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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

INDEPENDENT AUDITOR

TO THE SHAREHOLDERS OF GOVIND POY OXYGEN LIMITED MARGAO-GOA-

Report on the Financial Statements

1. We have audited the accompanying Balance Sheet of GOVIND POY OXYGEN LIMITED as at31st March 2014 the Statement of Profit & Loss and the cash flow statementof the company for the year ended on that date and a summary of significant accountingpolicies and other explanatory information which we have signed under reference to thisreport.

Management's Responsibility for the Financial Statements

2. The company's management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards referred to insub-section (3C) of the section 211 of 'the Companies Act 1956 of India (the"Act"). This responsibility includes the design implementation and maintenanceof internal control 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.

Auditors Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the auditing standards on Auditingissued by the Institute of Chartered Accountants of India. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amountsand 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 theauditors consider internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byManagement 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 toprovide a reasonable basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying statements give the information required by the CompaniesAct 1956 in the manner so required and also give a true and fair view inconformity with the accounting principles generally accepted in India.

(i) In the case of Balance Sheet of the state of affairs of the Company as at 3lsl March 2014.

(ii) In the case of the Statement of Profit & Loss of the Loss for the year endedon that date and

(iii) In the case of the cash flow statement of the cash flows for the year ended onthat date.

Report on other legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2003 as amended by thecompany's (Auditors Report) Amendment order 2004 issued by the Central Government of Indiain terms of Sec 227 (4A) of the Companies Act 1956 and on the basis of such checks ofthe books and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified paragraphs 4 and 5 of the said order.

8. As required by Sec 227 (3) of the Act we report that:

a) We have obtained ail the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books and the said Balance Sheetthe Statement of Profit and Loss and the cash flow statement is in agreement with thesame.

c) In our opinion the Balance Sheet the Statement of Profit & Loss and the CashFlow Statement are in compliance with the Accounting Standards referred to in Section 211(3c) of the Companies Act 1956 read with circular no. 15/2013 dated 13.09.2013 of MOCA inrespect of Section 133 of the Companies Act 2013.

d) Based on the representations made by the Directors and the information andexplanations given to us none of the directors is disqualified as on 31stMarch 2012Lfrom being appointed as director in terms of section 274 (1) (g) of theCompanies Act 1956.

(S. S. Dalvi)
FOR S. S. DALVI & CO.
Place: Panjim-Goa CHARTERED ACCOUNTANTS
Dated: 22/Of 201^. PROPRIETOR.
Firm Registration No. 102066W
Membership No. 11017

Annexure referred to in paragraph 7 of our Auditor's Report of even date

1. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. These assets have been physicallyverified by the management during the year. No material discrepancies have been noticed onsuch verification. The company has not disposed off any substantial part of its fixedassets.

2. As explained to us inventories have been physically verified during the year by themanagement at regular intervals. In our opinion the procedure of physical verificationfollowed is reasonable and adequate in relation to the size of the company and nature ofits business. In our opinion the company is maintaining proper records of inventory. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not significant and are properly dealt with in the books of account.

3. According to the information and explanations given to us the company has notgranted or taken loans to/from companies firms and other such parties listed in theregister maintained u/s.301 of the Companies Act 1956.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchases of inventories and fixed assets and forsale of goods and services. No major weaknesses in internal control systems had come toour notice in the course of our audit.

5. In our opinion the transactions which were required to be entered into the Registerin pursuance of sec.301 of the Companies Act have been so entered. Such transactionsexceeding the value of Rs. 500000/- in respect of each party have been made at priceswhich are reasonable as compared to the prevailing market prices for such goods andservices at the relevant time.

6. According to the information and explanation given to us the company has notaccepted deposits from the public attracting the directions issued by the Reserve Bank ofIndia and the provisions of section 58A and section 58AA of the Companies Act 1956 and therules framed thereunder.

7. The company has internal audit system commensurate with its size and the nature ofits business.

8. Proper account and records have been made and maintained as required u/s.209(1) (d) of the Companies Act. We have however not made detailed examination of theserecords.

9. According to the information and explanations given to us the company is regular indepositing undisputed statutory dues including PF Investor Education and ProtectionFund ESI Income-tax Sales-tax Wealth-tax Customs Duty Excise Duty Cess and otherstatutory dues with the appropriate authorities.

10. There are no disputed/undisputed amounts in arrears payable in respect ofIncome-tax Wealth-tax Sales-tax Custom duty and Excise duty outstanding as at the yearend except excise duty of Rs 670488/- for which the dispute is pending before theSupreme Court.

11. The company has no accumulated losses at the end of the financial year nor hasincurred any cash losses in such financial year and in the immediately preceding financialyear.

12. On the basis of records examined by us and information and explanation given to usthe company has not defaulted in the repayment of dues to financial institutions or banks.

13. The company does not deal or trade in shares securities debentures and otherinvestments and has not granted any loans and or advances on the basis of security by wayof pledge of shares debentures or any other securities.

14. According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from any bank or financial institution.

15. On the basis of the records examined by us we have to state that the company hasprima facie applied the term loans for the purposes for which they were obtained.

16. In our opinion prima facie short term funds have not been utilized for long termpurposes.

17. The company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained u/s.301 of the Companies Act 1956.

18. The company has not issued any debentures nor has not raised any money by publicissue during the year.

19. According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on or by the company has been noticed or reported by thecompany during the year.

(S. S. Dalvi)
FOR S. S. DALVI & CO.
Place: Panjim-Goa CHARTERED ACCOUNTANTS
Dated: 28/07/2014 PROPRIETOR.
Firm Registration No. 102066W
Membersh ip "No. 11017