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Ozone World Ltd.

BSE: 539291 Sector: Others
NSE: N.A. ISIN Code: INE583K01016
BSE 00:00 | 06 Aug 61.50 0
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NSE 05:30 | 01 Jan Ozone World Ltd
OPEN 61.50
PREVIOUS CLOSE 61.50
VOLUME 500
52-Week high 69.00
52-Week low 25.50
P/E 118.27
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 61.50
CLOSE 61.50
VOLUME 500
52-Week high 69.00
52-Week low 25.50
P/E 118.27
Mkt Cap.(Rs cr) 23
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 Limited

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 2017 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 the section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 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.

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 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 control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedure that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentations of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone 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 2017 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 ("the Order")issued by the Central Government of India in terms of section (11) of section 143 of theCompanies Act2015 we give in the "Annexure-A" a statement on the mattersspecified 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 allthe information and explanations which to the best of our knowledge and belief werenecessary 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 appears from our examination of those books

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 the Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164(2) of theAct.

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 accordance 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 contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodstarting from 8th Novem-ber 2016 to 30th December 2016 and these are in accordance withthe books of accounts maintained by the company. Refer note 22 to the standalone financialstatements.

Date : 30th May 2017 For S. D. Mehta & Co.
Place : Ahmedabad Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Partner
M.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 records showing full particulars includingquantitative details and situation of its Fixed Assets.

b. The fixed assets are physically verified by the management at regular intervals andin our opinion is reasonable having regard to the size of Company and the nature of itsassets. Pursuant to the verification a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies have been noticedon such verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. In respect of Inventories:

a. As explained to us Inventory has been physically verified at reasonable intervalsby the 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 wherever applicableare 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 and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingIncome Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us there are no undisputed dues payable inrespect of above as at 31st March 2017 for a period of more than six months from the dateon which they became payable. b. According to the information and explanations given to usand on the basis of our examination of books of account and record No disputed dues wereoutstanding as on 31/03/2017.

8. The Company has not availed any term loan the question of purpose and applicationdoes not arise.

9. whether moneys raised by way of initial public offer or further public offer(including debt instruments) and term loans were applied for the purposes for which thoseare raised. If not the details together with delays or default and subsequentrectification if any as may be applicable be reported.

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.

Date : 30th May 2017 For S. D. Mehta & Co.
Place : Ahmedabad Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Partner
M.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 internal financial controls over financial reporting of Ozone WorldLimited ("the Company") as of 31 March 2017 in conjunction with our audit of thefinancial 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 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 safeguarding ofits 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 controls systemover 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 2017 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.

Date : 30th May 2017 For S. D. Mehta & Co.
Place : Ahmedabad Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Partner
M.No.: 157873