| We have audited the accompanying financial statements of GAGAN GASES
LIMITED ("the company"), which comprise the Balance Sheet as at 31
March 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the year ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, 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 have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view 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 Company's Directors, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, 2015;
b) In the case of the Statement of Profit and Loss, 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, a statement on the matters
specified in the paragraph 3 and 4 of the Order is given in Annexure.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes 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 (and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us)
c) the Balance Sheet, the 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) There is nothing to disclose which is having adverse effect on the
functioning of the company.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
Forming an Opinion and Reporting on Financial Statements
The Annexure referred to in our report to the members of Gagan Gases
Limited for the year ended on 31.03.2015. We report that:
(i) The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
These fixed assets lying at office and factory have been physically
verified by the management at reasonable intervals;
No any material discrepancies were noticed on such verification (ii)
Physical verification of inventory has been conducted at reasonable
intervals by the management;
The procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
The company is maintaining proper records of inventory ;
No material discrepancies were noticed on physical verification done by
the management ;
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act ;
(iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services ;
(v) The company has not accepted deposits other than its directors and
has followed the directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there under;
(vi) On the basis of information given by the management , maintenance
of cost records has not been specified by the Central Government under
sub-section (1) of section 148 of the Companies Act for the company;
(vii) The company is regular in depositing undisputed statutory dues
with the appropriate authorities;
(viii) The accumulated losses of the company at the end of the
financial year are not less than fifty per cent of its net worth . It
has not incurred cash losses in current financial year but has incurred
cash losses in immediately preceding financial year;
(ix) The company do not have loan from any financial institution or
bank or debenture holders hence clause not applicable for comment;
(x) We are informed that the company has not given any guarantee for
loans taken by others from bank or financial institutions;
(xi) The company has not obtained term loans hence clause not
applicable for comment.
(xii) The company has not noticed or reported any fraud on or by the
company during the year under audit .
Forming an Opinion and Reporting on Financial Statements
FOR DILIP K. NEEMA & ASSOCIATES
Chartered Accountants
Place : Indore
Date : 30/05/2015 (CA. Dilip Neema)
M. No.: 074067
FRN: 005279C |