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Mitshi India Ltd.

BSE: 523782 Sector: Others
NSE: N.A. ISIN Code: INE844D01017
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VOLUME 100
52-Week high 16.75
52-Week low 8.60
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
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Sell Price 0.00
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OPEN 10.90
CLOSE 10.90
VOLUME 100
52-Week high 16.75
52-Week low 8.60
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mitshi India Ltd. (MITSHIINDIA) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

MITSHI INDIA LIMITED

(FORMERLY Mitshi India Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of MITSHI INDIALIMITED(FORMERLY Mitshi India Limited) (hereinafter referred to as "theCompany") Comprising of the Balance Sheet as at 31s1 March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "the financial statements").

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the preparation of these financialstatements in terms of the requirements of the Companies Act 2013 (hereinafter referredto as "the Act")that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. TheBoard of Directors of the company are responsible for maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; the selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and the design implementation and maintenance of adequateinternal financial 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 which have been used for the purpose ofpreparation of the financial statements by the Directors of the Company as aforesaid.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. While conducting the audit we have taken into account the provisions of the Actthe accounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit in accordance with the Standards on Auditing specified

under Section 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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true 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 hasan adequate internal financial controls system over financial reporting in place 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 Board of Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence obtained byus is sufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Opinion

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 atMarch 312016;

(b) In the case of the Statement of Profit and Loss of the Loss for the year ended onthat date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Emphasis of the Matter:

We draw attention to following Note to the financial statements:

Note No. 15(5): The accumulated losses as on 31s! March. 2016 exceeds theNet Worth of the Company. The Company has incurred net cash losses during the current andthe previous years and the liabilities exceed the assets. These conditions may indicatethe existence of material uncertainty that cast significant doubt about the Company'sability to continue as a going concern. However the financial statements of the Companyhave been prepared on the basis that the Company is a going concern for the reasons statedin the said Note.

Our Opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act based on the comments in the auditors' reports of the Company we give in theAnnexure A a statement on the matters specified in paragraphs 3 and 4 of the Order to theextent applicable.

2. As required by Section143 (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 of the aforesaidfinancial statements.

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination 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 relevant books of account maintainedfor the purpose of preparation of the financial statements.

(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) On the basis of the written representations received from the directors of theCompany as on 31st March 2016 taken on record by the Board of Directors of theCompany none of the directors of the Company is disqualified as on 31st March' 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) 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 were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For C.K. Patil & Co.
Chartered Accountants
Firm Regn. No.107803W
C.K. Patil
Proprietor
M.No.033243
Place : Mumbai
Dated : 30th May2016

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in our Report of even date on the financial statements for the year endedMarch 31 2016 of MITSHI INDIA LIMITED (FORMERLY DERA PAINTS & CHEMICALS LIMITED).Reported on the basis of verification of records of the Company and as per the informationand explanations given by the Company.)

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals during the year and we are informed that no material discrepancies were noticedon such verification.

(c) The Company does not own any immovable property.

(ii) Physical verification of inventory has been conducted at reasonable intervals bythe management and no discrepancies were noticed during the physical verifications.

(iii) The Company has not granted any loan to companies firms Limited Liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013 .

(iv) The Company has not given any loan or guarantee/ security to its directors or toany other persons in whom the directors are interested or to any person or other bodycorporate as per the provisions of section 185 and I86 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public as defined under theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the Rules framed thereunder.

(vi) The maintenance of Cost Records has not been specified by the Central Governmentunder sub-section (1) of Section 148 of the Companies Act 2013 in respect of theactivities carried on by the Company. '

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Sales-tax Wealth TaxService Tax Custom Duty Excise Duty cess Value added tax and any other statutory duesas applicable with the appropriate authorities save and except outstanding excise duty ofRs. 413054/- which is outstanding for more k than six months as on last day of thefinancial year.

(b) There are no dues of Income tax/ Sales tax/Wealth tax/ Service tax/ Custom duty/Excise duty/ cess and Value added tax which have not been deposited on account of anydispute.

(viii) The Company has not taken any loan from banks or financial institutions or fromthe government and has not issued any debentures

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer including debt instruments and Term Loans.

(x) No fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.

(xi) Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) The Company is not a Nidhi Company and therefore reporting under this clause isnot applicable to the Company.

(xiii) All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 and the details have been disclosed in the Financial Statementsas required by the applicable accounting standards.

(xiv) The company has made preferential allotment of Equity shares during the yearunder review and the requirement of section 42 of the Companies Act 2013 have beencomplied with and the amount raised have been used for the purposes for which the fundswere raised.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with them and hence question of reporting under this clause dose notarise.

(xvi) The company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934 and hence question of reporting under this clause dose not arise.

For C.K. Patil & Co.
Chartered Accountants
Firm Regn. No.107803W
C.K. Patil
Proprietor
M.No.033243
Place : Mumbai
Dated : 30th May 2016

ANNEXURE B TO THE INDEPENDENT AUDIIORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MITSHIINDIA LIMITED (FORMERLY DERA PAINTS & CHEMICALS LIMITED) ("the Company")as of March 31 2016 in conjunction with our audit of the financial statements of theCompany for the year ended on that date. Management's Responsibility for InternalFinancial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is N sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's 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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For C.K. Patil & Co.
Chartered Accountants
Firm Regn. No.107803W
C.K. Patil
Proprietor
M.No.033243
Place : Mumbai
Dated : 30th May 2016