Mar 31, 2014
We have audited the accompanying financial statements of Reliance
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and 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
Management is responsible for the preparation of these financial
statements that give a true and fairview of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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 orerror.
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 arefreefrom
material misstatements.
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. 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for ourauditopinion.
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 fairview 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 atMarch 31,2014;
(b) In the case of the Statementof Profit and Loss, of the profitforthe
year ended on that date; and
(c) In the case of the Cash FlowStatement, of the cash flows for the
yearended on thatdate.
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 Section
227(4A) of theAct, we give in theAnnexure 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 purpose of our
audit;
b. In our opinion, proper books of accountas required by law have been
kept by the Company so far as appears from ourexamination 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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of theAct;
e. On the basis of the written representations received from the
directors as on March 31,2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of OMKAR OVERSEAS LIMITED on the accounts of the company
for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details
and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the
books of account, the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956. Consequently,
the provisions of clauses iii (b), iii(c) and iii (d) of the order are
not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations
provided by the management, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register required to be maintained underthat section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does notarises.
6. The Company has not accepted any deposits from the public covered
under section 58Aand 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act for the year under review.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 fora period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has an accumulated losses of Rs. 9.25 Lac as on
31.03.2014. The Company has not incurred any cash loss during the
current 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 by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to afinancial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments.
Accordingly, the provisions of clause 4(xiv) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year hence the provisions of clause 4(xvi) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company for
the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
Place : Ahmedabad FOR AND ON BEHALF OF
Dated : 29-05-2014 M/S. NAHTA JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
(CA GAURAV NAHTA)
PARTNER
M.NO.116735 FRN-106801 W
Mar 31, 2011
1. We have audited the attached balance sheet of OMKAR OVERSEAS LTD.
as at 31st March, 2011, the Profit and Loss account and also the cash
flow statement for the year ended 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 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 Companies' (Auditor's Report)Order,2003, issued by
the Government of India in terms of sub-section (4A) of Section 227 of
the Companies Act,1956, we enclose in 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 above, we
report that :
i) We have obtained all the information and explanation, which, to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of accounts as required by the law have
been kept by the company so far as its appears from our examination of
the books.
iii) The balance sheet and profit and loss Account dealt with by this
report are in agreement with such books of accounts.
iv) In our opinion the Profit and Loss Account and the Balance Sheet
comply with the accounting standards referred to in Section 211(3C) of
the Companies Act, 1956.
v) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, 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, the said accounts of the company being
prepared on "going concern basis", 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 so far as it relates to balance sheet, of the state of affairs
of the Company as at 31st March, 2011 and.
(b) In so far as it relates to the profit and loss account, of the LOSS
of the company for the year ended on 31st March, 2011.
(c) In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT OF EVEN DATE OF OMKAR OVERSEAS LTD.
1) The Company does not have any fixed assets, therefore the clause
(a), (b), and (c) are not applicable.
2) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3) (a) The Company has not taken unsecured loans from any companies,
firms or Other parties listed in the register maintained under section
301 of the Companies Act, 1956. The company has not granted unsecured
loans to any companies, firms, or other parties listed in the register
maintained under section 301 of the Companies Act,1956. The maximum
amount involved during the year was Rs. NIL (P.Y. Rs. 505.71 Lac) and
the year end balance of the loans given to such parties was Rs.
NIL(P.Y. Rs. 329.91 Lac)
(b) In our opinion, the rate of interest wherever applicable and other
terms and conditions on which loans have been taken from 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) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act,1956.
4) (a) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed assets and with regard to
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5) (a) According to the information and explanations given to us, we
are of the opinion that the transactions 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 according to the information and explanations
given to us, the transactions made in pursuance of contracts of
agreements 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 prices which are
reasonable having regard to prevailing market prices or the price at
which the transactions for similar goods or services have been made
with other parties.
6) The Company has not accepted any fixed deposits from the public so
the question of applicability of the provisions of section 58A and 58AA
of the Companies Act, 1956 and the Companies (Acceptances of Deposits)
Rules, 1975 with regard to the deposits accepted from the public does
not arise.
7) The Company has an internal control system, commensurate with the
size and nature of the business.
8) We are informed that the maintenance of the cost records u/s.
209(1)(d) of the Companies Act, 1956 are not required for the Company
for the year under review.
9) (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues towards income tax, sales tax,
custom duty, excise duty, service tax, or any other statutory dues/cess
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of Income-Tax, service
tax, etc., were outstanding as at 31.03.2011 for a period of more than
6 months from the date they become payable.
(b) According to the information & explanation given to us and
according to the records of the company examined by us, the following
are the particulars of disputed dues on account of Sales Tax, Income
Tax, Custom Duty, Excise Duty, service tax, and any other cess or tax
that have not been deposited or deposited under protest:-
Sr.
No. Name of the Nature of Amt.of Period to Forum
Statue dues Dispute which it where
(Rs. in Lac) relates it is
pending
--------------------N I L ------------------
10) The Company has an accumulated losses of Rs. 595.59 Lac as on
31.03.2011. the company has not incurred any cash losses during the
current year as against the cash loss of Rs. 66.52 Lac incurred during
the preceding financial year.
11) Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders, etc.
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 of
a similar nature and hence maintenance of documents and records
relating to such items are not applicable.
13) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report)Order,
2003 are not applicable to the company.
15) We are informed that the company has not given any guarantee for
loans taken by others from banks or any financial institutions.
16) The company has not taken any term loans during the year covered by
our audit and hence the provisions of clause 4(xvi) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company for
the year.
17) Based on our examinations of the books of account and Balance Sheet
of the Company and as explained to us, we are of the opinion that funds
raised on short term basis have not been used for long term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18) According to the information and explanations given to us, The
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
19) The company has not issued any debentures during the year.
20) The company has not raised any money by public issues during the
year.
21) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For AND ON BEHALF OF
M/S. NAHTA JAIN & ASSOCIATES
Chartered Accountants
FRN-106801 W
(CA GAURAV NAHTA)
Partner
M.NO.116735
Place : Ahmedabad
Date : 12-05-2011
Mar 31, 2010
1. We have audited the attached balance sheet of OMKAR OVERSEAS LTD.
as at 31st March, 2010, the Profit and Loss account and also the cash
flow statement for the year ended 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 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 Companies (Auditors Report)Order, 2003, issued by
the Government of India in terms of sub-section (4A) of Section 227 of
the Companies Act,1956, we enclose in 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 above, we
report that :
i) We have obtained all the information and explanation, which, to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of accounts as required by the law have
been kept by the company so far as its appears from our examination of
the books.
iii) The balance sheet and profit and loss Account dealt with by this
report are in agreement with such books of accounts.
iv) In our opinion the Profit and Loss Account and the Balance Sheet
comply with the accounting standards referred to in Section 211(3C) of
the Companies Act, 1956.
v) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, 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 our opinion and to the best of our information and according to
the explanations given to us, the said accounts of the company being
prepared on "going concern basis", 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 so far as it relates to balance sheet, of the state of affairs of
the Company as at 31st March, 2010 and.
b) In so far as it relates to the profit and loss account, of the LOSS
of the company for the year ended on 31st March, 2010.
c) In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE OF OMKAR OVERSEAS LTD.
Referred to in paragraph 3 of our report of even date,
1) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed Assets.
(b) Physical Verification of major assets was conducted by the
Management during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off substantial part
of its assets and hence has not affected the going concern status of
the company.
2) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3) (a) The Company has not taken unsecured loans from any companies,
firms or Other parties listed in the register maintained under section
301 of the Companies Act, 1956.
The company has granted unsecured loans to five companies, firms, or or
other parties listed in the register maintained under section 301 of
the Companies Act,1956. The maximum amount involved during the year was
Rs.505.71 Lacs(P.Y.Rs.722.05 Lacs) and the year end balance of the
loans given to such parties was Rs.329.91Lacs(P.Y.Rs.434.78 Lacs)
(b) In our opinion, the rate of interest wherever applicable and other
terms and conditions on which loans have been taken from 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) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act,1956.
4) (a) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed assets and with regard to
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5) (a) According to the information and explanations given to us, we
are of the opinion that the transactions 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 according to the information and explanations
given to us, the transactions made in pursuance of contracts of
agreements 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 prices which are
reasonable having regard to prevailing market prices or the price at
which the transactions for similar goods or services have been made
with other parties.
6) The Company has not accepted any fixed deposits from the public so
the question of applicability of the provisions of section 58A and 58AA
of the Companies Act, 1956 and the Companies (Acceptances of Deposits)
Rules, 1975 with regard to the deposits accepted from the public does
not arise.
7) The Company has an internal control system, commensurate with the
size and nature of the business.
8) We are informed that the maintenance of the cost records u/s. 209(1)
(d) of the Companies Act, 1956 are not required for the Company for the
year under review.
9) (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues towards income tax, sales tax,
custom duty, excise duty, service tax, or any other statutory dues/cess
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of Income-Tax, service
tax, etc., were outstanding as at 31.03.2010 for a period of more than
6 months from the date they become payable.
(b) According to the information & explanation given to us and
according to the records of the company examined by us, the following
are the particulars of disputed dues on account of Sales Tax, Income
Tax, Custom Duty, Excise Duty, service tax, and any other cess or tax
that have not been deposited or deposited under protest:-
Sr.
No. Name of the
Statute Nature of dues Amt.of Period to Forum
Dispute which it where
(Rs.in relates it is
Lacs) pending
NIL
10) The Company has an accumulated losses of Rs. 596.79 Lacs as on
31.03.2010. Further, the company has incurred cash losses of Rs.66.52
lacs during the current year. The company has not incurred cash losses
during the preceding financial year.
11) Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders, etc.
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 of
a similar nature and hence maintenance of documents and records
relating to such items are not applicable.
13) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report)Order,
2003 are not applicable to the company.
15) We are informed that the company has not given any guarantee for
loans taken by others from banks or any financial institutions.
16) The company has not taken any term loans during the year covered by
our audit and hence the provisions of clause 4(xvi) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company for
the year.
17) Based on our examinations of the books of account and Balance Sheet
of the Company and as explained to us, we are of the opinion that funds
raised on short term basis have not been used for long term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18) According to the information and explanations given to us, The
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
19) The company has not issued any debentures during the year.
20) The company has not raised any money by public issues during the
year.
21) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
FOR AND ON BEHALF OF
PLACE : AHMEDABAD M/S.NAHTA JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
DATE : 15-06-2010
(CA GAURAV NAHTA)
PARTNER
M.NO.116735
FRN-106801 W
Mar 31, 2009
1. We have audited the attached balance sheet of OMKAR OVERSEAS LTD.
as at 31st March, 2009, the Profit and Loss account and also the cash
flow statement for the year ended 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 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 Companies (Auditors Report)Order,2003, issued by
the Government of India in terms of sub-section (4A) of Section 227 of
the Companies Act, 1956, we enclose in 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 above, we
report that :
i) We have obtained all the information and explanation, which, to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of accounts as required by the law have
been kept by the company so far as its appears from our examination of
the books.
iii) The balance sheet and profit and loss Account dealt with by this
report are in agreement with such books of accounts.
iv) In our opinion the Profit and Loss Account and the Balance Sheet
comply with the accounting standards referred to in Section 211(3C) of
the Companies Act, 1956.
v) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, none of the
Directors is disqualified as on 31st March 2006, 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, the said accounts of the company being
prepared on "going concern basis", 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 so far as it relates to balance sheet, of the state of affairs of
the Company as at 31st March, 2009 and.
b) In so far as it relates to the profit and loss account, of the LOSS
of the company for the year ended on 31st March, 2009.
c) In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
ANNEXCJRE TO THE AUDITORS REPORT OF EVEN DATE OF OMKAR OVERSEAS LTD.
Referred to in paragraph 3 of our report of even date,
1} (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) Physical Verification of major assets was conducted by the
Management during the year, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off substantial part
of its assets and hence has not affected the going concern status of
the company.
2) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3) (a) The Company has taken unsecured loans from one companies,firms
or other parties listed in the register maintained under section 301 of
the Companies Act, 1956. The maximum amount involved during the year
was Rs.5.90 Lacs(P.Y.Rs.412.30 Lacs) and the year end balance of the
loans given to such parties was Rs.5.90 Lacs (P.Y. Rs.NIL). The
company has granted unsecured loans to one companies, firms, or or
other parties listed in the register maintained under section 301 of
the Companies Act,1956. The maximum amount involved during the year was
Rs.722.05 Lacs(P.Y.Rs.696.28 Lacs) and the year end balance of the
loans given to such parties was Rs.434.78Lacs(P.Y.Rs.678.78 Lacs)
(b) In our opinion, the rate of interest wherever applicable and other
terms and conditions on which loans have been taken from 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) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act,1956.
4) (a) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchases of inventory, fixed assets and with regard to
the sale of goods. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our option and according to the information and explanations
given to us, the transactions made in pursuance of contracts of
agreements entered in the register maintained under section 3010of the
Companies Act, 1956 and exceeding market prices or the price at which
the transactions for similar goods or services have been made with
other parties.
(6) The Company has not accepted any fixed deposits from the piblic so
the question of applicability of the provision of section 58A and 58AA
of the Companies Act, 1956 and the Companies (Acceptances of Deposits)
Rules, 1975 with regard to the deposits accepted from the public does
not arise.
<7> The Company has an internet control system, commensurate with the
size and nature of the business.
(8) We are informed taht the maintenance of the cost records u/s.
209(1)(d) of the Companies Act, 1956 are not required for the company
for the year under review.
(9) (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues towards income tax, sales tax,
custom duty, excise duty, service tax, or any other statutory dues.cess
applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-Tax, service tax, etc.,
were outstanding as at 31.03.2009 for a period of more tahn 6 months
from the date they become payable.
(b) According to the information & experience given to us and according
to the records of the company examined by us, the following are the
particulars dues on account of Sales Tax, Income Tax, Custom duty,
Excise Duty, service tax, and any other cess or tax that have not been
or deposited under protect:-
Sr.No Name of the Stateue Nature of Amt.of Period to Forum
dues Dispute which it where
(Rs. in relates it is
Lacs) pending
--------------- NIL -----------------
10) The company has an accumalted loans of Rs. 230.91 Lacs as on
31.03.2009 . Further, the company has not incurred cash losses during
the financial year covered by our audit and also in the immediately
preceding financial year.
11> Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that the company has
not defaulated in repayment of dues to a financial institution, bank or
debentures holders etc. ;.?/ -ll*
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 of
a similar nature and hence maintenance of documents and records
relating to such items are not applicable.
13) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14) In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report)Order,
2003 are not applicable to the company.
15) We are informed that the company has not given any guarantee for
loans taken by others from banks or any financial institutions.
16) The company has not taken any term loans during the year covered by
our audit and hence the provisions of clause 4(xvi) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company for
the year.
17) Based on our examinations of the books of account and Balance Sheet
of the Company and as explained to us, we are of the opinion that funds
raised on short term basis have not been used for long term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18) According to the information and explanations given to us. The
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
19) The company has not issued any debentures during the year.
20) The company has not raised any money by public issues during the
year.
21) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
FOR AMD OH BEHALF OF
PLACE : AHMEEABAD M/S.NAHTA JAIN - ASSOCIATES
CHARTERED ACCOUNTANTS
DATE : 25-06-2009
(CA-GAURAV NAHTA)
PARTNER
M.NO. 116735