TO THE MEMBERS OF BANSISONS TEA INDUSTRIES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of BANSISONS TEA INDUSTRIESLIMITED ("the company")which comprise the Balance Sheet as at 31 March 2015the Statement 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
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 thereunder.
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 aboutwhetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in orderto design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and operating effectiveness of such controls . An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial 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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch2015 its profit and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters Specified in paragraphs 3 and4 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 ouraudit.
b) In our opinion proper books of account as required by law have been kept by theCompany sofaras itappearsfrom ourexamination of those books.
c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Reportare 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 2015.
e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.
f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2015:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 8.1 to the financial statements;
II. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses]
III. there were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund].
| ||For MANOJ KUMAR GOYAL |
| ||Chartered Accountants |
|Place : Siliguri ||M. K. Goyal |
| ||Proprietor |
|Date : 28th April 2015 ||(Membership No.: 056945) |
ANNEXURE TO THE AUDITORS' REPORT
Referred to in Paragraph 3 of our report of even date on the accounts for the yearended 31st March 2015 of BansisonsTea Industries Ltd.
i) In respect of Fixed Assets :
a) The company has maintain proper record showing full particular includingquantitative details and situation of fixed assets on the basis of available information.
b) As explained to us the major assets have been physically verified by the managementduring the year. No materials discrepancies were noticed on such verification.
c) Some part of fixed assets have been disposed during the year.
ii) In respect of its inventories:
a) As explained to us inventory has been physically verified during the year by themanagement in our opinion the frequency of verification is reasonable.
b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventory followed by the management are reasonableadequate in relation to the size of the company and the nature of its business.
c) The company is maintaining proper record of inventory as explained to us therewere no discrepancies noticed on verification between the physical stock and the bookrecord.
iii) a) The Company has not granted any loans secured or unsecured to companiesfirms or
other parties listed in the register maintained under section 301 of the Act andaccordingly clause iii(b)(c)(d) of Paragraph 4 of the order not applicable e) Asinformed the Company has not taken any loans secured or unsecured from companies firms orother parties covered in the register maintained under section 301 of the Act Accordinglythe provision of clause 4(iii) (f) & 4(iii)(g) of the order are not applicable to thecompany.
iv) In our opinion and according to the Information and explanation given to us thereare adequate internal control procedure commensurate with the size of the company andnature of its business with regard to purchase of inventory fixed assets and with regardto the sale of goods and services. During the course of our audit we have not observedany continuing failure to correct major weakness in Internal controls.
v) According to the Explanation and Information given to us we are of the opinion thatcompany has entered all the transaction required to be entered in to the registermaintain under section 301 of the Act 1956 and transactions have been made are prima faciereasonable.
vi) The company during the year under audit not accepted any deposit under provisionsof section 58A and 58AA or any of the relevant revision of the Act of the companies Act1956 and the companies (Acceptance of Deposit) Rules 1975 with regard to the depositsaccepted from the Public. No order has been passed by the Company Law Board or NationalCompany law Tribunal or Reserve Bank of India or any court or any other Tribunal.
vii) The company has an internal Audit system which in our opinion is commensuratewith the size of the company and the nature of its business.
viii) The Central Government has not prescribed maintenance of cost records undersection 209(1 )(d) of the companies Act 1956 forany product ofthe company.
ix) In respectof statutorydues:
a) According to the record of the Company undisputed statutory dues Provident FundIncome Tax Wealth Tax Service Tax Sales Tax and other statutory dues have beengenerally regular in depositing with appropriate authorities. According to the informationand explanation given to us no undisputed amounts payable in respect of the aforesaiddues were outstanding as at 31st March 2014 for a period of more than six months from thedate of becoming payable.
x) The Company has no accumulated losses 50% of its Net worth but has incurred cashlosses during the financial year covered by our audit and in the immediately precedingfinancial year.
xi) Based on our audit procedure and as per the information and explanation given to usby the management we are ofthe opinion that the company has not defaulted in repayment ofdues to a financial institution Banks or debenture holders.
xii) In our opinion and according to the information and explanation given to us noloans and advances have been granted by the company on the basis of security by way ofpledge of shares debentures and other securities.
xiii) The company is not a chit fund or a nidhi / mutual benefit fund / society.Therefore the provision of the clause 4(xiii) of paragraph 4 of the order are notapplicable.
xiv) The company is not dealing in or trading in share securities debenture and otherinvestment. Therefore the provision ofthe clause 4 (xiv) of paragraph 4 of the order arenot applicable.
xv) According to Information and explanation given to us the company has not given anyguarantee for loans taken by others from banks orfinancial institution.
xvi) According to Information and explanation given to us the company has not beenraised new terms loan during the year under audit. The term loans outstanding at thebeginning of the year were applied for the purposes for which they are raised.
xvii) According to the cash flow statement and other record examine by us and theinformation and explanation to given to the us on an overall basis fund raised on shortterms basis have not Prima - facie been used during the year for long term investment andvice - versa.
xviii) According to the information and explanation given to us and other recordsexamine by us the company has not made any preferential allotment of shares to partiesand companies covered in the registered maintained under section 301 of the during theyear.
xix) According to the explanation and information given to us the company had notissued any secured debenture during the year.
xx) The company has not raised any money by public issuing during the year.
xxi) In our opinion and According to the information and explanation given to us nofraud on or by the company has been noticed or reported during the year.
| ||For MANOJ KUMAR GOYAL |
|Place : Siliguri ||Chartered Accountants |
| ||M. K. Goyal |
|Date : 29th April 2015 ||Proprietor |