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Govind Poy Oxygen Ltd.

BSE: 509586 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Govind Poy Oxygen Ltd. (GOVINDPOYOXYG) - Auditors Report

Company auditors report

To

The Members of

Govind Poy Oxygen Limited

Report on the Financial Statements

We have audited the accompanying financial statements of GOVIND POY OXYGEN LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act as applicable.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its loss (after exceptional items) and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act as applicable.

e. On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 31 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. However as stated in note 38 to the Financial Statementssuch disclosure is in accordance with the books of accounts maintained by the company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143 (11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theorder to the extent applicable.

For S.S. DALVI & Co.
Chartered Accountants
(Firm's Registration No. 102066W)
Place: Panjim-Goa
Date: 27th May 2017 S.S. Dalvi
Proprietor
(Membership No. 011017)

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We are required to report on the internal financial controls over financial reportingof Govind Poy Oxygen Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on appropriate criteria that considers the essential componentsof internal control as stated in the Guidance Note on Audit of Internal Financial Controlsover Financial Reporting ("Guidance Note") issued by the Institute of CharteredAccountants of India. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that operate effectively for ensuringthe orderly and efficient conduct of its business including adherence to company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit of such controls to be conducted inaccordance with the Guidance Note and the Standards on Auditing to the extent applicableto an audit of internal financial controls.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Opinion

While there are adequate internal control procedures commensurate with the size of theCompany and the nature of its business with regard to purchases of inventories and fixedassets and for sale of goods and services the internal financial controls as envisaged inthe Guidance Note are not documented/implemented in a structured manner. We are thereforeunable to issue an audit opinion on the design/implementation and the operatingeffectiveness of such controls. We have considered this aspect in determining the naturetiming and extent of audit tests in our audit of the financial statements of the Companyand report that this disclaimer does not affect our audit opinion on the financialstatements of the Company.

For S.S. DALVI & Co.
Chartered Accountants
(Firm's Registration No. 102066W)
Place: Panjim-Goa
Date: 27th May 2017 S.S. Dalvi
Proprietor
(Membership No. 011017)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S

(Referred to in paragraph 2 under "Report on Other Legal and RegulatoryRequirements" of our report of even date)

i. In respect of fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. As explained to us the inventories were physically verified during the year by themanagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

iii. According to the information and explanations given to us the Company has notgranted any loans to parties covered in the register maintained under section 189 of theCompanies Act 2013 (‘the Act').

iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

v. According to the information and explanations given to us the Company has notaccepted any deposits during the year. There are no unclaimed deposits and hence thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Act and the rules framed there under are notapplicable to the Company.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act.

vii. According to the information and explanations given to us in respect of statutorydues:

a. The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Labour Welfare Fund Income-tax Sales TaxService Tax Customs Duty Excise Duty Value Added Tax Cess and other material statutorydues applicable to it with the appropriate authorities.

b. There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Labour Welfare Fund Income-tax Sales Tax Customs Duty Service TaxExcise Duty Value Added Tax Cess and other material statutory dues in arrears as at 31stMarch 2017 for a period of more than six months from the date they became payable.

c. There were no disputed amounts payable in respect of Sales Tax Customs duty ValueAdded Tax Cess and other material statutory dues in arrears as at 31st March 2017.Details of dues of Income-tax Service Tax Excise Duty and Cess which have not beendeposited as on 31 March 2017 on account of disputes are given below:

Statute Nature of dues Forum where dispute is pending Period to which the Amount relates Amount Rs
Central Excise Act 1944 Excise Duty Supreme Court 2000-05 670488
Income Tax Act 1961 Income Tax CIT- Appeals 2010-11 30640

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks financialinstitution government or debenture holders during the year.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans were not taken during.Accordingly paragraph 3 (ix) of the Order is not applicable.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For S.S. DALVI & Co.
Chartered Accountants
Place: Panjim-Goa (Firm's Registration No. 102066W)
Date: 27th May 2017
S.S. Dalvi
Proprietor
(Membership No.011017)