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One Global Service Provider Ltd.

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

BSE Live

Oct 25, 16:00
24.50 1.00 (4.26%)
Volume
AVERAGE VOLUME
5-Day
1,377
10-Day
1,350
30-Day
2,494
3,563
  • Prev. Close

    23.50

  • Open Price

    22.35

  • Bid Price (Qty.)

    22.40 (700)

  • Offer Price (Qty.)

    24.50 (490)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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  • Prev. Close

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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

Report on the Financial Statements We have audited the accompanying financial statements of Overseas Synthetics 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. Management''s 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 flqws 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 Forming'' an Qpnion and Reporting on Financial Statements SA 700 (Revised) of internal control relevant to the preparatioo 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 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 forthe year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows forthe year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (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. - j Annexure to the Independent Auditors Report Re: Overseas Synthetics Limited As required by the Order issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we further report that: I. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. However, no fixed assets exist as on the balance sheet date. (b) This clause relating to physically verification of the fixed assets is not applicable since, no fixed assets exist as on the balance sheet date. (c) The company has sold all its fixed assets as at balance sheet date, however, as per the information and explanation give to us the company has plan to go in for manufacturing of chemicals, as evidenced from the change in object clause of the company. Also an advance ofRs. 277 lacs has been given for the purchase of assets to carry out the manufacturing of chemical business. In view of this and as per the explanation given to us by the management we are of the opinion that the company has the definite plan to carry out the manufacturing activity of chemicals. II. As the company has not carried out any commercial activities, this clause relating to physical verification of stock or maintenance of inventory records, in our opinion, does not arise. III. (a) The company has not granted loan to parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) The Company has taken unsecured loan from parties covered in the register under section 301 of the Companies Act, 1956 wherein the balance payable at the end of the year is Rs.8,11,236 ( Maximum Balance During the year is Rs. 8,11,236) ''. (c) In our Opinion, the terms & conditions of these interest free loans are not prima facie prejudicial to the interest of company. The company is regular in repaying the principal amount as stipulated. IV. In our opinion and according to information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature ofrits business with regard to the fixed assets. There are no transactions of the purchase of inventory or with regards to the sale of goods & services. During the course of audit, we have not observed any continuing failure to correct major weakness in internal control system. V. In our opinion and according to information and explanations given to us, the transactions made in pursuance contract and arrangement entered in registered maintained under section 301 of the Companies Act, 1956 relating to sale of assets during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. VI. In our opinion and according to information and explanations given to us, the company has not accepted deposits from the public within the meaning of section 58Aand 58AAof the Companies Act, 1956. VII. In our opinion, the Company does not have an internal audit system. VIII. In our opinion, the Company has not maintained cost records as prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956. However, there are no transactions of purchase or sales during the year under consideration. IX. (a) The company has been regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Excise Duty, Custom Duty, Cess and any other statutory dues. However, no statutory dues were payable beyond the due date under respective statutes as at the balance sheet date. (b) According to information and explanations given to us, no undisputed amount payable in respect of Income Tax and other statutory dues in arrears as at 31.03.2013 for the period of more than six months from the date they become payable. X. The Company has accumulated losses at the end of the financial year exceeding fifty percent of its net worth. However, the company has not incurred cash losses in current and previous financial year. XI. The clause relating to default in repayment of dues in respect of loans from a financial institution or bank or debenture holders, as the company does not have such liabilities. XII. According to information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provision of clause 4(xii) of the Order is not applicable to company. XIII. In our opinion, the company is not a chit fund, nidhi or mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the company. XIV. In our opinion and according to information and explanations given to us, the company is not dealing ortrading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order is not applicable to the company. XV. As per information and explanations given to us and as the records examined by us, the company has not given any guarantee for loans taken by others from bank or financial institutions. Therefore, the provisions of clause 4 (xv) of the Order is not applicable to the company. XVI. The provision of clause 4(xvi) of the Order is not applicable to the company in view of the no new term loans has been taken by the company during the year. XVII. According to information and explanations given to us and on overall examination of the balance sheet of the company, we report that no funds have been raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term asset except the working capital term loan. XVIII. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act. Therefore, the provisions of clause 4 (xviii) of the Order is not applicable to the company. XIX. The company has not issued any debenture''s. Therefore, the provisions of clause 4 (xix) of the Order is not applicable to the company. , / XX. The company has not raised money by public issue during the year covered under audit. Therefore, the provisions of clause 4 (xx) of the Order is not applicable to thecompany. XXI. As per information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under report. For SHAH MEHTA AND BAKSHI Chartered Accountants F R No. 103824W Sd/- (V K Bakshi) Partner M. No. 039054 Vadodara, Dated: 29th May, 2013