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Mitsu Chem Plast Ltd.

BSE: 540078 Sector: Industrials
NSE: N.A. ISIN Code: INE317V01016
BSE 00:00 | 17 Aug 165.00 0
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NSE 05:30 | 01 Jan Mitsu Chem Plast Ltd
OPEN 165.00
PREVIOUS CLOSE 165.00
VOLUME 1200
52-Week high 198.90
52-Week low 138.50
P/E 18.54
Mkt Cap.(Rs cr) 64
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 165.00
CLOSE 165.00
VOLUME 1200
52-Week high 198.90
52-Week low 138.50
P/E 18.54
Mkt Cap.(Rs cr) 64
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mitsu Chem Plast Ltd. (MITSUCHEM) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the Members of MITSU CHEM PLAST

LIMITED (Formerly known as Mitsu

Chem Private Limited)

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of MITSU CHEM PLASTLIMITED (Formerly known as Mitsu Chem Private Limited) ("the Company")which comprise the Balance Sheet as at March 31 2017 and the Statement of Pro t and Lossand Cash Flow Statement for the year then ended and a summary of signi cant accountingpolicies and other explanatory information.

Management's Responsibility for the

Financial Statements

The Management is responsible for the matters stated in section 134(5) of the CompaniesAct 2013 ("the Act") with respect to the preparation of these standalonefinancial statements that give true and fair view of the financial position financialperformance and cash ows 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 2016. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

Auditor's 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 thereunder.

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 andthe 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 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 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 aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its pro t and its cash ows for the year ended on that date.

Report on Other Legal and Regulatory

Requirements

1. As required by the Companies (Auditor report) Order 2016 ("The Order")Issued by the Central Government of India in terms of Section 143(11) of the Act we givethe "Annexure – A" statement on the matter specified in paragraph 3 & 4of the order.

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 purposes 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 and the Statement of Pro t and Loss dealt with by this Report arein 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 On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors is disqualied as on 31st March 2017 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 other matters to be included in the Auditor's Report and to the bestof 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 the financial statements asregards its holding and dealings in Speci ed Bank Notes as de ned in the Noti cation S.O.3407(E) dated the 8th November 2016 of the Ministry of Finance during the period from8th November 2016 to 30th December 2016. Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

For V J SHAH & CO
Chartered Accountants
FRN: 109823W
Place: Mumbai
Date: 30/05/2017
VIDYUT J. SHAH
(PARTNER)
Membership No.033322

MITSU CHEM PLAST LIMITED

Annexure "A" Auditors' Report

Annexure referred to in Paragraph 1 under the heading of "Report on Other Legaland Regulatory Requirements" of the Independent Auditor's Report on the Accounts ofMITSU CHEM PLAST LIMITED (Formerly known as Mitsu Chem Private Limited) (‘thecompany') for the year ended 31st March 2017.

I) In respect of Fixed Assets: a. The company has maintained the xed assetsregister showing full particulars including quantitative details and situation of xedassets on the basis of available information. b. As explained to us all the xed assetshave been physically veri ed by the management during the year at reasonable intervalswhich in our opinion is reasonable having regard to the size of the company and thenature of assets. No material discrepancies were noticed on such physical veri cation. c.The title deed of immovable properties are held in the name of the company.

II) In respect of Inventories:

As explained to us the inventory has been physically veri ed by the management atregular intervals during the year.

In our opinion and according to the information and explanations given to us and on thebasis of our examination of the records of inventory the Company has maintained properrecords of inventory and there were no material discrepancies noticed on physical verication of inventory as compared to the book records.

III) In respect of loans secured or unsecured the company has not granted tocompanies rms or other parties covered in the register maintained under section 189 ofthe Companies Act.

The company has not granted any loans therefore sub clause (iii) (a) (b) and (c) arenot applicable.

IV) According to the information and explanations given to us the company hascomplied with the provisions of section 185 & 186 of The Act in respect of loansinvestments guarantees and securities.

V) The company has not accepted deposits therefore the clause (v) is notapplicable.

VI) We have broadly reviewed the cost records maintained by the company pursuant tothe Rules made by the Central Government for the

maintenance of cost records under sub section (1) of section 148 of the Companies Actand are of the opinion that prima facie the prescribed cost records have been made andmaintained as per the documentary evidence provided by the management. We have howevernot made a detailed examination of the records with a view to determining whether they areaccurate or complete.

VII) In respect of statutory dues: a. According to the information &explanation given to us the company was generally regular in depositing dues in respectof Employees Provident Fund Employees State Insurance Fund Income Tax and otherstatutory dues with the appropriate authority during the b. year.

According to records examined by us and the information and explanation given to usthere are no disputed amounts due to in respect of income tax sales tax excise dutyEmployees Provident Fund Employees State Insurance Fund and other statutory

VIII) dues at the end of the year.

Based on our audit procedures and on the basis of information and explanations given bythe management the company has not defaulted in the repayment of dues to bank financialinstitution and

IX) Debentures holders during the year.

The company has not raised money by the way of initial public offer or further publicoffer. Therefore the provisions of Clause 3(ix) of the said

X) order are not applicable.

In our opinion and according to the information and explanations given to us no fraudon or by the Company has been noticed or reported during the year that causes thefinancial statements to be materially

XI) misstated.

In our opinion and according to the information and explanations given managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 with

XII) Schedule V to the Companies Act 2013.

XIII) In our opinion the company is not a

Chit Fund Nidhi or Mutual Bene t activity and therefore the

XIV) provisions of Clause 3(xii) of the said order are not applicable.

In our opinion according to the information and explanations all transactions with therelated parties are in compliance with section 177 and 188 of Companies Act 2013 anddetails are disclosed in

XV) the Financial statement as per Accounting Standard 18.

The company has not made any preferential allotment to parties and companies coveredunder register maintained under section 42 of the Companies Act 2013 during the yeartherefore the provisions of Clause

XV)

3(xiv) of the said order are not applicable.

In our opinion according to the information and explanations company has not enteredinto any non-cash transaction with directors or persons connected with him as per

XVI) provision of section 192 of Companies Act 2013.

According to the information and explanations given to us company is not required tobe registered under section 45-IA of the Reserve Bank of India Act 1934.

Place: Mumbai For V J SHAH & CO
Chartered Accountants
FRN: 109823W
Date: 30/05/2017 VIDYUT J. SHAH
(PARTNER)
Membership No.033322

MITSU CHEM PLAST LIMITED

Annexure "B" Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of

Section 143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financial reporting of Mitsu ChemPlast Limited (Formerly known as Mitsu Chem Private Limited) ("the Company") asof March 31 2017 in conjunction with our audit of the standalone financial statements ofthe Company for the year ended on that date.

Management's Responsibility for Internal Financial 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and ef cient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 judgement 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 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 a. pertain to the maintenance ofrecords that in reasonable detail accurately and fairly re ect the transactions anddispositions of the assets of the company; b. 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 c. 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 2017 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.

Place: Mumbai For V J SHAH & CO
Chartered Accountants
FRN: 109823W
Date: 30/05/2017 VIDYUT J. SHAH
(PARTNER)
Membership No.033322