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Tyroon Tea Company Ltd.

BSE: 526945 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE945B01016
BSE 00:00 | 20 Mar 30.30 1.40
(4.84%)
OPEN

30.30

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30.30

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30.30

NSE 05:30 | 01 Jan Tyroon Tea Company Ltd
OPEN 30.30
PREVIOUS CLOSE 28.90
VOLUME 5
52-Week high 57.95
52-Week low 26.20
P/E
Mkt Cap.(Rs cr) 10
Buy Price 28.15
Buy Qty 110.00
Sell Price 30.30
Sell Qty 27.00
OPEN 30.30
CLOSE 28.90
VOLUME 5
52-Week high 57.95
52-Week low 26.20
P/E
Mkt Cap.(Rs cr) 10
Buy Price 28.15
Buy Qty 110.00
Sell Price 30.30
Sell Qty 27.00

Tyroon Tea Company Ltd. (TYROONTEACO) - Auditors Report

Company auditors report

To the Members of TYROON TEA COMPANY LIMITED

Report on the Ind As Financial Statements

We have audited the accompanying Ind As financial statements of TYROONTEA COMPANY LIMITED ( the Company ) which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss Cash Flow Statement and the statement of changesin Equity for the year then ended and a summary of the significant accounting policiesand other notes for the year on that date.

Management s Responsibility for the Ind As Financial Statements

The Company s Board of Directors is responsible for the matters statedin section 134(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 including other comprehensive Income cash flows andchanges in Equity of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the Ind As financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these Ind As financialstatements based on our audit.

We have taken into account the provisions of the Act the Accountingand Auditing Standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Ind As financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the Ind As financial statements. The proceduresselected depend on the auditors judgment including the assessment of the risks ofmaterial misstatement of the Ind As financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company s preparation of the Ind As financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company sDirectors as well as evaluating the overall presentation of the Ind As financialstatements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide 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 theexplanations given to us the 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 of the state of affairs of the Companyas at 31 March 2018 and its financial performance including other comprehensive incomeits cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2016 ( theOrder ) issued by the Central Government of India in terms of sub-section (11) of Section143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

b) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss the Cash FlowStatement and the changes in Equity dealt with by this Report are in agreement with thebooks of account ;

d) In our opinion the aforesaid Ind AS financial statements complywith the Accounting Standards specified under section 133 of the Act read with relevantrules issued thereunder.

e) On the basis of the written representations received from thedirectors as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director interms of section 164 (2) of the Act.

f) With respect to the adequacy of the Internal Financial Controls overFinancial Reporting of the Company and the operating effectiveness of such controls referto our separate Report in Annexure B .

g) With respect to the other matters to be included in the AuditorsReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. Pending litigations having material impact on the financial positionof the Company have been disclosed in the Ind As financial statement as required in termsof the accounting standards and provisions of the Companies Act 2013 - Refer Note 34.1and 34.1.1 of the Financial Statements;

ii. The Company does not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

For K.N.GUTGUTIA & Co.

Chartered Accountants

Firm Registration No.:304153E

K C SHARMA

Partner

Membership No: 50819

Place: Kolkata Date: 30th May 2018

ANNEXURE A TO THE AUDITOR S REPORT OF EVEN DATE:

i) a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets/Property plantand Equipment.

b. The Fixed assets/ Property plant and Equipment of the company werephysically verified by the Management according to phased program of verification whichin our opinion is reasonable having regard to the size of the Company and the nature ofits business.

Discrepancies noticed on such verifications were not material and havebeen properly dealt with in the books of accounts.

c. According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

ii) As explained to us the inventories of the Company except materialslying with the third parties have been physically verified by the management at reasonableintervals during the year / at the year-end. In our opinion and according to theinformation and explanations given to us the frequency of the verification is reasonable.The discrepancies noticed on verification between the physical stocks and the book recordswere not material.

iii) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or parties covered in the registermaintained under Section 189 of the Act.

Accordingly clause 3 (iii) of the Companies (Auditors Report) Order2016 is not applicable to the Company.

iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct with respect to the loans and investments made.

v) The Company has not accepted any deposits from public covered underSections 73 to 76 or any other relevant provisions of the Act and rules framed thereunder.

vi) According to the information and explanations given to us themaintenance of cost records under Section 148(1) of the Act has not been prescribed and assuch paragraph 3(vi) of the Order is not applicable to the Company.

vii) a According to the information and explanations given to usduring the year the Company has generally been regular in depositing to the appropriateauthorities undisputed statutory dues including provident fund employees state insuranceincome-tax sales-tax goods and service tax service tax duty of Customs duty ofexcise value added tax cess and other statutory dues as applicable to it. Howeveraccording to the information and explanations given to us there is no undisputed amountspayable in respect of these which were in arrears as on 31st March 2018 for a period ofmore than six months from the date they became payable

b. According to the information and explanations given to us thedetails of sales tax goods and service tax income tax customs duty wealth tax exciseduty service tax and cess not deposited on account of any dispute are as follows:

Name of the Statute Nature of the Dues

Relating to the Year

Amount in Rupees

Forum where dispute is pending
Income Tax Act 1961 Income Tax

2012-2013

1780010

Commissioner of Income Tax (Appeals)-2

viii) In our opinion and on the basis of information and explanationsgiven to us the Company has not defaulted in repayment of dues to financial institutionsand banks. The company has not issued any debentures.

ix) The Company did not raise any money by way of initial public offeror further public offer (including debt instruments). As per the information andexplanation given to us the Company has not availed fresh term loan during the year.

x) Based upon the audit procedures performed for the purpose ofreporting the true and fair view of the financial statements and as per the informationand explanations given by the management we report that no fraud by the company and nomaterial fraud on the company by its officers or employees has been noticed or reportedduring the course of audit.

xi) The managerial remuneration has been paid or provided by thecompany in accordance with the requisite approvals mandated by the provisions of section197 read with schedule V to the companies Act 2013.

xii) The company is not a Nidhi company and hence reporting underclause (xii) of the Companies (Auditors Report) Order 2016 is not applicable.

xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Companies Act 2013 whereapplicable and details of such transactions have been disclosed in the Ind As financialstatements as required by the applicable accounting standards.

xiv) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under reviewand so clause 3(xiv) of the Companies (Auditor s Report) Order 2016 is not applicable.

xv) The Company has not entered into non-cash transactions withdirectors or persons connected with him during the year. Accordingly paragraph 3(xv) ofthe Companies (Auditor s Report) Order 2016 is not applicable.

xvi) The company is not a non-banking financial company and hence thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For K.N.GUTGUTIA & Co.

Chartered Accountants

Firm Registration No.:304153E

K C SHARMA

Partner

Membership No: 50819

Place: Kolkata Date: 30th May 2018

ANNEXURE B TO THE INDEPENDENT AUDITOR S REPORT OF EVEN DATE ON THE INDAS

FINANCIAL STATEMENTS OF TYROON TEA COMPANY LIMITED

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 TYROON TEA COMPANY LIMITED ( the Company ) as at March 31 2018 inconjunction with our audit of the Ind As financial statements of the Company for the yearended 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 maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company s policies thesafeguarding 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 ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor s judgement including the assessment of therisks of material misstatement of the Ind As financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company s internal financialcontrols system over financial reporting.

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 Ind As financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind Asfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind Asfinancial 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 March 31 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 K.N.GUTGUTIA & Co.

Chartered Accountants

Firm Registration No.:304153E

K C SHARMA

Partner

Membership No. 50819

Place: Kolkata Date: 30th May 2018