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Omaxe Ltd.

BSE: 532880 Sector: Infrastructure
NSE: OMAXE ISIN Code: INE800H01010
BSE 00:00 | 16 Jun 82.60 -1.15
(-1.37%)
OPEN

84.30

HIGH

84.30

LOW

82.40

NSE 00:00 | 16 Jun 82.70 -1.05
(-1.25%)
OPEN

84.00

HIGH

84.40

LOW

82.00

OPEN 84.30
PREVIOUS CLOSE 83.75
VOLUME 6062
52-Week high 222.20
52-Week low 56.00
P/E
Mkt Cap.(Rs cr) 1,511
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 84.30
CLOSE 83.75
VOLUME 6062
52-Week high 222.20
52-Week low 56.00
P/E
Mkt Cap.(Rs cr) 1,511
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Omaxe Ltd. (OMAXE) - Auditors Report

Company auditors report

OMAXE LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To the Members of Omaxe Limited 1. We have audited the attached Balance Sheet of Omaxe Limited, as at March 31, 2012, the statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the Auditing Standards Generally Accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor Report) (Amendment) Order 2004 (together the 'Order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 ('the Act'), and on the basis of such examination of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of the audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the annexure referred to in paragraph 3 above, we report that: i)a) We have obtained all the information and explanations, which to the best of 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 the Company, so far as appears from our examination of those books; c) In our opinion, the Balance Sheet, statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act; ii) The Balance Sheet, statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account; iii) On the basis of written representations received from the directors, as on March 31, 2012 and taken on record by the board of directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Act; 5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with significant accounting policies and other notes thereon give the information required by the Act, in the manner so required and give a true and fair view in conformity with the Accounting Principles Generally Accepted in India: i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012; ii) In the case of the statement of Profit and Loss, of the profit of the Company for the year ended on that date; and iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Doogar & Associates (Regn. No. - 000561N) Chartered Accountants Sd/- M.K. Doogar Partner (F-80077) Place: New Delhi Date : 30th May, 2012 Annexure to Auditors' Report (Referred to in paragraph 3 of our report of even date to the members of Omaxe Limited on the accounts for the year ended March 31, 2012) (i)(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management at reasonable intervals, which in our opinion, is considered reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of fixed assets during the year, and accordingly, going concern is not affected. (ii)(a) The inventory includes land, completed real estate projects, project in progress, construction material, development and other rights in identified land. Physical verification of inventory have been conducted at reasonable intervals by the management. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company has maintained proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. (iii)(a) According to the information and explanation given to us, the company has not granted any loan secured or unsecured to any party covered in the register maintained under section 301 of the Act. (b) The Company has taken unsecured loan from one company listed in the register maintained under section 301 of the Act. The maximum amount involved during the year was Rs.200 mio and the year end balance of such loan taken was Rs.200 mio. (c) According to the information and explanation given to us, the rate of interest and other terms and conditions of the loan taken are prima facie not prejudicial to the interest of the Company. (d) The principal amount of loan taken along with interest is repayable on call. The Company is regular in repayment of principal and interest whenever such call has been made. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regards to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls. (v)(a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register required to be maintained in pursuance of section 301 of the Act have been so entered. (b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered into the register required to be maintained in pursuance of section 301 of the Act and exceeding the value of rupees five lacs in respect of any party during the year have generally been made, other than the transactions for which comparable prices are not available, at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) In our opinion, the Company has not accepted deposits from the public with in the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975. (vii) The Company has in house internal audit system, which in our opinion, is commensurate with the size of the Company and the nature of its business. (viii) We have broadly reviewed the cost records maintained by the company pursuant to Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima-facie, the prescribed records have been maintained. (ix)(a) According to the records of the Company, provident fund, employees' state insurance, income tax, sales tax, work contract tax, wealth tax, service tax, cess and other applicable material undisputed statutory dues have generally been deposited regularly during the year with the appropriate authorities except for delays in certain cases and there are no arrears of outstanding statutory dues as at the last day of the financial year concerned, for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of provident fund, employees' state insurance, income tax, sales tax, work contract tax, wealth tax, service tax, cess and other applicable material statutory dues which have not been deposited as on March 31, 2012 on account of any dispute except the followings :- Name of Statutes Financial Forum where dispute Amount & Nature of Dues Year to is pending Outstanding which the (Rs. in mio) matter pertains Income Tax Act, 1961: Income Tax 2005-06 Writ Petition pending before 296.34 High Court of Delhi Income Tax 2007-08 Commissioner of Income 418.82 Tax (A) - III, New Delhi Income 2006-07 Deputy Commissioner of Income 5.28 Tax (TDS) Tax, CIR 51(1), New Delhi Punjab General Sales Tax Act, 1948 Sales Tax March 31, Deputy Excise & Taxation 1.50 2003 Commissioner, Chandigarh Haryana Value Added Tax Act, 2003 Sales Tax March 31, Joint Excise & Taxation 0.79 2005 Commissioner (A) Faridabad Sales Tax March 31, Joint Excise & Taxation 0.70 2006 Commissioner (A) Faridabad Sales Tax March 31, Joint Excise & Taxation 6.06 2009 Commissioner (A) Faridabad U.P. Trade Tax Act, 1948: Sales Tax March 31, Joint Commissioner (A) Trade 4.62 2007 Tax Range Noida (U.P.) Sales Tax Dec., Joint Commissioner (A) Trade 1.34 2007 Tax Range Noida (U.P.) Sales Tax January Joint Commissioner (A) Trade 0.63 2007 to Tax Range Noida (U.P.) March 2008 Sales Tax March 31, Joint Commissioner (A) Trade 2.11 2009 Tax Range Noida (U.P.) Sales Tax March 31, Joint Commissioner (A) Trade 2.17 2010 Tax Range Noida (U.P.) Delhi VAT ACT, 2005: Sales Tax 2005-06 Joint/Deputy Commissioner of 44.19 Trade & Taxes, Delhi Sales Tax 2006-07 Joint/Deputy Commissioner of 0.89 Trade & Taxes, Delhi (x) The Company does not have any accumulated losses as at March 31, 2012 and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to Bank, Financial Institution and debenture holders as at the balance sheet date. (xii) In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund or nidhi / mutual benefit fund / society. (xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. The Company has invested some funds in mutual funds and other securities. According to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made there in. The investments have been held by the Company in its own name. (xv) According to the information and explanations given to us, the Company has given guarantees on behalf of subsidiaries and others, the terms and conditions whereof in our opinion are not prima-facie prejudicial to the interest of the Company. (xvi) According to the information and explanations given to us and records examined by us, the term loans have been applied for the purpose for which they were raised. (xvii) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, we report that funds raised on short-term basis, have not been used for long-term investment. (xviii) The Company has not made preferential allotment of shares to the parties covered in register maintained under section 301 of the Act. (xix) According to the information and explanations given to us, the Company has not issued debentures during the year. (xx) The Company has not raised money by way of public issue during the year. (xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year. For Doogar & Associates (Regn. No. - 000561N) Chartered Accountants Sd/- M.K. Doogar Partner (F-80077) Place: New Delhi Date : 30th May, 2012