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MPIL Corporation Ltd.

BSE: 500450 Sector: Financials
NSE: MATHPLATT ISIN Code: INE844C01027
BSE 00:00 | 03 Aug 215.20 0
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NSE 05:30 | 01 Jan MPIL Corporation Ltd
OPEN 215.20
PREVIOUS CLOSE 215.20
VOLUME 1
52-Week high 238.25
52-Week low 113.00
P/E 33.16
Mkt Cap.(Rs cr) 12
Buy Price 205.00
Buy Qty 17.00
Sell Price 215.20
Sell Qty 44.00
OPEN 215.20
CLOSE 215.20
VOLUME 1
52-Week high 238.25
52-Week low 113.00
P/E 33.16
Mkt Cap.(Rs cr) 12
Buy Price 205.00
Buy Qty 17.00
Sell Price 215.20
Sell Qty 44.00

MPIL Corporation Ltd. (MATHPLATT) - Auditors Report

Company auditors report

to the Members of MPIL CORPORATION LIMITED.

Report on the Audited Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of MPIL CORPORATIONLIMITED which comprises of Balance Sheet as at 31st March 019 Profit and LossStatement of changes in equity and the Cash Flow the Statement for the year ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information (hereinafter referred to as "the standalonefinancial statements")

In our opinion and to the best of our information and according to the explanationsgiven to us the Standalone financial statements give the information required by theCompanies Act 2013 (the Act) in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended (‘IndAS') and other accounting principles generally accepted in India of state of affairs ofthe Company as at March 31 2019 and the profit and total comprehensive income changes inequity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on specified under section143(10) of the Act. Our Auditing (SAs) responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules fulfilled our other ethical responsibilitiesthereunder and we have in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion on standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were ofmostsignificancein our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.

Management's responsibility for the Financial statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with the IND As and other accounting principles generally acceptedin India including the Accounting Standards specified under Section 133 of the Act. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind As financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error. management In preparing the financial is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditors' responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we We also provide those charged withgovernance with a statement that we have complied with relevant ethical requirementsregarding independence and to communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of Section (11) of section 143 of the Act(hereinafterreferred to as the "Order")and on basis of such checks of the books and recordsof the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure A a statement on the matters specifiedin the paragraph 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) We have sought all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss Account and Cash Flow statementdealt with by this report are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 ;

e) On the basis of written representations received from the directors as on 31stMarch 2019 and taken on record by the Board of Directors we report that none ofthe directors is disqualified as on 31st March 2019 from being appointed as a director interms section 164(2) of the Act.

f) controls over financial reporting of With respect to the adequacy of the Company andthe internal financial operating effectiveness of such controls we refer to our separateReport in "Annexure B".

g) In our opinion the managerial remuneration for the year ended March 31 2019 hasbeen paid / provided by the company to its directors in accordance with the provisions ofsection 197 read with schedule V to the act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditors) Rule 2014 in ouropinion and 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 financialstatements refer note 18 to the financial statements ;

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

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

For M D PANDYA & ASSOCIATES

Chartered Accountants

Reg. No. 107325W

A. D. PANDYA

Partner

Membership No.:033930

Mumbai

Dated :30th May 2019.

ANNEXURE A TO IN TO THE INDEPENDENT AUDITORS' REPORT OF THE EVEN DATE ON THE IND ASFINANCIALS STATEMENTS OF MPIL CORPORATION LIMITED

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

i. b The Fixed Assets have been physically verified by the management during the year.In our opinion the frequency of is reasonable considering the size of the Company andnature of its business. No material discrepancies verification were noticed on suchverification.

i. c The title deeds of immoveable properties taken on lease are held in the name ofthe company.

ii. The Company does not have inventory therefore Para3 (ii) of the Order are notapplicable to the Company.

iii a During the year the Company has not granted any loans secured or unsecured tocompanies firms Partnership or other parties covered in the register maintained underSection 189 of the Act therefore Para 3(iii) of the order is not applicable to theCompany.

iv. According to the information and explanation to given to us the company hascomplied with the provisions of section 185 & 186 of the Companies Act 2013 inrespect of loans given and investments made by it.

v. No deposits within the meaning of directives issued by RBI (Reserve Bank of India)and Sections 73 to 76 or any other relevant provisions of the Act and rules framedthereunder have been accepted by the Company. Therefore Para3 (v) of the Order is notapplicable to the Company.

vi. The Central Government has not prescribed maintenance of Cost Records under Section148 of the Act.

vii. a. According to the records of the Company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues in respect of ProvidentFund Employee's State Insurance Income tax Value Added tax Wealth tax Custom DutyExcise Duty value added tax cess and any other statutory dues with appropriateauthorities to the extent applicable and there were no undisputed statutory dues payablefor a period more than six months from the date they became payable as at 31stMarch 2019.

b. According to the information and explanations given to us there were no dues inrespect Provident Fund Employee's State Insurance Income tax Value Added tax Wealthtax Custom Duty Excise Duty value added tax cess and any other statutory dues whichhave not been deposited as at 31st March 2019 on account of any dispute withthe relevant authorities.

viii. The Company has not taken any loan or borrowing from financial institution bankgovernment or debenture holders. Therefore Para 3 (viii) of the Order is not applicable tothe Company.

ix The company has not raised funds by way of public issue/ follow-on offer (includingdebt instruments) during the year and has not taken any term loans. Therefore Para 3(ix)of the Order is not applicable to the Company.

x According to the information and explanation given to us no material fraud on or bythe Company has been noticed or reported during the year.

xi According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with requisite approvals mandated by the provisions of section197 read with Schedule V to the Act.

xii The Company is not a Nidhi Company. Therefore the Para 3(xii) of the Order is notapplicable to the Company.

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 section 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the Ind AS financial statements arerequired by the applicable accounting standards.

xiv During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

xv According to the information and explanations given to us and the representationobtained from the management the Company has not entered into any non-cash transactionswith Directors or persons connected with him.

xvi The company is not required to be registered under section 45-IA of Reserve Bank ofIndia Act 1934.

For M D PANDYA & ASSOCIATES

Chartered Accountants

Reg. No. : 107325W

A. D. PANDYA

Partner

Membership No.:033930

Mumbai

Dated :30th May 2019

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

Referred to Para 2(f) of the Independent Auditors; Report of even date to the membersof the Company on the Standalone Financial Statements for the year ended 31st March 2019.

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 MPIL CORPORATIONLIMITED ("the Company") reporting of as of March 31 2019 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat date.

Management's responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued byThe Institute of Chartered Accountants of India(ICAI). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both issued by the ICAI. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system Our audit overfinancial of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. 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.

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 controls systemover 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 authorisations 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 March 31 2019 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 ICAI.

For M D PANDYA & ASSOCIATES

Chartered Accountants

Reg. No. : 107325W

A. D. PANDYA

Partner

Membership No.:033930

Mumbai

Dated: 30TH May 2019