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Mackinnon Mackenzie & Company Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 0.07 Cr. P/BV 0.00 Book Value (Rs.) -33,898.20
52 Week High/Low (Rs.) 3/1 FV/ML 10/50 P/E(X) 0.00
Bookclosure 29/09/2023 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2014-03 
We have audited the accompanying financial statements of MACKINNON MACKENZIE & COMPANY LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss, for the year then ended, and a summary of the significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notifed under the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessments of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.

4. Basis of Qualified Opinion

As mentioned in Note 10 (c) of the financial statements, the investments made at Kolkata Rs 56000/- are presently not available for verifcation as the building is destroyed by fre. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 30 of the financial statements despite continued huge losses resulting in total erosion of the net worth of the company, the accounts for the year have been prepared on the assumption of going concern basis. Should the company be unable to continue as a going concern , the extent of effect the resultant adjustments would have on the net worth at the year end as the losses for the year is not ascertainable. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 15 of the financial statements Loans and Advances includes certain old balances amounting to Rs 8,18,785 for which no provision for doubtful items if any has been made in the accounts pending review confirmation of the same. As a result the effect of non-provision on the loss for the year cannot be ascertained. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 7 of the financial statements Trade Payables include an amount of Rs.26,51,925/- which represent old balances for which no write back has been made in the accounts pending the review/ confirmation of the same. As a result, the effect of such write back, if any on the loss for the year cannot be ascertained. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 8 of the financial statements certain old credit balances outstanding in various accounts amounting to Rs.1,48,52,774 for which no write back has been made in accounts pending the review /confirmation of the same. As a result, the effect of such write back, if any on the loss for the year cannot be ascertained. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 5 of the financial statements the Company's bankers had fled suit in Bombay High Court for recovery of loans which were transferred to the Debt Recovery Tribunal. The bankers have assigned entire debt due to them to a Company and suit fled by these banks have been transferred back to Bombay High Court. Suits are for recovery of Rs.61,66,05,621/- outstanding as on 31st March 1991. However loans along with interest accrued and due to the Company which has taken over the Debt as per the terms of loans and subsequent understanding with the Company amounting to Rs 8,256,129,338 are outstanding as on 31st March 2014 However no confirmations are available from Bank and the Company which has taken over the Debt for the same. We are therefore unable to comment on the effect of the same if any on secured loans due to Company which has taken over the Debt and the debit balance of Surplus in Statement of Profit & Loss Account as at 31st March 2014. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 31 of the financial statements non availability of confirmations in respect of balances of secured and unsecured loans, debtors, certain bank balances, deposits, and creditors appearing in Schedule 5,7,8,10, 13, 14 and 15 of the accounts respectively. As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 24 of the financial statements provision for accrued liability for the year in respect of gratuity and long term compensated absences has been made on arithmetical basis instead of based on actuarial valuation as required by Accounting Standard -15 "Employee benefits" (the Standard). The effect on the Profit & Loss Account for the year had the Company determined the accrued liability for gratuity and long term compensated absences based on actuarial valuation has not been ascertained. Accordingly, the disclosure requirement regarding the actuarial assumptions used for actuarial valuation is not complied with. Further, the transitional liability/gain as at April 1, 2007, which is required to be determined in terms of the transitional provisions of the Standard, has not been ascertained and accounted for. As a result the effect of on the loss for the year and debit balance of Surplus in Statement of Profit & Loss Account as at 31st March 2014 cannot be ascertained As such, we are unable to express an opinion as to the effect of financial statements for the year.

As mentioned in Note 27 of the financial statements, regarding non compliance of requirements under Micro, Small and Medium Enterprise Development Act, 2006 in absence of information available with the company. As such, we are unable to express an opinion as to the effect of financial statements for the year.

5. Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effect of the matters in the Basis of Qualified Opinion paragraph as mentioned above and read together with the other notes thereon give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March ,2014;

(b) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and

(c) in the case of Cash Flow Statement , of the cash flows for the year ended on that date.

6. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2003 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

(a) Except for the matters described in the Basis for Qualified opinion paragraph above, we have obtained all the information, and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) Except for the effects of the matters described in the Basis for Qualified opinion in, our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) Except for the matter described in the Basis for Qualified Opinion paragraph 4(b),in our opinion, the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act.

(e) Except for the effects of the matters described in the Basis for Qualified opinion paragraph above, in our opinion, the Balance Sheet, Statement of Profit & Loss comply with the Accounting Standards notifed under the companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

(f) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disQualified as on 31st March, 2014 from being appointed as a director in terms of section 274(1) (g) of the Act.

(g) Since the Central Government has not issued any notifcation as to the rate at which the cess is to be paid under section 441A of the Companies Act,1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFFERED TO IN PARAGRAPH 1 under REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS.

(i) (a) In our opinion, the Company, the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, all fixed assets have been physically verifed by the management according to a regular program which in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies with respect to book records were noticed on such verifcation.

(c) There was no substantial disposal of fixed assets during the year.

(ii) Clause regarding Inventory records and verifcation is not applicable to the Company as the Company is carrying on agency business.

(iii) As informed, the Company has not taken or given any loans, secured or unsecured from companies, firms or other parties listed in register maintained under section 301 of the Companies Act 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit no major weakness have been observed in the internal controls.

(v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management. We are of the opinion that all transactions that need to be entered into the register in pursuance of Section 301 of the Act have been so entered. b) Based on the information and explanations given to us, it is our opinion that these transactions have been made at reasonable prices having regards to the prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vii) The requirement of having an internal audit system is not applicable to the Company.

viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government u/s.209 (1)

(d) of the Companies Act, 1956, in respect of the activities carried on by the Company.

ix) (a) According to the information and explanation given to us, there are no undisputed amounts payable in respect of Income tax, (other than Service Tax Rs 585349), Wealth Tax, Sales Tax, Customs Duty and Excise Duty, and Cess outstanding as at the year end of a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues of Income tax, Sales tax, Wealth tax, Customs duty, Excise duty or Cess outstanding on account of any dispute, except for the following.

S. Name of Statute       Nature of Dues          Amount Rs.
No

1  Foreign Exchange                              10,02,97,000
   Regulation Act        Fine for alleged
                         violation of For- 
                         eign Exchange 
                         Regulation Act 
                         by the Company 
                         and its officer

2 Income Tax Act         Income Tax                 86,37,784

Name of Statute       Period to           Forum where
                      which it relates    dispute is pending

Foreign Exchange      1979                Foreign Exchange Appellate
Regulation Act                            Tribunal has allowed Companies 
                                          Appeal against which the 
                                          concerned Govt.

                                          Dept. fled an appeal with High 
                                          Court of Bombay.  The Hon. 
                                          High Court of Bombay has 
                                          referred the matter back to 
                                          the Appellate Tribunal

Income Tax Act         A.Y. 2011-12       Commissioner of Income Tax
                                          (Appeals)

x) (a) The Company total accumulated losses far exceed its capital and Reserves. (b) The Company has suffered cash losses during the year.

xi) According to the information and explanations given to us and the records examined by us, Company has not been able to repay loan and interest on secured loans and suits fled by Banks with Debt Recovery Tribunal and suit fled by the Company which has taken over debt from Banks are pending with High Court of Bombay.

xii) According to the information and explanations given to us and the records examined by us, the Company has not granted any loan against security of pledge of shares.

xiii) In our opinion and according to the information and explanations given to us, the nature of the activities of the Company does not attract any special statute applicable to chit fund and Nidhi/mutual benefit fund/societies.

xiv) As per information given to us the Company is not dealing in shares and securities .

xv) According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof are prima facie prejudicial to the interest of the Company.

xvi) As informed to us, Secured loans were taken in past for purchase of ships which have already been sold off but the Company is not in a position to repay the balance loan. Company's fixed assets like Building are mortgaged to the Company which has taken over debt due to Banks. Outstanding secured loans including interest as on 31St March 2014 is Rs. 8,256,129,338.

xvii) On the basis of an overall examinations of the balance sheet and cash fow of the Company and the information and explanations given to us, we report that the Company has not utilised any funds raised on short term basis of long term investments and vice- versa.

xviii) The Company has not made any preferential allotment of shares to parties or companies covered under Section 301 of the Act.

xix) Company has not issued any debentures.

xx) The Company has not raised any money through a public issue during the year.

xxi) Based upon the audit procedures performed and the information and explanation given by the management, we report that, no fraud on or by the Company has been noticed or reported during the year.

                                           For SACHIN P. MULGAOKAR & CO 
                                                (Chartered Accountants) 
                                                   Firm Regn No:108945W

                                                    Sachin P. Mulgaokar 
                                                           (Proprietor) 
                                                   Membership No. 40942 
Mumbai 
Dated: 30th May 2014

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