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Ledo Tea Company Ltd.

BSE: 508306 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE643B01017
BSE LIVE 15:15 | 18 Oct 77.90 0
(0.00%)
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77.90

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77.90

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 77.90
PREVIOUS CLOSE 77.90
VOLUME 500
52-Week high 97.00
52-Week low 74.00
P/E
Mkt Cap.(Rs cr) 7
Buy Price 74.10
Buy Qty 200.00
Sell Price 78.95
Sell Qty 300.00
OPEN 77.90
CLOSE 77.90
VOLUME 500
52-Week high 97.00
52-Week low 74.00
P/E
Mkt Cap.(Rs cr) 7
Buy Price 74.10
Buy Qty 200.00
Sell Price 78.95
Sell Qty 300.00

Ledo Tea Company Ltd. (LEDOTEA) - Auditors Report

Company auditors report

TO THE MEMBERS OF LEDO TEA COMPANY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of LEDO TEA COMPANYLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 and the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility 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 read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of 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 standalone financial statements.

Opinion

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 31st March 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to the Note no. 25 of the financial statement regarding non provisionin respect of part of gratuity as per Accounting Standard 15 (Revised 2005) amounting toRs. 40.06 lacs upto 31st March 2015(PY Rs. 29.10 lacs). Our report is not modified inrespect of this matter.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2015 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143 (3) of the Act we report that: a We have sought andobtained all the information and explanations which to the best of our Knowledge andbelief 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 Except for the effects of the matter described in the Emphasis of Matter in theparagraph above in our opinion the aforesaid standalone financial statements comply withthe Accounting 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 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

f The matters describes in the 'Emphasis of Matter' paragraph above in our opinionmay not have an adverse effect on the functioning of the company.

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 as stated in Note No. 29 to the financial statements.

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.

For DAS & PRASAD
Chartered Accountants
(Firm's Registration No. 303054E)
P. K. AGARWAL
Place : Kolkata Partner
Date : 30th May 2015 Membership No.056921

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in paragraph 1 with the heading "Report on other legaland regulatory requirements" of Our Report of even date to the members of Ledo TeaCompany Limited on the Financial Statements of the Company for the year ended 31st March2015.

i) In respect of fixed assets:

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

b) The fixed assets of the Company have been physically verified by the management andno material discrepancies have been noticed on such physical verification. In our opinionthe frequency of verification is reasonable.

ii) In respect of Inventory:

a) As explained to us inventories were physically verified during the year by themanagement at reasonable intervals.

b) In our opinion and based on management representation the procedures of physicalverification of inventories followed by the management were reasonable and adequate inrelation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanation given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

iii) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (a)and iii (b) of the order are not applicable to the Company and hence not commented upon.

iv In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of theCompany and the nature of its business with regard to purchase of inventories fixedassets and sale of goods. During the course of our audit no major instance of continuingfailure to correct any weakness in the internal controls has been noticed.

v The Company has not accepted any deposit from the public covered under Section 73 to76 of the Companies Act 2013. Therefore the provisions of the clause 4 (v) of the Orderare not applicable to the Company.

vi We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Accounting Records) Rules 2011 prescribed by the Central Government underSection 209(1)(d) of the Companies Act 1956 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determining whether they are accurate orcomplete.

vii (a) According to the information and explanation given to us and on the basis ofour examination of the records of the company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Income TaxSales Tax Service Tax Value Added Tax cess or other material statutory dues have beengenerally regularly deposited during the year by the Company with appropriate authorities.

According to the information and explanation given to us no undisputed statutory duesincluding Provident Fund Income Tax Service Tax Value Added Tax cess or other materialstatutory dues were in arrears as at 31st March 2015 for a period of more than six monthsfrom the date they become payable except in following cases:

Nature Assessment Year Forum Amount
Agricultural Income Tax 1989-90 Agricultural Income Tax Officer Assam 6492.00
Agricultural Income Tax 1998-99 Agricultural Income Tax Officer Assam 14660.00
Agricultural Income Tax 1999-00 Agricultural Income Tax Officer Assam 420.00
Agricultural Income Tax 2000-01 Agricultural Income Tax Officer Assam 111581.00

b). According to the information and explanation given to us the following dues ofSales-Tax have not been deposited by the company on account of dispute as at 31st March2015.

Nature Assessment Year Forum Amount involved
Sales Tax 2007-08 Joint Commissioner of Taxes Assam 427165.00
Sales Tax 2008-09 -do- 466173.00
Sales Tax 2010-11 -do- 351155.00

c). According to the information and explanation given to us there were no amountswhich were required to be transferred to the Investor Education and Protection Fund by theCompany.

viii The company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year. However the company has incurredcash losses in the immediate preceding financial year.

ix The Company has not defaulted in repayment of dues to financial institutions orbanks. There were no debentures outstanding during the year.

x According to the information and explanations given to us the Company has not givenany guarantees for loan taken by others from a bank or financial institutions.

xi According to the information and explanations given to us by the management termloans were applied for the purpose for which the loans were obtained.

xii Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For DAS & PRASAD
Chartered Accountants
Firm's Registration No. 303054E
P. K. AGARWAL
Place : Kolkata Partner
Date : 30th May 2015 Membership No.056921