Mar 31, 2014
We have audited the accompanying financial statements of Innoventive
Venture Limited (Formerly known as Platinum Ocean Energy Limited,
Kayton Trade & Finance Limited), which comprise the Balance Sheet as at
31st March, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended 31st March, 2014, 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") read with the General Circular
15/2013 dated 13th 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. 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 March 31, 2014;
b) In the case of the Profit and Loss Account, of the loss 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, 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 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
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st 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 referred to in paragraph 3 of the auditor''s report of even
date to the members of Innoventive Venture Limited for the year ended
as on 31st March, 2014.
On the basis of such checks as considered appropriate and in terms of
the information and explanations given to us, we state as under:
(i) (a) The Company does not have any fixed assets as such the point
along with (i) (b) & (c) are not applicable.
(ii) (a) The Company does not have any inventory as such the point
along with (ii)(b) & (c) are not applicable.
(iii) (a) As per the information and explanations given to us, the
Company has not granted any unsecured loans, to Companies, firms or
other parties listed in the Register maintained under section 301 of
the Companies Act, 1956. As the Company has not given any loans,
secured or unsecured ,from parties listed in the register maintained
under section 301 of the Companies Act, 1956, paragraphs (iii) (b) (c)
and (d) of the order, are not applicable.
(e) The Company has not taken any loans, secured and unsecured, from
Companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. As the Company has not
taken any loans, secured or unsecured, from parties listed in the
register maintained under section 301 of the Companies Act, 1956,
paragraphs (iii) (e) (f) and (g) of the order ,are not applicable.
(iv) This point is not applicable since there are no fixed assets and
inventory during the year.
(v) (a)In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance of Section 301 of the Companies Act, 1956 have been
entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements , if any , have been entered in the register maintained
under section 301 of the Companies Act, 1956 at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion & according to the information & explanations given
to us the Company has complied with the directives issued by The
Reserve Bank of India & the provisions of Sections 58A & 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975. According to the information & explanation given to us, no Order
has been passed by the Company Law Board on the Company.
(vii) In our opinion, the company has an internal audit system through
internal control system which is carried out by the internal audit
department, the scope and coverage of which is commensurate with the
size and nature of business of the company.
(viii) As informed the maintenance of cost records under Section 209
(1) (d) of the Companies Act, 1956 is not applicable.
(ix) (a)According to the information and explanation given to us & the
records of the company examined by us in our opinion, the Company has
been regular in depositing during the year undisputed statutory dues in
respect of Income Tax, Sales Tax, Service Tax, Cess & other material
statutory dues as applicable with the appropriate authority as on the
last day of the financial year as at 31st March 2014 outstanding for a
period more than six months from the date they became payable
(b) According to the information & explanations given to us there were
no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which
have not been deposited on account of any dispute.
(x) The Company has accumulated losses. The Company has incurred cash
loss during the current financial year and also in the immediately
preceding financial year.
(xi) According to the records of the Company examined by us & according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to any financial institution or bank or
debentures holders during the year.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statue applicable to chit fund/
nidhi/mutual benefit fund/societies are not applicable to the Company.
(xiv) The Company has maintained proper records of the transactions and
contracts in respects of shares & other investments and has also made
timely entries therein. The shares are held by the company in its own
name except to the extent exemption is granted under section 49 of the
Companies Act, 1956.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions and therefore clause xv of the
order is not applicable
(xvi) Currently there are no term loans and therefore clause (xvi) of
the order is not applicable.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, in our opinion & according to the information &
explanation given to us there are no funds raised on short-term basis
which have been used for long-term investment. No long term funds have
been used to finance short term assets except permanent working
capital.
(xviii) During the year the Company has not made preferential allotment
of shares to parties and companies covered in the register maintained
under section 301 of the Companies Act during the year.
(xix) According to the information and explanations given to us, during
the period covered by audit report the company had not issued any
debenture.
(xx) There was no public issue during the current year and therefore
clause (xx) of the CARO report is not applicable
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, either noticed or reported during the year,
nor have we been informed of such case by the management.
For R. Kabra & Co.
Chartered Accountants
(Registration No.104502W)
(Deepa Rathi)
Partner
M. Ship No.104808
FRN : 104502W
Place: Mumbai
Date: 29.05.2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Innoventive
Venture Limited (Formerly known as Platinum Ocean Energy Limited,
Kayton Trade & Finance Limited), which comprise the Balance Sheet as at
31st March, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended 31st March, 2013, 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 ActÂ). 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. 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 March 31, 2013;
b) In the case of the Profit and Loss Account, of the loss 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, 2003 ("the
OrderÂ) 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
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st march,
2013 from being appointed as a director in terms of clause (g) of sub
section (1) of section 274 of the companies Act, 1956.
INNOVENTIVE VENTURE LIMITED (Formerly Known as Platinum Ocean Energy
Limited, Kayton Trade & Finance Limited)
ANNEXURE TO AUDITOR''S REPORT Annexure referred to in paragraph 3 of the
auditor''s report of even date to the members of Innoventive Venture
Limited for the year ended as on 31st March, 2013.
On the basis of such checks as considered appropriate and in terms of
the information and explanations given to us, we state as under:
(i) (a) The Company does not have any fixed assets as such the point
along with (i) (b) & (c) are not applicable.
(ii) (a) The Company does not have any inventory as such the point
along with (ii)(b) & (c) are not applicable.
(iii) (a) As per the information and explanations given to us, the
Company has not granted any unsecured loans, to Companies, firms or
other parties listed in the Register maintained under section 301 of
the Companies Act, 1956. As the Company has not given any loans,
secured or unsecured ,from parties listed in the register maintained
under section 301 of the Companies Act,1956,paragraphs (iii) (b) (c)
and (d) of the order ,are not applicable.
(e) The Company has not taken any loans, secured and unsecured, from
Companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. As the Company has not
taken any loans, secured or unsecured ,from parties listed in the
register maintained under section 301 of the Companies
Act,1956,paragraphs (iii) (e) (f) and (g) of the order ,are not
applicable.
(iv) This point is not applicable since there are no fixed assets and
inventory during the year.
(v)(a)In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance of Section 301 of the Companies Act, 1956 have been
entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements , if any , have been entered in the register maintained
under section 301 of the Companies Act, 1956 at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion & according to the information & explanations given
to us the Company has complied with the directives issued by The
Reserve Bank of India & the provisions of Sections 58A & 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.According to the information & explanation given to us, no Order
has been passed by the Company Law Board on the Company.
(vii) In our opinion, the company has an internal audit system through
internal control system which is carried out by the internal audit
department, the scope and coverage of which is commensurate with the
size and nature of business of the company.
(viii) As informed the maintenance of cost records under Section 209
(1) (d) of the Companies Act, 1956 is not applicable.
(ix)(a)According to the information and explanation given to us & the
records of the company examined by us in our opinion, the Company has
been regular in depositing during the year undisputed statutory dues in
respect of Income Tax, Sales Tax, Service Tax, , Cess & other material
statutory dues as applicable with the appropriate authority as on the
last day of the financial year as at 31st March 2013 outstanding for a
period more than six months from the date they became payable
(b) According to the information & explanations given to us there were
no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which
have not been deposited on account of any dispute.
(x) The Company has accumulated losses. The Company has incurred cash
loss during the current financial year and also in the immediately
preceding financial year.
(xi) According to the records of the Company examined by us & according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to any financial institution or bank or
debentures holders during the year.
(xii)The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii)The provisions of any special statue applicable to chit fund/
nidhi/mutual benefit fund/societies are not applicable to the Company.
(xiv)The Company has maintained proper records of the transactions and
contracts in respects of shares & other investments and has also made
timely entries therein. The shares are held by the company in its own
name except to the extent exemption is granted under section 49 of the
Companies Act, 1956.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions and therefore clause xv of the
order is not applicable
(xvi) Currently there are no term loans and therefore clause (xvi) of
the order is not applicable.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, in our opinion & according to the information &
explanation given to us there are no funds raised on short-term basis
which have been used for long- term investment. No long term funds have
been used to finance short term assets except permanent working
capital.
(xviii) During the year the Company has not made preferential allotment
of shares to parties and companies covered in the register maintained
under section 301 of the Companies Act during the year.
(xix) According to the information and explanations given to us, during
the period covered by audit report the company had not issued any
debenture.
(xx) There was no public issue during the current year and therefore
clause (xx) of the CARO report is not applicable
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, either noticed or reported during the year,
nor have we been informed of such case by the management.
For R Kabra & Co
Chartered Accountants
Deepa Rathi
Partner
M No: 104808
FRN: 104502W
Place : Mumbai
Dated:30th May, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of INNOVENTIVE VENTURE
LIMITED (Formerly known as PLATINUM OCEAN ENERGY LIMITED) as at 31st
March 2012, its Profit and Loss Statement and also the Cash-Flow
Statement for the year ended on that date annexed thereto, 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 conducted our audit in accordance with the 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 & 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 (Auditor's Report) Order, 2003 issued
by the Government of India in terms of sub-section (4A) of Section 227
of the Companies Act, 1956 of India (the 'Act') and on the basis of
such checks of the books & records of the Company as we considered
appropriate & according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order .
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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.
(ii) 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.
(iii) The Balance Sheet and Profit and Loss Statement dealt with by
this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet and Profit and Loss Statement
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956
subject to Notes on Accounts.
(v) On the basis of written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as
on 31st March 2012 from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act, 1956
;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act, 1956 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 2012 and;
(b) In the case of the statement of Profit & Loss , of the loss for the
year ended on that date.
(c) In the case of the Cash-flow Statement of the cash-flows of the
company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
Annexure referred to in paragraph 3 of the auditor's report of even
date to the members of Innoventive Venture Limited for the year ended
as on 31st March, 2012.
On the basis of such checks as considered appropriate and in terms of
the information and explanations given to us, we state as under:
(i) (a) The Company does not have any fixed assets as such the point
along with (i) (b) & (c) are not applicable.
(ii) (a) The Company does not have any inventory as such the point
along with (ii)(b) & (c) are not applicable.
(iii) (a) As per the information and explanations given to us, the
Company has granted interest free unsecured loans, to Companies, firms
or other parties listed in the Register maintained under section 301 of
the Companies Act, 1956, term of which are not prima facie prejudicial
to the interest of the company. There are two parties and the
outstanding amount at the year end is Rs. Nil. Maximum outstanding
balance during the year was Rs.3,13,50,000/-.
(b) The loan has been adjusted during the year & therefore the interest
free loan is no longer prejudicial to the interest of the company and
also clause iii (c) & iii(d) is no longer applicable
(e) The Company has not taken any loans, secured and unsecured, from
Companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. As the Company has not
taken any loans, secured or unsecured ,from parties listed in the
register maintained under section 301 of the Companies
Act,1956,paragraphs (iii) (e) (f) and (g) of the order ,are not
applicable.
(iv) This point is not applicable since there are no fixed assets and
inventory during the year.
(v)(a)In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance of Section 301 of the Companies Act, 1956 have been
entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements , if any , have been entered in the register maintained
under section 301 of the Companies Act, 1956 at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion & according to the information & explanations given
to us the Company has complied with the directives issued by The
Reserve Bank of India & the provisions of Sections 58A & 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.According to the information & explanation given to us, no Order
has been passed by the Company Law Board on the Company.
(vii) In our opinion, the company has an internal audit system through
internal control system which is carried out by the internal audit
department, the scope and coverage of which is commensurate with the
size and nature of business of the company.
(viii) As informed the maintenance of cost records under Section 209
(1) (d) of the Companies Act, 1956 is not applicable.
(ix)(a)According to the information and explanation given to us & the
records of the company examined by us in our opinion, the Company has
been regular in depositing during the year undisputed statutory dues in
respect of Income Tax, Sales Tax, Service Tax, , Cess & other material
statutory dues as applicable with the appropriate authority as on the
last day of the financial year as at 31st March 2012 outstanding for a
period more than six months from the date they became payable
(b) According to the information & explanations given to us there were
no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which
have not been deposited on account of any dispute.
(x) The Company has accumulated losses. The Company has incurred cash
loss during the current financial year and also in the immediately
preceding financial year.
(xi) According to the records of the Company examined by us & according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to any financial institution or bank or
debentures holders during the year.
(xii)The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii)The provisions of any special statue applicable to chit fund/
nidhi/mutual benefit fund/societies are not applicable to the Company.
(xiv)The Company has maintained proper records of the transactions and
contracts in respects of shares & other investments and has also made
timely entries therein. The shares are held by the company in its own
name except to the extent exemption is granted under section 49 of the
Companies Act, 1956.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions and therefore clause xv of the
order is not applicable
(xvi) Currently there are no term loans and therefore clause xvi of the
order is not applicable.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, in our opinion & according to the information &
explanation given to us there are no funds raised on short-term basis
which have been used for long-term investment. No long term funds have
been used to finance short term assets except permanent working
capital.
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act during the year.
(xix) According to the information and explanations given to us, during
the period covered by audit report the company had not issued any
debenture.
(xx) There was no public issue during the current year and therefore
clause xx of the CARO report is not applicable
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, either noticed or reported during the year,
nor have we been informed of such case by the management.
For R Kabra & Co
Chartered Accountants
Deepa Rathi
Partner
M No: 104808
FRN: 104502W
Camp : Pune
Dated:30th August, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of PLATINUM OCEAN ENERGY
LIMITED as at 31st March 2011, its Profit and Loss Account and also the
Cash-Flow Statement for the year ended on that date annexed thereto,
which we have signed under reference to this report. These financial
statements are the responsibility of the CompanyÃs Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the 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 & 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 (Auditor's Report) Order, 2003 issued
by the Government of India in terms of sub-section (4A) of Section 227
of the Companies Act, 1956 of India (the ÃActÃ) and on the basis of
such checks of the books & records of the Company as we considered
appropriate & according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order .
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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.
(ii) 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.
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956
subject to Notes on Accounts.
(v) On the basis of written representations received from the
directors, as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act, 1956 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 2011 and;
(b) In the case of the Profit & Loss Account, of the loss for the year
ended on that date.
(c) In the case of the Cash-flow Statement of the cash-flows of the
company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
(Referred to in paragraph 3 of the Auditors Report of even date )
(i) (a) The Company does not have any fixed assets as such the point
along with (i) (b) & (c) are not applicable.
(ii) (a) The Company does not have any inventory as such the point
along with (ii)(b) & (c) is not applicable.
(iii)(a)As per the information and explanations given to us, the
Company has granted interest free unsecured loans, to Companies, firms
or other parties listed in the Register maintained under section 301 of
the Companies Act, 1956, term of which are not prima facie prejudicial
to the interest of the company. There are two parties and the
outstanding amount at the year end is Rs. 3, 13, 50,000/-. Maximum
outstanding balance during the year was Rs. 3, 13, 50,000/-.
(b) The interest free loans given by the company are prejudicial to the
interest of the company
(c) The point no iii (c ) and iii (d) of the CARO order does not apply
since the terms of payment are mutually decided.
(e)The Company has not taken any loans, secured and unsecured, from
Companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. As the Company has not
taken any loans, secured or unsecured ,from parties listed in the
register maintained under section 301 of the Companies
Act,1956,paragraphs (iii)(f) and (g) of the order ,are not applicable.
(iv) This point is not applicable since there are no fixed assets and
inventory during the year.
(v) (a)In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance of Section 301 of the Companies Act, 1956 have been
entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements , if any , have been entered in the register maintained
under section 301 of the Companies Act, 1956 at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion & according to the information & explanations given
to us the Company has complied with the directives issued by The
Reserve Bank of India & the provisions of Sections 58A & 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.According to the information & explanation given to us, no Order
has been passed by the Company Law Board on the Company.
(vii)According to information and explanations given to us the Company
requires to implement the internal audit system and currently it is
relied upon the internal control measures of the company.
(viii) As informed the maintenance of cost records under Section 209
(1) (d) of the Companies Act, 1956 is not applicable.
(ix)(a) According to the information and explanation given to us & the
records of the company examined by us in our opinion, the Company has
been regular in depositing during the year undisputed statutory dues in
respect of Income Tax, Sales Tax, Service Tax, , Cess & other material
statutory dues as applicable with the appropriate authority as on the
last day of the financial year as at 31st March 2010outstanding for a
period more than six months from the date they became payable
(b) According to the information & explanations given to us there were
no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which
have not been deposited on account of any dispute.
(x) The Company has accumulated losses which are more than 100% of the
net worth of the Company. The Company has incurred cash loss during the
current financial year and also in the immediately preceding financial
year.
(xi) According to the records of the Company examined by us & according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to any financial institution or bank or
debentures holders during the year.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statue applicable to chit fund/
nidhi/mutual benefit fund/societies are not applicable to the Company.
(xiv)The Company has maintained proper records of the transactions and
contracts in respects of shares & other investments and has also made
timely entries therein. The shares are held by the company in its own
name except to the extent exemption is granted under section 49 of the
Companies Act, 1956.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions and therefore clause xv of the CARO
report is not applicable
(xvi) Currently there are no term loans and therefore clause xvi of the
CARO report is not applicable.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, in our opinion & according to the information &
explanation given to us there are no funds raised on short-term basis
which have been used for long-term investment. No long term funds have
been used to finance short term assets except permanent working
capital.
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act during the year.
(xix) According to the information and explanations given to us, during
the period covered by audit report the company had not issued any
debenture.
(xx) There was no public issue during the current year and therefore
clause xx of the CARO report is not applicable
(xxi)During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, either noticed or reported during the year,
nor have we been informed of such case by the management.
For R Kabra & Co
Chartered Accountants
Place: Mumbai Deepa Rathi
Dated: 16/05/2011 Partner
M No: 104808
Firm Reg No: 104502W
Mar 31, 2010
1. We have audited the attached Balance Sheet of PLATINUM OCEAN ENERGY
LIMITED as at 31st March 2010,its Profit and Loss Account and also the
Cash-Flow Statement for the year ended on that date annexed thereto,
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 conducted our audit in accordance with the 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 & 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 issued
by the Government of India in terms of sub-section (4A) of Section 227
of the Companies Act, 1956 of India (the Act) and on the basis of
such checks of the books & records of the Company as we considered
appropriate & according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order .
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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.
(ii) 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.
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956
subject to Notes on Accounts.
(v) On the basis of written representations received from the
directors, as on 31st March 2010and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act, 1956 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 2009 and;
(b)In the case of the Profit & Loss Account, of the loss for the year
ended on that date.
(c) In the case of the Cash-flow Statement of the cash-flows of the
company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
(Referred to in paragraph 3 of the Auditors Report of even date )
(i) (a) The Company does not have any fixed assets as such the point
along with (i) (b) & (c) are not applicable.
(ii) (a) The Company does not have any inventory as such the point
along with (ii)(b) & (c) is not applicable.
(iii)(a)The Company has not granted any loans, secured and unsecured,
to Companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. As the Company has not
granted any loans, secured or unsecured ,to parties listed in the
register maintained under section 301 of the Companies
Act,1956,paragraphs (iii)(b),(c) and (d) of the order ,are not
applicable.
(b) The Company has not taken any loans, secured and unsecured, from
Companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. As the Company has not
taken any loans, secured or unsecured ,from parties listed in the
register maintained under section 301 of the Companies
Act,1956,paragraphs (iii)(f) and (g) of the order ,are not applicable.
(iv)In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company & the nature of its business,
for the purchase of inventory, fixed assets & for the sale of goods.
Further, on the basis of our examination of the books & records of the
Company, and according to information & explanation given to us, we
have neither come across nor have we been informed by any continuing
failure to correct major weaknesses in the aforesaid internal control
procedures.
(v)(a)In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
in pursuance of Section 301 of the Companies Act, 1956 have been
entered.
(b)In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements have been entered in the register maintained under section
301 of the Companies Act, 1956 at prices which are reasonable having
regard to prevailing market prices at the relevant time. (vi)
In our opinion & according to the information & explanations given to
us the Company has complied with the directives issued by The Reserve
Bank of India & the provisions of Sections 58A & 58AA of the Companies
Act, 1956 and the Companies( Acceptance of Deposits)Rules, 1975
.According to the information & explanation givento us, no Order has been
passed by the Company Law Board on the Company.
(vii) According to information and explanations given to us the Company
requires to implement the internal audit system and currently it is
relied upon the internal control measures of the company.
(viii) As informed the maintenance of cost records under Section 209
(1) (d) of the Companies Act, 1956 is not applicable.
(ix)(a)According to the information and explanation given to us & the
records of the company examined by us in our opinion, the Company has
been regular in depositing during the year undisputed statutory dues in
respect of Income Tax, Sales Tax, Service Tax, , Cess & other material
statutory dues as applicable with the appropriate authority as on the
last day of the financial year as at 31st March 2010outstanding for a
period more than six months from the date they became payable
(b)According to the information & explanations given to us there were
no dues in respect of Income Tax, Wealth Tax, Sales Tax, & Cess which
have not been deposited on account of any dispute.
(x)The Company has accumulated losses which are more than 50% of the
net worth of the Company. The Company has incurred cash loss during the
current financial year and also in the immediately preceding financial
year.
(xi) According to the records of the Company examined by us & according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to any financial institution or bank or
debentures holders during the year.
(xii)The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii)The provisions of any special statue applicable to chit fund/
nidhi/mutual benefit fund/societies are not applicable to the Company.
(xiv)The Company has maintained proper records of the transactions and
contracts in respects of shares & other investments and has also made
timely entries therein. The shares are held by the company in its own
name except to the extent exemption is granted under section 49 of the
Companies Act,1956.
(xv) The company has not given any guarantee for loans taken by others
from bank or financial institutions and therefore clause xv of the CARO
report is not applicable
(xvi) Currently there are no term loans and therefore clause xvi of the
CARO report is not applicable.
(xvii) On the basis of an overall examination of the Balance Sheet of
the Company, in our opinion & according to the information &
explanation given to us there are no funds raised on short-term basis
which have been used for long-term investment. No long term funds have
been used to finance short term assets except permanent working
capital.
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act during the year.
(xix) According to the information and explanations given to us, during
the period covered by audit report the company had not issued any
debenture.
(xx) There was no public issue during the current year and therefore
clause xx of the CARO report is not applicable
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, either noticed or reported during the year,
nor have we been informed of such case by the management.
For R Kabra & Co
Chartered Accountants
Place: Mumbai Deepa Rathi
DATED: 28/05/2010 Partner
M No: 104808
Firm Reg No: 104502W