To the Members of Overseas Synthetics Limited
1. 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 March 31st 2018 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
2. Management's Responsibility for the Financial Statements
The Board of Directors of the Company are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 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 judgements and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are 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.
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 inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards required that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatements of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's ' Reparation of the financial statements that give a true and fair view inorder to design audit
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
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 2018 its Profit and its 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 ("the Order")issued by the Central Government of India in terms of the section 143(11) of the Act wegive in "Annexure A" a statement on the matters specified in the paragraphs 3and 4 of the said Order to the extent applicable.
ii. 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 applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
. e. On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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 in our opinionand according to the information and explanations provided to us as per latest auditedfinancial statements the company neither has turnover exceeding Rs. 50 crores nor ithas borrowings from bank \ or financial institutions or body corporate at any point oftime exceeding Rs. 25 Crores and \ A hence this clause is not applicable.
g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
i. There are no pending litigations which may affect the financial position of thecompany or which require the financial statements to be restated.
ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. As per information and explanation given to us and based on records examinedthere are no amounts that are required to be transferred to the Investor Education andProtection Fund by the company.
iv. Based on audit procedures and relying on the management representation we reportthat the disclosures as envisaged in Notification G.S.R. 308(E) dated 30th March 2017 arein accordance with books of account maintained by the company as produced to us by themanagement. (Refer Note No-32)
For Shah Mehta & Bakshi Chartered Accountants
Registration No. 103824W
Kalpit Bhagat V
Membership No. 142116 Place: Vadodara Date: 05th May 2018
Annexure - A to the Independent Auditors' Report
(Referred to in paragraph 'i' under 'Report on other Legal and Regulatory Requirements'section of our report of even date)
The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31 March 2018 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 our. examination 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 2018 for the period of more than six months from the date they become payable.
b. According to the information and explanations given to us there are no materialdues of statutory dues including provident fund income-tax sales tax value added taxduty of customs service tax cess and other material statutory dues which have not beendeposited with the appropriate authorities on account of any dispute.
8. The Company does not have any loans or borrowings from any financial institution
banks government or debenture holders during the year. Accordingly paragraph 3(viii)of the Order is not applicable. 1
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
Firm Registratiory No. 103824
Membership No. 142116
Date: 05th May 2018