You are here » Home » Companies » Company Overview » Microse India Ltd

Microse India Ltd.

BSE: 523343 Sector: Financials
NSE: N.A. ISIN Code: INE809F01015
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Microse India Ltd. (MICROSEINDIA) - Auditors Report

Company auditors report

To

The Members of

MICROSE INDIA LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of MICROSE INDIA LIMITED("the Company) which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe Accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers financial control relevant to the Company's preparation that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the company hasin place an adequate internal financial controls systems over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 and its profits and cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theorder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 and obtained all the information and explanations which to the bestof our knowledge 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 it appears from our examination of those books;

(c) the balance sheet statement of profit and loss and cash flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion the balance sheet statement of profit and loss and cash flowstatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

(e) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015from being appointed as a director in terms of section 164 (2) of theAct.

(f) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. the Company does not have any pending litigations which would impact its financialposition.

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. there has been no delay in transferring amounts required to be transferred ifany to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The annexure referred to in our Independent Auditors’ Report to the members of thecompany in the financial statements for the period ended at 30 March 2015 we reportthat:

I. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us the fixed assets have been physically verified by the Managementat reasonable intervals during the year. We are informed that no material discrepancieshave been noticed by the management on such verification as compared to the aforesaidrecords of fixed assets.

II. (a)The management has conducted physical verification of inventory at reasonableinterval.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company has maintained proper records of inventory. No material discrepancieswere noticed on physical verification.

III. The Company has not granted unsecured loan to any party covered in the registermaintained under section 189 of the Companies Act 2013

IV. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company andnature of its business with regard to the purchase of inventory and fixed assets and withregard to sale of goods. We have not observed any major weakness in the internal controlsystem during the course of our audit.

V. The Company has not accepted any deposits from the public. Therefore the provisionsof clause (v) of paragraph 3 of the CARO 2015 are not applicable to the company.

VI. According to the information and explanations provided to us the Company is notrequired to have cost records as prescribed by the Central Government under sub-section(1) of Section 148 of the Companies Act 2013.

VII. In respect of Statutory Dues:

(a) According to the information and explanations given to us and based on the recordsof the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees’ State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India;

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes..

(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

VIII. The Company have accumulated losses of Rs. 1864618/- at the end of thefinancial year and has not incurred cash losses in the current financial year. The companyhas incurred cash losses in the immediately preceding financial year.

IX. Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to a financial institution bank or debenture holders.

X. According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from banks and financial institution.

XI. The company has not raised any term loan during the year hence provisions of thispara are not applicable.

XII. Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the year.

For Parekh Shah & Lodha
Chartered Accountant Ravindra Chaturvedi)
Place: Mumbai Partner
Date: 27/05/2015 M.No.048350