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National Oxygen Ltd.

BSE: 507813 Sector: Industrials
NSE: NOL ISIN Code: INE296D01010
BSE LIVE 15:40 | 16 Aug 39.00 -0.90
(-2.26%)
OPEN

38.00

HIGH

44.50

LOW

37.00

NSE 00:00 | 17 Feb Stock Is Not Traded.
OPEN 38.00
PREVIOUS CLOSE 39.90
VOLUME 1411
52-Week high 49.90
52-Week low 32.00
P/E
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.00
CLOSE 39.90
VOLUME 1411
52-Week high 49.90
52-Week low 32.00
P/E
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

National Oxygen Ltd. (NOL) - Auditors Report

Company auditors report

TO THE MEMBERS OF NATIONAL OXYGEN LIMITED

1. Report on the Standalone Financial Statements :

We have audited the accompanying standalone financial statements of NATIONAL OXYGENLIMITED as at 31st March 2015 which comprise the Balance Sheet as at 31stMarch 2015 and the Statement of Profit and Loss the Cash Flow Statement for the yearended on that date and a summary of significant accounting policies and other explanatoryinformation.

2. Management’s Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion on the standalone financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2015 and its Loss and its cash flowsfor the year ended on that date.

5. Report on Other Legal and Regulatory Requirements :

As required by the Companies (Auditor’s Report) Order 2015 (Rs.the OrderRs.)issued by the Central Government of India in terms of sub-section (11) of section 143of the Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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.

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 ;

The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

(b) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(c) There are no observations or comments on financial transactions or matters which in our opinion may have any adverse effect on the functioning of the Company

(d) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

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 No. 33 to the financial statements;

The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

There has been no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company

For SINGHI & CO.
Chartered Accountants
Firm Regn No. 302049E
Sd/-
(SUDESH CHORARIA)
Place : Chennai Partner
Date : 29th May 2015. Membership No. 204936

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in our Report of even date on the financial statements of NATIONAL OXYGENLIMITED as at and for the year ended 31st March 2015)

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its Fixed Assets.

b) The Fixed Assets of the Company have been physically verified by the managementwherever possible at the close of the year as confirmed by the management. As informed tous no material discrepancy has come to notice on such physical verification;

ii) a) The management has conducted Physical verification of Inventories whereverpossible at all its locations at reasonable intervals during the year

b) The procedures of physical verification of stock followed by the Management are inour opinion reasonable and adequate in relation to the size of the Company and nature ofits business ;

c) The company is maintaining proper records of inventory. As far as we can ascertainand according to the information and the explanations given to us the discrepanciesnoticed between the physical stocks and book stocks were not material and the same havebeen properly dealt with in the books of account.

iii) As per the information and explanations provided to us the company has notgranted any loans secured or unsecured to companies firms or other parties listed inthe register maintained under section 189 of the Companies Act 2013 and hence therequirements of sub clauses (a) and (b) of clause (iii) of the Order are not applicable.

iv) On the basis of checks carried out during the course of audit and as perexplanations given to us in our opinion there is adequate internal control systemcommensurate with the size of the Company and the nature of its business for the purchaseof Inventory and Fixed Assets and for the sale of goods and services. During the course ofour Audit no major weakness or continuing failure to correct any major weakness has beennoticed in the internal control system in respect of these areas;

v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits to which the directives of the Reserve Bank of Indiaand the provisions of Section 73 to 76 or any other relevant provisions of the CompaniesAct 2013 and the rules framed there under apply;

vi) The Company has made and maintained proper Cost records pursuant to the rules madeby the Central Government for the maintenance of cost records under section 148 (1) of theCompanies Act 2013 in respect of the products manufactured by it but no detailedexamination of such records have been carried out by us.

vii) a) The company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income-tax Sales-tax WealthTax Service Tax Duty of Customs Duty of Excise Value added tax cess and othermaterial statutory dues with the appropriate authorities. Further according to theinformation and explanations given to us and the books and records examined by us therewas no undisputed amount outstanding as on 31st March 2015 in respect of theabove statutory dues for a period of more than six months from the date they becamepayable;

b) According to the records of the company the dues outstanding (net of Advances) inrespect of Income tax Sales Tax Wealth Tax Service Tax Duty of Customs Duty ofExcise Value added tax or Cess on account of any dispute as on 31st March2015 are as follows :

Name of the Statute Nature of Dues Amount Period to which the amount relates Forum where dispute pending
Rs in Lacs
Central Excise Act 1944 Excise duty demanded on the facility charges being charged 1.06 Sept’2000 to Aug’2001 CESTAT Southern Bench
Central Excise Act 1944 Departmental appeal against the partial favourable order passed by Commissioner (Appeals) for Excise duty demanded on the rental / facility charges being charged 4.91 Sept’2000 to Aug’2001 CESTAT Southern Bench
Central Excise Act 1944 Departmental appeal against the favourable order passed by Commissioner (Appeals) for Excise duty demanded on the rental / facility charges being charged 13.11 Aug’2002 to june’2004 CESTAT Southern Bench
Central Excise Act 1944 Cenvat credit availed on Cryogenic Tank being disputed 5.23 Mar’2005 to Nov’2005 CESTAT Southern Bench
Central Excise Act 1944 Departmental appeal against the favourable order passed by CESTAT in respect of 8% duty demanded on supply to ISRO under Nil rate of duty while availing Cenvat Credit 5.71 2000-01 Madras High Court
Central Excise Act 1944 Excise duty demanded on the Cylinder Repair charges being charged 0.20 Sept’2006 to Mar’2007 CESTAT Southern Bench
Central Excise Act 1944 Excise duty demanded on the Cylinder Holding / facility charges being charged 1.67 May’2006 to Aug’2006 CESTAT Southern Bench
Central Excise Act 1944 Excise duty demanded on the Cylinder Repair charges being charged 4.09 2002-03 to 2004-05 CESTAT Southern Bench
Central Excise Act 1944 Excise duty demanded on the Cylinder Repair charges being charged 0.81 Nov’2005 to Aug’2006 CESTAT Southern Bench
Service Tax Service Tax demanded on the Lease charge income received 11.32 2002-03 & 2003-04 CESTAT Southern Bench
Service Tax Service Tax demanded on the Lease charge income received 6.95 2004-05 & 2005-06 CESTAT Southern Bench
Customs Act 1961 Differential Customs Duty on Import of Second hand Plant (including Interest & Penalty) 88.23 1994-95 CESTAT Southern Bench

c) The amount required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade there under has been so transferred to such fund within time.

viii) The Company has accumulated losses of Rs.1302.75 Lacs and has incurred cash lossof Rs.676.97 Lacs in the current financial year and Rs.374.68 Lacs in the immediatelypreceding financial year;

ix) Based on our audit procedures and as per the information and explanations given tous by the management though there have been delays in repayment of dues during the yearas at the year end the company has not defaulted in repayment of dues to financialinstitutions or banks or debenture holders;

x) According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from bank or financial institutions.

xi) The existing term loans as well as the term loans raised during the year have beenutilized for the purpose for which the Term Loan were raised .

xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven to us by the management we report that no fraud on or by the company has beennoticed or reported during the course of our audit;

For SINGHI & CO.
Chartered Accountants
Firm Regn No. 302049E
Sd/-
(SUDESH CHORARIA)
Place: Chennai Partner
Date : 29th May 2015. Membership No. 204936