You are here » Home » Companies » Company Overview » Omni Axs Software Ltd

Omni Axs Software Ltd.

BSE: 532340 Sector: IT
NSE: N.A. ISIN Code: INE369B01019
BSE 00:00 | 21 Feb 1.40 0
(0.00%)
OPEN

1.40

HIGH

1.40

LOW

1.40

NSE 05:30 | 01 Jan Omni Axs Software Ltd
OPEN 1.40
PREVIOUS CLOSE 1.40
VOLUME 600
52-Week high 3.36
52-Week low 1.12
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.28
Buy Qty 200.00
Sell Price 1.40
Sell Qty 151.00
OPEN 1.40
CLOSE 1.40
VOLUME 600
52-Week high 3.36
52-Week low 1.12
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.28
Buy Qty 200.00
Sell Price 1.40
Sell Qty 151.00

Omni Axs Software Ltd. (OMNIAXS) - Auditors Report

Company auditors report

Independent Auditor's Opinion

To The Members of

"M/s. OMNI AX'S SOFTWARE LIMITED"

Report on the Financial Statements

1. We have audited the accompanying financial statements of "M/s. OMNI AX'SSOFTWARE LIMITED" ("the Company") which comprise the Balance Sheet asat 31stMarch 2018 the Statement of Profit and Loss the Cash Flow Statementfor the year ended and summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

2. 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 performanceand cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with the Rule 7 of the Companies (Accounts) Rules2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofaccounting 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe 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 the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedure selected depends 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 the 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 to the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion:

6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018; and

ii. In the case of the Statement of Profit and Loss of the loss of the Company for theyear ended 31stMarch 2018; and

iii. In the case of the Cash flow statement of the cash flows of the Company for theyear ended 31st March 2018;

Other Matter:

Allotment on Preferential basis made on 31st December 2002 amounting to Rs.77447600 has not been taken on record by Bombay Stock Exchange even though the shareshave allotted and issued to the concerned allottees. These shares were issued to theshareholders of M/s Millennium E Soft Solutions Private Limited M/s Elan IntegratedSystems Private Limited and R3 Ventures Private Limited for a consideration other thancash.

Report on Other Legal and Regulatory Requirements

7. 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 we give in the Annexure"A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

8. 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) Company has no branch office audited by an auditor other than the statutory auditorof the company.

d) 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.

e) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

f) Financial Transactions does not have any adverse effect on the functioning of thecompany.

g) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms ofsub-section (2) of section 164 of the Act 2013.

h) There are no qualifications reservation or adverse remark relating to themaintenance of accounts or other matters connected therewith.

i) 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

j) 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 does not have any pending litigations which would impact its financialposition;

ii. The Company does not have outstanding long term contract including derivativecontracts as at March 31 2018 for which there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For A. John Moris & Co.
Chartered Accountants
Frn. No. 007220S
G. Kumar
Place: Chennai Senior Partner
Date: 30/05/2018 M.No. 023082

ANNEXURE-'A' TO THE AUDITORS' REPORT

REPORT OF THE AUDITOR TO THE MEMBERS IN ACCORDANCE WITH THE COMPANIES (AUDITORS'REPORT) ORDER 2016

1. According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the Company does not hold any fixed asset.Hence this clause is not applicable.

2. The Company being a Service Providing Company does not hold any inventory hencethis clause is not applicable.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account it was observed that the Company has not granted anyloans secured or unsecured to companies firms or other parties listed in the registermaintained under section 189 of the Companies Act 2013. Consequently the provisions ofclauses iii(a) relating to receipt of principal amount and interest and iii(b) relatingto overdue amount of the order are not applicable to the Company.

4. According to the information and explanations given to us and on the basis of ourexamination of the books of account it was observed that the Company has neither grantedany loans to the Directors nor any investments were made by the Company. Hence theprovisions of section 185 and 186 of the Companies Act 2013 are not applicable.

5. During the year the Company has not accepted any deposits from non-members. As suchthe compliance with the directives issued by the Reserve Bank of India and the provisionsof Section 73 to 76 of the Companies Act 2013 and rules framed there under are notapplicable.

6. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Companies Act 2013 for any of the activities of the Company.

7. (a) According to the records the Company is regular in depositing with appropriateauthorities undisputed statutory dues including Investor Education and Protection FundsProvident Funds Employees' State Insurance Income Tax Sales Tax Wealth Tax CustomsDuty Excise Duty Cess and other applicable statutory dues during the year. (b) Accordingto the information and explanations given to us there is no amounts payable in respect ofincome tax and service tax which have not been deposited on account of any disputes. (c)According to the information and explanations given to us no amount is required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made there under has beentransferred to such fund within time.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans were obtained by the Company was appliedfor the purpose it was raised for.

10. Based on the audit procedures performed and the information and explanations givento us we report that no fraud/misappropriation on or by the Company has been noticed orreported during the year.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company matters relating to limits on managerialremuneration are applicable and the company has followed schedule V of the Companies Act2013.

12. The Company is not a chit fund or a Nidhi /mutual benefit fund/society.Accordingly this paragraph of the Order is not applicable.

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 notprejudice to the provisions of sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has complied with the provisions ofthe Companies Act while making preferential allotment of shares.

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 any of its directors as is mentioned in Section 192 of the Act.

16. The Company not being a NBFC hence this clause is not applicable.

For A. John Moris & Co.
Chartered Accountants
Frn. No. 007220S
G. Kumar
Place: Chennai Senior Partner
Date: 30/05/2018 M.No. 023082

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 "M/s.OMNI AX'S SOFTWARE LIMITED"("the Company") as of 31stMarch2018 in conjunction with our audit of the 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 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'). 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 company's policies the safeguarding ofits 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.

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 accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe 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 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

i. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

ii. 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 management and directors of the company; and iii.Provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton 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 have an adequate internal financial controls system overfinancial reporting and internal financial controls over financial reporting as at 31stMarch2018 as required under the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For A. John Moris & Co.
Chartered Accountants
Frn. No. 007220S
G. Kumar
Place: Chennai Senior Partner
Date: 30/05/2018 M.No. 023082