Mar 31, 2015
We have audited the acompanying financial statements of Omega
Interactive Technologies 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 then ended, and a summary of
significant 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation 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 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 icnludes 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 judgments and estimates that are reasonable and
prudent, and design, implementation and maintenance of adequate
internal financial control that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatment, whether
due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these 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 comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, incuding the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk 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 control
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 its profit and its cash flows for the year
ended on that date.
Report on other legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-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.
As required by section 143(3) of the Act, we report that :
a. We have sought and obtained all the inforamtion and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit and Loss Statement and the
Cash Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid 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 written representations received from the directors
as on 31st March, 2015, and 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. there was no pending litigations which would impact the financial
position of the company;
ii. the company did not have any long term contracts including
derivative contracts for which there were any mmaterial foreseeable
losses;
iii. the company does not have any outstanding amount to be transferred
to the Investor Education and Protection Fund.
Annexure to the Independent Auditors Report
Referred to in Paragraph 1 of report on other legal and regulatory
requirements of the Independent
Auditors Report of even date to the members of Omega Interactive
Technologies Limited on the financial statements for the year ended
31st March, 2015.
i. a) The Company is maintaining proper records showing full
partculars, including quantitive details and situation of fixed assets.
b) The Company has a procedure for physical verification of fixed
assets at reasonable intervals and in accordance with that the fixed
assets are generally physically verified by the management during the
year. This procedure is reasonable having regard to the size of the
company and the nature of its assets. No discrepancies have been
noticed as all the assets have been sold/discarded during the year.
ii. a) The company does not have any inventories and hance the
provisions of clause ii(a) to(c ) are not applicable to the company
during the year.
iii. The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act, and hence the provisions of clause iii
(a) and (b) are not applicable to the company during the year.
iv. In our opinion and according to the information and the
explanations given to us and having regard to the explanation that the
entire affairs of the Company are under the direct supervision of the
Board of Directors it appears that there are adequate internal control
procedures commensurate with the size of the Company and the nature of
its business with regard to purchase of fixed assets and for the sale
of services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. The Company has not accepted any deposits from the public within
the meaning of Sections 73 to 76 of the Act and the Rules made
thereunder to the extent notified and hence the provisions of clause v
are not applicable to the company during the year.
vi. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of Cost Records under
Section 148(1) of the Act for any of the services rendered by the
company.
vii. a) The Company is generally regular in depositing undisputed
statutory dues including provi-
dent fund, employee's state insurance, income tax, wealth tax, service
tax, custom duty, value added tax and other material statutory dues
applicable to it with the appropriate authorities.
b) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise
duty, service tax and cess, which have not been deposited on account of
any dispute.
Name of the Statue Forum of Dispute Nature of Dues
Income Tax Appellate Tribunal Assessment Dues
Name of the Statue Amount (Rs.) Period to which
amount relates
Income Tax 5,48,203/- 22.03.1994 to
19.07.1996
c) The Company is not required to transfer any amount to the Investor
Education and Protection Fund in accordance with provisions of The
Companies Act, 1956 (1 of 1956 and rules made thereunder).
viii. The Company has no accumulated losses as at the end of the
financial year ended on that date or in the immediately preceding
financial year.
ix. In our opinion and according to the information and explanations
given to us, the Company has not borrowed any amount from Financial
Institutions, Banks or Debenture holders and hence the question of
default does not arise.
x. According the information explanations given to us, the Company has
not given any guarantees for the loans taken by others from Banks or
Financial Insitutions during the year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not availed any term loan during the year.
xii. According to the information and explanations given to us and
based on the audit procedured performed by us, no fraud on or by the
Company has been noticed or reported during the course of our audit.
For Sampat Mehta & Associates
Chartered Accountants
Firm's Registration No.: 109038W
Place: Mumbai sd/-
Date: 30th May 2015 Sanjiv Jhaveri
Partner
Membership Number: 038945
Mar 31, 2014
1. We have audited the accompanying financial statements of OMEGA
INTERACTIVE TECHNOLOGIES LIMITED ("the Company"), which comprise the
Balance Sheet as at 31 March 2014, and the Statement of Profit and Loss
and the Cash Flow Statement for the year then ended and a summary of
the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. 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 principles generally accepted in India, including the
Accounting Standards notified under the Companies Act, 1956 read with
General Circular 15/2013 dated 13 September 2013, issued by the
Ministry of Corporate Affairs, in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
3. 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and 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 risk
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, but not for the purpose of expressing an opinion on the
effectiveness for the company''s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon give the information required by the Act, in the
manner so required and give a true and fair view in conformity with
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and;
(c) 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
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
8. 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, 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) Except for the effects of the matters described in the basis of
modified opinion paragraph, in our opinion, the Balance Sheet, the
Statement of Profit and Loss and the Cash Flow Statement comply with
the Accounting Standards notified under the Companies Act, 1956 read
with the General Circular 15/2013 dated 13 September 2013, issued by
the Ministry of Corporate Affairs, in respect of Section 133 of the
Companies Act, 2013; and
(e) on the basis of the written representations received from the
directors as on 31 March 2014, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2014,
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE IN TERMS OF PARA 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF OMEGA INTERACTIVE TECHNOLOGIES LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31s1 MARCH, 2014.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets and we are informed that no material
discrepancies were noticed by the management on such verification.
(c) The Company has not disposed off a substantial portion of fixed
assets during the year.
(ii) (a) The Company has not granted/taken unsecured loan to/from
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with
regards to providing of services. During the course of our audit, we
have not observed any major weaknesses in internal controls systems.
(iv) According to the information and explanations given to us and as
per the written confirmation given to us and as per the tests conducted
by us, we are of the opinion that there are no contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and consequently the provisions of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 are not applicable. To the best of
our knowledge and according to the information and explanations given
to us, no order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Court or any other
Tribunal.
(vi) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
(vii) We are informed by the Management that the Central Government has
not prescribed the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of the Company.
(viii) (a) In our opinion and according to the information and
explanations given to us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund dues,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
which are applicable to it.
(b) According to the information and explanations given to us, the
following are the disputed amounts which are in arrears, as at 31st
March 2014 for a period of more than six months from the date they
became payable
Name of the Forum of Nature of Amount Period to which
Statute dispute Dues (Rs) amount relates
Income Tax Appellate Assessment 5,48,203/- 22.03.1994 to
Tribunal Dues 19.07.1996
(x) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
(xi) 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.
(xii) In our opinion, the provisions of clauses ii, xi, xii, xiii, xiv,
xv, xvi, xviii, xix, xx of para 4 of the aforesaid Order are not
applicable to the Company for the year under report.
For SAMPAT MEHTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm No. 109038 W
(CA SANJIV JHAVERI)
PLACE : MUMBAI PARTNER
DATE : 30th MAY, 2014 M. No. 38945
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of OMEGA
INTERACTIVE . TECHNOLOGIES LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2013 and Statement of Profit and Loss
and the Cash Flow Statement for the year then 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 sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Ouf 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
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 risk
assessments, the auditor considers the 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 pur opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and;
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003(''the
Order") issued by the Central Government of India in terms of
sub-section (4 A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the 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 it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, 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 Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
ANNEXURE IN TERMS OF PARA 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF OMEGA INTERACTIVE TECHNOLOGIES LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31st MARCH, 2013.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets and we are informed that no material
discrepancies were noticed by the management on such verification.
(c) The Company has not disposed off a substantial portion of fixed
assets during the year.
(ii) (a) The Company has not granted/taken unsecured loan to/from
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The provision''s of sub clause (b) to (g) of Clause
(iii) of para 4 of the aforesaid Order are not applicable to the
Company for the year ! under report.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with
regards to providing of services. During the course of our audit, we
have not observed any major weaknesses in internal controls systems.
(iv) (a) According to the information and explanations given to us and
as per the written confirmation given to us and as per the tests
conducted by us, we are of the opinion that there are no contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and consequently the provisions of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 are not applicable. To the best of
our knowledge and according to the information and explanations given
to us, no order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Court or any other
Tribunal.
(vi) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
(vii) We are informed by the Management that the Central Government has
not prescribed the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of the Company.
(viii) (a) In our opinion and according to the information and
explanations given to us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund dues,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
which are applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March 2013 for a period of more than six months from the
date they became payable.
(ix) There are no accumulated losses of the company at the end of year
as there has been a merger of two Subsidiaries with the company and the
past losses have been adjusted against reserves as per High Court Order
dated 03rd May, 2013 (Refer Note no "22"). The company has not incurred
cash losses during the financial year covered by our audit and not in
the immediately preceding financial year.
(x) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
(xi) 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.
(xii) In our opinion, the provisions of clauses ii, xi, xii, xiii, xiv,
xv, xvi, xviii, xix, xx of para 4 of the aforesaid Order are not
applicable to the Company for the year under report.
For SAMPAT MEHTA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm No. 10903
(CAlSANJIV JHAVERI)
PARTNER
M. No. 38945
PLACE : MUMBAI
DATE :31st MAY, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of OMEGA INTERACTIVE
TECHNOLOGIES LIMITED, as at 31st March 2012 and also the Statement of
Profit and Loss and the Cash Flow Statement for the year ended on that
date both 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 the 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 material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 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.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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 and proper information adequate for the purposes of our
audit have been received from the branches not visited by us.
(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in arrangement with the books
of account;
(iv) In our opinion, the Balance Sheet. Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Sub-Section (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 31* March 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31* March 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies -55======^ Act,
1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, subject to non-accounting of interest
income on the inter-corporate deposits and view of the management
regarding recovery of inter- corporate deposits, the said accounts read
with the significant accounting policies and notes thereon 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;
(a) in the case of the Balance Sheet, of the state of affairs of the
company as
b) in the case of the Statement Profit awl Loss , of the Loss for the
year ended on that date; and ' J^
(c) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE IN TERMS OF PARA 3 OF OUR REPORT OF EVElf DATE TO THE MEMBERS
OF OMEGA INTERACTIVE TECHNOLOGIES LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31ST MARCH. 2012.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets and we are informed that no material-
discrepancies were noticed by the management on such verification.
(c) The Company has not disposed off a substantial portion of fixed
assets during the year. (ii) (a) The Company has granted unsecured
loan to one party (wholly owned Subsidiary)
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount of loan involved during the year was Rs.
10,099,755/- and the year end balance of the loan was Rs. 10,099,755/-
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been granted to companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(c) In respect of the above loan given by the Company the stipulations
made, if any, are being met by the borrower.
(d) We are unable to make any comments on the overdue amounts due on
loans granted to the subsidiary company as listed in the register
maintained under section 301 of the Companies Act, 1956, as there is no
stipulation on the terms of repayment.
(e) The Company has not taken any loans from Companies / firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(iii) In our opinion and according to the information and explanations
given to us, there are
adequate internal control systems commensurate with the size of the
company and the nature of its business with regards to purchase and
sale of goods and services and fixed assets. During the course of our
audit, we have not observed any major weaknesses in internal controls
systems.
(iv) (a) According to the information and explanations given to us and
as per the written" confirmation given to us and as per the tests
conducted by us, we are of the opinion that the contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act. 1956 have been so entered.
(b) In our opinion and having regard to our comments in paragraph (iii)
above, and according to the information and explanations given to us,
the transactions made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of Companies Act, 1956
have been made at prices at the relevant time where such market prices
are available.
(v) In our opinion and according to the information and explanations
given-to us, the Company has not accepted any deposits from the public
and consequently the provisions of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules. 1975 are not applicable To the best of
our knowledge and according to the information and explanations given
to us, no order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Court or any other
Tribunal.
(vi) In our ppinion. the Company has an internal audit system
commensurate with its size and nature of its business.
(vii) We are informed by the Management that the Central Government has
not prescribed the maintenance of cost records under Section 209(1 )(d)
of the/Companies Act, 1956 for any of the products of the Company. .,
(viii) (a) In our opinion and according to the information arfa
explanations given to us, the Company is generally regular in
depositing witrrappropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund dues,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty. Cess and other material statutory dues
which are applicable to it
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March 2012 for a period of more than six months from the date
they became payable.
(c) According to the information and explanation given to us, the
following are the disputed amounts which are in arrears, as at 31*
March 2012 for a period of more than six months from the date they
became payable
Name
of the Forum of Nature of Amount (Rs) Period to
Statute dispute Dues which
amount
relates
Income Tax Appellate Assessment 5,48,203/- 22.03.1994 to
Tribunal Dues 19.07.1996
(ix) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and not in the
immediately preceding financial year.
(x) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
(xi) 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.
(xii) In our opinion, the provisions of clauses ii, xi, xii, xiii, xiv,
xv, xvi, xviii, xix, xx of para 4 of the aforesaid Order are not
applicable to the Company for the year under report.
For and on behalf of the Board
For OMEGA INTERACTIVE TECHNOLOGIES
LIMITED
Rcnu M. Soni Director
REGISTERED OFFICE:
308, MAKER BHAWAN NO.
Ill, 21, NEW MARINE LINES,
MUMBAI-400 020.
DATE :31st MAY, 2012.
Mar 31, 2011
1. We have audited the attached Balance Sheet of OMEGA INTERACTIVE
TECHNOLOGIES LIMITED, as at 31st March 2011 and also the Profit and
Loss account and the Cash Flow Statement for the year ended on that
date both 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 the 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 material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 19 >6, we enclose in the annexure a
statement on the matters specified in paragraphs 4 an J 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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 and proper information adequate for the purposes of our
audit have been received from the branches not visited by us.
(iii) The Balance Sheet, Profit and Loss account and Cash Flow
Statement dealt with by this report are in arrangement with the books
of account;
(iv) In our opinion, the Balance Sheet, Profit and Loss account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Sub-Section (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2011 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us,-subject to note no. 3 of notes to
Accounts," Schedule - 15 regarding non-accounting of interest income and
view of the management regarding recovery of inter-corporate deposits,
the said accounts read with the significant accounting policies and
notes thereon 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;
(a) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2011;
(b) in the case of the Profit and Loss account, of the loss for the
year ended on that date; and
(c) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE IN TERMS OF PARA 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF OMEGA INTERACTIVE TECHNOLOGIES LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31ST MARCH. 2011.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets and we are informed that no material
discrepancies were noticed by the management on such verification.
(c) The Company has not disposed off a substantial portion of fixed
assets during the year.
(ii) (a) The Company has granted loans secured / unsecured to one party
(wholly owned Subsidiary) covered in the register maintained under
section 301 of the Companies Act 1956. the maximum amount outstanding
during the year was Rs.1,00,94,755/- and the year end balance of the
loan was Rs.1,00,94,755/-
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been granted to companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(c) In respect of the above loan given by the Company the stipulations
made, if any, are being met by the borrower.
(d) We are unable to make any comments on the overdue amounts due on
loans granted to the subsidiary company as listed in the register
maintained under section 301 of the Companies Act. 1956. as there is no
stipulation on the terms of repayment.
(e) The Company has not taken any loans from Companies / firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with
regards to purchase and sale of goods and services and fixed assets.
During the course of our audit, we have not observed any major
weaknesses in internal controls systems.
(iv) (a) According to the information and explanations given to us and
as per the written confirmation given to us and as per the tests
conducted by us, we are of the opinion that the contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and having regard to our comments in paragraph (iii)
above, and according to the information and explanations given to us,
the transactions made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of Companies Act, 1956
have been made at prices at the relevant time where such market prices
are available.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and consequently the provisions of Section 58A and~58AA or any other
relevant provision of the Companies*, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 are not applicable. To the best of
our knowledge and according to the information and explanations given
to us, no order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Court or any other
Tribunal.
(vi) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
(vii) We are informed by the Management that the Central Government has
not prescribed the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of the Company.
(viii) (a) In our opinion and according to the information and
explanations given to us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund dues,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
which are applicable to it
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March 2011 for a period of more than six months from the
date they became payable.
(c) According to the information and explanation given to us, the
following are the disputed amounts which are in arrears, as at 31st
March 2011 for a period of more than six months from the date they
became payable
Name of the Forum of Nature of Amount (Rs) Period to
Statute dispute Dues which
amount
relates
Income Tax Appellate Assessment 5,48,203/- 2.03.1994
to
Tribunal
Dues 19.07.1996
(ix) In our opinion, the accumulated losses of the company are not more
the in fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit as well as during
preceding financial year.
(x) According to the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, we report that
the no raised on short term basis have been used for long-term
Investments.
(xi) 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.
(xii) In our opinion, the provisions of clauses ii, xi, xii, xiii, xiv,
xv, xvi, xviii, xix, xx of Para 4 of the aforesaid Order are not
applicable to the Company for the year under report.
For Sampat Mehta & Associates
Chartered Accountants .
FR NO.: 109038 w
CA Sanjiv Jhaveri
Partner
M. No.: 38945
Place : Mumbai
Date: 31st May 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Omega Interactive
Technologies Limited, as at 31st March 2010 and also the Profit and
Loss account and the Cash Flow Statement for the year ended on that
date both annexed thereto. These financial statement having the
responsibility of the Company's Management. Our responsibility is to
express the opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with generally accepted
auditing standards in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
the opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Govenment of India in terms of sub-section (4A) of
section 227 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.
4. Further to our reqirements in the Annexure referred to in paragraph
3 above, we report that:
(i) 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;
(ii) 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 and proper ation adequate for the purposes of our audit
have been received from the business not visited by us.
(iii) The Balance Sheet, Profit and Loss account and Cash Flow
Statement dealt with by the report are in arrangement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to the Sub-Section (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of 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;
(vi) In the opinion and to the best of our information and according to
the explanations given to us, subject to note no. 3 of Notes to
Accounts, Schedule - 15 regarding non-accounting of interest income and
view of the management re ng recovery of ihter-corporate deposits, the
said accounts read with the significant accounting policies and notes
thereon give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in confirmity with
the accounting principles generally accepted in India;
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2010;
(b) In the case of the Profit and Loss account, of the loss for the
year ended on rat date; and
(c) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE IN TERMS OF PARA 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF OMEGA INTERACTIVE TECHNOLOGIES LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31 ST MARCH, 2010.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets and we are informed that no material
discrepancies were noticed by the management on such verification.
(c) The Company has not disposed off a substantial portion of fixed
assets during the year.
(ii) (a) The Company has granted loans secured / unsecured to one party
(wholly owned Subsidiary) covered in the register maintained under
section 301 of the Companies Act, 1956. the maximum amount outstanding
during the year was Rs. 1,00,94,755/- and the year end balance of the
loan was Rs. 1,00,94,755/-
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions on
which loans have been granted to companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(c) In respect of the above loan given by the Company the stipulations
made, if any, are being met by the borrower.
(d) We are unable to make any comments on the overdue amounts due on
loans granted to the subsidiary company as listed in the register
maintained under section 301 of the Companies Act, 1956, as there is no
stipulation on the terms of repayment.
(e) The Company has not taken any loans from Companies / firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with
regards to purchase and sale of goods and services and fixed assets.
During the course of our audit we have not observed any major
weaknesses in internal controls systems.
(iv) (a) According to the information and explanations given to us and
as per the written confirmation given to us and as per the tests
conducted by us, we are of the opinion that the contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and having regard to our comments in paragraph (iii)
above, and according to the information and explanations given to us,
the transactions made in pursuance of contracts or arrangements entered
in the register maintained under section 301 of Companies Act, 1956
have been made at prices at the relevant time where such market prices
are available.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and consequently the provisions of Section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 are not applicable. To the best of
our knowledge and according to the information and explanations given
to us, no order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any Court or any other
Tribunal.
In our opinion, the Company has an internal audit system commensurate
with its size and nature of its business.
(vii) We are informed by the Management that the Central Government has
not prescribed the maintenance of cost records under Section 209(1 )(d)
of the Companies Act, 1956 for any of the products of the Company.
(viii) (a) In our opinion and according to the information and
explanations given to us, the Company is generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund dues,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
which are applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March 2010 for a period of more than six months from the
date they became payable.
(c) According to the information and explanation given to us, the
following are the disputed amounts which are in arrears, as at 31st
March 2010 for a period of more than six months from the date they
became payable
Name of the Forum of Nature of Amount (Rs) Period to
Statute dispute Dues which amount
relates
Income Tax Appellate Assessment 5,48,203/- 22.03.1994 to
Tribunal , Dues 19.07.1996
(ix) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit as well as during
preceding financial year.
(x) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
(xi) 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.
(xii) In our opinion, the provisions of clauses ii, xi, xii, xiii, xiv,
xv, xvi, xviii, xix, xx of para 4 of the aforesaid Order are not
applicable to the Company for the year under report.
For Sampat Mehta & Associates
Chartered Accountants
FR NO.:109038 W
Sanjiv Jhaveri
Partner
M. No.: 38945
Place: Mumbai
Date : 31 May 2011
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