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Futuristic Offshore Services and Chemical Ltd.

BSE: 500154 Sector: Industrials
NSE: GANESHANHY ISIN Code: INE418A01016
BSE 05:30 | 01 Jan Futuristic Offshore Services and Chemical Ltd
NSE 05:30 | 01 Jan Futuristic Offshore Services and Chemical Ltd

Futuristic Offshore Services and Chemical Ltd. (GANESHANHY) - Auditors Report

Company auditors report

To

The Members of

Futuristic Offshore Services and Chemical Limited

Report on the Financial statements

We have audited the accompanying financial statements

FUTURISTIC OFFSHORE SERVICES AND CHEMICAL LIMITED (‘the Company') which comprisethe balance sheet as at 31st March

2017 the statement of profit the year then ended and a summaryofsignificantaccountingpolicies 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 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 records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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 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 are free from material misstatements.

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 financial control 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 anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the 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.

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2015 (‘the Order') issuedby the Central Government of India in terms of subsection (11) of Section 143 of the Actwe give in the "Annexure A" : a statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable: and loss and the cash flowstatement for

As required by Section 143 (3) of the Act we report that : a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) The Balance Sheet Statement of Profit and Loss and CashFlow

Statement dealt with by this Report are in agreement with the books of account; d) Inour opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014; e) On the basis of the written representations received from the Directors as on31st March 2017 taken on record by the Board of

Directors none of the Directors is disqualified as on 31st March

2017 from being appointed as a Director in terms of Section 164 (2) of the Act. f)With respect to the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refers to our separatereport in "Annexure B" : and g) With respect to the other matters to be includedin 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 and according to theexplanations given to us : i. the Company has disclosed the impact of pending litigationson its financial position in its financial statements. ii. the Company has made provisionas required under the applicable law or accounting standards for material foreseeablelosses if any on long-term contracts including statements derivative contracts; iii. theCompany has provided requisite disclosures in the financial statements as regards itsholding and dealings in Specified Bank Notes as defined in the Notification S.O.

3407(E) dated the 8th November 2016 of the Ministry of Finance during the period from8th November 2016 to 30th December 2016; and such disclosures are in accordance with thebooks of accounts maintained by the Company.

For P. V. Dalal & Co.
Chartered Accountants
Firm Registration No.: 102049W
Paresh Dalal
Place: Mumbai Proprietor
. Date: May 30 2017 Membership No.: 033355

ANNExURE A TO INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report (point no 1) to themembers of the Company on the financial statements for the year ended 31st March 2017 wereport that: (i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of assets fixed (b) Fixed Assets have beenphysically verified by the management during the year and no material discrepancies wereidentified on such verification

(ii) As per the information and explanations given to us during the year under reviewthe company has not carried out any operations hence question of physical verification ofinventories does not arise.

(iii) (a) The Company has taken loans / advances from parties covered in the registermaintained under section 189 of the Companies Act 2013.

(b) There is no overdue amount of principal loans/advances and interest granted toCompanies firms or other parties listed in the register maintained under Section 189 ofthe Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the company andthe nature of its business for the purchases of inventory fixed assets and sales of goodsand service. During the course of our audit we have not observed any continuing failureto correct major weakness in the internal control system.

(v) The Company has not accepted any deposits from the public. (vi) According to theinformation and explanations given to us the Companies (Cost Records and Audit) Rules2014 prescribed by the Central Government under Section 148 (1) of the Companies Act2013 are not applicable to the Company. (vii) (a) In our opinion and according toinformation and explanations given to us the Company is not regular in depositingundisputed statutory dues including Provident Fund Income-tax Sales-tax and any otherstatutory dues with the appropriate authorities.

(b) According to the records of the Company the dues outstanding of income-taxsales-tax wealth-tax service tax customs duty excise duty and cess on account of anydispute.

Name of the statute Nature of the dues Amount (Rs in lacs) Period to which the amount relates Due Date Date of Payment
Professional Tax/MLWF PT 2.96 1998- 2004 Various dates Not paid
Employees Provident Fund Act PF 2.29 2004- 2009 Various dates Not paid
Income Tax Act 1961 Income Tax 173.36 1999- 2002 Various dates Not paid
BST / CST / Sales Tax Sales Tax 1188.70 1992- 2005 Various dates Not paid

(c) The Company has incurred Cash Loss during the year under review and in thepreceding financial years also.

(viii) In our opinion and according to the information and explanations given to usthe Company has not obtained any secured loans from the banks and financial institutions;hence the question of default thereof does not arise.

(ix) According to the information and explanations given to us the Company has givenguarantee to one of its associate company Stolt Rail Logistic Systems Limited (FormerlyKnown as Infrastructure Logistics Systems Ltd. ) for loan taken by Stolt Rail Logisticssystems Limited from bank (x) In our opinion and according to the information andexplanations given to us the Company has not obtained any term loan during the year andhence the question of commenting on the application thereof does not arise.

(xi) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit (xii) In ouropinion and according to the information and explanations given to us the Company is nota Nidhi Company. Therefore the provisions of clause 3(xii) of Companies (Auditor'sReport) Order 2016 are not applicable to the Company.

(xiii) According to the information and explanations given 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. Therefore the provisions of clause 3(xiv) of Companies (Auditor's Report)Order 2016 are not applicable to the Company.

(xiv) 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. Therefore the provisions ofclause 3(xv) of Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

(xv) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For P. V. Dalal & Co.

Chartered Accountants

Firm Registration No.: 102049W

Paresh Dalal

Proprietor

Membership No.: 033355

Place: Mumbai

Date: May 30 2017

ANNEXURE-B TO INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of SubSection 3 of Section143 of the Companies Act 2013 (‘the Act')

We have audited internal financial controls over financial reporting of FuturisticOffshore Services and Chemical Limited ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year thenended on that date.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial

Company considering the essential components of internal control stated in GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India (ICAI). These responsibilities includesdesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of businessincluding adherence to Company's policies the safeguarding of the assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditor's Responsibility

Our responsibility is to express an opinion on Company's internal financial controlsover financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (‘the Guidance Note') and the Standardson Auditing deemed to be prescribed under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both applicable to an audit ofinternal financial controls and both issued by the

ICAI. Those Standards and Guidance note require that we comply with ethicalrequirements and plan and perform 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 auditinvolves performing procedure to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal controls based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide a reasonable assurance regarding the reliability of financial reporting andpreparation of financial statements for external purpose 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company; criteriaestablished by the

2. Provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statements in accordance with the generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorisations of management and directors of the Company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial 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 control 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 aspects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For P. V. Dalal & Co.

Chartered Accountants

Firm Registration No.: 102049W

Paresh Dalal

Proprietor

Membership No.: 033355

Place: Mumbai

Date: May 30 2017