| 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
|