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Goodricke Group
BSE: 500166|NSE: GOODRICKE|ISIN: INE300A01016|SECTOR: Plantations - Tea & Coffee
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Dec 12
Auditor's Report (Goodricke Group) Year End : Dec '13
Report on the Financial Statements
 
 1.  We have audited the accompanying financial statements of Goodricke
 Group Limited (the Company).  which comprise the Balance Sheel as at
 December 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, which we have
 signed under reference to this report.
 
 Management''s Responsibility for the Financial Statements
 
 2.  The Company''s 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. 1936 of India (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.
 
 Auditors'' Responsibility
 
 3.  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.
 
 a. An audit involves performing procedures to obtain audit evidence,
 about the amounts and disclosures in the financial statements. The
 procedures selected depend on the auditors'' judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether (.Ilk- to fraud or error. In making those risk
 assessments, the auditors consider 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 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.
 
 s. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 6. In our opinion, and to the best of our information and according to
 the explanations given to us. the accompanying 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 December 3b 2013;
 
 (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
 
 As required by ''the Companies (Auditor''s Report) Order. 2003'', 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 (hereinafter referred to as the Order), and
 on the basis of such checks of the books and records of the Company as
 we considered appropriate and according to the information and
 explanations given to us, we give in the Annexure a statement on the
 matters specified in paragraphs 4 and 5 of the Order.
 
 8.  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 dealt with by this report comply with the
 Accounting Standards referred to in sub-section (30 of section 211 of
 the Act;
 
 (e) On the basis of written representations received from the directors
 as on December 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on December 31, 2013, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of section 274 of the Act.
 
 Referred to in paragraph 7 of the Independent Auditors'' Report of even
 date to the members of Goodricke Group Limited on the financial
 statements as of and for the year ended December 31, 2013
 
 i.  (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation, of fixed
 assets.
 
 (b) The fixed assets are physically verified by the Management
 according to a phased programme designed to cover all the items over a
 period of three years which, in our opinion, is reasonable having
 regard to the size of the Company and the nature of its assets.
 Pursuant to the programme, a portion of the fixed assets has been
 physically verified by the Management during the year and no material
 discrepancies have been noticed on such verification.
 
 (c) In our opinion, and according to the information and explanations
 given to us, a substantial part of fixed assets has not been disposed
 off by the Company during the year.
 
 ii. (a) The inventory (excluding stocks with third parties) has been
 physically verified by the Management during the year. In respect of
 inventory lying with third parties, these have substantially been
 confirmed by them.  In our opinion, the frequency of verification is
 reasonable.
 
 (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 the nature of its business.
 
 (c) On the basis of our examination of the inventory records, in our
 opinion, the Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 iii. (a) The Company has not granted any loans, secured or unsecured,
 to companies, firms or other parties covered in the register maintained
 under Section 301 of the Act. Therefore, the provisions of Clause
 4(iii)[(b),(c) and (d)] of the said Order are not applicable to the
 Company.
 
 (b) The Company has taken unsecured loans, from one company covered in
 the register maintained under Section 301 of the Act. The maximum
 amount involved during the year and the year-end balance of such loan
 aggregated to Rs. 10,25,00,000 and Rs. Nil, respectively. There are no
 firms other parties covered in the register maintained under Section
 301 of the Act.
 
 (c) In our opinion, the rate of interest and other terms and conditions
 of such loans are not prima facie prejudicial to the interest of the
 Company.
 
 (d) In respect of the aforesaid loans, the Company is regular in
 repaying the principal amounts, as stipulated, and is also regular in
 payment of interest, as applicable.
 
 iv. In our opinion, and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business for the
 purchase of inventory and fixed assets and for the sale of goods.
 Further, on the basis of our examination of the books and records of
 the Company, and according to the information and explanations given to
 us, we have neither come across, nor have been informed of, any
 continuing failure to correct major weaknesses in the aforesaid
 internal control system. The Company does not sell services.
 
 v. (a) According to the information and explanations given to us, we
 are of the opinion that the particulars of all contracts or
 arrangements that need to be entered into the register maintained under
 section 301 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 Lakhs 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. The Company has not accepted any deposits from the public within
 the meaning of Sections 58A and 58AA of the Act and the rules framed
 there under.
 
 vii. In our opinion, the Company has an internal audit system
 commensurate with its size and the nature of its business.
 
 viii. We have broadly reviewed the books of account maintained by the
 Company in respect of products where, pursuant to the rules made by the
 Central Government of India, the maintenance of cost records has been
 prescribed under clause (d) of sub-section (1) of Section 209 of the
 Act, and are of the opinion that, prima facie, the prescribed accounts
 and records have been made and maintained.  We have not, however, made
 a detailed examination of the records with a view to determine whether
 they are accurate or complete.
 
 ix. (a) According to the information and explanations given to us and
 the records of the Company examined by us, in our opinion, the Company
 is generally regular in depositing undisputed statutory dues in respect
 of value added Tax, central sales tax, service tax and tax deducted at
 source, though there has been a slight delay in a few cases, and is
 regular in depositing undisputed statutory dues, including provident
 fund , professional tax , investor education and protection fund,
 employees'' state insurance, income tax, wealth tax, customs duty,
 excise duty and other material statutory dues, as applicable, with the
 appropriate authorities.
 
 (b) According to the information and explanations given to us and the
 records of the Company x examined by us, there are no dues of
 wealth-tax, service-tax, customs duty, and excise duty which have not
 been deposited on account of any dispute. The particulars of dues of
 income tax and sales tax as at December 31, 2013 which have not been
 deposited on account of a Xi dispute, are as follows
  
 Name of the            Nature of               Amount
 Statute                dues                   (Rs.)
  
 Income-tax Act, 1961   Central Income Tax      1,051,656
 
 Income-tax Act, 1961   Central Income Tax      4,318,753
 
 Income-tax Act, 1961   Central Income Tax      3,162,478
 
 Income-tax Act, 1961   Central Income Tax      2,995,905
 
 Income-tax Act, 1961   Central Income Tax     26,234,173
 
 Income-tax Act, 1961   Central Income Tax      4,600,440
 
 Bengal Agricultural    Bengal Agricultural     5,533,624 
 Income Tax Act, 1944   Income Tax
 
 Bengal Agricultural    Bengal Agricultural    10,874,512 
 Income Tax Act, 1944   Income Tax
 
 Bengal Agricultural    Bengal Agricultural    13,333,356 
 Income Tax Act, 1944   Income Tax
 
 Bengal Agricultural    Bengal Agricultural     5,202,053 
 Income Tax Act, 1944   Income Tax
 
 Bengal Agricultural    Bengal Agricultural       159,356 
 Income Tax Act, 1944   Income Tax
 
 W.B.VAT Act, 2003      Sales Tax Authorities     318,581
 
 CST Act, 1956          Sales Tax Authorities   1,183,654
 
 W.B.VAT Act, 2003      Sales Tax Authorities     435,678
 
 CST Act, 1956          Sales Tax Authorities   1,546,525
 
 Name                   Period to 
                        which       Forum where the dispute
                        the amount 
                        relates     is pending
 
 Income-tax Act, 1961   1996-97     Commissioner of Income Tax
                                   (Appeals)
 
 Income-tax Act, 1961   2001-02     Commissioner of Income Tax
                                   (Appeals)
 
 Income-tax Act, 1961   2002-03     Commissioner of Income Tax
                                   (Appeals)
 
 Income-tax Act, 1961   2006-07     Commissioner of Income Tax
                                   (Appeals)
 
 Income-tax Act, 1961   2008-09     Commissioner of Income Tax
                                   (Appeals)
 
 Bengal Agricultural    2009-10     Commissioner of Income Tax
                                   (Appeals)
 
 Bengal Agricultural    1984-85     Commissioner of Agricultural
                                    Income Tax, West Bengal
 
 Bengal Agricultural    1989-90     Commissioner of Agricultural
                                    Income Tax, West Bengal
 
 Bengal Agricultural    1990-91     The West Bengal Commercial
                                    Taxes Appellate and Revisional Board
 
 Bengal Agricultural    2001-02     Agricultural Income Tax
                                    Officer - West Bengal
 
 Bengal Agricultural    2002-03     Agricultural Income Tax
                                    Officer - West Bengal
 
 Bengal Agricultural    2007-08     Deputy Commissioner,
                                    Commercial Tax.
 
 Bengal Agricultural    2007-08     Deputy Commissioner,
                                    Commercial Tax.
 
 Bengal Agricultural    2010-11     Deputy Commissioner,
                                    Commercial Tax.
 
 Bengal Agricultural    2010-11     Deputy Commissioner,
                                    Commercial Tax.
 
 x. The Company has no accumulated losses as at the end of the financial
 year and it has not incurred any cash losses in the financial year
 ended on that date or in the immediately preceding financial year.
 
 xi. According to the records of the Company examined by us and the
 information and explanation given to us, the Company has not defaulted
 in repayment of dues to any financial institution or bank or debenture
 holders as at the balance sheet date.
 
 xii. The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 Therefore, the provisions of Clause 4(xii) of the Order are not
 applicable to the Company
 
 xiii. As the provisions of any special statute applicable to chit fund/
 nidhi/ mutual benefit fund/ societies are not applicable to the
 Company, the provisions of Clause 4(xiii) of the Order are not
 applicable to the Company.
 
 xiv. In our opinion, the Company is not dealing in or trading in
 shares, securities, debentures and other investments. Accordingly, the
 provisions of Clause 4(xiv) of the Order are not applicable to the
 Company.
 
 xv. In our opinion, and according to the information and explanations
 given to us, the Company has not given any guarantee for loans taken by
 others from banks or financial institutions during the year.
 Accordingly, the provisions of Clause 4(xv) of the Order are not
 applicable to the Company
 
 xvi. The Company has not raised any term loans. Accordingly, the
 provisions of Clause 4(xvi) of the Order are not applicable to the
 Company.
 
 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. The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under Section
 301 of the Act during the year. Accordingly, the provisions of Clause
 4(xviii) of the Order are not applicable to the Company.
 
 xix. The Company has not issued any debentures during the year and does
 not have any debentures outstanding as at the beginning of the year and
 at the year end. Accordingly, the provisions of Clause 4(xix) of the
 Order are not applicable to the Company.
 
 xx. The Company has not raised any money by public issues during the
 year. Accordingly, the provisions of Clause 4(xx) of the Order are not
 applicable to the Company.
 
 xxi. During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of any such case by the Management.
 
                                For LOVELOCK & LEWES
 
                                Firm Registration No. 301056E
 
                                Chartered Accountants
 
                                Prabal Kr Sarkar
 
 Kolkata                        Partner
 
 26th February, 2014            Membership No. 052340
Source : Dion Global Solutions Limited
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