| 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 |