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Oxides & Specialities Ltd.

BSE: 523389 Sector: Metals & Mining
NSE: HERDIOXIDE ISIN Code: INE597D01011
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Oxides & Specialities Ltd. (HERDIOXIDE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

OXIDES AND SPECIALITES LIMITED

We have audited the accompanying financial statements of OXIDES AND SPECIALITESLIMITED which comprise the Balance Sheet as at March 31 2016 and the Statement of Profitand Loss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Company's Board of Director is responsible for the matters stated in Section 134(5) ofThe Companies Act2013 (The Act) with respect to 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 notified underSection 133 of the Act read with Rule 7 of the Companies(Accounts)Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies ;making judgement and estimates that are reasonable andprudent ;and design and implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records 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.

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 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 anddisclosure 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 financial controls relevant to the Company's preparation of thefinancial statements that give a true and Fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. Audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation 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 Statement.

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 March31 2016 ;

(b) in the case of the Profit and Loss Account of the profit for the year ended onthat date; and

(c) 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

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section 11 section 143 of the Act hereinafter referredto as the "Order" and on the basis of such checks of the Books and records ofthe company as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure a statement on the matters specified in paragraphs 3and 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 purpose 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 Cash Flow Statement dealtwith by the Report are in agreement with the books of account.

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt by this report comply with the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representation received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of TheAct

With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to thebest of our information and according to the explanation 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 contractsfor which there were any material foreseeable losses.

iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

FOR BKG & ASSOCIATES
CHARTEREDACCOUNTANTS
Firm Reg. No.: 114852W
(CA. B.K.Gupta)
Place: Mumbai Partner
Dated: 19th May 2016 Membership No.: 040889

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of OXIDES AND SPECIALITES LIMITEDfor the year ended on 31st March 2016.

We report that:

1. In respect of its Fixed Assets

(i) As explained to us the company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets;

(ii) As explained to us the fixed assets have been physically verified by themanagement during the year and no material discrepancies were identified on suchverification.

(iii) Title deeds of the immoveable properties are held in the name of the Company.

2 . In respect of its Inventories

As informed to us and on the basis of our examination the Inventory has beenphysically verified during the year by the management at reasonable intervals and nomaterial discrepancies were noticed on such physical verification.

3. In respect of loans covered u/s 189

(a) The Company had granted unsecured advances to parties covered in the registermaintained under section 189 of The Companies Act 2013.

(b) The loans granted were re-payable on demand. As informed repayment has been madeduring the year whenever demanded.

(d) Whenever stipulated interest and principal have been received regularly. Therewere no overdue of principal and interest for more than 90 days.

(e) In respect of Loans investments guarantees and securities; whether provisions ofsection 185 and 186 of the Companies Act 2013 has been complied with if not providedetails:

As informed to us the company has not accepted any deposits

4 . Maintenance of cost records has not been specified by the Central Governmentunder sub-section (1) of Section 148 of the Companies Act 2013.

5. (a) According to the books of accounts examined by us and also based onrepresentation received from the management and information and explanation given to usthe company has generally been regular in depositing liability towards undisputedstatutory dues including Provident Fund Employees State Insurance Income tax ServiceTax Duty of Custom Duty of Excise Value Added Tax Cess and any other statutory dueswith the appropriate authorities. However the following are the taxes etc which haveremained outstanding for more than six month as on the date of the balance sheet i.e.31/03/2016. Rs. 902044/- towards provident fund; Rs. 172952/- towardssales tax; Rs. 522217/-towards professional tax; Rs. 39956/- towards MVAT;Rs. 34173/-towards Excise duty; Rs. 611631/-towards Chiplun GramPanchayat tax; Rs. 522000 towards Service Tax. The Company is under BIFR purviewand proposes to pay the statuary dues as mentioned in the draft rehabilitation scheme.

(b) According to the information and explanations given to us there are no dues ofincome tax or wealth tax or duty of customs or duty of excise or value added tax or cesswhich have not been deposited on account of dispute.

6. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that Company has not defaulted in repayment of dues tofinancial institutions / bank / Government or dues of debenture holders.

7 . The Company has not raised any money by way of initial public offering orfurther public offer (including debt instruments) and term loans during the year.

8 . To the best of our knowledge and belief and according to the information andexplanations given to us no fraud by the company or any fraud on the Company by itsofficers or employees was noticed or reported during the year.

9 . Managerial remuneration has been provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

10 . All the transactions with the related parties are in compliance with section177 and 188 of the Companies Act 2013 where applicable and details have been disclosed inthe financial statement as required by the applicable accounting standards.

11 . The Company has not made any Preferential / private placement of shares orprivate placement of fully or partly convertible debentures during the year under review.

12 . The Company has not entered into any non-cash transactions with directors andpersons concerned with the

13 . The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

FOR BKG & ASSOCIATES
CHARTEREDACCOUNTANTS
Firm Reg. No.: 114852W
(CA. B.K.Gupta)
Place: Mumbai Partner
Dated: 19th May 2016 Membership No.: 040889