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Optiemus Infracom Ltd.

BSE: 530135 Sector: Others
NSE: OPTIEMUS ISIN Code: INE350C01017
BSE 00:00 | 19 Feb 113.95 -3.45
(-2.94%)
OPEN

113.10

HIGH

115.45

LOW

112.00

NSE 00:00 | 19 Feb 112.65 -2.00
(-1.74%)
OPEN

113.95

HIGH

114.80

LOW

109.95

OPEN 113.10
PREVIOUS CLOSE 117.40
VOLUME 2978
52-Week high 325.90
52-Week low 78.05
P/E 39.70
Mkt Cap.(Rs cr) 978
Buy Price 112.00
Buy Qty 20.00
Sell Price 120.00
Sell Qty 400.00
OPEN 113.10
CLOSE 117.40
VOLUME 2978
52-Week high 325.90
52-Week low 78.05
P/E 39.70
Mkt Cap.(Rs cr) 978
Buy Price 112.00
Buy Qty 20.00
Sell Price 120.00
Sell Qty 400.00

Optiemus Infracom Ltd. (OPTIEMUS) - Auditors Report

Company auditors report

To

The Members of Optiemus Infracom Limited

Report on the Standalone Ind AS financial statements

We have audited the accompanying standalone Ind AS financial statements of OptiemusInfracom Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (Including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS financial statements

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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance (including Other Comprehensive Income) cashflows and Changes in Equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Indian Accounting Standards)Rules 2015 as amended other accounting policies generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on standalone Ind AS financial statementsbased on 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 standalone 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 standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the standalone 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 standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs ofcompany as at 31st March 2018 and its profit total comprehensive income the changes inequity and 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 sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purposes of our audit.

(b) In our opinion proper books of account as required by the law have been kept bythe Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement andthe statement of changes in equity dealt with by this report are in agreement with thebooks of account.

(d) In our opinion these standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164 (2) ofthe Act;

(f) With respect to adequacy of the internal financial control over financial reportingand the operating effectiveness of such controls refer to our report in "AnnexureB".

(g) 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 financial statement discloses the impact of pending litigation as referred to innote 29.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

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

For Mukesh Raj & Co.

Chartered Accountants Firm's Reg. No. : 016693N

Mukesh Goel

Partner M. No. : 094837

Place: Noida

Date: 30.05.2018

ANNEXURE "A"

To the Independent Auditors report on standalone Ind AS financial statements ofOptiemus Infracom Limited.

Referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date:

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars with respect tomost of its fixed assets.

(b) The capitalised fixed assets are physically verified by the management according toa regular programme designed to cover all the items over a period of three years. Pursuantto the planned programme during the year fixed assets have been physically verified bythe management during the year which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. No material discrepancies were noted on suchverification.

(c) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management the title deeds of immovable properties included in property plant andequipment are held in the name of the Company.

(ii) In our opinion the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

(iii) In respect of the loans secured or unsecured granted by the Company tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Companies Act 2013:

a) In our opinion and according to the information given to us the terms andconditions of the loans given by the Company are prima facie not prejudicial to theinterest of the Company.

b) The schedule of repayment of principal and payment of interest has been stipulatedand repayments of principal amounts and /or receipts of interest have been regular as perstipulations.

c) There are no overdue amounts as at the year-end in respect of both principal andinterest.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities.

(v) In our opinion and according to the information and explanations given to us theCompany did not receive any deposits covered under sections 73 to 76 of the Companies Actand the rules framed there under with regard to deposits accepted from the public duringthe year.

(vi) We have been informed by the company that the maintenance of cost record undersection 148 (1) of the Act has not been prescribed by the Central Government.

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us the Company is generallyregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms value added tax goods and service tax cess and other material statutory duesapplicable to it. The provisions relating to duty of excise are not applicable to theCompany.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax sales-taxservice tax duty of customs value added tax goods and service tax cess and othermaterial undisputed statutory dues were outstanding as at the year end for a period ofmore than six months from the date they became payable.

(b) According to the records of the Company the dues outstanding of income-tax andsales-tax on account of any dispute are as follows:

Disputes with Authority Financial year 31-Mar-18 (In INR)
Sales Tax Orissa 2008-09 187538
Sales Tax Delhi 2008-09 7495704
Sales Tax Haryana 2006-07 1631864
Sales Tax Haryana 2010-11 1575527
Sales Tax Assam 2007-08 920585
Sales Tax Bihar 2011-12 2901596
Sales Tax Uttar Pradesh 2011-12 2517693
Sales Tax West Bengal 2012-13 17831391
Sales Tax Karnataka 2011-12 1391748
Sales Tax Karnataka 2012-13 2025970
Sales Tax Gujarat 2013-14 4144564
Sales Tax Uttar Pradesh 2013-14 4451143
Income Tax - U/s 143(1) 2009-10 14531330
Income Tax - U/s 143(1) 2010-11 96036531
Income Tax - u/s 154 2010-11 97425800
Income Tax - u/s 220(2) 2011-12 2110
Income Tax - u/s 271(1)(c) 2011-12 192624
Income Tax - u/s 143(1)(a) 2014-15 1305750
TDS demands 393222

(viii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the standalone Ind AS financial statements and according to theinformation and explanations given to us by the management the Company has not defaultedin repayment of dues to financial institutions or banks. The Company does not have anydebenture holders.

(ix) According to the information and explanations given to us no term loans have beenraised by the Company. The Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) during the year.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or any fraud on the Company by its officers oremployees has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions of Section197 read with Schedule V to the Companies Act 2013.

(xii) The Company is not a Nidhi Company and accordingly paragraph 3(xii) of the Orderis not applicable to the Company.

(xiii) According to the information and explanation given by the managementtransaction with related parties are in compliance with section 177 and 188 of CompaniesAct2013 where applicable and details have been disclosed in the notes to the standaloneInd AS financial statements where applicable as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us during the year theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures and hence reporting under clause (xiv) of Paragraph 3 of theOrder is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly Clause (xv) of the Order is notapplicable.

(xvi) In our opinion and according to information and explanations provided to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934. Accordingly the provisions of Clause 3(xvi) of the Order are not applicable tothe Company.

For Mukesh Raj & Co.

Chartered Accountants Firm's Reg. No. : 016693N

Mukesh Goel

Partner M. No. : 094837

Place: Noida

Date: 30.05.2018

ANNEXURE "B"

Annexure "B"to the Independent Auditors report of even date on standalone IndAS financial statements of Optiemus Infracom Limited.

To the Members of Optiemus Infracom Limited

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 OptiemusInfracom Limited ("the Company") as of 31st March 2018 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention 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.

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 deemed tobe prescribed under Section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material 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 auditors' judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor 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 standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the Company are being made only in accordance withauthorizations of the Management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the standaloneInd AS 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 financial controlsover financial reporting were operating effectively as at 31st March 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Mukesh Raj & Co.

Chartered Accountants Firm's Reg. No. : 016693N

Mukesh Goel

Partner M. No. : 094837

Place: Noida

Date: 30.05.2018