You are here » Home » Companies » Company Overview » Epic Energy Ltd

Epic Energy Ltd.

BSE: 530407 Sector: Engineering
NSE: N.A. ISIN Code: INE932F01015
BSE LIVE 14:56 | 31 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.29
PREVIOUS CLOSE 8.85
VOLUME 998
52-Week high 14.76
52-Week low 6.20
P/E
Mkt Cap.(Rs cr) 7
Buy Price 8.50
Buy Qty 100.00
Sell Price 9.29
Sell Qty 2.00
OPEN 9.29
CLOSE 8.85
VOLUME 998
52-Week high 14.76
52-Week low 6.20
P/E
Mkt Cap.(Rs cr) 7
Buy Price 8.50
Buy Qty 100.00
Sell Price 9.29
Sell Qty 2.00

Epic Energy Ltd. (EPICENERGY) - Auditors Report

Company auditors report

Auditor's Report

To

The Members

Epic Energy Limited

We have audited the attached Balance Sheet of Epic Energy Limited as at March31 2014and also the Profit and Loss Account and the Cash Flow Statement for the yearended on that date annexed thereto. These financial statements are the responsibility ofthe Company's management. Our responsibility is to express an opinion on these financialstatements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement.Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management as well as evaluating the overallfinancial statement presentation.Webelieve that our audit provides a reasonable basis forour opinion.

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 ofthe CompaniesAct 1956 we enclose in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the said Order.

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 ourknowledge and belief were necessary for the purposes of our audit;

ii. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from ourexamination of those books;

iii. The Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with bythis report are in agreement with the books of accounts;

iv. In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementdealt with by this report comply with the accounting standards referred to in sub-section(3C) of Section 211 of the Companies Act 1956;

v. On the basis of written representations received from the directors as on March 312014and taken on record by the Board of Directors we report that none of the directorswere disqualified as on March 31 2014from being appointed as a director in terms ofClause (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 explanationsgiven to us the said accounts read together with the notes thereon give the informationrequired by the Companies Act 1956 in the manner so required and give a true and fairview 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 31stMarch 2014;

(b) In the case of Profit and LossAccount of the Profit for the year ended on thatdate; and

(c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

For P MURALI & CO

Chartered Accountants

P Murali Mohana Rao

Patrner

Membership No:023412

FRN No:007257S

Place: Mumbai

Date:30thMay2014

Annexure to the Auditors' report of even date to the Members of

EPIC ENERGY LIMITED

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and the situation of its fixed assets;

(b)The company has verified the fixed assets twice during the year. No discrepancieswere noticed during this verification.

(ii) (a) As explained to us inventories have been physically verified by management atreasonable intervals during the year. In our opinion the frequency of such verification isreasonable.

(b) As per the information given to us the procedures of physical verification ofinventory followed by management are in our opinion reasonable and adequate in relationto the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks andthe book recordswere not material.

(iii) (a) During the year the Company has not granted loans to any Company listed inthe register maintained under Section 301 of the CompaniesAct1956.

(b) The Company has not taken loans from Companies covered in the register maintainedunder Section 301 of the CompaniesAct 1956.

(iv) In our opinion and according to the information and explanations provided to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regard to purchase of inventory and fixed assets andfor sale of goods and services.

(v) (a) Based on the audit procedures applied by us and according to the informationand explanations given to us we are of the opinion that the transactions that need to beentered into the register maintained under Section 301 of the CompaniesAct 1956 have beenso entered.

(b) In our opinion and according to the information and explanations given to us therewere no transactions required to be entered in the register maintained under Section 301and exceeding the value of rupees five lakhs in respect of any party during the year.

(vi) The Company has not accepted anydeposits from the public.

(vii) The Company has an internal audit system which is commensurate withthe size andnature of its business.

(viii) According to the information and explanations given to us the requirement formaintenance of cost records u/s 209 (1)(d)of the CompaniesAct 1956 is not applicable tothe Company.

(ix) (a) Based on test-verification of records and information and explanations givento us the Company is generally regular in depositing with appropriate authoritiesundisputed amount of statutory dues including income- tax and sales-tax.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax and sales tax was outstanding as at 31st March 2014for aperiod of more than six months from the date they became payable.

(c) According to the information and explanations given to us the Investor Educationand Protection Fund Employees State Insurance Wealth-Tax Customs Duty and Excise Dutyare not applicable to the Company. (d) According to the information and explanations givento us there are no dues of sales tax income tax providentfund and profession taxwhichhave not been deposited on account of any dispute.

(x) In our opinion the accumulated losses of the Company are not more than fiftypercent of its net worth. The company has not incurred cash losses during the financialyear covered by our audit and in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by themanagement the Company has not defaulted in repayment of dues to any financialinstitution or bank and has not issued any debentures.

(xii) Based on our examination of records and according to the information andexplanations given to us the Company has not granted loans and advances on the basis ofsecurity by way of pledge of shares debentures and other securities.

(xiii) The Company is not a chit/nidhi/mutual benefit fund/society and thereforeprovisions of clause 4 (xiii) of the Order are not applicable to the Company.

(xiv) The Company is not dealing or trading in shares securities debentures and otherinvestments.

(xv) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xvi) In our opinion and according to the information and explanations given to us theterm loan as applied by the company for the purpose for which it was taken.

(xvii) According to the information and explanation given to us and on overallexamination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term investment.

(xviii) During the year the Company has not made any preferential allotment of sharesto parties and companies covered in the Register maintained under Section 301 of the Act.

(xix) The Company did not have any outstanding debentures at the year-end

(xx) The Company has not raised any money by public issues during the year.

(xxi) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

ForPMURALI&CO

Chartered Accountants

P Murali Mohana Rao

Partner

Membership No: 023412

FRN No: 007257S

Place: Mumbai

Date: 30th May 2014