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Oceanaa Biotek industries Ltd.

BSE: 538019 Sector: Others
NSE: N.A. ISIN Code: INE732P01018
BSE 14:30 | 07 May 5.75 0.12
(2.13%)
OPEN

5.83

HIGH

5.91

LOW

5.75

NSE 05:30 | 01 Jan Oceanaa Biotek industries Ltd
OPEN 5.83
PREVIOUS CLOSE 5.63
VOLUME 1439
52-Week high 10.64
52-Week low 5.26
P/E
Mkt Cap.(Rs cr) 8
Buy Price 5.91
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.83
CLOSE 5.63
VOLUME 1439
52-Week high 10.64
52-Week low 5.26
P/E
Mkt Cap.(Rs cr) 8
Buy Price 5.91
Buy Qty 200.00
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 FINANCIALSTATEMENTS

We have audited the accompanying standalone Ind AS financial statements of OceanaaBiotek Industries Limited ('"the Company”) which comprise the Balance Sheet asat March 31 2020 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of change in Equity for the year thenended and a summary of significant accounting policies and other explanatory information(hereinafter referred to as the “standalone financial statements”).

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith the Ind AS and other accounting principles generally accepted in India. 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 ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

AUDITORS' RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone fiancial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments; the auditor considers internal control relevant to the Company's preparationand fair presentation of the standalone financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the Company's internal control. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the standalone financial statements. We conducted online audit ofthe company due to COVID-19 pandemic and complete lockdown in Chennai city. Therefore nophysical verification of books and records was done while conducting our audit.

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

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 of the state of affairs of the Companyas at 31st March 2020 and its profit and loss total comprehensive income itscash flows and the changes in equity for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143(3) of the Act we report to the extent applicable that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books.

c) The Balance Sheet the 'Statement of Profit and Loss including other ComprehensiveIncomethe 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 financial statements comply with the IndianAccounting Standards prescribed undersection 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164(2) of theAct.

I) 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 A”. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rule 2014 as amended in our opinionand to the best of our information and according to the explanation 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 investor'sEducation and Protection fund by the company.

iv. The Company has not deposited the Income Tax for AY 2016 - 17 AY 2017 - 18 and AY2018 - 19. The Company has provided for the said statutory dues duly in the books hencethere is no impact on profit and loss; however part remittance has been made to theconcerned authorities. (Refer Note.7 (c) to Annexure B to the Independent Auditors'Report).

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

For ABHAY JAIN & Co.
Chartered Accountants
(FRN. 000008S)
(A K JAIN)
Partner
Place: Chennai MNo.070224
Date: 27th June 2020 UDIN: 20070224AAAABD4948

Annexure “A” to the Independent Auditors' Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Oceanaa Biotek Industries Limited ofeven date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of M/s.Oceanaa Biotek Industries Limited (“the Company”) as of 31st March2020 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

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 (TCAF). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the “Guidance Note”) issued by the ICA1 and the Standardson Auditing prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over 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 standalone 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 standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the standalonefinancial 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.

Opinion

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 31st March 2020 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 ofChartered Accountants of India.

For ABHAY JAIN & Co.
Chartered Accountants
(FRN. 000008S)
(A K JAIN)
Partner
Place: Chennai M No.070224
Date: 27th June 2020 UDIN: 20070224AAAABD4948

Annexure - B to the Independent Auditors' Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Oceanaa Biotek Industries Limited ofeven date)

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification. In ouropinion the frequency of verification is reasonable.

(c) The title deeds of immovable properties are held in the name of the Company.

ii. (a) As explained to us inventories have been physically verified during the yearby the management at reasonable intervals.

(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. The Company is generally maintaining proper records of its inventories. Nomaterial discrepancy was noticed on physical verification of stocks by the management ascompared to book and records.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Therefore the provision of clause 3(3a) (3b) and(3c) of the said order are not applicable to the Company.

iv. 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.

v. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2020 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

vi. 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.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion there has been a delay in depositing theundisputed statutory dues including Provident Fund Professional Tax and TDS provided inthe books of accounts during the year.

(b) According to the information and explanation given to us there were no undisputedamounts in respect of Goods and Service Tax Customs Duty Cess and other MaterialStatutory dues which were in arrears as at March 31 2020 for a period of more than sixmonths from the day they became payable.

(c) Details of the undisputed statutory dues of Income Tax which have not beendeposited as at March31 2020 as given below;

Nature of Statute Nature of Dues Period to which the amount relates Amount in Rs.
The Income Tax Act 1961 Income Tax Ay. 2016-17 7500000/-
The Income Tax Act 1961 Income Tax Ay. 2017-18 19064758/-
The Income Tax Act 1961 Income Tax Ay. 2018-19 77986430/-

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or government as of the balance sheet date.

ix. 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 3 (ix)of the Order is not applicable to the Company.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

xiii. 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 standalone financial statements etc. as requiredby the applicable accounting standards.

xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

xv. The Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For ABHAY JAIN & Co.
Chartered Accountants
(FRN. 000008S)
(A K JAlN)
Partner
Place: Chennai M No.070224
Date: 27th June 2020 UDIN: 20070224AAAABD4948

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