To
The Members of
Futuristic Offshore Services and Chemical Limited
Report on the Financial statements
We have audited the accompanying financial statements
FUTURISTIC OFFSHORE SERVICES AND CHEMICAL LIMITED (‘the Company), which comprise
the balance sheet as at 31st March
2017, the statement of profit the year then ended, and a summaryofsignificantaccounting
policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (‘the Act) with respect to the preparation and
presentation 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 maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting 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 adequate internal financial
controls, 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.
Auditors 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 are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
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 Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on whether the Company has in place an adequate internal financial controls system
over financial reporting and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by the Companys 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 standalone financial statements.
Report on other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2015 (‘the Order) issued
by the Central Government of India in terms of subsection (11) of Section 143 of the Act,
we give in the "Annexure A" : a statement on the matters specified in the
paragraph 3 and 4 of the Order, to the extent applicable: and loss and the cash flow
statement for
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 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 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) On the basis of the written representations received from the Directors as on
31st March, 2017, taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March,
2017, from being appointed as a Director in terms of Section 164 (2) of the Act. f)
With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refers to our separate
report in "Annexure B" : and g) With respect to the other matters to be included
in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us : i. the Company has disclosed the impact of pending litigations
on its financial position in its financial statements. ii. the Company has made provision,
as required under the applicable law or accounting standards, for material foreseeable
losses, if any on long-term contracts including statements derivative contracts; iii. the
Company has provided requisite disclosures in the financial statements as regards its
holding and dealings in Specified Bank Notes as defined in the Notification S.O.
3407(E) dated the 8th November, 2016 of the Ministry of Finance, during the period from
8th November, 2016 to 30th December, 2016; and such disclosures are in accordance with the
books of accounts maintained by the Company.
|
For P. V. Dalal & Co. |
|
Chartered Accountants |
|
Firm Registration No.: 102049W |
|
Paresh Dalal |
| Place: Mumbai |
Proprietor |
| . Date: May 30, 2017 |
Membership No.: 033355 |
ANNExURE A TO INDEPENDENT AUDITORS REPORT
The Annexure referred to in our Independent Auditors Report (point no 1) to the
members of the Company on the financial statements for the year ended 31st March, 2017, we
report that: (i) (a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of assets fixed (b) Fixed Assets have been
physically verified by the management during the year and no material discrepancies were
identified on such verification
(ii) As per the information and explanations given to us, during the year under review
the company has not carried out any operations hence question of physical verification of
inventories does not arise.
(iii) (a) The Company has taken loans / advances from parties covered in the register
maintained under section 189 of the Companies Act, 2013.
(b) There is no overdue amount of principal loans/advances and interest, granted to
Companies, firms or other parties listed in the register maintained under Section 189 of
the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations given to us,
there is an adequate internal control system commensurate with the size of the company and
the nature of its business for the purchases of inventory, fixed assets and sales of goods
and service. During the course of our audit, we have not observed any continuing failure
to correct major weakness in the internal control system.
(v) The Company has not accepted any deposits from the public. (vi) According to the
information and explanations given to us the Companies (Cost Records and Audit) Rules,
2014, prescribed by the Central Government under Section 148 (1) of the Companies Act,
2013 are not applicable to the Company. (vii) (a) In our opinion and according to
information and explanations given to us the Company is not regular in depositing
undisputed statutory dues including Provident Fund, Income-tax, Sales-tax and any other
statutory dues with the appropriate authorities.
(b) According to the records of the Company, the dues outstanding of income-tax,
sales-tax, wealth-tax, service tax, customs duty, excise duty and cess on account of any
dispute.
| Name of the statute |
Nature of the dues |
Amount (Rs in lacs) |
Period to which the amount relates |
Due Date |
Date of Payment |
| Professional Tax/MLWF |
PT |
2.96 |
1998- 2004 |
Various dates |
Not paid |
| Employees Provident Fund Act |
PF |
2.29 |
2004- 2009 |
Various dates |
Not paid |
| Income Tax Act , 1961 |
Income Tax |
173.36 |
1999- 2002 |
Various dates |
Not paid |
| BST / CST / Sales Tax |
Sales Tax |
1188.70 |
1992- 2005 |
Various dates |
Not paid |
(c) The Company has incurred Cash Loss during the year under review and in the
preceding financial years also.
(viii) In our opinion and according to the information and explanations given to us,
the Company has not obtained any secured loans from the banks and financial institutions;
hence the question of default thereof does not arise.
(ix) According to the information and explanations given to us, the Company has given
guarantee to one of its associate company Stolt Rail Logistic Systems Limited (Formerly
Known as Infrastructure Logistics Systems Ltd. ) for loan taken by Stolt Rail Logistics
systems Limited from bank (x) In our opinion and according to the information and
explanations given to us, the Company has not obtained any term loan during the year and
hence the question of commenting on the application thereof does not arise.
(xi) According to the information and explanations given to us, no material fraud on or
by the Company has been noticed or reported during the course of our audit (xii) In our
opinion and according to the information and explanations given to us, the Company is not
a Nidhi Company. Therefore, the provisions of clause 3(xii) of Companies (Auditors
Report) Order, 2016 are not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year. Therefore, the provisions of clause 3(xiv) of Companies (Auditors Report)
Order, 2016 are not applicable to the Company.
(xiv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him. Therefore, the provisions of
clause 3(xv) of Companies (Auditors Report) Order, 2016 are not applicable to the
Company.
(xv) According to the information and explanations given to us, the Company is not
required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For P. V. Dalal & Co.
Chartered Accountants
Firm Registration No.: 102049W
Paresh Dalal
Proprietor
Membership No.: 033355
Place: Mumbai
Date: May 30, 2017
ANNEXURE-B TO INDEPENDENT AUDITORS REPORT
Report on the Internal Financial Controls under Clause (i) of SubSection 3 of Section
143 of the Companies Act, 2013 (‘the Act)
We have audited internal financial controls over financial reporting of Futuristic
Offshore Services and Chemical Limited ("the Company") as of March 31, 2017 in
conjunction with our audit of the financial statements of the Company for the year then
ended on that date.
Managements Responsibility for the Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial
Company considering the essential components of internal control stated in Guidance
Note on Audit of Internal Financial Controls over Financial Reporting issued by the
Institute of Chartered Accountants of India (ICAI). These responsibilities includes
design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of business,
including adherence to Companys policies, the safeguarding of the assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Act.
Auditors Responsibility
Our responsibility is to express an opinion on Companys internal financial controls
over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting (‘the Guidance Note) and the Standards
on Auditing deemed to be prescribed under Section 143(10) of the Act to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
internal financial controls and both issued by the
ICAI. Those Standards and Guidance note require that we comply with ethical
requirements and plan and perform audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects. Our audit
involves performing procedure to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal controls based on the assessed risk. The procedures selected
depend on the auditors judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Companys internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial control over financial reporting is a process designed
to provide a reasonable assurance regarding the reliability of financial reporting and
preparation of financial statements for external purpose in accordance with generally
accepted accounting principles. A Companys internal financial control over financial
reporting includes those policies and procedures that:
1. Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company; criteria
established by the
2. Provide reasonable assurance that the transactions are recorded as necessary to
permit preparation of financial statements in accordance with the generally accepted
accounting principles, and that receipts and expenditures of the Company are being made
only in accordance with authorisations of management and directors of the Company; and
3. Provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the Companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial control over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material aspects, an adequate internal
financial control system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For P. V. Dalal & Co.
Chartered Accountants
Firm Registration No.: 102049W
Paresh Dalal
Proprietor
Membership No.: 033355
Place: Mumbai
Date: May 30, 2017
+91-9892691696
