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Oscar Global
BSE: 530173|ISIN: INE473F01010|SECTOR: Leather Products
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« Mar 13
Auditor's Report (Oscar Global) Year End : Mar '14
I have audited the accompanying financial statements of OSCAR GLOBAL
 LIMITED, which comprise the Balance Sheet as at March 31, 2014, and the
 Statement of Profit and Loss and Cash Flow Statement for the year then
 ended, and a summary of significant accounting policies and other
 explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s 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 notified under the Companies
 Act, 1956 (the Act) (which continue to be applicable in respect of
 Section 133 of the Companies Act, 2013 in terms of General Circular
 15/2013 dated 13th September, 2013 of the Ministry of Corporate
 Affairs) and in accordance with the accounting principles generally
 accepted in India. 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.
 
 Auditor''s Responsibility
 
 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 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 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.
 
 Opinion
 
 1. Further to our comments in the Annexure referred to above, we report
 that:
 
 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:
 
 a.  In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2014;
 
 b.  In the case of the Statement of Profit and Loss Account, of the
 profit of the Company for the year ended on that date; and
 
 c.  In the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1 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, we enclose in the annexure a statement on the
 matters specified in paragraphs 4 and 5 of the said order.
 
 2 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, the Statement of Profit and
 Loss, and Cash Flow Statement comply with the Accounting Standards
 notified under the Companies Act, 1956 (the Act) (which continue to
 be applicable in respect of Section 133 of the Companies Act, 2013 in
 terms of General Circular 15/2013 dated 13th September, 2013 of the
 Ministry of Corporate Affairs);
 
 v.  On the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014, 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
 
 Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date of OSCAR GLOBAL
 LIMITED for the year ended on 31st March 2014.
 
 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 according to the information and
 explanations given to us, no material discrepancies were noticed 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 neither granted nor taken any loans, secured or
 unsecured, to/ from companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956
 accordingly paragraph 4 (iii) of the order, is not applicable;
 
 4 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;
 
 5 According to the information and explanation given to us, there were
 no transactions of sale/ purchase 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;
 
 6 According to the information and explanation given to us, the Company
 has not accepted any deposits from the public to which the provision of
 Section 58A of the Companies Act, 1956 apply;
 
 7 In our opinion, the company has an adequate internal audit system
 commensurate with its size and nature of its business;
 
 8 The Central Govt. has not prescribed maintenance of Cost Records
 under Sec. 209(1 )(d) of Companies Act, 1956;
 
 9 (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;
 
 10 There has been accumulated losses at the end of financial year
 amounting to Rs. 434.84 Lacs (prev. year 550.61 Lacs);
 
 11 In our opinion and according to the information and explanations
 given to us, the Company has not defaulated in the repayment of dues to
 banks and financial institutions;
 
 12 The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities,
 accordingly paragraph 4(xii) of the Order is not applicable;
 
 13 The Company is not a chit fund/ nidhi/ mutual benefit fund/ society
 to which the provisions of special statute relating to chit fund are
 applicable, accordingly paragraph 4(xiii) of the Order is not
 applicable;
 
 14 As the Company is not dealing or trading in shares, securities,
 debentures and other investments, I paragraph 4(xiv) of the Order is
 not applicable;
 
 15 According to the information and explanations given to us, the
 Company has not given any guarantee during the year for loans taken by
 others from banks or financial institutions;
 
 16 The company has not raised any term loan during the financial year;
 
 17 In our opinion and according to the information and explanations
 given to us, and on an overall examination of the Balance Sheet, we
 report that funds raised on short-term basis have not been used during
 the year for long-term investment and vice versa;
 
 18 The company has not made any preferential allotment of shares during
 the year;
 
 19 The company has not issued any debentures during the year;
 
 20 The company has not raised any money by way of public issue during
 the year;
 
 21 To the best of our knowledge and according to the information and
 explanations given to us, no fraud by the Company and no material fraud
 on the Company has been noticed or reported during the year.
 
                                                  For SUSHIL VIPAN & CO.
                                                   CHARTERED ACCOUNTANTS
 
                                                         VIPAN AGGARWAL)
                                                              PROPRIETOR
 Place : Delhi                                              M.No. 084726
 Dated: 07th May, 2014                                     FRN : 006127N
Source : Dion Global Solutions Limited
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