(1) We have audited the attached Balance Sheet of OREGON COMMERCIAL
LIMITED as at 31st March 2012, the relative Profit and Loss Account and
the Cash Flow Statement for the year ended on that date, all of which
have been signed by us under reference to this report. These financial
statements are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
(2) We have conducted our audit in accordance with auditing and
assurance standards generally accepted in India. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on test basis, evidence
supporting the amounts and disclosures in the financial statements. An
Audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
(3) As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraphs 4 & 5 of the said order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above we report that:
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
2. In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report, are in agreement with the books of account.
4. In our opinion, the Balance Sheet, Profit & Loss Account, and Cash
Flow statement dealt with by this report comply with the Accounting
Standard referred to in sub-section (3c) of Section 211 of the
Companies Act, 1956.
5. On the basis of written representation received from the Directors
and taken on records by the Board of Directors, we report that none of
the Directors is disqualified as at 31st March 2012 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Notes thereon, give the information required by the Companies Act, 1956
in the manner so required and give a true and fair view:
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 and;
(b) In case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date.
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure referred to in Paragraph 3 of the Auditors Report of Even date
to the Member of OREGON COMMERCIAL LIMITED
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. (a) As explained to us, inventories have been physically verified
by the management at regular Intervals during the year.
(b)In our opinion, the procedures of physical verification of stocks
followed by the management are 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. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with the
books of accounts.
3. The Company has neither granted nor taken any loans during the
year, secured or unsecured, from companies, firms or other parties
listed in the register maintained under Section 301 of the Act.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of the business with regards to
purchase of inventory, fixed assets and with regards to the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. According to the information and explanations given to us, we are
of the opinion that there are no transactions that need to be entered
into the register maintained under section 301 of the companies Act
6. In our opinion, and according to the information and explanations
given to us, the company has not accepted any fixed deposits which are
covered under provisions of section 58A and section 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule
7. In our opinion and according to the information and explanations
given to us, Company does not have internal audit system commensurate
with the size and nature of its business.
8. The Central government has not prescribed any maintenance of cost
records for the Company''s product pursuant to Rules made under section
209 (1) (d) of the Companies Act, 1956.
9. According to information and explanation given to us and the
records of the company examined by us, in our opinion, the company is
regular in depositing the undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax,
Custom Duty, Excise duty, Cess and other material statutory and other
material statutory dues as applicable with appropriate authorities.
10. The Company does not have accumulated loses. The company has
incurred cash loss Rs. 311033/- in current financial year, The Company
has also incurred cash loss in the previous financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the company has not taken any
Term Loan from the financial institutions or Banks. Since the company
has not issued any debentures till date, therefore the question of
default does not arise.
12 In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
13. The provisions of any special statue applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
14. In our opinion, the company is dealing or trading in shares,
Securities, debentures and proper records of the transactions have been
maintained by the company. The Investments held for deriving the
dividend income are in the name of the company
15. 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.
16. According to the information and explanations given to us, the
Company has not raised any new term loan during the year.
17. On the basis of an overall examination of the balance sheet of the
Company and according to the information and explanations given to us,
in our opinion, funds raised on a short-term basis have not been used
for long-term investment and vice versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. The Company has not issued any debenture till date. Therefore,
creation of reserves in respect of debentures does not arise.
20. The Company has not raised any money by public issues during the
21. During the course of our examination of the Books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For, Y. D. & Co
CA RAKESH PURI
M. No.: 092728