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Omega Interactive Technologies Ltd.

BSE: 511644 Sector: Others
NSE: N.A. ISIN Code: INE113B01029
BSE 15:14 | 27 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 99.30
PREVIOUS CLOSE 104.50
VOLUME 4147
52-Week high 99.30
52-Week low 0.00
P/E 397.20
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 99.30
Sell Qty 18411.00
OPEN 99.30
CLOSE 104.50
VOLUME 4147
52-Week high 99.30
52-Week low 0.00
P/E 397.20
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 99.30
Sell Qty 18411.00

Omega Interactive Technologies Ltd. (OMEGAINTERACTIV) - Auditors Report

Company auditors report

To the Members of Omega Interactive Technologies Limited

Report on the Financial Statements

We have audited the accompanying nancial statements of Omega Interactive TechnologiesLimited ("the Company") which comprise the balance sheet as at March 31 2017and the Statement of Pro t and Loss and Cash Flow Statement for the year then ended and asummary of signi cant account policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese nancial statements that give a true and fair view of the nancial position nancialperformance and cash ows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards speci ed under section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies making judgement and estimates that are reasonable and prudent and designimplementation and maintenance of adequate internal nancial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the nancial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these nancial 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 speci ed 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 nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the nancial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal nancial control relevant to the Company's preparation of the nancialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the nancialstatements.

We believe that the audit evidence we have obtained is suf cient 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 the aforesaid nancial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 and its pro t and its cash ows for the year ended on that date.

Report on other legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 of the Act we give in the Annexure A statement on the matters speci ed in paragraphs3 and 4 of the Order.

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 book of account of accounts as required by law have been keptby the company so far as it appears from our examination of those books.

c. the Balance Sheet Statement of Pro t and Loss and Cash Flow Statement dealt with bythis Report are in agreement with the books of account.

d. In our opinion the Balance Sheet Statement of Pro t and Loss and Cash FlowStatement comply with the Accounting Standards speci ed under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disquali edas on March 31 2017 from being appointed as a director in terms of section 164(2) of theAct.

f. With respect to internal nancial controls over nancial reporting of the Company andthe operating effectiveness of such controls refer to our separate report in"Annexure B".

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 does not have any pending litigations which would impact its nancialposition.

ii. The Company did not have any long- term contracts including derivative contractsfor which there were any material foreseeable losses.

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

iv. the Company has made requisite disclosures in the nancial statements as to holdingsas well as dealings in Speci ed Bank Notes during the period from 8 November 2016 to 30December 2016. Based on audit procedures and relying on the management representation wereport that the disclosures are in accordance with books of accounts maintained by theCompany and as produced to us by the management.

For Sampat Mehta & Associates
Firm Registration No. : 109038W
Chartered Accountants
sd/-
CA Sanjay Rambhia
Partner
Membership No : 046265
Place: Mumbai
Date: 30th May 2017

Annexure A referred to in our Report of even date to the members of Omega InteractiveTechnologies Limited for the year ended March 31 2017

As required by Companies (Auditors Report) Order 2017 issued by the Ministry ofCorporate Affairs on the basis of checks of the books and records as we consideredappropriate and according to the information and explanations given to us during thecourse of audit we state as under:-

i. (a) The Company does not have any Fixed Assets. Accordingly the provision of clause3 (i)(a) (b) and ('c) are not applicable to the company.

ii. The management has conducted the physical veri cation of inventories at reasonableinterval during the period and also at the year end. As informed to us no materialdiscrepancies have been noticed upon such veri cation.

iii. The Company has not granted unsecured loans to 4 parties covered in the registermaintained under section 189 of the Act. Accordingly the provisions of clause 3(iii) (a)to (c') of the 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 & 186 of the Act.

v. The Company has not accepted any deposits and hence directives of the Reserve Bankof India and the provisions of the Act and the Rules framed there under are notapplicable.

vi. We are informed that Company is not required to maintain cost records in terms ofsectio 148 of the Act.

vii. (a). The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employee's state insurance incometax service tax custom duty value added tax cess and other material statutory duesapplicable to it

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 nancial 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 explanations given to us there are no dues ofincome tax sales tax or service tax customs duty excise duty or value added tax notbeen deposited on account of any dispute.

viii. The Company does not have any loans & borrowings from any nancialinstitutions 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 public offer further public offer(including debt instruments) and term loan during the year.

x. Based on the audit procedures performed for the purpose of reporting the true andfair view of the nancial statements and as per the information and explanations given nofraud on or by the Company has been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to us theCompany has not paid and managerial remuneration during the year.

xii. The Company is not a Nidhi Company.

xiii. In our opinion and according to the information and explanations given to ustransactions entered by the Company with related parties are in compliance with section188 of the Act to the extent applicable. Being an unlisted Company provisions of section177 of the Act are not applicable. In our opinion details of transactions with therelated parties have been disclosed in the nancial statements as required by theapplicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions with the Directors or persons connected withhim.

xvi. The Company is not required to be registered as Non-banking Finance Companyas required under section 45-IA of the Reserve Bank of India Act 1934.

For Sampat Mehta & Associates
Firm Registration No. : 109038W
Chartered Accountants
sd/-
CA Sanjay Rambhia
Partner
Place: Mumbai Membership No : 046265
Date: 30th May 2017

Annexure B referred to in our Report of even date to the members of Omega InteractiveTechnologies Limited for the year ended March 31 2017

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

We have audited the internal nancial controls over nancial reporting of OmegaInteractive Technologies Limited ("the Company") as at March 31 2017 inconjunction with our audit of the standalone nancial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalnancial controls based on the internal nancial control over nancial reporting criteriaestablished by the Compan considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the ICAI. These responsibilities include the design implementation andmaintenance of adequate internal nancial controls that were operating effectively forensuring the orderly and ef cient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable nancial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal nancial controlsover nancial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by the Institute of Chartered Accountants of India("the ICAI") and deemed to be prescribed under section 143(10) of the Act tothe extent applicable to an audit of internal nancial controls both applicable to anaudit of Internal Financial Controls and both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal nancial controls overnancial reporting was established and maintained and if such controls operated effectivelyin all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal nancial controls system over nancial reporting and their operatingeffectiveness. Our audit of internal nancial controls over nancial reporting includedobtaining an understanding of internal nancial controls over nancial reporting includingobtaining an understanding of internal nancial controls over nancial reporting assessingthe risk that a material weakness exists and testing and evaluating the design andoperating 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 nancial statements whether due to fraud or error.We believethat the audit evidence we have obtained is suf cient and appropriate to provide a basisfor our audit opinion on the Company's internal nancial controls over nancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal nancial control over nancial reporting is a process designed toprovide reasonable assurance regarding the reliability of nancial reporting and thepreparation of nancial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal nancial control over nancialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly re ect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit accepted accounting principles and thatreceipts expenditures of the Company are being made only in accordance with authorizationsof management 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 nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancialreporting 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 nancial controls over nancialreporting to future periods are subject to the risk that the internal nancial control overnancial reporting may become inadequate because of changes in conditions or that thedegree of compliances with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal nancialcontrols system over nancial reporting and such internal nancial controls over nancialreporting were operating effectively as at March 31 2017 based on the internal controlover nancial reporting criteria established by the Company considering the essentialcomponents of internal nancial control stated in the Guidance Note on Audit of InternalFinancial Controls Over Fin.

For Sampat Mehta & Associates
Firm Registration No. : 109038W
Chartered Accountants
sd/-
CA Sanjay Rambhia
Partner
Place: Mumbai Membership No : 046265
Date: 30th May 2017