 189 of the Companies Act2013 ( "the Act" ) and therefore paragraph 3 (iii) of the order is notapplicable.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made.

v. According to the information and explanations given to us the Company has notaccepted any deposits. Hence paragraph 3 (v) of the order is not applicable.

vi. In our opinion the company does not qualify the prescribed criteria as specifiedin Companies (Cost Records and Audit) Rules 2014 and therefore is not required tomaintain the cost records as prescribed under Section 148 (1) of the Act. Hence paragraph3 (vi) of the order is not applicable.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is regular in depositingundisputed statutory dues including income tax and other applicable statutory dues withappropriate authorities.

Further as explained to us the provisions for Custom Duty Excise Duty Value addedtax and Sales tax are not applicable to the Company during the year.

(b) According to the information and explanations given to us the details of disputedstatutory dues are as follows: Nature of Statute: Income Tax Act 1961 Nature of Dues:Income Tax Amount of dispute involved: Rs.4559122/- Period to which amount relates:Assessment Year 1995-96 (Financial Year: 1994-95) Forum where dispute is pending: HighCourt Mumbai.

viii. According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowing to financial institution or bank. Henceparagraph 3 (vii) of the order is not applicable.

ix. According to the information and explanations given to us. The Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year. Accordingly paragraph 3 (ix) of the Order isnot applicable.

x. According to the information and explanations given to us no material fraud by the

Company or on the Company by its officers or employees has been noticed or reportedduring the year.

xi. According to the information and explanations give to us and based on ourexamination of the records during the year the Company has not paid/provided for anymanagerial remuneration. Accordingly paragraph 3 (xi) of the Order is not applicable.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records during the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Accordingly paragraph 3 (xiv) of the order is not applicable.

xv. According to the information and explanations given to us and based on ourexamination of the records during the year the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. According to the information and explanations given to us and based on ourexamination of the records the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.

For Mehta Chokshi & Shah
Chartered Accountants
Firm Registration No. 106201W
Sd/-
Vijay R Gajaria
Partner
Membership No. 137561
Place: Mumbai
Date: 30th May 2016

Annexure - B to the Independent Auditors’ Report [Referred to in paragraph5 (II) (f) of our report of even date]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MID EASTPORTFOLIO MANAGEMENT LIMITED ("the Company") as of 31 March 2016 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Mehta Chokshi & Shah
Chartered Accountants
Firm Registration No. 106201W
Sd/-
Vijay R Gajaria
Partner
Membership No. 137561
Place: Mumbai
Date: 30th May 2016