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Mirch Technologies (India) Ltd.

BSE: 505336 Sector: Engineering
NSE: N.A. ISIN Code: INE098E01018
BSE LIVE 11:27 | 12 Sep Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.38
PREVIOUS CLOSE 0.37
VOLUME 400
52-Week high 0.38
52-Week low 0.37
P/E 0.93
Mkt Cap.(Rs cr) 0
Buy Price 0.38
Buy Qty 5600.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.38
CLOSE 0.37
VOLUME 400
52-Week high 0.38
52-Week low 0.37
P/E 0.93
Mkt Cap.(Rs cr) 0
Buy Price 0.38
Buy Qty 5600.00
Sell Price 0.00
Sell Qty 0.00

Mirch Technologies (India) Ltd. (MIRCHTECH) - Auditors Report

Company auditors report

To the Members of M/s Mirch Technologies (India) Limited.

Report on the Financial Statements

1. We have audited the accompanying financial statements of M/s Mirch Technologies(India) Limited (the Company) which comprise the Balance Sheet as at March 312016 theStatement of Profit and Loss for the year then ended the Cash Flow Statement for the yearthe ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

2. 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 thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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 thereunder.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

7. 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

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2016;

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

in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Note to the financial statements:

a) Note 2.13 in the financial statements which indicate that the Company hasaccumulated losses and its net worth has been fully / substantially eroded the Companyhas incurred a net loss/net cash loss during the current and previous year(s) and theCompany's current liabilities exceeded its current assets as at the balance sheet date.These conditions indicate the existence of a material uncertainty that may castsignificant doubt about the Company's ability to continue as a going concern. However thefinancial statements of the Company have been prepared on a going concern basis for thereasons stated in the said Note.

Our opinion is not modified in respect of these matters.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors report) Order2016 ("the order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the annexure 1 a statement on the matters specified in paragraph 3 and 4 of the order.

2. As required by section 143(3) of the Act we report to the extent applicable that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) The going concern matter described in sub- paragraph (a) under the Emphasis ofMatters paragraph above in our opinion may have an adverse effect on the functioning ofthe Company.

(f) On the basis of written representations received from the directors as on 31 stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164(2) of the Act.

(g) Report on the Internal Financial Control under clause (1) of Sub-section 3 ofsection 143 of the Companies Act2013 ("the Act") is enclosed an annexure tothis report.

For and on behalf of
U.S.Tanwar & Co.
Chartered Accountants
F.R. No.110810W
Place:-Mumbai (CA.U.S. Tanwar)
Date: 30th May 2016 Proprietor ICAI M.No.030440