| 1. We have audited the accompanying Balance Sheet of GOVIND POY OXYGEN
LIMITED, as at 31st March 2014, the Statement of Profit & Loss and the
cash flow statement of the company for the year ended on that date and
a summary of significant accounting policies and other explanatory
information, which we have signed under reference to this report.
Management's Responsibility for the Financial Statements
2. The company's management is responsible for the preparation 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 Standards referred to in sub-section
(3C) of the section 211 of 'the Companies Act, 1956 of India (the
"Act"). This responsibility includes the design, implementation and
maintenance of internal control 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.
Auditors Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the auditing standards on Auditing issued by the Institute of
Chartered Accountants of India. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
4. An audit involves performing procedures to obtain audit evidence,
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditors consider internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a reasonable basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the accompanying statements, give the
information required by the Companies Act, 1956 in the manner so
required and also give a true and fair view in conformity with the
accounting principles generally accepted in India.
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 3 lsl March, 2014.
(ii) In the case of the Statement of Profit & Loss, of the Loss for the
year ended on that date, and
(iii) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on other legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order 2003 as
amended by the company's (Auditors Report) Amendment order 2004 issued
by the Central Government of India in terms of Sec 227 (4A) of the
Companies Act, 1956, and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure a
statement on the matters specified paragraphs 4 and 5 of the said
order.
8. As required by Sec 227 (3) of the Act, 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 Account as required by law have been
kept by the Company so far as appears from our examination of those
books and the said Balance Sheet, the Statement of Profit and Loss and
the cash flow statement is in agreement with the same.
c) In our opinion the Balance Sheet, the Statement of Profit & Loss and
the Cash Flow Statement are in compliance with the Accounting Standards
referred to in Section 211 (3c) of the Companies Act, 1956 read with
circular no. 15/2013 dated 13.09.2013 of MOCA in respect of Section 133
of the Companies Act 2013.
d) Based on the representations made by the Directors and the
information and explanations given to us, none of the directors is
disqualified as on 31st March, 201^. from being appointed as director
in terms of section 274 (1) (g) of the Companies Act 1956.
Annexure referred to in paragraph 7 of our Auditor's Report of even
date
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. These
assets have been physically verified by the management during the year.
No material discrepancies have been noticed on such verification. The
company has not disposed off any substantial part of its fixed assets.
2. As explained to us, inventories have been physically verified during
the year by the management at regular intervals. In our opinion, the
procedure of physical verification followed is reasonable and adequate
in relation to the size of the company and nature of its business. In
our opinion, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not significant and are properly dealt with
in the books of account.
3. According to the information and explanations given to us, the
company has not granted or taken loans to/ffom companies, firms and
other such parties listed in the register maintained u/s.301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchases of inventories and fixed assets and
for sale of goods and services. No major weaknesses in internal control
systems had come to our notice in the course of our audit.
5. In our opinion the transactions which were required to be entered
into the Register in pursuance of sec.301 of the Companies Act, have
been so entered. Such transactions exceeding the value of Rs.
5,00,000/- in respect of each party have been made at prices which are
reasonable, as compared to the prevailing market prices for such goods
and services at the relevant time.
6. According to the information and explanation given to us, the
company has not accepted deposits from the public attracting the
directions issued by the Reserve Bank of India and the provisions of
section 58A and section 58AA of the Companies Act 1956 and the rules
framed thereunder.
7. The company has internal audit system commensurate with its size and
the nature of its business.
8. Proper account and records have been made and maintained as required
u/s.209 (I) (d) of the Companies Act. We have however not made detailed
examination of these records.
9. According to the information and explanations given to us the
company is regular in depositing undisputed statutory dues, including
PF, Investor Education and Protection Fund, ESI, Income- tax,
Sales-tax, Wealth-tax, Customs Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities.
10. There are no disputed/undisputed amounts in arrears payable in
respect of Income-tax, Wealth- tax, Sales-tax, Custom duty and Excise
duty outstanding as at the year end, except excise duty of Rs
6,70,488/- for which the dispute is pending before the Supreme Court.
11. The company has no accumulated losses at the end of the financial
year nor has incurred any cash losses in such financial year and in the
immediately preceding financial year.
12. On the basis of records examined by us and information and
explanation given to us, the company has not defaulted in the repayment
of dues to financial institutions or banks.
13. The company does not deal or trade in shares, securities,
debentures and other investments and has not granted any loans and or
advances on the basis of security by way of pledge of shares,
debentures or any other securities.
14. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from any
bank or financial institution.
15. On the basis of the records examined by us, we have to state that
the company has prima facie applied the term loans for the purposes for
which they were obtained.
16. In our opinion, prima facie, short term funds have not been
utilized for long term purposes.
17. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s.301 of the
Companies Act, 1956.
18. The company has not issued any debentures nor has not raised any
money by public issue during the year.
19. According to the information and explanations given to us and to
the best of our knowledge and belief, no fraud on or by the company has
been noticed or reported by the company during the year.
(S. S. Daivi)
FOR S. S. DALVl & CO.,
Place: Panjim-Goa CHARTERED ACCOUNTANTS
Dated: 22/09/2014 PROPRIETOR.
Firm Registration No.l02066W
Membership No. 11017 | 