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Ledo Tea Company Ltd.

BSE: 508306 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE643B01017
BSE 00:00 | 26 Sep 29.90 0
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NSE 05:30 | 01 Jan Ledo Tea Company Ltd
OPEN 29.90
PREVIOUS CLOSE 29.90
VOLUME 1
52-Week high 43.70
52-Week low 28.50
P/E
Mkt Cap.(Rs cr) 3
Buy Price 28.50
Buy Qty 1.00
Sell Price 28.50
Sell Qty 109.00
OPEN 29.90
CLOSE 29.90
VOLUME 1
52-Week high 43.70
52-Week low 28.50
P/E
Mkt Cap.(Rs cr) 3
Buy Price 28.50
Buy Qty 1.00
Sell Price 28.50
Sell Qty 109.00

Ledo Tea Company Ltd. (LEDOTEA) - Auditors Report

Company auditors report

TO THE MEMBERS OF "LEDO TEA COMPANY LIMITED" Report on theStandalone Ind AS Financial Statements

1. We have audited the accompanying standalone Ind AS financialstatements of LEDO TEA COMPANY LIMITED ("the Company") which comprise theBalance Sheet as at 31st March 2018 and the Statement of Profit and Loss (includingOther Comprehensive Income) the Cash Flow Statement and the Statement of Changes inEquity for the year then ended and a summary of the significant accounting policies andother explanatory information.

Management's Responsibility for the Standalone Ind AS FinancialStatements

2. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone IndAS financial statements based on our audit. In conducting our audit we have taken intoaccount the provisions of the Act the accounting and auditing standards and matters whichare required to be included in the audit report under the provisions of the Act and theRules made thereunder.

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the standalone Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the standaloneInd AS financial statements.

5. We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Opinion

6. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone Ind AS financial statements givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2018 and its loss total comprehensiveloss its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of Section143(11) of the Act we give in "Annexure A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

As required by Section 143(3) of the Act based on our audit wereport to the extent applicable that: a. we have sought and obtained all the informationand explanations which to the best of our knowledge and belief were necessary for thepurposes of our audit; b. in our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books; c. theBalance Sheet the Statement of Profit and Loss including Other Comprehensive Income theCash Flow Statement and Statement of Changes in Equity dealt with by this Report are inagreement with the relevant books of account; d. in our opinion the aforesaid standaloneInd AS financial statements comply with the Indian Accounting Standards prescribed undersection 133 of the Act. e. on the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as a director interms of Section 164(2) of the Act; f. with respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate report in "Annexure B"; and g. withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion andto the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements as stated in Note No. 28 to the standalone Ind AS financialstatements. ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses. iii. There has been nodelay in transferring amounts to the Investor Education and Protection Fund by theCompany.

For B Nath & Co

Chartered Accountants

(Firm's Registra on No.307057E)

Gaurav More

(Partner)

(Membership No. 306466)

Place: Kolkata Date: 30th May 2018

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the membersof the Company on the standalone Ind AS nancial statements for the period ended 31st March2018 we report that: (i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of the fixed assets; (b) Thefixed assets were physically verified during the year under audit by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on thesuch verification; (c) As per information and explanation given to us by the managementand the records verified by us and based on the examination of the registered sale deedprovided to us we report that all the immovable properties are held in the name of theCompany.

(ii) In our opinion the inventories were physically verified during theyear by the Management at reasonable intervals and as explained to us no materialdiscrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us and onthe basis of our examination of the books of account the Company has not granted anyloans secured or unsecured to companies firms limited liability partnerships or otherparties covered in the register maintained under section 189 of the Companies Act 2013.Consequently the provisions of paragraph iii(a) iii(b) and iii(c) of the Order are notapplicable to the Company and hence not commented upon.

(iv) In our opinion and according to information and explanations givento us the Company has not given any loans or made investments guarantees and securityhence the provision of this paragraph is not applicable to the Company. (v) The Companyhas not accepted any deposit from the public covered under Section 73 to 76 of theCompanies Act 2013. Therefore the provisions of paragraph 3(v) of the Order is notapplicable to the Company.

(vi) According to the information and explanations given to us in ouropinion the Company have prima facie made and maintained the prescribed cost recordspursuant to the Companies (Cost Records and Audit) Rules 2014 as amended prescribed bythe Central Government under subsection (1) of Section 148 of the Companies Act 2013. Wehave however not made a detailed examination of the cost records with a view todetermining whether they are accurate or complete.

(vii) a) According to the information and explanation given to us andon the basis of our examination of the records of the Company amounts deducted/accrued inthe books of account in respect of undisputed statutory dues including Provident FundIncome Tax Sales Tax Service Tax Value Added Tax GST Cess or other material statutorydues have been generally regularly deposited during the period by the Company withappropriate authorities. According to the information and explanation given to us noundisputed statutory dues including Provident Fund Income Tax Service Tax Value AddedTax GST Cess or other material statutory dues were in arrears as at 31st March 2018 fora period of more than six months from the date they become payable except in followingcases:

Nature

Assessment Year

Forum

Amount

Agricultural Income Tax

1989-90

Agricultural Income Tax O cer Assam

6492

Agricultural Income Tax

1998-99

Agricultural Income Tax O cer Assam

14660

Agricultural Income Tax

1999-00

Agricultural Income Tax O cer Assam

420

Agricultural Income Tax

2000-01

Agricultural Income Tax O cer Assam

111581

b) According to the information and explanation given to us there wareno disputed dues which have not deposited by the company on account of dispute as at 31 stMarch 2018: viii) In our opinion and according to the information given to us the Companyhas not defaulted in repayment of dues to banks. There were no debentures outstandingduring the year. ix) According to information and explanation given to us the Company hasnot raised moneys by way of initial public offer or further public offer (including debtinstruments) and term loans during the year ended 31st March 2018. Accordingly paragraph3(ix) of the Order is not applicable. x) Based on the audit procedures performed and theinformation and explanations given to us we report that no material fraud on or by theCompany has been noticed or reported during the period nor have we been informed of suchcase by the management. xi) According to information and explanation given to us theCompany has paid or provided managerial remuneration in accordance with the provisions ofsection 197 read with Schedule V to the Act. xii) In our opinion and according to theinformation and explanation given to us the Company is not a Nidhi Company and hence theparagraph 3(xii) is not applicable. xiii) According to the information and explanationsgiven to us and based on our examination of the records of the Company transactions withthe related parties are in compliance with section 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the financial statements asrequired by the applicable Indian accounting standards. xiv) According to information andexplanation given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the period underreview. xv) According to information and explanation given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.Accordingly the paragraph 3(xv) is not applicable the Company. xvi) In our opinion and onthe basis of information and explanation given to us by the management the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934. For BNath & Co

Chartered Accountants

(Firm's Registra on No.307057E)

Gaurav More

(Partner)

(Membership No. 306466)

Place: Kolkata Date: 30th May 2018

Annexure - B to the Auditors' Report

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

We have audited the internal financial controls over financialreporting of Ledo Tea Company Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the period ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A Company's internalfinancial control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the Company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone Ind AS financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the Company's assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2018 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India. For B Nath & Co

Chartered Accountants

(Firm's Registra on No.307057E)

Gaurav More

(Partner)

(Membership No. 306466)

Place: Kolkata Date: 30th May 2018