Mar 31, 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Asian Tea and
Exports Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
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 the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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.
AUDITOR'S 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
there under.
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 auditor's judgment, 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 financial 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 controls 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 on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 profit for
the year ended on that date.
(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
1. 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 Companies Act, 2013, we give in the
annexure a statement on the matters specified in Paragraphs 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 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 account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid financial statements 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 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.
ii) The Company did not have any Long term Contracts including
derivative contracts for which there were any material forseeable
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 Independent Auditors' Report
(Referred to in paragraph 1 on report on other Legal and Regulatory
Requirements in our report of even date on Balance Sheet as at March
31, 2015 and Statement of Profit and Loss for the year ended on that
date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year in accordance with the phased programme of verification
which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
noticed on such verification.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) The Company has not granted secured/unsecured loan to Companies,
Firms or other parties covered in the register maintained under Section
189 of the Companies Act 2013. Therefore, the provisions of sub
clause(b) and (c) to clause 3 (iii) of Companies (Auditors' Report)
Order 2015 are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the Company and the nature of its
business for purchases of inventory, fixed assets and with regard to
the sale of goods and services. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control system of the Company.
(v) In our opinion and according to the information and explanations
given to us, the company has not taken deposits from public. Therefore,
the provisions of clause 3 (v) of the Companies (Auditors' Report)
Order, 2015 are not applicable to the Company.
(vi) Maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub section (1) of Section 148 of the
Companies Act, 2013.
(vii) (a) The Company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employee's State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax, Cess and any other statutory dues applicable to
it with the appropriate authorities. No undisputed amounts payable in
respect of aforesaid dues were outstanding as at 31st March, 2015 for a
period of more than six months from the date they become payable.
(b) According to the information and explanations given to us, there
are no material dues on account of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise duty, Value Added Tax, Cess and any
other statutory dues that have not been deposited with appropriate
authorities on account of any dispute.
(c) No amount is required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder and hence
this clause is not applicable.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred cash loss in such financial year
and in the immediately preceding financial year.
(ix) In our opinion and as per information and explanations given to
us, the Company has not defaulted in repayment of dues to financial
institutions or banks and it has no debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the provisions of clause 3(x) of the Companies (Auditors'
Report) Order, 2015 are not applicable to the Company, as the Company
has not given any guarantee for loans taken by others from bank or
financial institutions.
(xi) According to information and explanations given to us, the Company
had not raised any term loan during the year.
(xii) To the best of our knowledge and belief and according to the
information and explanations given to us, no significant fraud on or by
the Company was noticed or reported during the year.
For AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm Registration No. 316112E
M. Agarwal
Place : Kolkata Partner
Date : 29th May, 2015 Membership No. 52474
Mar 31, 2014
To the Members of Asian Tea and Exports Limited Report on the Financial
Statements We have audited the accompanying financial statements of
Asian Tea and Exports Limited, ("the "Company") which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information,
which we have signed under reference to this report.
Management''s Responsibility for the Financial Statements
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with General Circular No.
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of the Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing and other applicable authoritative
pronouncements issued by the Institute of Chartered Accountants of
India. 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 disclosures in the financial statements. The procedures
selected depend on the auditor''s 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 and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances and not for the
purpose of the expressing an opinion on the effectiveness of the
entity''s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, 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, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit 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
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") as amended by the Companies (Auditor''s Report) (Amendment)
Order, 2004 issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books.
(c) the Balance Sheet, Statement of Profit and Loss, and 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 referred
to in sub- section (3C) of section 211 of the Companies Act, 1956;
(e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report Referred to in paragraph 1
under the heading "Report on Other Legal and Regulatory Requirements"
of 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) As per the information and explanations given to us, all the assets
have been physically verified by the management during the year in
accordance with the phased programme of verification, which in our
opinion is reasonable having regard to the size of the company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
(c) During the year the company has not disposed off substantial part
of its fixed assets so as to affect its going concern status.
(II) (a) The company has conducted physical verification of inventories
at reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The company is maintaining proper records of inventories. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(III) (a) The company has granted unsecured loan of Rs.1,37,00,000/- to
wholly owned subsidiaries covered in the register maintained under
section 301 of the Companies Act, 1956. The number of parties are two,
the maximum amount of transactions made during the year is Rs.
1,19,91,159/- and the balance at the end of the year is Rs.
1,19,91,159/-.
(b) In our opinion, the rate of interest and other terms & conditions
of the loans given by the company are not prejudicial to the interest
of the company
(c) The companies to whom the loans have been given are repayable on
demand.
(d) Since the loans are repayable on demand, clause (d) of the Order is
not applicable to the company.
(e) The company has taken unsecured loan of Rs. 37,00,000/- from two
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount of transactions made during the
year is Rs. 37,00,000/- and the balance at the end of the year is Rs. Nil.
(f) In our opinion, the rate of interest and other terms & conditions
of the loans taken by the company are not prejudicial to the interest
of the company.
(g) The companies from whom the loans have been received as referred to
in para (e) above have been repaid on demand.
(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 the nature of its
business with regard to purchases of inventory, fixed assets and for
the sale of goods and services. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(V) (a) According to the information and explanations given to us, we
are of the opinion that particulars of contracts or arrangements
referred in section 301 that need to be entered into the register
maintained under above section of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(VI) In our opinion and according to the information and explanations
given to us, the company has not taken deposits from public. Therefore,
the provisions of para 4(vi) of the Order are not applicable to the
company.
(VII) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(VIII) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 as
applicable to the company, hence the provisions of Para 4(viii)of the
Order is not applicable to the company.
(IX) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of statutory dues including
provident fund, investor education & protection fund, employees state
insurance, income tax, wealth tax, service tax, customs duty, excise
duty, cess and any other statutory dues were in arrears, as at 31st
March, 2014 for a period of more than six months from the date they
became payable.
(c) According to the records of the company and information and
explanation given to us, there are no dues on account of Income Tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess &
other material statutory dues applicable to it, which have not been
deposited on account of dispute as on 31st March,2014.
(X) The company does not have accumulated losses at the end of the
financial year. Therefore, the provisions of para 4(x) of the Order are
not applicable to the company.
(XI) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank and the company does not have any
borrowings by way of debentures.
(XII) According to the information and explanations given to us, we are
of the opinion that the company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of para 4(xii) of the Order are
not applicable to the company
(XIII) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of para 4(xiii) of the
Order are not applicable to the company.
(XIV) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in shares,
securities, debentures and other investments except investment in
unquoted shares of subsidiaries and associates and other companies
which have been held by the company in its own name.
(XV) In our opinion and according to the information and explanations
given to us, the provisions of para 4(xv) of the Order are not
applicable to the company, as the company has not given any guarantee
for loans taken by others from bank or financial institutions.
(XVI) According to the information and explanation given to us, during
the period covered by our audit report, the company had not raised any
term loans.
(XVII) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(XVIII) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(XIX) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(XX) According to the information and explanations given to us, the
provisions of para 4(xx) of the Order are not applicable to the
company.
(XXI) During the course of our examination of books of account carried
out in accordance with generally accepted practices in India and 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.
Forming an Opinion and Reporting on Financial Statements
For AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm''s RegistrationNo.316112E
Place: Kolkata
Date: 29th May, 2014 (M. Agarwal)
Partner
Membership No. : 52474
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Asian Tea and
Exports Limited, ("the "Company") which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements Management is
responsible for 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
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act") . This responsibility includes the
design, implementation and maintenance of internal control 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. Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 disclosures in the financial statements. The procedures
selected depend on the auditor''s 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 and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit/loss
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
1. As required by the Companies (Auditor''s Report) Order, 2003,as
amended issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books.
(c) the Balance Sheet, Statement of Profit and Loss, and 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 referred
to in sub- section (3C) of section 211 of the Companies Act, 1956;
(e) on the basfs of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of 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) As per the information and explanations given to us, all the assets
have been physically verified by the management during the year in
accordance with the phased programme of verification, which in our
opinion is reasonable having regard to the size of the company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
(c) During the year the company has not disposed off substantial part
of its fixed assets so as to affect its going concern status.
(II) (a) The company has conducted physical verification of inventories
at reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The company is maintaining proper records of inventories. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(III) (a) The Company has not granted any loan, secured or unsecured,
to Companies, Firms or other parties covered in the register maintained
under section 301 of the Act. Therefore, the provisions of sub
clause(b) to (d) to clause (iii) are not applicable to the Company.
(e) The company has taken unsecured loan of Rs. 2,12,70,000/- from
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount of transactions made during the
year is Rs. 2,12,70,000/- and the balance at the end of the year is Nil.
(f) In our opinion, the rate of interest and other terms & conditions
of the loans taken by the company are not prejudicial to the interest
of the company.
(g) The companies from whom the loans have been received as referred to
in para (e) above have been repaid on demand.
(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 the nature of its
business with regard to purchases of inventory, fixed assets and for
the sale of goods and services. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(V) (a) According to the information and explanations given to us, we
are of the opinion that particulars of contracts or arrangements
referred in section 301 that need to be'' entered into the register
maintained under above section of the Companies Act, 1956 have been so
entered. (b) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of such
contracts or arrangements and exceeding the value of Rupees Five lacs
in respect of any party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(VI) In our opinion and according to the information and explanations
given to us, the company has not taken deposits from public.
Therefore, the provisions of para 4(vi) of the Companies (Auditors''
Report) (Amendment) Order 2004 are not applicable to the company.
(VII) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(VIII) The Central Government has not prescribed maintenance of cost
records under section 209(1 )(d) of the Companies Act, 1956 as
applicable to the company, hence the provisions of Para 4(viii) is not
applicable to the company.
(IX) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it. (b) According to the
information and explanations given to us, no undisputed amounts payable
in respect of statutory dues including provident fund, investor
education & protection fund, employees state insurance, income tax,
wealth tax, service tax, customs duty, excise duty, cess and any other
statutory dues were in arrears, as at 31st March, 2013 for a period of
more than six months from the date they became payable.
(c) According to the records of the company and information and
explanation given to us, there are no dues on account of Income Tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess &
other material statutory dues applicable to it, which have not been
deposited on account of dispute as on 31st March,2013. (X) The company
does not have accumulated losses at the end of the financial year.
Therefore, the provisions of para 4(x) of the Companies (Auditors''
Report) (Amendment) Order 2004 are not applicable to the company.
(XI) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank and the company does not have any
borrowings by way of debentures.
(XII) According to the information and explanations given to us, we are
of the opinion that the company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of para 4(xii) of the Companies
(Auditors'' Report) (Amendment) Order 2004 are not applicable to the
company
(XIII) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of para 4(xiii) of the
Companies (Auditors'' Report) (Amendment) Order 2004 are not applicable
to the company.
(XIV) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in shares,
securities, debentures and other investments except investment in
unquoted shares of subsidiaries and associates and other companies
which have been held by the company in its own name.
(XV) In our opinion and according to the information and explanations
given to us, the provisions of para 4(xv) of the Companies (Auditors''
Report) (Amendment) Order 2004 are not applicable to the company, as
the company has not given any guarantee for loans taken by others from
bank or financial institutions.
(XVI) According to the information and explanation given to us, during
the period covered by our audit report, the company had not raised any
term loans.
(XVII) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(XVIII) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(XIX) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(XX) According to the information and explanations given to us, the
provisions of para 4(xx) of the Companies (Auditors'' Report)
(Amendment) Order 2004 are not applicable to the company.
(XXI) During the course of our examination of books of account carried
out in accordance with generally accepted practices in India and 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 AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm Regn. No. :316112E
Place : Kolkata (M. Agarwal)
Date : 29th June, 2013 Partner
Membership No. : 52474
Mar 31, 2012
1. We have audited the attached balance sheet of Asian Tea & Exports
Limited as at 31st March, 2012, the statement of profit and loss and
also the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company''s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors'' Report) (Amendment) Order
2004 issued by the Central Government of India in terms of Sub- section
(4A) of Section 227 of the Companies Act, 1956 and on the basis of such
checks as we considered appropriate and according to the information
and explanations given to us, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that :
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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 books;
(iii) The balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the balance sheet, statement of profit and loss
and cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of para
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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 balance sheet, of the state of affairs of the
company as at 31st March, 2012;
(b) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(c) in the case of the cash flow statement, of the cash flow for the
year ended on that date.
Asian Tea & Exports Limited
Referred to in paragraph 3 of 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) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year no substantial parts of fixed assets have been
disposed off by the company. Therefore, the provision of clause (lc) of
para 4 of the aforesaid order, in our opinion, are not applicable to
the company.
(II) (a) The company has conducted physical verification of inventory
at reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(III) (a) The company has not granted any loan, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence the clause (b) to
(d) of clause III are not applicable to the company.
[b] The company has not taken any loan secured/unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence the clause (f), (g)
of para 4 of the aforesaid order 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 the nature of its
business with regard to purchases of fixed assets and for the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(V) (a) According to the information and explanations given to us, we
are of the opinion that particulars of contracts or arrangements
referred in section 301 that need to be entered into the register
maintained under above section of the Companies Act, 1956 have been so
entered,
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(VI) In our opinion and according to the information and explanations
given to us, the company has not taken deposits from public. Therefore,
the provisions of para 4(vi) of the Companies (Auditors'' Report)
(Amendment) Order 2004 are not applicable to the company.
(VII) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(VIII) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956 as
applicable to the company, hence the provisions of Para 4(viii) is not
applicable to the company.
(IX) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
wealth tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of statutory dues including
provident fund, investor education & protection fund, employees state
insurance, income tax, wealth tax, service tax, customs duty, excise
duty, cess and any other statutory dues were in arrears, as at 31st
March, 2012 for a period of more than six months from the date they
became payable.
(c) According to the records of the company and information and
explanation given to us, there are no dues on account of Income Tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess &
other material statutory dues applicable to it, which have not been
deposited on account of dispute as on 31st March, 2012.
(X) The company does not have accumulated losses. Therefore, the
provisions of para 4(x) of the Companies (Auditors'' Report) (Amendment)
Order 2004 are not applicable to the company.
(XI) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank and the company does not have any
borrowings by way of debentures.
(XII) According to the information and explanations given to us, we are
of the opinion that the company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of para 4(xii) of the Companies
(Auditors'' Report) (Amendment) Order 2004 are not applicable to the
company.
(XIII) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of para 4(xiii) of the
Companies (Auditors'' Report) (Amendment) Order 2004 are not applicable
to the company.
(XIV) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of para 4(xiv) of the order is not applicable to the
company.
(XV) In our opinion and according to the information and explanations
given to us, the provisions of para 4(xv) of the Companies (Auditors''
Report) (Amendment) Order 2004 are not applicable to the company, as
the company has not given any guarantee for loans taken by others from
bank or financial institutions.
(XVI) According to the information and explanation given to us, during
the period covered by our audit report, the company had not raised any
term loans.
(XVII) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(XVIII) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(XIX) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(XX) According to the information and explanations given to us, the
provisions of para 4(xx) of the Companies (Auditors'' Report)
(Amendment) Order 2004 are not applicable to the company.
(XXI) During the course of our examination of books of account carried
out in accordance with generally accepted practices in India and 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 AGARWAL KEJRIWAL & CO.
Chartered Accountants
Firm Regn. No. :316112E
Place : Kolkata (M. Agarwal)
Date : 30th July, 2012 Partner
Membership No. : 52474
Mar 31, 2010
1. We have audited the attached balance sheet of Asian Tea & Exports
Limited as at 31st March, 2010, the profit and loss account and also
the cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys man- agement. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
gen- erally accepted in India. Those Standards require that we plan and
per- form the audit to obtain reasonable assurance about whether the
finan- cial statements are free of material misstatement. An audit
includes ex- amining, on a test basis, evidence supporting the amounts
and disclo- sures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by manage- ment, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) (Amendment) Order
2004 issued by the Central Government of India in terms of Sub-section
(4A) of Section 227 of the Companies Act, 1956 and on the basis of such
checks as we considered appropriate and according to the information
and ex- planations given to us, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the pur- poses of
our audit;
(ii) 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 books;
(iii) The balance sheet, profit and loss account and cash flow state-
ment dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the balance sheet, profit and loss account and
cash flow statement dealt with by this report comply with the ac-
counting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the direc-
tors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of para
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the informa- tion
required by the Companies Act, 1956, in the manner so re- quired and
give a true and fair view in conformity with the ac- counting
principles generally accepted in India;
(a) in the case of balance sheet, of the state of affairs of the
company as at 31st March, 2010;
(b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
(c) in the case of the cash flow statement of the cash flow for the
year ended on that date.
Referred to in paragraph 3 of our report of even date.
(I) (a) The company has maintained proper records showing full par-
ticulars including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the manage- ment
during the year. No material discrepancies were noticed on such
verification.
(c) During the year no substantial parts of fixed assets have been
disposed off by the company. Therefore, the provision of clause (lc) of
para 4 of the aforesaid order, in our opinion, are not applicable to
the company.
(II) (a) The company has conducted physical verification of inventory
at reasonable intervals.
(b) In our opinion, the procedures of physical verification of inven-
tory followed by the management are reasonable and adequate in relation
to the size of the company and nature of its busi- ness.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(III) (a) The company had not granted any loan, secured/unsecured to
companies, firms or other parties covered in the register main- tained
under section 301 of the Companies Act, 1956.
(b) As the company had not granted any loan secured/unsecured, to
companies, firms or other parties covered in the register maintained
u/s 301 of the Companies Act 1956 the para 4(iii)(b) of the aforesaid
order is not applicable to the company.
(c) As the company had not granted any loan secured /unsecured, to
companies, firms or other parties covered in the register maintained
u/s 301 of the Companies Act 1956 the para 4(iii)(c) of the aforesaid
order is not applicable to the company.
(d) As the company had not granted any loan secured/unsecured, to
companies, firms or other parties covered in the register maintained
u/s 301 of the Companies Act 1956 the para 4(iii)(d) of the aforesaid
order is not applicable to the company.
(e) The company has not taken any loan, secured / unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(f) In view of our comment in paragraph (III)(e) above, clause (III)
(f) and (III) (g) of para 4 of the aforesaid order are 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 com-
mensurate with the size of the company and the nature of its business
with regard to purchases of fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(V) (a) According to the information and explanations given to us, we
are of the opinion that particulars of contracts or arrange- ments
referred in section 301 that need to be entered into the register
maintained under above section of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explana- tions
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the pre- vailing market prices at the relevant time.
(VI) In our opinion and according to the information and explanations
given to us, the company has not taken deposits from public. There-
fore, the provisions of para 4(vi) of the Companies (Auditors Re-
port) (Amendment) Order 2004 are not applicable to the company.
(VII) In our opinion, the company has an internal audit system com-
mensurate with the size and nature of its business.
(VIII) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956 as ap-
plicable to the company, hence the provisions of Para 4(viii) is not
applicable to the company.
(IX) (a) The company is regular in depositing with appropriate authori-
ties undisputed statutory dues including income tax, sales tax, wealth
tax, service tax, customs duty, excise duty, cess and other material
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of statutory dues in- cluding
provident fund, investor education & protection fund, employees state
insurance, income tax, wealth tax, service tax, customs duty, excise
duty, cess and any other statutory dues were in arrears, as at 31st
March, 2010 for a period of more than six months from the date they
became payable.
(c) According to the records of the company and information and
explanation given to us, there are no dues on account of In- come Tax,
sales tax, wealth tax, service tax, custom duty, ex- cise duty, cess &
other material statutory dues applicable to it, which have not been
deposited on account of dispute as on 31st March,2010.
(X) The company does not have accumulated losses. Therefore, the para
4(x) of the companies (Auditors Report) Amendment order 2004 are not
applicable to the company.
(XI) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank and the company does not have any
borrowings by way of debentures.
(XII) According to the information and explanations given to us, we are
of the opinion that the company has not granted loans and ad- vances on
the basis of security by way of pledge of shares, deben- tures and
other securities. Therefore, the provisions of para 4(xii) of the
Companies (Auditors Report) (Amendment) Order 2004 are not applicable
to the company.
(XIII) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of para 4(xiii) of the
Companies (Auditors Report) (Amendment) Order 2004 are not ap-
plicable to the company.
(XIV) In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the pro-
visions of para 4(xiv) of the order is not applicable to the company.
(XV) In our opinion and according to the information and explanations
given to us, the provisions of para 4(xv) of the Companies (Auditors
Report) (Amendment) Order 2004 are not applicable to the com- pany, as
the company has not given any guarantee for loans taken by others from
bank or financial institutions.
(XVI) According to the information and explanation given to us during
the period covered by our audit report, the company had not raised any
term loans.
(XVII) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(XVIII) During the year the company has allotted 15,00,000 equity
shares on preferential basis to parties & Companies covered in the
regis- ter maintained u/s 301 of the Companies Act 1956 consequent upon
conversion of warrant. The price at which these equity shares have been
issued has been determined as per the SEBI (Issue of Capital &
Disclosure Regulation) 2009 which in our opinion is not prejudicial to
the interest of the company
(XIX) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued
debentures.
(XX) According to the information and explanations given to us, the
pro- visions of para 4(xx) of the Companies (Auditors .Report) (Amend-
ment) Order 2004 are not applicable to the company.
(XXI) During the course of our examination of books of account carried
out in accordance with generally accepted practices in India and 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 man- agement.
For AGARWAL KEJRlWAL & CO.
Place : Kolkata Chartered Accountants
Firm Regn. No. :316112E
(M. Agarwal)
Partner
Date : 17th August 10 Membership No. : 52474