1. We have audited the attached balance sheet of OMKAR OVERSEAS LTD.
as at 31st March'' 2012'' 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 ouraudit.
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
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
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
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 2012'' from being appointed
as a Director in terms of clause (g) of sub section (1) of section 274
of the Companies Act'' 11956.
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
a) In so far as it relates to balance sheet'' of the state of affairs of
the Company as at 31st March'' 2012and.
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'' 2012.
c) In the case of Cash Flow Statement of the Cash Flow for the year
ended on that date.
ANNNEXURE 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
offsubstantialpartofitsassetsand 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
(b) The procedure of physical verification of inventory followed by the
management is reasonable and adequatein
(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. 1.00 Lac (P.Y. Rs. NIL) and the year end balance of the loans given
to such parties was Rs. 1.00 Lac (P.YRs. NIL).
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
yearwasRs.NIL(PYRs.NIL)andthe yearend balance ofthe loans given to such
parties wasRs. NIL (P.YRs. NIL)
(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 ofthe 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 undersection 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
commensuratewiththesizeofthecompanyandnatureofits 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 undersection 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 58Aand
58AAof 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 ofthe business.
8) We are informed that the maintenance ofthe cost records u/s. 209(1
)(d) ofthe 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
16 31.03.2012 for a period of more than 6 months from the date they
(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-
10) The Company has an accumulated losses of Rs.17.01 Lac as on
31.03.2012. The company has not incurred any cash losses during the
current year as well as 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
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
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
19) The company has not issued any debentures during the year.
20) The company has not raised any money by public issues during the
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 ouraudit.
Place : Ahmedabad FOR AND ON BEHALF OF
M/S.NAHTA JAIN & ASSOCIATES
Dated : 14th May'' 2012 CHARTERED ACCOUNTANTS