INDEPENDENT AUDITORS REPORT
To the Members of General Optics (Asia) Limited
Report on the Financial Statements
We have audited the accompanying financial statements of General Optics (Asia)
Limited ("the Company"), which comprise the Balance Sheet as at March
31,2014, the Statement of Profit and Loss for the year then ended and a summary of
significant accounting policies and other explanatory information.
Managements 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 and financial performance of the Company in
accordance with the accounting principles generally accepted in India including Accounting
Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Acf). This
responsibility includes the design, implementation and maintenance of internal control
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 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 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 control relevant to the Companys 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 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
31,2014;
b. In the case of the Statement of Profit and Loss, of the profit for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) order, 2003 ("the order")
issued by the Central Government of India in terms of Section 227(4A) 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 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.
c) The balance sheet and profit and loss account dealt with by this report are in
agreement with the books of account.
d) In our opinion, the balance sheet and the statement of profit and loss comply with
the Accounting Standards referred to in section 211 (3C) of the Act:
e) On the basis of the written representations received from the directors, as on March
31, 2014, taken on record by the Board of Directors, none of the directors is disqualified
as on 31stMarch 2014, from being appointed as a director in terms of section 274 (1) (g)
of the Act.
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for GANESAN AND COMPANY |
|
Chartered Accountants, |
|
Firm Regn. No. 000859S |
|
Partner |
|
S. SWAMINATHAN |
|
M.NO.23998 |
| Place: Puducherry |
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| Date: 7.06. 2014 |
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Annexure to Independent Auditors Report
Referred to in paragraph 1 under the heading of "report on other legal and
regulatory requirements" of our report of even date
i (a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) All the assets have not been physically verified by the management during the year
but there is a regular programme of verification which, in our opinion, is reasonable
having regard to the size of the company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) The company has not disposed off substantial part of fixed assets during the year.
ii (a) The inventory has been physically verified during the year by the management. In
our opinion, the frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by the management
are reasonable and adequate in relation to the size of the company and the nature of its
business.
(c) The company is maintaining proper records of inventory. The discrepancies noticed
on verification between the physical stocks and the book records were not material.
iii The company has not taken/granted loans, secured or unsecured from/to companies,
firms, or other parties covered in the register maintained under section 301 of the
Companies Act, 1956. Therefore the provisions of Clauses 4(iii)(a), (b), (c), (d), (e),
(f), and (g) of the Companies (Auditors Report) Order, 2003 are not applicable.
iv In our opinion and according to the information and explanations given to us, there
is adequate internal control system commensurate with the size of the company and the
nature of its business, with regard to the purchase of inventory, fixed assets and for the
sale of goods and services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control system of the company.
v (a) According to the information and explanations given to us, we are of the opinion
that the transactions that need to be entered in to the register maintained under section
301 of the Companies Act, 1956 have been so entered.
(b) According to the information and explanations given to us, the transactions made in
pursuance of such contracts or arrangements have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi According to the information and explanations given to us, the company has not
accepted Deposit from public. Therefore the provisions of Clause 4(vi) of the Companies
(Auditors Report) Order, 2003 are not applicable.
vii In our opinion, there is an internal audit system commensurate with the size of the
company and the nature of its business.
viii We have broadly reviewed the cost records maintained by the company pursuant to
the Companies (Cost Accounting Records) Rules, 2011 prescribed by Central Government under
section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not made a detailed
examination of cost records with a view to determine whether they are accurate or
complete.
ix (a) The company is regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education protection fund, employees
state insurance, income tax, sales tax, wealth tax, service tax, custom duty and excise
duty and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of Income tax, Wealth tax, Service tax, Sales tax, Customs duty and
Excise duty were in arrears, as at 31.03.2014 for a period of more than six months from
the date they became payable.
(c) According to the information and explanation given to us, there are no dues of sale
tax, customs duty, wealth tax, which have not been deposited on account of any dispute.
The following are details of disputes regarding Income Tax and Excise Duty
| Name of Statute |
Amount (Rs.Lakhs) |
Period (F.Y) |
Forum where dispute is pending |
| Income Tax Act |
12.24 |
1998-1999 |
High Court |
| Income Tax Act |
12.92 |
2007 - 2008 |
CIT(A) |
| Central Excise |
9.44 |
2001 -2002 |
CESTAT |
| Central Excise |
1.89 |
2007-2008 |
CESTAT |
x As there are no accumulated losses, the provisions of Clause 4(x) of the Companies
(Auditors Report) Order, 2003 are not applicable.
xi According to the information and explanations given to us and based on the records
the company has not defaulted in repayment of dues to the Bank.
xii According to the information and explanation 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 provisions of Clause 4(xii) of the Companies
(Auditors Report) Order, 2003 are not applicable.
xiii The company is not a chit fund or a nidhi / mutual benefit fund/ society.
Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order,
2003 are not applicable.
xiv In our opinion, the company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditors Report) Order, 2003 are not applicable to the company.
xv According to the information and explanations given to us, the company has not given
guarantees for loans taken by others from banks or financial institutions.
xvi According to the information and explanations given to us and based on the records
of the company, no term loan has been obtained from bank during the year and hence this
clause is not applicable.
xvii According to the information and explanations given to us, and on an overall
examination of the balance sheet of the company, we report that the no funds raised on
short-term basis have been used for long-term investment and vice versa.
xviii According to the information and explanations given to us, the company has not
made allotment of shares during the year. Therefore, the provisions of clause 4(xviii) of
the Companies (Auditors Report) Order, 2003 are not applicable.
xix According to the information and explanations given to us, during the period
covered by our audit report, the company had not issued debentures. Therefore, the
provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not
applicable.
xx During the year the company has not raised money by way of public issues. Therefore,
the provisions of clause 4(xx) of the Companies (Auditors Report) Order, 2003 are not
applicable.
xxi According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the course of our audit.
|
for GANESAN AND COMPANY |
|
Chartered Accountants, |
|
Firm Regn. No. 000859S |
|
Partner. |
|
S. SWAMINATHAN |
|
M.N0.23998 |
| Place: Puducherry. |
|
| Date: 7.06.2014 |
|
+91-9892691696
