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MPIL Corporation Ltd.

BSE: 500450 Sector: Financials
NSE: MATHPLATT ISIN Code: INE844C01027
BSE 00:00 | 25 Jan 249.10 -13.10
(-5.00%)
OPEN

275.25

HIGH

275.25

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249.10

NSE 05:30 | 01 Jan MPIL Corporation Ltd
OPEN 275.25
PREVIOUS CLOSE 262.20
VOLUME 40
52-Week high 310.70
52-Week low 158.95
P/E 82.21
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 275.25
CLOSE 262.20
VOLUME 40
52-Week high 310.70
52-Week low 158.95
P/E 82.21
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 2021 and the Statement ofProfit and Loss Statement of changes in equity and the Cash Flow Statement for the yearended and notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "thestandalone financial 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 ('Ind AS')and other accounting principles generally accepted in India of state of affairs of theCompany as at March 31 2021 and its profit total comprehensive income changes in equityand its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our 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 thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Information Other than the Financial statements and Auditors' Report Thereon

The Company's Board of Directors are responsible for the other information. The otherinformation comprises of the information included in the Board's Report includingAnnexures to the Board's report Management Discussion and Analysis Report and BusinessResponsibility Report but does not include Standalone financial statements and our reportthereon.

Our opinion on the Standalone financial statements does not cover the information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during course of our audit or otherwise appears to be materially misstated.

If based on the work we performed we conclude that there is a material misstatementof the other information we are required to report the fact. We have nothing to report inthis regard.

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.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany'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 is also responsible for overseeing the Company's financialreporting process.

Auditors' Responsibility

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis 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 influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements 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 identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

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 statement andthe statement in Changes in Equity dealt with by this report are in agreement with therelevant books of account;

d) In our opinion the aforesaid Standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

e) On the basis of written representations received from the directors as on 31stMarch 2021 and taken on record by the Board of Directors we Report that none of thedirectors is disqualified as on 31st March 2021 from being appointed as a director interms section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls we refer to ourseparate Report in "Annexure B Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) In our opinion the managerial remuneration for the year ended March 31 2021 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 financialposition its standalone 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 were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For M D PANDYA & ASSOCIATES Chartered Accountants
Reg. no. 107325W
Place: Mumbai A. D. PANDYA Partner
Date: 23.06.2021 Membership No.:033930
UDIN : 21033930AAAABU6515

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.

b The Fixed Assets have been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable considering the size of theCompany and nature of its business. No material discrepancies were noticed on suchverification.

c The title deeds of immoveable properties taken on lease are held in the name of thecompany. ii. The Company does not have inventory therefore Para 3 (ii) of the Order arenot applicable to the Company.

iii a During the year the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability

Partnership or other parties covered in the register maintained under Section 189 ofthe Act therefore Para 3(iii) of the order is not applicable to the Company.

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. According to the information and explanations given to us the Company has notaccepted any deposits during the year and the provisions of Sections 73 to 76 are notapplicable and hence reporting under clause 3 (v) of the Order is not applicable.

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

vii. According to the information and explanations given to us in respect of statutorydues :

a. The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Income tax Goods and Services Value Added tax and material statutorydues applicable to it to the appropriate authorities.

b. There were no undisputed statutory dues payable in respect of Provident Fund Incometax Goods and Services Value Added tax and material statutory dues in arrears as at 31stMarch 2021 for a period more than six months from the date they became payable.

c. There are no dues in respect Provident Fund Employee's State Insurance Incometax Value Added tax Wealth tax Custom Duty Excise Duty value added tax cess and anyother statutory dues which have not been deposited as at 31st March 2021 onaccount of any dispute with the relevant authorities.

viii. In our opinion and according to the information and explanations given to us. theCompany has not defaulted in the repayment of loan to bank. The Company has not taken anyloan or borrowing from financial institution government or debenture holders.

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 clause 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 In our opinion and according to the information and explanations given to us theCompany has paid/provided for managerial remuneration in accordance with requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii The Company is not a Nidhi Company. Therefore the clause 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
Place: Mumbai A. D. PANDYA Partner
Date: 23.06.2021 Membership No.:033930
UDIN : 21033930AAAABU6515

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 31stMarch 2021.

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 MPILCORPORATION LIMITED ("the Company") as of March 31 2021 in conjunction withour audit of the Ind AS financial statements of the Company for the year ended on thatdate.

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 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 2021 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
Place: Mumbai A. D. PANDYA Partner
Date: 23.06.2021 Membership No.:033930
UDIN : 21033930AAAABU6515

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