| We have audited the accompanying financial statements of TYROON TEA
COMPANY LIMITED ("the Company"), which comprise of the Balance Sheet as
at March 31, 2015, and the Statement of Profit and Loss, the Cash Flow
Statement, significant accounting policies and other notes for the year
ended on that date.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act 2013 (" the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under section 133 of the Act read with Rule 7 of Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls that were operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and 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 financial
statements based on our audit.
We have taken into account the provisions of the Act, the Accounting
and Auditing Standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance 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 the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors' judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. in making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation of the financial statements that give a true and
fair view in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial control
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the loss of the
company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in. the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
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 best of our knowledge and belief were necessary for the
purposes of our audit;
b. In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those;
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the Balance Sheet, Statement of Profit and loss and
Cash Flow Statement comply with the Accounting Standards specified
under section 133 of the Act , read with Rule 7 of the Companies
(Accounts) Rules, 2014;
e. On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms .of section 164 (2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014,in our opinion and to the best of our information and
according to the explanations given to us:
i. The company does not have any Pending litigations having material
impact on the financial position of the Company have been disclosed in
the financial statement as required in terms of the accounting
standards and provisions of the Companies Act, 2013;
ii. The Company does not have any long-term contracts, including
derivative contracts, for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT OUR REPORT OF EVEN DATE.
i. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Fixed assets of the company where physically verified by the
Management according to phased program of verification, which In our
opinion is reasonable having regard to the size of the Company and the
nature of its business. Discrepancies noticed on such verifications
were not material.
ii. (a) As explained to us, the inventories of the Company except
materials lying with the third parties have been physically verified by
the management at reasonable intervals during the year / at the
year-end, in our opinion and according to the information and
explanations given to us, the frequency of the verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
except in respect of materials lying with third parties followed by the
management is reasonable and adequate in relation to the size of the
Company and nature of its business,
(c) On the basis of examination of the records of Inventory and
according to the information and explanations given to us, we are of
the opinion that the Company is maintaining proper records of
inventory.
Discrepancies noticed on the physical verification of stocks were not
material.
iii. The Company has not granted any loans secured or unsecured to
companies, firms or parties covered in the register maintained under
Section 189 of the Act. Accordingly, clause 3 (iii) of the Order is not
applicable to the Company.
iv. in our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and nature of its business with regard to
the purchase of inventory, fixed assets and sale of goods. During the
course of our audit we have not observed any continuing failure to
correct major weakness in internal control system.
v. The Company has not accepted any deposits from public covered under
Sections 73 to 76 or any other relevant provisions of the Act and rules
framed thereunder.
vi. As explained to us, the Central Government has not prescribed the
maintenance of cost records under section 148 (1) of the Act.
vii. (a) According to the information and explanations given to us and
as per the records of the Company, the Company is regular in depositing
with appropriate authorities undisputed statutory dues including
Provident Fund, Employees State Insurance, Income Tax, Professional Tax,
Sales Tax, Wealth tax, Service Tax, Excise Duty, Cess and any other
statutory dues applicable to It. However, according to the information
and explanations given to us, there is no undisputed amounts payable in
respect of these which were in arrears as on 31st March. 2015 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 is
no disputed dues of sales tax, Income tax, customs duty, wealth tax,
excise duty, service tax, and Cess, as at 31st March, 2015
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company
viii. The Company does not have any accumulated losses as at the end of
the financial year and the Company has not incurred cash losses during
the financial year covered by our audit and in the immediately
preceding financial year.
ix. In our opinion and on the basis of information and explanations
given to us by the management, we are of the opinion that the Company
has not defaulted in repayment of dues to financial institutions and
banks. There are no debenture holders.
x. According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from Bank
or Financial Institutions.
xi. As per the information and explanation given to us, the Company
has not availed fresh term loan during the year.
xii. During the course of our examination of the books of account
carried out in accordance with generally accepted auditing practices in
India, we have neither come across any incidence of fraud on or by the
Company nor have we been informed of any such case by the Management.
For Lodha & Co.
Chartered Accountants
Firm ICAI Registration No. 301051E
(H. K. Verma)
Place : Kolkata Partner
Date : 29th May, 2015 Membership No. 055104
|