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OTCO International Ltd.

BSE: 523151 Sector: IT
NSE: N.A. ISIN Code: INE910B01028
BSE 00:00 | 25 Jan 16.15 0
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NSE 05:30 | 01 Jan OTCO International Ltd
OPEN 16.15
PREVIOUS CLOSE 16.15
VOLUME 5
52-Week high 25.95
52-Week low 9.66
P/E
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.15
CLOSE 16.15
VOLUME 5
52-Week high 25.95
52-Week low 9.66
P/E
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

OTCO International Ltd. (OTCOINTL) - Auditors Report

Company auditors report

To the Members of OTCO International Limited

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Otco InternationalLimited ('the company') which comprise the Balance Sheet as at 31 March2018 theStatement of Profit and Loss (including other comprehensive income) Cash Flow Statementand the statement of changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of directors is responsible for the matters stated in Section134(5) of the Companies Act2013("the Act") with respect to the preparation andpresentation of these financial statement that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principle generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts)Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing 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 financialstatements that give a true and fair view and are free from material misstatementswhether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatement based 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 there under.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncement issued by Institute of Chartered Accountants of India. TheseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the Ind AS financial statements are free frommaterial 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS financial statements whether due to fraud or error. In making those riskassessment the auditor considers internal financial control relevant to the Company'spreparation of the standalone Ind AS financial statements that give true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of 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 standalone 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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018;

(b) in the case of the Statement of Profit and Loss (Comprising of other comprehensiveincome) of the profit of the Company for the year ended on that date and

(c) In the case of cash flow statement of the cash flows for the year ended on thatdate and

(d) Changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of section 143(11) of theAct we give in the "Annexure A" a statement on the matters specified in theparagraph 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act we report that: a. We have sought andobtained all the information and explanation which to the best of our knowledge and beliefwere necessary for the purposes of our audit.

b. In our opinion proper books of accounts 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 cash flow statement and the statement of changes in equity dealt with by thisReport are in agreement with books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended.

e. On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 refer to ourseparate 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) Rules2014 in our opinionand to the best of our information and according to the explanation given to us:

i. The company does not have any pending litigation which would impact its financialposition in its standalone Ind AS financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For C.Ramasamy&B.Srinivasan

Chartered Accountants

Firm's Registration number: 002957S

C.Ramasamy

Partner

Membership number: 023714

Place: Chennai

Date: 15.05.2018

Annexure A to the Auditor's Report

The Annexure referred to in our Independent Auditor's Report to the members of companyon the financial statement for the year ended on 31 March 2018 we report that:

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

(b) These fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification and the samehave been properly dealt with in the books of account.

c) According to the information and explanations given to us the company does not haveany immovable property.

ii. The Company has conducted physical verification of inventory at reasonableintervals and no material discrepancies were noticed

iii. The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013

iv. The company has not granted any loans guarantee or security and has not made anyinvestments as per the provisions of section 185 and 186 of the Act. Thus paragraph 3(iv)of the Order is not applicable to the Company.

v. The company has not accepted any deposits from the public.

vi. The Central Government has not prescribed the maintenance of cost records undersection148 (1) of the Act for any of the services rendered by the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company there was no delay by company in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added taxGoods and Service Tax Cess and any other statutory dues with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at 31 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 or sales tax or service tax or duty of customs or duty of excise or value addedtax or Goods and Service Tax or cess which had not been deposited on account of anydispute.

viii. The company has not defaulted in repayment of dues to financial institutions orbanks and Government during the year. There have been no outstanding dues to debentureholders.

ix. During the year company has not raised any money through Initial Public Offer orfurther Public Offer. The Company has not availed any term loan.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. 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.

xii. 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. 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 as requiredby the applicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not any made preferentialallotment or private placement of shares during the year to Promoter & Non Promoter asper requirement under section 42 of the Act.

xv. 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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

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

For C. Ramasamy& B. Srinivasan

Chartered Accountants

Firm's Registration number: 002957S

C.Ramasamy

Partner

Membership number: 023714

Place: Chennai

Date: 15.05.2018

Annexure B to the Independent Auditors' Report of Even Date on the standalone Ind ASfinancial statements

Report on the Internal Financial Controls under clause (i) of sub-section 3of Section143 of the Companies Act 2013 ('the Act')

 

We have audited the internal financial controls over financial reporting OtcoInternational Limited ('the Company') as of 31 March 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the company for the year ended ason 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). 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.

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 to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For C. Ramasamy& B. Srinivasan

Chartered Accountants

Firm's Registration number: 002957S

C.Ramasamy

Partner

Membership number: 023714

Place: Chennai

Date: 15.05.2018