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Overseas Synthetics Ltd.

BSE: 514330 Sector: Industrials
NSE: N.A. ISIN Code: INE670O01013
BSE 11:24 | 19 Jan 7.75 0
(0.00%)
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7.75

HIGH

7.75

LOW

7.75

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.75
PREVIOUS CLOSE 7.75
VOLUME 17130
52-Week high 15.25
52-Week low 7.08
P/E
Mkt Cap.(Rs cr) 6
Buy Price 7.70
Buy Qty 95.00
Sell Price 7.75
Sell Qty 330.00
OPEN 7.75
CLOSE 7.75
VOLUME 17130
52-Week high 15.25
52-Week low 7.08
P/E
Mkt Cap.(Rs cr) 6
Buy Price 7.70
Buy Qty 95.00
Sell Price 7.75
Sell Qty 330.00

Overseas Synthetics Ltd. (OVERSEASSYNTH) - Auditors Report

Company auditors report

To the Members of Overseas Synthetics Limited

Report on the Financial Statements

We have audited the accompanying Financial Statements of Overseas Synthetics Limited(the Company‘) which comprise the balance sheet as at 31st March 2017 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of 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 andpresentation of these Financial

Statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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. 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 wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe standalone 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 and its Profit and Loss 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 (?the Order )issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the 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 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 read with rule 7 of the companies(accounts) rules 2014;

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 B ; and

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 does not have any pending litigations which would impact its financialposition.

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

III. The question of delay in transferring amounts to the Investor Education andProtection Fund by the company does not arise as there are no amounts required to betransferred to the said fund.

IV. As per information and explanations given to us and based on records examined thecompany has provided requisite disclosure in its financial statements as to holdings aswell as dealings in Specified Bank Notes (SBNs) during the period from 8thNovember2016 to 30th December 2016 and such disclosures are in accordance with the books ofaccounts maintained by the company. (Refer Note-19)

For Shah Mehta & Bakshi

Chartered Accountants

(Registration No. 103824W)

(Kalpit Bhagat)

Partner

M No.: 142116

Vadodara Dated: 14th August 2017

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors‘ Report to the members of theCompany on the financial statements for the year ended 31 March 2017 we report that:

1. There are no fixed assets as on the balance sheet date except Capital Work inProgress and accordingly paragraph 3(i) of the order is not applicable.

2. The Company has not carried out any commercial activity during the year.Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) of the Orderis not applicable to the Company.

3. The company has not granted loan to parties covered in the register maintained undersection 189 of the Companies Act 2013

4. 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. The Company has not accepted any deposits from the public.

6. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of Section 148 of theCompanies Act 2013.

7. a. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there were no amount payable in respect ofundisputed statutory dues including provident fund income-tax sales tax value addedtax duty of customs service tax cess and other material statutory dues in arrears as on31st March 2017 for the period of more than six months from the date theybecome payable. b. According to the information and explanations given to us there are nomaterial dues of statutory dues including provident fund income-tax sales tax valueadded tax duty of customs service tax cess and other material statutory dues which havenot been deposited with the appropriate authorities on account of any dispute.

8. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable.

10. 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. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration in current year. Accordingly paragraph 3(xi) of the Order is notapplicable.

12. 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. 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.

14. 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.

15. 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.

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

For Shah Mehta & Bakshi

Chartered Accountants

(Registration No. 103824W)

(Kalpit Bhagat)

Partner

M No.: 142116

Vadodara Dated: 14th August 2017

Annexure - B to the Auditors' Report

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

Companies Act 2013 (gthe Acth)

We have audited the internal financial controls over financial reporting of OverseasSynthetics Limited (?the Company ) as of 31st March 2017in conjunction with ouraudit 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 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 Reporting issued by the Institute of Chartered Accountants ofIndia ( ICAI‘). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany‘s policies the safeguarding of its assets the prevention and detection offrauds and errors 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. We conducted our audit in accordancewith the Guidance Note on Audit of

Internal Financial Controls over Financial Reporting (the ?Guidance Note ) and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects. Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor‘s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the

Company‘s internal financial controls system over financial reporting.

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 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 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Shah Mehta & Bakshi

Chartered Accountants

(Registration No. 103824W)

(Kalpit Bhagat)

Partner

M No.: 142116

Vadodara Dated: 14th August 2017