| 1. We have audited the attached Balance sheet of M/s Ocean
Infrastructure Ltd as at 31st March, 2007 and also the Profit and Loss
account 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.
2.We 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 misstatement(s). An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3.As required by the Companies (Auditors Report) order, 2003, issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement of the matters
specified in the said order to the extent applicable to the company.
4.Further to our comments as per annexure referred in paragraph (3)
above, we state 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 as appears from our examination of those
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 Profit & Loss account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C)if
Section 211 of the Companies Act, 1956
(e) On the basis of information made available to us, we are of the
opinion that none of the directors of the company are disqualified as
on 31.03.2007 from being appointed as directors in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with accounting
policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and gives a true and fair
view in conformity with the accounting principals generally accepted in
India :-
(i) In the case of the Balance sheet, of the state of affairs of the
company as at 31st March, 2007 and
(ii) In the case of Profit and Loss account, of the Loss of the company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN
DATE IN THE ACCOUNTS FOR THE YEAR ENDED ON 31.3.2007
i.) The company has not any fixed assets during the year as such the
provisions of Para 1 (a),(b),(c) of the Auditors Report Orders are not
applicable to this Company.
ii) There was no inventory at the beginning and at end of the year the
provisions of para ii-(a),(b),(c) are not applicable.
iii) (a) The Company has neither taken nor granted any loans, secured
or unsecured to / from Companies, Firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(b) The company has not taken any loans during the year from outside
parties therefore the issue of rate of interest and the other terms and
conditions on loan taken are not applicable. How ever a sum of Rs.
67,76,499/- given as loan to a party is outstanding from a long time on
which no interest has been charged for the year.
( c) The company has not given and taken any loans during the year
except a sum of Rs. 67,76,499/- given in earlier years is outstanding
from a long time on which neither the principle amount nor the interest
is given by the party.
(d) As explained to us steps are being taken for realization of
principle amount and interest on overdue loan of Rs. 67,76,499/-.
(iv) 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 the
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) Based on the audit procedure applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 has been so entered.
(b) In our opinion and according to the information and explanations
give to us, there is no transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of Five lakh rupees in respect of any party during
the year.
(vi) The company has not accepted any deposit during the year from the
public with in the meaning of provisions of Section u/s 58 A and 58 AA
of the Companies Act 1956 and the rules made there under. Hence, this
clause is not applicable to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(viii) As informed to us, the Central Government has not prescribed the
maintenance of cost records under section 209(1 )(d) of the companies
Act, 1956.
(ix) (a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty,
Excise Duty, cess and any other statutory dues as applicable with
appropriate authorities during the year. As at 31.3.2007 there are no
undisputed dues payable for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us there are
no dues in respect of Sales Tax / income tax/ custom duty / wealth tax
/ cess that have not been deposited with the appropriate authorities on
account of any dispute.
(x) The Company has not any accumulated losses at the end of the year
and has not incured any cash losses during the current year and
immediately preceding financial year.
(xi) No comments required since there are no loan from Banks/ financial
institution.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv) In our opinion the company is not dealing in shares, securities,
debentures and other investments.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for the loans taken by others from
banks and financial institutions.
(xvi) The company has not taken any term loan during the year.
(xvii) In our opinion and according to the information and explanations
given to us and as shown by the records examined by us no funds raised
on short term basis have been used for long term investment and vice
versa.
(xviii) 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 during the year.
(xix) The company has not issued any debenture, therefore the clause is
not applicable.
(xx) The company has not raised any money by public issues during the
year.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
Place : Kalkata For Gupta & Agrawal
Chartered Accountants
Date : 1.09.2007 Sd/-
(G.D.Gupta)
Partner |