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Kamala Tea Company Ltd.

BSE: 530529 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Kamala Tea Company Ltd. (KAMALATEA) - Auditors Report

Company auditors report

ANNUAL REPORT 1999-2000 KAMALA TEA COMPANY LIMITED AUDITORS' REPORT We report that we have audited the annexed Balance Sheet of KAMALA TEA COMPANY LIMITED as at 31st March, 2000 and also the annexed Profit and Loss Account of the Company for the year ended on that date along with Schedule Nos. 1 to 18 and Schedule No. 19 as Notes on Accounts forming part of the Balance Sheet and Profit and Loss Account and we report that: 1. The Company has not ascertained and provided gratuity payable to Head Office Employees. 2. In absence of regular market of unquoted shares, the market value could not be ascertained. 3. The Company has not provided Rs. 27,61,106.00 as Rural Employment cess on Green Leaf plucked from 1..4.91 to 31.3.95 and primary Education cess from 14.4.84 to 31.3.1995. 4. Sundry Debtors includes Export receivable amounting to Rs. 56,96,53,/- (US $ 96,132.84) against which the Co. had lodged claim to Export Credit Guarantee Corporation of India Limited. out of the said amount, the company has received Rs. 46,01,015/- and the balance amount is yet to be settled and the Company has not make any provision for Doubtful Debts of the Balance Amount. 5. As required by Manufacturing and other Companies (Auditors' Report) Order, 1998 issued in terms of Section 227 (4A) of the Companies Act ,1956. and on the basis of such examination of the books and records of the Company as we considered appropriate and information and explanations given to us during the course of our audit, we report that in our opinion. i) The Company has maintained proper records to show full particulars including quantitative details and situations of the Fixed Assets. These Fixed Assets have been physically verified by the management and no serious discrepancies were noticed on such verification. As informed by the Management, Fixed Assets Register of Fatickcherra Tea Estate is under preparation. ii) None of the Fixed Assets have been revalued during the year. iii) The stocks of finished goods, stores and stores parts , raw materials of the Company in its possession have been physically verified by the management at reasonable intervals. Stocks in the possession and custody of third parties and stock-in -transit as on 31st March,2000 have been verified by the Management with reference to confirmations or statement of account or correspondence of the third parties of subsequent receipt of goods. iv) In our opinion, the procedure of physical verification of stocks as followed by the Management are reasonable and adequate in relation to the size of the company and the nature of business. v) The discrepancies whatever noticed on such physical verification of stocks as compared to book records are minor in nature and those have been properly dealt with in the books of account. vi) On the basis of the examination, the valuation of such stock is fair and proper and in accordance with the normally accounting principles. The basis of valuation of such stock is same as in earlier years. vii) The Company has not taken any loans, secured or unsecured from companies Firms or other parties listed in the register maintained Under Section 301 of the Companies Act, 1956 and/or from the Companies under the same Management as defined Under Sub-section (1B) of section 370 of the Companies Act, 1956. viii) The Company has not granted any loans, secured or unsecured from companies Firms or other parties listed in the register maintained Under Section 301 of the Companies Act, 1956 and/or from the Companies under the same Management as defined Under Sub-section (1B) of section 370 of the Companies Act, 1956. ix) Interest free loans and advances in the natures of the loans have been granted to employees who are repaying it as stipulated. x) In our opinion and according to the explanations given to us there is adequate internal control procedure commensurate with the size of the Company and the nature of its business for the purchase of stores raw materials, componets, plants and machineries, equipment, packing materials and other assets for the sale of goods. xi) The transactions of purchase of goods and materials and sale of goods, materials and services, made in purchase of contracts or arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- (Rupees fifty thousand) or more in respect of each party have been made at prices which are reasonable having regard to the explanations that for purchases of certain specified items alternatives sources are limited and other are made with reference to price lists, quality, delivery schedules and prevailing market prices for such goods, materials or services or the prices of which transactions for similar goods or services have been made with other parties. xii) Unserviceable and damage stores, raw materials or finished goods are being regularly determined and provision for the loss, if any, have been made in the accounts. xiii) The Company has not accepted any public deposits during the year. xiv) The Company has maintained reasonable records for the sale and disposal of tea waste. The Company has no by-products. xv) The Company has an internal audit system which is in commensurate with the size and nature of the business of the Company. xvi) The Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956, for the company. xvii)The Company has generally been regular in depositing of provident Funds with the appropriate authority. However, as per the information and explanations given to us there has been some delay in payment of Provident Fund dues. xviii) There is no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales tax, customs duty and Excise Duty for a period more than six months from the date they become payable as at the last day of the financial year. xix) We have not come across any personal expenses which have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. xx) The Company is not a Sick Company within the meaning of the clause (o) of sub- section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. (Other questions not referred above are applicable to the Company). We, further report that in our opinion proper books of account have been kept by the company as required by law, so far as appears from our examination of those books. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and in our opinion the profit & loss account and the balance sheet of the Company comply with the accounting standards referred to in sub-section 3c of section 211. Further in our opinion and according to the explanations given to us, the said accounts read along with the Schedules 1 to 19 give the information required by the Companies Act,1956 in the manner so required and the Balance Sheet gives a true and fair view of the state of affairs of the company as at 31st March, 2000 and the Profit & Loss Account gives a true and fair view of the PROFIT for the year ended on that date. For A.C. Roy & Co. 1B, Old Post Office Street Chartered Accountants Calcutta-700 001 INDRADIT ROY Dated : 9th October, 2000 PROPRIETOR