You are here » Home » Companies » Company Overview » Omkar Overseas Ltd

Omkar Overseas Ltd.

BSE: 531496 Sector: Others
NSE: N.A. ISIN Code: INE680D01015
BSE LIVE 15:15 | 14 Dec 1.38 0.06
(4.55%)
OPEN

1.38

HIGH

1.38

LOW

1.38

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.38
PREVIOUS CLOSE 1.32
VOLUME 2420
52-Week high 1.61
52-Week low 0.70
P/E 69.00
Mkt Cap.(Rs cr) 1
Buy Price 1.26
Buy Qty 2000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.38
CLOSE 1.32
VOLUME 2420
52-Week high 1.61
52-Week low 0.70
P/E 69.00
Mkt Cap.(Rs cr) 1
Buy Price 1.26
Buy Qty 2000.00
Sell Price 0.00
Sell Qty 0.00

Omkar Overseas Ltd. (OMKAROVERSEAS) - Auditors Report

Company auditors report

To

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 ("theCompany") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of 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 responsible 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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. 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall 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 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 31st March 2017 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 ("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 "A" statement on the matters specifiedin 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 bestof 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 theCompany so far as 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 written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct;

f) With reference to the adequacy of the internal financial control over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in Annexure-B. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 for which provision would havebeen required and which would have impact on its financial position.

(ii) the Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

(iv) The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes (SBN) during theperiod from 8 November 2016 to 30th December 2016 and these are in accordancewith the books of accounts maintained by the Company.

Refer Note 34 to the standalone financial statements.

As per our Report of Even Date
For and on Behalf of
For Nahta Jain & Associates
Chartered Accountants
Firm Regn. No. 106801W
[CA. I.C. NAHTA]
Place : Ahmedabad Partner
Date : 29/05/2017 M No : 070023

ANNNEXURE- "A" TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE OF OMKAROVERSEAS

LIMITED.

Referred to in paragraph-1 on "Report on Other Legal and RegulatoryRequirements" of the Independent Auditor's Report of even date to the members ofOMKAR OVERSEAS LIMITED on the financial statements for the year ended 31 March 2017;

1. In respect of Fixed Assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

(c) According to information and explanations given to us and on the basis of ourexamination of records of the company the title deeds of immovable properties if any asdisclosed in the fixed assets to the financial statements are held in the name ofCompany.

2. In respect of Inventory:

(a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. In our opinion the frequency of verification isreasonable.

(b) According to the information and explanation given to us no material discrepancieswere noticed onphysical verification of inventory as compared to the book records.

3. In our opinion and according to the information and explanations given to us wereport that the Company has not granted any loans secured or unsecured to companiesfirms limited liability Partnerships or other parties covered in the Register maintainedunder section 189 of the Companies Act 2013.

4. In our Opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security in respect of anyloans to any party covered under the Section 185 of the Act. The Company has not givenguarantees or provided security requiring compliance under section 185 or 186 of the Acthence clause 4 of the order is not applicable to the Company.

5. In our opinion the Company has not accepted any deposits from public within themeaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.

6. As per the information & explanation given by the management maintenance ofcost records has not been prescribed by the central government under section 148(1) of theAct for the year under review.

7. In respect of Statutory Dues:

(a) According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingIncome Tax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty cess and anyother statutory dues with the appropriate authorities applicable to it. According to theinformation and explanations given to us there are no undisputed dues payable in respectof above as at 31st March 2017 for a period of more than six months from thedate on which they became payable.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Wealth Tax Sales Tax Custom Duty Excise Duty Service Tax ValueAdded Tax Cess and any other statutory dues which have not been deposited with theappropriate authorities on account of any dispute..

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institutions or banks. Asthere 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 publicoffer (including debt instruments) or by way of Term Loans.

10. According to the information and explanation 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.

11. According to the information and explanations give 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.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company.

Accordingly paragraph 3(xii) of the Order and the Nidhi Rules 2014 are notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards (AS)18 on Related Party Disclosures as specified under section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

14. The Company has not made any preferential allotment or Private placement of sharesor fully or partly convertible debentures during the year under review.

15. 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) of the Order is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

As per our Report of Even Date
For and on Behalf of
For Nahta Jain & Associates
Chartered Accountants
Firm Regn. No. 106801W
[CA. I.C. NAHTA]
Place : Ahmedabad Partner
Date : 29/05/2017 M. No : 070023

Annexure "B" to the Independent Auditors' Report

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 M/S.OMKAROVERSEAS LIMITED ("the Company") as of 31ST March 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear ended 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 controls 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'). Theseresponsibility 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 the Company's policies the safeguardingof its 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 Companies Act 2013.

Auditor's 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 of Accounting issued by ICAI and deemed tobe prescribed under Section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols 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 or 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 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 (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 of theManagement 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 fraudmay occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

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 31ST March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

As per our Report of Even Date
For and on Behalf of For Nahta Jain & Associates
Chartered Accountants
Firm Regn. No. 106801W
[CA. I.C. NAHTA]
Place : Ahmedabad Partner
Date : 29/05/2017 M. No : 070023