OMKAR OVERSEAS LIMITED.
Report on the audit of the Financial Results
We have audited the accompanying standalone financial statements of M/S. OMKAROVERSEAS LIMITED ("the Company") which comprises the Balance Sheet as atMarch 312021 the Statement of Profit and Loss (including Other Comprehensive Income)the statement of Changes in Equity and Cash Flow Statement for the year ended on thatdate and a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the statement:
I. is presented in accordance with the requirements of the listing Regulations in thisregard; and
II. gives a true and fair view in conformity with the applicable accounting standardsand other accounting principles generally accepted in India of the net profit and othercomprehensive loss and other financial information of the Company for the quarter ended31st March 2021 and for the year ended March 312021
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Results sectionof our report. We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.
Emphasis of Matter
We draw attention to notes to the financial results which describes the uncertaintiesand the impact of Covid-19 pandemic on the Company's operations and results as assessed bythe management. Our opinion is not modified in respect of this matter.
Management's Responsibility for the financial results
The statement has been prepared on the basis of the annual financial statements. TheCompany's Board of Directors is responsible for the preparation and presentation of thestatement that give a true and fair view of net loss and other comprehensive income of thecompany and other financial information in accordance with the applicable accountingstandards prescribed under section 133 of the act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance withRegulation 33 of the listing regulations. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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 the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Statement that give a true and fair view and are freefrom material misstatement whether due to fraud or error.
In preparing the Statement the Board of Directors are responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless the Boardof Directors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
The board of directors are responsible for overseeing the company's financial reportingprocess.
Auditor's Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as awhole is free from material misstatement whether due to fraud or error and to issue anauditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material
if individually or in the aggregate they could reasonably be expected to influencethe economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Statement whetherdue to fraud or error design and perform audit procedures responsive to those risks andobtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial .statements in place andthe operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.
Evaluate the overall presentation structure and content of the Statementincluding the disclosures and whether the Statement represents the underlyingtransactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
The Statement includes the results for the quarter ended March 312021 being thebalancing figure between the audited figures in respect of the full financial year endedMarch 312021 and the published unaudited year-to-date figures up to the third quarter ofthe current financial year which were subjected to a limited review by us as requiredunder the Listing Regulations.
ANNNEXURE- "A" TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE OF OMKAROVERSEAS LIMITED.
Referred to in paragraph-1 on "Report on Other Legal and RegulatoryRequirements" of the Independent Auditor's Report of even date to the membersof OMKAR OVERSEAS LIMITED on the Standalone Ind AS financial statements for theyear ended 31 March 2021;
1. In respect of its Fixed Assets:
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
(b) According to the information and explanations given to us fixed assets have beenphysically verified by the management at reasonable intervals. No material discrepancieswere noticed on such verification.
(c) According to information and explanations given to us and on the basis of ourexamination of records of the company the title deeds of immovable properties if anyare held in the name of Company.
2. In respect of Inventory:
(a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. In our opinion the frequency of verification isreasonable.
(b) According to the information and explanation given to us no material discrepancieswere noticed on physical verification of inventory as compared to the book records andsuch discrepancies if any have been properly dealt with in the books of accounts.
3. In our opinion and according to the information and explanations given to us wereport that the Company has not granted any loans secured or unsecured to companiesfirms limited liability Partnerships or other parties covered in the Register maintainedunder section 189 of the Companies Act 2013. Accordingly the provisions of clause3(iii)(a)to (c) of the order are not applicable to the company and hence not commentedupon.
4. In our Opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security in respect of anyloans to any party covered under the Section 185 of the Act. The Company has not givenguarantees or provided security requiring compliance under section 185 or 186 of the Acthence clause 4 of the order is not applicable to the Company.
5. In our opinion the Company has not accepted any deposits from public within themeaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.
6. As per the information & explanation given by the management maintenance ofcost records has not been prescribed by the central government under section 148(1) of theAct for the year under review.
7. In respect of Statutory Dues:
(a) According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax CustomDuty Excise Duty Goods & Service Tax cess and any other statutory dues with theappropriate authorities applicable to it. According to the information and explanationsgiven to us there are no undisputed dues payable in respect of above as at 31st March2021 for a period of more than six months from the date on which they became payable.
(b) According to the information and explanations given to us there are no materialdues of Income Tax Wealth Tax Sales Tax Custom Duty Excise Duty Service Tax ValueAdded Tax Cess and any other statutory dues which have not been deposited with theappropriate authorities on account of any dispute.
8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institutions or banks. Asthere are no debentures the question of repayment does not arise.
9. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) or by way of Term Loans during the year.
10. According to the information and explanation given to us no material fraud by theCompany or no material fraud on the Company by its officers or employees has been noticedor reported during the year.
11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.
12. 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 and the NidhiRules 2014 are not applicable to the Company.
13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Standalone Ind AS financial statements asrequired by the applicable accounting standards (AS)18 on Related Party Disclosures asspecified under section 133 of the Act read with relevant of the Companies (Accounts)Rules 2014.
14. The Company has not made any preferential allotment or Private placement of sharesor fully or partly convertible debentures during the year under review.
15. 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 any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
Annexure "B" to the Independent 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 M/S.OMKAROVERSEAS LIMITED ("the Company") as of 31st March 2021 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor 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 controls 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 the 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.
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 of Accounting issued by ICAI and prescribedunder Section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wereestablished and maintained and if such controls operated effectively in all materialrespects.
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 or 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of the Management and directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2021 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.
| ||As per our Report of Even Date |
| ||For and on Behalf of |
| ||For Abhishek Kumar & Associates |
| ||Chartered Accountants |
| ||Reg. No. 130052W |
| ||[CA. Abhishek Kumar] |
|Place : Ahmedabad ||Proprietor |
|Date : 28.06.2021 ||M.No.132305 |