You are here » Home » Companies » Company Overview » Oscar Investments Ltd

Oscar Investments Ltd.

BSE: 501179 Sector: Financials
NSE: N.A. ISIN Code: INE221D01018
BSE 00:00 | 24 Apr 100.30 -4.45
(-4.25%)
OPEN

104.75

HIGH

104.75

LOW

100.10

NSE 05:30 | 01 Jan Oscar Investments Ltd
OPEN 104.75
PREVIOUS CLOSE 104.75
VOLUME 187
52-Week high 385.00
52-Week low 69.35
P/E
Mkt Cap.(Rs cr) 173
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 104.75
CLOSE 104.75
VOLUME 187
52-Week high 385.00
52-Week low 69.35
P/E
Mkt Cap.(Rs cr) 173
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Oscar Investments Ltd. (OSCARINVESTMENT) - Auditors Report

Company auditors report

To

The Members of

Oscar Investments Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Oscar InvestmentsLimited ('the Company') which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material 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 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 standalone financial statements. The procedures selected depend onthe auditor'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's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation 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 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 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure A a statement on the matters specified in the paragraph 3 and 4 ofthe 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 purposes 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 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 the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

(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"; and

(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 has disclosed the impact of pending litigations on its financialposition in its financial statements-(Refer Note 30(a)) to the financial statements;

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

iii) there was no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

iv) the Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on the audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books ofaccounts maintained by the Company and provided to us the by the management. Refer Note 33of the notes to accounts forming part of the financial statements.

For M. S. Sekhon & Co.
Chartered Accountants
ICAI Registration No. 003671N
Sd/-
(Rajiv Tandon)
Place : New Delhi Partner
Dated : 29th May 2017 Membership No. 087343

Annexure-A to the Auditors' Report

(Referred to in Paragraph (1) under the heading 'Report on the Legal and RegulatoryRequirements of our Report of even date)

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

b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified at reasonable interval. In accordance with this programmecertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

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.

(ii) The Company does not have any inventory and thus clause 3(ii) of the Companies(Auditors' Report) Order 2016 is not applicable to the Company.

(iii) The Company has granted loan to two body corporates covered in the registermaintained under section 189 of the Companies Act 2013 ('the Act').

a) In our opinion the rate of interest and other terms and conditions on which theloans were granted to the body corporates listed in the register maintained under section189 of the Act were not prima facie prejudicial to the interest of the Company.

b) In the case of the loans granted to body corporates listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.

c) There are no overdue amounts in respect of the loans granted to body corporateslisted in the register maintained under section 189 of the Act.

(iv) In our opinion according to the information and explanations given to us theCompany has not given any loan guarantee or security to or on behalf of any of theDirectors as stipulated under section 185 of the Act.

In our opinion and according to the information and explanations given to us theCompany has complied with provisions of section 186 of the Companies Act 2013 in respectof the loans and investments made.

(v) Based on our scrutiny of the Company's records and according to the information andexplanations given to us in our opinion the Company has not accepted deposit from thepublic in terms of the provisions of the section 73 to 76 or any other relevant provisionsof the Act and the rules framed there under.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax and other statutory dues as applicable have been regularly deposited during theyear by the Company with the appropriate authorities. As explained to us the Company didnot have any dues on account of employees' state insurance custom duty excise duty andcess.

b) As at 31st March 2017 the following are the particulars of dues on account ofIncome Tax Service Tax Wealth Tax Customs duty value added tax that have not beendeposited on account of any dispute;

Name of Statute Nature of Dues Forum where the dispute is pending Period to which the amount relates (Financial Year) Amount involved (Rs. in lakhs)
Service Tax Service Tax on legal services # 2012 -13 0.19
Service Tax Service Tax on legal services # 2013-14 3.89
Service Tax Service Tax on legal services # 2014-15 12.61
Service Tax Service Tax on legal services # 2015-16 0.75
Service Tax Service Tax on legal services # 2016-17 242.26

# Stay order by Hon'ble High Court of Delhi against the levy of service tax on legalservices and hence not deposited by the company.

(viii) Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to any financial institution bank or debenture holders during the year.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). However the Company has availed term loansduring the year which were applied for the purpose for which these were taken during theyear.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid managerial remuneration inaccordance with the provision of the Companies Act 2013.

(xii) 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 is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties have beenentered into by the Company in its ordinary course of business on an arm's length basisand thus the provision of section 177 and 188 of the Act are not applicable to theCompany. However the details of such transactions have been disclosed in the financialstatements as required.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) 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) ofthe Order is not applicable.

(xvi) The Company is registered with Reserve Bank of India (Department of Non BankingSupervision) as Systemically Important Non Deposit taking Non Banking Finance Company videregistration no. B-14.01958 dated 7th September 2000.

For M. S. Sekhon & Co.
Chartered Accountants
ICAI Registration No. 003671N
Sd/-
Place : New Delhi (Rajiv Tandon)
Dated : 29th May 2017 Partner

Membership No. 087343

Annexure-B to the 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 OscarInvestments Limited ("the Company") as of 31st March 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 risk 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 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 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M.S. Sekhon & Co.
Chartered Accountants
ICAI Registration No. 003671N
Sd/-
(Rajiv Tandon)
Place : New Delhi Partner
Dated : 29th May 2017 Membership No. 087343