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SVOGL Oil Gas & Energy Ltd.

BSE: 522175 Sector: Oil & Gas
NSE: SVOGL ISIN Code: INE756B01017
BSE 00:00 | 04 Mar SVOGL Oil Gas & Energy Ltd
NSE 05:30 | 01 Jan SVOGL Oil Gas & Energy Ltd
OPEN 9.60
52-Week high 9.61
52-Week low 0.00
Mkt Cap.(Rs cr) 408
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.42
Sell Qty 1250.00
OPEN 9.60
CLOSE 9.42
52-Week high 9.61
52-Week low 0.00
Mkt Cap.(Rs cr) 408
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.42
Sell Qty 1250.00

SVOGL Oil Gas & Energy Ltd. (SVOGL) - Auditors Report

Company auditors report

To the Members of Shiv-vani Oil & Gas Exploration Services Limited.

Report on the Financial Statements

We have audited the accompanying financial statements of Shiv-vani Oil & GasExploration Services Limited (the "Company") which comprise the Balance Sheetas at 31st March2015 and the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of significant accounting policies and informationwhich we have signed under reference to this report.

Management’s Responsibility for the standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013(" the Act") with respect to the preparation ofthese standalone financial the financial position financial performance and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standard Specified under Section 133 of the Act read with Rule 7of the Companies(Accounts) Rules2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularitiesthe selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent ; and the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provision of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereudner.

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 anddisclosures in the financial statements. The procedures selected depend on theauditors’ judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditors consider internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byManagement as well as evaluating the overall presentation 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 standalones financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the

Company as at 31st March 2015 and its loss and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies(Auditor’s Report) Order2015 ("theorder") issued by the Central Government of India in term of Sub-Section(11) ofSection 143 of the Act(hereinafter referred to as the "Order") and on the basisof such checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us we give in the Annexure astatement on the matters specified in the paragraphs 3 and 4 of the Order.

2. 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 proper books of accounts 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 Cash Flow Statement dealt with bythis Report are in agreement with books of account:

(d) In our opinion the aforesaid standalone financial statement comply with theAccounting Standards under Section 133 of the Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on 31stMarch 2015 and taken on records by the Board of Directors none of the directors aredisqualified as a director in terms of clause

(g) of sub-section(2) of section 164 of the Act.

(f) With respect to the other matters to be include in the Auditor Report in accordancewith Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in our opinion and tothe best of our information and according to the explanations given to us.

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial Refer Note 31-5(a) to 5(f) to the financial statements.

(ii) There has been no delay in transferring amount required to be transferred to theInvestors Education and Protection Fund to the extent legally allowed to be transferred

Annexure to the Auditor’s Report of Shiv-Vani Oil & Gas Exploration ServicesLtd

The Annexure referred to in our report to the Members of Shiv-vani Oil & GasExploration Services Ltd for the year ended on 31st March2015. We report that

1. (i) The Company has maintained proper records of fixed assets showing fullparticulars including quantitative details and the situation of its fixed assets .

(ii) A major portion of fixed assets has been physically verified by the managementduring the year. In our the frequency of verification of the fixed assets by themanagement is reasonable having regards to the size of the Company and the nature of itsassets. The discrepancies noticed have been properly dealt with in the books ofaccounts.

2. (i) The management has conducted physical verification of inventory at reasonableintervals.

(ii) In our opinion and according to the information and explanations given to us theprocedure for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(iii) In our opinion Company has maintained proper records of inventory and no materialdiscrepancies were noticed on physical verification.

3. In respect of the loans secured or unsecured granted or taken by the Companyto/from Companies firm or other parties in the register maintained under section 189 ofthe Companies Act 2013.

(i) The Company has given interest free loan to Corporate/ to its subsidiaries. Inrespect of the said loans the maximum amount outstanding at any time during the year isRs.3689918331/-(ii) In our opinion and according to the information and explanationsgiven to us the terms and conditions of interest free loans are not prima facieprejudicial to interest of the Company.

(iii) The said interest free loan given to a wholly owned subsidiary of the Company arerepayable on demand and there is no repayment schedule.

(iv) In respect of the loan given by the Company to the corporate the same isrepayable on demand the questions of overdue amount does not arise.

4. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for sale ofgoods and services . During the course of our audit no continuing major weakness has beennoticed in the internal control systems;

5. The Company has not accepted any deposits from the public.

6. In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under section 148 (1) ofthe Companies Act 2013 in respect of the Company’s products.

7. (a) As per the records of the Company and information and explanations provided tous the Company is not regular in depositing the undisputed statutory dues includingProvident Fund Investor Educaton and Protection fund Employees State Insurance IncomeTax Sales Tax Wealth Tax WCT. Tax deduct at sources Customs Duty Excise Duty Cessand other Statutory dues with appropriate authorities. According to the information andexplanations given to us no un disputed amounts payable in respect of the aforesaid dueswere outstanding as at March 312015 for a period of more than six months from the date ofbecoming payable except Tax Deducted at source dues aggregating toRs.46507048/-(Previous year Rs.64590336/-) VAT dues aggregating toRs.42302658/-(Previous year 45062958/-) Work Contract Tax dues aggregating toRs.11727696/- (Previous Year Rs.10670375/-) professional Tax dues aggregating toRs.2481030/-( Previous Year Rs.1625791/-) Dividend Distribution Tax dues aggregatingRs.7520832/-(Previous Year Rs.7520832/-) Provident Fund dues aggregating Rs.Nil(Previous Year Rs.6710598/) and Services Tax dues aggregating toRs.835695272/-(Previous year Rs.1420782067/-) were payable at the year end.

(b) Following are the details of disputed statutory dues that have not paid to theconcerned authorities

Nature of Statute Pending Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Service Tax Demand 479531062 Upto 2007-2008 Service Tax Appellate Tribunal
Service Tax Demand 317919573 2010-2013 Service Tax Commissioner
Central Excise Penal Proceeding 1250000 2007-2008 High Court
Income Tax Act Income Tax 338567479 2005-06 to 2008-09 ITAT New Delhi

(c) According to the information and explanation given to us no amount is required tobe transferred to Investor Education and Protection Fund in accordance with the relevantprovisions of the Act.

8. The Company have accumulated losses of Rs.1350870182/ at the end of the Financialyear .Resulting in the fully erosion of Net-worth of the Company and it has incurred cashloss during the financialyear amounting Rs.3069853734/-.

9. As per books and records maintained by the Company and according to the informationand explanation given to us the Company has defaulted in repayment of loans and interestdues to financial institutions or Bank amounting to Rs.360.58 crores which is reflectedunder note-4 "Long term borrowing" - "Secured" - "fromBanks" and under note no 10-‘Other Current Liabilities’ - ‘Currentmaturities of long term Debts’ - in the financial statement.

10. According to the information and explanations given to us the Company has notgiven security / guarantee for any loan taken by others from banks & financialinstitutions.

11. The Company has not raised any term loans during the year.

12. In our opinion and according to the information and explanations given to us by themanagement which have been relied upon by us no fraud on or by the Company has beennoticed or reported during the year.

For Vijay Prakash Gupta & Associates
Chartered Accountants
Firm Reg. No:005570N
Vikas Varshney
New Delhi Partner
June 6 2015 Membership No:510929