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Mirza International Ltd.

BSE: 526642 | NSE: MIRZAINT |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE771A01026 | SECTOR: Leather Products

BSE Live

Oct 26, 16:00
63.05 1.00 (1.61%)
Volume
AVERAGE VOLUME
5-Day
98,413
10-Day
113,371
30-Day
100,339
35,197
  • Prev. Close

    62.05

  • Open Price

    63.95

  • Bid Price (Qty.)

    63.05 (100)

  • Offer Price (Qty.)

    63.95 (100)

NSE Live

Oct 26, 15:58
63.15 1.05 (1.69%)
Volume
AVERAGE VOLUME
5-Day
911,614
10-Day
899,372
30-Day
956,009
332,916
  • Prev. Close

    62.10

  • Open Price

    62.60

  • Bid Price (Qty.)

    63.15 (1826)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of M/S MIRZA INTERNATIONAL LIMITED [formerly known as MIRZA TANNERS LIMITED] as at March 31,2009 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in the said Order. 3. Further to our comments in the Annexure referred to in paragraph (2) above, we report that: (a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. (b) In our opinion, proper Books of Accounts as required by law, have been kept by the Company, so far it appears from the examination of the said books. (c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Accounts. (d) In our opinion, the Balance Sheet and Profit and Loss Account comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. (e) On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as a director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956 as on 31st March 2009. (f) Without qualifying our opinion, we draw attention to the note P(i) & (ii) of schedule 20 to the financial statements. i) The Company has early adopted Accounting Standard 30 - Financial Instruments: Recognition and Measurement, with effect from January 01, 2009. Pursuant to the early adoption, the Company has recorded the fair value loss on derivatives as of December 31, 2008, aggregating to Rs. 684.97 lacs (net of taxes), through the opening balance of General Reserve in the Balance sheet. The total loss on account of fair valuation of derivatives as on 31 March, 2009 reported through Reserves is Rs. 1164.48 lacs (net of taxes). ii) The Company has also changed its accounting policy pertaining to recording of transactions of Sales in Foreign Currency (AS-11), which is now accounted for at exchange rate prevailing on the date of transaction as against the mid exchange rate prevailing on the first day of the month adopted earlier. This change has resulted in exchange fluctuation loss being lower by Rs. 56.73 Lacs and Export Sales lower by Rs. 56.73 Lacs. The overall impact on reported profit is nil. (g) As stated in para f (i) above and Note no. P of Schedule 20 of the Financial Statement, the Company has early adopted AS-30 (Financial Instruments Recognition and Measurement) for accounting for fair valuation of foreign currency forward contracts), has changed its Accounting Policies pertaining to recording of transactions of Sales in Foreign Currency (AS-11), and also regarding determination of liability of Gratuity by adopting AS-15 (Employee Benefits). Due to these changes the stated Profits are higher by Rs. 1182.03 lacs and liabilities are lower by Rs. 17.55 lacs (h) Subject to our comments in Para (g) above, in our opinion and to the best of our information and according to the explanations given to us, the accounts read with and subject to the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009 and; ii) In the case of the Profit and Loss Account of the Company of the profit of the Company for the year ended on that date. iii) In case of Cash Row statement of the cash flows for the year ended on that date. Annexure to the Auditors Report Referred to in paragraph 2 of our report of even date, In terms of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief we state that: (i) (a) The Company has maintained proper books / records to show full particulars including quantitative details and situations of its fixed assets. (b) All the assets of the company have been physically verified by the management during the year and a regular program of verification by rotation is in force, which, in our opinion is reasonable having regard to the size of the company. (c) Fixed assets disposed off during the year were not substantial and such sale has not affected the going concern of the company. (ii) (a) Inventory has been physically verified by the management. In our opinion, frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account. (iii) (a) The company has neither granted nor taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently, paragraph 4 (iii) (a), (b), (c), (d), (e), (f), (g) of the Companies (Auditors Report) Order 2003 are not applicable. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls. (v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at prices which are reasonable having regard to prevailing market prices at.the relevant time. (vi) In our opinion and according to the information and explanations given to us, company has not accepted any Public deposits during the year. (vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (viii) We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the Company pursuant to the rules made by the Central Government, for the maintenance of cost records under clause (d) of subsection (1) of section 209 of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however, not made a detailed examination of the records with a view to determine whether they are accurate or complete. (ix) (a) According to information & explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty and cess and other material statutory dues applicable to it with the appropriate authorities. (b) According to the information and explanations given to us and the records of the company examined by us, in our opinion, no undisputed amounts payable in respect of provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty and cess were in arrears, as at 31a March 2009 for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us and the records of the company examined by us, in our opinion, no undisputed amount payable in respect of provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty excise duty and cess, which have not been deposited on account of any dispute. However in case of sales tax and income tax, demands aggregating Rs. 1119.79 lacs have not been deposited on account of disputes as detailed below: Related Disputed Financial Authority to Amount Year to which where Dispute (Rs. In Lacs) Amount is pending Relates EntryTax/ 37.55 1999-2000,2000-01 Honble Allahabad TradVfax 2003-04,2004-05 High Court 2005-06,2006-07 Income Tax 900.24 1998-1999,2000- CIT (Appeals). 01,2001 -02,2002- Recovery of demand 03,2003-04 put under abeyance by Honble Allahabad High Court Income Tax 182.00 2002-03 ITAT. Recovery of demand put under abeyance by Honble Allahabad High Court Total 1119.79 (x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year or in the immediately preceding financial year. (xi) The company has not defaulted in repayment of dues to financial institution, bank or debenture holders. (xii) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion and according to information and explanations given to us the company is not a chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4 (xiii) of the order are not applicable to the company. (xiv) According to information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the order are not applicable to the company. (xv) On the basis of records examined by us and information provided by the management, we are of the opinion that the company has not given guarantees for loans taken by others from banks or financial institutions. (xvi) In our opinion, the term loan raised by the company during the year has been applied for the purpose for which it was raised. (xvii) Based on an overall examination of the Balance Sheet of the company and a review of the consolidated Funds Flow Statement for the year, we report that no funds raised on short-term basis have been used for long-term investment. (xvii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act, during the year. (xix) The Company has not issued any debentures during the year. Therefore provisions of Clause 4(xix) of the order are not applicable to the company. (xx) The company has not raised any money from the public during the year under audit. (xxi) According to the information and explanation given to us, and based on audit procedures performed, we report that no fraud on or by the company has been noticed or reported during the year ended on March 31, 2009. For Khamesra Bhatia & Mehrotra Chartered Accountants ANAND SAXENA Place : Kanpur Partner Date : May 26, 2009 M.No. 075801