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ABC Gas (International) Ltd.

BSE: 513119 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE173M01012
BSE LIVE 12:55 | 30 Nov 23.50 -1.20
(-4.86%)
OPEN

25.70

HIGH

25.70

LOW

23.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 25.70
PREVIOUS CLOSE 24.70
VOLUME 102
52-Week high 33.75
52-Week low 13.70
P/E
Mkt Cap.(Rs cr) 4.65
Buy Price 0.00
Buy Qty 0.00
Sell Price 23.50
Sell Qty 455.00
OPEN 25.70
CLOSE 24.70
VOLUME 102
52-Week high 33.75
52-Week low 13.70
P/E
Mkt Cap.(Rs cr) 4.65
Buy Price 0.00
Buy Qty 0.00
Sell Price 23.50
Sell Qty 455.00

ABC Gas (International) Ltd. (ABCGASINT) - Auditors Report

Company auditors report

ABC GAS (INTERNATIONAL) LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT TO THE MEMBERS OF ABC GAS (INTERNATIONAL) LTD. 1. We have audited the attached Balance Sheet of ABC Gas (International) Ltd ('the Company'), previously known as Brassco Extrusions Ltd, as at 31st March 2012, and the related Profit and Loss Account and Cash Row Statement of the Company 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 auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 (CARO), and as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (together the 'Order'), issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we give in the Annexure hereto 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: 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 accounts 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 Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the attached Balance Sheet, Profit and Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 to the extent applicable except non provision of long term defined employee benefits as referred in point no. 23 of notes on account. e) On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by Board of Directors, none of the Directors are disqualified as on 31st March 2012 from being appointed as Directors in term of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true & fair view in conformity with the accounting principle generally accepted in India: i. In the case of Balance Sheet of the state of affairs of the Company as at 31st March 2012; ii. In the case of the Profit and Loss Account of the Profits for the year ended on that date and iii. In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Bhuwania & Agrawal Associates Chartered Accountants Abhishek Jain Partner Registration No. 101483W Membership No. 509839 Place: Mumbai Date : 01.09.2012 ANNEXURE TO THE AUDITOR'S REPORT: (Referred to in paragraph 3 of our report of even date to the members of ABC Gas (International) Ltd on the accounts for the year ended 31st March, 2012) i. In respect of the Fixed Assets: a) The company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets. b) As per the information and explanations given to us, physical verification of fixed assets has been carried out by the Company and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable, having regard to the size of the Company and nature of its business. c) No substantial part of fixed assets has been disposed off during the year under review, which could affect the going concern status of the company. ii. In respect of the inventories: a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable. b) In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. c) The company has maintained proper records of inventory. In our opinion, discrepancies noticed on physical verification of stocks were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account. iii. In respect of loans granted, secured or unsecured, to the companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956, we report, as per the information and explanations provided to us, that the Company has granted interest free unsecured loans, details of which have been provided as under: (Amt in Rs. Lac) No. of Amount of Maximum Cl. Balance Account Loan Given Outstanding 2 159.76 215.21 151.78 In our opinion, and according to the information and explanations given to us, other terms and conditions of above loan given is prima facie not prejudicial to the interest of the company. In absence of any stipulated term for receipt of principal amount we are unable to comment whether the principal amount is due for receipt Similarly we are unable to comment on whether there has been any overdue amount of Rs. 1 Lac. In respect of loans taken, secured or unsecured, from the companies, firms or other parties covered in Register maintained under Section 301 of Companies Act, 1956, we report that there are six such interest free unsecured loans taken, details of which is as under: (Amt. in Rs. Lac) No. of Amount of Maximum CL. Balance Accounts Loan Taken Outstanding 5 43.00 46.44 - In our opinion, and according to the information and explanations given to us, other terms and conditions of above loan taken is prima facie not prejudicial to the interest of the company. In absence of any stipulated term for repayment of principal amount we are unable to comment on whether the principal amount is due for repayment. iv. 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 inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not come across any continuing failure to correct major weaknesses in internal control system. v. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we report that the transactions that need to be entered into a register in pursuance of section 301 of the Act, have been so entered. b) In our opinion and according to the information and explanations give to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 and exceeding the value of five lacs rupees in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi. According to the information and explanations given to us, the Company has not accepted any deposits during the year from the public, within the meaning of the provisions of Sections 58A and 58AA of the Companies Act, 1956 and rules made there under. Therefore, the provisions of clause (vi) of paragraph 4 of the said Order are not applicable to the Company. vii. In our opinion, the Company has an internal audit system commensurate with the size of the Company and the nature of its business. viii. The Central Government has prescribed maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956 in respect of manufacturing/extrusion activity of the company. However there has been no manufacturing activity during the year and therefore such Order for the maintenance of books of accounts and is not applicable during the year under review. ix. a) According to the information and explanations given to us and the records examined by us, the company has been regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Provident Fund, Sales Tax and any other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable, except PF and ESIC which is not deducted and deposited during the year. b) According to the records of the Company, and information and explanations given to us there are no dues of Income tax/Sales Tax/Wealth Tax/Service Tax/Custom Duty/Excise Duty/Cess which has not been deposited on account of disputes. x. The Company has accumulated losses which is less than fifty per cent of its net worth. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. xi. As per the information and explanations given to us and based on our audit, the Company has not defaulted in repayment of dues to financial institution or bank. xii. Based on our examination of the records and the information given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause (xii) of paragraph 4 of the said Order are not applicable to the Company. xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the said Order are not applicable to the Company. xiv. Based on our examination of the records and the information given to us, the Company has not dealt or traded in shares, securities, debentures and other investments. Therefore, the provisions of clause (xiv) of paragraph 4 of the said Order are not applicable to the Company. xv. 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. xvi. The company has not taken any term loans during the year. Therefore, the provisions of clause (xvi) of paragraph 4 of the said Order are not applicable to the Company. xvii. In our opinion and according to information and explanations made available to us, no short term funds have been utilized for long term purposes during the year. xviii. During the year, the Company has not made any preferential allotment of shares to the parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. xix. The Company has not issued any debentures. Therefore, the provisions of clause (xix) of paragraph 4 of the said Order are not applicable to the Company. xx. The Company has not raised any money by public issues during the year covered by our report Therefore, the provisions of clause (xx) of paragraph 4 of the said Order are not applicable to the Company. xxi. Based on our audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per the information and explanations given to us 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 Bhuwania & Agrawal Associates Chartered Accountants Abhishek Jain Partner Registration No. 101483W Membership No. 509839 Place: Mumbai Date : 01.09.2012

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