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MPF Systems Ltd.

BSE: 532470 Sector: Engineering
NSE: N.A. ISIN Code: INE095E01014
BSE 15:14 | 05 Dec MPF Systems Ltd
NSE 05:30 | 01 Jan MPF Systems Ltd
OPEN 3.71
PREVIOUS CLOSE 3.54
VOLUME 300
52-Week high 4.94
52-Week low 2.94
P/E
Mkt Cap.(Rs cr) 0
Buy Price 3.71
Buy Qty 799.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.71
CLOSE 3.54
VOLUME 300
52-Week high 4.94
52-Week low 2.94
P/E
Mkt Cap.(Rs cr) 0
Buy Price 3.71
Buy Qty 799.00
Sell Price 0.00
Sell Qty 0.00

MPF Systems Ltd. (MPFSYSTEMS) - Auditors Report

Company auditors report

To

The Members of MPF SYSTEMS LIMITED

(Previously known as Mather and Platt Fire Systems Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of MPF SYSTEMS LIMITED (previouslyknown as Mather and Platt Fire Systems Limited) which comprise the Balance sheet as at 31stMarch 2017 the Statement of Profit and Loss Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; Making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatements whether due to fraudor error.

Auditor's 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the company has in place an adequate internal financial system over financialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation 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.

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 2017 and its profit and its cash flow for the year ended on that date.

Emphasis of Matter

We draw attention to Note no.3.1 & 17.13 to the Standalone financial statements ofthe company for the year ended on March 31 2017 in respect of scheme of capital reductionapproved by The National Company Law Tribunal in accordance with which an amount of Rs32325150/- has been reduced from equity share capital by adjusting off the accumulatedlosses of the company. The effect of the above is given in the current year financialstatement since the appointed date of scheme of reduction was 1st April 2015.

Our opinion is not qualified in respect of the Emphasis of Matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 bestof our knowledge and belief were necessary for the purpose 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;

a) In our opinion the aforesaid financial statement comply with the AccountingStandards specified under section 133 of Act read with rule 7 of the Companies (Accounts)Rules 2014.

b) On the basis of written representations received from the directors at on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof sub-section (2) of Section 164 of the Companies Act 2013.

c) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

d) 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 does not have any pending litigations which would impact its financialposition except mention in annexure to audit report and in notes to accounts;

(ii) The Company did not have any long-term contracts including derivative contractsfor which 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.

(iv) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the Company. Refer Note 17.16 to the financial statements.

For KALA JAIN & CO.

Chartered Accountants

Firm Reg. No. 127886W

(SUPARSH KALA)

PARTNER

Membership No.114419

Place: Mumbai

Date: 28.08.2017