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Eastern Gases Ltd.

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Sep 06, 16:00
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Eastern Gases is not traded on BSE in the last 30 days

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Eastern Gases is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Eastern Gases Limited (''the Company) 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 ended, and a summary of significant accounting policies and other explanatory information. Management Responsibility for the Financial Statements 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. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of 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 involves performing procedures to obtain audit evidence about the amounts and 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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 audit opinion. Opinion 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, 2013; b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (''the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that: a) 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; b) 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 c) 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. d) 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; e) 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. The Annexure referred to in paragraph 1 of our report of even date to the members of Eastern Gases Limited on the accounts of the company for the year ended 31st March, 2013. On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: i. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us the fixed assets have been physically verified by the management during the year in a phased / Periodical manner which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification. (c) During the year, Company has not disposed of any substantial/major part of fixed assets, so the question of going concern being affected does not arise. ii. (a) As explained to us, the inventory has been physically verified during the year by the management. In our Opinion, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, the rocedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records. iii. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loan , secured or unsecured, to companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b),iii(c) and iii(d) of the order are not applicable to the Company. (b) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company has not taken any loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company. iv. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the Company and nature of its business, for the purchase of inventories and fixed assets, payment for expenses & for sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls. v. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to section 301 of the companies Act, need not be entered in the register required to be maintained under that section as the promoter director holds less than 2% of the paid up share capital of the other company. (b) According to the information and explanations given to us there are no transactions of purchase of goods and material in excess of Rs. 5 lakhs during the year with the parties covered under section 301 of the companies Act, 1956. vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the Provisions of Section 58A of the Companies Act, 1956 and rules there under. vii. In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business. viii. We have broadly reviewed the books of account maintained by the Company. As explained to us the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 are not prescribed by the Central Government. ix. According to the records of the Company and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income -Tax, Sales Tax, Wealth-Tax, Customs Duty, Excise Duty, Cess and other Statutory dues with the appropriate authorities during the year. According to the information nd explanations given to us, there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable. x. The Company has not incurred cash losses during current and the immediately preceding financial year. xi. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. xii. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit fund/Societies are not applicable to the Company. xiv. Based on our audit procedures and to the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records. xv. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the company has not given any guarantees for loan taken by others, from a bank or financial institution. xvi. To the best of our knowledge and belief and according to the information and explanations given to us the company has raised term loan during the year. xvii. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment by the Company and vice versa. xviii. The Company has made preferential allotment to parties and companies during the year not covered under register maintained Under Section 301 of the Companies Act, 1956, and the price at which shares have been issued is not prejudicial to the interest of the company. xix. According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures hence no question of creation of securities arises. xx. The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise. xxi. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. FOR SARKAR GURUMURTHY & ASSOCIATES Chartered Accountants (Firm Regn.No: 314062E) Parimal Sarkar Place: Kolkata (Partner) Dated: 31st May, 2013 M.No. 051550