Govind Poy Oxygen Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2014

1. We have audited the accompanying Balance Sheet of GOVIND POY OXYGEN LIMITED, as at 31st March 2014, the Statement of Profit & Loss and the cash flow statement of the company for the year ended on that date and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

2. The company''s 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 flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of the section 211 of ''the Companies Act, 1956 of India (the "Act"). 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

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing 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.

4. 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 auditors consider 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the accompanying statements, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

(i) In the case of Balance Sheet, of the state of affairs of the Company as at 3 lsl March, 2014.

(ii) In the case of the Statement of Profit & Loss, of the Loss for the year ended on that date, and

(iii) 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

7. As required by the Companies (Auditor''s Report) Order 2003 as amended by the company''s (Auditors Report) Amendment order 2004 issued by the Central Government of India in terms of Sec 227 (4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified paragraphs 4 and 5 of the said order.

8. As required by Sec 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 and the said Balance Sheet, the Statement of Profit and Loss and the cash flow statement is in agreement with the same.

c) In our opinion the Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement are in compliance with the Accounting Standards referred to in Section 211 (3c) of the Companies Act, 1956 read with circular no. 15/2013 dated 13.09.2013 of MOCA in respect of Section 133 of the Companies Act 2013.

d) Based on the representations made by the Directors and the information and explanations given to us, none of the directors is disqualified as on 31st March, 201^. from being appointed as director in terms of section 274 (1) (g) of the Companies Act 1956.

Annexure referred to in paragraph 7 of our Auditor''s Report of even date

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. These assets have been physically verified by the management during the year. No material discrepancies have been noticed on such verification. The company has not disposed off any substantial part of its fixed assets.

2. As explained to us, inventories have been physically verified during the year by the management at regular intervals. In our opinion, the procedure of physical verification followed is reasonable and adequate in relation to the size of the company and nature of its business. In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not significant and are properly dealt with in the books of account.

3. According to the information and explanations given to us, the company has not granted or taken loans to/ffom companies, firms and other such parties listed in the register maintained u/s.301 of the Companies Act, 1956.

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 purchases of inventories and fixed assets and for sale of goods and services. No major weaknesses in internal control systems had come to our notice in the course of our audit.

5. In our opinion the transactions which were required to be entered into the Register in pursuance of sec.301 of the Companies Act, have been so entered. Such transactions exceeding the value of Rs. 5,00,000/- in respect of each party have been made at prices which are reasonable, as compared to the prevailing market prices for such goods and services at the relevant time.

6. According to the information and explanation given to us, the company has not accepted deposits from the public attracting the directions issued by the Reserve Bank of India and the provisions of section 58A and section 58AA of the Companies Act 1956 and the rules framed thereunder.

7. The company has internal audit system commensurate with its size and the nature of its business.

8. Proper account and records have been made and maintained as required u/s.209 (I) (d) of the Companies Act. We have however not made detailed examination of these records.

9. According to the information and explanations given to us the company is regular in depositing undisputed statutory dues, including PF, Investor Education and Protection Fund, ESI, Income- tax, Sales-tax, Wealth-tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

10. There are no disputed/undisputed amounts in arrears payable in respect of Income-tax, Wealth- tax, Sales-tax, Custom duty and Excise duty outstanding as at the year end, except excise duty of Rs 6,70,488/- for which the dispute is pending before the Supreme Court.

11. The company has no accumulated losses at the end of the financial year nor has incurred any cash losses in such financial year and in the immediately preceding financial year.

12. On the basis of records examined by us and information and explanation given to us, the company has not defaulted in the repayment of dues to financial institutions or banks.

13. The company does not deal or trade in shares, securities, debentures and other investments and has not granted any loans and or advances on the basis of security by way of pledge of shares, debentures or any other securities.

14. According to the information and explanations given to us the company has not given any guarantee for loans taken by others from any bank or financial institution.

15. On the basis of the records examined by us, we have to state that the company has prima facie applied the term loans for the purposes for which they were obtained.

16. In our opinion, prima facie, short term funds have not been utilized for long term purposes.

17. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Companies Act, 1956.

18. The company has not issued any debentures nor has not raised any money by public issue during the year.

19. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

(S. S. Daivi) FOR S. S. DALVl & CO., Place: Panjim-Goa CHARTERED ACCOUNTANTS Dated: 22/09/2014 PROPRIETOR. Firm Registration No.l02066W Membership No. 11017

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Mar 31, 2013

1. Report on the Financial Statements

We have audited the accompanying Balance Sheet of GOVIND POY OXYGEN LIMITED, as at 31s'' March 2013, the Statement of Profit & Loss and the cash flow statement of the company for the year ended on that date and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

2. Management''s Responsibility for the Financial Statements

The company''s 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 flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of the section 211 of ''the Companies Act, 1956 of India (the "Act"). 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.

3. 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 auditing 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 auditors consider 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 reasonable basis for our audit opinion.

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the accompanying statements, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

(i) In the case of Balance Sheet, of the state of affairs of the Company as at 31 "March, 2013.

(ii) In the case of the Statement of Profit & Loss, of the Loss for the year ended on that date, and

(iii)In the case of the cash flow statement, of the cash flows for the year ended on that date.

5. Report on other legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order 2003 as amended by the company''s (Auditors Report) Amendment order 2004 issued by the Central Government of India in terms of Sec 227 (4A) of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

Page 13

As required by Sec 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 and the said Balance Sheet, the Statement of Profit and Loss and the cash flow statement is in agreement with the same.

c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement are in compliance with the Accounting Standards referred to in Section 211 (3c) of the Companies Act, 1956.

d) Based on the representations made by the Directors and the information and explanations given to us, none of the directors is disqualified as on 31s'' March, 2013 from being appointed as director in terms of section 274 (1) (g) of the Companies Act 1956.

Annexure referred to in paragraph 3 of our Auditor''s Report of even date

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. These assets have been physically verified by the management during the year. No material discrepancies have been noticed on such verification. The company has not disposed off any substantial part of its fixed assets.

2. As explained to us, inventories have been physically verified during the year by the management at regular intervals. In our opinion, the procedure of physical verification followed is reasonable and adequate in relation to the size of the company and nature of its business. In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not significant and are properly dealt with in the books of account.

3. According to the information and explanations given to us, the company has not granted or taken loans to/from companies, firms and other such parties listed in the register maintained u/s.301 of the Companies Act, 1956.

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 purchases of inventories and fixed assets and for sale of goods and services. No major weaknesses in internal control systems had come to our notice in the course of our audit.

5. In our opinion the transactions which were required to be entered into the Register in pursuance of sec.301 of the Companies Act, have been so entered. Such transactions exceeding the value of Rs. 5, 00,000/- in respect of each party have been made at prices which are reasonable, as compared to the prevailing market prices for such goods and services at the relevant time.

6. According to the information and explanation given to us, the company has not accepted deposits from the public attracting the directions issued by the Reserve Bank of India and the provisions of section 58A and section 58AA of the Companies Act 1956 and the rules framed thereunder.

7. The company has internal audit system commensurate with its size and the nature of its business.

8. Proper account and records have been made and maintained as required u/s.209 (1) (d) of the Companies Act. We have however not made detailed examination of these records.

9. According to the information and explanations given to us the company is regular in depositing undisputed statutory dues, including PF, Investor Education and Protection Fund, ESI, Income-tax, Sales-tax, Wealth-tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

10. There are no disputed/undisputed amounts in arrears payable in respect of Income-tax, Wealth-tax, Sales-tax, Custom duty and Excise duty outstanding as at the year end, except excise duty of Rs 6,70,488/- for which the dispute is pending before the Supreme Court.

11. The company has no accumulated losses at the end of the financial year nor has incurred any cash losses in such financial year and in the immediately preceding financial year.

12. On the basis of records examined by us and information and explanation given to us, the company has not defaulted in the repayment of dues to financial institutions or banks.

13. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

14. The company does not deal or trade in shares, securities, debentures and other investments.

15. According to the information and explanations given to us the company has not given any guarantee for loans taken by others from any bank or financial institution.

16. On the basis of the records examined by us, we have to state that the company has prima facie applied the term loans for the purposes for which they were obtained.

17. In our opinion, prima facie, short term funds have not been utilized for long term purposes.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Companies Act, 1956.

19. The company has not issued any debentures.

20. The company has not raised any money by public issue during the year.

21. According to the information and explanations given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

(S. S. Dalvi)

FOR S. S. DALVI & CO.,

Place: Panjim-Goa CHARTERED ACCOUNTANTS

Dated: 22/08/2013 PROPRIETOR.

Firm Registration No. 102066W

Membership No. 11017

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Mar 31, 2011

1. We have audited the attached Balance Sheet of GOVIND POY OXYGEN LIMITED, Margao-Goa as at 31st March, 2011 and also the Profit & Loss Account and the Cash Flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of Sub-Section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph (3) above 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 and the said Balance Sheet, Profit and Loss Account and the cash flow statements are in agreement with the same.

c) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow Statement comply with the requirements of the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956.

d) Based on the representation made by the Directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act 1956.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read alongwith the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet, of the state of the Company's affairs as at 31st March, 2011

(ii) In the case of the Profit & Loss Account, of the Profit for the year ended on that date and

(iii) In the case of the Cash Flow statement, the cash flows for the year ended on that date.

Annexure referred to in paragraph 3 of our Report of even date

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The assets have been physically verified by the management during the year. No material discrepancies have been noticed on such verification. The company has not disposed off any substantial part of its fixed assets during the current year.

2. As explained to us, inventories have been physically verified during the year by the management at regular intervals. In our opinion, the procedure of physical verification followed is reasonable and adequate in relation to the size of the company and nature of its business. In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not significant and are properly dealt with in the books of account.

3. According to the information and explanations given to us, the company has not granted or taken loans to/from companies, firms and other such parties listed in the register maintained u/s.301 of the Companies Act, 1956.

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 purchases of inventories and fixed assets and for sale of goods and services. No major weaknesses in internal control had come to our notice in the course of our audit.

5. In our opinion the transactions which were required to be entered into the Register in pursuance of sec.301 of the Companies Act, have been so entered. Such transactions exceeding the value of Rs.5,00,000/- in respect of each party have been made at prices which are reasonable, as compared to the prevailing market prices for such goods and services at the relevant time.

6. According to the information and explanation given to us, the company has not accepted deposits from the public attracting the Directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act 1956 and the rules framed thereunder.

7. The company has an Internal Audit System commensurate with its size and the nature of its business.

8. We have broadly reviewed the books of accounts and records maintained by the company and are of the opinion that proper accounts and records have been made and maintained as required u/s.209(l)(d) of the Companies Act 1956. We have not made detailed examination of these records.

9. According to the information and explanations given to us the company is regular in depositing undisputed statutory dues, including PF, Investor Education and Protection Fund, ESI, Income-tax, VAT /Sales-tax, Service tax, Wealth-tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the Appropriate Authorities.

10. There are no disputed amounts in arrears payable in respect of Income-tax, Wealth-tax, Sales-tax, Custom duty and Excise duty outstanding as at the year end, except excise duty of Rs.670,488/- for which the dispute is pending before the Supreme Court.

11. The company has no accumulated losses at the end of the financial year nor has incurred any cash losses in such financial year and in the immediately preceding financial year.

12. On the basis of records examined by us and information and explanation given to us, the Company has not defaulted in the repayment of dues to financial institutions or banks.

13. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

14. The Company deal or trade in shares, securities, debentures and other investments and maintain proper records and timely entries therein.

15. According to the information and explanations given to us the Company has not given any guarantee for loans taken by others from any bank or financial institution.

16. On the basis of the records examined by us, we have to state that the Company has prima facie applied the term loans for the purposes for which they were obtained.

17. In our opinion, prima facie, short term funds have not been utilized for long term purposes and long term funds have not been utilised for short term purposes.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Companies Act, 1956.

19. The Company has not issued any debentures.

20. The Company has not raised any money by public issue during the year.

21. To the best of our knowledge and belief, no fraud on or by the Company has been noticed or reported by the Company during the year.

(S. S. Dalvi) FOR S.S.DALVI & CO., Place: Panjim-Goa CHARTERED ACCOUNTANTS

Dated: May 28, 2011 PROPRIETOR.

Membership no. 11017

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Mar 31, 2010

1. We have audited the attached Balance Sheet of GOVIND POY OXYGEN LIMITED Margao, Goa, as at 31st March, 2010 and also the Profit andLoss Account and the Cash Flow statement for the year ended on that date annexed thereto. 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.

2. We conducted our audit in accordance with auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-Section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraphs (3) above, 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 and the said Balance Sheet, Profit & Loss Account and the Cash Flow statement are in agreement with the same;

(c) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow statement comply with the requirements of the accounting standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;

(d) Based on the representation made by the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as Directors in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

(e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read along with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the Balance Sheet, of the state of the Companys affairs as at 31st March, 2010;

ii) In the case of the Profit and Loss Account, of the Profit for the year ended on that date and

iii) In case of the Cash Flow statement, the cash flows for the year ended on that date.

Annexure referred to in paragraph 3 of our Auditors Report of even date

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The assets have been physically verified by the management during the year. No material discrepancies have been noticed on such verification. The company has not disposed off any substantial part of its fixed assets during the current year.

2. As explained to us, inventories have been physically verified during the year by the management at regular intervals. In our opinion, the procedure of physical verification followed is reasonable and adequate in relation to the size of the company and nature of its business. In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, were not significant and are properly dealt with in the books of account.

3. According to the information and explanations given to us, the company has not granted or taken loans to / from Companies, Firms or other such parties listed in the register maintained under section 301 of the Companies Act, 1956.

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 purchases of inventories and fixed assets and for sale of goods. No major weaknesses in internal control had come to our notice in the course of our audit.

5. In our opinion the transactions which were required to be entered into the Register in pursuance of section 301 of the Companies Act, have been so entered. Such transactions exceeding the value of Rs. 5,00,000/- in respect of each party have been made at prices which are reasonable, as compared to the prevailing market prices for such goods and services at the relevant time.

6. According to the information and explanation given to us, the company has not accepted deposits from the public attracting the directions issued by the Reserve Bank of India and the provisions of section 58A and section 58AA of the Companies Act, 1956 and the rules framed thereunder.

7. The Company has an Internal Audit System commensurate with its size and nature of its business.

8. We have broadly reviewed the books of accounts and records maintained by the company and are of the opinion that proper accounts and records have been made and maintained as required under section 209 (I) (d) of the Companies Act, 1956. We have not made detailed examinations of these records.

9. According to the information and explanations given to us the company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, ESI, Income-Tax, VAT/Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

10. There are no disputed/undisputed amounts in arrears payable in respect of Income- Tax, Wealth-Tax, Sales Tax, Custom Duty and Excise Duty outstanding as at the year end, except Excise Duty of Rs 6,70,488/- for which the dispute is pending before the Supreme Court.

11. The Company has no accumulated losses at the end of the financial year nor has incurred any cash losses in such financial year and in the immediately preceding financial year.

12. On the basis of records examined by us and information and explanation given to us, the Company has not defaulted in the repayment of dues to financial institutions or banks.

13. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

14. The Company deal or trade in shares, securities, debentures and other investments and maintain proper records and timely entries therein.

15. According to the information and explanations given to us the Company has not given any guarantee for loans taken by others from any bank or financial institution.

16. On the basis of the records examined by us, we have to state that the Company has prima facie applied the term loans for the purposes for which they were obtained.

17. In our opinion, prima facie, short term funds have not been utilized for long term purposes and long term funds have not been utilized for short term purposes.

18. 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.

19. The Company has not issued any debentures.

20. The Company has not raised any money by public issue during the year.

21. To the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

(S. S. DALVI) FOR S. S. DALVI & CO., Place : Panaji, Goa CHARTERED ACCOUNTANTS

Dated : August 7, 2010 PROPRIETOR

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Mar 31, 2009

AUDITORS REPORT TO THE SHAREHOLDERS OF GOVIND POY OXYGEN LIMITED, MARGAO, GOA, ON THE BALANCE SHEET AS AT 31ST MARCH, 2009 AND THE PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED ON THAT DATE.

1. We have audited the attached Balance Sheet of GOVIND POY OXYGEN LIMITED Margao, Goa, as at 31st March, 2009 and also the Profit and Loss Account and the Cash Flow statement for the year ended on that date, annexed thereto. 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.

2. We conducted our audit in accordance with auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-Section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraphs (3) above, 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 and the said Balance Sheet, Profit & Loss Account and the Cash Flow statement are in agreement with the same;

(c) In our opinion, the Balance Sheet, Profit & Loss Account and the Cash Flow statement comply with the requirements of the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;

(d) Based on the representation made by the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31s1 March, 2009 from being appointed as Directors in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

(e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read along with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the Balance Sheet, of the state of the Companys affairs as at 31 st March, 2009;

ii) In the case of the Profit and Loss Account, of the Profit for the year ended on that date and

iii) In case of the Cash Flow statement, the cash flows for the year ended on that date.

Annexure referred to in paragraph 3 of our Report of even date

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The assets have been physically verified by the management during the year. No material discrepancies have been noticed on such verification. The company has not disposed off any substantial part of its fixed assets during the current year.

2. As explained to us, inventories have been physically verified during the year by the management at regular intervals. In our opinion, the procedure of physical verification followed is reasonable and adequate in relation to the size of the company and nature of its business. In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, were not significant and are properly dealt with in the books of account.

3. According to the information and explanations given to us, the company has not granted or taken loans to / from Companies, Firms or other such parties listed in the register maintained under section 301 of the Companies Act, 1956.

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 purchases of inventories and fixed assets and for sale of goods and services. No major weaknesses in internal control had come to our notice in the course of our audit.

5. In our opinion the transactions which were required to be entered into the Register in pursuance of section 301 of the Companies Act, have been so entered. Such transactions exceeding the value of Rs. 5,00,000/- in respect of each party have been made at prices which are reasonable, as compared to the prevailing market prices for such goods and services at the relevant time.

6. According to the information and explanation given to us, the company has not accepted deposits from the public attracting the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

7. The Company has an Internal Audit System commensurate with its size and nature of its business.

8. We have broadly reviewed the books of accounts and records maintained by the Company and are of the opinion that proper accounts and records have been made and maintained as required under section 209 (I) (d) of the Companies Act, 1956. We have not made detailed examination of these records.

9. According to the information and explanations given to us the company is regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, ESI, Income-Tax, Vat / Sales Tax, Service Tax, Excise Duty, Cess and other material statutory dues with the appropriate authorities.

10 There are no disputed amounts in arrears payable in respect of Income-Tax, Wealth- Tax, Sales Tax, Custom Duty and Excise Duty outstanding as at the year end, except Excise Duty of Rs. 6,70,488/- for which dispute is pending in the Supreme Court

11. The Company has no accumulated losses at the end of the financial year nor has incurred any cash losses in such financial year and in the immediately preceding financial year.

12. On the basis of records examined by us and information and explanation given to us, the Company has not defaulted in the repayment of dues to financial institutions or banks.

13. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any other securities.

14. The Company deal or trade in shares, securities, debentures and other investments and maintain proper records and timely entries therein.

15. According to the information and explanations given to us the Company has not given any guarantee for loans taken by others from any bank or financial institution.

16. On the basis of the records examined by us, we have to state that the Company has prima facie applied the term loans for the purposes for which they were obtained.

17. In our opinion, prima facie, short term funds have not been utilized for long term purposes and long term funds have not been utilized for short term purposes.

18. 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.

19. The Company has not issued any debentures.

20. The Company has not raised any money by public issue during the year.

21. To the best of our knowledge and belief, no fraud on or by the company has been noticed or reported by the company during the year.

(S. S. DALVI) FOR S. S. DALVI & CO., Place : Panaji, Goa CHARTERED ACCOUNTANTS

Dated -July 28,2009 PROPRIETOR