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Omni Axs Software Ltd.

BSE: 532340 Sector: IT
NSE: N.A. ISIN Code: INE369B01019
BSE 00:00 | 14 Aug 1.68 0.03
(1.82%)
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NSE 05:30 | 01 Jan Omni Axs Software Ltd
OPEN 1.68
PREVIOUS CLOSE 1.65
VOLUME 500
52-Week high 3.36
52-Week low 1.14
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.68
CLOSE 1.65
VOLUME 500
52-Week high 3.36
52-Week low 1.14
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Omni Axs Software Ltd. (OMNIAXS) - Auditors Report

Company auditors report

TO THE MEMBERS OF OMNI AX'S SOFTWARE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of OMNI AX'S SOFTWARE LIMITED ("theCompany") 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 the 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 preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standard prescribed under section133 of the Act read with Rule 7 of the 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; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 theprovision of the act and the rules made thereunder.

We have conducted our audit in accordance with the Standards on Auditing specifiedunder Section 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 an opinionon whether the Company has in place and adequate internal control system over financialreporting and the operating effectiveness of such effective of such controls. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the management 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matters described in the Basis forQualified opinion paragraph the financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India :

- In case of the balance sheet of the state of affairs of the company as at March 312017.

- In case of statement of profit and loss for the Profit for the year ended on thatdate and

- In case of Cash flow statement of the Cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in "Annexure I" a statement on matters specified in paragraphs3 and 4 of the Order to the extent applicable.

As required by Section 143 (3) of the Act we report that:

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

(a) 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.

(b) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

(c) In our opinion the aforesaid the financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(d) 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 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(e) With respect to adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to myseparate Report in "Annexure 2".

(f) 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 2O14 as amended byCompanies (Audit and Auditors) Amendment Rules 2017 in our opinion and to the best ofour 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.

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

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For SIBSANKAR & ASSOCIATES

Chartered Accountants

FRN: 323691E

Proprietor

M. No. 052745

Place: Kolkota

30/05/2017

Annexure referred to in paragraph 1 of the our report of even date

1) a) According to the information and explanations furnished to us the company hasproper records showing full particulars including quantitative details and situation ofthe Fixed Assets. However Fixed Assets of the Company have been completely written off.

b) According to the information and explanations furnished to us there is a regularprogram of verification which in our opinion is reasonable having regard to the size ofthe Company. No material discrepancies were noticed on such verification.

2) (a) According to the information and explanations furnished to us there are noInventories in the company during the year under review.

(b)According to the information and explanations furnished to us there are nodiscrepancies noticed on such verification.

3) According to the information and explanations given to us the company has notgranted any loans to any of the parties covered in the register maintained under section189 of the Companies Act 2013.

4) In our opinion and according to the information and explanations given to us theprovisions in respect of loans investments guarantees and security; i.e. Section 185 and186 of the Companies Act 2013 are not applicable to the Company during the year.

5) 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 Sections 73 to76 or any other relevant provisions of the Act and Rules framed thereunder.

6) We have broadly reviewed the books of accounts maintained by the Company pursuant tothe rules made by the Central Government for maintenance of Central Government formaintenance of cost records under section 148(1) of the Companies Act 2013 and are of theopinion that prima facie the prescribed amounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete.

7) (a) According to information and explanations given to us the company is generallyregular in depositing undisputed statutory dues with appropriate authorities includingprovident fund employees state insurance income-tax sales tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues applicable toit.

(b) According to the information and explanation given to us no undisputed amountspayable in respect of provident fund income tax sales tax employees state insuranceservice tax duty of customs duty of excise value added tax cess and any otherstatutory dues applicable to it were in arrears as at 31st March 2017 for aperiod more than six months from the date they become payable.

(c)According to the information and explanations given to us there are no dues ofWealth Tax Service Tax Customs Duty Excise duty and Cess.

8) According to the records of the company examined by us and the information andexplanations given to us the Company has not defaulted in the repayment of dues to anyfinancial institutions or bank or debenture holders as applicable as at the Balancesheet date.

9) In our opinion and according to the information and explanations given to us thecompany has not taken any term loans (to be applied for the purpose for which the loanswere obtained).

10) During the course of our examination the books and records of the Company carriedout in accordance with the Generally Accepted Accounting Practice in India and accordingto the information and explanations given to us we have neither come across any instanceof fraud on or by the Company noticed or reported during the year nor have we beeninformed of any such case by the management.

11) According to the records of the company examined by us and information andexplanations given to us managerial remuneration has been paid in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V of theCompanies Act 2013.

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

13) According to the records maintained by the Company and examined by us there wereno transactions with related parties as stipulated under section 188 of Companies Act2013and wherever applicable all the details have been appropriately disclosed in theFinancial Statements as required by the applicable Accounting Standards.

14) According to the information and explanations given to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the period under review.

15) According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with them.

16) According to the information and explanations given to us in our opinion thecompany is not required to get registration under section 45-IA of the Reserve Bank ofIndia Act 1934.

For SIBSANKAR & ASSOCIATES

Chartered Accountants

FRN: 323691E

Proprietor

M. No. 052745

Place: Kolkota

30/05/2017

"ANNEXURE-2"

Annexure to the Independent Auditor's Report of even date on Financial Statements ofOMNI AX's SOFTWARE LIMITED.("the Company")

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 as of OMNIAX'S SOFTWARE LIMITED ("the Company") as of 31 March 2017 inconjunction with our audit of financial statements of the Company for the year ended onthat 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". 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 Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act2013 to the extent applicable to an audit of Internal Financial Controls and both issuedby the Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 judgement 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 ofmanagement 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 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 have 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 SIBSANKAR & ASSOCIATES

Chartered Accountants

FRN: 323691E

Proprietor

M. No. 052745

Place: Kolkota

30/05/2017