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Longview Tea Company Ltd.

BSE: 526568 Sector: Others
NSE: N.A. ISIN Code: INE696E01019
BSE LIVE 10:42 | 20 Sep 16.35 -0.75
(-4.39%)
OPEN

16.35

HIGH

16.35

LOW

16.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 16.35
PREVIOUS CLOSE 17.10
VOLUME 20
52-Week high 26.90
52-Week low 9.45
P/E
Mkt Cap.(Rs cr) 5
Buy Price 16.35
Buy Qty 191.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.35
CLOSE 17.10
VOLUME 20
52-Week high 26.90
52-Week low 9.45
P/E
Mkt Cap.(Rs cr) 5
Buy Price 16.35
Buy Qty 191.00
Sell Price 0.00
Sell Qty 0.00

Longview Tea Company Ltd. (LONGVIEWTEA) - Auditors Report

Company auditors report

To the Members of Longview Tea Company Limited

Report on the Financial Statements

We have audited the accompanying fi nancial statements of Longview Tea CompanyLimited ("the Company") which comprise the Balance Sheet as at March312016and the Statement of Profi t and Loss and Cash Flow Statement for the year thenended a signifi cant accoun ng policies and other notes for the year ended on that date.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the ma ers stated in sec on134(5) of the Companies act 2013 ("the Act") with respect to the prepara on ofthese fi nancial statements that give a true and fair view of the fi nancial posi on financial performance and cash fl ows of the Company in accordance with the accoun ngprinciples generally accepted in India including the Accoun ng Standards specifi ed undersec on 133 of the Act read with Rule 7 of Companies (Accounts ) Rules2014.

This responsibility also includes maintenance of adequate accoun ng records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preven ng and detec ng frauds and other irregulari es; selec ons and applica on ofappropriate accoun ng policies; making judgements and es mates that are reasonable andprudent; and design implementa on and maintenance of adequate internal fi nancialcontrols that were opera ng e ec vely for ensuring the accuracy and completeness of theaccoun ng records relevant to the prepara on and presenta on of the fi nancial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor’s Responsibility

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

We have taken into account the provisions of the Act the Accoun ng and Audi ngStandards and ma ers 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 Audi ng specifi ed under secon 143(10) of the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the fi nancialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the fi nancial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe fi nancial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Company’s preparaon of the fi nancial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal fi nancialcontrol system over fi nancial repor ng and the opera ng e ec veness of such controls. Anaudit also includes evalua ng the appropriateness of the accoun ng policies used and thereasonableness of the accoun ng es mates made by the Company’s Directors as well asevalua ng the overall presenta on of the fi nancial statements.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the fi nancial statements.

Opinion

In our opinion and to the best of our informa on and according to the explana ons givento us the aforesaid fi nancial statements give the informa on required by the Act in themanner so required and give a true and fair view in conformity with the accoun ngprinciples generally accepted in India of the state of a airs of the Company as at 31stMarch2016and its Profi t and its Clash Flows for the year ended on the date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-sec on (11) of Secon 143 of the Act we give in "Annexure A" a statement on the ma ers specifi edin paragraphs 3 and 4 of the Order to the extent applicable.

Further to our comments in the annexure referred to in the paragraph above as requiredby Sec on 143(3) of the Act we report that:

a) We have sought and obtained all the informa on and explana ons which to the best ofour knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examina on of those books;

c) The Balance Sheet the Statement of Profi t and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d) In our opinion the Balance Sheet Statement of Profi t and Loss and the Cash FlowStatement comply with the Accoun ng Standards specifi ed under sec on 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014;

e) On the basis of the wri en representa ons received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualified as on March 31 2016 from being appointed as a director in terms of sec on 164 (2) ofthe Act.

f) With respect to the adequacy of the internal fi nancial controls over fi nancialrepor ng of the Company and the opera ng e ec veness of such controls refer to ourseparate Report in "Annexure B". Our report express an unmodifi ed opinion onthe adequacy and opera ng e ec veness of the Company’s internal fi nancial controlsover fi nancial repor ng.

g) With respect to the other ma ers 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 informa on and according to the explana ons given to us :

i. Pending li ga ons (Other than those already recognised in the accounts) on the financial posi on of the Company have been disclosed in the fi nancial statement as requiredin terms of the accoun ng standards and provisions of the Companies Act 2013;

ii. The Company does not have any long-term contracts including deriva ve contractsfor which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Educaon and Protec on Fund by the Company.

For LODHA & CO.
Chartered Accountants
Firm ICAI Registration No.: 301051E
H.K. Verma
Place : Kolkata Partner
Date : 26th May 2016 Membership No. 055104

Annexure "A" to the Auditor’s Report of even date:

i) a. The Company has maintained proper records showing full par culars including quanta ve details and situa ons of fi xed assets except in case of furniture and fi xture.

b. During the year fi xed assets have been physically verifi ed by the managementaccording to a regular programme of verifi ca on which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. As informed nomaterial discrepancies were no ced on such verifi ca ons.

c. According to the informa on and explana ons given to us the company does not haveany immovable proper es. Accordingly provisions of clause 3 (i) (c) of the Order is notapplicable to the Company

ii) The Company is engaged in trading of tea and ferrous metals. Stock of tea orferrous metals is physically verifi ed at the me of sale. The Company does not have anyinventory at the year end. Keeping in view the nature of opera ons in our opinion theprocedure for physical verifi ca on of inventory followed by the management are reasonableand adequate in rela on to the size of the Company and nature of its business. The Companyis maintaining proper records of inventory.

iii) The Company has not granted any loans secured or unsecured to companies fi rms orpar es covered in the register maintained under Sec on 189 of the Act. Accordinglyprovisions of clause 3 (iii) of the Order is not applicable to the Company.

iv) In our opinion and according to the informa on and explana ons given to us theCompany has complied with the provisions of sec on 185 and 186 of the Act with respect tothe loans and investments made.

v) The Company has not accepted any deposits from public covered under Sec ons 73 to 76or any other relevant provisions of the Act and rules framed thereunder. Accordinglyprovisions of clause 3(v) of the Order is not applicable to the Company.

vi) According to the informa on and explana on given to us the Central Government hasnot prescribed the maintenance of cost records under Sec on 148(1) of the Companies Act2013. Accordingly provisions of clause 3(vi) of the Order is not applicable to theCompany.

vii) a. According to the informa on and explana ons given to us during the year theCompany has generally been regular in deposi ng with appropriate authori es undisputedstatutory dues including Provident Fund Investor Educa on Protec on Fund Employees’State Insurance Income Tax Sales Tax Wealth Tax Service tax Custom Duty Excise DutyValue Added Tax Cess and other statutory dues as applicable to it.

b. According to the informa on and explana ons given to us the details of disputeddues of sales tax income tax customs duty wealth tax excise duty service tax andCess if any as at 31st March 2016 are as follows :

Name of the statute Nature of Dues Amount (In Rs.) Period to Which the amount relates Forum where dispute is pending
The Central Excise Act Excise Duty 792688 1999-2000 High Court Calcu a
Sales Tax Act Sales Tax 165658 1977-1978 No details were made
1978-1979 available as to the
1979-1980 forum where appeal is
1980-1981 pending
308096 1995-1996 Assistant Commissioner
1934613 1998-1999 Assistant commissioner
146090 2000-2001 Tribunal

viii) In our opinion and on the basis of informa on and explana ons given to us by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto fi nancial ins tu ons banks or debenture holders.

ix) In our opinion and according to the informa on and explana on gives to us thecompany did not raise any money by way of ini al public o er or further public o er (including debt instruments). Accordingly provision of clause 3 (ix) of the Order is notapplicable.

x) During the course of our examina on of books of account carried out in accordancewith generally accepted audi ng prac ces in India We have neither come across anyincidence of fraud on or by the Company nor have we been informed of any such cases by themanagement.

xi) According to the informa on and explana on given to us and based on our examina onof the records of the Company the Company has not paid/provided for managerial remuneraon during the year. Accordingly provisions of clause 3(xi)of the Order is not applicable

xii) In our opinion and according to the informa on and explana ons given to us thecompany is not a nidhi company. Accordingly provision of clause 3(xii) of the Order isnot applicable.

xiii) According to the informa on and explana ons given to us and based on our examinaon of the records of the Company transac ons with the related par es are in compliancewith sec ons 177 and 188 of the Act where applicable and details of such transac ons havebeen disclosed in the fi nancial statements required by the applicable accoun ngstandards.

xiv) According to the informa on and explana ons given to us and based on our examinaon of the records of the company the company has not made any preferen al allotment orprivate placement of share or fully or partly conver ble debentures during the year.Accordingly provisions of clause 3(xiv) of the order is not applicable.

xv) According to the informa on and explana ons given to us and as represented to us bythe Management and based on our examina on of the records of the Company the Company hasnot entered into non-cash transac ons with directors or persons connected with him.Accordingly provisions of clause 3(xv) of the order is not applicable.

xvi) The Company is not required to be registered under sec on 45-IA of the ReserveBank of India Act 1934.

For LODHA & CO.
Chartered Accountants
Firm ICAI Registration No.: 301051E
H.K. Verma
Place : Kolkata Partner
Date : 26th May 2016 Membership No. 055104

ANNEXURE "B" TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph (f) under ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of LongviewTea Company 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 ensuing the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor’s 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlsover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For LODHA & CO.
Chartered Accountants
Firm ICAI Registration No.: 301051E
H.K. Verma
Place : Kolkata Partner
Date : 26th May 2016 Membership No. 055104