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Oseaspre Consultants Ltd.

BSE: 509782 Sector: Financials
NSE: N.A. ISIN Code: INE880P01015
BSE 05:30 | 01 Jan Oseaspre Consultants Ltd
NSE 05:30 | 01 Jan Oseaspre Consultants Ltd

Oseaspre Consultants Ltd. (OSEASPRECONS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

OSEASPRE CONSULTANTS LIMITED

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements ofOseaspre Consultants Limited ("the Company") which comprise the Balance Sheetas at 31st March 2021 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity for the yearthen ended and notes to the Ind AS financial statements including a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas ‘Ind AS financial statements').

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Companies Act 2013 (the "Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (India

Accounting Standard) Rules 2015 as amended ("Ind AS") andother accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2021 the loss and total comprehensive income itscash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the Ind AS financial statements in accordancewith the Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements' section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the Ind AS financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the Ind AS financial statements

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Ind AS financial statements of the currentperiod. We have determined that there are no key audit matters to communicate in ourreport.

Information Other than the Ind AS Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Directorsreport but does not include the Ind AS financial statements and our auditor's reportthereon. The Director's report is expected to be made available to us after the dateof this auditor's report.

Our opinion on the Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Ind AS financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

When we read the other information as specified above if we concludethat there is a material misstatement therein we are required to communicate the matterto those charged with governance.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters inSection 134(5) of the Act with respect to the preparation of these Ind AS financialstatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provision 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 ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the IndAS financial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theInd AS financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place with respect to Ind ASfinancial statements and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concernbasis 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 theCompany to cease to continue as a going concern

• 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.

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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the mattersspecified in the 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 Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the Ind ASprescribed under section 133 of the Act read with relevant rules issued thereunder.

e) 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 termsof Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over Ind ASfinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in Annexure B. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over Ind AS financial statements

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 there isno remuneration paid / provided by the Company during the year. So the provisions ofsection 197 of the Act do not apply.

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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivative contracts requiring provision under the applicable law or accountingstandards.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Registration No. 104607W/W100166
Sd/-
Jamshed K. Udwadia
Partner
Membership No.: 124658
UDIN No.: 21124658AAAADN4474
Mumbai; 25th May 2021.

Annexure A to the Independent Auditor's Report

Referred to in Para 1 ‘Report on Other Legal and RegulatoryRequirements' in our Independent Auditors' Report to the members of the Companyon the Ind AS financial statements for the year ended 31st March 2021.

Statement on Matters specified in paragraphs 3 & 4 of the Companies(Auditor's Report) Order 2016:

i) a) The Company has generally maintained proper records showing particularsincluding quantitative details and situation of fixed assets.

b) As explained to us the Company has a program for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the Company and the nature of its assets. There are nodiscrepancies reported on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii) The Company being a service company does not have any inventory and hence provisionof paragraph 3 (ii) of the Order is not applicable to the Company.

iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties listed in the register maintained undersection 189 of the Companies Act. Accordingly the provisions of sub-clause (a) (b) and(c) of paragraph 3 (iii) of the Order are not applicable to the Company.

iv) The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Section 185 and 186. Thereforeprovisions of Clause 3(iv) of the said Order are not applicable to the Company.

v) According to the information and explanations given to us the Company has notaccepted any deposits from the public as per the directives issued by the Reserve Bank ofIndia to which the provisions of sections 73 to 76 or any other relevant provisions ofthe Companies Act and the rules framed there under apply. Accordingly paragraph 3(v) ofthe Order is not applicable to the Company.

vi) We are informed that the maintenance of cost records has not been prescribed by theCentral Government of India under section 148(1) of the Act for any of the servicesrendered by the Company. Accordingly paragraph 3(vi) of the Order is not applicable tothe Company.

vii) a) According to the information and explanation given to us and the recordsexamined by us the Company is generally regular in depositing undisputed statutory duesincluding dues pertaining to provident fund employees' state insurance income-taxgoods and service tax profession tax cess and any other statutory dues with theappropriate authorities wherever applicable and there are no such outstanding dues as at31st March 2021 for a period of more than six months from the date theybecame payable.

b) According to the information and explanations given to us there are no dues ofIncome tax goods and service tax or duty of customs or duty of excise or value added taxwhich have not been deposited on account of any dispute.

viii) According to the information and explanations given to us the Company did nothave any loans or borrowings to financial institutions banks or debenture holders duringthe year. Accordingly paragraph 3(viii) of the Order is not applicable to the Company.

ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans. Accordingly paragraph 3(ix) of theOrder is not applicable to the Company.

x) Based upon the audit procedures performed by us to the best of our knowledge andbelief and according to the information and explanations given to us by the Management nomaterial fraud on or by the Company has been noticed or reported during the year.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided anymanagerial remuneration during the year. Accordingly paragraph 3(xi) of the Order is notapplicable to the Company.

xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) 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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and hence the provisions of paragraph 3(xvi) of the Order is notapplicable.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Registration No. 104607W /W100166
Sd/-
Jamshed K. Udwadia
Partner
Membership No.: 124658
UDIN No.: 21124658AAAADN4474
Mumbai; 25th May 2021.

Annexure B to the Independent Auditor's Report

Referred to in Para 2 (f) ‘Report on Other Legal and RegulatoryRequirements' in our Independent Auditor's Report to the members of the Companyon the Ind AS financial statements for the year ended 31st March 2021.

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

We have audited the internal financial controls over Ind AS financialstatements of Oseaspre Consultants Limited ("the Company") as of 31stMarch 2021 in conjunction with our audit of the Ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on "the internal control over Ind ASfinancial statements 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". These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over Ind AS financial statements based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of Internal Financial Controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over Ind AS financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over Ind AS financial statementsand their operating effectiveness.

Our audit of internal financial controls system over Ind AS financialstatements included obtaining an understanding of internal financial controls over Ind ASfinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the Ind AS financial statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over Ind AS financial statements.

Meaning of Internal Financial Controls over Ind AS financial statements

A Company's internal financial control over Ind AS financial statementsis a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A Company's internalfinancial control over Ind AS financial statements include those policies and proceduresthat:

(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 Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance 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 Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over Ind ASfinancial statements

Because of the inherent limitations of internal financial controls overInd AS financial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls over IndAS financial statements to future periods are subject to the risk that the internalfinancial control over Ind AS financial statements may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over Ind AS financial statements and such internalfinancial controls over Ind AS financial statements were operating effectively as at 31stMarch 2021 based on the internal control over Ind AS financial statements 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.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Registration No. 104607W/W100166
Sd/-
Jamshed K. Udwadia
Partner
Membership No.: 124658
UDIN No.: 21124658AAAADN4474
Mumbai; 25th May 2021.