Independent Auditor's Report
TO THE MEMBERS OF M/S. OMNI AXS SOFTWARE LIMITED
Report on the Financial Statements
1. We have audited the accompanying financial statements of M/s. Omni AxsSoftware Limited (the company) which comprise the Balance Sheet as at31st March 2014 and the Statement of Profit and Loss and Cash flow statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.
Managements Responsibility for the Financial Statements
2. The Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof 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 responsibilityincludes the design; implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued byThe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material mis-statement.
4. An audit involves performing procedures on a test basis to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditors judgment including the assessment of the risks of materialmis-statement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the Companyspreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of financialstatements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a reasonable basis for our audit opinion.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements read together with the notes thereon give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India:
i) in the case of the Balance Sheet of the state of the affairs of the Company as atMarch 31 2014;
ii) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and
iii) in the case of the cash flow statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Companies Act 1956 ("the Act") we enclose in the Annexurea statement on the matters specified in paragraphs 4 and 5 of the said Order.
8. 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 ourknowledge 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 thecompany so far as appears from our examination of those books;
c) the Balance Sheet Statement of Profit & Loss Account and Cash Flow statementdealt with by this Report are in agreement with the books of account;
d) in our opinion the Balance Sheet and Statement of Profit and Loss and Cash Flowstatement comply with the relevant and applicable Accounting Standards referred to insub-section (3C) of section 211 of the Companies act 1956.
e) On the basis of the written representations received from the directors as on 31March 2014 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2014 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act 1956.
f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.
| ||As per my report of even date |
| ||For SIDHARTH MEHTA & CO. |
| ||Chartered Accountants |
| ||SIDDHARRTH MEHTA |
| ||Proprietor |
|Date : 29.05.2014 ||Member ship No. 207043 |
|Place : Chennai ||Firm Reg. No. 008108S. |
Annexure to the independent Auditors Report
(Referred to in paragraph 7 under "Report on other Legal and RegulatoryRequirements" of the Independent auditors report to the members of M/s. OmniAxs Software Limited ("the Company") on the accounts for the yearended 31st March 2014).
1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b. All the assets are physically verified by the management during the year and thereis a regular programme of verification which in my opinion is reasonable having regardto the size of the company and the nature of its assets. No material discrepancies werenoticed on such verification.
c. None of the fixed assets have been disposed off during the year.
2. As explained to us the inventories have been physically verified by the managementat reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable having regard to the size of the Company and the nature of itsbusiness. In our opinion and according to the information and explanations given to usthe procedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of thebusiness. The company has maintained proper records of inventory. As explained to usthere were no material discrepancies noticed on physical verification stocks as comparedto book records.
3. The Company has not taken any loans secured or unsecured to/from companies firmsor other parties covered in the register maintained under Section 301 of the CompaniesAct 1956. The Company has not granted loans to companies firms or other parties coveredin the register maintained under Section 301 of the Companies Act 1956. Accordinglyparagraph 4(iii) of the order is not applicable.
4. In my opinion and according to the information and explanations given to me thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of fixed assets and for the sale of goodsand services. During the course of our audit we have not observed any continuing failureto correct major weaknesses in internal controls.
5. The company has not any entered into any contracts or arrangements attracting theprovisions of section 301 of the Companies Act 1956. Accordingly paragraph 4(v) of theorder is not applicable.
6. The company has not accepted any deposit from the public and hence provisions ofsections 58A and 58AA of the Companies Act 1956 and the Companies (Acceptance ofDeposits) Rules 1975 are not applicable. Accordingly paragraph 4(vi) of the order is notapplicable.
7. The Company does not have a formal internal Audit System; however in our opinionand according to the information and explanation given to us there are adequate internalcontrol procedures commensurate with the size of the company and the nature of itsbusiness.
8. We are informed that the company has not been required by the Central Government tomaintain cost records under section 209(1) (d) of the Companies Act 1956. Accordinglyparagraph 4(viii) of the order is not applicable.
9. a. According to the information and explanations given to us and on the basis of ourexamination of the records of the company the company has been generally regular indepositing the undisputed statutory dues including Income tax Service Tax and otherapplicable statutory dues with the appropriate authorities.
b. According to the information and explanations given to me no undisputedamounts payable in respect of income tax service tax and other applicable statutory duesas at 31st March 2014 were outstanding for a period of more than six monthsfrom the date they became payable.
10. The company has accumulated losses at the end of the financial year which are lessthan fifty percent of its net worth. The company has not incurred cash losses during thefinancial year though there was cash loss in the preceding financial year.
11. The company has not taken loan from Bank/Financial institution. Accordinglyparagraph 4(xi) of the Order is not applicable.
12. The company has not granted loans and advances on the basis of security by way ofpledge of shares debentures and other securities. Accordingly paragraph 4(xii) of theOrder is not applicable.
13. The company is not a chit fund / nidhi/ mutual benefit fund/ society. Accordinglyparagraph 4(xiii) of the Order is not applicable.
14. The company is not dealing or trading in shares securities debentures and otherinvestments. The Investments in shares securities debentures and other forms ofinvestments were held in the name of the company.
15. According to the information and explanations given to me the company has notgiven any guarantee for loans taken by others from banks or financial institutions.Accordingly paragraph 4(xv) of the Order is not applicable
16. The company has not taken any term loan during the year covered by this audit.
Accordingly paragraph 4 (xvi) of the Order is not applicable.
17. According to the information and explanations given to me and on an overallexamination of the balance sheet of the company in my opinion that the company has notraised any funds on short-term basis for long term Investments. Accordingly paragraph 4(xvii) of the order is not applicable. All assets have been funded by theshareholders funds.
18. The company has not made any preferential allotment of shares to any parties orcompanies during the financial year. Accordingly paragraph 4 (xviii) of the order is notapplicable.
19. The company has not issued any debentures during the period covered by my audit.Accordingly paragraph 4 (xix) of the Order is not applicable.
20. The company has not raised any money by public issue during the financial year.Accordingly paragraph 4(xx) of the Order is not applicable.
21. According to the information and explanations given to me we report that nomaterial fraud on or by the company has been noticed or reported during the course ofaudit.
| ||As per my report of Even date |
| ||For Sidharth Mehta &Co |
| ||Chartered Accountant |
| ||Siddharrth Mehta |
| ||Proprietor |
| ||Member ship No. 207043 |
|Date : 29.05.2014 ||Firm Reg. No. 008108S. |
|Place: Chennai || |