Oasis Nutraceuticals Ltd.
|BSE: 504345||Sector: Others|
|NSE: N.A.||ISIN Code: INE368N01024|
|BSE 00:00 | 03 Mar||Oasis Nutraceuticals Ltd|
|NSE 05:30 | 01 Jan||Oasis Nutraceuticals Ltd|
|BSE: 504345||Sector: Others|
|NSE: N.A.||ISIN Code: INE368N01024|
|BSE 00:00 | 03 Mar||Oasis Nutraceuticals Ltd|
|NSE 05:30 | 01 Jan||Oasis Nutraceuticals Ltd|
The Members of
Oasis Nutraceuticals Limited
Report on the Financial Statements
We have audited the accompanying financial statements of OASIS NUTRACEUTICALSLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 and the Statement of Profit and Loss and Cash Flow Statement for the year ended anda summary of significant accounting policies and other explanatory information.
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 Standalone Ind AS financial statements that give a true and fair view of the stateof affairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based on our audit.
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 of the Standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Standalone Ind AS financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Standalone Ind ASfinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs (financial position) of the Company as at March 31 2018 and its profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 (CARO 2016) issued bythe Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the "Annexure A" statement on thematters specified in paragraph 3 and 4 of the Order to the extent applicable.
2. 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 appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.
(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Ind AS prescribed under section 133 of the Act.
(e) On the basis of written representations received from the Directors as on March 312018 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164 (2) ofthe 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 to ourseparate Report in "Annexure B".
(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to explanations given to us :
i. The company has disclosed the impact of pending litigations on its financialposition in its financial position in its standalone financial statements referNote 27 to the financial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any. The Company did not have long termcontracts including derivative contracts except forward contract.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
TO THE INDEPENDENT AUDITOR'S REPORT
Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of OasisNutraceuticals Limited on the standalone Ind AS financial statements for the year endedMarch 31 2018.
1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) The Fixed Assets have beenphysically verified by the management at reasonable intervals which in our opinion isreasonable having regard to the size of the company and nature of its business. Furtherduring the verification no material discrepancies between the book records and thephysical fixed assets have been noticed. c) The Company does not possess any immovableproperty and consequently clause 3 (i) (c) of the order is not applicable.
2. As explained to us inventories have been physically verified by the managementat regular intervals during the year. The discrepancies noticed on such physicalverification as compared to book records were not material and have been appropriatelydealt with in the books of accounts.
3. According to the information and explanations given to us the company has notgranted unsecured loans to Companies firms Limited Liability Partnerships or otherparties covered in the register maintained under section 189 of the Companies Act 2013.Accordingly no comments are required to be made on sub clause (a) (b) and (c) of clause3.
4. In our opinion and according to the information and explanations given to us Inrespect of loans investments guarantees and security provided the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013.
5. In our opinion and according to the information and explanations given to usthe Company has not accepted any deposits from the public and hence the directives issuedby the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 with regard tothe deposits accepted from the public are not applicable.
6. According to information and explanation given to us the Central Government hasnot prescribed the maintenance of Cost Records by under sub-section (1) of Section 148 ofthe Companies Act 2013 in respect of the activities carried on by the Company. Thereforeparagraph 3(vi) of the order is not applicable.
7. (a) According to information and explanations given to us and on the basis ofour examination of the books of account and records the Company has been generallyregular in depositing undisputed statutory dues including Income-Tax Cess and any otherstatutory dues with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the above were inarrears as at March 31 2018 for a period of more than six months from the date on whenthey become payable except for the income tax payable for the A.Y. 2016-17 amounting toRs.170648/-. b) According to the information and explanation given to us there are nodues of income tax sales tax service tax duty of customs duty of excise value addedtax outstanding on account of any dispute except the details given below: According to therecords of the Company disputed Municipal Property Tax together with Penalty notdeposited on account of disputes are as follows:
8. In our opinion and according to the information and explanations given to usthe Company has not taken any loan either from Banks financial institutions or from thegovernment and has not issued any debentures and consequently clause 3 (viii) of the orderis not applicable.
9. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the order are not applicable.
10. Based upon the audit procedures performed and the examination of the recordswe report that no fraud by the Company or on the company by its officers or employees hasbeen noticed or reported during the year.
11. In our opinion and according to the information and explanations given to usthere is no managerial remuneration being paid and hence the Company is not required tocomply with provision of Section 197 read with Schedule V to the Companies Act 2013.
12. In our opinion the Company is not a Nidhi Company. Therefore the provisionsof clause 3(xii) of the Order are not applicable to the Company.
13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by theapplicable accounting standards.
14. The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon.
15. According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him.Accordingly the provisions of clause 3 (xv) of the Order are not applicable to theCompany and hence not commented upon.
16. In our opinion the company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) of the Order are not applicable to the Company and hence not commented upon.
"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of Oasis Nutraceuticals Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of OasisNutraceuticals Limited ("the Company") as of March 31 2018 in conjunction withour audit of the standalone Ind AS financial statements of the Company for the year endedMarch 31 2018
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the Ind AS financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.