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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 28, 16:00
31.75 -0.80 (-2.46%)
Volume
AVERAGE VOLUME
5-Day
16,311
10-Day
16,228
30-Day
20,393
12,687
  • Prev. Close

    32.55

  • Open Price

    32.05

  • Bid Price (Qty.)

    31.55 (500)

  • Offer Price (Qty.)

    32.55 (320)

NSE Live

Oct 28, 16:00
32.05 -0.20 (-0.62%)
Volume
AVERAGE VOLUME
5-Day
99,375
10-Day
152,199
30-Day
176,927
76,975
  • Prev. Close

    32.25

  • Open Price

    32.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    32.05 (5000)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Om Metals Infra Projects Limited (''the Company'') which comprise the balance sheet as at 31 March 2013, 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. In which are incorporated financial statements of Engineering, Real estate & Hotel Divisions of the Company audited by other auditors. Management''s Responsibility for the Financial Statements Management is responsible for the preparation 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we 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 judgment, including 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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 subject to note 1 & 2 annexed: i) in the case of the balance sheet , of the State of affairs of the Company as at 31March2013: (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 for the year ended on that date . Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, 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 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 appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from Engineering, Real estate & Hotel Divisions of the Company not visited by us .The branch auditor''s report of Engineering, Real estate & Hotel Divisions have been forward to us and have been appropriately dealt ; 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 & Hotel Divisions; d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and e. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Annexure to the Auditors'' Report ANNEXURE REFERRED TO IN PARAGRAPH REPORT ON THE OTHER LEGAL AND REGULATORY REQUIREMENT 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, 2013 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 of the 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 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 fixed assets disposed off during the year, in our opinion, do not constitute a substantial Part of the fixed assets of the company and such disposal has, in our opinion, not affected the going concern status of the company. 2(a) As explained to us, the inventories other than goods in transit of the company has been physically verified during the year by the Management at the year end except for inventory lying with third parties at the end of the year for which confirmations have been obtained in most of the cases. (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 with in the books of account. 3.a) According to the information and explanations given to us, the company has during the year, 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 Associates and Two joint venture during the year, covered in the register maintained under section 301 of the companies Act. 1956. The maximum amount outstanding at any time during the year was Rs. 20685.97Lacs and the year end balance of loans so granted was Rs. 19623.02 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) According to the information and explanations given to us, the parties , to whom the loans have been granted by the company, as referred to in paragraph 4 (iii) (a) above, is interest free loans to subsidiaries and joint venture of the company, have been regular in repayment of principal amount over a period of 3 to 5 years or as stipulated. 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) According to the information and explanations given to us, 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, 2003(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 the sale of goods and services . During the course of our audit, we have not observed any major weaknesses in such internal control system. 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. (b) In our opinion and according to the information and explanations given to us, Where each of such transactions is in excess of rupees five lacs in respect of any party, the transactions have been made at price which are prima facie reasonable having regard to the prevailing market price at the relevant time. 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 internal audit functions carried out during the year by the company and the firms of chartered accountants appointed by the Management have been commensurate with the size of the company and the 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 made and maintained . We have not however, made a detailed examination of the cost records with a view to determining 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 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 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. Note : 1) Amount as per demand orders including interest and penalty wherever quantified in the order. 2) In the matter of income tax , the department has preferred an appeal to the Honble High Court, Jaipur/order processed u/s. 263 for the A.Y. 1996-97 and 2004-2005,2005-2006 to 2007-2008. The amount of tax liabilities is indeterminate. 10. The Company has no accumulated losses at the end of the financial year March 31, 2013. Further, the Company has not incurred any cash losses during the financial year ended March 31, 2013 and in the immediately preceding financial year ended March 31, 2012. 11. According to the records of the company examined by us and the information and explanations given to us, the company, during the year, has not defaulted in repayment of dues to The NBFC and banks. 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 share, 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 and other company from banks, the terms and conditions whereof in our opinion are not prima-facie are pre judicial to the interest of the company. 16. In our opining and according to the information and explanations given to us, the company has taken 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 obtained. 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 paragraph 4 (xviii) of the order is not applicable. 19. The company has not issued any debenture during the year. 20. Since, the company has not raised any money by way of public issue during the year, paragraph 4 (xx) of the order is not applicable. 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. Chartered Accountants FIRM REG. NO.303002E Place: Kota Dated: 30.05.2013 Sd/- ( S.K. MAHIPAL ) PARTNER M. NO.70366