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Astro Bio Systems Ltd.

BSE: 532340 Sector: IT
NSE: N.A. ISIN Code: INE369B01019
BSE LIVE 13:59 | 24 Nov 1.78 -0.08
(-4.30%)
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1.77

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1.79

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.77
PREVIOUS CLOSE 1.86
VOLUME 736000
52-Week high 2.51
52-Week low 0.90
P/E
Mkt Cap.(Rs cr) 3
Buy Price 1.78
Buy Qty 15201.00
Sell Price 1.88
Sell Qty 700.00
OPEN 1.77
CLOSE 1.86
VOLUME 736000
52-Week high 2.51
52-Week low 0.90
P/E
Mkt Cap.(Rs cr) 3
Buy Price 1.78
Buy Qty 15201.00
Sell Price 1.88
Sell Qty 700.00

Astro Bio Systems Ltd. (ASTROBIOSYS) - Auditors Report

Company auditors report

To.

The Members of.

OMNI AX'S SOFTWARE LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of OMNI AX'S SOFTWARE LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary 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) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and t e reasonablenessof the accounting estimates made by the management as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matters described in the Basis forQualified opinion paragrap the financial statements give the information required by theAct in the manner so required an give a true and fair view in conformity with theaccounting principles generally accepted in India:

- In case of the balance sheet of the state of affairs of the company as at March 312016

- In case of the statement of profit and loss of the Profit for the year ended on thatdate and

- In case of the Cash flow statement of the Cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

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 ofthe Act we give in "Annexure I a statement on matters specified in paragraphs 3 and4 of the Order to the extent applicable.

As required by section 143(3) of the Act we report that.

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

i) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

ii) The Balance Sheet the Statement of Profit and Loss and Cash flows statement dealtwith by this Report are in agreement with the books of account.

iii) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

iv) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

v) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2".

vi) With respect to the other matters included in the Auditor's Report and inaccordance with Rule 11 of Companies (Audit and Auditors) Rules 2014 and in our opinionand to the best of our information and explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

b) The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Sibsankar & Associates
Chartered Accountants
FRN: 323691E
(Sibsankar Chakraborti)
Place: Kolkata Proprietor
Date: Membership No.: 052745

Annexure referred to in paragraph 1 of our report of even date

Re: OMNI AX'S SOFTWARE LIMITED

i. a) According to the information and explanations furnished to us the company hasproper records showing full particulars including quantitative details and situation ofFixed Assets.

b) According to the information and explanations furnished to us there is a regularprogram of verification which in our opinion is reasonable having regard to the size ofthe Company. No material discrepancies were noticed on such verification.

ii. a) According to the information and explanations furnished to us there are noinventories in the Company during the year under review

b) According to the information and explanations furnished to us no discrepanciesnoticed on such verification.

iii. According to the information and explanations given to us the Company has notgranted any Loans to any of the parties covered in the register maintained under section189 of the Act.

iv. In our opinion and according to the information and explanations given to us theprovisions in respect of loans investments guarantees and security; i.e. Section 185and 186 of the Companies Act 2013 are not applicable to the Company during the year.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of sections 73 to76 or any other relevant provisions of the Act and rules framed there under.

vi. We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules made by the Central Government for maintenance of Central Government formaintenance of cost records under Section 148(1) of the Companies Act 2013 and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete.

vii. a. According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues with appropriate authoritiesincluding provident fund employees state insurance income tax sales tax service taxduty of custom duty of excise Value added tax cess and any other statutory duesapplicable to it.

b. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax sales taxduty of custom duty of excise Value added tax or cess and any other statutory duesapplicable to it were in arrears as at 31st March 2016 for a period more thansix months from the date they became payable.

viii. According to the records of the Company examined by us and the information andexplanations given to us the company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders as applicable as at the Balance sheetdate.

ix. In our opinion and according to the information and explanations given to usCompany has not taken any term loans (to be applied for the purpose for which the loanswere obtained).

x. During the course of our examination of the books and records of the Companycarried out in accordance with the Generally Accepted Accounting Practice in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

xi. According to the records of the Company examined by us and the information andexplanations given to us managerial remuneration has been paid in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V ofCompanies Act 2013.

xii. In our opinion the company is not a Nidhi company. Therefore the provisions ofclause 3 (xii) of the Companies (Auditor's Report) Order 2016 are not applicable to thecompany.

xiii. According to the records being maintained by the Company and examined by usthere were no transactions with the related parties as stipulated u/s 188 of CompaniesAct 2013 and wherever applicable all the details have been appropriately disclosed inthe Financial Statements as required under the applicable Accounting Standards.

xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

xv. According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with them.

xvi. According to the information and explanations given to us in our opinion thecompany is not required to get registration under section 45-1A of the Reserve Bank ofIndia Act 1934.

For Sibsankar & Associates
Chartered Accountants
FRN: 323691E
Place: Kolkata (Sibsankar Chakraborti)
Date: Proprietor
Membership No.: 052745

"Annexure 2"

Annexure to the Independent Auditor's Report of even date on Financial Statements ofOMNI AX'S SOFTWARE LIMITED ("the Company").

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act. 2013 ("the Act")

To the Members of OMNI AX'S SOFTWARE LIMITED ("the Company")

We have audited the internal financial controls over financial reporting of as of OMNIAX'S SOFTWARE LIMITED ("the Company") as of March 312016 inconjunction with our audit of financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis on the audit committee on the Companies' internal financial control systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's 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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects have an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Sibsankar & Associates
Chartered Accountants
FRN; 323691E
Place:Kolkata (Sibsankar Chakra borti)
Date; Proprietor
Membership No.: 052745