We have audited standalone financial statements of Mitshi
India Limited (“the company”), which comprise the Balance
Sheet as at 31 st March 2024, the Statement of Profit and Loss
(including other Comprehensive Income), the Statement in
Changes in Equity and the Cash Flow Statement for the year
then ended, and notes to the financial statement, including a
summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the
standalone financial statement”).
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial
statements give the information required by the Act in manner
so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of
the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in india, of the state
of affairs of the company as at 31st March, 2024 and profit and
total comprehensive income, change in equity and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013
and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone Ind AS financial statements of the current period.
These matters were addressed in the context of our audit of
the standalone Ind AS financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Information Other than the Financial Statements and
Auditor’s Report Thereon
The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business
Responsibility Report, Corporate Governance and
Shareholder's Information, but does not include the
standalone financial statements and our auditor's report
thereon.
Our opinion on the standalone financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon. In connection with our audit of
the standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether
the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that
there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this
regard.
Management’s Responsibility for the Standalone
Financial Statements
The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation and presentation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for
preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is
responsible for assessing the Company's ability to continue as
a going concern, disclosing, as applicable, matter related to
going concern and using the going concern basis of
accounting unless management either intends to liquidate the
Company or to cease operations, of has no realistic alternative
but to do so.
Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.
Auditor’s Responsibility
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error and to
issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken
on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal financial control
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the
company has adequate internal financial controls
system in place and the operating effectiveness of such
controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management's use
of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor's report. However, future events or
conditions may cause the Company to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the financial
statement.
We communicate with those charged with governance
regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Report on other Legal and Regulatory Requirements
1. 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 best of 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 the Company so far as it appears from
our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of
Changes in Equity and the Cash Flow statement dealt
with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply
with the Ind AS specified under Section 133 of the Act.
e) On the basis of written representations received from the
directors as on 31st March, 2024, taken on record by the
Board of Directors, none of the directors is disqualified as
on 31st March, 2024, 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 financial reporting of the Company and the
operating effectiveness of such controls, refer to our
separate report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls over financial reporting.
g) In our opinion and to the best of our information and
according to the explanations given to us, we report as
under with respect to other matters to be included in the
Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending
litigations to be disclosed in its Ind AS financial
statements.
ii. The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long term
contracts including derivative contracts;
iii. There were no amounts which required to be
transferred by the Company to the Investor
Education and Protection Fund.
iv)
(i) The management has represented that, to the best
of its knowledge and belief, other than as disclosed
in the notes to the accounts, no funds have been
advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kind of funds) by the company to or in
any other person(s) or entity(ies), including foreign
entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(ii) management has represented, that, to the best
of _its -knowledge _and -belief, -other -than _as
have been received by the company from any
person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding
whether recorded in writing or otherwise, that the
company shall, whether, directly or indirectly,
lend or invest in other persons or entities
identified in any manner whatsoever by or on
behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries,
and
(iii) As per the information and explanation provided to
us, the representation under sub clause (i) and
(ii) i s not contained any material misstatement.
v. The company has not declared or paid any
dividend during the year under audit.
vi. Based on our examination which included test
checks, performed by us on the Company, have
used accounting software for maintaining their
respective books of account for the financial year
ended March 31, 2024 which has a feature of
recording audit trail (edit log) facility and the
same has operated throughout the year for all
relevant transactions recorded in the software.
Further, during the course of audit, we have not
come across any instance of the audit trail
feature beingtampered with.
2. As required by the Companies (Auditor's Report) Order,
2020 (“the Order”) issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Act, we give in the “Annexure B” a statement on
the matters Specified in paragraphs 3 and 4 of the Order.
For S D P M & Co.
Chartered Accountants
Sd/-
Malay Pandit (Partner)
M.No. 046482
FRN : 126741W
UDIN: 24046482BKCIRA5314
Place : Ahmedabad
Dated : 29/06/2024
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