Home  »  Company  »  Omax Auto  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Omax Autos Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Omax Autos Limited ("the company"), which comprise the Balance sheet as at 31st March, 2015, the statement of Profit and Loss and the Cash Flow Statement for the year them ended, and a summary of the significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, making judgements and estimates that are reasonable and prudent, and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements,

whether due to fraud or error. In making those risks assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and it's profit and it's 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, 2015 ("the Order") issued by the Central Government of India in terms of sun-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified 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 best of 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 the Company 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 Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified 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 31st March 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors ) Rules, 2014. In our opinion and to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on it's financial position in it's financial statements-Refer Note 25. 2(a) to the financial statements.

ii the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

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

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report to the members of Omax Autos Limited on the standalone financial statements for the year ended 31st March, 2015, we report that:

1. a) The Company is maintaining proper records showing full particulars including quantitative details & situation of fixed assets.

b) As explained to us, the Company has a system of physical verification, which is designed to cover all assets over a period of three years and in accordance herewith, physical verification of certain fixed assets of the Company was carried out during the year and no material discrepancies were noticed on such verification. In our opinion, this frequency of physical verification is reasonable having regard to the size of the Company and nature of its fixed assets.

2. a) According to the information and explanations given to us, the inventory has have been physically verified by the management during the year. The frequency of such verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical inventory and the book records were not material in relation to the operations of the Company and the same have been properly dealt within the books of accounts.

3. a) According to information and explanations given to us, the Company has granted unsecured loans to two Companies covered in the register maintained under section 189 of the Companies Act, 2013.

b) In our opinion and according to the information & explanations given to us, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loan is repayable on demand.

c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the Companies listed in the register maintained under section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

5. The Company has not accepted any deposit from the public.

6. We have broadly reviewed the books of Account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act and are of the opinion that prima facie the prescribed accounts & records have been kept by the Company so far as appears from our examination of the books of account of the Company.

7. a) According to the information and explanation given to us and on the basis of our examination of the books of accounts, the Company has been regular in depositing the undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues with appropriate authorities. There was no undisputed amount outstanding as at 31st March, 2015 for a period more than six months from the date they become payable.

b) According to the information and explanations given to us, the disputed Statutory dues aggregating to Rs. 628.64 Lac. Those have not been deposited on account of matters pending before the appropriate authorities are as under:

Sr. Nature of the Statute Nature of Dues Forum where Dispute No. is pending

1 Central Excise Act, Disallowance of CESTAT 1944 Cenvat Credit 2 . Central Excise Act, Disallowance of Commissioner/ 1944 Cenvat Credit Dy. Commissioner / Asst. Commissioner (Appeal)

3 VAT Rejection of Sale Joint Commissioner(Appeal) Return

4 Under VAT Sale Tax DefermentJoint Commissioner(Appeal)

5 CST Joint Commissioner / Commissioner/ Dy. Commissioner (Appeal)

6 Under VAT Input Tax Credit (Sales Tax) Tribunal

Nature of the Statute Period to which the Amount amount relates (Rs. in Lac)

Central Excise Act, 1944 2004-05 onwards 453.62

Central Excise Act, 1944 2004-05 onwards 56.39

VAT 2007- 08 onwards 2.81

Under VAt 2008- 09 93.13

2010-11 onwards 13.09

Under VAT 2009- 10 onwards 9.60

c) According to the information and explanations given to us the amounts which were required to be transferred to the Investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

8. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceeding financial year.

9. Based on our audit procedures and on the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions or banks or debenture holders during the year.

10. According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. Based on our audit procedures and according to the information & explanation given to us, the terms loans were applied for which the loans were obtained.

12. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For and on behalf of A. KUMAR GUPTA & CO. Chartered Accountants Firm Reg No. 000182N

Place : Gurgaon (A.K. GUPTA) Date : 22nd May, 2015 PARTNER M. No. 012765


Mar 31, 2014

We have audited the accompanying financial statements of Omax Autos Limited ("the company"), which comprises the Balance sheet as at 31st March, 2014, the statement of Profit and Loss and the Cash flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 ("the Act") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

AUDITORS'' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends on the auditor''s judgment, including the assessments of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, read with Notes on Account no. 25, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

- In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March 2014;

- In the case of the Statement of Profit and Loss Account, of the Loss of the Company for the year ended on that date and

- In the case of the Cash Flow statement, of the cash flows of the Company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors'' Report) Order, 2003 ("the order") issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. As required by Section 227 (3) of the Act, we report that:

a) We have obtained all the information and explanations, which to the best of 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 the Company so far as appears from our examination of those books;

c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account of the Company;

d) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956.

e) On the basis of the written representations received from the Directors as on 31st March, 2014, taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2014 from being appointed as a Director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

ANNEXURE to AUDITORS'' REPORT The Annexure referred to in the auditor''s report to the members of Omax Autos Limited for the year ended March 31, 2014. We report that:

1. a) The Company is maintaining proper records

showing full particulars including quantitative details & situation of fixed assets.

b) As explained to us, the Company has a system of physical verification, which is designed to cover all assets over a period of three years and in accordance herewith, physical verification of certain fixed assets of the Company was carried out during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No major discrepancy has been noticed during verification.

c) Fixed assets disposed off during the year were not substantial. According to the information and explanations given to us, we are of the opinion that the disposal of fixed assets has not affected the going concern status of the company.

2. a) According to the information and explanations given to us, the inventory of finished goods, stores, spare parts and raw materials including components have been physically verified by the management during the year including for stock lying with third parties. The frequency of such verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material in relation to the operations of the Company and the same have been properly dealt within the books of accounts.

3. a) According to information and explanations given to us, the Company has granted unsecured loans to a Company covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum Amount involved is Rs. 12.67 lac & Closing Balance is Rs. 12.67 lac.

b) According to the information & explanations given to us, rate of interest and other terms and conditions of the aforesaid unsecured short term loans given by the Company are not prima facie prejudicial to the interest of the Company.

c) In our opinion and according to the information given to us, receipts of principal & interest of the aforesaid unsecured loan are regular.

d) During the year, the company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no weakness has been noticed in the internal controls.

5. a) As per information and explanations given to us, all the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 and need to be entered into the register maintained under that section have been so entered.

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five Lac in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market prices at that time.

6. The Company has not accepted any deposits during the year under report from the public under Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and therefore, the provisions of clause 4(vi) of Companies (Auditor''s Report) Order, 2003 (as Amendment) are not applicable to the Company.

7. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the books of Account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts & records have been kept by the Company so far as appears from our examination of the books of account of the Company. Further, the Company is also required to get these records audited under Section 233B and obtained the Cost Auditors'' Report for the same.

9. a) According to the information and explanation given to us and on the basis of our examination of the books of accounts, the Company has been regular in depositing the statutory dues with appropriate authorities. There was no undisputed amount outstanding at the end for a period more than six months from the date they become payable.

b) According to the information and explanations given to us, The Disputed Statutory dues aggregating to Rs. 721.75 Lac. That have not been deposited on account of matters pending before the appropriate authority are as under :

Sr. Nature of the Statute Nature of Dues Forum where Dispute No. is pending

1 Central Excise Act, 1944 Disallowance of Cenvat Credit CESTAT

2 Central Excise Act, 1944 Disallowance of Cenvat Credit Commissioner/ Dy. Commissioner / Asst. Commissioner (Appeal)

3 VAT Rejection of Sale Return Joint Commissioner (Appeal)

4 Uder VAT Sale Tax Deferment Joint Commissioner (Appeal)

5 CST Joint Commissioner / Commissioner/ Dy. Commissioner (Appeal)



Nature of the Statue Period to which the Amount amount relates (Rs. in Lac)

Central Excise Act, 1944 2004-05 onwards 391.42

Central Excise Act, 1944 2004-05 onwards 155.78

VAT 2007-08 onwards 27.46

Under VAT 2008-09 onwards 93.13

2010-11 onwards 53.96

10. In our opinion, the Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and the immediately preceding year.

11. Based on our audit procedures and on the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions or banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, during the year under audit.

13. In our opinion, the Company is not a Chit Fund or Nidhi/ Mutual Benefits Fund/Society. Therefore the provision of clause 4 (xii) of the Companies (Auditors'' Report) Order, 2003 (as amended) are not applicable to the Company.

14. Based on our audit procedures and according to the information and explanations given to us by the management, the Company has maintained proper records of transactions & contracts and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in it''s own name.

15. According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. Based on our audit procedures and according to the information & explanation given to us, the terms loans were applied for which the loans were obtained.

17. In our opinion and according to the information & explanations given to us, the funds raised on short term basis have not been used for long-term investment.

18. The company has not made any preferential allotment of shares covered in the register maintained under Section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the Company has not issued any debentures.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For and on behalf of A. KUMAR GUPTA & CO.

Chartered Accountants Firm Reg No. 000182N

Place : Gurgaon (A.K. GUPTA)

Date : 23rd May, 2014 PARTNER

M. No. 12765


Mar 31, 2013

1. We have audited the attached Balance Sheet of Omax Autos Limited, as at 31st March, 2013, the Profit and Loss Account and the Cash flow Statement of the Company for the year ended as on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors'' Report) Order, 2003 [as amended by Companies (Auditor''s Report) (Amendment) Order, 2004] issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of 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 the Company so far as appears from our examination of those books;

c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account of the Company;

d) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956,

e) On the basis of the written representations received from the Directors as on 31st March, 2013, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2013 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

- In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March 2013;

- In the case of the Profit and Loss Account, of the profit for the year ended on that date and

- In the case of the Cash Flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS'' REPORT

The Annexure referred to in the Auditor''s Report to the members of Omax Autos Limited for the year ended March 31, 2013. We report that:

1. a) The Company is maintaining proper records showing full particulars including quantitative details & situation of fixed assets.

b) As explained to us, the Company has a system of physical verification, which is designed to cover all assets over a period of three years and in accordance herewith, physical verification of certain fixed assets of the Company was carried out during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No major discrepancy has been noticed during verification.

c) Fixed assets disposed off during the year were not substantial. According to the information and explanations given to us, we are of the opinion that the disposal of fixed assets has not affected the going concern status of the company.

2. a) According to the information and explanations given to us, the inventory of finished goods, stores, spare parts and raw materials including components have been physically verified by the management during the year including for stock lying with third parties. The frequency of such verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material in relation to the operations of the Company and the same have been properly dealt within the books of accounts.

3. a) According to information and explanations given to us, the Company has granted unsecured loans to a Company covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum Amount involved is Rs. 13.99 Lac & Closing Balance is Rs. 13.99 Lac.

b) According to the information & explanations given to us, rate of interest and other terms and conditions of the aforesaid unsecured short term loans given by the Company are not prima facie prejudicial to the interest of the Company.

c) In our opinion and according to the information given to us, receipts of principal & interest of the aforesaid unsecured loan are regular.

d) During the year, the company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no weakness has been noticed in the internal controls.

5. a) As per information and explanations given to us, all the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 and need to be entered into the register maintained under that section have been so entered.

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five Lacs in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market prices at that time.

6. The Company has not accepted any deposits during the year under report from the public under Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and therefore, the provisions of clause 4(vi) of Companies (Auditor''s Report) Order, 2003 (as Amendment) are not applicable to the Company.

7. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the books of Account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts & records have been kept by the Company so far as appears from our examination of the books of account of the Company. Further, the Company is also required to get these records audited under Section 233B and obtained the Cost Auditors'' Report for the same.

9. a) According to the information and explanation given to us and on the basis of our examination of the books of accounts, the Company has been regular in depositing the statutory dues with appropriate authorities. There was no undisputed amount outstanding at the end for a period more than six months from the date they become payable.

b) According to the information and explanations given to us, The Disputed Statutory dues aggregating to Rs. 638.33 Lac. That have not been deposited on account of matters pending before the appropriate authority are as under :

Sr. Nature of the Statute Nature of Dues Forum where Dispute No. is pending

1 Central Excise Act, 1944 Disallowance of Cenvat Credit CESTAT

2. Central Excise Act, 1944 Disallowance of Cenvat Credit Commissioner/ Dy. Commissioner / Asst. Commissioner (Appeal)

3 VAT Rejection of Sale Return Joint Commissioner (Appeal)

4 Under VAT Disallowance of Input Credit Sales Tax Appellant Tribunal

5 Under VAT Sale Tax Deferment Joint Commissioner (Appeal)

6 Under VAT CST Joint Commissioner / Commissioner/ Dy. Commissioner (Appeal)

7 Income Tax Act, 1961 Incorrect PAN Income Tax Officer (TDS)

Nature of the Statute Period to which the Amount amount relates (Rs. in Lac)

Central Excise Act,1944 2004-05 onwards 291.26

Centarl Excise Act,1944 2004-05 onwards 119.13

VAT 2007-08 onwards 27.46

Under VAT 2007-08 3.50

Under VAT 2008-09 93.87

Under VAT 2010-11 onwards 40.81

Income Tax Act,1961 2009-10 62.30

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions or banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, during the year under audit.

13. In our opinion, the Company is not a Chit Fund or Nidhi/ Mutual Benefits Fund/Society. Therefore the provision of clause 4 (xii) of the Companies (Auditors'' Report) Order, 2003 (as amended) are not applicable to the Company.

14. Based on our audit procedures and according to the information and explanations given to us by the management, the Company has maintained proper records of transactions & contracts and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in it''s own name.

15. According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. Based on our audit procedures and according to the information & explanation given to us, the terms loans were applied for which the loans were obtained.

17. In our opinion and according to the information & explanations given to us, the funds raised on short term basis have not been used for long-term investment.

18. The company has not made any preferential allotment of shares covered in the register maintained under Section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the Company has not issued any debentures.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



For and on behalf of

A. KUMAR GUPTA & CO.

Chartered Accountants

Firm Reg No. 000182N

Place : Gurgaon (A.K. GUPTA)

Date :26th April, 2013 PARTNER

M. No. 12765


Mar 31, 2012

1. We have audited the attached Balance Sheet of Omax Autos Limited, as at 31st March, 2012, the Profit and Loss Account and the Cash flow Statement of the Company for the year ended as on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003 [as amended by Companies (Auditor's Report) (Amendment) Order, 2004] issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of 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 the Company so far as appears from our examination of those books;

c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account of the Company;

d) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956,

e) On the basis of the written representations received from the Directors as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

- In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March 2012;

- In the case of the Profit and Loss Account, of the profit for the year ended on that date and

- In the case of the Cash Flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT

The Annexure referred to in the auditor's report to the members of Omax Autos Limited for the year ended March 31, 2012. We report that:

1. a) The Company is maintaining proper records showing full particulars including quantitative details & situation of fixed assets.

b) As explained to us, the Company has a system of physical verification, which is designed to cover all assets over a period of three years and in accordance herewith, physical verification of certain fixed assets of the Company was carried out during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No major discrepancy has been noticed during verification.

c) Fixed assets disposed off during the year were not substantial. According to the information and explanations given to us, we are of the opinion that the disposal of fixed assets has not affected the going concern status of the company.

2. a) According to the information and explanations given to us, the inventory of finished goods, stores, spare parts and raw materials including components have been physically verified by the management during the year including for stock lying with third parties. The frequency of such verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material in relation to the operations of the Company and the same have been properly dealt within the books of accounts.

3. a) According to information and explanations given to us, the Company has granted unsecured loans to a Company covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum Amount involved is Rs. 30.08 Lac & Closing Balance is Rs. 12.42 Lac.

b) According to the information & explanations given to us, rate of interest and other terms and conditions of the aforesaid unsecured short term loans given by the Company are not prima facie prejudicial to the interest of the Company.

c) In our opinion and according to the information given to us, receipts of principal & interest of the aforesaid unsecured loan are regular.

d) During the year, the company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no weakness has been noticed in the internal controls.

5. a) As per information and explanations given to us, all the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 and need to be entered into the register maintained under that section have been so entered.

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five Lacs in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market prices at that time.

6. The Company has not accepted any deposits during the year under report from the public under Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and therefore, the provisions of clause 4(vi) of Companies (Auditor's Report) Order, 2003 (as Amendment) are not applicable to the Company.

7. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the books of Account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts & records have been kept by the Company so far as appears from our examination of the books of account of the Company. Further, the Company is also required to get these records audited under Section 233B and obtained the Cost Auditors' Report for the same.

9. a) According to the information and explanation given to us and on the basis of our examination of the books of accounts, the Company has been regular in depositing the statutory dues with appropriate authorities. There was no undisputed amount outstanding at the end for a period more than six months from the date they become payable.

b) According to the information and explanations given to us, The Disputed Statutory dues aggregating to Rs. 516.96 Lac. That have not been deposited on account of matters pending before the appropriate authority are as under :

Sr. Nature of the Statute Nature of Dues Forum where Dispute No. is pending

1 Central Excise Act, 1944 Disallowance of Cenvat Credit CESTAT

2. Central Excise Act, 1944 Disallowance of Cenvat Credit Commissioner/ Dy. Commissioner (Appeal)

3 VAT Rejection of Sale Return Joint Commissioner (Appeal)

4 Under VAT Disallowance of Input Credit Sales Tax Appellant Tribunal

5 Income Tax Act, 1961 Incorrect PAN Income Tax Officer (TDS)

Nature of the Statute Period to which the Amount amount relates (Rs. in Lac)

Central Excise Act, 1944 2004-05 onwards 233.28

Central Excise Act, 1944 2004-05 onwards 190.42

VAT 2007-08 onwards 27.46

Under VAT 2007-08 3.50

Income Tax Act, 1961 2009-10 62.30

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions or banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, during the year under audit.

13. In our opinion, the Company is not a Chit Fund or Nidhi/ Mutual Benefits Fund/Society. Therefore the provision of clause 4 (xii) of the Companies (Auditors' Report) Order, 2003 (as amended) are not applicable to the Company.

14. Based on our audit procedures and according to the information and explanations given to us by the management, the Company has maintained proper records of transactions & contracts and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in it's own name.

15. According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. Based on our audit procedures and according to the information & explanation given to us, the terms loans were applied for which the loans were obtained.

17. In our opinion and according to the information & explanations given to us, the funds raised on short term basis have not been used for long-term investment.

18. The company has not made any preferential allotment of shares covered in the register maintained under Section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the Company has not issued any debentures.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For and on behalf of

A. KUMAR GUPTA & CO.

Chartered Accountants

Firm Reg No. 000182N

Place : Gurgaon (A.K. GUPTA)

Date : 28th April, 2012 PARTNER

M. No. 12765


Mar 31, 2010

1. We have audited the attached Balance Sheet of Omax Autos Limited, as at 31st March, 2010, the Profit and Loss Account and the Cash flow Statement of the Company for the year ended as on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 [as amended by Companies (Auditors Report) (Amendment) Order, 2004] issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of 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 the Company so far as appears from our examination of those books;

c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Account of the Company;

d) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956,

e) On the basis of the written representations received from the Directors as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

- In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March 2010;

- In the case of the Profit and Loss Account, of the profit for the year ended on that date, and

- In the case of the Cash Flow statement, of the cash flows of the Company for the year ended on that date.

Annexure to Auditors Report

The Annexure referred to in the auditors report to the members of Omax Autos Limited for the year ended March 31, 2010. We report that:

1. a) The Company is maintaining proper records showing

full particulars including quantitative details & situation of fixed assets.

b) As explained to us, the Company has a system of physical verification, which is designed to cover all assets over a period of three years and in accordance herewith, physical verification of certain fixed assets of the Company was carried out during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No major discrepancy has been noticed during verification.

c) Fixed assets disposed off during the year were not substantial. According to the information and explanations given to us, we are of the opinion that the disposal off fixed assets has not affected the going concern status of the company.

2. a) According to the information and explanations given

to us, the inventory of finished goods, stores, spare parts and raw materials including components have been physically verified by the management during the year including for stock lying with third parties. The frequency of such verification is reasonable.

b) In our opinion and according to the information and explanations given to us, the procedure of physical

verification of stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material in relation to the operations of the Company and the same have been properly dealt within the books of accounts.

3. a) According to information and explanations given to

us, the Company has granted unsecured loans to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, however, Maximum Amount involved is Rs. 80.50 Lacs & Closing Balance is Rs. 66.00 Lacs.

b) According to the information & explanations given to us, rate of interest and other terms and conditions of the aforesaid unsecured short term loans given by the Company are not prima facie prejudicial to the interest of the Company.

c) In our opinion and according to the information given to us, receipts of principal & interest of the aforesaid unsecured loans are regular.

d) During the year, the company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no weakness has been noticed in the internal controls.

5. a) As per information and explanations given to us, all

the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 and

need to be entered into the register maintained under that section are found to be entered.

b) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five Lacs in respect of any party during the year, have been made at the prices which are reasonable having regard to the prevailing market prices at that time.

6. The Company has not accepted any deposits during the year under report from the public under Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and therefore, the provisions of clause 4(vi) of Companies (Auditors Report) Order, 2003 (as Amendment) are not applicable to the Company.

7. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

8. We have broadly reviewed the books of Account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts & records have been kept by the Company so far as appears from our examination of the books of account of the Company.

9. a) According to the information and explanation given

to us and on the basis of our examination of the books of accounts, the Company has been regular in depositing the statutory dues with appropriate authorities. There was no undisputed amount outstanding at the end for a period more than six months from the date they become payable.

b) According to the information and explanations given to us, The Disputed Statutory dues aggregating to Rs. 301.30 Lacs. That have not been deposited on account of matters pending before the appropriate authority are as under :

Sr. No. Nature of the Statute Nature of Dues Forum where Period to which the Amount Dispute is pending amount relates (Rs. in Lacs)

1 Central Excise Act, 1944 Disallowance of Cenvat Credit CESTATE 2004-05 242.96

2. Central Excise Act, 1944 Disallowance of Cenvat Credit CESTATE 2005-06 onwards 28.98

3. Central Excise Act, 1944 Disallowance of Cenvat Credit Additional 2005-06 to 2009-10 29.36 Commissioner

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institutions or banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, during the year under audit.

13. In our opinion, the Company is not a Chit Fund or Nidhi/ Mutual Benefits Fund/Society. Therefore the provision of clause 4 (xii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company.

14. Based on our audit procedures and according to the information and explanations given to us by the management, the Company has maintained proper records of transactions & contracts and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name.

15. According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. Based on our audit procedures and according to the information & explanation given to us, the terms loans were applied for which the loans were obtained.

17. In our opinion and according to the information & explanations given to us, the funds raised on short term basis have not been used for long-term investment.

18. The company has not made any preferential allotment of shares covered in the register maintained under Section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the Company has not issued any debentures.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For and on behalf of A. KUMAR GUPTA & CO. (Chartered Accountants)

(A.K. GUPTA) Place: New Delhi PARTNER

Date : 29.05.2010 M. No. 12765

 
Subscribe now to get personal finance updates in your inbox!