You are here » Home » Companies » Company Overview » Oscar Global Ltd

Oscar Global Ltd.

BSE: 530173 Sector: Others
NSE: N.A. ISIN Code: INE473F01010
BSE 15:31 | 28 Sep 14.48 -0.76
(-4.99%)
OPEN

14.48

HIGH

14.48

LOW

14.48

NSE 05:30 | 01 Jan Oscar Global Ltd
OPEN 14.48
PREVIOUS CLOSE 15.24
VOLUME 51
52-Week high 18.00
52-Week low 4.61
P/E 2.57
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 14.48
Sell Qty 12506.00
OPEN 14.48
CLOSE 15.24
VOLUME 51
52-Week high 18.00
52-Week low 4.61
P/E 2.57
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 14.48
Sell Qty 12506.00

Oscar Global Ltd. (OSCARGLOBAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF OSCAR GLOBAL LIMITED NEW DELHI

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statementsof OSCARGLOBAL LIMITED ("the Company") which comprise the balance sheet as at31st March 2021 and the statement of Profit and Loss statement of changes in equity andstatement of cash flows for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312021the loss and total comprehensive income changes in equity and its cash flows for the yearended on that date. (Basis for Opinion we conducted our audit of the standalone financialstatements in accordance with the Standards).

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theCompanies Act 2013. Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with theindependence requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Companies Act 2013 and the Rules there under andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standaloneFinancial Statements.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance (changes in equity) and cash flows of theCompany with the Ind AS and other accounting principles generally accepted in India. Therespective Board of Directors of the company are responsible for maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The respective Board of Directors are also responsible for overseeingthe Company's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions 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 Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding thefinancial information of the entities or business activities within the Group to expressan opinion on the standalone financial statements. We are responsible for the directionsupervision and performance of the audit of the financial statements of such entitiesincluded in the standalone financial statements.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. 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 of the aforesaidstandalone financial statement.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with Ind Asspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

e. On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls In our opinionthe Company has in all material respects an adequate internal financial controls systemover financial reporting and such internal financial controls were operating effectivelyas at 31st March 2021 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the Institute of Chartered Accountants of India. refer toour separate report in ‘Annexure B'; and

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 Company does not have any pending litigations which may impact its financialposition .

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

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

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

Annexure A to the Independent Auditors' Report

The Annexure referred to in our report to the members of OSCAR GLOBALLIMITED ("the Company") for the year ended on 31st March 2021. We report that:

(i) In Respect of Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) Not Applicable

(ii) In Respect of Inventory

Physical verification of inventory has been conducted at reasonable intervals by themanagement and no material discrepancies were noticed at the time of verification.

(iii) Loans and advances granted to parties covered under section 189 of the CompaniesAct 2013 The company has not granted any loan secured or unsecured to companies firmsor other parties covered in the register maintained under Sec 189 of the Act. Accordinglythe provisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are notapplicable.

(iv) Loans investments guarantees and security under section 185 and 186 of theCompanies Act 2013 The company has neither given any loan nor made any investment orgiven any securities as per Sec 185 and 186 of the Act. Accordingly the provisions ofclauses 4 of the Order is not applicable.

(v) Rules followed while accepting Deposits The company has not accepted any depositfrom public during the year. In our opinion and according to the information andexplanation given to us the provisions of section 73 to 76 or any other relevantprovisions of the companies Act 2013 and companies (Acceptance of deposits) Rules 2014with regard to deposits from the public is not applicable in the current year. No orderhas been passed by Company Law Board or national company law tribunal or Reserve Bank ofIndia or any court or any other tribunal in this regard.

(vi) Maintenance of cost records The provisions of maintenance of cost records undersub-section (l) of section 148 of the Companies Act 2013 is not applicable.

(vii) According to the information and explanations given to us in respect of statutorydues (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess andany other statutory dues to the appropriate authoritiesand other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income-tax sales-tax service tax or Cess and any other statutorydues with the appropriate authorities were in arrears as at 31st March 2021 for a periodof more than six months from the date they became payable.

(viii) Default in Repayment of Loans taken from Bank or Financial InstitutionsAccording to the information and explanation given to us and on the basis of ourexamination of the records the Company does not have any loans or borrowings from anyfinancial institution banks Government or debenture holders during the year .Accordingly paragraph 3 (viii) of the Order is not applicable.

(ix) Utilisation of IPO and further Public Offer The Company has not raised moneys byway of initial public offer or further public offer (including debt instruments) and termloans during the year. Accordingly the provisions of clauses 9 of the Order is notapplicable

(x) Whether any fraud by the company or any fraud on the Company by its officers oremployees has been noticed or reported during the year According to the information andexplanation 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) Whether managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act

According to the information and explanations give to us and based on our examinationof the records of the Company the Company has paid/ provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

(xii) whether the Nidhi Company has complied with the Net Owned Funds to Deposits inthe ratio of 1: 20 to meet out the liability.

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 is notapplicable.

(xiii) Whether all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013

The company has not entered into any transaction covered under Sections 177 and 188 ofthe Act. Accordingly the provisions of clauses 13 of the Order are not applicable.

(xiv) Private Placement or Preferential Issues

The company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review thus the requirementof section 42 of the Companies Act 2013 need not to be complied with. Accordingly theprovisions of clauses 14 of the Order are not applicable.

(xv) Non Cash Transactions

The company has not entered into any non-cash transactions withdirectors or persons connected with him as per the provisions of section 192 of the Act.Accordingly the provisions of clauses 15 of the Order are not applicable.

(xvi) Requirement of Registration under 45-IA of Reserve Bank of IndiaAct 1934

The company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of OSCAR GLOBAL LIMITED ("the Company") as of 31 March 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material 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 aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2021 based onthe 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 DUBEY & Co.
Chartered Accountants
Sd/-
DEEPAK DUBEY
Proprietor
PLACE:NEW DELHI Membership No.: 086349
DATE: 28th June 2021 FRN : 07515N
UDIN :21086349AAAAAE8652

.