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Oceanaa Biotek industries Ltd.

BSE: 538019 Sector: Others
NSE: N.A. ISIN Code: INE732P01018
BSE LIVE 15:40 | 15 Dec 95.00 1.75
(1.88%)
OPEN

97.75

HIGH

97.90

LOW

91.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 97.75
PREVIOUS CLOSE 93.25
VOLUME 19981
52-Week high 97.90
52-Week low 25.00
P/E 38.62
Mkt Cap.(Rs cr) 129
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 97.75
CLOSE 93.25
VOLUME 19981
52-Week high 97.90
52-Week low 25.00
P/E 38.62
Mkt Cap.(Rs cr) 129
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Oceanaa Biotek industries Ltd. (OCEANAABIOTEK) - Auditors Report

Company auditors report

To the Members of Oceanaa Biotek Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Oceanaa BiotekIndustries Limited ("the Company") which comprises the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for the ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on auditing specified underSection 143(10) the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017; b) in the case of Statement of Profit and Loss of the profit for the yearended on that date; and c) in the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of accounts.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representation received from the directors as on March31 2017 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2017 from being appointed as a director in termsof Sub section (2) of section 164 of the Companies Act 2013.

f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer toseparate report in "Annexure B"; and g) With respect to the other mattersincluded in the Auditor's Report and to our best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company is not applicable to provide any disclosures relating to Ind ASfinancial statements and the company has provided required disclosures dealings inSpecified Bank Notes during the period from 8 November 2016 to 30 December 2016 inaccordance with the books of accounts maintained by the company subject to disclosuresas made out in the notes which is based on information provided by the management of theCompany. We were not able to verify the records as the same was not made available to us.

For Elangovan and Co
Chartered Accountants
FRN: 006990S
S. Sathish Kumar
Place: Chennai Partner
Date: May 30 2017 M.No. 226384

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

Report on Other Legal and Regulatory Requirements of our report of even date for theyear ended March 31 2017: 1. a) The company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement at reasonable intervals and no material discrepancies were noticed on suchverification.

2. a) According to the information and explanations given to us inventories have beenphysically verified at reasonable intervals by the management.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of its inventories and no material discrepancieswere noticed on such physical verification.

3. As informed to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

6. In our opinion and according to the information and explanations given to us therequirement for maintenance of cost records pursuant to the Companies (Cost Records andAudit) Rules 2014 specified by the Central Government of India under Section 148 of theCompanies Act 2013 are not applicable to the Company for the year under audit.

7. a) According to the information and explanations given to us the company isgenerally regular in depositing undisputed statutory dues including employees stateinsurance sales tax service tax duty of customs duty of excise value added tax cessand any other statutory dues with the appropriate authorities except for few delays otherthan provident fund of Rs. 67682/- and TDS of Rs. 298315/- provided in the books ofaccounts by the company was not deposited pertaining to March 2017.

b) According to the information and explanations given to us there were no undisputedamounts in respect of Sales tax Service tax Customs duty Excise duty Value Added Taxor cess and other material statutory dues which were in arrears as at March 31 2017 for aperiod of more than six months from the day they became payable. c) According to therecords of the company undisputed statutory dues amounting to Rs. 7644490/- pertains toincome tax related to FY 2015-16 have not been deposited with the appropriate authority.

8. According to the information and explanations given to us the company has notdefaulted in repayment of loans or borrowing to any financial institutions or banks ordues to debenture holders.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause (ix) ofthe Order is not applicable.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the

Company and no material fraud on the Company by its officers or employees has beennoticed or reported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

12. The Company is not a nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its subsidiary or associate company or persons connected withthem and hence provisions of section 192 of the Companies Act 2013 are not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Elangovan and Co
Chartered Accountants
FRN: 006990S
S. Sathish Kumar
Place: Chennai Partner
Date: May 30 2017 M.No. 226384