on Quarterly and year to date audited Financial Results of Limited pursuant to the
Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations,
2015. as amended
TO THE BOARD OF DIRECTORS
OF MIDEAST PORTFOLIO MANAGEMENT LIMITED Report on the Financial Statements Opinion
We have audited the accompanying financial statements of MIDEAST PORTFOLIO
MANAGEMENT LIMITED ("the Company"), for the quarter and year ended 31 March
2022, attached herewith, being submitted by the company pursuant to the requirement of
regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as
amended (Listing Regulations).
In our opinion to the best of information and according to explanations given to us the
aforesaid financial results read with note therein.
a. Are presented in accordance with the requirements of regulations 33 of the listing
regulations in these regards" and
b. give a true and fair view in conformity with the regulation and measurements
principal laid down in the applicable Indian Accounting Standard, and other accounting
principal accepted in India specified under section 133 of the Act, of the state of
affairs (financial position) of the company as at 31st March 2022, and its
profit and loss A/c (financial performance including other comprehensive Income), its cash
flow.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs")
specified under section 143(10) of the Companies Act. 2013 ("the Act"). Our
responsibilities under those SAs are further described in the Auditors Responsibilities
for the Audit of the Financial Results section of our report. We are independent of the
Company, in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act, and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient
and appropriate to provide a basis for our opinion on the financial results.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters in section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these
financial statements that give a true and fair view of state of affairs (financial
position), Profit or loss (financial Performance including other comprehensive income),
change in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards
(‘Ind AS’) the financial position, financial performance and cash flows of the
Company in accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of internal financial
control, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, 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.
In preparing the financial results, the Management and the Board of Directors are
responsible for assessing the Companys ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern basis of the
accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Companys Management and the Board of Directors are responsible for overseeing the
companys financial reporting process.
Auditor’s Responsibility
Our objectives are to obtain reasonable assurance about whether the financial results
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditors report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial results,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our opinion through a separate report on the
complete set of financial statements on whether the company has adequate internal
financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures in the financial results made by the
Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the
going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant
doubt on the companys ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors report to
the related disclosure in the financial results or, if such disclosures are inadequate, to
modify our opinion. Our conclusion is based on the audit evidence obtained up to the date
of our auditor’s report.
However future events or conditions may cause the Company to cease to continue as a
going concern.
Evaluate the overall presentations, structure and content of the financial results,
including the disclosers, and whether the financial results represent the underlying
transaction and events in a manner that achieves fair presentations.
Materiality is the magnitude at misstatements in the Statement that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable
user of the Statement may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the
results of our work; and (ii) to evaluate the effect of any identified misstatements in
the Statement.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Other Matter
The financial results include the results for the quarter ended March 31, 2022 being
the balancing figures between the audited figures in respect of the full financial year
and the published unaudited year to date figures up to the third quarter of the current
financial year which were subject to limited review by us, as required under the Listing
Regulations.
| For Agrawal Jain and Gupta |
| Chartered Accountants |
| Firm Reg. No. 013538C |
| Sd/- |
| CA Narayan Swami |
| PARTNER |
| Membership No. 409759 |
| UDIN: 22409759AJOBQD6584 |
| Place: Mumbai |
| Dated: 25th May 2022 |
Annexure ‘A’
The Annexure referred to in paragraph 1 of Our Report on "Other Legal and
Regulatory Requirements".
We report that:
i. (a) (A) The company is maintaining proper records showing full particulars,
including quantitative details and situation of Property, Plant and Equipment;
(B) The company is maintaining proper records showing full particulars of intangible
assets;
(b) As explained to us, Property, Plant and Equipment have been physically verified by
the management at reasonable intervals; no material discrepancies were noticed on such
verification;
(c) The title deeds of all the immovable properties (other than properties where the
company is the lessee and the lease agreements are duly executed in favour of the lessee)
disclosed in the financial statementsare held in the name of the company.
(d) The company has not revalued its Property, Plant and Equipment (including Right of
Use assets) or intangible assets or both during the year.
(e) As explained to us, no proceedings have been initiated or are pending against the
company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
ii. (a) The company is service entity therefore; it does not have Inventory.
(b) The Company has not sanctioned working capital Loan on the basis of security of
current assets during any point of time of the year.
iii. (a) During the year the company has not made investments in, nor provided any
guarantee or security or granted any loans or advances in the nature of loans, secured or
unsecured, to companies, firms, Limited Liability Partnerships or any other parties.
(b) According to the information and explanations given to us, the investments made,
guarantees provided, security given and the terms and conditions of the grant of all loans
and advances in the nature of loans and guarantees provided are not prima facie
prejudicial to the company’s interest;
(c) There is no stipulation of schedule of repayment of principal and payment of
interest and therefore we are unable to comment on the regularity of repayment of
principal & payment of interest.
(d) Since the terms of arrangement do not stipulate any repayment schedule, we are
unable to comment whether the amount is overdue or not.
(e) No loan or advance in the nature of loan granted which has fallen due during the
year, has been renewed or extended or fresh loans granted to settle the over dues of
existing loans given to the same parties.
(f) The company has not granted any loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment.
iv. In respect of loans, investments, guarantees, and security, provisions of
section 185 and 186 of the Companies Act, 2013 have been complied.
v. The company has not accepted any deposits or amounts which are deemed to be
deposits covered under sections 73 to 76 of the Companies Act, 2013.
vi. As per information & explanation given by the management, maintenance of
cost records has not been applicable to company as specified by the Central Government
under sub-section (1) of section 148 of the Companies Act.
vii. (a) According to the records made available to us, company is regular in
depositing undisputed statutory dues including Goods and Services Tax, provident fund,
employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of
excise, value added tax, cess and any other statutory dues to the appropriate authorities.
According to the information and explanation given to us there were no outstanding
statutory dues as on 31st of March, 2022 for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us, there is no statutory
dues referred to in sub-clause
(a) that have not been deposited on account of any dispute except following:
| Name of the Statute |
Nature of the Dues |
Amount (Rs.) |
Period to which the amount relates |
Forum, Where Dispute is pending |
Remarks, if Any |
| Income Tax |
Income Tax |
Rs. 45,59,122/- |
A.Y. 1995-96 |
High Court, Bombay |
|
viii. According to the information and explanations given by the management, no
transactions not recorded in the books of account have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.
ix. (a) Company has not taken any Loans or other borrowings or in the payment of
any
Interest thereon to any lender, hence this clause is not applicable.
x. (a) The company has not raised any money by way of initial public offer or
further public offer (including debt instruments) during the year.
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year.
xi. (a) According to the information and explanations given by the management, no
fraud by the company or any fraud on the company has been noticed or reported during the
year;
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government;
(c) According to the information and explanations given to us by the management, no
whistle-blower complaints had been received by the company
xii. The company is not a Nidhi Company. Therefore, clause xii is not applicable on
the company.
xiii. According to the information and explanations given to us, all transactions
with the related parties are in compliance with sections 177 and 188 of Companies Act,
where applicable and the details have been disclosed in the financial statements,
xiv. In our opinion and based on our examination, the company have own internal
audit system.
xv. On the basis of the information and explanations given to us, in our opinion
during the year the company has not entered into any non-cash transactions with directors
or persons connected with him.
xvi. (a) In our Opinion and based on our examination, the Company is not required
to be registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).
(b) In our Opinion and based on our examination, the Company has not conducted any
Non-Banking Financial or Housing Finance activities without a valid Certificate of
Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act,
1934,
(c) In our Opinion and based on our examination, the Company is not a Core Investment
Company (CIC) as defined in the regulations made by the Reserve Bank of India.
(d) According to the information and explanations given by the management, the Group
does not have any CIC as part of the Group.
xvii. Based on our examination, the company has not incurred cash losses in the
financial year and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year and
we have taken into consideration the issues, objections or concerns raised by the outgoing
auditors.
xix. On the information obtained from the management and audit procedures performed
and on the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the
financial statements, the auditor’s knowledge of the Board of Directors and
management plans, we are of the opinion that no material uncertainty exists as on the date
of the audit report that company is capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the
balance sheet date;
xx. Based on our examination, the provision of section 135 are not applicable on
the company. Hence this clause is not applicable on the company.
xxi. The company is not required to prepare Consolidate financial statement hence
this clause is not applicable.
| For AGRAWAL JAIN & GUPTA |
| Chartered Accountants |
| Firm Reg. No. 013538C |
| Sd/- |
| CA NARAYAN PRASAD SWAMI |
| Partner |
| Membership No. 409759 |
| UDIN: 22409759AJOBBM2202 |
| Date: 25th May, 2022 |
| Place: Mumbai |
Report on Internal Financial Controls with reference to financial statements
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of MID EAST
PORTFOLIO MANAGEMENT LIMITED ("the Company") as of March 31, 2022 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2022, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Company’s internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
1. pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
2. provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
3. provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
| For AGRAWAL JAIN & GUPTA |
| Chartered Accountants |
| Firm Reg. No. 013538C |
| Sd/- |
| CA NARAYAN PRASAD SWAMI |
| Partner |
| Membership No. 409759 |
| UDIN: 22409759AJOBBM2202 |
| Date: 25th May, 2022 |
| Place: Mumbai |
+91-9892691696
