| We have audited the accompanying financial statements of BANSISONS TEA
INDUSTRIES LTD. ("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
The 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 the General Circular
15/2013 dated 13/09/2013 of the ministry of Corporate affairs in
respect of Section 133 of the companies Act, 2013 and in accordance
with the accounting Principles Generally accepted in India. 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 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the company'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 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 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") issued by the Central Government of India in terms of
sub-section (4A) of section227 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 Profitand 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 com ply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956; Read
with the General Circular 15/2013 dated 13 September 2013 of the
ministry of Corporate Affairs in respect of section 133 of the
Companies Act 2013.
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 March31, 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 THE AUDITORS' REPORT
Referred to in Paragraph 3 of our report of even date on the accounts
for the year ended 31st March, 2014 of Bansisons Tea Industries Ltd.
i) In respect of Fixed Assets :
a) The company has maintain proper record showing full particular
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the major assets have been physically verified
by the management during the year. No materials discrepancies were
noticed on such verification.
c) No substantial part of fixed assets have been disposed during the
year.
ii) In respect of its inventories :
a) As explained to us, inventory has been physically verified during
the year by the management in our opinion the frequency of verification
is reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable adequate in relation to the
size of the company and the nature of its business.
c) The company is maintaining proper record of inventory, as explained
to us, there were no discrepancies noticed on verification between the
physical stock and the book record.
iii) a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the register maintained
under section 301 of the Act, and accordingly clause iii(b)(c),(d) of
Paragraph 4 of the order not applicable. e) As informed the Company
has not taken any loans secured or unsecured from companies, firms or
other parties covered in the register maintained under section 301 of
the Act, Accordingly the provision of clause 4(iii) (f) & 4(iii)(g) of
the order are not applicable to the company.
iv) In our opinion and according to the Information and explanation
given to us, there are adequate internal control procedure commensurate
with the size of the company and nature of its business with regard to
purchase 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 weakness in Internal
controls.
v) According to the Explanation and Information given to us, we are of
the opinion that company has entered, all the transaction required to
be entered in to the register maintain under section 301 of the Act
1956 and transactions have been made are prima facie reasonable.
vi) The company during the year under audit not accepted any deposit
under provisions of section 58A and 58AA or any of the relevant
revision of the Act of the companies Act, 1956 and the companies
(Acceptance of Deposit) Rules, 1975, with regard to the deposits
accepted from the Public. No order has been passed by the Company Law
Board or National Company law Tribunal or Reserve Bank of India or any
court or any other Tribunal.
vii) The company has an internal Audit system, which in our opinion is
commensurate with the size of the company and the 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 for any
product of the company.
ix) In respect of statutory dues :
a) According to the record of the Company, undisputed statutory dues
Provident Fund, Income Tax, Wealth Tax, Service Tax, Sales Tax and
other statutory dues have been generally regular in depositing with
appropriate authorities. According to the information and explanation
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March 2014 for a period of more than
six months from the date of becoming payable.
x) The Company has no accumulated losses 50% of its Net worth but has
incurred cash losses during the financial year covered by our audit and
in the immediately preceding financial year.
xi) Based on our audit procedure and as per the information and
explanation given to us by the management, we are of the opinion that
the company has not defaulted in repayment of dues to a financial
institution, Banks or debenture holders.
xii) In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
xiii) The company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore the provision of the clause 4(xiii) of paragraph 4
of the order are not applicable.
xiv) The company is not dealing in or trading in share, securities
debenture and other investment. Therefore the provision of the clause
4 (xiv) of paragraph 4 of the order are not applicable.
xv) According to Information and explanation given to us, the company
has not given any guarantee for loans taken by others from banks or
financial institution.
xvi) According to Information and explanation given to us, the company
has not been raised new terms loan during the year under audit. The
term loans outstanding at the beginning of the year were applied for
the purposes for which they are raised.
xvii) According to the cash flow statement and other record examine by
us and the information and explanation to given to the us, on an
overall basis, fund raised on short terms basis have not Prima - facie,
been used during the year for long term investment and vice - versa.
xviii) According to the information and explanation given to us, and
other records examine by us, the company has not made any preferential
allotment of shares to parties and companies covered in the registered
maintained under section 301 of the during the year.
xix) According to the explanation and information given to us, the
company had not issued any secured debenture during the year.
xx) The company has not raised any money by public issuing during the
year.
xxi) In our opinion and According to the information and explanation
given to us, no fraud on or by the company has been noticed or reported
during the year.
For MANOJ KUMAR GOYAL
Place : Siliguri Chartered Accountants
M. K. Goyal
Date : 29th April, 2014 Proprietor |