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Omkar Pharmachem Ltd.

BSE: 532167 Sector: Industrials
NSE: N.A. ISIN Code: INE501C01015
BSE LIVE 14:30 | 22 Nov 9.26 0.44
(4.99%)
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9.26

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.26
PREVIOUS CLOSE 8.82
VOLUME 3000
52-Week high 9.26
52-Week low 6.37
P/E
Mkt Cap.(Rs cr) 9
Buy Price 9.26
Buy Qty 4400.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.26
CLOSE 8.82
VOLUME 3000
52-Week high 9.26
52-Week low 6.37
P/E
Mkt Cap.(Rs cr) 9
Buy Price 9.26
Buy Qty 4400.00
Sell Price 0.00
Sell Qty 0.00

Omkar Pharmachem Ltd. (OMKARPHARMACHEM) - Auditors Report

Company auditors report

To the Members of Omkar Pharmachem Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Omkar Pharmachem Limited("the Company") which comprise the Balance Sheet as at 31st March 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 Board of Directors of the Company is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the act’) with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe generally accepted accounting principles in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. 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; design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that gives a true and fair view and are free from material misstatementwhether due to fraud or error.

Auditor’s Responsibility

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 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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s 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 considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s management and Board of Directors as wellas evaluating the overall presentation of the financial statements We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Opinion

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 fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Act we give in theAnnexure A a statement on the matters specified in paragraphs 3 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 purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the applicableAccounting 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 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

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 B;

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

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 an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

iv. The company has provided requisite disclosure in its financial statement as toholding as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the Company.

For Rajesh J. Shah & Associates

Chartered Accountants

FRN 108407W

(Rajesh J. Shah)

Partner

Mem. No. 040268

Place : Ahmedabad

Date : 30th May 2017

ANNEXURE - A

The Annexure referred to in Independent Auditors’ Report to the members of OmkarPharmachem Limited on the financial statements for the year ended March 31 2017 wereport that:

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

b) As explained to us the management during the year has physically verified the fixedassets in a phased periodical manner which in our opinion is reasonable having regard tothe size of the Company and nature of its assets. According to the information andexplanation given to us no material discrepancies were noticed on such physicalverification.

c) The title deeds of immoveable properties are held in the name of the company.

ii. There was no inventory during the period.

iii. As explained to us the company had not granted any loans secured or unsecured toany companies firms limited liability partnership or other parties covered in theregister maintained under section 189 of the Act. iv. According to the Information andexplanation given to us no loans investments guarantees and security have been givento directors by the company. Hence the provisions of section 185 and 186 of the CompaniesAct 2013 are not applicable on the company.

v. The Company has not accepted any deposits from public during the period within themeaning of the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under. Moreover no order has been passed by Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any other court or tribunal.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act. For any of the goods manufacturedby the company.

vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company has generally been regular indepositing the undisputed statutory dues including Provident Fund Employees’ StateInsurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty valueadded tax cess and any other material statutory dues as applicable with the appropriateauthorities in India.

According to the information and explanations given to us and based on the records ofthe company examined by us no undisputed amounts payable in respect of Income Tax WealthTax Service Tax Sales Tax Customs Duty Excise Duty and cess were in arrears as at31st March 2017 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Wealth Tax Service Tax Sales Tax Customs Duty Excise Duty and cess whichhave not been deposited on account of any dispute. viii. According to information andexplanations given to us the company has not defaulted in repayment of loans orborrowings to a financial institution bank government or debenture holders during theyear. Accordingly paragraph 3

(viii) of the Order is not applicable. ix. In our opinion and according to theinformation and explanations given to us the company has not raised moneys by way ofpublic offer (including debt instrument) or further public offer and term loans during theperiod. Accordingly this pare is not applicable.

x. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India andaccording to information and explanations given to us no fraud by the company or anyfraud on the Company by its officers or employees has been noticed or reported during thecourse of our audit that causes the financial statements to be materially misstated. xi.No managerial remuneration has been paid or provided. xii. The company is not a NidhiCompany hence this clause is not applicable.

xiii. There are no related party transactions during the period. xiv. The company hasnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. xv. The company has not entered intoany non-cash transactions with directors or persons connected with him.

Hence the provisions of section 192 of Companies Act 2013 are not applicable to thecompany. xvi. The company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For Rajesh J. Shah & Associates

Chartered Accountants

FRN 108407W

(Rajesh J. Shah)

Partner

Mem. No. 040268

Place : Ahmedabad

Date : 30th May 2017

ANNEXURE - B

Report on the Internal Financial Controls under Clause (i) of sub section (3) ofsection 143 of the Companies Act 2013 (‘the Act’) We have audited the internalfinancial controls over financial reporting of Omkar Pharmachem Limited ("theCompany") as of March 31 2017 in conjunction with our audit of the financialstatements 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 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.

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 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 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 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 2017 based 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".

For Rajesh J. Shah & Associates

Chartered Accountants

FRN 108407W

(Rajesh J. Shah)

Partner

Mem. No. 040268

Place : Ahmedabad

Date : 30th May 2017