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OM Infra Ltd.

BSE: 531092 | NSE: OMINFRAL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE239D01028 | SECTOR: Engineering

BSE Live

Oct 19, 15:46
33.25 -0.60 (-1.77%)
Volume
AVERAGE VOLUME
5-Day
25,579
10-Day
30,924
30-Day
19,869
13,886
  • Prev. Close

    33.85

  • Open Price

    34.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    33.50 (500)

NSE Live

Oct 19, 15:51
34.10 0.15 (0.44%)
Volume
AVERAGE VOLUME
5-Day
282,067
10-Day
256,971
30-Day
170,763
298,995
  • Prev. Close

    33.95

  • Open Price

    34.45

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached balance sheet of M/s. OM METALS INFRA PROJECTS LIMITED, as at 31.03.2007 and also the profit and loss account and the cash flow statement of the company for the year ended on that date annexed thereto. The accounts of branches/division i.e. Engineering, Multiplex and Hotel divisions audited by other auditors are incorporated in the said balance sheet and profit and loss account and cash flow statement which have been forwarded to us and have considered the same in preparing this report. These financial statement 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 principal 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 ( Auditors Report ) order , 2003 (as amended) issued by the Central Government of India in terms of subsection (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 above, 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 accounts as required by law have been kept by the company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the Engineering, Multiplex and Hotel, divisions/branches not visited by us. The branch/division Auditors reports have been. forwarded to us and have been appropriately dealt with. c) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account and with the audited returns, audited by other auditors of the Engineering, Multiplex and Hotel divisions of the company. d) In our opinion, the balance sheet , profit and loss account and cash flow statement dealt with by this report comply with the applicable accounting standard s referred to in sub-section (3C) of section 211 of the Companies Act 1956 e) On the basis of written representations received from the directors, as on 31.03.2007 and taken on record by the Board of Directors, we report that none of the directors of the company is disqualified as on 31.03.2007 from being appointed as a director in terms of clause (g) of Sub- section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best our information and according to the explanations given to us, the said accounts give the information required by the Companies Act. 1956, in the manner so required subject to note no 26 of schedule 19 regarding provision for tax liabilities and give a true and fair view in conformity with the accounting principles generally accepted in India. i) in the case of the balance sheet , of the State of affairs of the Company as at 31.03.2007 and. (ii) in the case of the profit and Loss account, of the profit for the year ended on that date and (iii) In the case of the cash flow statement , of the cash flows of the company for the year ended on that date . ANNEXURE ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/S OM METALS INFRAPROJECTS LIMITED , KOTA (RAJ.) ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED ON 31st MARCH, 2007 On the basis of the information and explanations given to us and on the basis of such checks as we considered appropriate, our statement on the matters specified in para 3 and 4 of the said order is given below. In preparing the report, we have considered the report made under the aforesaid order by other auditors, who have audited the accounts of the Divisions of Engg., Multiplex and Hotel of the Company. 1. In respect of its fixed assets. . a) The Company has maintained proper records showing full particulars, including quantitative details and situation on fixed assets except hotel division , the records of which are under completion. b) The management has carried out a physical verification of most of its fixed assets during the year except hotel division has a program to verify fixed assets physically in a phased manner. In our opinion , the frequency of verification is reasonable having regard to the size of the company and the nature of its fixed assets. No material discrepancies were noticed on such physical verification . In our opinion, the company lias not disposed of a substantial part of its fixed assets during the year and the going concern status of the company is not affected,2(a) The inventory of the company has been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable according to the nature of the business. (b) In our opinion and according to the information and explanation 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) On the basis of our examination of records of inventory, we are of the opinion that the company has maintained proper records of inventory. The; discrepancies noticed on physical verification of inventories as compared to book records were not material, having regard to the size or the operations of the Company and have been properly dealt within the books of account. 3. In respect of the loans , secured or unsecured , granted by the company to companies , firm or other parties covered in the register maintained under section 301 of the Companies act, 1956. a) The company has given loans to Six Party (Subsidary and joint venture) .In respect of the said loan, the maximum amount outstanding at any time during the year is Rs. 3673.55 lacs and year end balance of Rs. 3673.55 Lacs . b) In our opinion and according to the information and explanations given to us, the aforesaid loan is interest free and other terms & conditions are not prima-facia prejudicial to the interest of the company. c) The said interest free loan given to subsidiary and joint venture of the company is repayable on demand and there is no repayment schedule. d) In respect of loans given by the company, the same is repayable on demand and therefore the question of overdue amount does not arise . e) As informed to us, the company has not taken any loans , secured or unsecured from companies, firm or other parties except advance from OML+JSC Ukrain (JV) maximum balance Rs. 1771.89 lacs (previous year Rs. 1630.50 lacs) covered in the register maintained under section 301 of the companies Act, 1956 and outstanding balance is Rs. 1 771.89 lacs at the year end. f) In our opinion, the rate of interest and other terms and conditions of unsecured loan taken by the Company are not, prima facie, prejudicial to the interest of the Company. g) During the year, the principal amount for loan taken and interest thereon are not due for payment. 4. In our opinion and according to the information and explanations given to us, having regard to the explanation that some of the items purchased/job work are of special nature and suitable alternative sources do not- exist for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to the purchase of inventories and fixed assets and with regard to the sale of goods and services . Further, on the basis of our examination and according to the information and explanations give to us, we have not observed any continuing failure to correct major weaknesses in such internal control system. 5. In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956 to the best of our knowledge and belief and according to the information and explanations given to us:- a) The particulars of contracts or arrangements referred to in section 301 that needed to be entered into the register, maintained under the said section have been so entered. (b) In our opinion and having regard to our comments in Para (4) above and according to the informations and explanations given to us, the transactions . [excluding loans reported under paragraph 3 above] exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time where such prices are available. However income from construction business received from a party in excess of Rs. 5.00. lacs and price received from the same could not be commented upon us the hotel division has not made similar transactions from any other party. 6. According to the information and explanations given to us, the Company has not accepted any deposits from the Public. Therefore the provisions of clause (vi) of the Companies (Auditors report) order, 2003 are not applicable to the company. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. According to the information and explanation given to us, maintenance of cost records have not been prescribed by the central Govt. under section 209 (1) (d) of the Companies Act. 1956 to any product of the company . 9a) According to the information and explanations given to us and the books & records of the company examined by us, the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund , investor education and protection fund employees state insurance , income tax. sales tax/VAT, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. However in some cases TDS , PF and ESI lias not been deposited within the stipulated time limit. b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund , employees state insurance , income tax, sales tax/VAT, wealth tax, service tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding at the year end for a period of more than 6 months from the date they became payable except a sum of Rs. 7.82 lacs in respect of investor education and protection fund. c)i) The disputed statutory dues aggregating to Rs. 346.65 Lacs that have not been deposited on. account of disputed.matters pending before appropriate authorities are as under :- . Nature of Nature of the Forum where the Statute Dues dispute is pending Central Sales Tax Commissioner Sales Tax (Appeals)/Tribun Act, 1956. al and Sales Tax Act of various states High court Central Excise Duty Tribunal/Commi Excise ssioner(Appeal) Act, 1944. Income Income Tax C1T Tax Act, Appeal/lTAT 1961; Demand Period to which Amount the amount (Rs. in relates Lacs.) 111.59* 1984-85,1985- 86 1990-91 to 1997-98, 02-03, 04-05 to 2005- 06 7.19 1986-87 98.74 1987 to 1990, 1997-98, 2000 to 2006 129.13** 1991-92,,96-97, 2001-02 to 2004-2005 and amalgamated - Co. OSIPL-94- 95,2004-05, OkCC-2004- 05,ORC-2004: 05, JMCPL- 2004-05 ii) A general show cause notice of service tax received by the company that service tax is payable on erection receipts in engg. division for the period from 01.04.2004 to on ward. The company replied suitably . 10. The Company does not have accumulated losses at the end of the financial year March 31, 2007. Further , the company has not incurred any cash losses during the financial year ended March 31, 2007. and in the immediately preceding financial year ended March 31,2006. 11. According to the records of the company examined by us and the information and explanations given to us, the Company, has not defaulted in repayment of dues to financial institutions and banks during the year. 12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, Paragraph 4 ( xii) of the order is 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. The company has maintaining proper record of the transactions and contracts in respect of dealing or trading in shares , securities, debentures and other investments and timely entries have been made there in . All shares , securities, debentures and other investments have been held by the company in its own name. . . 15. The company has given bank guarantees for advance taken / security deposit for tendering by Joint venture firm from Banks. According to the information & explanations given to us, we are of the opinion that the terms & conditions there are not prima facie prejudicial to the interest of the company. 16. To the best our knowledge and belief and according to the informations and explanations given to us, in our opinion, the term loans taken by the company during the year have been applied by the company for the purposes for which the loans were obtained. 17. According to the information and explanations given to us, and on an over all examinations of the Balance sheet of the company, we are of the opinion that there are no funds raised on short term basis that have been used for long term investment. 18. The company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 except 20112659 Equity shares allotted to the share holder of erstwhile Om Structurals India (P) Limited, Om Kothari Cement & Chemicals (P) Limited, Om Raj Carbide Limited, Jupiter Manufacturing co. (P) Limited, Richa Builders (P) Limited, SAH Buildcon (P) Limited pursuant to the scheme of amalgamation approved by Honble Rajasthan high Court , Jaipur, (Rajasthan). (See note no - 9.) 19. In our opinion and according to the information and explanations given to us, the company has not issued any debentures, paragraph 4 ( x ix) of the order is not applicable. 20. The company has raised monies by way of public issue amounting to Rs. 120 crore towards the end of the year . Pending utilizations of the same , the funds have been temporarily invested in current investments and placed as fixed deposits with banks. 21 Based upon the audit procedures performed and information and explanations given by the management, we report that no material fraud on or by the company has been noticed or reported during the course of our audit for the year ended March 31,2007 . For M.C.BHANDARI & CO. Chartered Accountants Place: Kota Dated: 30-06-2007 ( S.K.MAHIPAL ) PARTNER M.NO.70366