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Omkar Overseas Ltd.

BSE: 531496 Sector: Others
NSE: N.A. ISIN Code: INE680D01015
BSE 00:00 | 18 Oct 0.84 -0.02
(-2.33%)
OPEN

0.82

HIGH

0.84

LOW

0.82

NSE 05:30 | 01 Jan Omkar Overseas Ltd
OPEN 0.82
PREVIOUS CLOSE 0.86
VOLUME 450
52-Week high 1.68
52-Week low 0.51
P/E 16.80
Mkt Cap.(Rs cr) 0
Buy Price 0.82
Buy Qty 250.00
Sell Price 0.83
Sell Qty 200.00
OPEN 0.82
CLOSE 0.86
VOLUME 450
52-Week high 1.68
52-Week low 0.51
P/E 16.80
Mkt Cap.(Rs cr) 0
Buy Price 0.82
Buy Qty 250.00
Sell Price 0.83
Sell Qty 200.00

Omkar Overseas Ltd. (OMKAROVERSEAS) - Auditors Report

Company auditors report

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND FINANCIAL YEAR ENDED ON 31ST MARCH2019 OF "OMKAR OVERSEAS _LIMITED"

{Pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements)Regulations 2015}

To

The Board of Directors

M/S. OMKAR OVERSEAS LIMITED

AHMEDABAD.

1. We have audited the Standalone Financial Results of the Company "M/S. OMKAROVERSEAS LIMITED" (the 'Company') for the quarter and financial year ended on 31stMarch 2019 attached herewith being submitted by the Company pursuant to therequirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure requirements)Regulations 2015 read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 05th July 2016.

2. The said Standalone Financial Results of the Company for the quarter and financialyear ended on 31st March 2019 which is the responsibility of the Company's Managementand approved by the Board of Directors has been compiled from the respective StandaloneAnnual Financial Statements which have been prepared in accordance with the recognitionand measurement principles laid down in Indian Accounting Standards (IND-AS 34) prescribedunder Section 133 of the Companies Act 2013 read with the Companies (Indian AccountingStandards) Rules 2015 issued thereunder and other accounting principles generallyaccepted in India. Our responsibility is to express an opinion on these standalonefinancial results based on our audit of such Standalone Annual Financial Statements andthus we state that our opinion as unmodified in respect of same.

3. We conducted our audit in accordance with the Auditing Standards generally acceptedin India. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial results are free of material misstatement. An auditincludes examining on test basis evidence supporting the amounts disclosed in financialresults. An audit also includes assessing the accounting principles used and thesignificant estimates made by the Management. We believe that our audit provides areasonable basis for our opinion.

4. In our opinion and to the best of our information and according to the explanationsgiven to us the said Standalone Financial Results of the Company for the quarter andfinancial year ended on 31st March 2019:

(i) are presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 read with SEBIcirculars no. CIR/CFD/FAC/62/2016 dated 05th July 2016; and

(ii) give a true and fair view of the financial performance including othercomprehensive income and other financial information for the quarter ended 31st March2019 as well as the year ended on 31st March 2019.

As per our Report of Even Date For and on Behalf of
Place : Ahmedabad For Abhishek Kumar & Associates
Date : 28/05/2019 Chartered Accountants
Firm Regn. No. 130052W
(CA. ABHISHEK KUMAR)
Proprietor
M. No. 132305

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 members ofOMKAR OVERSEAS LIMITED on the Standalone Ind AS financial statements for the year ended 31March 2019;

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 explanations given to us there are no undisputeddues payable in respect of above as at 31st March 2019 for a period of more than sixmonths 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.

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

As per our Report of Even Date For and on Behalf of
Place : Ahmedabad For Abhishek Kumar & Associates
Date : 28/05/2019 Chartered Accountants
Firm Regn. No. 130052W
(CA. ABHISHEK KUMAR)
Proprietor
M. No. 132305

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 2019 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended 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'). 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 the Company's policies the safeguarding of its assetsthe prevention 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.

Auditor's 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 of Accounting issued by ICAI and prescribed underSection 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.

Opinion

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 2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

As per our Report of Even Date For and on Behalf of
Place : Ahmedabad For Abhishek Kumar & Associates
Date : 28/05/2019 Chartered Accountants
Firm Regn. No. 130052W
(CA. ABHISHEK KUMAR)
Proprietor
M. No. 132305