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Mitshi India Ltd.

BSE: 523782 Sector: Others
NSE: N.A. ISIN Code: INE844D01017
BSE 00:00 | 14 Aug 21.95 0
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NSE 05:30 | 01 Jan Mitshi India Ltd
OPEN 22.00
PREVIOUS CLOSE 21.95
VOLUME 1100
52-Week high 23.00
52-Week low 9.74
P/E 46.70
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.00
CLOSE 21.95
VOLUME 1100
52-Week high 23.00
52-Week low 9.74
P/E 46.70
Mkt Cap.(Rs cr) 19
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 DERA PAINTS 8 CHEMICALS LIMITED)

Report on the Financial Statements

We have audited the accompanying financial statements of MITSHI INDIA LIMITED(FORMERLY DERA PAINTS & CHEMICALS LIMITED) (hereinafter referred to as "theCompany") Comprising of the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended anda summary of the significant accounting policies and other explanatory information(hereinafter referred to as "the financial statements").

Management's Responsibility for the Standalone Financial Statements and for InternalFinancial Controls over Financial Reporting.

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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with'theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance 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. The Company's management is responsible forestablishing and maintaining internal financial controls based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively-for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit and to express an opinion on the Company's internal financial controlsover financial reporting based on our audit. We have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder. We conducted our audit in accordance with the Standards on Auditing specifiedunder Section 143(10) of the Act and the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement andwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. An auditinvolves performing procedures to obtain audit evidence about the amounts the disclosuresin the financial statements and adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexits and testing and evaluating the design and operating effectiveness of Internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment Including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. 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 overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the Company'sinternal financial controls system over financial reporting and the standalone financialstatements.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial controls 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.

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 31 2017;

(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 31st March. 2017 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 Section 143 (3) of the Act we report to the extent applicablethat:

(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 theaforesaid financial 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 2017 taken on record by the Board of Directors of theCompany none of the directors of the Company is disqualified as on 31st March2017 from being appointed as a director in terms of Section 164 (2) of the Act.

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

iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 { Refer Note No. 15 (7)} and these are inaccordance with the books of accounts maintained by the Company

2. 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.

For C. K. Patil & Co.
Chartered Accountants
Firm Regn. No.107803W
C. K. Patil
Proprietor
M.No.033243
Place : Mumbai
Dated : 30th May 2017

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in our Report of even date on the financial statements for the year endedMarch 31 2017 of MITSHi INDIA LIMITED( FORMERLY DERA PAINTS & CHEMICALSLIMITED).

Reported on the basis of verification of records of the Company and as per theinformation and 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 186 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 there under.

(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. 379201/-(PY Rs. 413054/-) which is outstanding for more than six months as on last dayof the financial 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 CompaniesAct2013.

(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 not made any preferential allotment of Equity shares during theyear under review.

(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 2017