Mar 31, 2015
We have audited the accompanying financial statements of Oscar
Investments Limited ('the Company'), which comprise the Balance Sheet
as at 31 March 2015, 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 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 maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; design, implementation and maintenance of
adequate 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 a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting 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, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
(a) we have sought 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 it appears from our examination of those
books;
(c) the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules 2014;
(e) on the basis of the 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.
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) the company does not have any pending litigation which would impact
its financial position;
ii) the Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses, hence provision for it, is not required.
iii) there were no amounts required to be transferred to the Investor
Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management,
which in our opinion is reasonable, considering the size and the nature
of its business. No discrepancies were noticed on such verification.
2 The Company does not have any inventory and thus clause 3(ii) of the
Companies (Auditors' Report) Order, 2015 is not applicable to the
Company.
3. (a) The Company has granted loans to two bodies corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('the Act').
(b) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest and principal as
stipulated.
(c) There is no overdue amount of more than rupees one lakh in respect
of the loans granted to the bodies corporate listed in the register
maintained under section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and revenue recognition. During the course
of our audit, we have not observed any major weakness in internal
control system.
5. The Company has not accepted any deposits from the public or any
member of the Company to which provisions of section 73 to 76 of the
Companies Act, 2013 are applicable.
6. According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
section 148(1) of the Companies Act, 2013 in respect of any of the
activities of the company.
7. a) According to the information and explanations given to us and on
the basis of our examination of the
records of the company, the Company is regular in depositing with
appropriate authorities undisputed statutory dues including income tax
and other statutory dues as applicable. According to the information
and explanations given to us and the records of the company examined by
us, Provident Fund, Employees' State Insurance, Customs Duty, Excise
Duty and Cess are not applicable to the company for the current year.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
c) According to the information and explanations given to us and based
on the records examined by us, there are no dues of sales tax, income
tax, customs duty, wealth tax, value added tax, service tax, excise
duty/cess which have not been deposited on account of any dispute.
d) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
8. The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
11. The Term loan taken by the company have been applied for the
purpose for which they were obtained.
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For S.R. BAGAI & CO.
Chartered Accountants
ICAI Registration No. FRN 002388N
Sd/-
(ANIL BAGAI)
Place : New Delhi Proprietor
Dated : 29th May, 2015 Membership No.: 081324
Mar 31, 2014
1. We have audited the accompanying financial statements of Oscar
Investments Limited ("the Company"), which comprises of the Balance
Sheet as at March 31, 2014, 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 the Financial Statements.
2. 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 principles generally accepted in India including
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
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the 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 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
7. 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.
8. 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (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;
(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,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in Paragraph 7 of our report of even date)
On the basis of such checks as we considered appropriate and in terms
of the information and Explanation given to us, we state that:
1. a) The Company has maintained proper records to show full
particulars including quantitative details and
situation of its fixed assets.
b) As explained to us, the fixed assets of the Company have been
physically verified during the year by the management and no material
discrepancies between the book records and the physical inventory have
been noticed.
c) No substantial part of fixed assets of the Company have been
disposed off during the year.
2. a) The Company is trading in Shares and Securities by
purchasing/selling shares and securities, the
balance of which is closing stock. The Stock has been physically
verified during the year by the management. In our opinion the
frequency of verification is reasonable.
b) The procedure of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. No
discrepancies were noticed on verification between physical stock and
the book records.
3. (A) In respect of loans, secured or unsecured, granted by the
Company to parties covered in the register
maintained under Section 301 of the Companies Act, 1956 and according
to the information and explanations given to us:
(a) The Company has granted loans to four companies during the year. At
the year end, the outstanding balance of such loans granted aggregated
to Rs. 36,609.08 Lakhs and the maximum amount involved during the year
was Rs. 58,910.38 Lakhs.
(b) The rate of interest, where stipulated, and other terms and
conditions of such loans are, in our opinion, prima facie not
prejudicial to the interests of the Company.
(c) The receipt of principal amounts and interest during the year have
been regular as per stipulations.
(d) There were no overdue amounts at the year end.
(B) In respect of loans, secured or unsecured, taken by the Company
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956 and according to the information and
explanations given to us :
(a) The Company has taken loan from one party during the year. At the
year end, the outstanding balance of such loans taken was Rs. Nil and the
maximum amount involved during the year was Rs. 544.14 Lakhs.
(b) The rate of interest and other terms and conditions of such loans
are in our opinion, prima facie not prejudicial to the interests of the
Company.
(c) The payment of principal amount and interest during the year have
been regular as per stipulations.
4. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for purchase of inventories and fixed assets and for the sale
of goods and services.
5. a) In our opinion, the transactions that needs to be entered in the
register maintained under Section
301 of the Act have been so entered.
b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Act aggregating during
the year to Rs.5 Lakhs or more in respect of each party.
6. The Company has not accepted any deposits from the public to which
provisions of section 58A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 apply.
7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Companies Act.,
1956 in respect of any of the activities of the Company.
9. a) The Company has been regular in depositing undisputed statutory
dues including Income Tax,
Wealth Tax, Service Tax, and other Statutory dues with the appropriate
authorities. According to the information and explanations given to us
and the records of the Company examined by us, Provident Fund,
Employees'' State Insurance, Investor Education and Protection Fund,
Customs Duty, Excise Duty and Cess are not applicable to the company
for the current year.
b) According to the records of the Company, disputed Income Tax dues
amounting to Rs. 67.57 Lakhs for the Assessment year 2011-12 have not
been deposited by the Company on account of disputed matter pending
before the Commissioner of Income Tax (Appeals).
10. The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred any cash loss during the
financial year covered by our audit or in the immediately preceding
financial year.
11. According to the records produced, the Company has not defaulted
in repayment of its dues to any financial institution or bank or
debenture holders during the year.
12. Based on our examination of documents and records, we are of the
opinion that the company has maintained adequate records where the
company has granted loans and advances on the basis of security by way
of pledge and lien of shares, debentures and other securities.
13. The Company is not a chit fund, nidhi, mutual benefit fund or
society.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts as to dealings or trading in shares, securities,
debentures and other investments and have been held by the Company in
its own name, except to the extent of the exemption, if any, granted
under Section 49 of the Act.
15. On the basis of the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any term loans during the year.
Hence, the provision of clause 4 (xvi) of the Order are not applicable.
17. According to the information and explanations given to us, and on
the basis of review of utilization of funds on an overall basis, the
funds raised on short term basis have, prima facie, not been used for
long term investment during the year.
18. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under Section 301 of the Act.
19. During the period covered by our audit report, the company had
issued 250 secured non convertible debentures of Rs 10 lakhs each, the
terms of issue of which require the creation of security. The company
has created the security in accordance with the terms of issue of the
debentures.
20. The Company has not raised any money by public issues during the
year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have we been informed by the management of any
such instance being noticed or reported during the year.
For S.R. BAGAI & CO.
Chartered Accountants
ICAI Registration No. FRN 002388N
Sd/-
(ANIL BAGAI)
Proprietor
Membership No.: 081324
Place : New Delhi
Dated : 30th May, 2014
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. OSCAR INVESTMENTS
LIMITED as at 31st March 2010 and also the annexed Profit and Loss
Account and the Cash Flow Statement for the year ended on that date.
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
1. 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 from any 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report) Order 2003 issued
by the Central Government in terms of Section 227(4A) of the Companies
Act, 1956 (the Act) we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to 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 purpose of our
audit.
2. In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books,
iii. The Balance Sheet and Profit and Loss Account and Cash Row
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 Account and
Cash Row Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section 3(C) of Section 211 of the Act.
v. Based on representations made by all the Directors of the Company to
the Board and the information and explanations as made available to us
by the Company; none of the Directors of the Company prima-facie have
any disqualifications as referred to in clause (g) of sub- section (1)
of Section 274 of the Act
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon give the information required by the 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 the affairs of the
Company as at 31st March, 2010,
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date,
and
c) in the case of Cash Flow Statement of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31" MARCH 2010 OF OSCAR
INVESTMENTS LIMITED.
On the basis of such checks as we considered, appropriate and in terms
of the information and Explanation given to us, we state that:
I. a) The Company has maintained proper records to show full
particulars including quantitative details and situation of its fixed
assets.
b) The fixed assets of the Company have been physically verified during
the year by the management and no material discrepancies between
the-book records and the physical inventory have been noticed.
c) No substantial part of fixed assets of the Company have been
disposed oft during the year.
ii. a) The Company is trading in Shares and Securities by
purchasing/selling shares and securities, the balance of which is
closing stock. The Stock has been physically verified during the year
by the management In our opinion the frequency of verification is
reasonable.
b) The procedure of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. No
discrepancies were noticed on verification between physical stock and
the book records.
iii. (A) In respect of loans, secured or unsecured, granted by the
Company to parties covered in the register maintained under Section
301 of the Companies Act, 1956, according to the information and
explanations given to us:
(a) The Company has granted loan to one party during the year. At the
year end, the outstanding balance of such loans granted aggregated to
Rs. Nil and the maximum amount involved during the year was Rs. 94.03
Crores.
(b) The rate of interest, where stipulated, and other terms and
conditions of such loans are, in our opinion, prima facie not
prejudicial to the interests of the Company.
(c) the receipt of principal amounts and interest during the year have
been regular as per stipulations.
(d) There were no overdue amounts at the year end.
(B) In respect of loans, secured or unsecured, taken by the Company
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956, according to the information and explanations
given to- us :
(a) The Company had taken loans from one party during the year. At" the
year end, the outstanding balance of such loans taken was Rs. 60 Crore
and the maximum amount involved during the year was Rs. 158.47 Crore.
(b) The rate of interest and other terms and conditions of such loans
are in our opinion, prima facie not prejudicial to the interests of the
Company.
(c) The payment of principal amount and interest during the year have
been regular as per stipulations.
iv. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for purchase of inventories and fixed assets and for the sale
of goods and services.
v. a) In our opinion, the transactions that need to be entered in the
register maintained under Section 301 of the Act have been so entered.
b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Act aggregating during
the year to Rs.6,00,000/- or more in respect of each party.
vi. The Company has not accepted any deposits from the public,
vii. In our opinion, the Companys present interna! audit system is
commensurate with its size and nature of its business.
viii. a) The Company has been regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
statutory dues with the appropriate authorities applicable to it.
b) At the end of the financial year there were no dues of Sales Tax,
Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and
Cess, which have not been deposited on account of any dispute.
ix. The Company did not have any accumulated losses at the end of the
financial year, nor had it incurred any cash toss during the financial
year or in the immediately preceding financial year.
x. According to the records produced, the Company has not defaulted in
repayment of its dues to any financial institution or bank or debenture
holders during the year.
xi. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xii. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts as to dealings or trading in shares, securities,
debentures and other Investments and have been held by the Company in
its own name, except to the extent of the exemption, If any, granted
under Section 49 of the Act.
xiii. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee in connection with
loans taken by others from banks or financial institutions during the
year.
xiv. The Company has not obtained any term loans during the year.
xv. According to the information and explanations given to us, and on
the basis of review of utilization of funds on an overall basis, the
funds raised on short term basis have, prima facie, not been used for
long term investment during the year.
xvi. The company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under Section 301 of the Act.
xvi The Company has created charge as per Debenture Security Agreement
in respect of debentures issued.
xvii. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the Company nor have we been informed by the management of any such
instance being noticed or reported during the year.
xix. Clauses (viii), (xiii) and (xx) of the aforesaid Order are not
applicable to the Company.
For R.V.SHAH & CO.
Chartered Accountants
ICAI Registration No. 109765W
(R.V.SHAH)
Place : Mumbai Proprietor
Dated : 26th August, 2010 Membership No.: 016097
Mar 31, 2002
We have audited the attached Balance Sheet of M/s. OSCAR INVESTMENTS
LIMITED as at 31st March, 2002 and also the annexed Profit and Loss
Account for the year ended on that date. 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.
1. We conducted our audit in accordance with the 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 from any 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Manufacturing and Other Companies (Auditors
Report) Order, 1988 issued by the Company Law Board in terms of Section
227(4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the annexure referred to 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 purpose of our
audit.
ii. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
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 3(C) of Section 211 of the Companies Act, 1956.
v. Based on representations made by all the Directors of the Company to
the Board the information and explanations as made available to us by
the Company, none of the Directors of the Company prima-facie have any
disqualifications as referred to in 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 accounts read with the notes
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
a) in the case of the Balance Sheet, of the state of the affairs of the
Company as at 31 st March, 2002, and
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2002 OF OSCAR
INVESTMENTS LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information and Explanation given to us , we state that:
i. The Company has maintained proper records showing full particulars,
including quantitative details and situation of its fixed assets. A
physical verification of these assets is conducted in a phased manner
by the Management which in our opinion is reasonable taking into
accounts the nature of
the assets and size of the business of the Company. No discrepancies
have been noticed on such physical verification.
ii. None of the fixed assets have been revalued during the year.
iii. The Company has traded in Shares and Securities by
purchasing/selling shares and securities, the balance of which is
closing stock and which is valued at lower of cost or realisable value.
No discrepancies have been noticed on physical verification, it is
reported by the Management. We are satisfied that the valuation of
stock is fair and proper in accordance with the normally accepted
accounting principles. This is an item where question of damaged stock
or scrap does not arise.
iv. In our opinion the rate of interest and the terms and conditions of
unsecured loans taken by the Company from companies listed in the
register maintained under Section 301 of the Companies Act, 1956 are
prima facie not prejudicial to the interests of the Company.
v. In our opinion, the rate of interest and the terms and conditions of
unsecured loans granted by the Company to companfes listed under
Section 301 of the Companies Act, 1956 are prima-facie not prejudicial
to the interests of the Company.
vi. In respect of loans, or advances in the nature of loans given by
the Company, the parties, including employees, have repaid the
principal amounts as stipulated and have been regular in payment of
interest where applicable.
vii. In our opinion and according to the information and explanations
given to us, the Purchase of machinery, equipments and other assets is
under the direct control and supervision of the Board of Directors.
viii. As per the records of the Company, there were no transactions for
purchase of goods and materials and sale of goods, materials and
services made in pursuance of contracts or arrangements required to be
entered in the register maintained under Section 301 of the Companies
Act, 1956 and aggregating during the year to Rs. 50,000/- (Rupees Fifty
Thousand) or more in respect of each party;
ix. The Company has not accepted any deposits from the public.
x. The Company has an internal audit system, which in our opinion, is
commensurate with the size and the nature of its business.
xi. The provisions relating to Provident Fund Act and Employees State
Insurance Act are not applicable.
xii. There are no undisputed amounts payable in respect of income-tax,
wealth-tax, sales tax, customs duty and excise duty, which were due for
more than six months from the date they became payable.
xiii. According to the information and explanations given to us, no
personal expenses of employees or directors other than those payable
under contractual obligations or in accordance with generally accepted
business practice have been charged to revenue account.
xiv. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and any other similar
securities.
xv. The Provisions of any special statute applicable to Chit Funds,
Nidhi or Mutual Benefit Society do not apply to the Company.
xvi. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts as to dealing or trading in shares, securities,
debentures and other investments and have been held by the Company in
its own name, except to the extent of the exemption, if any, granted
under Section 49 of the Companies Act, 1956.
xvii.The other provisions of the Manufacturing and Other Companies
(Auditors Report) Order, 1988, are not applicable to the Company for
this year.
For R.V. SHAH & CO.,
Chartered Accountants
(R.V. SHAH)
Proprietor
Place : Mumbai
Dated : 17th August, 2002