Mar 31, 2015
We have audited the accompanying financial statements of GAGAN GASES
LIMITED ("the company"), which comprise the Balance Sheet as at 31
March 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the year 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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these 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
there under.
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 true and fair view 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 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 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 March 31, 2015;
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 the 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 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, a statement on the matters
specified in the paragraph 3 and 4 of the Order is given in Annexure.
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 appears from our examination of those
books (and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us)
c) the Balance Sheet, the 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 aforesaid 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) There is nothing to disclose which is having adverse effect on the
functioning of the company.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
Forming an Opinion and Reporting on Financial Statements
The Annexure referred to in our report to the members of Gagan Gases
Limited for the year ended on 31.03.2015. We report that:
(i) The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
These fixed assets lying at office and factory have been physically
verified by the management at reasonable intervals;
No any material discrepancies were noticed on such verification (ii)
Physical verification of inventory has been conducted at reasonable
intervals by the management;
The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
The company is maintaining proper records of inventory ;
No material discrepancies were noticed on physical verification done by
the management ;
(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 Companies Act ;
(iv) There is an 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 ;
(v) The company has not accepted deposits other than its directors and
has followed the directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there under;
(vi) On the basis of information given by the management , maintenance
of cost records has not been specified by the Central Government under
sub-section (1) of section 148 of the Companies Act for the company;
(vii) The company is regular in depositing undisputed statutory dues
with the appropriate authorities;
(viii) The accumulated losses of the company at the end of the
financial year are not less than fifty per cent of its net worth . It
has not incurred cash losses in current financial year but has incurred
cash losses in immediately preceding financial year;
(ix) The company do not have loan from any financial institution or
bank or debenture holders hence clause not applicable for comment;
(x) We are informed that the company has not given any guarantee for
loans taken by others from bank or financial institutions;
(xi) The company has not obtained term loans hence clause not
applicable for comment.
(xii) The company has not noticed or reported any fraud on or by the
company during the year under audit .
Forming an Opinion and Reporting on Financial Statements
FOR DILIP K. NEEMA & ASSOCIATES
Chartered Accountants
Place : Indore
Date : 30/05/2015 (CA. Dilip Neema)
M. No.: 074067
FRN: 005279C
Mar 31, 2014
We have audited the accompanying financial statements of GAGAN GASES
LIMITED (''the Company'') which comprise the balance sheet as at 31 March
2014, the statement of profit and 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 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 the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
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
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 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, 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 : 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 :
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order''), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. 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 purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
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
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors'' Report
The Annexure referred to in our report to the members of Gagan Gases
Limited (''the Company'') for the year ended 31 March 2014. We report
that :
1. i. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
ii Fixed assets except LPG cylinders have been physically verified by
the management at reasonable intervals during the year. LPG cylinders
being in the physical possession of consumers and dealers which are
verified in routine as and when these pass through the company for
refilling. We have not noted any discrepancies on such verification.
iii No substantial part of fixed assets have been disposed off during
the year.
2. i As per records produced before us and in accordance with
Management representation Physical verification of inventory has been
conducted at reasonable intervals by the management.
ii The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
iii The company is maintaining proper records of inventory. No Material
discrepancies noticed on physical verification .
3. The company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. The company has taken loans, secured or
unsecured form companies, firms or other parties covered in the
register maintained under section 301 of the Act. Terms and conditions
were prima facie not prejudicial to the interest of the company.
4 There is adequate internal control procedure commensurate with the
size of the company and the nature of its business, for the purchase of
inventory fixed assets and for the sale of goods and services. There is
no continuing failure to correct major weakness in internal controls.
5 We are informed that transaction during the year that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered. The transaction have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
relevant time.
6 The company has not accepted deposits from the public where the
directives issued by RBI and the provisions of sec. 58A, 58AA or any
other relevant provision of the Act and rule framed there under where
applicable.
7 The company have followed in-house internal audit system commensurate
with its size and nature of its business as applicable to it.
8 On the basis of information given to us by management of the company
, maintenance of cost records has not prescribed by the central
government under clause (d) of sub section (I) of section 209 of the
Act.
9 According to the information and explanations given to us and on the
basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income tax, Sales tax, Wealth tax, Service tax, and
other material statutory dues (whichever is applicable) have been
regularly deposited during the year by the Company with the appropriate
authorities. As explained to us, the Company did not have any dues on
account of Employees'' State Insurance, Customs duty and Excise duty .
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income tax, Sales tax, Wealth tax,
Service tax and other material statutory dues (whichever is applicable)
were in arrears as at 31 March 2014 for a period of more than six
months from the date they became payable.
10 The company has accumulated losses as at march 31, 2014 exceeds 50%
of net worth of the company. The company has incurred cash losses
during the current year and in immediately preceding financial year .
11 As per the books and records as produced before us and in accordance
with Management representation the Company has not defaulted in
repayment of any dues to the bank .
12 The company is not involved in business of granting loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13 In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14 The company is not dealing or trading in shares, securities,
debentures and other investment.
15 The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16 On the basis of books of accounts and declaration given by the
management, the company has not taken terms loans during the year under
audit hence clause not applicable for comment.
17 On the basis of books of accounts and declaration given by the
management, the company has not utilized the funds raised on short
terms basis for long term investment
18 As per the books and records as produced before us and in accordance
with Management representation 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.
19 As per the books and records as produced before us and in accordance
with Management representation no debentures were issued during the
year by the company.
20 The company has not raised capital through public issue during the
year.
21 To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
was noticed or reported during the year.
INDORE, 30.05.2014 For Dilip K. Neema & Associates
Chartered accountants
(CA. Dilip Neema)
FRN 05279C
Membership No.074067
Mar 31, 2013
Report on the Financial Statement
We have audited the accompanying financial statements of GAGAN GASES
LLIMITED ("the company"), which comprise the Balance Sheet as at March
3l,2013,and the statement of profit and loss and cash flow statement
for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s responsibility for 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").This responsibility includes the
design, implementation and maintenance of internal controls related 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
Accountant of India .Those Standards require that we comply with
ethical requirement and plan and perform the audit to obtain reasonable
assurance about whether the financial statement 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 the 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 the 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 March 31, 2013;
(b) In the case of the statement of profit and loss of the loss for the
year ended on that date; and
(c) In the case of the cash flow statement, of the cash that flows for
the year ended on that date.
Report on other legal and regulatory requirements
1) As required by |he 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 give in the annexure , a
statement on the matters specified in paragraphs 4 and 5 of the order.
2) As required by section 227(3) of the act, we report that:
a. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examinations of
those;
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 in the Balance Sheet, statement of profit and loss
and cash flow statement comply with the accounting standards referred
to in subsection (3C) of section 211 of the Companies Act, 1965 ''
e. On the basis of written representation received from the directors
as on March31st,2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the companies act, 1956.
Statement as required by Companies (Auditors'' Report ) order , 2003 as
amended by the Companies
(Auditor''s Report) (Amendment) order, 2004, (together the "Order")
issued by the central government of India
in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956,
of India (the ''Act''):
1. i. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
ii Fixed assets except LPG cylinders have been physically verified by
the management at reasonable intervals during the year. LPG cylinders
being in the physical possession of consumers and dealers which are
verified in routine as and when these pass through the company for
refilling. We have not noted any discrepancies on such verification.
iii No substantial part of fixed assets have been disposed off during
the year,
2. i As per records produced before us and in accordance with
Management representation Physical verification of inventory has been
conducted at reasonable intervals by the management.
ii The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
iii The company is maintaining proper records of inventory. No Material
discrepancies noticed on physical verification.
3. The company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. The company has taken loans, secured or
unsecured form companies, firms or other parties covered in the
register maintained under section 301 of the Act. Terms and conditions
were prima facie not prejudicial to the interest of the company.
4 There is adequate internal control procedure commensurate with the
size of the company and the nature of its business, for the purchase of
inventory fixed assets and for the sale of goods and services. There
is no continuing failure to correct major weakness in internal
controls.
5 We are informed that transaction during the year that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered. The transaction have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
relevant time.
6 The company has not accepted deposits from the public where the
directives issued by RBI and the provisions of sec. 58A, 58AA or any
other relevant provision of the Act and rule framed there under where
applicable.
7 The company have followed in-house internal audit system commensurate
with its size and nature of its business as applicable to it.
8 On the basis of information given to us by management of the company,
maintenance of cost records has not prescribed by the central
government under clause (d) of sub section (I) of section 209 of the
Act.
9 As per the books and records as produced before us and in accordance
with Management representation , the company is regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employee State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty for the year
2012-2013 (whichever is applicable ) which have not been deposited on
account of dispute.
10 The company has accumulated losses as at march 31,2013 exceeds 50%
of net worth of the company. The company has incurred cash losses
during the current year . There was no cash loss immediately
preceding financial year.
11 As per the books and records as produced before us and in accordance
with Management representation the Company has not defaulted in
repayment of any dues to bank .
12 The company is not involved in business of granting loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13 The company is not involved in business of chit fund. .
14 The company is not dealing or trading in shares, securities,
debentures and other investment.
15 The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16 On the basis of books of accounts and declaration given by the
management, the company has not taken terms loans during the year under
audit hence clause not applicable for comment.
17 On the basis of books of accounts and declaration given by the
management, the company has not utilized the funds raised on short
terms basis for long term investment
18 As per the books and records as produced before us and in accordance
with Management representation the company traces not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under section 301 of the Act.
19 As per the books and records as produced before us and in accordance
with Management representation no debentures were issued during the
year by the company.
20 The company has not raised capital through public issue during the
year. .
21 To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by he company
was noticed or reported during the year.
INDORE, 30.05.2013 For Dilip K. Neema & Associates
Chartered accountants
(CA. Dilip Neema)
FRN 05279C
Membership No.074067
INDORE, May 25, 2013
Mar 31, 2012
1) We have audited the attached Balance Sheet of GAGAN GASES Limited (
the Company ) as at March 31 ,2012, and the Profit and Loss Account for
the year ended on that date annexed thereto and the Cash Flow Statement
for the year ended on that date, which we have signed under reference
to this report. These financial statements are the responsibility of
the company's Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2) We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditors Report) order, 2003 , as
amended by the companies (Auditors Report) (Amendment) order 2004
(together the "order") issued by the Government of India Ministry of
Finance in terms of Sub- Section (4A) of section 227 of the Companies
Act, 1956 we enclose in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the said order.
4) Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of our
audit ;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from examination of those
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 refereed to in section 211 (3C) of the Act;
e. On the basis of the written representations received from the
Directors, as on 31st March 2012 and taken on record by the Board of
Directors of the Company, none of the Directors is disqualified as on
March 31, 2012 from being appointed as Director is terms of section 274
(1) (g) of the Act;
f. In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet, Profit & Loss Account
and the Cash Flow Statement together with the notes thereon and annexed
thereto give in the prescribed manner, the information required by the
Act and also 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 on March 31, 2012 and
(ii) in the case of the Profit and Loss account, of the loss of the
company for the year ended on that date; and
(iii) in the case of the cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
Statement as required by Companies (Auditors' Report ) order , 2003 as
amended by the Companies (Auditor's Report) (Amendment) order, 2004,
(together the "Order") issued by the central government of India in
terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, of
India (the 'Act') :
1. i. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
ii. Fixed assets except LPG cylinders have been physically verified by
the management at reasonable intervals during the year. LPG cylinders
being in the physical possession of consumers and dealers which are
verified in routine as and when these pass through the company for
refilling. We have not noted any discrepancies on such verification.
iii. No substantial part of fixed assets have been disposed off during
the year.
2. i. As per records produced before us and in accordance with
Management representation Physical verification of inventory has been
conducted at reasonable intervals by the management.
ii. The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
iii. The company is maintaining proper records of inventory. No Material
discrepancies noticed on physical verification .
3. The company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. The company has taken loans, secured or
unsecured form companies, firms or other parties covered in the
register maintained under section 301 of the Act. Terms and conditions
were prima facie not prejudicial to the interest of the company.
4. There is adequate internal control procedure commensurate with the
size of the company and the nature of its business, for the purchase of
inventory fixed assets and for the sale of goods and services. There is
no continuing failure to correct major weakness in internal controls.
5. We are informed that transaction during the year that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered. The transaction have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
relevant time.
6. The company has not accepted deposits from the public where the
directives issued by RBI and the provisions of sec. 58A, 58AA or any
other relevant provision of the Act and rule framed there under where
applicable.
7. The company have followed in-house internal audit system
commensurate with its size and nature of its business as applicable to
it.
8. On the basis of information given to us by management of the
company, maintenance of cost records has not prescribed by the central.
government under clause (d) of sub section (I) of section 209 of the
Act.
9. As per the books and records as produced before us and in accordance
with Management representation , the company is regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employee State Insurance, Income Tax, Sales Tax.
Wealth Tax, Service Tax, Custom Duty, Excise Duty for the year
2011-2012 (whichever is applicable ) which have not been deposited on
account of dispute.
10. The company has accumulated losses as at march 31, 2012 exceeds 50%
of net worth of the company but the company has not incurred any cash
losses during the current year as well as immediately preceding
financial year.
11. As per the books and records as produced before us and in
accordance with Management representation the Company has not defaulted
in repayment of any dues to bank .
12. The company is not involved in business of granting loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The company is not involved in business of chit fund.
14 .The company is not dealing or trading in shares, securities,
debentures and other investment.
15. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. On the basis of books of accounts and declaration given by the
management, the company has not taken terms loans during the year under
audit hence clause not applicable for comment.
17. On the basis of books of accounts and declaration given by the
management, the company has not utilized the funds raised on short
terms basis for long term investment
18. As per the books and records as produced before us and in
accordance with Management representation 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.
19. As per the books and records as produced before us and in
accordance with Management representation no debentures were issued
during the year by the company.
20. The company has not raised capital through public issue during the
year.
21. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
was noticed or reported during the year.
For M/s Dilip K. Neema & Associates
Chartered Accountants
(Dilip K. Neema)
Proprietor
M.No. 74067
FRN:005279C
Place : INDORE
Date : 26.05.2012
Mar 31, 2010
1) We have audited the attached Balance Sheet of GAGAN GASES Limited
(the Company) as at March31,2010, and the Profit and Loss Account for
the year ended on that date annexed thereto and the Cash Flow Statement
for the year ended on that date, which we have signed under reference
to this report. 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 have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditors Report) order, 2003, as
amended by the companies (Auditors Report) (Amendment) order 2004
(together the "order") issued by the Government of India Ministry of
Finance in terms of Sub- Section (4A) of section 227 of the Companies
Act, 1956 we enclose in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the said order.
4) Further to our comments in the annexure referred to in paragraph 3
above, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from exam ination of those
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 refereed to in section 211 (3C) of the Act;
e. On the basis of the written representations received from the
Directors, as on 31st March 2010 and taken on record by the Board of
Directors of the Company, none of the Directors is disqualified as on
March 31, 2010 from being appointed as Director is terms of section274
(1 )(g) of the Act;
f. In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet, Profit & Loss Account
and the Cash Flow Statement together with the notes thereon and annexed
thereto give in the prescribed manner, the information required by the
Act and also give a true and fair view in conformity with the
accounting principles generally accepted in India subject to note no.
10(b) of notes on accounts.;
(i) in the case of the Balance Sheet, of the state of affairs of the
company as on March31,2010and
(ii) in the case of the Profit and Loss account, of the LOSS of the
company for the year ended on that date; and
(iii) in the case of the cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
Statement as required by Companies (Auditors Report ) order , 2003 as
amended by the Companies (Auditors Report ) (Amendment) order , 2004,
(together the "Order") issued by the central government of India in
terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, of
India (the Act):
1. I. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
Ii Fixed assets except LPG cylinders have been physically verified by
the management at reasonable intervals during the year. LPG cylinders
being in the physical possession of consumers and dealers which are
verified in routine as and when these pass through the company for
refilling. We have not noted any discrepancies on such verification.
iii No substantial part of fixed assets have been disposed off during
the year.
2. i As per records produced before us and in accordance with
Management representation Physical verification of inventory has been
conducted at reasonable intervals by the management.
ii The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
iii The company is maintaining proper records of inventory. No Material
discrepancies noticed on physical verification.
3. The company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. The company has taken loans, secured or
unsecured form companies, firms or other parties covered in the
register maintained under sectioa 301 of the Act. Terms and conditions
were prima facie not prejudicial to the interest of the company.
4 There is adequate internal control procedure commensurate with the
size of the company and the nature of its business, for the purchase of
inventory fixed assets and for the sale of goods and services. There is
no continuing failure to correct major weakness in internal controls.
5 We are informed that transaction during the year that need to be
entered into a register in pursuance of section 301 of the Act have
been so entered. The transaction have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
relevant time.
6 The company has not accepted deposits from the public where the
directives issued by RBI and the provisions of sec. 58A, 58AA or any
other relevant provision of the Act and rule framed there under where
applicable.
7 The company have followed in-house internal audit system commensurate
with its size and nature of its business as applicable to it.
8 On the basis of information given to us by management of the company
, maintenance of cost records has not prescribed by the central
government under clause (d) of sub section (I) of section 209 of the
Act.
9 As per the books and records as produced before us and in accordance
with Management representation , the company is regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employee State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty for the year
2009-2010 (whichever is applicable) which have not been deposited on
account of dispute. However Rs. 52214/- and Rs. 107615/- related to
undisputed liability of Entry Tax , Commercial Tax and CSTfor FY
2000-2001 and 2001 -2002 respectively are in arrear as at 31.03.2010
for period more than six months.
10 The company has accumulatedlossesasatmarch31,2010exceeds50%ofnet
worth of the company but the company has not incurred any cash losses
during the current year as well as immediately preceding financial
year.
11 As per the books and records as produced before us and in accordance
with Management representation the Company has not defaulted in
repayment of any dues to bank subject to note no. 10(b) of notes on
accounts.
12 The company is not involved in business of granting loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13 The company is not involved in business of chit fund.
14 The company is not dealing or trading in shares, securities,
debentures and other investment.
15 The company has not given any guarantee for loans taken by others
from bank or financial institutions.
16 On the basis of books of accounts and declaration given by the
management, the company has taken terms loans during the year under
audit hence clause not applicable for comment.
17 On the basis of books of accounts and declaration given by the
management, the company has not utilized the funds raised on short
terms basis for long term investment
18 As per the books and records as produced before us and in accordance
with Management representation 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.
19 As per the books and records as produced before us and in accordance
with Management representation no debentures were issued during the
year by the company.
20 The company has not raised capital through public issue during the
year.
21 To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
was noticed or reported during the year.
For M/s Dilip K. Neema & Associates
Chartered Accountants
(Dilip K. Neema)
Proprietor
M.No. 74067
Place : INDORE
Date : 30.06.2010
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