The Members of
M/S. OMKAR OVERSEAS LIMITED Ahmedabad.
Report on the Financial Statements
We have audited the accompanying financial statements of OMKAR OVERSEAS LIMITED (the Company) which comprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary 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 stated in Section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2015. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities selection and application of appropriate accounting policies; making judgements and estimates that are responsible and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as 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 of the Act we give in the Annexure a statement on the matters specified in paragraphs 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 best of our knowledge 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 the Company so far as appears from our examination of those books;
c) the balance sheet the statement of profit and loss and the cash flow Statement dealt with by this Report are in agreement with the books of account;
d) in our opinion the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the companies (Accounts) Rules 2014;
e) on the basis of written representations received from the directors as on March 31 2016 taken on record by the Board of Directors none of the directors is disqualified as on March 31 2016 from being appointed as a director in terms of Section 164 (2) of the Act; and
f) with respect to the other matters to e included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2015 in our opinion and to the best of our information and according to the explanations given to us;
(i) the Company does not have any pending litigations for which provision would have been required and which would have impact on its financial position.
(ii) the Company has made provision as required under the applicable law or accounting standards for material foreseeable losses if any.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE OF OMKAR OVERSEAS LTD.
The Annexure referred to in our Independent Auditor's Report to the members of the Company on the financial statements for the year ended 31 March 2016 we report that;
1. In respect of Fixed Assets:
(a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) As explained to us fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to us the company has not disposed off any substantial fixed assets during the year and hence the going concern status of the company is not affected.
2. In respect of Inventory:
(a) As explained to us inventories have been physically verified during the year by the management at reasonable intervals. In our opinion the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records the Company is generally maintaining proper records of its inventories. As informed to us there were no material discrepancies noticed on physical verification of stocks by the management as compared to book records.
3. In respect of the loans secured or unsecured granted by the company to companies firms or other parties covered in the register maintained u/s.189 of the Companies Act 2013: a) According to the information and explanations given to us and on the basis of our examination of the books of account the company has not granted any loans secured or unsecured to companies firms or other parties listed in the register maintained under section 189 of the Companies Act 2013 (the Act). Consequently the provisions of clauses iii(a) and iii(b) of the Companies (Auditor's Report) Order 2015 are not applicable to the Company.
4. In our opinion and according to the information and explanations given to us the Company has complied with the provisions of section 185 and 186 of the Act wherever applicable with respect to the loans and investments made.
5. According to the information and explanation given to us the company has not accepted any deposit from the public during the year. Therefore the provisions of clause (v) of paragraph 3 of the order are not applicable to the company.
6. As per information & explanation given by the management maintenance of cost records has not been prescribed by the Central Government under section 148(1) of the Act for the year under review.
7. The company is generally regular in depositing the undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Wealth Tax Sales Tax Custom Duty Excise Duty Service Tax Value Added Tax Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us no undisputed amounts payable in respect of afore mentioned dues were outstanding as at 31st March 2016 for a period of more than six months from the date they became payable.
(a) According to the information and explanations given to us there are no material dues of Income Tax Wealth Tax Sales Tax Custom Duty Excise Duty Service Tax Value Added Tax Cess and any other statutory dues which have not been deposited with the appropriate authorities on account of any dispute.
8. In our opinion and according to the information and explanations given to us the company has not defaulted in repayment of dues to financial institutions or banks. As there are no debentures the question of repayment does not arise.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) or through Term Loan.
10. According to the information and explanation given to us no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations give to us and based on our examination of the records of the Company the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
12. In our opinion and according to the information and explanations given to us the Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and based on our examination of the records of the Company the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
|As per our Report of Even Date|
|For and on Behalf of|
|Place : Ahmedabad||For Nahta Jain & Associates|
|Date : 27/05/2016||Chartered Accountants|
|Firm Regn. No. 106801W|
|(CA. GAURAV NAHTA)|
|M. No. 116735|