AUDITOR
TO THE MEMBERS OF OMNI AX`S SOFTWARE LIMITED
I have audited the attached Balance Sheet of M/s. Omni Ax`s Software Limited,
("the Company") as at 31st March 2012 and the Profit and Loss
Account and Cash flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company’s management. My
responsibility is to express an opinion on these financial statements based on my audit.
I have conducted the audit in accordance with the auditing standards generally accepted
in India. Those standards require that I 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. I believe that my audit provides a reasonable basis for
my opinion.
1. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the
Companies (Auditors Report) Amendment Order, 2004 ("the Order") issued by the
Central Government of India in terms of sub-section (4A) of section 227 of the Companies
Act, 1956, ("the Act"), I enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
2. Attention is invited to item number t of note 16 forming part of the
financial statements regarding non confirmation of balances of loans and advances, sundry
debtors and sundry creditors. Consequently the net current assets and Loans and Advances
would change accordingly in the event of any differences in these accounts. The Company
has written off Rs.4,76,000 towards Debtors in this year under Audit.
3. Further to my comments in the Annexure referred to above, I report that:
i) I have obtained all the information and explanations, which to the best of my
knowledge and belief were necessary for the purposes of my audit;
ii) In my opinion, proper books of account as required by law have been kept by the
company so far as appears from my examination of those books;
iii) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by
this report are in agreement with the books of accounts;
iv) In my 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 2012 and taken on record by the Board of Directors, I report that none of the
directors is disqualified as at 31st March 2012 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,
1956; and
vi) In my opinion and to the best of my information and according to the explanations
given to me, the said accounts give the information required by the Companies Act, 1956 in
the manner so required and give a TRUE AND FAIR VIEW in conformity with the
accounting principles generally accepted in India :
a) In the case of Balance Sheet, of the state of affairs of the company as at 31st
March 2012;
b) In the case of the Profit and Loss Account, of the Loss 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. The Cash Flow Statement has been prepared by the company in accordance with the
requirements of Clause 32 of the listing agreements entered into with the Stock Exchange.
|
As per my report of Even date |
| Place: Chennai |
For Sidharth Mehta & Co |
| Date: 03/09/2012 |
Chartered Accountant |
|
(Siddharrth Mehta) |
ANNEXURE TO THE AUDITOR`S REPORT
Annexure referred to in my report to the members of M/s.Omni Ax`s Software Limited
("the Company") for the year ended 31st March 2012.
1 . a. The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
b. All the assets are physically verified by the management during the year and there
is a regular programme of verification which, in my 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. None of the fixed assets have been disposed off during the year.
2. As explained to us, the inventories have been physically verified by the management
at reasonable intervals during the year. In our opinion, the frequency of such
verification is reasonable having regard to the size of the Company and the nature of its
business. 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 the
business. The company has maintained proper records of inventory. As explained to us,
there were no material discrepancies noticed on physical verification stocks, as compared
to book records.
3. The Company has not taken any loans, secured or unsecured to/from companies, firms
or other parties covered in the register maintained under Section 301 of the Companies
Act, 1956. The Company has not granted loans to companies, firms or other parties covered
in the register maintained under Section 301 of the Companies Act, 1956. Accordingly,
paragraph 4(iii) of the order is not applicable.
4. In my opinion and according to the information and explanations given to me 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 goods
and services. During the course of my audit, I have not observed any continuing failure to
correct major weaknesses in internal controls.
5. The company has not any entered into any contracts or arrangements attracting the
provisions of section 301 of the Companies Act, 1956. Accordingly, paragraph 4(v) of the
order is not applicable
6. The company has not accepted any deposit from the public and hence provisions of
sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules 1975 are not applicable. Accordingly, paragraph 4(vi) of the order is not
applicable
7. The Company does not have a formal internal Audit System; however, in our opinion,
and according to the information and explanation given to us, there are adequate internal
control procedures commensurate with the size of the company and the nature of its
business.
8. I am informed that the company has not been required by the Central Government to
maintain cost records under section 209(1) (d) of the Companies Act, 1956. Accordingly,
paragraph 4(viii) of the order is not applicable
9. a. According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company has been generally regular in
depositing the undisputed statutory dues including Income tax, Service Tax and other
applicable statutory dues with the appropriate authorities.
b. According to the information and explanations given to me, no undisputed amounts
payable in respect of income tax, service tax and other applicable statutory dues as at 31st
March 2012 were outstanding for a period of more than six months from the date they became
payable.
10. The company has accumulated losses at the end of the financial year which are less
than fifty percent of its net worth. The company has incurred cash losses during the
financial year and in the immediately preceding financial year.
11. The company has not taken loan from Bank. Accordingly paragraph 4(xi) of the Order
is not applicable.
12. The company has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly paragraph 4(xii) of the
Order is not applicable.
13. The company is not a chit fund / nidhi/ mutual benefit fund/ society. Accordingly
paragraph 4(xiii) of the Order is not applicable.
14. The company is not dealing or trading in shares, securities, debentures and other
investments. The Investments in shares, securities, debentures and other forms of
investments were held in the name of the company.
15. According to the information and explanations given to me, the company has not
given any guarantee for loans taken by others from banks or financial institutions.
Accordingly paragraph 4(xv) of the Order is not applicable
16. The company has not taken any term loan during the year covered by this audit.
Accordingly paragraph 4 (xvi) of the Order is not applicable.
17. According to the information and explanations given to me and on an overall
examination of the balance sheet of the company, in my opinion that the company has not
raised any funds on short-term basis for long term Investments. Accordingly paragraph 4
(xvii) of the order is not applicable. All assets have been funded by the
shareholder’s funds.
18. The company has not made any preferential allotment of shares to any parties or
companies during the financial year. Accordingly paragraph 4 (xviii) of the order is not
applicable.
19. The company has not issued any debentures during the period covered by my audit.
Accordingly paragraph 4 (xix) of the Order is not applicable.
20. The company has not raised any money by public issue during the financial year.
Accordingly paragraph 4(xx) of the Order is not applicable.
21. According to the information and explanations given to me, I report that no
material fraud on or by the company has been noticed or reported during the course
of audit.
|
As per my report of Even date |
| Place: Chennai |
For Sidharth Mehta & Co |
| Date: 03/09/2012 |
Chartered Accountant |
|
(Siddharrth Mehta) |
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