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नैशनल ऑक्सीजन

बीएसई: 507813  |  NSE: NOL  |  ISIN: INE296D01010  |  Chemicals

खोजें नैशनल ऑक्सीजन कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
We have audited the accompanying standalone financial statements of
 NATIONAL OXYGEN LIMITED as at 31st March 2015, which comprise the
 Balance Sheet as at 31st March 2015 and the Statement of Profit and
 Loss, the Cash Flow Statement for the year ended on that date, and a
 summary of significant accounting policies and other explanatory
 information.
 
 2.  Management''s Responsibility for the Standalone Financial
 Statements:
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified 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 in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 3.  Auditor''s Responsibility :
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under. We conducted our
 audit in accordance with the Standards on Auditing specified under
 Section 143(10) of the Act. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement An audit involves performing procedures to
 obtain audit evidence about the amounts and the disclosures in the
 financial statements. The procedures selected depend on the auditor''s
 judgment, including the assessment of the risks of material
 misstatement of the financial statements, whether due to fraud or
 error. In making those risk assessments, the auditor considers internal
 financial control relevant to the Company''s preparation of the
 financial statements that give a true and fair view in order to design
 audit procedures that are appropriate in the circumstances, but not for
 the purpose of expressing an opinion on whether the Company has in
 place an adequate internal financial controls system over financial
 reporting and the operating effectiveness of such controls. An audit
 also includes evaluating the appropriateness of the accounting policies
 used and the reasonableness of the accounting estimates made by the
 Company''s Directors, as well as evaluating the overall presentation of
 the financial statements.  We believe that the audit evidence we have
 obtained is sufficient and appropriate to provide a basis for our
 opinion on the standalone financial statements.
 
 4.  Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Companies Act 2013, in the manner
 so required and give a true and fair view in conformity with the
 accounting principles generally st accepted in India of the state of
 affairs of the Company as at 31 March, 2015 , and its Loss and its cash
 flows for the year ended on that date.
 
 5.  Report on Other Legal and Regulatory Requirements :
 
 As required by the Companies (Auditor''s Report) Order ,2015 (''the Order
 ''),issued by the Central Government of India in terms of sub-section
 (11) of section 143 of the Companies Act, 2013 we give in the Annexure
 a statement on the matters specified in paragraphs 3 and 4 of the
 Order, to the extent applicable.
 
 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 best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 In our opinion, proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books ;
 
 The Balance Sheet, the Statement of Profit and Loss and the Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 (b) In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (c) There are no observations or comments on financial transactions or
 matters which , in our opinion, may have any adverse effect on the
 functioning of the Company
 
 (d) On the basis of the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 With respect to the other matters to 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 and
 according to the explanations given to us:
 
 i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements  Refer Note No. 33 to
 the financial statements;
 
 The Company has made provision, as required under the applicable law or
 accounting standards, for material foreseeable losses, if any, on
 long-term contracts including derivative contracts.
 
 There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company
 
 i) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of its Fixed
 Assets.
 
 b) The Fixed Assets of the Company have been physically verified by the
 management, wherever possible, at the close of the year as confirmed by
 the management. As informed to us, no material discrepancy has come to
 notice on such physical verification;
 
 ii) a) The management has conducted Physical verification of
 Inventories, wherever possible, at all its locations at reasonable
 intervals during the year
 
 b) The procedures of physical verification of stock followed by the
 Management are, in our opinion, reasonable and adequate in relation to
 the size of the Company and nature of its business ;
 
 c) The company is maintaining proper records of inventory. As far as we
 can ascertain and according to the information and the explanations
 given to us, the discrepancies noticed between the physical stocks and
 book stocks were not material and the same have been properly dealt
 with in the books of account.
 
 iii) As per the information and explanations provided to us, the
 company has not granted any loans, secured or unsecured, to companies,
 firms or other parties listed in the register maintained under section
 189 of the Companies Act 2013 and hence the requirements of sub clauses
 (a) and (b) of clause (iii) of the Order are not applicable.
 
 iv) On the basis of checks carried out during the course of audit and
 as per explanations given to us, in our opinion, there is adequate
 internal control system commensurate with the size of the Company and
 the nature of its business for the purchase of Inventory and Fixed
 Assets and for the sale of goods and services. During the course of our
 Audit, no major weakness or continuing failure to correct any major
 weakness has been noticed in the internal control system in respect of
 these areas;
 
 v) In our opinion and according to the information and explanations
 given to us, the company has not accepted any deposits to which the
 directives of the Reserve Bank of India and the provisions of Section
 73 to 76 or any other relevant provisions of the Companies Act, 2013
 and the rules framed there under apply;
 
 vi) The Company has made and maintained proper Cost records pursuant to
 the rules made by the Central Government for the maintenance of cost
 records under section 148 (1) of the Companies Act, 2013 in respect of
 the products manufactured by it, but no detailed examination of such
 records have been carried out by us.
 
 vii) a) The company has been generally regular in depositing undisputed
 statutory dues including Provident Fund, Employees'' State Insurance,
 Income-tax, Sales-tax, Wealth Tax, Service Tax, Duty of Customs, Duty
 of Excise, Value added tax, cess and other material statutory dues with
 the appropriate authorities. Further, according to the information and
 explanations given to us and the books and records examined by us,
 there was no undisputed amount outstanding as on 31st March 2015 in
 respect of the above statutory dues for a period of more than six
 months from the date they became payable;
 
 b) According to the records of the company, the dues outstanding (net
 of Advances) in respect of Income tax ,Sales Tax, Wealth Tax, Service
 Ta x , Duty of Customs, Duty of Excise, Value added st tax, or Cess on
 account of any dispute as on 31 March 2015 , are as follows :
 
 Name of the    Nature of Dues    Amount         Period to    Forum where
 Statute                          Rs in Lacs     which the    dispute
                                                 amount  
                                                 relates      pending
 
 Central        Excise duty 
                demanded on 
                the facility        1.06         Sept''2000
                                                 to           CESTAT,
 Excise 
 Act,           charges being 
                charged                          Aug''2001     Southern
 1944                                                         Bench
 
 Central        Departmental 
                appeal against 
                the                 4.91         Sept''2000
                                                 to           CESTAT,
 Excise
 Act,           partial 
                favorable 
                order passed 
                by                               Aug''2001     Southern
 1944           Commissioner 
                (Appeals) 
                for Excise                                    Bench
                duty demanded 
                on the rental 
                / facility
                charges 
                being charged
 
 Central        Departmental 
                appeal against 
                the                13.11         Aug''2002 
                                                 to           CESTAT,
 Excise 
 Act,           favorable 
                order passed 
                by                               june''2004    Southern
 1944           Commissioner 
                (Appeals) 
                for Excise                                    Bench
                duty demanded 
                on the rental 
                / facility
                charges being
                charged
 
 Central        Canvas credit 
                availed on 
                Cryogenic           5.23         Mar''2005 
                                                 to           CESTAT,
 Excise 
 Act,           Tank being 
                disputed                         Nov''2005     Southern
 1944                                                         Bench
 
 Central        Departmental 
                appeal 
                against the         5.71         2000-01      Madras High
 Excise 
 Act,           favorable 
                order passed 
                by CESTAT 
                Court
 1944           in respect 
                of 8% duty 
                demanded on
                supply to 
                ISRO under 
                Nil rate of 
                duty while 
                availing 
                Canvas Credit
 
 Central        Excise duty 
                demanded on 
                the                 0.20         Sept''2006 
                                                 to           CESTAT,
 Excise 
 Act,           Cylinder
                Repair
                charges                          Mar''2007     Southern
 1944           being charged                                 Bench
 
 Central        Excise duty
                demanded on 
                the                 1.67         May''2006 
                                                 to           CESTAT,
 Excise 
 Act,           Cylinder 
                Holding / 
                facility 
                charges                          Aug''2006     Southern
 1944           being charged                                 Bench
 
 Central        Excise duty 
                demanded on 
                the                 4.09         2002-03 
                                                 to           CESTAT,
 Excise 
 Act,           Cylinder
                Repair 
                charges 
                being                            2004-05      Southern
 1944           charged                                       Bench
 
 Central        Excise duty 
                demanded on 
                the                 0.81         Nov''2005 
                                                 to           CESTAT,
 Excise 
 Act,           Cylinder 
                Repair 
                charges 
                being                            Aug''2006     Southern
 1944           charged                                       Bench
 
 
 Service 
 Tax            Service Tax 
                demanded 
                on the Lease       11.32         2002-03 &    CESTAT,
                charge income 
                received                         2003-04      Southern
                                                              Bench
 
 Service 
 Tax            Service Tax  
                demanded on 
                the Lease           6.95         2004-05 &    CESTAT,
                charge income 
                received                         2005-06      Southern
                                                              Bench
                Customs 
                Differential 
                Customs Duty
                on Import of       88.23         1994-95      CESTAT,
 Act, 1961      Second hand 
                Plant 
                (including 
                Interest &                                    Southern
                Penalty)                                      Bench
 
 c) The amount required to be transferred to investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made there under has been so
 transferred to such fund within time.
 
 viii) The Company has accumulated losses of Rs.1302.75 Lacs and has
 incurred cash loss of Rs.676.97 Lacs in the current financial year and
 Rs.374.68 Lacs in the immediately preceding financial year;
 
 ix) Based on our audit procedures, and as per the information and
 explanations given to us by the management, though there have been
 delays in repayment of dues during the year, as at the year end the
 company has not defaulted in repayment of dues to financial
 institutions or banks or debenture holders;
 
 x) According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 xi) The existing term loans as well as the term loans raised during the
 year have been utilized for the purpose for which the Term Loan were
 raised .
 
 xii) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given to us by the management, we
 report that no fraud on or by the company has been noticed or reported
 during the course of our audit;
 
                                                     For SINGHI & CO., 
 
                                                Chartered Accountants 
 
                                                Firm Regn No. 302049E
 
 
                                                                 Sd/- 
 
                                                    (SUDESH CHORARIA) 
 
 Place: Chennai                                               Partner
 
 Date : 29th May 2015.                          Membership No. 204936
स्रोत: रेलीगरे टेचनोवा

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