We have audited the attached Balance sheet of OMEGA AG-SEEDS (PUNJAB)
LIMITED as at 31stMarch, 2012 and also the Profit and Loss Account and
Cash flow statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report)(Amendment) Order, 2004
issued by the Central Government of India in terms of sub-section (4a)
of section 227 of the companies Act 1956, we enclose in the annexure, a
statement on the matter specified in the paragraphs 4 and 5 of the said
Further to our comments in the annexure referred to above, we report
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
2. In our opinion proper books of Accounts as required by law have
been kept by the company so far as appears from our examination of
3. The Balance sheet, Profit and loss account and the Cash flow
statement dealt with by this report are in agreement with the books of
4. In our opinion, the Balance sheet, Profit and loss account and the
Cash flow statement dealt with by this report comply with the
Accounting Standards referred to in sub- section (3c) of section 211 of
the Companies Act, 1956.
5. On the basis of written representations received from the
directors, we report that none of the Directors is disqualified as on
31st March, 2012 from being appointed as the director in terms of
clause (g) of sub-section(1) of section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said Financial Statements together
with the Significant Accounting Policies and notes thereon and attached
thereto gives the information required by the Companies Act 1956 (as
amended) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
a) In case of Balance Sheet, of the state of affairs of the Company as
at 31stMarch,2012 and
b) In the case of the statement of Profit and Loss, of the Profit for
the year ended on that date.
c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO AUDITOR''S REPORT The Annexure referred to the Auditor
Report to the members of Omega Ag- Seeds (Punjab) Limited for the year
ended 31st March 2012. We Report that
1. (a) The Company has maintained proper records showing full
particulars including Quantitative details and situation of Fixed
(b) The Company has phased programme physical verification of its fixed
assets, which, in our opinion, is reasonable having regard to size of
company and nature of its assets. In Accordance with such programme the
management has physically verified fixed assets during the year and no
material discrepancies were noticed on such verification.
(c) In our opinion the company has not disposed off any Major Fixed
Asset during the year under audit.
2. (a) Physical Verification of the inventories, has been conducted at
reasonable intervals during the year by the management.
(b) In our opinion the procedures of Physical verification of
inventories followed the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The company has maintained proper records of inventory. No material
discrepancies were noticed on the physical verification of the
inventory as compared to the books records.
3. In respect of loans, secured or unsecured, granted or taken by the
company to/from companies, firms or other parties covered in the
register maintained u/s 301 of the Company''s act 1956.
The Company has taken and granted unsecured loans from parties covered
in the register maintained u/s 301 of the company''s Act 1956. We are
of the opinion that :- As the agreement with regard to the rate of
interest and other terms and conditions of such loans are not executed,
we are unable to comment whether such loans are prima facie pre
judicial to the interest of the company.
4. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the company and nature of its business for purchase of
fixed assets. Further, on the basis of our examination of the books and
records of the company, and according to information explanation given
to us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the internal controls
during course of audit.
5. In respect of transaction covered u/s 301 of the Companies Act 1956
(a) No transaction have been made by the company during the year, in
pursuance of contracts of arrangement, that needed to be entered into
the register maintained u/s 301 of the companies act 1956
(b) In our opinion and according to the information and explanation
given to us, there is no transaction in the pursuance of contracts or
arrangement entered in the registered maintained u/s 301 of the
Companies Act 1956 exceeding during the year to Rs. 5 lakh or more in
respect of each party for sale and purchase of goods and services in
pursuance of section 301 of the Companies Act 1956.
6. The company has not accepted any deposits from the public and
consequently the directives issued by the Reserve Bank of India, the
Provision of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under are not applicable.
7. The company has not introduced any Internal Audit System.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost record
under clause (d) of sub section (1) section 209 of the company''s act,
1956, in respect of activities carried out by the company
9. According to the information and explanations given to us, the
Company has not deducted and deposited any PF, ESI with the appropriate
authority during the year under audit.As explained to us no undisputed
dues payable in respect of Income tax, Sale Tax, Wealth tax, Custom
Duty, Cess were outstanding as at 31.3.2012, for a period of more than
six month from the date they became payable.
10. The Company is in existence for more than Five year and its
accumulated losses are not more than fifty percent of its net worth.
11. The Company has neither taken any loan from any financial
institution or Bank during the year nor issued any debentures.
Accordingly this clause is not applicable
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly this clause is not applicable.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society and accordingly this clause is not applicable.
14. According to the information and explanations given to us, the
companies is not dealing or trading in shares, debenture securities and
other investments. Accordingly this clause is not applicable.
15. According to the information and explanations given to us, the
Companies has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly this clause is not
16. The company has not obtained any term loans. Accordingly this
clause is not applicable.
17. According to the information and explanations given to us, and on
the basis of overall examination of the Balance Sheet and Cash Flow
Statement we report that no funds raised on short term basis have been
used for long-term investment of the company.
18. The Company has not made any preferential allotment of shares to
parties and Companies Covered in the Register under section 301 of the
Companies Act 1956. Accordingly this clause is not applicable.
19. The Company has not issued any debentures. Accordingly this clause
is not applicable.
20. The Company has not raised any money by the public issues during
the year. Accordingly this clause is not applicable.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
For Jaideep Sharma & Co.
Firm Reg. No.: 008829N
M.NO - 087470