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Bansisons Tea Industries Ltd.

BSE: 519353 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE856E01019
BSE 00:00 | 21 Nov 8.20 0
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8.20

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NSE 05:30 | 01 Jan Bansisons Tea Industries Ltd
OPEN 8.20
PREVIOUS CLOSE 8.20
VOLUME 100
52-Week high 8.60
52-Week low 8.20
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.20
Sell Qty 100.00
OPEN 8.20
CLOSE 8.20
VOLUME 100
52-Week high 8.60
52-Week low 8.20
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.20
Sell Qty 100.00

Bansisons Tea Industries Ltd. (BANSISONSTEA) - Auditors Report

Company auditors report

TO THE MEMBERS OF BANSISONS TEA INDUSTRIES LIMITED Report on the Ind ASStandalone Financial Statements

We have audited the accompanying Ind AS Standalone Financial Statements of BANSISONSTEA INDUSTRIES LIMITED ("the Company") which comprise the Balance Sheet as atMarch 312018 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Cash Flow the statement of Changes in equity for the year then ended anda summary of significant accounting policies and other explanatory information(hereinafter referred to as "the Ind AS Standalone Financial Statements").

Management*• Responsibility for the Ind AS Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Ad 2013 ("the Ad") with resped to the preparation ofthese Ind AS Standalone Financial Statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cashflows. and the statement of Changes in equity in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified undersection 133 of the Ad read with relevant Rules issued there under.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Ad for safeguarding the assets of the Company andfor preventing and detecting 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 financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASStandalone 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 Ind AS Standalone FinancialStatements based 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 accordancewith the Standards on Auditing specified under section 143(10) of the Act and otherapplicable authoritative pronouncements issued by the Institute of Chartered Accountantsof India. Those Standards and pronouncements require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Ind AS Standalone Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS Standalone Financial Statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind AS

Standalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal

financial control relevant to the Company's preparation of the Ind AS StandaloneFinancial Statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the Ind AS Standalone Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS Standalone Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS Standalone Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 its loss (including other comprehensive income) its cashflows and the statement of Changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 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 examination of those books.

c) The Balance Sheet the Statement of Profit and Loss(including other comprehensiveincome) the Cash Flow Statement and the statement of Changes in equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS 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 the written representations received from the Directors of theCompany as on March 312018 and taken on record by the Board of Directors none of theDirectors of the Company are disqualified as on March 312018 from being appointed as aDirector in terms of section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure "A".

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 opinion and to the best ofour information and according to the explanations given to us:

i. The Ind AS Standalone Financial Statements disclose the impact of pendinglitigations on the financial position of the Company.

ii. The Company did not have long-term contract including derivatives 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 MANOJ KUMAR GOYAL

CHARTERED ACCOUNTANTS

Manoj Kumar Goyal Proprietor M. No.: 056945 Siliguri: July 162018.

ANN EXUREA TO THE INDEPENDENT AUDITORS REPORT

Referred to in Paragraph 1 (f) 'Report on Other Legal and Regulatory Requirements' inour Independent Auditor’s Report to the members of the Company on the Ind ASStandalone Financial Statements for the year ended March 312018.

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of section143 of the Companies Ad 2013.

We have audited the internal financial controls over financial reporting of BANSISONSTEA INDIUTRIES LIMITED ("the Company") as of March 312018 in conjunction withour audit of the Ind AS Standalone Financial Statements of the Company for the year endedon that date.

Management's Responslblllty 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effedively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detedion of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliablefinancial information as required under the Companies Ad 2013 (the "Ad" or the"Companies Ad").

Auditors' 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 and the

Standards on Auditing issued by ICAI and deemed to be prescribed under sedion 143(10)of the Companies Ad 2013 to the extent applicable to an audit of internal financialcontrols both issued by

the ICAI. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the auditto obtain reasonable assurance about whetheradequate internal financial

controls over financial reporting was established and maintained and if such controlsoperated effedively 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 operatingeffediveness. Our audit of internal finonciol 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 proceduresseleded depend on the auditor's judgment 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 controls systemover financial reporting.

Meaning of Infernal 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 controloverfinancial reporting includes those policies and procedures that:

1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 ihe 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 knowledge and according to the explanations given tous 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 2018 based on the internal controlover 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 MANOJKUMAR GOYAL CHARTERED ACCOUNTANTS

Manoj Kumar Goya!

Proprietor M. No.: 056945 Siliguri: July 162018

ANNEXUREBATOTHE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' in our Independent Auditors' Report to the members of the Company on the IndAS Standalone Financial Statements for the year ended March 312018:

Statement on Matters specified in paragraphs 3 and 4 of the Companies (Auditor'sReport) Order 2016:

1. Fixed Assets:

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

b) The Company has a program for physical verification of fixed assets at periodicintervals. The Company has conducted a physical verification of fixed assets during theyear. In our opinion the period of verification is reasonable having regard to the sizeof the Company and the nature of its assets. And no material discrepancies were noticed onsuch verification between the books of account and the physical fixed assets.

c) According to the information and explanations given to us and on the basis of therecords of the Company examined by us immovable properties are held in the name of theCompany

2. The Management has conducted physical verification of inventory at reasonableintervals. The no material discrepancies noticed on physical verification

3. The Company has not granted any loan secured or unsecured to companies firmslimited liability partnerships or other parties which are listed in the registermaintained under Section 189 of the Companies Act 2013.Accordinglythe provisions ofclause 3(iii)(a) to (c) of the order are not applicable to the company and hence notcommented upon.

4. In our opinion and according to the information and explanations given to us theCompany has not advanced any loans to parties or granted securities covered under Section185 and 186 of the Companies Act 2013 in respect of loans investments guarantees andsecurity.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 73 to76 or any other relevant provisions of the Companies Act and the rules framed thereunder. No order has been passed by the Company Law Board or National Company LawTribunal or Reserve Bank of Indiaor any Court or any other Tribunal.

6. As informed to us the maintenance of cost records has not been specified by theCentral

Government under sub-section (1) of Section 148 of the ad in resped of the activitiescarried on by the company

7. Statutory Dues:

a) According to the information and explanations given to us and on the basis of therecords examined by us the Company is regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Cess and any otherstatutory dues with the appropriate authorities wherever applicable. We have been informedthat there are no undisputed dues which have remained outstanding as at the last day ofthe financial year for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofIncome- tax Goods and Service Tax Sales tax Service tax Duty of Customs Duty ofExcise Value added tax or Cess outstanding on account of any dispute.

8. According to the information and explanations given to us and based on the documentsand records produced before us there has been no default in repayment of dues to banksfinancial institutions or debenture holders. There are no dues to Government.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) during the year and the term loans obtained by theCompany were applied for the purpose for which the loans were obtained.

10. During the course of our examination of the books of account and records of theCompany to the best of our knowledge and belief and according to the information andexplanations given to us by the Management no fraud by the Company or on the Company byits officers or employees has been noticed or reported during the year.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with sectionsl77 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with Directors or persons connected with him.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For MANOJ KUMAR GOYAL CHARTERED ACCOUNTANTS

Manoj Kumar Goya I

Proprietor

M. No.: 056945

Siliguri : July 162018