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Mohite Industries Ltd.

BSE: 532140 Sector: Industrials
NSE: N.A. ISIN Code: INE154B01015
BSE 00:00 | 08 Feb 11.30 0
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NSE 05:30 | 01 Jan Mohite Industries Ltd
OPEN 11.30
PREVIOUS CLOSE 11.30
VOLUME 1000
52-Week high
52-Week low
P/E 15.27
Mkt Cap.(Rs cr) 23
Buy Price 11.85
Buy Qty 100.00
Sell Price 12.40
Sell Qty 100.00
OPEN 11.30
CLOSE 11.30
VOLUME 1000
52-Week high
52-Week low
P/E 15.27
Mkt Cap.(Rs cr) 23
Buy Price 11.85
Buy Qty 100.00
Sell Price 12.40
Sell Qty 100.00

Mohite Industries Ltd. (MOHITEIND) - Auditors Report

Company auditors report

To the Members of Mohite Industries Ltd

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone financial statements of MohiteIndustries Limited (the Company) which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including Other Comprehensive Income) and theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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 preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the state of affairs( financial position) profit or loss(financial performance)and cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including Indian Accounting Standards (Ind AS)specified under Section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015.The responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 the 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 standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS :

a. in the case of the Balance Sheet of the state of affairs (financial position) ofthe Company as at 31 March 2018;

b. in the case of the Statement of Profit and Loss of the profit (financialperformance including other comprehensive income) of the Company for the year ended onthat date and

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

d. in the case of the Statement of Changes in Equity of the changes in equity for theyear ended on that date.

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 of theAct we give in the ‘Annexure A' a statement on the matters specified in paragraph 3and 4 of 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 Statement of Profit and Loss ( including other comprehensiveincome )the Cash Flow Statement and the Statement Of Changes in Equity dealt with bythis Report are in agreement with the books of account;

d. in our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards (Ind AS ) specified under Section 133 of the Act read withthe Companies (Indian Accounting Standards) Rules 2015;

e. on the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms Section164(2) of the Act;

f. with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operative effectiveness of such controls refer to ourseparate report in ‘Annexure B'; and

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:

For PRASHANT HIRAWDEKAR & ASSOCIATES
CHARTERED ACCOUNTANTS
Prashant Subhash Hirawdekar
Place - Vadgaon Proprietor
Date - 30th May 2018 Membership No. 133498

ANNEXURE A

TO THE AUDITOR'S REPORT

The annexure referred to in Independent Auditor's Report to the members of the Companyon the standalone Ind AS financial statements for the year ended 31 March 2018 we reportthat :

i. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b) As explained to us the fixed assets have been physically verified by the managementduring the year in accordance with a phased program of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals. Inaccordance with this program no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. As explained to us inventories have been physically verified during the year bythe management at reasonable intervals.

In our opinion and according to the information and explanations given to us theprocedure of physical verification of inventory followed by the management is reasonableand adequate in relation to the size of the Company and the nature of its business. In ouropinion and on the basis of our examination of the records the Company is generallymaintaining proper records of inventories. No material discrepancies were noticed onphysical verification of the stocks by the management as compared to book records.

iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto loans investments guarantees and securities.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 73 to76 or any other relevant provisions of the Act and rules framed thereunder. No order hasbeen passed by the Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any Court or any other Tribunal.

vi. The Central Government has specified to maintain the cost records pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government underSection 148(1)(d) of the Companies Act 2013. We are of the opinion that prima facie theprescribed accounts and cost records have been made and maintained.

vii. a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax service tax duty of customs duty of excise value added tax GST cess andother material statutory dues have been regularly deposited during the year by the Companywith the appropriate authorities. According to the information and explanations given tous no undisputed amounts payable in respect of provident fund income tax sales taxservice tax duty of customs duty of excise value added tax GST cess and othermaterial statutory dues were in arrears as at 31 March 2018 for a period of more than sixmonths from the date they become payable.

b) According to the information and explanations given to us there are no materialdues of income tax sales tax service tax duty of customs duty of excise GST and valueadded tax which have not been deposited with the appropriate authorities on account of anydispute.

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to financial institutions and banks.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments).

The Company has applied moneys raised by way of term loans for the purposes for whichthey were raised.

x. According to information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company.

Accordingly paragraph 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or party convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For PRASHANT HIRAWDEKAR & ASSOCIATES
CHARTERED ACCOUNTANTS
Prashant Subhash Hirawdekar
Place - Vadgaon Proprietor
Date - 30th May 2018 Membership No. 133498

ANNEXURE B TO THE AUDITOR'S 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 MohiteIndustries Ltd (‘the Company') as of 31 March 2018 in conjunction with our audit ofthe standalone Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing internal financial controlsbased on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India (‘ICAI'). These responsibility include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to the Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditor's 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 of Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal controlsover financial reporting were established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about adequacy of theinternal financial control 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 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 procedure 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 authorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 was operating effectively as at 31March 2018 based on internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For PRASHANT HIRAWDEKAR & ASSOCIATES
CHARTERED ACCOUNTANTS
Prashant Subhash Hirawdekar
Place - Vadgaon Proprietor
Date - 30th May 2018 Membership No. 133498