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Metropoli Overseas Ltd.

BSE: 514456 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Metropoli Overseas Ltd
NSE 05:30 | 01 Jan Metropoli Overseas Ltd

Metropoli Overseas Ltd. (METROPOLIOVERSE) - Auditors Report

Company auditors report

To the Members of M/s Metropoli Overseas Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Metropoli Overseas Limited("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 control 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 misstatement whether due to fraud orerror.

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 accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 March31 2015 its loss 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure 1 a statement on the matters specified inparagraphs

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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164 (2) ofthe Act;

(f) 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 1234 & 5 to the Notes onAccounts;

[ii] The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

[iii] There are no amounts which are required to be transferred during the year to theInvestor Education and Protection Fund by the Company.

For A.K. KATARUKA & Co.
Chartered Accountants
(Registration No. 322977E)
(S.K. GOYAL)
Place: Kolkata Partner
Dated: 30th May 2015 Membership No.:300-54927

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF METROPOLI OVERSEAS LIMITED

[REFERRED TO IN OUR REPORT OF EVEN DATE]

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets were physically verified by the management during the year and nomaterial discrepancies were noticed on such verification.

(ii) (a) The inventories have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedure of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification of inventories as comparedto the book records.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Accordingly theprovisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company andhence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit we have not observed any majorweakness or continuing failure to correct any major weakness in the internal controlsystem of the company in respect of these areas.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Companies Act2013 for the services rendered by the Company.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employee’s state insuranceincome-tax service tax cess and other material statutory dues applicable to it.

During the year the Company did not have any dues towards sales tax wealth taxcustoms duty excise duty and value added tax.

(b) During the year the Company did not have any dues towards sales tax wealth taxcustoms duty excise duty and value added tax. According to the information andexplanations given to us no undisputed amounts payable in respect of provident fundemployees’ state insurance income-tax service tax cess and other materialstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable.

(c) According to the records of the Company the dues outstanding of Customs VAT andKSFC on account of any dispute are as follows:

Sl. No Name the Statute Nature of Dues Amount in Lacs Period to which the amount relates Forum where dispute is pending
1 Customs Act’1962 Custom Duty 98.14 2008-09 BIFR
(Exclusive of Interest)
2 Karnataka Value VAT & CST 129.07 1998-99 to 2004-05 Tribunal
Added Tax
3 Karnataka State Term Loan 228.00 BIFR
Financial Corporation

According to the information and explanation given to us there are no dues towardssales tax wealth tax customs duty excise duty and value added tax which have not beendeposited on account of any dispute.

(d)There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made there under.

(viii) The Company’s accumulated losses at the end of the financial year exceedsfifty per cent of its net worth and it has incurred cash losses in the current andimmediately preceding financial year.

(ix) Based on our audit procedures and according to information and explanations givento us we are of the opinion that the Company has not defaulted in repayment of dues tofinancial institutions and banks.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the Company has been noticed orreported during the year.

For A.K. KATARUKA & Co.
Chartered Accountants
(Registration No. 322977E)
(S.K. GOYAL)
Place: Kolkata Partner
Dated: 30th May 2015 Membership No.:300-54927