Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of SAIANAND
COMMERCIAL LIMITED (Formally known as OREGON COMMERCIAL LIMITED) which
comprise the Balance Sheet as at 31 March 2014 & the Statement of
Profit and Loss and 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 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 notified under 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 and in accordance with the
accounting principles generally accepted in India. 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 Company''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;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, 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 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 Accounting Standards
notified under 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.
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of SAIANAND COMMERCIAL LIMITED (Formally Known as OREGON
COMMERCIAL LIMITED) on the accounts of the company for the year ended
31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
by the management at regular Intervals during the year.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with the
books of accounts.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company does not have an internal audit system commensurate with its
size and the nature of its business.
8. The Central government has not prescribed any maintenance of cost
records for the Company''s product pursuant to Rules made under section
209 (1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
190858/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. 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.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 331st
March, 2014 we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 22.05.2014 CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2013
We have audited the accompanying financial statements of SAIANAND
COMMERCIAL LIMITED (Formally known as OREGON COMMERCIAL LIMITED) which
comprise the Balance Sheet as at 31 March 2013, & the Statement of
Profit and Loss and for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position &
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. 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:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, 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 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
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of SAIANAND COMMERCIAL LIMITED (Formally Known as OREGON
COMMERCIAL LIMITED) on the accounts of the company for the year ended
31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
by the management at regular Intervals during the year.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with the
books of accounts.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company does not have an internal audit system commensurate with its
size and the nature of its business.
8. The Central government has not prescribed any maintenance of cost
records for the Company''s product pursuant to Rules made under section
209 (1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
171,866/- during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. 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.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.08.2013 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2012
(1) We have audited the attached Balance Sheet of OREGON COMMERCIAL
LIMITED as at 31st March 2012, the relative Profit and Loss Account and
the Cash Flow Statement for the year ended on that date, all of which
have been signed by us 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 and
assurance 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 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 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out 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:
1. 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 accounts as required by law, have
been kept by the Company so far as appears from our examination of
books.
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report, are in agreement with the books of account.
4. In our opinion, the Balance Sheet, Profit & Loss Account, and Cash
Flow statement dealt with by this report comply with the Accounting
Standard referred to in sub-section (3c) of Section 211 of the
Companies Act, 1956.
5. On the basis of written representation received from the Directors
and taken on records by the Board of Directors, we report that none of
the Directors is disqualified as at 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.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together 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:
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 and;
(b) In case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure referred to in Paragraph 3 of the Auditors Report of Even date
to the Member of OREGON COMMERCIAL LIMITED
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. (a) As explained to us, inventories have been physically verified
by the management at regular Intervals during the year.
(b)In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with the
books of accounts.
3. The Company has neither granted nor taken any loans during the
year, secured or unsecured, from companies, firms or other parties
listed in the register maintained under Section 301 of the Act.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of the business with regards to
purchase of inventory, fixed assets and with regards to the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. According to the information and explanations given to us, we are
of the opinion that there are no transactions that need to be entered
into the register maintained under section 301 of the companies Act
1956.
6. In our opinion, and according to the information and explanations
given to us, the company has not accepted any fixed deposits which are
covered under provisions of section 58A and section 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule
1975.
7. In our opinion and according to the information and explanations
given to us, Company does not have internal audit system commensurate
with the size and nature of its business.
8. The Central government has not prescribed any maintenance of cost
records for the Company's product pursuant to Rules made under section
209 (1) (d) of the Companies Act, 1956.
9. According to information and explanation given to us and the
records of the company examined by us, in our opinion, the company is
regular in depositing the undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax,
Custom Duty, Excise duty, Cess and other material statutory and other
material statutory dues as applicable with appropriate authorities.
10. The Company does not have accumulated loses. The company has
incurred cash loss Rs. 311033/- in current financial year, The Company
has also incurred cash loss in the previous financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the company has not taken any
Term Loan from the financial institutions or Banks. Since the company
has not issued any debentures till date, therefore the question of
default does not arise.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. The provisions of any special statue applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion, the company is dealing or trading in shares,
Securities, debentures and proper records of the transactions have been
maintained by the company. The Investments held for deriving the
dividend income are in the name of the company
15. According to 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. According to the information and explanations given to us, the
Company has not raised any new term loan during the year.
17. On the basis of an overall examination of the balance sheet of the
Company and according to the information and explanations given to us,
in our opinion, funds raised on a short-term basis have not been used
for long-term investment and vice versa.
18. 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 during the year.
19. The Company has not issued any debenture till date. Therefore,
creation of reserves in respect of debentures does not arise.
20. The Company has not raised any money by public issues during the
year.
21. 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, noticed or reported during the year, nor
have we been informed of such case by the Management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 03.08.2012
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2010
We have audited the attached Balance sheet of Oregon Commercials Ltd.
as at 31st March, 2010 and also the Profit and Loss Account and the
cash flow statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also include
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the companies (Auditors Report) order 2003 issued by
the Central Government of India in terms of sub section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure3 a statement
on the matters specified in paragraphs 4 and 5 of the said order to the
next extent applicable.
Further to our comments in the Annexure referred to 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 purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet and 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 and Profit and Loss Accounts
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act 1956.
(e) In our opinion and based on information and explanations given to
us, none of the directors is disqualified as on 31st March 2010 from
being appointed as a directors in terms of clause (g) of sub- section
(1) of section 274 of the Companies Act 1956.
(f) Attention is invited to Note to Notes on Accounts, regarding
sundry debtors outstanding for more than six months.
(g) Subject to the above, in our opinion and to best of our information
and according to the explanations given to us, the said accounts read
with Significant Accounting Policies and Notes on Accounts, give the
information required by the Companies Act 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
(i) In the case of the Balance Sheet, of the state affairs of the
Company as at 31st March, 2010.
(ii) In the case of the Profit and Loss account of the Profit for the
year ended on that date and
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 3 of our report of even date) The annexure
referred to para 1 of our report of even date on accounts of M/s.
Oregon Commercials Ltd. for the year 31-03-2010.
(a)Company has maintained proper records showing full particulares
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) The fixed assets have been physically verified by the management
during the year and we have been informed that no material
discrepancies have been noticed on such verification.
(c) In our opinion and according to the information & explanations given
to us, a substantial part of fixed assets have not been disposed off by
the company during year affecting going concern basis.
II. (a) As explained to us, inventories have been physically verified
by the management at regular intervals during the year.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with the
books of accounts.
III. (a) According to the information and explanation given to us the
company has granted loans to the companies covered under register
maintained under section 301 of the companies act 1956. The maximum
amount involved during the year was Rs.. 14,45,000/- and the balance
outstand- ing as on 31st March, 2010 is Rs. NIL/-.
(b) According to the information and explanation given to us the
company has not taken loan from the parties covered in register
maintained under section 301 of the Companies act 1956.
(c) No terms of repayment of principal and interest are stipulated.
(d) In our opinion, the rate of interest and other terms and conditions
on which loan have been granted to other parties listed in the register
maintained under section 301 of the Companies Act 1956 are not, prima
facie, prejudicial to the interest of the company..
IV. In our opinion and according to the information and explanation
given to us there are adequate internal control procedure commensurate
with the size of the Company and nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of audit, we have not observed the continuing failure
to correct major weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed to be
entered into the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant timer
VI. The company has not accepted any deposits from public within the
meaning of provisions of section 58 A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (l)(d) of the Companies Act 1956.
IX. (a) According to the records of the company, undisputed statutory
dues including Provident Fund,
Investor Education and Protection fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and
other statutory dues have been generally deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as on 31st March, 2010 for a period of more than six months
from the date of becoming payable.
X. The Company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and the
immediately preceeding financial year.
XI. In our opinion according to the information and explanations given
to us, the company has not taken any loans from financial institutions,
banks or debenture holders.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
XIII. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 are not applicable to the company.
XIV. In our opinion, the company is dealing or trading in shares,
Securities, debentures and proper records of the transactions have been
maintained by the company. The Investments held for deriving the
dividend income are in the name of the company.
XV. In our opinion. The company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit 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, noticed or reported during the year, not
have we been informed of such case by the management.
3/1106 Navjivan Society For PACHORI & ASSOCIATES
Lamington Road, Chartered Accountants
Mumbai-400 008.
PLACE: MUMBAI P.V. Pachori
Dated: 28Ã DAY OF MAY, 2010. Partner.
M.No. 38146.
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