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Oswal Overseas Ltd.

BSE: 531065 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE906K01019
BSE LIVE 15:01 | 14 Jun Stock Is Not Traded.
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OPEN 5.61
PREVIOUS CLOSE 5.35
VOLUME 1
52-Week high 5.61
52-Week low 0.00
P/E 15.58
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.61
CLOSE 5.35
VOLUME 1
52-Week high 5.61
52-Week low 0.00
P/E 15.58
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Oswal Overseas Ltd. (OSWALOVERSEAS) - Auditors Report

Company auditors report

To

The Members of

Oswal Overseas Limited New Delhi

A) Report on the Financial Statements

We have audited the accompanying financial statements of Oswal Overseas Limited whichcomprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss and CashFlow Statement for the year then ended along with a summary of significant accountingpolicies and other explanatory information.

B) Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in section 133 of theCompanies Act 2013 (The Act) read with the Rule 7 of the Companies (Accounts) Rules2014. This responsibility includes the design implementation and maintenance of internalcontrols relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatements whether due to fraudor error.

C) Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from any material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the management aswell as evaluating the overall 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.

D) Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March312016;

b) In the case of the Statement of Profit and Loss of the Loss for the period ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the period endedon that date.

E) Report on other Legal and Regulatory requirements.

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (3) of Section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraphs ofthe Order.

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

a) We have obtained all 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.

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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in Section 133 of The Act.

e) On the basis of written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312016 from being appointed as a director in terms of sub-section (2) of Section 164 of TheAct.

For KANSAL SINGLA & ASSOCIATES

Chartered Accountants

Sd/-

(CA Surinder Kumar Arora)

PARTNER

M.No.070405

FRN 003897N

Place: Chandigarh

Date: 30.05.2016

The Annexure referred to in paragraph E-1 of the Our Report of even date to the membersof OSWAL OVERSEAS LTD. on the accounts of the Company for the period ended 31stMarch 2016.

On the basis of such checks as we considered appropriate during the course of our auditand according to the information and explanations given to us we report that:

1. IN RESPECT OF ITS FIXED ASSETS:

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

b. As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such physical verification.

c. In our opinion the Company has not disposed off a substantial part of its fixedassets during the year and the going concern status of the Company is not affected.

d. 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 the original documents of which are in the custody ofbankers.

2. IN RESPECT OF INVENTORIES:

a. The inventories have been physically verified at the end of the year by themanagement. In our opinion the frequency of verification is reasonable.

b. The Company has maintained proper records of inventories. As explained to usthere were no material discrepancies noticed on physical verification of inventories ascompared to the book records. However minor discrepancies have been found in stores andspares and the same has been adjusted in consumption of the same.

3. IN RESPECT OF LOANS GIVEN:

According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the Company has not granted any loans secured orunsecured to Companies firms or other parties listed in the register maintained underSection 189 of the Act.

4. IN RESPECT OF COMPLAINCE OF SECTION 185 & 186 OF COMPANIES ACT

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 with respectto the loans and investments made.

5. IN RESPECT OF DEPOSITS FROM PUBLIC:

According to the information and explanations given to us the Company has not acceptedany deposits from the public.

6. COST ACCOUNTING RECORDS:

We have broadly reviewed the books of account maintained by the Company pursuant to therules made by the Central Government for the maintenance of cost records under sub-section(1) of section 148 of the Act and are of the opinion that the prescribed accounts andrecords have been made and maintained. However we have not vouched for the correctness ofthe cost records maintained by the Company.

7. IN RESPECT OF STATUTORY DUES:

(a) During the year the Company has deposited with certain delays the undisputedstatutory dues with the appropriate authorities such as Gratuity EPF TCS TDS ExciseDuty Service Tax and CST. However as at 31st March 2016 there are no suchdues outstanding for a period of more than six months from the date they became payable.

(b) The following are disputed statutory dues which have not been deposited by theCompany as at 31st March 2016:

Name of the Statute Nature of Dues Total demand (Rs. in lakhs) Paid under protest (Rs. in lakhs) Balance amount (Rs. in lakhs) Financial year to which relates Forum where dispute is pending
U.P. sales tax Entry Tax 10.00 0.41 9.59 2000-01 Hon'ble High Court Allahabad
U.P. sales tax Entry Tax 60.04 - 60.04 2001-02 Hon'ble High Court Allahabad
U.P. sales tax Entry Tax 35.05 17.53 17.52 2002-03 Hon'ble Supreme Court
U.P. sales tax Entry Tax 7.67 0 7.67 2003-04 Add. Commissioner 11 (A) Sales Tax Bareilly
U.P. sales tax Entry Tax 63.82 0 63.82 2004-05 Add. Commissioner 11 (A) Sales Tax Bareilly
U.P. sales tax Entry Tax 98.99 0 98.99 2005-06 Add. Commissioner 11 (A) Sales Tax Bareilly
U.P. sales tax Entry Tax 76.17 0 76.17 2006-07 Add. Commissioner 11 (A) Sales Tax Bareilly
U.P. sales tax Entry Tax 40.80 2.09 38.71 2007-08 Add. Commissioner 11 (A) Sales Tax Bareilly
U.P. sales tax Entry Tax 25.59 7.47 18.12 2008-09 Add. Commissioner 11 (A) Sales Tax Bareilly
U.P. sales tax Entry Tax 9.77 1.91 7.86 2009-10 Add. Commissioner 11 (A) Sales

 

U.P. sales tax Entry Tax 66.92 6.69 60.23 2012-13 Tax Bareilly Add. Commissioner II(A)
U.P. sales tax Entry Tax 44.35 4.43 39.91 2013-14 Add. Commissioner II(A)
Entry Tax (Total) 539.17 40.53 498.64
U.P. sales tax Sales tax 22.63 2.22 20.41 2005-06 to 2012-13 Various Appellate authorities
Excise
Department CENVAT 1.76 1.76 - 2007-08 to 2009-10 Local Excise authorities

(c) As per information and explanations given to us the Company was not required totransfer any amount in Investor Education and Protection Fund.

8. REPAYMENT OF DUES:

a) Banks & Financial Institutions dues:

i. Based on our audit procedures and according to the information and explanationsgiven to us the Company has paid dues to banks with certain delays.

ii. During the year CC account of Company with State Bank of Patiala amounting toRs. 263.06 lakhs was declared NPA as the stocks was seized and sold by local authoritiesfor making payment to sugar cane farmers. The Company has not provided for interest afterit is declared NPA by the Bank.

b) Government dues:

As at 31st March 2016 an amount of Rs. 159.00 Lakhs was overdue against the term loanfrom Sugar Development Fund granted by Central Government.

9. END-USE-OF BORROWINGS:

As per the information and explanations given to us we report that during the year theCompany has not raised any term loan. The Company did not raise any money by way ofinitial public offer or further public offer (including debt instruments). Accordinglythis clause of paragraph 3 (ix) of the Order is not applicable.

10. FRAUDS:

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 course of our audit.

11. MANAGERIAL REMUNERATION:

According to the information and explanations give to us the Company does not pay anymanagerial remuneration. Accordingly the provisions of Section 197 are not applicable tothe Company.

12. NIDHI COMPANY

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.

13. TRANSACTIONS WITH RELATED PARTIES

According to the information and explanations given to us and based on our examinationof the records of the Company transactions with the related parties have not been madeduring the year other than the Directors.

14. PREFERENTIAL ALLOTMENT

During the year the Company has made Preferential Allotment of 6000000 PreferenceShares of Rs. 10/- each at Par.

15. NON-CASH TRANSACTIONS

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withdirectors or persons connected with them. Accordingly paragraph 3(xv) of the Order is notapplicable.

16. SECTION 45-IA

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For KANSAL SINGLA & ASSOCIATES

Chartered Accountants

Sd/-

(CA Surinder Kumar Arora)

PARTNER

M.No.070405

FRN 003897N

Place: Chandigarh

Date: 30.05.2016