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AUDITEO
FINANCIALTn'.
RESULTS
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REGISTEREO OFfiCE. MANIPAL CENTRE OICK[;NSON ROAC. BENGALURU -560042

Llmllod
THE
YEAR
ENDEO 318t MARCH
2016
l1lpal
t.om.lc>l:080"'0313t31
" Wllili,nt

..

fl.A.K Rao

RAO&SWAMI

V.K Maiya
N Ramesh

CHARTERED

P.VShenoy
H AnilKumar
K.Ramdas Rhat

ACCOUNT ANTS

Email: vvsI950(aJl!mail.com
PH: 0820-2520646
PH: 0820-2528646
AJob: 9448122756

VidyarathnaBuilding,Udupi -576101.

Gayathri K Prasad

Auditor's Report on quarterly and consolidated financial results and year to date results of
MAHRASHTRA APEX CORPORA nON LTD., pursuant to the requirement of
Regulations 33 of the SEBI (Obligations and Disclosure Requirements) Regulations 2015 .

To

Board of Directors of
MAHARASHTRA APEX CORPORATION LTD.
1. We have audited the Consolidated financial results of "MAHARASHTRA APEX
CORPORATION Limited" ("the Company") for the quarter ended March 31, 2016 and
the year to date financial results of the company for the period from 1st April 2015 to
31st March 2016, attached herewith, being submitted by the Company pursuant to the
requirement of Regulations 33 of the SEBI (Obligations and Disclosure Requirements)
Regulations 2015. The financial results for the quarter ended March31, 2016 have been
prepared on the basis of the financial results for the nine-month period ended December
31, 2015, the audited annual financial statements as at and for the year ended March31,
2016, pursuant to the requirement of Regulations 33 of the SEBI (Obligations and
Disclosure Requirements) Regulations 2015.These are the responsibility of the
Company's management and have been approved by the Board of Directors of the
Company. Our responsibility is to express an opinion on these financial results based
on our review of the financial results for the nine-month period endedDecember31,
2015 which was prepared in accordance with the recognition and measurement
principles laid down in Accounting Standard (AS) 25, Interim Financial Reporting,
specified under section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and other accounting principles generally accepted
inIndia;ourauditoftheannualfinancial statements sat andfortheyearendedMarch31, 2016;
2. We conductedour audit in accordance with the auditing standards generallyaccepted in
India. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial results are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting the
amounts disclosed as financial results. An audit also includes assessing the accounting
principles used and significant estimates made by management. We believe that our
audit provides a reasonable basis for our opinion:
3. We draw your attention to the following notes forming part of the Financial Statement
for the year ended 31st March, 2016 (which forms the basis of the results).
i.

ii.

The net worth of the company is negative but the financial statements has
been prepared on "going concern" basis under the presumption that deficit of
operation will be monitored effectively.
By its order dated 13th June 2002 RBI has cancelled the certificate of
registration certificate granted to the company to act as Non-Banking
Financial Company.

iii.

Provision has not been in the accounts as required under RBI prudential
norms since 1.4.2001.

iv.

The honorable High Court of Karnataka vide its order dated 8th October
2004 sanctioned a scheme of restructure for repayment of deposits/bonds. As
per scheme all the Instalments of repayment of deposits/bonds have fallen
due. As on date these deposits/bonds are resulting in shortfall of repayments.
Depreciation and amortization is charged as per schedule II of the companies
Act 2013 and rules made thereunder. During the year Impairment loss on
assets is charged to Profit & Loss statement amounting to Rs .O.25 lakhs.
Provision is not made in the accounts for disputed Income Tax and sales tax
liability aggregating RS.264.82Iakhs and RS.17.54Iakhs respectively.
We did not audit the financial statement of subsidiary companies for the year
to date of the company. The consolidated financial statement do not include
the accounts of Associate Companies

v.

VI.

Vll.

4. In our opinion and to the best of our information and according to the explanations given
to us these quarterly financial results as well as the year to date results:
1.

ii.

are presented
in accordance with the Regulations
33 of the
SEBI(Obligations and Disclosure Requirements) Regulations 2015
give a true and fair view of the net profit and other financial information
for the quarter ended March 31, 2016and for the year ended March 31, 2016.

For RAO & SWAMI,

Chartered Accountants,
ICAI Firm's Registration Number: 0031058

~[Il~
PV Shenoy
(partner)
Membership Number 020205
Place: Bengaluru.
Dated: 27/05/2015.