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Mitsu Chem Plast Ltd.

BSE: 540078 Sector: Industrials
NSE: N.A. ISIN Code: INE317V01016
BSE 00:00 | 23 Mar 147.55 0
(0.00%)
OPEN

149.05

HIGH

152.05

LOW

144.90

NSE 05:30 | 01 Jan Mitsu Chem Plast Ltd
OPEN 149.05
PREVIOUS CLOSE 147.55
VOLUME 16212
52-Week high 348.30
52-Week low 142.65
P/E 15.09
Mkt Cap.(Rs cr) 178
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 149.05
CLOSE 147.55
VOLUME 16212
52-Week high 348.30
52-Week low 142.65
P/E 15.09
Mkt Cap.(Rs cr) 178
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mitsu Chem Plast Ltd. (MITSUCHEMPLAST) - Auditors Report

Company auditors report

To

The Board of Directors

Mitsu Chem Plast Limited

329 Gala Complex 3rd Floor

Din Dayal Upadhyay Marg

Mulund (W) Mumbai - 400080

Maharashtra

Independent Auditors' Examination Report on Restated Financial Statements as at and forthe years ended 31 March 2022 31 March 2021 and 31 March 2020 in connection with theFurther Public Offering of Mitsu Chem Plast Limited.

Dear Sirs

1) We have examined the attached Restated Financial Statements of Mitsu Chem PlastLimited ("the Company") which comprise of the Restated summary statement ofassets and liabilities as at 31 March 2022 31 March 2021 and 31 March 2020the Restatedsummary statements of profit and loss (including other comprehensive income) the Restatedsummary statement of cash flows and the Restated statement of changes in equity for theyears ended 31 March 2022 31 March 2021 and 31 March 2020 read together with summarystatement of significant accounting policies annexures and notes thereto (collectivelytogether with the notes and annexures there to referred to as the "RestatedFinancial Statements") for the purpose of inclusion in the offer document preparedby the Company in connection with its proposed Further Public Offering (the"FPO").The Restated Financial Statements have been approved by the Board ofDirectors of the Company in its meeting held on 5 July 2022 for the purpose of inclusionin the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus (hereinafterreferred to as "Offer Documents") prepared by the Company in connection with itsproposed Further Public Offering (the "FPO") comprising of fresh issue of equityshares of face value of Rs. 10 each and prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act 2013 (the "CompaniesAct") as amended;

b) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2018 as amended ( "ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by theInstitute of Chartered Accountants of India ("ICAI") as amended from time totime (the "Guidance Note").

2) The Company's board of directors is responsible for the preparation of the RestatedFinancial Statements for the purpose of inclusion in the Offer Documents to be filed withSecurities and Exchange Board of India BSE Limited National Stock Exchange of IndiaLimited and the Registrar of Companies Maharashtra in connection with the proposed FPO.The Restated Financial Statements have been prepared by the management of the Company onthe basis of preparation stated in notes to the Restated Financial Statements. Theresponsibility of the board of directors of the company includes designing implementingand maintaining adequate internal controls relevant to the preparation and presentation ofthe Restated Financial Statements. The board of directors is also responsible foridentifying and ensuring that the Company complies with the Act ICDR Regulations and theGuidance Note.

3) We have examined these Restated Financial Statements taking into consideration:

a) Terms of reference and terms of our engagement agreed upon with the Company inaccordance with our engagement letter dated 4 June 2022 in connection with the proposedpublic offering of the equity shares by the Company.

b) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by ICAIas amended from time to time.

c) Concepts of test checks and materiality to obtain reasonable assurance based onverification of evidence supporting the Restated Financial Statements; and

d) The requirements of Section 26 of the Companies Act and the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities inrelation to your compliance with the Act the ICDR Regulations and the Guidance Note inconnection with the proposed FPO.

4) These Restated Financial Statements have been compiled by the management from:

Audited Financial Statements of the Company for each of the years ended 31 March 202231 March 2021 and 31 March 2020 prepared in accordance with the Indian AccountingStandards (referred to as "Ind AS") as prescribed under Section 133 of theCompanies Act read with Companies (Indian Accounting Standards) Rules as amended from timeto time and other accounting principles generally accepted in India.

5) For the purpose of examination we have relied on:

a) Auditors' report issued by us dated 30 April 2022 on Audited Financial Statements ofthe Company as at and for the year ended 31st March 2022

b) Auditors' report issued by us dated 27 May 2021 on the Audited Financial Statementsof the Company as at and for the year ended 31st March 2021

c) Auditors' report issued by P.V Dalal & Co (herein after referred as"erstwhile statutory auditors") dated 29 June 2020 on the Audited FinancialStatements as at and for the year ended 31 March 2020 as referred in Paragraph 4 above.

6) The audit reports on the Financial Statements as mentioned in paragraph 4 and 5above issued by us and erstwhile statutory auditors are unmodified.

7) Based on our examination and according to the information and explanations given tous we report that the Restated Financial Statements:

a) There have been no adjustments required to be made for the changes in accountingpolicies material errors and regrouping/reclassifications retrospectively in each of thefinancial years ended 31 March 2022 31 March 2021 and 31 March 2020.

b) does not require any adjustment for modification as there is no modification in theunderlying audit reports; and

c) have been prepared in accordance with the Companies Act ICDR Regulations and theGuidance Note.

8) The Restated Financial Statements do not reflect the effects of events that occurredsubsequent to the respective dates of the reports on audited Financial Statements asmentioned in paragraph 5 above.

9) We have complied with the relevant applicable requirements of the Standard onQuality Control (SQC) 1 Quality Control for Firms that Perform Audits and Reviews ofHistorical Financial Information and Other Assurance and Related Services Engagements.

10) This report should not in any way be construed as a reissuance or re-dating of anyof the previous audit reports issued by us nor should this report be construed as a newopinion on any of the financial statements referred to herein.

11) We have no responsibility to update our report for events and circumstancesoccurring after the date of the report.

12) Our report is intended solely for use of the Board of Directors for inclusion inthe Offer documents to be filed with the SEBI the National Stock Exchange of IndiaLimited BSE Limited and the ROC in connection with the proposed FPO. Our report shouldnot be used referred to or distributed to any other purpose except with our prior consentin writing. Accordingly we do not accept or assume any liability or any duty of care forany other purpose or to any other person to whom this report is shown or into whose handsit may come without or prior consent in writing.

For Gokhale & Sathe

Chartered Accountants

Firm Reg. No.: 103264W

Tejas Parikh Partner

Membership No: 123215

UDIN: 22123215AMHGKP3246

Place: Mumbai

Date: 5 July 2022.

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