To the Members of
Oceanaa Biotek Industries Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements ofOceanaa Biotek Industries Limited ("the Company") which comprises the BalanceSheet as at March 31 2018 the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Changes in Equity and the Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (INDAS) prescribed under section 133 of the Act read with the Companies (Accounts) Rules2015 as amended and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for the ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe 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 financialstatements based on our audit.
We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under and the Order issued undersection 143(11) of the Act.
We conducted our audit of the financial statements in accordance withthe Standards on auditing specified under Section 143(10) the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:</p>
a) in the case of the Balance Sheet of the state of affairs of theCompany as at 31st March 2018;
b) in the case of Statement of Profit and Loss of the profit for theyear ended on that date;
c) in the case of total comprehensive income and the change in equityfor the year ended on that date; and
d) in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order. Our report expresses a modified opinion on the OtherLegal and Regulatory Requirements.
As required by section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet the Statement of Profit and Loss including otherComprehensive Income Statement of changes in Equity and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts.
d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of the written representation received from thedirectors as on March 31 2018 and taken on record by the Board of Directors we reportthat none of the directors is disqualified as on March 31 2018 from being appointed as adirector in terms of Sub section (2) of section 164 of the Companies Act 2013.
f) With respect to the adequacy of the internal financial controls overfinancial reporting of the company and the operating effectiveness of such controls referto separate report in "Annexure B"; Our report expresses an unmodified opinionon the adequacy and operating effectiveness of the Company's internal financial controlsover financial reporting.
g) With respect to the other matters included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amendedin our opinion and to our best of our information and according to the explanations givento us:
i. The Company does not have any pending litigations which would impactits financial position.
ii. The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.
iv. The Company has not deposited the Income tax for the threeconsecutive years from A.Y. 201617 A.Y. 2017-18 AY2018-19 and Dividend distribution taxwas not paid within prescribed time with the concerned statutory authorities for fy2017-18 as detailed below. The Company has provided for the said statutory dues duly inthe books hence there is no impact on profit and loss; however no remittance has been madeto the concerned authorities.
(Refer Note.7 (c) to Annexure A to the Independent Auditors' Report)
| ||For Elangovan And Co |
| ||Chartered Accountants |
| ||FRN:006990S |
| ||S. Sathish Kumar |
|Date : May 24 2018 ||Partner |
|Place : Chennai ||M.No.: 226384 |