To the Members of Omega Interactive Technologies Limited.
Report on the Financial Statements
We have audited the accompanying financial statements of Omega Interactive TechnologiesLimited ('the Company) which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cashflow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements:
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act")with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cashflows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts)RuIes2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
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 there under.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor consider internal financial control relevant to the Companys preparationof the financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Companys Directors as well as evaluating theoverall presentation of 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 financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and Fairview in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 and its profit and its cashflows 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 subjection (11) of section 143 ofthe Act. (Thereinafter referred to as the "Order")and on the basis of suchchecks of the books and records of the Company as we considered appropriate and accordingto the information and explanations given to us we give in the Annexure A a statement onthe matters specified in the paragraph 3 and 4 of the order.
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 cashflow statementdealt with by this Report are in agreement with the books of account;
(d) 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;
(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164 (2) of the Act;
(0 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 reporting "Annexure B"; and
(g) With respect to the other matters to he included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information and accordingto the explanations given to us:
i. The Company does not have any pending litigations which would impact its financialposition;
ii. The Company did not have any long term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise;
iii. There has not been any occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.
For Sampat Mehta & Associates
Chartered Accountants Firm Reg. No.: 109038W
Annexure"A to the Auditors Report
The Annexure referred to in Independent Auditors Report to the members of theCompany on the financial statements for the year ended 31st March 2016 wereport that:
i. a) The Company maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of 3 years which in our opinionis a reasonable having regard to the size of the Company and the nature of its assets.Pursuant to the programme a portion of the fixed assets has been physically verified bythe Management during the year and no material discrepancies have been noticed on suchverification.
c) The title deeds of immovable properties as disclosed in Note on fixed assets to thefinancial statements are held in the name of the Company.
ii. The management has conducted the physical verification of inventories at reasonableintervals and no discrepancies were noticed;
iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (iii)(a) (iii)(b)(iii)(c) of the said Order are not applicable to the Company and hence not commented upon;
iv. The Company has not granted any loans or provided any guarantees or security to theparties covered under section 185 of the Act. In our opinion and according to theinformation and explanations given to us the Company has complied with the provisions ofsection 186 of the Act in respect of loans investments made and guarantee/ securityprovided by it as applicable.
v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.
vi. The Central Government has not prescribed maintenance of Cost records undersubsection (1) of Section 148 of the Act in respect of the activities carried on by thecompany;
vii. a) Amfording to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed applicable statutory dues including Provident Fund EmployeesState Insurance Income Tax Sales tax Service Tax Duty of Customs Duly of ExciseValue added Tax Cess and any other statutory dues with the appropriate authorities.
According to the information and explanations given to us the following are thedisputed amounts payable in respect of applicable statutory dues were in arrears for aperiod exceeding six months as at the end of the Financial year from the date they becamepayable.
|Name of the Statue ||Forum of Dispute ||Nature of Dues ||Amount (Rs.) ||Period to which amount relates |
|Income Tax ||Appellate Tribunal ||Assessment Dues ||548203 ||22.03.1994 to 19.07.1996 |
b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute;
viii. The Company does not have any loans or borrowings from any Financialinstitutions banks government or debenture holders during the year. Accordingly theprovisions of clause 3 (viii) of the Order are not applicable to the Company
ix. The Company has not raised any money by way of initial public offer or furtherpublic offer (including Debt instrument) and term loans during the year. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable;
x. Based upon the audit procedures performed and the information and explanations givenby the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year;
xi. Based upon the audit procedures performed and the information and explanationsgiven by the management there has been no managerial remuneration paid or provided;
xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 arc not applicableto it the provisions of Clause 3(ix) of the Order are not applicable to the Company.
xiii. Based upon the audit procedures performed and the information and explanationsgiven by the management the transactions with Related Parties are in compliance withSections 177 & 188 of the Act where applicable and details of such transactions havebeen disclosed in the financial statements as required by the applicable AccountingStandards;
xiv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview.
xv. Rased upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable;
xvi. In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company.
For Sampat Mehta & Associates
Chartered Accountants Firm Reg. No.: 109038W
"Annexure B" to the Independent Auditors Report of even date on theFinancial Statements of OMEGA INTERACTIVE TECHNOLOGIESS Limited.
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 OMEGAINTERACTIVE TECHNOLOGIES Limited ("the Company") as of March 31s12016 in conjunction with our audit of the financial statements of the Company for the yearended on that date.
Management s Responsibility for Internal Financial Controls:
The Companys 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 companys policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
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 deemed to be prescribed undersection 143(10) of the Companies Act 2013 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 auditors 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 Companys internal financial controlssystem over 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) 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
(3) 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 lnternal 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.
In our opinion the Company has in all material respects 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 Sampat Mehta & Associates
Firm Reg. No.: 109038W