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Ozone World Ltd.

BSE: 539291 Sector: Others
NSE: N.A. ISIN Code: INE583K01016
BSE LIVE 15:25 | 23 Nov 30.00 0
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NSE 05:30 | 01 Jan Stock Is Not Traded.
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VOLUME 1000
52-Week high 71.25
52-Week low 28.80
P/E 28.30
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.00
CLOSE 30.00
VOLUME 1000
52-Week high 71.25
52-Week low 28.80
P/E 28.30
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ozone World Ltd. (OZONEWORLD) - Auditors Report

Company auditors report

 

 

To

The Members of

Ozone World Ltd.

1. Report on the Financial Statements

We have audited the accompanying financial statements of Ozone World Limited whichcomprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss and CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.

2. Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in thesection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these 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 anddisclosures 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 control relevant to the Company’s preparation of thefinancial statements that give true and fair view in order to design audit procedure thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors as well as evaluating the overallpresentations 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.

4. 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; of the state of the affairs of the company as at31st March 2016 and its profits and cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section (11) of section143 of the Companies Act2013 we give in the "Annexure-A" a statement on thematters specified in the paragraphs 3 and 4 of the Order to the extent applicable.

ii. 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 properbooks of account as required by law have been kept by the Company so far as appears fromour examination of those books c. The Balance Sheet Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the books of account.d. In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under section 133 of the Act read with the Rule 7 of the Companies (Accounts)Rules 2014. e. On the basis of written representations received from the directors as onMarch 31 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure B"; and g. With respect to the other mattersto be included in the Auditor’s Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccordance to the explanation given to us: i. The company does not have any pendinglitigations which would impact its financial position; ii. The company did not have anylong term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Place: Ahmedabad Partner
Date: 30th May 2016 Membership No.: 157873

Annexure-A to Independent Auditors’ Report

Referred to in Paragraph 5(i) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.

1. In respect of Fixed Assets: a. The Company has maintained proper recordsshowing full particulars including quantitative details and situation of its Fixed Assets.b. All the Fixed Assets of the Company have been physically verified by the management atreasonable period during the year and no material discrepancies have been noticed on suchverification. c. There is no immovable properties in the name of the Company and as suchparagraph 3(i)(c) of the Order is not applicable. .

2. In respect of Inventories:

As explained to us Inventory has been physically verified at reasonable intervals bythe management and no material discrepancies were noticed on such verification.

3. The Company has granted loans secured or unsecured to one party covered in theRegister maintained under Section 189 of the Companies Act 2013.

(a) The terms and conditions of such loans are not prejudicial to the Company’sinterest. (b) The repayment schedule is "On Demand" and repayment whereverapplicable are regular.

4. In respect of loan the provision of section 185 and 186 have been complied with.There are no loans to directors; there are no investments guarantees and securitiesrequiring compliance u/s 186 of the Companies Act 2013.

5. During the year the company has not accepted any deposits from public.

6. Company is not required to maintain cost records pursuant to section 148 (1) of theCompanies Act 2013.

7. In respect of Statutory Dues: a. According to the information andexplanations given to us and the records examined by us the Company is generally regularin depositing undisputed statutory dues including Income Tax Cess and any other statutorydues with the appropriate authorities. According to the information and explanations givento us there are no undisputed dues payable in respect of above as at 31st March 2016for a period of more than six months from the date on which they became payable. b.According to the information and explanations given to us and on the basis of ourexamination of books of account and record No disputed dues were outstanding as on31/03/2016.

8. The Company has not availed loans or borrowed funds from financial Institutionsbanks governments or debenture holders hence paragraph 3(viii) of the Order is notapplicable to the Company.

9. In our opinion and on the basis of information and explanations given to us theterm loans were applied for the purpose for which the loans were obtained.

10. To the best of our knowledge and according to the information and explanationsgiven to us no material fraud on or by the Company has been noticed or reported duringthe year.

11. The Company has not paid or provided managerial remuneration under section 197 ofthe Companies Act 2013 and hence the provision of paragraph 3(xi) of the Order is notapplicable to the Company. .

12. The company is not a Nidhi company. As such The Nidhi rules 2014 are notapplicable.

13. All transactions with the related parties are in compliance with the sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements as required by applicable accounting standards.

14. The company has not made any preferential allotment or Private placement of sharesof fully or partly convertible debentures during the year under review.

15. The company has not entered into any non cash transactions with directors orpersons connected with it. 16. Company is not required to be registered u/s. 45-IA of theReserve Bank of India Act 1934.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Place: Ahmedabad Partner
Date: 30th May 2016 Membership No.: 157873

Annexure-B to Independent 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 internalfinancial controls over financial reporting of Ozone World Limited ("theCompany") as of 31 March 2016 in conjunction with our audit of the financialstatements 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 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.

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 controlssystem 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 31 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 S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Place: Ahmedabad Partner
Date: 30th May 2016 Membership No.: 157873