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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 22, 16:00
63.40 -0.80 (-1.25%)
Volume
AVERAGE VOLUME
5-Day
134,797
10-Day
182,270
30-Day
99,999
75,693
  • Prev. Close

    64.20

  • Open Price

    65.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 22, 15:56
63.40 -0.80 (-1.25%)
Volume
AVERAGE VOLUME
5-Day
1,088,714
10-Day
1,585,964
30-Day
951,232
786,898
  • Prev. Close

    64.20

  • Open Price

    64.65

  • Bid Price (Qty.)

    63.40 (56)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of MIRZA INTERNATIONAL LIMITED as at March 31, 2011 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 Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. 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. 3. The company has changed its accounting policy with respect to the amortization of leasehold lands & charging of lease rent as mentioned in Accounting Policy no. 3(b) & 5 respectively, in the schedule of the Significant Accounting Policies to bring the same in the line with the provisions of Accounting Standard (AS-6), ''Depreciation Accounting'' issued under the Companies (Accounting Standards) Rules 2006. The change has affected the disclosed profit/loss and assets/ liabilities of the company as under: As a result of change in the policy, the cumulative amortization charged with respect to Leasehold lands, lease rent paid for the earlier years is Rs. 50.76 lacs, Rs. 15.88 lacs respectively & for the current year is Rs. 17.08 lacs & Rs. 8.39 lacs respectively. As a result of these changes profit for the year and Fixed Assets of the Company have been understated by Rs. 92.11 lacs. 4. As required by the Companies (Auditor''s Report) Order, 2003, as ammended, 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 paragraph 4 and 5 of the said Order. 5. Further to our comments in the Annexure referred to in paragraph (4) 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 2011. (f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the significant accounting policies and 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, 2011; 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; and iii) In case of Cash Flow statement, of the cash flows for the year ended on that date. Annexure to the Auditors'' Report Referred to in paragraph 3 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) As explained to us, all the assets of the company have been physically verified by the management using a regular program of verification by rotation, which, in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification. (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. As explained to us, the discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account. (iii) 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 (Auditor''s Report) Order 2003 are not applicable. (iv) In our opinion and according to the information and explanation 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 explanation 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 explanation given to us, company has not accepted any Public Deposits during the year. Therefore the provision 5 of Clause (vi) of paragraph 4 of the Order are not applicable of the company. (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 31st March 2011 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, there is no amount 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. 709.63 lacs have not been deposited on account of disputes as detailed below: Related Authority Financial Disputed to where Case Year Amount is pending (Rs. in Lacs) EntryTax/ Hon''ble Allahabad 1999-00, 2000-01, 40.90 Trade Tax High Court 2003-04, 2004-05 2005-06, 2006-07 Commercial/ Hon''ble Allahabad 2007-08 24.55 Trade Tax High Court Income Tax DCIT-6 Kanpur 1997-98 3.50 Income Tax Income Tax Appellate 1998-99 & 209.23 Tribunal, Luacknow 2003-04 Income Tax CIT (Appeals), 2001-02 & 431.45 (Kanpur) 2002-03 Total 709.63 (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 and 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) According to information and explanation given to us and on overall examination of Balance Sheet and Cash Flows of the Company, we are of the opinion that there are not funds raised on short term basis that have been used for long term basis. (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintain under section 301of 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) In our opinion and according to the information and explanation given to us, no material fraud on or by the company has been noticed are reported during the year. For Khamesra Bhatia & Mehrotra Chartered Accountants (Registration No. 001410C) ANAND SAXENA Place : Kanpur Partner Date : May 28th, 2011 M.No. 075801