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Oscar Global
BSE: 530173|ISIN: INE473F01010|SECTOR: Leather Products
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Mar 12
Auditor's Report (Oscar Global) Year End : Mar '13
We have audited the accompanying financial statements of OSCAR GLOBAL
 LIMITED, which comprise the Balance Sheet as at March 31,2013, and the
 Statement of Profit and Loss and Cash Flow Statement for the year then
 nded, and a summary of significant accounting policies and other
 explanatory information.
 
 Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control 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.
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with auditing 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 a 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.
 
 1.  Further to our comments in the Annexure referred to above, we
 report that:
 
 a.  In our opinion and to the best of our information and according to
 the explanations given to us, the financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India:
 
 b.  In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013
 
 c.  in the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 d.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 2.  A.  As required by the Companies (Auditors'' Report) Order, 2003
 issued by the Central Government of India in terms of sub-section
 
 (4A) of section 227 of the Companies Act, 1956, we enclose in the
 annexure a statement on the matters specified in paragraphs 4 & 5 of
 the said order.
 
 B.  As required by section 227(3) of the Act, we report that:
 
 i. we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 ii. in our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books and company does not have any other branch where separate
 accounting record is maintained.
 
 iii. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account and company does not have any other branch where separate
 accounting record is maintained.
 
 iv. in our opinion, the Balance Sheet, Statement of Profit and Loss,
 and Cash Flow Statement comply with the Accounting Standards referred
 to in subsection (3C) of section 211 of the Companies Act, 1956;
 
 v. on the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 vi. Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 ANNEXURE TO AUDITORS'' REPORT
 
 Reference to paragraph 2 of our report of even dale on the account of
 OSCAR GLOBAL LIMITED for the year ended on 31 st March 2013.
 
 1.  FIXED ASSETS
 
 (a) The Company has maintained proper record showing full particulars
 including quantitative details and situation of fixed assets;
 
 (b) All the fixed assets have been physically verified by the
 management at reasonable intervals and no material discrepancies were
 iioticed on such verification;
 
 (c) No part of fixed assets has been disposed off during the year.
 
 2.  INVENTORY
 
 (a) The physical verification of inventory has been conducted at
 reasonable intervals by the Management;
 
 (b) The procedures of physical verification of inventory followed by
 the management were reasonable and adequate in relation to the size of
 the company and the nature of its business;
 
 (c) The company has maintained proper records of inventory and no
 material discrepancies were noticed on physical verification;
 
 3.  The Company has not taken any loans, secured or unsecured from
 companies, firms or other parties listed in the register maintained
 under section 301 of the Companies Act, 1956. The Company has also not
 taken any loan from a company under the same management as defined
 under section (IB) of Section 370 of the Companies Act, 1956.
 
 4.  The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties listed in the register maintained
 under Sec.301 of the companies act, 1956.
 
 5.  In our opinion and according to the information and explanation
 given to us there are adequate internal control procedures commensurate
 with the size of the Company and the nature of the business with regard
 to purchases of inventory, fixed assets and for the sales of goods.
 There are no continuing failure to correct major weaknesses in internal
 control;
 
 6.  According to the information and explanation given to us, there
 were no transactions of sale of goods, materials and services, made
 with the parties in pursuance of contracts or arrangements entered in
 register maintained under section 301 of the Companies Act, 1956.
 Hence no comments required.
 
 7.  The Company has not accepted any deposits from the public to which
 the provision of Sec. 58A of the Companies Act, 1956 apply.
 
 8.  The company has reasonable Internal Audit System commensurate with
 its size and nature of its business.
 
 9.  The Central Govt, has not prescribed maintenance of Cost Records
 under Sec. 209(1 )(d) of Companies Act, 1956.
 
 10.  (a) None of the undisputed amounts payable in respect of Income
 Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty including
 
 Provident Fund and Employee''s State Insurance were outstanding as at
 the last day of the financial year concerned for a period of more than
 six months.
 
 (b) There has been no disputed amount to be deposited in respect of
 Sales Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess
 etc;
 
 11.  There has been accumulated losses at the end of financial year
 amounting to Rs. 550.61 (prev. year 571.52 Lacs);
 
 12.  The company has not defaulted in repayment of dues to a financial
 institution or bank;
 
 13.  The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities;
 
 14.  The provisions of any special statute applicable to chit fund does
 not apply to the company;
 
 15.  The company is not dealing or trading in shares, securities,
 debentures and other investments;
 
 16.  The company has not given any guarantee for loans taken by others
 from banks or financial institutions;
 
 17.  The company has not raised any term loan during the financial
 year;
 
 18.  The company has not used funds raised on short term basis for long
 term investment and vice versa;
 
 19.  The company has not made any preferential allotment of shares
 during the financial year;
 
 20.  The company has never raised any money through Debenture issue;
 
 21.  The company has not raised any money through public issue during
 the year under review;
 
 22.  The company has not reported or noticed any fraud on or by the
 company during the financial year.
 
                                      For SUSHILVIPAN & CO.
 
                                      CHARTERED ACCOUNTANTS
 
                                     (VIPANAGGARWAL)
 
 PLACE : Delhi                        PROPRIETOR
 
 DATED : 31st May, 2013               M.No. 084726
 
                                      F.R. NO.006127N
Source : Dion Global Solutions Limited
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