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Oswal Green Tech Ltd.

BSE: 539290 Sector: Others
NSE: BINDALAGRO ISIN Code: INE143A01010
BSE LIVE 15:40 | 17 Nov 30.15 -0.75
(-2.43%)
OPEN

30.80

HIGH

32.00

LOW

29.95

NSE 15:59 | 17 Nov 30.45 -0.45
(-1.46%)
OPEN

31.50

HIGH

31.50

LOW

30.15

OPEN 30.80
PREVIOUS CLOSE 30.90
VOLUME 45957
52-Week high 35.00
52-Week low 21.75
P/E 17.03
Mkt Cap.(Rs cr) 774
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.80
CLOSE 30.90
VOLUME 45957
52-Week high 35.00
52-Week low 21.75
P/E 17.03
Mkt Cap.(Rs cr) 774
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Oswal Green Tech Ltd. (BINDALAGRO) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the members of Oswal Greentech Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Oswal GreentechLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matter 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 of 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 thereunder.

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 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub section 11 ofSection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraph 3 and 4 of the said Order.

2. 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read Rule 7 of Companies(Accounts) Rule 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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 B"

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 standalone financial statements – Refer Note 3.27A to the standalonefinancial Statements.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For T R Chadha & Co LLP
Chartered Accountants
(Firm Registration No. 006711N/N500028)
Surender Kumar
Place : New Delhi Partner
Date : May 30 2016 Membership Number: 082982

ANNEXURE - A TO AUDITORS’ REPORT

The Annexure referred to in paragraph 1 of Report on Other Legal and RegulatoryRequirements we report that: i) a) The company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. b) In ouropinion and according to the information and explanation given to us fixed assets havebeen physically verified by the management at reasonable intervals having regard to thesize of the company and the nature of its assets and no material discrepancy was noticedon such verification as compared to book records. c) According to the information andexplanations given to us and on the basis of records examined by us the title deeds ofthe immovable properties are held in the name of the company subject to followinglimitations:

Particulars of the Immovable Property Gross Block as at 31st March 2016 (in Rs. Lac) Net Block as at 31st March 2016 (in Rs. Lac) Remarks
1) Immovable Property at 4.64 4.64
Dewas Madhya Pradesh Photocopy of the Original title
2) Immovale Property at Rishra 103.63 100.79 deeds were provided.
West Bengal
1) Leasehold Land at Mandideep 0.82 0.59 Lease deed is pending execution
Madhya Pradesh in the name of the company

ii) In our opinion and according to the information and explanation given to usinventories have been physically verified by the management at reasonable intervals havingregard to the size of the company and no material discrepancy was noticed on suchverification as compared to book records.

iii) The Company has granted interest free unsecured loan to one party covered in theregister maintained under section 189 of the Act.

a) The loan is granted as per Employees’ loan policy. Accordingly the terms andconditions of the loan are not prejudicial to the company’s interest;

b) The borrower has been regular in the payment of principal as stipulated;

c) There is no overdue amount in respect of the loan granted to a party listed in theregister maintained under Section 189 of the Act.

iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of Section 185 and Section 186 of the Act inrespect of loans and investments of the company. Further the company has not given anyguarantees and security; accordingly to this extent Paragraph 3(iv) of the order is notapplicable.

v) In terms of the books and records examined by us we state that the company has notaccepted any deposit from the public in terms of Section 73 to 76 or any other relevantprovisions of the Act and the rules framed there under.

vi) In our opinion and according to the information and explanation given to us theCentral Government has not prescribed maintenance of cost records under section 148 (1) ofthe Act. Therefore paragraph 3(vi) of the Order is not applicable.

vii) a) According to the information and explanations given to us and the books andrecords examined by us we state that the company is regular in depositing undisputedstatutory dues including provident fund employees’ state insurance income-taxsales tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues as applicable. There are no outstanding statutory dues for more thansix months from the date they became payable as on 31st March 2016 except Rs.0.31 Lac in respect of Sales Tax Uttrakhand and Rs. 2.5 Lac in respect of Trade TaxUttar Pradesh. b) According to the information and explanations given to us there are nodues of income tax or sale tax or service tax or duty of customs or duty of excise orvalue added tax or cess which have not been deposited on account of any dispute exceptdisclosed as under:

Name of Statute Nature of Dues Disputed Liabilities ( Rs. in Lac) Period to which the amount relates Forum where the dispute is pending
Central Sales Tax Act Central Sales Tax 32.95 Financial Year 1998-1999 Commissioner of Commercial Taxes Cuttack Orissa
Orissa Sales Tax Act 1947 Sales Tax 21.93 Financial Year 1999-2000 Orissa Sales Tax Tribunal Orissa
Central Sales Tax Act Central Sales Tax 4849.53 Financial Year 2004-2005 Orissa Sales Tax Tribunal Cuttack Orissa
Orissa Sales Tax Act 1947 Sales Tax 44.50 Financial Year 2000-2001 Assistant Commissioner of Sales Tax Cuttack Orissa
Orissa Sales Tax Act 1947 Sales Tax 329.85 Financial Year 2000-2001 Commissioner of Commercial Taxes Orissa
Orissa Sales Tax Act 1947 Sales Tax 900.31 Financial Year 2001-2002 Sales Tax Tribunal Cuttack Orissa
Orissa Sales Tax Act 1947 Sales Tax 56.03 Financial Year 2002-2003 Assistant Commissioner of Sales Tax Cuttack Orissa
Orissa Sales Tax Act 1947 Sales Tax 155.19 Financial Year 2001-2002 Sales tax Tribunal Cuttack Orissa
Rajasthan Sales Tax Act Sales Tax 37.37 Financial Year 2003-2004 Deputy Commissioner of Commercial Taxes (Appeals) Jaipur
Rajasthan Sales Tax Act Sales Tax 1.54 Financial Year 2001-2002 Deputy Commissioner of Commercial Taxes (Appeals) Jaipur
Rajasthan Sales Tax Act Sales Tax 34.33 Financial Year 2002-2003 Deputy Commissioner of Commercial Taxes (Appeals) Jaipur
West Bengal VAT Rules 2005 Central Sales Tax 22.74 Financial Year 2005-2006 West Bengal Commercial Taxes Appellate & Revisional Board
West Bengal VAT Rules 2005 VAT 0.37 Financial Year 2005-2006 West Bengal Commercial Taxes Appellate & Revisional Board
UP Trade Tax Act 1948 Trade Tax 1547.80 Financial Year 2005-2006 Supreme Court

viii) The company does not have any loans or borrowing from any financial institutionbank Government or debenture holders during the year. Accordingly Paragraph 3(viii) ofthe Order is not applicable.

ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. AccordinglyParagraph 3(ix) of the Order is not applicable.

x) According to the information and explanation given to us no fraud by the company oron the company by its officers or employees has been noticed or reported during the courseof our audit.

xi) According to the information and explanation given 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 of the Act.

xii) In our opinion and according to the information and explanation 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 based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 & 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 given to us and based on theexamination of the records of the Company the company has not made any preferentialallotment or private placements of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on theexamination of the records of the Company the Company has not entered into non- cashtransaction 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 T R Chadha & Co LLP
Chartered Accountants
(Firm Registration No. 006711N/N500028)
Surender Kumar
Place: New Delhi Partner
Date : May 30 2016 Membership Number: 082982

ANNEXURE -B TO AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of OswalGreentech Limited ("the Company") as of 31st March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company’s internal financial controls systemover financial reporting

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For T R Chadha & Co LLP
Chartered Accountants
(Firm Registration No. 006711N/N500028)
Surender Kumar
Place: New Delhi Partner
Date : May 30 2016 Membership Number: 082982