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One Global Service Provider Ltd.

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

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Oct 20, 15:34
24.70 -1.15 (-4.45%)
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1,315
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1,568
30-Day
2,370
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  • Prev. Close

    25.85

  • Open Price

    24.60

  • Bid Price (Qty.)

    24.70 (122)

  • Offer Price (Qty.)

    26.85 (345)

NSE Live

Dec 27, 11:22
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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, 2007, 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 materialmisstatement. 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 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 such books; (iii) The Balance Sheet and Profit and Loss Account dealt with by this 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. C (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 (air 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, 2007. II. In the case of the Profit and Loss account of the loss 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 Director of the company as at 31s March, 2007 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. OVERSEAS SYNTHETICS LIMITED, SURAT ANNEXURE A TO AUDITORS REPORT YEAR ENDED: 31-3-2007. (1) (a) The Company has maintained records showing particulars including quantitative details and situation of fixed assets. (b) As informed to us, the assets have been physically verified by the management during the period covered by the audit report. (c) The company has not disposed of substantial part of fixed assets so as to affect its going concern status. (2) There are no opening stocks of goods. Further, the company has not purchased/sold goods during the year, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise. (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 paragraphs (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. (P.Y. 41.25 lacs)The year end balance of loans taken from such parties was Rs NIL (P.Y.41.25) lacs. (c) As we have not been provided with the terms and conditions on which loans have been accepted, we are unable to comment on whether terms and conditions of loan are 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 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 dur notice. (5) In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956: (a) Based on he audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions, exceeding the value of rupees five lakhs in respect of any party during the year that need to be entered in the register maintained under section 301 of the Companies Act,1956. (6) During the year the Company has not accepted any deposit from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under. Hence clause 6 of the order is not applicable (7) In our opinion, the Company does not have an internahaudit 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, 2007. Name of the Nature of Statute Dues Companies Unpaid Act, 1956 debenture interest Employees Employees Provident Provident Fund Act Fund Act Dues Employees Employees . State State Insurance Act Insurance Act Dues Sales Tax Sales Tax Amount Due Date Date of Rs.payment 250,000/- 30.03.2001 -- 310,675/- 31.03.2000 -- 200,909/- 31.03.2001 -- 142,447/- 31.03.2000 -- 61,285/- 31.03.2001 -- 8,000/- 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 Statute Dues Central Modvat Excise Act, Credit 1944 Central Central Excise Act, Excise 1944. Duty Amount Period to Forum Rs. which where amount dispute is relates pending 782,370/- 31.03.2000 CEGAT 339,426/- 02.02.1998 High Court (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) According to records of the company, the company has not borrowed from financial institutions or banks or issued debentures during the year. Hence, in our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debenture does not arise. (12) The Company has not granted loans and advances on thebasis 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 term loan has been taken by the Company during the year. (15) According to the records examined, on an overall basis, funds raised on short term basis, have prima facie not been used during the year for long term investment. (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 Naivarlal Vepari & Co., Chartered Accountants, Date :5-9-2007.