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Teesta Agro Industries Ltd.

BSE: 524204 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE757D01011
BSE 00:00 | 30 Sep Teesta Agro Industries Ltd
NSE 05:30 | 01 Jan Teesta Agro Industries Ltd
OPEN 19.30
PREVIOUS CLOSE 19.30
VOLUME 500
52-Week high 19.30
52-Week low 0.00
P/E 1.70
Mkt Cap.(Rs cr) 11
Buy Price 21.00
Buy Qty 50.00
Sell Price 20.25
Sell Qty 2.00
OPEN 19.30
CLOSE 19.30
VOLUME 500
52-Week high 19.30
52-Week low 0.00
P/E 1.70
Mkt Cap.(Rs cr) 11
Buy Price 21.00
Buy Qty 50.00
Sell Price 20.25
Sell Qty 2.00

Teesta Agro Industries Ltd. (TEESTAAGROIND) - Auditors Report

Company auditors report

To the Members of

Teesta Agro Industries Limitod

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Teesta Agro IndustriesLimited ("the Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information

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 preparationof these 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 the Accounting Standards (IndAS) prescribed under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act 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 ASfinancial 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 financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under and the Order issued underSection 143(11) of the Act.

We conducted our audit of Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the Ind AS 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 financial statements

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 information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India'

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018;

(ii) In the case of the Statement of Profit and Loss of the profit of the company forthe year ended on that date; and

(iii) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of section 143(11) of theAct and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to the information and explanations given to us wegive in "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situations of its fixed assets.

(b) Most of the fixed assets of the Company have been physically verified during theyear by the Management and no material discrepancy between the book records and thephysical inventory have been noticed.

(c) Title deeds of immovable properties are held in the name of the company.

(d) Fixed assets disposed off during the year in our opinion do not constitute asubstantial part of the fixed assets of the Company and such disposal has not affectedgoing concern status of tire company.

2. (a) The stocks of finished goods stores spare parts and raw materials (other thanitems in transit and lying with third parties) of the company have been physicallyverified by the management at the year-end.

(b) In our opinion the procedures of physical verification of aforesaid stocksfollowed by the management are reasonable and adequate in relation to the size of theCompany and nature of its business

(c) The company has maintained proper records of inventories. In our opinion thevaluation of stock of finished goods stores spare parts and raw materials has been fairand proper in accordance with the normally accepted accounting principles and is on thesame basis as in the preceding year. The discrepancies noticed on physical verification ofthe inventory as compared to book records have been property dealt with In the books ofaccount.

3. (a) The Company has granted interest free unsecured loan in earlier years ofRs.30.29 lakhs to Nepun Cement and Power Limited.

(b) In our opinion the rate of interest and other terms and conditions of loansecured or unsecured taken by the Company during the year from companies firms and otherparties listed in the register maintained under Section 189 of the Act are prima-facie notprejudicial to the interest of the Company.

(c) Interest free small advances in the nature of loans given to certain employees aregenerally being repaid as stipulated.

d. in our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under section 133 of the Act

e. On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of Section 164 (2) of theAct.

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 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. The Company has disclosed the impact of pending litigations on its financialposition in Ind AS its financial statements - Refer Note 2.17 & 2.21(b) to the Ind ASfinancial statements;

ii. In our opinion and as per the information and explanations provided to us theCompany had not entered in to any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and;

iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company

iv. The disclosures in the Ind AS financial statements regarding holdings as well asdealings in specified bank notes during the period from 8 November 2016 to 30 December2016 have not been made since they do not pertain to the financial year ended 31 March2018

For SAKETH AGARVAL & ASSOCIATES

Chartered Accountants

Firm Registration No. 329093E

CATSAKETH KUMAR AGARWAL

Proprietor (M. No. 308283)

Place: Siliguri.

Date: August 16 2018

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Act In respect ofloans investments guarantees and security.

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

6. We have broadly reviewed the books of account maintained by the Company pursuantSection 148 of the Act and are of the opinion that prima facie the cost recordsprescribed have been maintained. We have not however made a detailed examination of therecords with a view to determine whether they are accurate or complete

7. (a) The Company has been regular In depositing Provident Fund Excise Custom

Income Tax Service Tax Cess GST & Other material statutory dues applicable withappropriate authorities during the year. As explained to us the E.S.I. Act is notapplicable to the Company as on 31st March 2018.

(b) There were no amounts outstanding in respect of undisputed Income Tax Wealth TaxSales Tax Value Added Tax Customs Duty Service Tax and Excise Duty GST which were duefor more than six months from the date they became payable.

Details of dues of Income-tax which has not been deposited as on 31s1 March2018 on account of any dispute is given below:

Nature of Dues Forum where Dispute is pending Period to which the amount relates Amount involved Rs. In Lakhs
Income Tax I TAT Kolkata AY 1994-95 82.50

8. In our opinion and according to the information and explanations given to us theCompany Iras not defaulted in the repayment of dues to banks. The Company has not takenany loan 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 moneys by way of initial public offer orfurther public offer including debt instruments and term Loans Accordingly the provisionsof clause 3 (ix) of the Order are not applicable to the Company and hence not commentedupon.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act;

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 Act and the details have been disclosed in the FinancialStatements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company 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 section 192 of .the Act 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

For SAKETH AGARWAL & ASSOCIATES

Chartered Accountants

Firm Registration No 329093E

CA. Saketh Kumar Agarwal

Proprietor

(M. No. 308283)

Place: Siliguri

Date: August 16 2018

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

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 interna! financial controls over financial reporting of Teesta AgroIndustries Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the Ind AS 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 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 Act.

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 issued by the Institute of Chartered Accountants of India and theStandards on Auditing prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 Ind AS financial statements for external purposes in accordance with IndianAccounting Standards prescribed under section 133 of the Act. 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 offinancial statements in accordance with Indian Accounting Standards prescribed undersection 133 of the Act and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the Ind AS 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 2018 based on the internal financialcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note issued by theInstitute of Chartered Accountants of India.

For SAKETH AGARWAL & ASSOCIATES

Chartered Accountants

Firm Registration No. 329093E

CA. Saketh Kumar Agarwal

Proprietor

(M. No. 308283)

Place: Siliguri

Date: August 16 2018

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