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Omnitex Industries (India) Ltd.

BSE: 514324 Sector: Industrials
NSE: N.A. ISIN Code: INE814D01010
BSE LIVE 15:15 | 06 Oct 18.10 0
(0.00%)
OPEN

18.10

HIGH

18.10

LOW

18.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.10
PREVIOUS CLOSE 18.10
VOLUME 1100
52-Week high 19.80
52-Week low 13.00
P/E
Mkt Cap.(Rs cr) 8
Buy Price 18.10
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.10
CLOSE 18.10
VOLUME 1100
52-Week high 19.80
52-Week low 13.00
P/E
Mkt Cap.(Rs cr) 8
Buy Price 18.10
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Omnitex Industries (India) Ltd. (OMNITEXINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF OMNITEX INDUSTRIES (INDIA) LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of OMNITEX INDUSTRIES (INDIA)LIMITED ("the company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the

Act as applicable. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ 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 thereunder.

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 judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe 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 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 31stMarch2016 of its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143(11) of theAct we enclose in Annexure A a statement on the matters specified in paragraphs 3 and 4of 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 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the Company.

f) On the basis of written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director interms of Section 164(2) of the Act.

g) Report on the Internal Financial Controls under Clause (i) of sub-section 3 ofsection 143 of the Companies Act 2013 is enclosed in Annexure B.

h) 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 financial statements disclose the impact of pending legal obligations on thefinancial position of the company reference is invited to Note 3.2 to the financialstatements;

ii. The company did not have any long term contracts including derivative contracts forwhich there are any material foreseeable losses;

iii. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For Tembey & Mhatre
Chartered Accountants
FRN 116359W
(Shrikant B Tembey)
Place: Mumbai Partner
Date: 30th May 2016 Membership No. 033787

ANNEXURE A ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF OMNITEX INDUSTRIES (INDIA) LIMITED

Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor’sReport) Order 2016

i. In respect of the company’s fixed assets:

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

b. As explained to us the Company has verification program for physical offixed assets at periodic verification intervals. In our opinion the period of isreasonable having regard to the size of the Company and the nature of its assets. Thediscrepancies reported verification such are not material and have been properlydealt with in the books of account;

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company. verification

ii. The Management has conducted physical of inventory at reasonable intervals. In ouropinion the frequency of is reasonable. The discrepancies reported verification suchare not material and have been properly dealt with in the books of account.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties listed in the register maintained undersection 189 of the Companies Act. Accordingly the provisions of sub-clause (a) (b) and(c) of paragraph 3 (iii) of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us thereare no loans guarantees and securities granted in respect of which provisions of section185 and 186 of the Companies Act 2013 are applicable.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of section 73 to76 or any other relevant provisions of the Companies Act and the rules framed thereunder.No order has been passed by the Company Law Board or National Company Law Tribunal orReserve Bank of India or any Court or any other Tribunal.

vi. We have been informed that the maintenance of cost records has not been prescribedunder section 148(1) of the Act.

vii. According to the information and explanations given to us in respect of statutorydues:

a. The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund income tax sales tax service tax andother material statutory dues applicable to it. According to the information andexplanations given to us there were no undisputed amounts payable in respect of incometax service tax and sales tax in arrears as at 31st March 2016 for a periodof more than six months from the date they became payable.

b. According to the information and explanations given to us there are no dues ofincome tax sales tax or service tax which have not been deposited on account of anydispute.

viii. According to the information and explanations obtained by us the company has noobligation of repayment of specified loans hence the provisions of clause (viii) of theorder is not applicable.

ix. The company has neither obtained any term loan nor has it raised any money by wayof initial public offer or further public offer (including debt instruments) during theyear hence reporting under clause (ix) of the order is not applicable.

x. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

xi. No Managerial remuneration has been paid or provided during the year hencereporting under clause (xi) of the order is not applicable.

xii. The company is not a Nidhi Company hence reporting under clause (xii) of theorder is not applicable. xiii. According to the information and explanations given to usand based on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the

Act where applicable and details of such transactions have been disclosed in thefinancial statements as required by the applicable accounting standards.

xiv. During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures hence reporting underclause

(xiv) of the order is not applicable.

xv. In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with its directors or personsconnected with him hence reporting under clause (xv) of the order is not applicable.

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

For Tembey & Mhatre
Chartered Accountants
FRN 116359W
(Shrikant B Tembey)
Place: Mumbai Partner
Date: 30th May 2016 Membership No. 033787

ANNEXURE B ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF OMNITEX INDUSTRIES (INDIA) LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of OMNITEXINDUSTRIES (INDIA) LIMITED ("the company") as of 31st March 2016 inconjunction with our audit of the standalone financial 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 internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence I/we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that:-(1) Pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) Provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

31st March 2016.

For Tembey & Mhatre
Chartered Accountants
FRN 116359W
(Shrikant B Tembey)
Place: Mumbai Partner
Date: 30th May 2016 Membership No. 033787