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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 20, 16:00
33.05 -0.85 (-2.51%)
Volume
AVERAGE VOLUME
5-Day
23,090
10-Day
25,312
30-Day
19,835
16,026
  • Prev. Close

    33.90

  • Open Price

    34.25

  • Bid Price (Qty.)

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Oct 20, 15:59
33.30 -0.80 (-2.35%)
Volume
AVERAGE VOLUME
5-Day
293,495
10-Day
261,399
30-Day
174,650
163,339
  • Prev. Close

    34.10

  • Open Price

    34.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

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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 OM METALS INFRA PROJECTS LIMITED, (The company), as at 31.03.2012 and also the Statement of profit and loss and the cash flow statement of the company for the year ended on that date annexed thereto, in which are incorporated financial statements of Engineering, Real Estate & Hotel Divisions of the Company audited by other auditors. 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 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 ( Auditor's 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 pur 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, real Estate and Hotel divisions not visited by us. The branche

Auditor's reports have been forwarded to us and have been appropriately dealt with.

c) The balance sheet, Statement of Profit and loss and cash flow statement dealt with by this report are in agreement with the books of account and audited returns from the Engineering .Real Estate and Hotel Divisions.

d) In our opinion, the balance sheet, Statement of profit and loss and cash flow statement dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956, except the company has not complied with the requirements of AS - 15 relating retirement benefit so far as it relates to provision of the liability as per actuarial valuation and its disclosers in the statement of accounts. The impact of this non compliance in the figures of current liability (Provisions) and profits could not be given due to non availability of actuarial valuation of the above liability.

e) On the basis of written representations received from the directors, as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the directors of the company is disqualified as on 31.03.2012 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 and give a true and fair view in conformity with the accounting principles generally accepted in India except where otherwise stated.

i) in the case of the balance sheet , of the State of affairs of the Company as at 31.03.2012 and.

(ii) in the case of the Statement of profit and Loss , 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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/S OM METALS INFRAPROJECTS LIMITED, ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED ON 31st MARCH, 2012

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., Real estate 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.

b) As explained to us, the company has a programme of physically verifying all its fixed assets over a period of three years, which in our opinion is reasonable having regard to the size of the company and nature of its fixed assets. In accordance in with this programme, some of fixed assets were physically verified by the management during the year. The discrepancies noticed on such physical verification between the physical balances and the fixed assets records were not material and have been properly dealt with in the books of accounts .

(c) The assets disposed off during the year are not substantial and therefore do not affect the going concern status of the company.

2(a) The inventory other than goods in transit of the company has been physically verified; during the year by the management at the year end. In our opinion, the frequency of such 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 were 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 inventories, we are of the opinion that the company has maintained proper records of inventories. 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.a) According to the information and explanations given to us, the company has, granted the loans , secured or unsecured to companies , firms and other parties covered in the register maintained under section 301 of the Companies act, 1956 to two Wholly owned subsidiaries,one Associate and one joint venture. The maximum amount outstanding at any time during the year was Rs. 24051.92Lacs and the year end balance is Rs. 19546.33 Lacs which is interest free Loans and further explained to us these loans have been made for setting up new projects and making strategic investments in other subsidiaries/joint ventures .

b) In our opinion and according to the information and explanations given to us, after considering the purpose for which loans have been granted as indicated in paragraph 4 (iii) (a) of the Companies (Auditor's Report ) order , 2003 (here in after referred to as the order) , The rate of interest and other terms and conditions of the loans granted , are prima-facia , not prejudicial to the interest of the company^

c) The said interest free loan given to subsidiaries and joint ventures of the company is repayable over a period of 3 to 5 years.

d) In respect of loans and advances granted by the company, the same is repayable over a period of 3 to 5 years and therefore the question of overdue amount does not arise.

e) As informed , the company has not taken any loans, secured or unsecured from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Therefore, provisions of clauses 4(iii)(f) and (g) of the Companies (Auditor's Report) Order, 20 03 (as amended) are not applicable to the company.

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 . During the course of our audit, we have not observed any

5. (a) According to the information and explanations provided by the management, we are of the opinion that the particulars of Contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered.

In our Opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts/arrangements entered in the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rupees five lacs in respect of each party during the year have been made at prices which appear reasonable as per information available with the company.

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 (Auditor's 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. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Govt, under section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained . We have , however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete .

9a) According to the information and explanations given to us and the books and Records of the company examined by us, the company has generally been regular in depositing 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 the company. However in some cases TDS, PF and ESI dues have been deposited beyond the stipulated time limit.

b) According to the information and explanations given to us and the records of the company examined by us , there are no undisputed amounts payable in respect of provident fund , investor education and protection fund, employee's 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 six months from the date they became payable.

c) According to the information and explanations given to us , the following are the details of the disputed statutory dues that were not deposited with the appropriate authorities.

Nature of Nature of Forum where Demand Period to which the Statute Dues dispute is Amount the amount pending (Rs. in relates Lacs.)

Central SalesTax Commissioner 1984-85,1985- SalesTax (Appeals)/ Tribunal 41.51 86 Act, 1956. 1990-91 ,2007- and Sales 2008,2008-09.

various states High court 24.10 1986-87 & 2003-2004

Central Excise Duty Tribunal/Commi 785.60 1997-98, 2001 Excise ssioner(Appeal) to 2010-11 Act, 1944

Income Income Tax ITAT/CIT 2638.33 1992-93,96- Tax Act, Appeal 97,2007- 1961 08,2008-09

Service Service Tax Commissioner 190.56 2003-2004 to tax Rules (Appeals)/ Tribunal 2005-2006 & 2010-11 & 2011-12

Wealth Wealth Tax ITAT 0.28 1992-1993 Tax Act.

Note : 1) Against it, the company paid Rs. 1467.05 lacs.

2) Amount as per demand orders including interest and penalty wherever mentioned in the order.

3) In the matter of income tax, the department has preferred an appeal to the hon'ble High Court, Jaipur/ order processed u/s 263 for the A.Y. 1977-78,1996- 97 and 2002-03 to 2007-08. The total income involved in these matters is Rs. 42.50 Crores, however the amount of tax liability is indeterminate.

10. The Company has no accumulated losses at the end of the financial year March 31, 2012. Further, the Company has not incurred any cash losses during the financial year ended March 31, 2012 and in the immediately preceding financial year ended March 31,2011.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that 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 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 (Auditor's report) order. 2003 (as amended) are not applicable to the company.

14 In respect of dealing/trading in shares , securities and other investments , in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made there in . The shares, securities, and other investments have been held by the company in its own name.

15. According to the information and explanations given to us, the Company has given guarantee for loan taken by its Joint Ventures from bank, the terms and conditions whereof in our opinion are not prima-facie pre judicial to the interest of the company.

16. The company has raised new term loans during the year.The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes for which they were raised.

17. According to the information and explanations given to us, and on an overall examination of the Balance sheet of the company, we report that no funds raised on short term basis 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.

19. According to the information and explanations given to us, no securities has been created for debentures issued during the year since they are unsecured.

20. The company has not raised any money through a public issue during the year

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the 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 M C.BHANDARI & CO.

FIRM REG. NO.303002E

Chartered Aceountants

Place: Kota

Dated: 30.05.2012 S.K. MAHIPAL PARTNER

M.NO.70366