TO THE MEMBERS OF
OCTAVIUS PLANTATIONS LIMITED
(Formerly known as Rubal Leasing & Holding Limited)
Report on the Audit of the Standalone Financial Statements Report on the FinancialStatements
We have audited the accompanying financial statements of "Octavius PlantationsLimited formerly known as Rubal Leasing & Holding Limited" ("thecompany") which comprise the Balance Sheet as at 31st March 2021 and the Statementsof Profit and Loss (including Other Comprehensive Income) the Cash Flow Statement and thestatement of changes in Equity and for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("IND AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2021 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia ("ICAI") together with the ethical requirements that are relevant to ouraudit of the financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion on theFinancial Statements.
The Company's Board of Directors are responsible for the other information. The otherinformation comprises the information included in the annual report for exampleManagement Discussion and Analysis Board's Report including Annexures to Board's ReportRisk Management Responsibility Corporate Governance Report Declaration regarding code ofconduct Secretarial Audit report and Shareholder's Information but does not include thefinancial statements and our auditor's report thereon. The other information as statedabove is expected to be made available to us after the date of this auditor's report.
Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.
When we read the other information as stated above if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith Governance.
Management's Responsibility for the Financial Statements
The Company's Management and Board of Directors are responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity 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 of 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
In preparing the financial statements the management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the management or the Board of Directors either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the financial statements made bymanagement and Board of Directors.
Conclude on the appropriateness of Management and Board of Directors use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.
Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated we determine those matters that were of mostsignificance in the audit of the financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143 of sub-section (11) ofthe Companies Act 2013 we give in the "Annexure-B" a statement on the mattersspecified in paragraphs 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 it 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 Change in Equity dealt with by thisReport are in agreement with the books of account.
d. In our opinion the aforesaid financial statements comply with the Indian AccountingStandards (IND AS) specified under Section 133 of the Act.
e. On the basis of written representations received from the directors as on 31 March2021 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2021 from being appointed as a director in terms of Section 164(2) of theAct.
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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
a. With respect to the other matters to be included in the Auditors report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best our information and according to the explanations given to us theremuneration paid/ provided by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act
b. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
I. The Company has no pending litigations which would impact its financial position.However the Company has received intimation U/S 143(1) for (a) AY 2012-13 against demandidentification number 2013201237014760493C dated 20/06/2013 of Rs. 186270.00 and (b) AY2017-18 against demand identification number 2018201737104697263C dated 14/03/2019 of Rs.3819370.00 (c) The Company has also received notice under section 143(3) for AY 2013-14against demand identification number 2015201310012165730C dated 31st March 2016of Rs. 10987059.00 for which Company is already contending wherein Income of theCompany was not treated as Agricultural Income.
II. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses
III. There has been no amounts which is required to be transferred by the Company tothe Investor Education and Protection Fund by the company during the year.
| ||For Vidit Jain & Co. |
| ||Chartered Accountants |
| ||FRN 030229N |
| ||Proprietor: Vidit Jain |
| ||MN: 515581 |
|Place: New Delhi || |
|Date: 27.08.2021 ||UDIN: 21515581AAAADR7070 |
ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Octavius Plantation Limited Formerlyknown as Rubal Leasing & Holding Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of OCTAVIUSPLANTATION LIMITED ("the Company") as of March 31 2021 in conjunction with ouraudit of the Financial Statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 judgment including the assessment of the risks ofmaterial misstatement of the 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 financialreporting is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
| ||For Vidit Jain & Co. Chartered Accountants |
|Place: Delhi ||FRN:030229N |
|Date: 27.08.2021 ||Proprietor : Vidit Jain |
|UDIN: 21515581AAAADR7070 ||MN: 515581 |
ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT
(The Annexure referred to in paragraph 2 of the Our Report of even date to the membersof Octavius Plantation Limited formerly known as Rubal Leasing & Holding Limited onthe accounts of the company for the year ended 31st March 2021.)
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:
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets i.e Property Plant and Equipment.
(b) As explained to us some of the fixed assets have been physically verified by themanagement in accordance with a programme of verification which in our opinion providesfor physical verification of all the fixed assets (PPE) at reasonable intervals. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification.
(c) In our opinion and according to the information and explanations given to us nofixed asset has been disposed during the year and therefore does not affect the goingconcern assumption.
(a) As explained to us inventories have been physically verified during the year bythe 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.
(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.
3. According to the information and explanation given to us the Company has grantedunsecured loans to companies
(a) The rate of interest and other terms and condition of the grant of such loan arein our opinion primafacie not prejudicial to the company's interest. However theloan provided to Sairam Agrocorp Private Limited and Vasudev Agro Foods Private Limited isdoubtful as these companies are striked off.
(b) There is no overdue amount remaining outstanding as at the year-end.
According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has granted both short term and long termloans to different companies firms or other parties. The year-end balance of total loangranted either short or long term is Rs. 61745482.00
(c) During the year the company has taken unsecured loan from different companies andBanks.
The balance outstanding as at 31st March 2021 is Rs. 47388725.60. Inrespect of said loan and interest thereon there is no overdue amounts.
4. According to the information and explanations given to us the Company has notaccepted any deposits from the public during the year. Therefore the question of complyingwith directives issued by the Reserve Bank of India and the provisions of sections 73 to76 or any other relevant provisions of the Companies Act 2013 and the rules framedthereunder does not arise.
5. Having regard to the nature of the Company's business / activities reporting underclause 3(vi) of the Order is not applicable to the Company.
a) Based on the audit procedures applied by us and according to the information andexplanations provided by the management there were no particulars of contracts orarrangements referred to in section 189 of the Act that have been entered and no registeris required to be maintained under that section.
b) As per information & explanations given to us and in our opinion thetransaction entered into by the company with parties covered u/s 189 of the Act does notexceeds five lacs rupees in a financial year therefore requirement of reasonableness oftransactions does not arises.
7. As per information & explanations given by the management the Company has aninternal audit system commensurate with its size and the nature of its business.
(a) Based on the audit procedures applied by us and according to the information andexplanation given to us the company had two different PAN and TAN numbers allotted tothem. The company has already submitted the wrong PAN and TAN for cancellation.
(b) According to the information and explanations given to us there is no amountspayable in respect of income tax Goods & Service Tax and customs duty which have notbeen deposited on account of any disputes.
9. The Company does not have any accumulated loss and has not incurred cash loss duringthe financial year covered by our audit and in the immediately preceding financial year.
10. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.
11. According to the information and explanations given to us the Company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.
12. The Company is not a chit fund or a nidhi /mutual benefit fund/society and hencereporting under clause 3(xii) of the Order is not applicable to the Company.
13. According to information and explanations given to us the Company is trading inShares Mutual funds & other Investments. Proper records & timely entries havebeen maintained in this regard and further investments specified are held in their ownname.
14. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.
15. Based on our audit procedures and on the information given by the management wereport that the company has not raised any term loans during the year.
16. Based on the information and explanations given to us and on an overall examinationof the Balance Sheet of the Company as at 31st March 2021 we report that no funds raisedon short-term basis have been used for long-term investment by the Company.
17. Based on the audit procedures performed and the information and explanations givento us by the management we report that the Company has not made any preferentialallotment of shares during the year.
18. The Company has no outstanding debentures during the period under audit.
19. The Company has not raised any money by public issue during the year.
20. In our opinion and according to the information and explanations given to us theCompany has paid/ provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act
21. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.
| ||For Vidit Jain & Co. |
| ||Chartered Accountants |
| ||FRN 030229N |
|Place: Delhi || |
|Date: 27.08.2021 ||Proprietor: Vidit Jain |
|UDIN: 21515581AAAADR7070 ||MN: 515581 |