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Peria Karamalai Tea & Produce Company Ltd.

BSE: 531044 Sector: Agri and agri inputs
NSE: PKTEA ISIN Code: INE431F01018
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Peria Karamalai Tea & Produce Company Ltd. (PKTEA) - Auditors Report

Company auditors report

To

The Members of

The Peria Karamalai Tea and Produce Company Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of M/s. ThePeriakaramalai Tea and Produce Company Limited ("the company") which comprisethe Balance Sheet as at 31 March 2015 the Statement of Profit and Loss the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

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 the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of internalfinancial control and ensuring their operating effectiveness for 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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe financial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the company has in place an adequate internal financial controls system overfinancial 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 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;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Statement of Profit and Loss of the Loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (" theorder") issued by the Central Government of India in terms of the sub-section (11)of section 143 of the Companies Act 2013 we give in the Annexure a statement on thematters specified in paragraphs 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 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

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) 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 does not have any pending litigations which would impact its financialposition in its financial statements.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S. KRISHNA MOORTHY & CO
Chartered Accountants
Registration No: 001496S
K.N. Sreedharan
Coimbatore Partner Auditors
15th May 2015 Membership No. 12026

ANNEXURE TO THE AUDITORS’ REPORT

(Referred to in paragraph 1 of our report on other Legal and Regulatory Requirements)

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

(b) Fixed Assets have been physically verified by the Management at reasonableintervals. No material discrepancies were noticed on such verification;

(ii) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management;

(b) Procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness;

(c) Company is maintaining proper records of inventory and material discrepancies ifany noticed on physical verification have been properly dealt with in the books ofaccount;

(iii) The company has not granted unsecured loan to parties covered in the registermaintained under section 189 of the Companies Act 2013.

(iv) There is an adequate internal control system commensurate with the size of thecompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods and services. During the course of our audit no major weakness hasbeen noticed in the internal control system;

(v) The Company has not accepted any deposit from the public during the year.

(vi) Central Government has not prescribed maintenance of Cost Records u/s.148(1) ofthe Act in respect of any of the Company’s products or services.

(vii) (a) The company is regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty Cess and any other statutory dues with the appropriateauthorities. According to the information and explanation given to us no undisputedarrears of statutory dues were outstanding as on 31.3.2015 for a period of more than 6months from the date they become payable;

(b) According to the records of the company there are no disputed statutory duesremaining unpaid.

(c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and protection fund by the company.

(viii) The Company does not have accumulated losses at the end of the financial yearThe Company has incurred cash loss in the current year .It has not incurred cash loss inthe immediately preceding financial year;

(ix) The company has not defaulted in repayment of dues to financial institution orbank.

(x) The Company has not given any guarantee for loans taken by others from bank orfinancial institutions;

(xi) The Company has not availed any term loans during the year;

(xii) Based upon the audit procedures performed and information and explanations givenby the management we report that no frauds on or by the company has been noticed orreported during the course of our audit.

For S. KRISHNA MOORTHY & CO
Chartered Accountants
Registration No: 001496S
K.N. Sreedharan
Coimbatore Partner Auditors
15th May 2015 Membership No. 12026