Mar 31, 2017
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of OCL INDIA LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March 2017, the Statement of Profit & Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Change in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the âActâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules made thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the Standalone Ind AS Financial Statement of the Standalone Ind AS Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting principles used and the reasonableness of the accounting estimates made by the companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Ind AS of the state of affairs (financial position) of the Company as at 31st March 2017, and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Government of India in terms of sub-section (11) of section 143 of the Act, 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 âAnnexure Aâ a statement on the matters specified in the paragraphs 3 and 4 of the said Order.
2 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), the Cash flow statement and the statement of Changes in Equity dealt with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with relevant rule issued thereunder.
e) On the basis of written representations received from the directors as on 31st March 2017 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 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 âAnnexure Bâ.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 42.4 to the standalone 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
iv. The Company, as detailed in Note 42.20 to the standalone Ind AS financial statements, has made requisite disclosures in these standalone Ind AS financial statements as to holding as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on the audit procedures performed and taking into consideration the information and explanations given to us, in our opinion, these are in accordance with the books of account maintained by the Company.
Annexure-A referred to in the Independent Auditorsâ Report to the Members of OCL India Limited on the standalone accounts for the year ended 31st March, 2017.
(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) An outside agency has carried out physical verification of the fixed assets partly during the last year and balance during the current year and reconciled with the books of account. We are informed that there are no major discrepancies were noticed on such verification. Minor discrepancies stands adjusted in the accounts. In our opinion, the frequency of verification is reasonable in relation to the size of the Company.
(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed/ transfer deed/ conveyance deed etc., provided to us, we report that the title deeds of immovable properties are held in the name of the Company. The title deeds relating to certain immovable properties including land have been pledged as security with banks and financial institution for loans, guarantees etc., are held in the name of the Company based on the confirmations from the respective banks/ financial institutions.
(ii) The stock of finished goods, stores, spare parts and raw materials except those held by consignees and stored in customer premises have been physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of clause 3(iii)(a),(b)&(c) of the Order are not applicable.
(iv) The Company has not given any loan or provided any guarantees or security to parties covered under section 185 of the Companies Act, 2013. In respect of loans, investments, guarantees and security, the Company has complied with the provisions of section 186 of the Companies Act, 2013.
(v) The Company has not accepted deposits during the year from the public within the provisions of section 73 to 76 or any other provisions of the Companies Act, 2013 and the Rules framed thereunder.
(vi) We have broadly reviewed the books of accounts maintained by the Company, pursuant to rules made under sub-section (1) of section 148 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate and complete.
(vii) (a) According to the records of the Company, the Company has been generally regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities. There were no arrears of undisputed statutory dues as at 31st March, 2017, which were outstanding for a period of more than six months from the date they became payable, except payment of income tax for last year of Rs.83.19 crore and advance income tax installments for current year estimated by the Company at Rs.56.24 crore. We are informed by the Company that the said tax payments are not envisaged in the event of approval of the scheme of arrangement pending before the NCLT.
(b) The disputed dues of different years, relating to income-tax, service-tax, sales-tax or duty of customs or duty of excise or value added tax, which have remained unpaid as on 31st March, 2017 for which appeals are pending as under:
Name of the Statute |
Nature of dues |
Amount (Rs. in crore) |
Period to which amount relates |
Forum where the dispute is pending |
Orissa Sales Tax Act |
Orissa sales tax/ VAT |
3.16 |
2000-01 & 2005-06 |
Orissa Sales Tax Tribunal |
Central Sales Tax Act, 1956 |
Central Sales Tax |
(Rs.11,371) |
2006-07 |
Orissa Sales Tax Tribunal |
Central Sales Tax Act, 1956 |
Central Sales Tax |
3.89 |
2010-11 to 2012-13 |
Addl. Commissioner of Sales Tax, Cuttack |
Orissa Sales Tax Act |
Orissa VAT |
0.69 |
1995-96, 2005-06 and 2006-07 |
Commissioner of Sales Tax |
Bihar Sales Tax Act |
Bihar Sales Tax |
0.25 |
FY 2013-14 |
Joint Commissioner of Sales Tax |
West Bengal Sales Tax Act |
West Bengal Sales Tax |
0.04 |
2014-15 |
CTO, Malda Zone |
Central Excise Act, 1944 |
Cenvat Credit/ Excise and Service Tax |
47.35 |
2005-06 to 2013-14 |
CESTAT, Kolkata; CCE, BBSR |
Orissa Sales Tax Act |
Entry Tax |
5.39 |
2000-01 and 2004-05 to 2012-13 |
Orissa Sales Tax Tribunal |
West Bengal Sales Tax Act |
Entry Tax |
6.27 |
2015-16 and 2016-17 |
Sales Tax Officer, WB |
Customs Act, 1962 |
Custom Duty |
0.87 |
2015-16 |
Customs- Commissioner Appeals |
Income Tax Act, 1961 |
Income Tax |
2.19 |
AY: 2007-08 to AY: 2009-10 & 2014-15 |
ITAT and CIT(A) Delhi |
(viii) On the basis of the verification of records and information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings from financial institutions or banks. In the case of debentures no repayment has fallen due.
(ix) In our opinion and according to the information and explanations given to us, term loans taken during the year were applied for the purpose for which the loans were obtained. The Company has not raised moneys by way of public offer (including debt instruments).
(x) Based on the audit procedures performed and representation obtained from the management, we report that no case of material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable.
(xiii) In our opinion and according to the information and explanations given to us, all the transactions with the related parties are in compliance with section 177 and 188 of the Companies Act, 2013 to the extent applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures. Therefore, the provisions of clause 3(xiv) of the Order are not applicable.
(xv) According to the information and explanations given to us and the representation obtained from the management, the Company has not entered into any non-cash transactions with directors or persons connected with them. Therefore, the provisions of clause 3(xv) of the Order are not applicable.
(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For V. Sankar Aiyar & Co.
Chartered Accountants
(Firm Regn. No.: 109208W)
Place: New Delhi (M.S. BALACHANDRAN)
Dated: 10th May, 2017 Partner (M. No:024282)
Mar 31, 2016
We have audited the accompanying standalone financial statements of OCL
INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 2016, the Statement of Profit & Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the 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 of these standalone 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
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting 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 controls,
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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 misstatement.
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 auditor
considers internal financial control relevant to the Company''s
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
the accounting principles used and the reasonableness of the accounting
estimates made by the company''s Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2016, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor''s Report) Order, 2016 ("the
Order") issued by the Government of India in terms of sub-section (11)
of section 143 of the Act, 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 "Annexure
A" a statement on the matters specified in the paragraphs 3 and 4 of
the said Order.
2 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 and the Cash
flow statement dealt with by this report are in agreement with the
books of account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31st March 2016 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2016 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 B" Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal financial
controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our knowledge and
information and according to the explanations given to us and such
checks as we considered necessary:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 28.1 to the
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 has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
Annexure-A referred to in the Auditors'' report to the Members of OCL
India Limited on the standalone accounts for the year ended 31st March,
2016.
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) We are informed that the Company has engaged an outside agency to
carry out physical verification of the fixed assets and that the Agency
has completed physical verification of certain locations and in respect
of other locations the exercise is in progress. We are informed that
once the whole exercise is complete, reconciliation of such physical
verification with fixed assets register will be carried out. The
question of discrepancies, whether material or not, can be addressed
only after the completion of such reconciliation. In our opinion, the
frequency of verification is reasonable in relation to the size of the
Company.
(c) According to the information and explanations given to us and the
records examined by us and based on the examination of the registered
sale deed/ transfer deed/ conveyance deed etc., provided to us, we
report that the title deeds of immovable properties are held in the
name of the Company. The title deeds relating to certain immovable
properties including land have been pledged as security with banks and
financial institution for loans, guarantees etc., are held in the name
of the Company based on the confirmations from the respective banks/
financial institutions.
(ii) The stock of finished goods, stores, spare parts and raw materials
except those held by consignees and stored in customer premises have
been physically verified by the management at reasonable intervals
during the year. No material discrepancies were noticed on physical
verification.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms, limited liability partnerships or other parties
covered in the register maintained under section 189 of the Companies
Act, 2013. Therefore, the provisions of clause 3(iii) (a),(b)&(c) of
the Order are not applicable.
(iv) The Company has not given any loan or provided any guarantees or
security to parties covered under section 185 of the Companies Act,
2013. In respect of loans, investments, guarantees and security, the
Company has complied with the provisions of section 186 of the
Companies Act, 2013.
(v) The Company has not accepted deposits during the year from the
public within the provisions of section 73 to 76 or any other
provisions of the Companies Act, 2013 and the Rules framed thereunder.
(vi) We have broadly reviewed the books of accounts maintained by the
Company, pursuant to rules made under sub-section (1) of section 148 of
the Act and are of the opinion that prima facie, the prescribed
accounts and records have been maintained. We have not, however, made a
detailed examination of the records with a view to determine whether
they are accurate and complete.
(vii) (a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
provident fund, employees'' state insurance, income-tax, sales-tax,
service tax, duty of customs, duty of excise, value added tax, cess and
any other statutory dues with the appropriate authorities. There were
no arrears of undisputed statutory dues as at 31st March, 2016, which
were outstanding for a period of more than six months from the date
they became payable, except payment of advance income tax installments
estimated by the Company at Rs.353.79 lakhs.
(b) The disputed dues of different years, relating to income-tax,
service-tax, sales-tax or duty of customs or duty of excise or value
added tax, which have remained unpaid as on 31st March, 2016 for which
appeals are pending as under:
Name of the
Statute Nature of the
Dues Amount Period to
which the Forum where
dispute is
(Rs.
Lacs) amount
relates pending
Orissa Sales
Tax Act Orissa sales
tax/ VAT 440.12 1995-96 and
1997-98 to Orissa Sales Tax
Tribunal
2000-01 &
2005-06
Central Sales
Tax Act, 1956 Central Sales
Tax 0.11 2006-07 Orissa Sales
Tax Tribunal
Central Sales
Tax Act, 1956 Central Sales
Tax 370.09 2010-11 to
2012-13 Addl.
Commissioner of
Sales Tax
Orissa Sales
Tax Act Orissa VAT 15.86 2005-06 Commissioner of
Sales Tax
West Bengal
SalesTax Act West Bengal
Sales Tax 39.91 1996-97 and
1999-00 West Bengal
Commercial Taxes
Appellate &
Revisional
Board
West Bengal
Sales Tax
Act West Bengal
Sales Tax 3.71 2014-15 CTO, Malda Zone
Central
Excise Act,
1944 Cenvat Credit/
Excise and 4,506.73 July, 2005
to Dec, 2009 CESTAT, Kolkata;
CCE, BBSR
Service Tax
Central
Excise Act,
1944 Cenvat
Credit/
Excise and 27.45 2009-10 and
2012-13 to CCE, BBSR
Service Tax 2013-14
Central
Excise Act,
1944 Penalty on
GTA Service
Tax 14.43 Nov, 2009 to
Mar, 2011 Addl. Commissioner
of Central
Demand Excise, Rourkela
Customs Act,
1962 Custom Duty 86.79 2015-16 Customs-
Commissioner
Appeals
Income Tax
Act, 1961 Income Tax 57.28 AY: 2007-08
to AY: 2009- CIT(A) Delhi
10 &
2014-15
(viii) On the basis of the verification of records and information and
explanations given to us, the Company has not defaulted in repayment of
loans or borrowings from financial institutions or banks. In the case
of debentures no repayment has fallen due.
(ix) In our opinion and according to the information and explanations
given to us, term loans taken during the year were applied for the
purpose for which the loans were obtained. The Company has not raised
moneys by way of public offer (including debt instruments).
(x) Based on the audit procedures performed and representation obtained
from the management, we report that no case of material fraud by the
Company or on the Company by its officers or employees has been noticed
or reported during the year.
(xi) The managerial remuneration has been paid or provided in
accordance with the requisite approvals mandated by the provisions of
section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company. Therefore, the provisions of
clause 3(xii) of the Order are not applicable.
(xiii) In our opinion and according to the information and explanations
given to us, all the transactions with the related parties are in
compliance with section 177 and 188 of the Companies Act, 2013 to the
extent applicable and the details have been disclosed in the Financial
Statements as required by the applicable accounting standards.
(xiv) During the year, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible
debentures. Therefore, the provisions of clause 3(xiv) of the Order are
not applicable.
(xv) According to the information and explanations given to us and the
representation obtained from the management, the Company has not
entered into any non-cash transactions with directors or persons
connected with them. Therefore, the provisions of clause 3(xv) of the
Order are not applicable.
(xvi) In our opinion and according to the information and explanations
given to us, the Company is not required to be registered under section
45-I of the Reserve Bank of India Act, 1934.
For V. Sankar Aiyar & Co.
Chartered Accountants
(Firm Regn. No.: 109208W)
(M.S. BALACHANDRAN)
Place: New Delhi Partner
Dated: 17-May-2016 (M. No:024282)
Mar 31, 2015
We have audited the accompanying standalone financial statements of OCL
INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 2015, the Statement of Profit & Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the 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 of these standalone 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
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting 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 controls,
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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 of material misstatement.
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 auditor
considers internal financial control relevant to the Company''s
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting principles used and the
reasonableness of the accounting estimates made by the company''s
Directors, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015,and its profit and its cash flows for the year ended
on that date.
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 and the Cash
flow statement dealt with by this report are in agreement with the
books of account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31st March 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31.03.2015 from being
appointed as a director in terms of section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our knowledge and
information and according to the explanations given to us and such
checks as we considered necessary:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 29.1 and
29.5 to the 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 has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
2. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, 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 in the
paragraphs 3 and 4 of the said Order.
Annexure referred to in the Auditor''s report to the Members of OCL
india Limited on the standalone accounts for the year ended 31st March,
2015.
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) We are informed that the physical verification of the fixed assets
covering a substantial value of assets (excluding furniture and
fixtures and certain office equipments) was carried out by an outside
agency during 2012 to 2014, and reconciled with books during the
financial year. According to information and explanation given to us,
no material discrepancies were noticed on such verification. In our
opinion, the frequency of verification is reasonable in relation to the
size of the Company.
(ii) (a) The stock of finished goods, stores, spare parts and raw
materials except those held by consignees and stored in customer
premises have been physically verified by the management at reasonable
intervals during the year.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act. Therefore, the provisions of clause
3(iii)(a)&(b) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are reasonably adequate internal control systems,
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the internal control system.
(v) The deposits outstanding at the beginning of the year have been
repaid. In our opinion and according to the information and explanation
given to us, the Company has complied with the provisions of section 73
to 76 or other relevant provisions of the Act.
(vi) We have broadly reviewed the books of accounts maintained by the
Company, pursuant to rules made under sub-section (1) of section 148 of
the Act and are of the opinion that prima facie, the prescribed
accounts and records have been maintained. We have not, however, made a
detailed examination of the records with a view to determine whether
they are accurate and complete.
(vii) (a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax,
Wealth tax, Service tax, Duty of customs, Duty of Excise, Value added
tax,Cess and any other statutory dues with the appropriate authorities.
There were no arrears of undisputed statutory dues as at 31st March,
2015, which were outstanding for a period of more than six months from
the date they became payable.
(b) The disputed dues of different years, which have remained unpaid as
on 31st March, 2015 for which appeals are pending as under:
Nature of the amount period to which the Forum where
Dues (Rs.lacs) amount relates dispute is pending
Orissa Sales 440.12 1995-96 and 1997- Orissa Sales Tax
Tax/ VAT 98 to 2000-01 Tribunal
Central Sales 0.11 2006-07 Orissa Sales Tax
Tax Tribunal
Central Sales 370.09 2010-11 to 2012-13 Addl.
Tax Commissioner
of Sales Tax
Orissa VAT 15.86 2005-06 Commissioner
of Sales Tax
West Bengal 12.75 1996-97, 1999-00, West Bengal
Sales Tax 2001-02, 2004- Commercial
05, 2010-11 and Taxes Appellate
2014-15 & Revisional
Board
Cenvat 3,756.38 01.12.2006 to CESTAT,
Credit/ Excise 30.06.2008 and Kolkata; CCE,
30.06.2011 BBSR
Income Tax 180.48 AY: 2005-06,2007- CIT(A) Delhi
08 & 2011-12
(c) Based on the information and explanations obtained, the company has
transferred to the Investor Education & Protection Fund in accordance
with the relevant provisions of the Companies Act, 1956.
(viii) The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
(ix) On the basis of the verification of records and information and
explanations given to us, the Company has not defaulted in repayment of
dues to financial institutions or banks or debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the Company has given
guarantees for the loans taken by others from banks, are not, prima
facie, prejudicial to the interest of the Company.
(xi) In our opinion and according to the information and explanations
given to us, term loans taken during the year were applied for the
purpose for which the loans were obtained.
(xii) Based on the audit procedures performed and representation
obtained from the management, we report that no case of material fraud
on or by the Company has been noticed or reported during the year under
audit.
For V. Sankar Aiyar & Co.
Chartered Accountants
(ICAI Firm Registration. No. 109208W)
Place: New Delhi (M. S. BALACHANDRAN)
Dated: 11-05-2015 Partner (M. No:024282)
Mar 31, 2014
We have audited the accompanying financial statements of OCL India
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2014, the Statement of Profit & Loss and the Cash Flow Statement
for the year then ended and a summary of significant accounting
policies and other explanatory information.
Managements Responsibility for the Financial Statements
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 section 211
of the Companies Act, 1956 ("the Act") read with General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate AffaiRs
in respect of Section 133 of the Companies Act, 2013. The
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 msstatement whether due to fraud or error
AuditoRs Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of ndia. 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 of
material missatement
An audit involves performng procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, 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 auditor
consideRs internal control relevant to the Company''s preparation and
fair presentation of the financial tatements in order to design audit
procedures that are appropriate in he circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
OPINION
n our opinion and to the best of our information and according to the
explanations given to us the financial statements give the information
equired by the Act in the manner so required and give a true and fair
view n conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the ate of affaiRs of the
Company as at 31st March 2014;
b) In the case of the Statement of Profit and Loss, of the Profit for he
year ended on that date; and
c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1 As required by section 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 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 appeaRs from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13th September 2013 of the Ministry of
Corporate AffaiRs in respect of Section 133 of the Companies Act 2013.
e) On the basis of written representations received from the directoRs
as on 31st March 2014 and taken on record by the Board of DirectoRs,
none of the directoRs is disqualified as on 31.03.2014 from being
appointed as a director in terms of clause (g) of sub-section (a) of
section 274 of the Companies Act, 1956.
2. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, we enclose in the annexure, a
statement on the matteRs specified in paragraphs 4 and 5 of the said
Order to the extent applicable, 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
Annexure referred to in paragraph 2 of the Auditor'' Report to the
shareholdeRs of OCL India Limed or the year ended 31st March 2014
a) The Company is maintaining proper records showing full particulaRs,
including quantitative details and situation of fixed assets
b) As explained to us and keeping in view that physical verification of
the fixed assets covering a substantial value of the assets was carried
out by an outside agency
n earlier year, the management has carried out the physical
verification of its assets once during the year except for furniture &
fixtures and some part of office equipments. According to information
and explanations given to us, no material discrepancies have been
noticed to the extent of such verification. In our opinion the
frequency of verification is reasonable in relation to sze of the
company
c) Since there s no substantial disposal of fixed assets during the
year, the preparation of financial statements on a going concern basis
is not affected on this account.
a) The stock of finished goods, stores, spare parts and raw materials,
except those held by consignees and stored in customer premises, have
been physcally verified by the management at reasonable intervals.
b) n our opinion, the procedures of physical verfication of nventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) n our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification.
a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
v n our opinion and according to the information and explanations given
to us and having regard to the explanations n respect of the manner in
which the purchase price of some
of the items are determined or where alternate quotations are not
available, there are adequate internal control system commensurate with
the size of the Company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
During the couRse of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system of the
Company.
v According to the information given to us there are no contracts or
arrangements during the year that need to be entered into the register
in puRsuance of Section 301 of The Companies Act, 1956.Therefore, the
Provisions of clause 4(v) of the order are not applicable to the
Company.
vi n our opinion and according to information and explanations given to
us, the Company has complied with the provisions of sections 58A and
58AA or any other relevant provisions of the Act and the rules made
there under, where applicable, with regard to deposits accepted from
the public.
vii The Company has an internal audit system, which in our opinion, is
commensurate with its size and nature of its business.
vii We have broadly reviewed the books of accounts maintained by the
Company, puRsuant to the rules made by the Central Government for the
maintenance of cost records under clause (d) of sub-section (1) of
section 209 of the Companies Act, 1956 and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have not, however, made a detailed examination of the records with a
view to determine whether they are accurate and complete.
x a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State nsurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty Cess and any other statutory dues with the
appropriate authorities. There were no arreaRs of undisputed statutory
dues as at 31st March, 2014, which were outstanding for a period of
more than six months from the date they became payable.
b) The disputed dues of different yeaRs, which have remained unpaid as
on 31st March, 2014, for which appeals are pending as under
Orissa 1995-96 and 162.63 Orissa Sales Tax
Sales Tax 1997-98 to Trbunal2000-01
Central 2006-07 0.11 Addl.
Sales Tax Commissioner
of Sales Tax, cuttack
Orissa 2005-06 293.35 Commissioner ol
VAT Sales Tax
West 1996-97, 310.74 West Bengal
Bengal 1999-00, Commercial
Sales Tax 2001-02, Taxes Appellate
2004-05, and & Revisional
2010-11 Board
Bihar 2010-11 96.21 Joint
Sales Tax Commissioner
of Sales Tax(A) Patna
Cenvat 01.12.2006 3,756.38 CESTAT, Kolkata
Credit to CCE, BBSR
30.06.2008
and
30.06.2011
Income A.Y.2003-2004 17.13 ITAT Delhi
Tax and 2005-06
Income A.Y.2005-06 474.19 CIT(A)Delhi
Tax to 2009-10
x The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
xi On the basis of the verification of records and information and
explanations given to us, the Company has not defaulted n repayment of
dues o financial institutions or banks 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 ecurities.
xii The Company is not a chit fund / nidhi / mutual benefit fund/
society. Therefore, the provisions of clause 4(xiii) of the Companies
(AuditoRs Report) Order are not applicable.
xiv The Company is not dealing or trading n shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (AuditoRs Report) Order are not applicable.
xv In our opinion and according to the information and
explanations given to us, the terms and conditions on which
the company has given guarantees for the loans taken by
otheRs from banks, are not prima facie, prejudicial to the
nterest of the Company.
xvi In our opinion and according to the nformation and
explanations given to us term loans taken during the year were
applied for the purpose for which the loans were obtained.
xvii According to the information and explanations given to us,
the Cash Flow statement examined by us and on an overall
examination of the balance sheet of the Company, we report
that funds raised on short-term basis have not been used for
ong term investment.
xvii During the year, 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.
xix The Company has not issued any debentures during the year.
Therefore, the question of creating security / charge does not
arise.
xx Since there were no public issue of securities durng the year,
verification of the end use of money does not arise.
xxi Based on the audit procedure performed and the
representation obtained from the management, we report
that no case of material fraud on or by the Company has been
noticed or reported during the year under audit
For V. Sankar Aiyar & Co.
Chartered Accountants
ICAI Firm Regn. No. 109208W
R. Raghuraman
Place New Delhi Partner
Dated 13.05.2014 MembeRship No. 81350
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of OCL India
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2013, the Statement of Profit & Loss and the Cash Flow Statement
for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 section 211
of the Companies Act, 1956 ("the Act"). The 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the 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 of
material misstatement.
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 judgement, 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 auditor considers 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2013;
b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by section 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 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 appears from our examination of
those books;
(c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the directors
as on 31st March 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31.03.2013 from being
appointed as a director in terms of clause (g) of sub-section (a) of
section 274 of the Companies Act, 1956.
2. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 (4A) of the Act, we enclose in the
annexure, a statement on the matters specified in paragraphs 4 and 5 of
the said Order to the extent applicable, 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.
i a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us and keeping in view that physical verification of
the fixed assets covering a substantial value of the assets was carried
out by an outside agency in the previous year, the management has
carried out the physical verification of its assets once during the
year except for furniture & fixtures and some part of office
equipments. According to information and explanations given to us, no
material discrepancies have been noticed to the extent of such
verification. In our opinion the frequency of verification is
reasonable in relation to size of the company.
c) Since there is no substantial disposal of fixed assets during the
year, the preparation of financial statements on a going concern basis
is not affected on this account.
ii a) The stock of finished goods, stores, spare parts and raw
materials, except those held by consignees and stored in customer
premises, have been physically verified by the management at reasonable
intervals. In respect of stock with consignees, confirmation
certificates have been received.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification.
iii a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
iv In our opinion and according to the information and explanations
given to us and having regard to the explanations in respect of the
manner in which the purchase price of some of the items are determined
or where alternate quotations are not available, there are adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company.
v a) According to the information given to us, the particulars of
contracts or arrangements that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) There were transactions exceeding ''five lakhs made in pursuance of
such contracts or arrangements relating to professional services
rendered during the year by a legal firm, for which compliance with
prevailing market price is not feasible.
vi In our opinion and according to information and explanations given
to us, the Company has complied with the provisions of sections 58A and
58AA or any other relevant provisions of the Act and the rules made
there under, where applicable, with regard to deposits accepted from
the public.
vii The Company has an internal audit system, which in our opinion, is
commensurate with its size and nature of its business.
viii We have broadly reviewed the books of accounts maintained by the
Company, pursuant to the rules made by the Central Government for the
maintenance of cost records under clause (d) of sub-section (1) of
section 209 of the Companies Act, 1956 and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have not, however, made a detailed examination of the records with a
view to determine whether they are accurate and complete.
ix a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income- tax, Sales-tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and any other statutory dues with the
appropriate authorities. There were no arrears of undisputed statutory
dues as at 31st March, 2013, which were outstanding for a period of
more than six months from the date they became payable.
b) The disputed dues of different years, which have remained unpaid as
on 31st March, 2013, for which appeals are pending as under:
Nature of Year Amount Forum where
dues (Rs. In pending
lacs)
Orissa 1995-96 and 162.63 Orissa Sales Tax
Sales Tax 1997-98 to Tribunal
2000-01
Central 2006-07 0.11 Addl.
Sales Tax Commissioner of Sales
Tax, cuttact
Central 2007-08 to 105.00 Addl.
Sales Tax 2009-10 Commissioner of Sales
Tax, (North Zone
Odisha)
Orissa VAT 2005-06 361.26 Commissioner of Sales
Tax,
West 1996-97, 50.93 West Bengal
Bengal 1999-00 and Commercial
Sales Tax 2004-05 Taxes Appellate &
Revisional Board
Cenvat 01.12.2006 4265.49 CESTAT, Kolkata
Credit to CCE, BBSR
30.06.2008 and
30.06.2011
Income Tax A.Y.2003- 17.13 ITAT Delhi
2004 and 2005-2006
Income Tax A.Y.2005-06 713.47 CIT (A) Delhi
to 2009-10
x The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
xi On the basis of the verification of records and information and
explanations given to us, the Company has not defaulted in repayment of
dues to financial institutions or banks 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 The Company is not a chit fund / nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditors Report) Order are not applicable.
xiv The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order are not applicable.
xv In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantees for the loans taken by others from banks, are not, prima
facie, prejudicial to the interest of the Company.
xvi In our opinion and according to the information and explanations
given to us term loans taken during the year were applied for the
purpose for which the loans were obtained.
xvii According to the information and explanations given to us, the
Cash Flow statement examined by us and on an overall examination of the
balance sheet of the Company, we report that funds raised on short-term
basis have not been used for long term investment.
xviii During the year, 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.
xix The Company has not issued any debentures during the year.
Therefore, the question of creating security / charge does not arise.
xx Since there were no public issue of securities during the year,
verification of the end use of money does not arise.
xxi Based on the audit procedure performed and the representation
obtained from the management, we report that no case of fraud on or by
the Company has been noticed or reported during the year under audit.
For V. Sankar Aiyar & Co.
Chartered Accountants
Firm''s Regn.no.109208W
R. Raghuraman
Place: New Delhi Partner
Dated: May 29, 2013 Membership No. 81350
Mar 31, 2012
1. We have audited the attached Balance Sheet of OCL INDIA LIMITED as
at 31st March, 2012 and also the Statement of Profit & Loss 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 conducted the 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. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3. 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 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 appears from our examination of
these books;
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
Account;
(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in section 211 (3C) of the Companies
Act, 1956 to the extent applicable
(e) On the basis of information obtained, none of the directors are
prima facie, disqualified under section 274(I)(g) of the Companies
Act, 1956 as on 31st March, 2012 from being appointed as a director of
the Company.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with 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, 2012;
ii. in the case of the Statement of Profit & Loss, of the Profit for
the year ended on that date; and
iii. in the case of cash flow statement, of the cash flows for the year
ended on that date.
4. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Department of Company Affairs, Govt, of India in
terms of Section 227 (4A) of the Companies Act, 1956, and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, we further report on the
matters specified in the paragraphs 4 and 5 of the said Order as under:
i a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us, an outside agency has carried out physical
verification of the fixed assets during the year and have covered a
substantial value of the assets. According to the information and
explanations given to us, no material discrepancies have been noticed
to the extent of such verification. A detailed report of verification
is awaited. In our opinion, the frequency of verification is reasonable
in relation to the size of the Company
c) Since there is no substantial disposal of fixed assets during the
year, the preparation of financial statements on a going concern basis
is not affected on this account.
ii a) The stock of finished goods, stores, spare parts and raw
materials, except those held by consignees and stored in customer
premises, have been physically verified by the management at reasonable
intervals. In respect of stock with consignees, confirmation
certificates have been received.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification.
iii a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
iv In our opinion and according to the information and explanations
given to us and having regard to the explanations in respect of the
manner in which the purchase price of some of the items are determined
or where alternate quotations are not available, there are adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods. To the best of our knowledge, no
major weaknesses in internal control system were either reported or
noticed by us during the course of our audit.
v a) According to the information given to us, the particulars of
contracts or arrangements that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) There were transactions exceeding Rs. five lakhs made in pursuance
of such contracts or arrangements relating to professional services
rendered during the year by a legal firm, for which comparison with
prevailing market prices is not feasible.
vi In our opinion and according to information and explanations given
to us, the Company has complied with the provisions of sections 58A and
58AA or any other relevant provisions of the Act and the rules made
there under, where applicable, with regard to deposits accepted from
the public.
vii The Company has an internal audit system, which in our opinion, is
commensurate with its size and nature of its business.
viii We have broadly reviewed the books of accounts maintained by the
Company, pursuant to the rules made by the Central Government for the
maintenance of cost records under clause (d) of sub-section (I) of
section 209 of the Companies Act, 1956 and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have not, however, made a detailed examination of the records with a
view to determine whether they are accurate and complete.
ix a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and any other statutory dues with the
appropriate authorities. There were no arrears of undisputed statutory
dues as at 31st March, 2012, which were outstanding for a period of
more than six months from the date they became payable.
b) The disputed dues of different years, which have remained unpaid as
on 315t March, 2012, for which appeals are pending as under:
Nature of dues Year Amount Forum where pending
(Rs. in lacs)
Orissa Sales Tax 1995-96 and
1997-98 to
2000-01 162.63 Orissa Sales Tax
Tribunal
Central Sales
Tax 2006-07 30.69 Addl. Commissioner
of Sales Tax,
cuttack
Central Sales Tax 2007-08 to 2009-10 105.00 Addl. Commissioner
of Sales Tax,
(North Zone) Odisha
Orissa VAT 2005-06 361.26 Commissioner of
Sales Tax
West Bengal
Sales Tax 1996-97, 1999-00
and 2004-05 47.49 West Bengal
Commercial Taxes
Appellate &
Revisional Board
Cenvat Credit 01.12.2006 to
30.06.2008 3,980.67 CESTAT, Kolkata
Income Tax A.Y.2003-2004 3.47 ITAT Delhi
Income Tax A.Y.2007-2008 to
2009-10 673.06 CIT (A) Delhi
x The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
xi On the basis of the verification of records and information and
explanations given to us, the Company has not defaulted in repayment of
dues to financial institutions or banks 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 The Company is not a chit fund / nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditors Report) Order are not applicable.
xiv The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order are not applicable
xv In our opinion and according to the information and explanation
given to us, the terms and condition on which the company has given
guarantees for the loans taken by others from banks, are not, prima
facie, prejudicial to the interest of the Company.
xvi According to the records of the Company, the Company has not taken
term loans during the year.
xvii According to the information and explanations given to us, the
Cash Flow statement examined by us and on an overall examination of the
balance sheet of the Company, we report that funds raised on short-term
basis have not been used for long term investment.
xviii During the year, 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.
xix The Company has not issued any debentures during the year.
Therefore, the question of creating security / charge does not arise.
xx Since there were no public issue of securities during the year,
verification of the end use of money does not arise.
xxi Based on the audit procedure performed and the representation
obtained from the management, we report that no case of fraud on or by
the Company has been noticed or reported during the year under audit.
For V. Sankar Aiyar & Co.
Chartered Accountants
Firm's Regn.no. 109208W
R. Raghuraman
Place : New Delhi Partner
Dated : May 14, 2012 Membership No. 81350
Mar 31, 2011
1. We have audited the attached Balance Sheet of OCL INDIA LIMITED as
at 31st March, 2011 and also the Profit & 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 conducted the 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. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3. 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 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 appears from our examination of
these books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of Account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in section 211 (3C) of the Companies Act, 1956 to
the extent applicable;
(e) On the basis of information obtained, none of the directors are
prima facie, disqualified under section 274(1)(g) of the Companies Act,
1956 as on 31.03.2011 from being appointed as a director of the
Company;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with 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, 2011;
ii in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
iii in the case of cash flow statement, of the cash flows for the year
ended on that date.
4. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Department of Company Affairs, Govt. of India in
terms of Section 227 (4A) of the Companies Act, 1956, and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, we further report on the
matters specified in the paragraphs 4 and 5 of the said Order as under:
i a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us, the management had carried out physical
verification of most of the fixed assets during the year. In our
opinion, the frequency of verification is reasonable in relation to the
size of the Company. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
c) Since there is no substantial disposal of fixed assets during the
year, the preparation of financial statements on a going concern basis
is not affected on this account.
ii a) The stock of finished goods, stores, spare parts and raw
materials, except those held by consignees and stored in customer
premises, have been physically verified by the management at reasonable
intervals. In respect of stock with consignees, confirmation
certificates have been received.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification.
iii a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
iv In our opinion and according to the information and explanations
given to us and having regard to the explanations in respect of the
manner in which the purchase price of some of the items are determined
or where alternate quotations are not available, there are adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods. To the best of our knowledge, no
major weaknesses in internal control system were either reported or
noticed by us during the course of our audit.
v a) According to the information given to us, the particulars of
contracts or arrangements that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) There were transactions exceeding Rs. five lakhs made in pursuance
of such contracts or arrangements relating to professional services
rendered during the year by a legal firm, for which comparison with
prevailing market prices is not feasible.
vi In our opinion and according to information and explanations given
to us, the Company has complied with the provisions of sections 58A and
58AA or any other relevant provisions of the Act and the rules made
there under, where applicable, with regard to deposits accepted from
the public.
vii The Company has an internal audit system, which in our opinion, is
commensurate with its size and nature of its business.
viii We have broadly reviewed the books of accounts maintained by the
Company, pursuant to the rules made by the Central Government for the
maintenance of cost records under clause (d) of sub-section (1) of
section 209 of the Companies Act, 1956 and are of the opinion that
prima facie, the prescribed accounts and records have been maintained.
We have not, however, made a detailed examination of the records with a
view to determine whether they are accurate and complete.
ix a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and any other statutory dues with the
appropriate authorities. There were no arrears of undisputed statutory
dues as at 31st March, 2011, which were outstanding for a period of
more than six months from the date they became payable.
b) The disputed dues of different years, which have remained unpaid as
on 31st March, 2011, for which appeals are pending as under:
Nature of dues Year Amount Forum where pending
(Rs. In lacs)
Orissa Sales Tax 1995-96 and
1997-98 to
2000-01 162.63 Orissa Sales Tax
Tribunal
Central Sales Tax 1995-96 53.19 Orissa Sales Tax
Tribunal
Central Sales Tax 2006-07 30.69 Addl. Commissioner
of Sales Tax,
cuttack
Orissa VAT 2005-06 361.26 Commissioner of
Sales Tax
West Bengal Sales 1996-97, 1999-00
and 2004-05 28.71 West Bengal
Commercial
Tax Taxes Appellate
& Revisional Board
Cenvat Credit 01.10.2006 to
28.02.2008 56.72 CESTAT, Kolkata
Income Tax A.Y.1999-2000,
A.Y.2005-06,
A.Y.2006-07 18.67 ITAT Delhi
Income Tax A.Y.2007-2008,
AY.2008-2009 635.80 CIT (A) Delhi
x The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
xi On the basis of the verification of records and information and
explanations given to us, the Company has not defaulted in repayment of
dues to financial institutions or banks 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 The Company is not a chit fund / nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditors Report) Order are not applicable.
xiv The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order are not applicable
xv In our opinion and according to the information and explanation
given to us, the terms and condition on which the company has given
guarantees for the loans taken by others from banks, are not, prima
facie, prejudicial to the interest of the Company.
xvi According to the records of the Company, term loans taken during
the year have been applied for the purpose for which they were
obtained.
xvii According to the information and explanations given to us, the
Cash Flow statement examined by us and on an overall examination of the
balance sheet of the Company, we report that funds raised on short-term
basis have not been used for long term investment.
xviii During the year, 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.
xix The Company has not issued any debentures during the year.
Therefore, the question of creating security / charge does not arise.
xx Since there were no public issue of securities during the year,
verification of the end use of money does not arise.
xxi Based on the audit procedure performed and the representation
obtained from the management, we report that no case of fraud on or by
the Company has been noticed or reported during the year under audit.
For V. Sankar Aiyar & Co.
Chartered Accountants
Firm's Regn.no.109208W
R. Raghuraman
Place: New Delhi Partner
Dated: May 19, 2011 Membership No. 81350
Mar 31, 2010
1. We have audited the attached Balance Sheet of OCL INDIA LIMITED as
at 31st March, 2010 and also the Profit & 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.
2. We conducted the 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. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3. 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 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 appears from our examination of
these books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of Account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in section 211 (3C) of the Companies Act, 1956 to
the extent applicable
(e) On the basis of information obtained, none of the directors are
prima facie, disqualified under section 274(1)(g) of the Companies Act,
1956 as on 31.03.2010 from being appointed as a director of the
Company.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with 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, 2010;
ii in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
iii in the case of cash flow statement, of the cash flows for the year
ended on that date.
4. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Department of Company Affairs, Govt. of India in
terms of Section 227 (4A) of the Companies Act, 1956, and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, we further report on the
matters specified in the paragraphs 4 and 5 of the said Order as under:
i a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us, the management had carried out physical
verification of most of the fixed assets during the year. In our
opinion, the frequency of verification is reasonable in relation to the
size of the Company. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
c) Since there is no substantial disposal of fixed assets during the
year, the preparation of financial statements on a going concern basis
is not affected on this account.
ii a) The stock of finished goods, stores, spare parts and raw
materials, except those held by consignees and stored in customer
premises, have been physically verified by the management at
reasonable intervals. In respect of stock with consignees,
confirmation certificates have been received.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification.
iii a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties required to be covered in the
register maintained under section 301 of the Companies Act, 1956.
iv In our opinion and according to the information and explanations
given to us and having regard to the explanations in respect of the
manner in which the purchase price of some of the items are
determined or where alternate quotations are not available, there
are adequate internal control system commensurate with the size of
the Company and the nature of its business for the purchase of
inventory and fixed assets and for the sale of goods. To the best
of our knowledge, no major weaknesses in internal control system
were either reported or noticed by us during the course of our audit.
v a) According to the information given to us, the particulars of
contracts or arrangements that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
b) There were transactions exceeding Rs. five lakhs made in pursuance
of such contracts or arrangements relating to professional services
rendered during the year by a legal firm, for which comparison with
prevailing market prices is not feasible.
vi In our opinion and according to information and explanations given
to us, the Company has complied with the provisions of sections 58A
and 58AA or any other relevant provisions of the Act and the rules
made there under, where applicable, with regard to deposits
accepted from the public.
vii The Company has an internal audit system, which in our opinion, is
commensurate with its size and nature of its business.
viii We have broadly reviewed the books of accounts maintained by the
Company, pursuant to the rules made by the Central Government for
the maintenance of cost records under clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956 and are of the
opinion that prima facie, the prescribed accounts and records have
been maintained. We have not, however, made a detailed examination
of the records with a view to determine whether they are accurate
and complete.
ix a) According to the records of the Company, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and any other statutory dues with the
appropriate authorities. There were no arrears of undisputed statutory
dues as at 31st March, 2010, which were outstanding for a period of
more than six months from the date they became payable.
b) The disputed dues of different years, which have remained unpaid as
on 31st March, 2010, for which appeals are pending as under:
Amount
Nature of dues Year (Rs. In lacs) Forum where pending
Orissa Sales Tax 1995-96 and 162.63 Orissa Sales Tax
1997-98 to Tribunal
2000-01
Central Sales Tax 1995-96 53.19 Orissa Sales Tax
Tribunal
Orissa VAT 2005-06 361.26 Commissioner of
Sales Tax
West Bengal Sales 1996-97, 28.71 West Bengal
1999-00 and Commercial
Tax 2004-05 Taxes Appellate &
Revisional Board
Cenvat Credit 01.10.2006 to 56.72 CESTAT, Kolkata
28.02.2008
x The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
xi On the basis of the verification of records and information and
explanations given to us, the
Company has not defaulted in repayment of dues to financial
institutions or banks 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 The Company is not a chit fund / nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order are not applicable.
xiv The Company is not dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of
clause 4(xiv) of the Companies (Auditors Report) Order are not
applicable
xv The Company has given guarantees of USD 32.28 lakhs (previous year
USD 19.80 lakhs) for loans/ guarantees taken by OCL Global Limited
(in which the Company holds 50% of the paid-up Capital) from banks,
the terms and conditions whereof are not, prima facie, prejudicial
to the interest of the Company.
xvi According to the records of the Company, term loans taken during
the year have been applied for the purpose for which they were
obtained.
xvii According to the information and explanations given to us, the
Cash Flow statement examined by us and on an overall examination
of the balance sheet of the Company, we report that funds raised
on short-term basis have not been used for long term investment.
xviii During the year, 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.
xix The Company has not issued any debentures during the year.
Therefore, the question of creating security / charge does not
arise.
xx Since there were no public issue of securities during the year,
verification of the end use of money does not arise.
xxi Based on the audit procedure performed and the representation
obtained from the management,
we report that no case of fraud on or by the Company has been
noticed or reported during the year under audit.
For V. Sankar Aiyar & Co.
Chartered Accountants
FRN. 109208W
Place : New Delhi R.RAGHURAMAN
Date : 10.05.2010 Partner
Membership No.81350