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Omnitex Industries (India) Ltd.

BSE: 514324 Sector: Industrials
NSE: N.A. ISIN Code: INE814D01010
BSE 00:00 | 21 Feb 14.25 0
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NSE 05:30 | 01 Jan Omnitex Industries (India) Ltd
OPEN 14.25
PREVIOUS CLOSE 14.25
VOLUME 60
52-Week high 20.20
52-Week low 14.25
P/E 129.55
Mkt Cap.(Rs cr) 6
Buy Price 14.25
Buy Qty 1940.00
Sell Price 18.00
Sell Qty 300.00
OPEN 14.25
CLOSE 14.25
VOLUME 60
52-Week high 20.20
52-Week low 14.25
P/E 129.55
Mkt Cap.(Rs cr) 6
Buy Price 14.25
Buy Qty 1940.00
Sell Price 18.00
Sell Qty 300.00

Omnitex Industries (India) Ltd. (OMNITEXINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF OMNITEX INDUSTRIES (INDIA) LIMITED

Report on Ind AS financial statements

We have audited the accompanying Ind AS financial statements of OMNITEX INDUSTRIES(INDIA) LIMITED ("the company") which comprise the Balance Sheet asat 31st March 2018 the Statement of Profit and Loss (including other ComprehensiveIncome) Statement of Changes in Equity and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Ind AS financial statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance(including other in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards ("Ind AS") specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the 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 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 Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

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 theprovisions 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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order toprocedures that are appropriate in 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 Ind AS financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS 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 of the state of affairs of the Companyas at 31st March 2018 of its profit and other comprehensive income changes in equityand its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act weenclose in Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. 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 purpose 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) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of changes in Equity and the Cash Flow Statement dealt with by thisreport are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act.

e) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the Company.

f) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2018 from being appointed as a director interms of Section 164(2) of the Act.

g) Report on the Internal Financial Controls under Clause (i) of sub-section 3 ofsection 143 of the Companies Act 2013 is enclosed in Annexure B.

h) 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 Ind AS financial statements disclose the impact of pending legal obligations onthe financial position of the company reference is invited to Note 3.20 to the Ind ASfinancial statements;

ii. The company did not have any long term contracts including derivative contracts forwhich there are any material foreseeable losses;

iii. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For Tembey & Mhatre
Chartered Accountants
FRN 116359W
(Shrikant B Tembey)
Place: Mumbai Partner
Date: 30th May 2018 Membership No. 033787

ANNEXURE A

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE Ind AS FINANCIALSTATEMENTS OF OMNITEX INDUSTRIES (INDIA) LIMITED FOR THE YEAR ENDED 31ST MARCH2018

Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor'sReport) Order 2016

i. In respect of the company's fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b. As explained to us the Company has a program for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the Company and the nature of its assets. The discrepanciesreported on such verification are not material and have been properly dealt with in thebooks of account;

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. The Management has conducted physical verification of inventory at reasonableintervals. In our opinion the frequency of verification is reasonable. The discrepanciesreported on such verification are not material and have been properly dealt with in thebooks of account.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties listed in the register maintained undersection 189 of the Companies Act. Accordingly the provisions of sub-clause (a) (b) and(c) of paragraph 3 (iii) of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us thereare no loans guarantees and securities granted in respect of which provisions of section185 and 186 of the Companies Act 2013 are applicable.

v. 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 section 73 to76 or any other relevant provisions of the Companies Act and the rules framed thereunder.

vi. We have been informed that the maintenance of cost records has not been prescribedunder section 148(1) of the Act.

vii. According to the information and explanations given to us in respect of statutorydues:

a. The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund income tax sales tax value addedtax service tax goods and service tax and other material statutory dues applicable toit. According to the information and explanations given to us there were no undisputedamounts payable in respect of income tax service tax sales tax value added tax andgoods and service tax in arrears as at 31st March 2018 for a period of morethan six months from the date they became payable.

b. According to the information and explanations given to us there are no dues ofincome tax service tax sales tax value added tax and goods and service tax which havenot been deposited on account of any dispute.

viii. According to the information and explanations obtained by us the company has noobligation of repayment of specified loans hence the provisions of clause (viii) of theorder is not applicable.

ix. The company has neither obtained any term loan nor has it raised any money by wayof initial public offer or further public offer (including debt instruments) during theyear hence reporting under clause (ix) of the order is not applicable.

x. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the year.

xi. No Managerial remuneration has been paid or provided during the year hencereporting under clause (xi) of the order is not applicable.

xii. The company is not a Nidhi Company hence reporting under clause (xii) of theorder is not applicable.

xiii. 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 Ind AS financial statements as required by theapplicable Indian Accounting Standards.

xiv. During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures hence reporting underclause (xiv) of the order is not applicable.

xv. In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with its directors or personsconnected with him hence reporting under clause (xv) of the order is not applicable.

xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Tembey & Mhatre
Chartered Accountants
FRN 116359W
(Shrikant B Tembey)
Place:Mumbai Partner
Date: 30th May 2018 Membership No. 033787

ANNEXURE B

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE Ind AS FINANCIALSTATEMENTS OF OMNITEX INDUSTRIES (INDIA) LIMITED FOR THE YEAR ENDED 31ST MARCH 2018

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of "OMNITEXINDUSTRIES (INDIA) LIMITED ("the company") as of 31-Mar-2018 in conjunctionwith our audit of the Ind AS 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if. Our audit involves performing procedures to obtain such controlsoperated effectively audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. We believe that the auditevidence I/we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Company's internal financial controls system over 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 Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financialcontrolsoverfinancialreportingwereoperatingeffectivelyas at 31st March 2018based on the internal controls with reference to financial statements criteria establishedby the Company considering the essential components of internal controls stated in theguidance note issued by the Institute of Chartered Accountants of India.

For Tembey & Mhatre
Chartered Accountants
FRN 116359W
(Shrikant B Tembey)
Place:Mumbai Partner
Date: 30th May 2018 Membership No. 033787