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Asian Tea & Exports Ltd.

BSE: 519532 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE822B01017
BSE LIVE 13:41 | 07 Dec 13.30 -0.71
(-5.07%)
OPEN

13.20

HIGH

13.30

LOW

13.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.20
PREVIOUS CLOSE 14.01
VOLUME 385
52-Week high 18.25
52-Week low 10.50
P/E 665.00
Mkt Cap.(Rs cr) 13.30
Buy Price 13.20
Buy Qty 20.00
Sell Price 13.70
Sell Qty 10.00
OPEN 13.20
CLOSE 14.01
VOLUME 385
52-Week high 18.25
52-Week low 10.50
P/E 665.00
Mkt Cap.(Rs cr) 13.30
Buy Price 13.20
Buy Qty 20.00
Sell Price 13.70
Sell Qty 10.00

Asian Tea & Exports Ltd. (ASIANTEAEXP) - Auditors Report

Company auditors report

TO THE MEMBERS OF

ASIAN TEA AND EXPORTS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Asian Tea and Exports Limited("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. 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.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

EMPHASIS OF MATTER

We draw attention to Note 30 to the financial statements in respect of recognition ofProfit on sale of depreciable asset under the head 'Other income'.

Our opinion is not modified in respect of this matter.

OPINION

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date.

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

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 give in the Annexure A a statement on the matters specified inParagraphs 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 and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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 has disclosed the impact of pending litigations on its financialposition in its financial statements in Note 31 to the financial statements.

ii) The Company did not have any Long term Contracts including derivative contracts forwhich there were any material forseeable losses.

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

For AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm's Registration No. 316112E
M. Agarwal
Place : Kolkata Partner
Date : 27th May 2016 Membership No. : 52474

Annexure - A

(Referred to in paragraph 1 on report on other Legal and Regulatory Requirements in ourreport of even date on Balance Sheet as at March 31 2016 and Statement of Profit and Lossfor the year ended on that date.)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year inaccordance with the phased programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examinedby us the company does not have any immovable property at the end of the financial yearand hence the provisions of subclause (c ) of clause 3(i) of Companies (Auditors' Report)Order 2016 are not applicable to the company.

(ii) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable. The discrepancies noticed onverification between the physical stocks and the book records were not material.

(iii) The Company has granted unsecured loan to three Companies covered in the registermaintained under section 189 of the Companies Act 2013.

(a) In our opinion the terms and conditions of the grant of loan are prima facie notprejudicial to the company's interests.

(b) The loans are repayable on demand.

(c) As the loan is repayable on demand this sub-clause is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from public. Therefore the provisions of clause 3(v) of the Companies (Auditors' Report) Order 2016 are not applicable to the company.

(vi) In our opinion and according to the information and explanations given to usmaintenance of cost records has not been prescribed by the Central Government under subsection (1) of section 148 of the Companies Act 2013 and hence the provisions of clause 3(vi) of the Companies (Auditors' Report) Order 2016 are not applicable to the company.

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employee's State Insurance Income Tax Sales Tax Service TaxCustom Duty Excise Duty Value Added Tax Cess and any other statutory dues applicable toit with the appropriate authorities. No undisputed amounts payable in respect of aforesaiddues were outstanding as at 31st March 2016 for a period of more than six months from thedate they become payable.

(b) According to the information and explanations given to us there are no materialdues on account of Sales Tax Service Tax Custom Duty Excise duty Value Added Tax andany other statutory dues that have not been deposited with appropriate authorities onaccount of any dispute. However according to information and explanations given to usthe following dues of Income Tax have not been deposited by the company on account ofdisputes:

Period to which the amount relates Amount (Rs) Forum where dispute is pending
A.Y. 2009-10 1854035 CIT(Appeals) -1
A.Y. 2010-11 3034500 CIT(Appeals) -1
A.Y. 2011-12 2466060 CIT(Appeals) -1
A.Y. 2012-13 3117448 CIT(Appeals) -1
A.Y. 2013-14 855130 CIT(Appeals) -1
A.Y. 2014-15 270558 CIT(Appeals) -1

(viii) In our opinion and as per information and explanations given to us the Companyhas not taken any term loans from banks financial institutions or Government and it hasno debenture holders.

(ix) In our opinion and as per information and explanations given to us during theyear the company has not raised moneys by way of initial public offer or further publicoffer including debt instruments and term loans. Accordingly the provisions of clause 3(ix) of the Companies (Auditors' Report) Order 2016 are not applicable to the company.

(x) In our opinion and according to the information and explanations given to us nosignificant fraud on or by the Company by the officers or employees was noticed orreported during the year.

(xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion the Company is not a Nidhi Company. Hence the provisions ofclause 3(xii) of the Companies (Auditors' Report) Order 2016 are not applicable to thecompany.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with Section 177 and 188 ofthe Companies Act 2013 and proper disclosures have been made in the Financial statementsas required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year. Accordingly the provisions of clause 3(xiv) of the Companies (Auditors' Report) Order 2016 are not applicable to the company.

(xv) In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly the provisions of clause 3 (xiv) of the Companies (Auditors'Report) Order 2016 are not applicable to the company.

(xvi) In our opinion the company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934 and hence the provisions of clause 3 (xvi) of theCompanies (Auditors' Report) Order 2016 are not applicable to the company.

For AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm's Registration No. 316112E
M. Agarwal
Place : Kolkata Partner
Date : 27th May 2016 Membership No. : 52474

Annexure - B

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF ASIAN TEA AND EXPORTS 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 Asian Teaand Exports Limited ("the Company") as of March 31 2016 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 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 financial information as required underthe Companies Act 2013.

AUDITORS' 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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 judgement 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 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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.

OPINION

In 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 2016 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 issued by the Institute of CharteredAccountants of India.

For AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm's Registration No. 316112E
M. Agarwal
Place : Kolkata Partner
Date : 27th May 2016 Membership No. : 52474

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