You are here » Home » Companies » Company Overview » Omega Ag Seeds (Punjab) Ltd

Omega Ag Seeds (Punjab) Ltd.

BSE: 519479 Sector: Others
NSE: N.A. ISIN Code: INE112B01013
BSE 00:00 | 18 Mar Omega Ag Seeds (Punjab) Ltd
NSE 05:30 | 01 Jan Omega Ag Seeds (Punjab) Ltd
OPEN 4.52
PREVIOUS CLOSE 4.52
VOLUME 1
52-Week high 4.52
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.52
Sell Qty 20.00
OPEN 4.52
CLOSE 4.52
VOLUME 1
52-Week high 4.52
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.52
Sell Qty 20.00

Omega Ag Seeds (Punjab) Ltd. (OMEGAAGSEEDS) - Auditors Report

Company auditors report

To The Members of M/s. Omega AG Seeds (Punjab) Limited.

Report on the Audit of the Financial Statements Opinion

We have audited the Financial Statements of M/s. Omega AG Seeds (Punjab) Limited("the Company") which comprise the balance sheet as at 31st March 2021 and thestatement of profit and loss for the year then ended and statement of cash flows for theyear then ended and notes to the Financial Statements including a summary of significantaccounting policies [hereinafter referred to as "the Financial Statements"].

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 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2021 and its profit/loss and it cash flows for the year ended onthat date.

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 Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the Financial Statements under the provisions of the Companies Act 2013and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

"Information Other than the Financial Statements and Auditor's ReportThereon"

The Company's Board of Directors is responsible for the other information. Our opinionon the Financial Statements does not cover the other information and we do not express anyform of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

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 (changes in equity) and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Financial Statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the Financial Statements the Board of Directors 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 unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities 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. We also:

a. 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.

b. 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 theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls

c. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

d. Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Financial Statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

e. Evaluate the overall presentation structure and content of the FinancialStatements including the disclosures and whether the Financial Statements represent theunderlying transactions 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 audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the FinancialStatements.

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 with those charged with governance we determine thosematters that were of most significance in the audit of the Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest 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 sub-section (11) of section 143 ofthe Companies Act 2013 We have given in the "Annexure -A" 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 it appears from our examination of those books.

(c) The reports on the accounts of the branch offices of the Company audited underSection 143(8) of the Act by branch auditors have been sent to us and have been properlydealt with by us in preparing this report.

(d) The Balance Sheet the Statement of Profit and Loss dealt with by this Report arein agreement with the books of account.

(e) In our opinion the aforesaid Financial Statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(f) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164(2) of the Act.

(g) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls videnotification dated June 13 2017 have been reported in "Annexure-B".

(h) 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 the explanations given to us:

i. The Company has disclosed the impact of pending litigations on the financialposition in its financial statements and the list of all pending cases are presented bycompany in Note 2.9 to financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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.

For Jaideep Gaddam & Associates

Chartered Accountants FRN: 019149S

Sd/-

per Jaideep Gaddam

Partner

M.No.: 226296

Place: Hyderabad

Date: 09 Sep 2021

UDIN: 21226296AAAABC9509

Annexure A to the Independent Auditor's Report- March 31 2021

Annexure referred to in paragraph 1 under the heading of "Report on Other Legaland Regulatory Requirements" of our report on even date to the members of M/s. OmegaAG Seeds (Punjab) Limited on the standalone financial statements for the year ended March31 2021

We report that:

(i) In respect of Fixed assets:

a) The company has maintained comprehensive fixed asset register showing fullparticulars including quantitative details and situation of fixed assets.

b) The company has a program of verification fixed assets at regular intervals to coverall the items in a phased manner over a period which in our opinion is reasonable.Pursuant to the program fixed assets were verified by the management during the year andaccording to the information and explanations given to us the discrepancies noticed insuch verification are not material and have been properly dealt with the books of account.

c) According to the information and explanations given to us the title deeds ofimmovable properties disclosed in Note 3 to the Standalone financial statements Are heldin the name of the company.

(ii) According to the information and explanations given to us physical verification ofinventory has been conducted at reasonable intervals by the management and no materialdiscrepancies were noticed on physical verification.

(iii) The company has granted loan to the party covered in the register maintainedunder section 189 of the Companies Act 2013. In our opinion and according to theinformation and explanations given to us the terms and conditions of the grant of suchloans are not prejudicial to the company's interest.

(iv) In our opinion and as per the information and explanations given to us Thecompany complied with the provisions of section 185 and 186 of the Companies Act 2013 inrespect of loans investments guarantees and security.

(v) The company has not accepted any deposits from the public in accordance with theprovisions of sec 73 to 76 of the Companies Act 2013 and the rules framed there under andhence Clause (v) of the order is not applicable to the company.

(vi) We have broadly reviewed the books of accounts maintained by the company pursuantto the rules mentioned by Central government for maintenance of cost records under section148(1) of the Act related to the manufacture of industrial alcohol and are of theopinion that prima facie the specified accounts and records have been maintained.However we have not made detailed verification of the same.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

a) The company generally regular in depositing undisputed statutory dues like providentfund employees' state insurance income-tax goods and service tax duty of excise valueadded tax cess and other as applicable with the appropriate authorities.

b) But The filing of Returns of Goods and Service Tax are pending from company for thefinancial year.

(viii) With regards to repayment of loans and borrowings:

a) The company has not defaulted in repayment of loans or borrowing to a Financialinstitution Bank or to Government.

b) The Company has not taken any loans or borrowings from the Government and has notissued any debentures during the year and to this extent Clause (viii) of the order is notapplicable to the company.

(ix) The company not raised any moneys by way of initial public offer or further publicoffer (including debt instruments). Therefore the Clause (ix) of the order is notapplicable to the company.

(x) According to the information and explanations given to us no material fraud by thecompany or no fraud on the Company by its officers or employees has been noticed duringthe year or reported during the course of audit.

(xi) According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

(xii) In our opinion and as per the the information and explanations given to us theCompany is not a Nidhi Company. Therefore Clause(xii) is not applicable to the Company.

(xiii) In our opinion and as per the the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act2013. and the details have been disclosed in the Financial Statements etc.as required by the applicable accounting standards.

(xiv) During the year the company has not made any preferential allotment of shares andthere is no allotment of convertible debentures or bonds made by the company. Thereforethe Clause (xiv) is not applicable to the company.

(xv) As per the the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with themduring the year. Therefore Clause (xv) is not applicable to the company.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934

For Jaideep Gaddam & Associates

Chartered Accountants

FRN: 019149S

Sd/-

per Jaideep Gaddam

Partner

M.No.: 226296

Place: Hyderabad

Date: 09 Sep 2021

UDIN: 21226296AAAABC9509

Annexure B to the Independent Auditor's Report- March 31 2021

Annexure referred to in paragraph 2(g) under the heading of "Report on Other Legaland Regulatory Requirements" of our report on even date to the members of M/s. OmegaAG Seeds (Punjab) Limited on the standalone financial statements for the year ended March31 2021

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 M/s. OmegaAG Seeds (Punjab) Limited ("The Company") as of March 31 2021 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The management has the primary responsibility for the design implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. Consequently the responsibility ofdesigning implementing and maintaining appropriate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies safeguarding of its assets the prevention anddetection of frauds and errors also rests with the management.

Auditor's Responsibility

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 the Institute ofChartered Accountants of India (ICAI) and deemed to be prescribed by the CentralGovernment in accordance with Section 143(10) of the 2013 Act to the extent applicable toan audit of internal financial controls over financial reporting. These Guidance Note andStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness as at the balance sheetdate.

Our audit of internal financial controls over financial reporting involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls overfinancial 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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (ii) provide reasonable assurance

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 (iii) 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 financial statements.

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 of 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.

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 of 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 and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2021 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For Jaideep Gaddam & Associates

Chartered Accountants FRN: 019149S

Sd/-

per Jaideep Gaddam

Partner

M.No.: 226296

Place: Hyderabad Date: 09 Sep 2021 UDIN: 21226296AAAABC9509

.