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Shreeoswal Seeds & Chemicals Ltd.

BSE: 535088 Sector: Others
NSE: OSWALSEEDS ISIN Code: INE00IK01011
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Shreeoswal Seeds & Chemicals Ltd. (OSWALSEEDS) - Auditors Report

Company auditors report

To the Members of SHREEOSWAL SEEDS & CHEMICALS LTD

Report on the standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of M/s. SHREEOSWAL SEEDS & CHEMICALS LTD ("the Company") which comprises the BalanceSheet as at March 31 2021 the Statement of Profit and loss and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

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 March 31 2021 and profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial 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 together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statement of the current period. These matterswere addressed in the context of our audit of the financial statement as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Responsibility of Management for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate implementation and maintenance ofaccounting 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 statement that givea true and fair view and a re free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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.

Report on Other Legal and Regulatory Requirements

As required by the Companies {Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section {11) ofsection 143 of the Companies Act 2013 we give in the Annexure-A astatement on the matters specified in paragraphs 3 and 4 of the Order tothe extent applicable.

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 ouraudit.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books account.

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of the written 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.

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 B".

g. 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 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

Date : 30/06/2021 FOR AGARWAL PATEL AND SINHAL
Place : Neemuch (Chartered Accountants)
Reg No :012245C
Bhavesh Sinhal
Partner
M.No. : 406280
UDIN : 21406280AAAAFC9243

SHREEOSWAL SEEDS AND CHEMICALS LIMITED

"AXNEXURE-A" TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE

The Annexure referred to in Paragraph 8 under ‘Report on Other Legal andRegulatory Requirements'

in the Independent Auditor's Report of even date we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative

details and situation of fixed assets.

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. As explained to us nomaterial discrepancies were noticed on such physical verification.

(c) According to the information & explanation given to us and on the basis of ourexamination of the record of the company that the title deed of immovable property areheld in the name of the company.

(ii) The inventory has been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable. As informed no materialdiscrepancies were noticed on physical verification carried out during the year.

(iii) The Company has granted loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has granted loan to its wholly owned subsidiary Shreeoswal Psyllium Exports IndiaLimited apart from this company has not provide any loan guarantees and security inrespect of which provisions of section 185 of the Companies Act 2013. The Company hascomplied with the provision of Section 186 of the Act with respect to Investment made.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of sections 73to 76 of the Act and the rules framed thereunder.

(vi) As per information and explanations given to us the Central Government has notspecified the maintenance of cost records under sub-section (1) of section 148 of the Actfor the business of the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofexamination of the records of the Company in our opinion the Company is regular indepositing the undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax goods and services tax cess and any other statutory dues as applicable withthe appropriate authorities.

The Due Outstanding in Respect of Income Tax Sales Tax VAT Sales Tax GST ServiceTax Custom Duty and Excise on account of any Dispute are as follows

Name of Statue Nature of Dues Amt. in Lacs Amt Paid under Protest Period to which the amount relates Forum where dispute is pending
Income Tax TDS 0.12 Nil 2018-19 None
Income Tax TDS 0.96 Nil 2020-21 None

(b) According to the information and explanations given to us there are no materialdues of income tax sales tax service tax duty of customs duty of excise value addedtax goods and services tax cess which have not been deposited with the appropriateauthorities on account of any dispute.

(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 borrowingto a financial institution and bank. There is no borrowing from the Government and thereare no debenture holders.

(ix) The Company has not raised money by way of initial public offer and term loansduring the year. The previous Funds are utilized for the same purpose for which it hasbeen raised.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such instance by themanagement

(xi) As informed and exp lamed to us the managerial remuneration has been provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V to the Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provision of clause 3(xii) of the Orderis not applicable.

(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 notes to the financial statements as required bythe applicable accounting standards.

(xiv) According to the information and explanations give 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 under review. Accordingly the provision of clause 3 (xiv) of the Order is notapplicable.

(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 any non-cashtransactions with directors or persons connected with him as referred to in section 192 ofthe Companies Act 2013.

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

FOR AGARWAL PATEL AND SINHAL
ICAI Firm Reg. No. : 012245C
CA BHAVESH SINHAL
(Partner)
Mem. No. : 406280
UDIN: 214062 80AAAAFC9243
Place: NEEMUCH
Dated: 30/06/2021

"Annexnre B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of SHREEOSWAL SEEDS AND CHEMICALS LIMITED

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 SHREEOSWALSEEDS AND CHEMICALS 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable fmancial information as required underthe Companies Act 2013. ' ‘ *

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal fmancial controlsover fmancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. 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 fmancial reporting wras established and maintained andif such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence amout the adequacy ofthe internal fmancial control system over fmancial reporting and their operatingeffectiveness. Our audit of internal fmancial controls over financial reporting assessingthe risk that a material weakness exists and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend upon on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence wre have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal fmancialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal fmancial control over fmancial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of fmancial

statements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting includes thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of 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 of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton 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.

Opinion

hi 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 March 31 2021 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 issues by the Institute of CharteredAccountants of India.

Date : 30/06/2021 FOR AGARWAL PATEL AND SIMIAI.
Place : Neemuch (Chartered Accountants)
Reg No. :012245C
Bhavesh Si nil at
Partner
M.No. : 406280
UDIN : 21406280AAAAFE8626

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