You are here » Home » Companies » Company Overview » Omaxe Ltd

Omaxe Ltd.

BSE: 532880 Sector: Infrastructure
NSE: OMAXE ISIN Code: INE800H01010
BSE LIVE 19:40 | 19 Oct 205.95 0.50
(0.24%)
OPEN

205.80

HIGH

206.50

LOW

205.40

NSE 19:31 | 19 Oct 205.65 0.35
(0.17%)
OPEN

206.00

HIGH

206.50

LOW

205.30

OPEN 205.80
PREVIOUS CLOSE 205.45
VOLUME 26653
52-Week high 209.40
52-Week low 154.85
P/E 71.02
Mkt Cap.(Rs cr) 3,767
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 205.80
CLOSE 205.45
VOLUME 26653
52-Week high 209.40
52-Week low 154.85
P/E 71.02
Mkt Cap.(Rs cr) 3,767
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Omaxe Ltd. (OMAXE) - Auditors Report

Company auditors report

To the Members of Omaxe Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Omaxe Limited("the Company") which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company's 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 andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the "Annexure I" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. 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 bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) 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 II" and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements — Refer Note 253031 to the financialstatements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Doogar & Associates
Chartered Accountants
Firm's Reg. No. 000561N
Sd/-
M. K. Doogar
Place of Signature: New Delhi Partner
Date: 24th May 2016 M. No.080077

Annexure I to Independent Auditors’ Report (Referred to in our report of evendate)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) The fixed assets have been physically verified by the management at the reasonableintervals which in our opinion is considered reasonable having regard to the size of thecompany and the nature of its assets. No material discrepancies were noticed on suchverification.

(c) In our opinion and according to information and explanations given to us and on thebasis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The inventory includes land completed real estate projects projects in progressconstruction material development and other rights in identified land. Physicalverification of inventory has been conducted at reasonable intervals by the management anddiscrepancies noticed which were not material in nature have been properly dealt with inthe books of accounts.

(iii) The Company has / had granted loan to five subsidiary companies covered in theregister maintained under Section 189 of the Act.

(a) The terms and conditions on which loan has been granted to the subsidiary companiescovered in the register maintained under Section 189 of the Act are not prima facieprejudicial to the interest of the Company.

(b) The subsidiary companies covered in the register maintained under Section 189 ofthe Act are regular in payment of principal and interest amount as stipulated.

(c) There are no overdue amounts in respect of loan granted to the subsidiary companiescovered in the register maintained under Section 189 of the Act.

(iv) In our opinion and according to information and explanations given to us theCompany has complied with provisions of Section 185 and 186 of the Act in respect ofloans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us theCompany has accepted deposits in respect of which directives issued by the Reserve Bankof India and the provisions of Section 73 to 76 or any other relevant provisions of theCompanies Act 2013 and rules framed there under to the extent applicable have beencomplied with.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of Cost Records undersection 148 of the Act and are of opinion that prima facie the prescribed accounts andrecords have been made and maintained however we have not made the detailed examinationof such cost records.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company provident fund employees' state insuranceincome tax sales tax service tax value added tax duty of customs duty of excise cessand other applicable material undisputed statutory dues have generally been depositedregularly during the year with the appropriate authorities with delays in certain casesand there are no arrears of outstanding statutory dues as at the last day of the financialyear concerned for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added tax orother applicable material statutory dues which have not been deposited as on March 312016 on account of any dispute except the followings:-

Name of Statutes Nature of Dues Financial Year to which the matter pertains Forum where dispute is pending Amount Outstanding ( Rs in mio)
Income Tax Act 1961 Income Tax 2006-07 Income Tax Appellate Tribunal New Delhi 81.95
Income Tax Act 1961 Income Tax 2009-10 Income Tax Appellate Tribunal New Delhi 31.52
Income Tax Act 1961 Income Tax 2010-11 Commissioner of Income Tax(A) New Delhi 45.67
Income Tax Act 1961 Tax Deduction at Source 2012-13 Commissioner of Income Tax(A) New Delhi 0.77
Income Tax Act 1961 Income Tax penalty 2006-07 Commissioner of Income Tax(A) New Delhi 13.46
U.P VAT Act 2008 Sales Tax Jan 2007- March 2008 Commercial Tax Tribunal Noida 0.63
U.P VAT Act 2008 Sales Tax 2010-11 Commercial Tax Tribunal Noida 0.38
Delhi VAT ACT 2005 Sales Tax 2005-06 Joint/ Deputy Commissioner of Trade & Taxes Delhi 43.94
Jammu & Kashmir General Sales Tax Act 1962 Sales Tax 2003-04 Appellate Authority of the Jammu & Kashmir General Sales Tax Act 1962 0.12
Jammu & Kashmir General Sales Tax Act 1962 Sales Tax 2004-05 Appellate Authority of the Jammu & Kashmir General Sales Tax Act 1962 0.45
Haryana Value Added Tax Act 2003 Sales Tax 2009-10 Punjab & Haryana High Court & Haryana Tax Tribunal Chandigarh 43.32
Haryana Value Added Tax Act 2003 Sales Tax 2010-11 Punjab & Haryana High Court & Haryana Tax Tribunal Chandigarh 130.45
Haryana Value Added Tax Act 2003 Sales Tax 2011-12 Joint Excise & Taxation Commissioner (Appeal) Faridabad 108.76
Haryana Value Added Tax Act 2003 Sales Tax 2012-13 Joint Excise & Taxation Commissioner (Appeal) Faridabad 96.27
Finance Act 1994 Service Tax 2003-04 to 2007-08 Customs Excise and Service Tax Appellate Tribunal New Delhi 29.17

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to banks financial institutions anddebenture holders as at the balance sheet date.

(ix) According to the information and explanations given to us the term loans weregenerally applied for the purpose for which those are raised. The Company has not raisedmoney by way of initial public offer or further public offer (including debt instruments)during the year.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

(xii) According to the information and explanations given to us the Company is not aNidhi Company as prescribed under Section 406 of the Act. Accordingly paragraph 3(xii) ofthe Order is not applicable to the Company.

(xiii) According to the information and explanations given to us all transactions withthe related parties are in compliance with Section 177 and 188 of Act where applicableand the details have been disclosed in the Financial Statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) According to information and explanations given to us the Company is notrequired to be registered under Section 45 IA of the Reserve Bank of India Act 1934.

For Doogar & Associates
Chartered Accountants
Firm's Reg. No. 000561N
Sd/-
M.K. Doogar
Place of signature: New Delhi Partner
Date: 24th May 2016 M. No. 080077

Annexure II to Independent Auditors’ Report — 31 March 2016 (Referred to inour report of even date)

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

We have audited the internal financial controls over financial reporting of OmaxeLimited ("the Company") as at 31st March 2016 in conjunction with our audit ofthe Standalone Financial Statements of the Company for the year ended on that 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 ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 judgement 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 for our audit opinion on the Company's internal financial controls 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:

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 expressing our opinion we have placed reliance on the study of proper InternalFinancial Controls over Financial Reporting by the In-house Internal Audit Team of theCompany. Based on the study as aforesaid and on the basis of test checks performed by usin our opinion the Company has in all material respects an adequate internal financialcontrols system over financial reporting but requires more strengthening and such internalfinancial controls over financial reporting were operating effectively as at 31st March2016 as stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For Doogar & Associates
Chartered Accountants
Firm's Reg. No. 000561N
Sd/-
M.K. Doogar
Place of signature: New Delhi Partner
Date: 24th May 2016 M. No.080077