you are here:

One Global Service Provider Ltd.

BSE: 514330 | NSE: | Series: NA | ISIN: INE670O01013 | SECTOR: Textiles - General

BSE Live

Oct 22, 16:00
23.50 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
975
10-Day
1,390
30-Day
2,376
57
  • Prev. Close

    23.50

  • Open Price

    22.40

  • Bid Price (Qty.)

    22.40 (18)

  • Offer Price (Qty.)

    23.50 (90)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

One Global Service Provider is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2008 2007 2006

Auditor's Report

We have audited the attached Balance Sheet of OVERSEAS SYNTHETICS LIMITED, SURAT as at 31st MARCH, 2006, Profit and Loss Account and the Cash flow statement of the Company for the year ended on that date annexed hereto. These financial statements are the responsibility of the Companys management. 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 disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003, issued by the Department of Company Affairs in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto Annexure `A on the matters specified in paragraph 4 and 5 of the said order. 2. Further to our remark in 1 above, we report as under: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for (he 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 such books; (iii) The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of accounts; (iv) In our opinion, the Profit and Loss account and Balance sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, except as stated in Annexure B. (v) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in accordance with accounting principles generally accepted in India except as stated in Annexure B. I. In the case of the Balance Sheet of the Company of the state of affairs of the Company as at 31st MARCH 2006. II. In the case of the Profit and Loss account of the toss of the company for the year ended on that date. III. In the case of the Cash Flow statement, of the cash flows for the year ended on that date. (vi) On the basis of written representation received from the company as at 31st March, 2006 and taken on record by the Board of Directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 For Natvarlal Vepari & Co., Chartered Accountants, Surat, Date: 2 SEP 2006 Partner. RAVINDRA VEPARI M. No.6728 ANNEXURE `A TO AUDITORS REPORT YEAR ENDED: 31-3-2006. (1) (a) The Company has maintained records showing particulars including quantitative details and situation of fixed assets. However, the records have not been updated. (b) As informed to us, the assets have not been physically verified by the management during the period covered by the audit report. (c) During the year the company has disposed of a major part of plant and machinery. Based on the information and explanation given by the management we are of the opinion that the sale of the said part of plant and machinery has not affected the going concern (2) (a) As informed, inventories have been physically verified by the management during the year at reasonable intervals. (b) As informed and explained to us. the procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business; (c) According to the information and explanations given to us and on the basis of audit checks carried out by us, the Company has maintained proper records of inventories. There were no material discrepancies noticed on physical verification of inventories as compared to book records. (3) (a) The Company has not granted any loans, secured or unsecured, to companies, firms, or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly parargraphs (iii) (a), (b), (c) and (d) of the Order are not applicable. (b) The Company has taken unsecured loans from 6 parties covered in the Register, maintained u/s 301 of the Companies Act, 1956 in respect of transactions in earlier years. Maximum outstanding balance during the year was Rs 41.25 lacs. The year end balance of loans taken from such parties was Rs 41.25 lacs. (c) In our opinion, the terms and conditions including rate of interest on which loans have been taken from the parties listed in the register maintained under section 301 are not prima facie prejudicial to the interest of the company. (d) In the absence of stipulations regarding repayment of principal, we are unable to determine whether the Company is regular in its repayment obligations. (e) On account of our observations in Clause (3) (c) above, we are unable to state whether there is any overdue amount of more than Rupees one lakh and therefore comment on the steps taken for repayment thereof. (4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed asset and for sale of goods. During the course of our assessment, no major weakness in internal control has come to our notice. (5) In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act. 1956: (a) On the basis of the audit procedures performed by us, we are of the opinion that the Company has not updated the register required to be maintained under section 301 of the companies Act, 1956. (b) According to the information and explanations given to us and on the basis of audit checks carried out by us, there were no transactions exceeding the value of rupees five lakhs in respect of any party during the year. (6) Although the Company has not invited deposits from the public, certain amounts were deposited with the Company voluntarily The Company is required to comply with the provisions of Section 58A, 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the rules framed thereunder. (7) In our opinion, the Company does not have an internal audit system commensurate with its size and nature of the business. (8) According to information and explanations given to us, the Company has not made and maintained cost records prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. (9) (a) The Company is generally regular in depositing undisputed statutory dues including income tax, sales tax, wealth tax, custom duty, excise duty, cess and any other statutory dues within the prescribed time limits with the appropriate authorities during the year except, the following dues which have been outstanding for more than six months as on 31st March, 2006. Name of the Nature of Amount Due Date Date of Statute Dues Rs. payment Companies Unpaid 250,000/- 30.03.2001 Act, 1956 debenture interest Employees Employees 310,675/- Pertaining to Provident Provident 200,909/- YE Fund Act Fund Act 31.03.2000 Dues 31.032001 Employees Employees 42,447/- Pertaining to State State 61,285/- Y.E. Insurance Act Insurance 31.03.2000 Act Dues 31.032001 Sales Tax Sales Tax 8,000/- Pertaining to Year Ending 31.03.2005 94,000/- 31.03.2006 (b) According to Information and explanation provided to us, there are no dues in respect of income tax, sales tax, wealth tax, custom duty, excise duty, cess which have not been deposited, on account of any dispute except the following: Name of the Nature of Amount Period to Forum Statute Dues Rs. which where amount dispute is relates pending Central Modvat 782,370/- 31.03.2000 CEGAT Excise Act, Credit 1944 Central Central 339.426 02.02.1998 High Court Excise Act, Excise 1944. Duty (10) The Company has accumulated losses at the end of the financial year which are exceeding fifty percent of its net worth and it has incurred cash losses during the current financial year and the immediately preceding financial year. (11) With reference to repayment of loans taken from banks and financial institutions, in absence of stipulations, we are unable to determine whether there is a default in repayment of dues to lenders concerned (12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (13) According to the information given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (14) No new tern loan has been taken by the Company during the year. (15) No long term investment has been made during the year. (16) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. (17) No debentures have been issued by the Company. (18) The Company has not raised any money by public issue, during the year. (19) According to the information received by us, no fraud on or by the Company, has been noticed or reported by the Company during the year. Considering the nature of the present activities carried out, Clauses (xiii) & (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. For Natvarlal Vepari & Co., Chartered Accountants, Surat, Date: 2 SEP 2006 Partner RAVINDRA VEPARI M.No. 6728