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Norben Tea & Exports Ltd.

BSE: 519528 Sector: Agri and agri inputs
NSE: NORBTEAEXP ISIN Code: INE369C01017
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Norben Tea & Exports Ltd. (NORBTEAEXP) - Auditors Report

Company auditors report

AND EXPORTS LTD

(CIN – L01132WB1990PLC048991)

1. Report on the Ind AS Financial Statements

We have audited the accompanying financial statements of Norben Tea & ExportsLtd. ("the Company") which comprise the Balance Sheet as at March31 2018 the Statement of Profit & Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity the Cash Flow Statement forthe year ended and a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as "Ind AS financialstatements").

2. Management's Responsibility for the Ind AS 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 Ind AS 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 Accounting Standards (IndAS) specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view andare free from material misstatement whether due to fraud or error.

3. Auditors' Responsibility

Our Responsibility is to express an opinion on these Ind AS financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matter which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. We conducted our audit of the IndAS financial statements in accordance with Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plans and perform the audit to obtain reasonable assurance about whetherthe Ind AS financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depends on the auditor'sjudgment including the assessment of the risk of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

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

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS 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 affairsof the Company as at March 31 2018 and its profit total comprehensive incomeand its cash flow and the changes in equity for the year ended onthat date.

5. Other Matters

The Company has adopted Ind AS with effect from 1st April 2017 withcomparatives being restated. Accordingly the impact of transition has been provided in theOpening Reserves as at 1st April 2016 and all periods prescribed have beenrestated.

6. Report on Other Legal and Regulatory Requirements

6.1 As required by the Companies (Auditors' Report) Order 2016 (‘theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the ANNEXURE- A a statementon the matters specified in paragraph 3 and 4 of the said Order.

6.2 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 purpose of our audit; (b) In ouropinion proper books of account as required by law have been kept by the Company so faras appears from our examination of the books; (c) The Balance Sheet the Statementof Profit and Loss including Other Comprehensive Income the

Statement of Changes in Equity and the Cash Flow Statement dealt with bythis Report are in agreement with the books of account; (d) In our opinion the aforesaid IndAS financial statements comply with the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014; (e) On the basisof written representations received from the directors as on March 31 2018 and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312018 from being appointed as directors in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "ANNEXURE – B".

(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) TheCompany does not have any pending litigations which impact its financial position in its IndAS financial statements; (ii) The Company did not have any long term contractsincluding derivative contracts for which there were any material foreseeable losses.

(iii) There were no amount which were required to be transferred to Investor Educationand Protection Fund by the Company.

41 N. S. Road For L. K. BOHANIA & Co.
4th Floor Room No. – 404 Chartered Accountants
Kolkata – 700 001 FRNo.317136E
Vikash Mohata
Place : Kolkata. Partner.
Dated : The 29th Day of May 2018 Membership No.-304011

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 6.1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the Standalone Ind ASfinancial statements of the Company for the year ended March 31 2018 :

1. In respect of its Property plant and equipment i.e. Fixed Assets :

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

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and nature of itsbusiness. Pursuant to the program a portion of the fixed assets has physically verifiedby the management during the year and no material discrepancies between the books recordsand the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of the Company.

2. In respect of its Inventories :

(a) The management has conducted the physical verification of inventory at reasonableintervals.

(b) The discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account were notmaterial.

3. The Company has not granted any loans secured or unsecured to the companies firmsor other Limited Liability Partnerships or other parties covered in the Registermaintained under Section 189 of the Act. Accordingly the provisions of clause 3 (iii) (a)to (c) of the Order are not applicable to the Company and hence not commented upon.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from public and hence the directivesissued by the Reserve Bank of India and the provisions of Section 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from public are not applicable.

6. We have broadly reviewed the cost records maintained by the Company pursuant toCompanies (Cost Records and Audit) Rules 2014 read with Companies (Cost Records andAudit) Amendment Rules 2014 prescribed by the Central Government under Section 148 of theCompanies Act 2013 and are of the opinion that prima facie the prescribed cost recordshave been maintained. We have however not made a detailed examination of the cost recordswith a view to determine whether they are accurate or complete.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts and records the Company has been generallyregular in depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess Goods & Service Taxes and any other statutory dues with theappropriate authorities. According to the information and explanations given to us theundisputed amount payable in respect of Professional Tax is Rs. 79121/- which wereoutstanding as at 31st March 2018 for a period of more than six months from thedate on when they become payable.

(b) According to the information and explanations given to us there are no dues ofincome-tax sales tax service tax duty of customs duty of excise value added taxgoods & service tax outstanding on account of any dispute apart from the followingdues of Income tax which have not been deposited by the Company on account of Dispute:

Name of the statute Nature of dues Amount of Demand in dispute ( Rs.) Period to which the amount relates Forum where dispute is pending Amount Paid under protest(Rs.)
Income Tax Income Tax 2465000/- 1995-1996 DCIT Kolkata
Income Tax Income Tax 134240/- 2009-2010 DCIT Kolkata 5223/-
Income Tax Income Tax 38950/- 2010-2011 CIT(A) Kolkata 36019/-
Income Tax Income Tax 845670/- 2011-2012 CIT(A) Kolkata 157344/-
Income Tax Income Tax 423930/- 2012-2013 DCIT Kolkata 40453/-
Income Tax Income Tax 6255770/- 2013-2014 CIT(A) Kolkata 939366/-
Income Tax Income Tax 580970/- 2014-2015 CIT(A) Kolkata 88150/-

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not takenloan either from financial institutions or from the government and has not issued anydebentures.

9. Based upon the audit procedures performed and the information and explanations givenby the management the Company has not raised money by way of initial public offer orfurther public offer including debt instruments and term loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and the information and explanation givenby the management we report that no fraud by the Company or on the Company by its Officeror Employees has been noticed or reported during the year. 11. Based upon the auditprocedures performed and the information and explanation given by the management themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of the Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. 14. Based uponthe audit procedures performed and the information and explanations given by themanagement the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16. In our opinion the Company is not required to be registered under section 45 IA ofthe Reserve bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

41 N. S. Road For L. K. BOHANIA & Co.
4th Floor Room No. – 404 Chartered Accountants
Kolkata – 700 001 FRNo.317136E
Vikash Mohata
Place : Kolkata. Partner.
Dated : The 29th Day of May 2018 Membership No.-304011

"ANNEXURE - B" TO THE INDEPENDENT AUDITORS' REPORT Of EVEN DATE ON THE IND ASFINANCIAL STATEMENTS OF M/S NORBEN TEA & EXPORTS LTD.

Report on the Internal Financial Control under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") - Referred to in paragraph 5.2(f) ofour report of even date to the Standalone Ind AS financial statements of the Company forthe year ended March 31 2018 :

We have audited the internal financial controls over financial reporting of M/s NorbenTea & Exports Limited ("the Company") as of March 31 2018 inconjunction with our audit of the Ind AS financial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial control 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 Control Over financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includesthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

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 on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 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 controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

41 N. S. Road For L. K. BOHANIA & Co.
4th Floor Room No. – 404 Chartered Accountants
Kolkata – 700 001 FRNo.317136E
Vikash Mohata
Place : Kolkata. Partner.
Dated : The 29th Day of May 2018 Membership No.-304011