INDEPENDENT AUDITOR
To the Members of Omaxe Infotechcity Developers Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Omaxe Infoteciicity
Developers Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other explanatory
information.
Managements 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.
Auditors 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 auditors
judgement, 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 Companys 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:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at
March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 ("the Order")
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;
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;
d- in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement comply with the Accounting Standards 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 March 31,
2013, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2013, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to the rate at which
the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any
Rules under the said section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company.
|
For Doogar & Associates |
|
Chartered Accountants |
|
Reg.No.: 000561N |
|
Vikas Modi |
| Place: New Delhi |
(Partner) |
| Date : 16 MAY 2013 |
M.No. 505603 |
Annexure to the Auditors Report
(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of
our report of even date to the members of Omaxe Infotechcity Developers Limited on the
Financial Statements for the year ended 31st March, 2013)
(i) The Company does not have any fixed assets.
(ii) The Company does not have any inventory.
(iii) The Company has neither granted nor taken any loans, secured or unsecured to or
from companies, firms or other parties covered in the register maintained under section
301 of the companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (g) of
the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanation given to us, there
is adequate internal control system commensurate with the size of the Company and the
nature of its business with regard to purchase of inventory, fixed assets and with regards
to the sale of goods and services. During the course of our audit, we have not observed
any continuing failure to correct major weakness in internal controls.
(v) (a) In our opinion and according to the information and explanations given to us,
the transactions that need to be entered into the register required to be maintained in
pursuance of 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,
transactions made in pursuance of contracts or arrangements entered into the register
required to be maintained in pursuance of section 301 of the Act have been made, other
than the transactions for which comparable prices are not available, at prices which are
reasonable having regard to the prevailing market prices at the relevant time.
(vi) In our opinion, the Company has not accepted any deposits from public hence the
provisions of sections 58A, 58AA or any other relevant provisions of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the
company
(vii) The Company has in-house internal audit system which in our opinion is
commensurate with the size of the Company and the nature of its business.
(viii) As informed to us, the Companies (Cost Accounting Records) Rules, 2011 as
prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of
the Companies Act, 1956 is not applicable in respect of the company. Accordingly clause
4(viii) of the Order is not applicable to the Company.
(ix) According to the records of the Company, all applicable undisputed statutory dues
have been deposited regularly during the year with the appropriate authorities and there
are no arrears of outstanding statutory dues as at the last day of the financial year
concerned, for a period of more than six months from the date they become payable.
Further, there are no statutory dues which have not been deposited on account of any
dispute.
(x) The Companys accumulated losses at the end of financial year are less than fifty
percent of its net worth and it has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations given to us, the
Company has not taken any loan from financial institutions and banks.
(xii) In our opinion and according to the information and explanations given to us, no
loans and advances have been granted by the Company to the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or nidhi / mutual benefit fund / society.
Accordingly, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xiv) 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 (Auditors
Report) Order, 2003 are not applicable to the Company.
(xv) According to the information and explanations given to us, the Company has not
given guarantees on behalf of other companies.
(xvi) According to the information and explanations given to us and records examined by
us, no term loans have been raised during the year.
(xvii) On the basis of an overall examination of the balance sheet of the Company, in
our opinion and according to the information and explanations given to us, there are no
funds raised on a short-term basis, which have been used for long-term investment.
(xviii) The Company has not made preferential allotment of shares to the parties
covered in register maintained under section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us , the Company has not
issued any debentures during the period.
(xx) The Company has not raised money by way of public issue during the year.
(xxi) During the course of audit carried out and according to the information and
explanations given to us, no material fraud on or by the Company has been noticed or
reported during the year.
|
For Doogar & Associates |
|
Chartered Accountants |
|
Reg.No.: 000561N |
|
Vikas Modi |
| Place: New Delhi |
(Partner) |
| Date : 16 MAY 2013 |
M.No. 505603 |
+91-9892691696
