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हनुमान टी कंपनी
BSE: 519580|ISIN: INE363C01010|SECTOR: Plantations - Tea & Coffee
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Auditor's Report (Hanuman Tea Company) Year End : Mar '05
We have audited the attached Balance Sheet of M/S. HANUMAN TEA COMPANY
 LIMITED, as at 31st March, 2005 and the annexed profit & Loss Account
 and cash flow statement for the Year ended on that date, annexed
 thereto, and further report that:
 
 1A. These financial statement are the responsibility of the Companys
 management. Our responsibility is to express an opinion on these
 financial statement based on our audit.
 
 1B. We have conducted our audit in accordance with auditing standards
 generally accepted in India. These standards require that we plan and
 perform the audit to obtain reasonable assurance about whetherthe
 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 estimated made
 by management, as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 2.  As required by the Companies (Auditors Report) Order, 2003 issued
 by the Central Government of India in terms of Sub-section (4A) of
 Section 227 of the Companies Act, 1956, we enclose in the annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 3.  (i) The accounts of the Company have been prepared on the basis of
 going concern assumption However, in view of the fact that the company
 has incurred losses to the tune of Rs 499.57 Lacs, the company is not
 in a position to honour its commitments towards various secured and
 unsecured liabilities including its borrowings from its various
 financial and banking insinuation. We are unable to express our opinion
 on the ability of the company to continue as a going concern in this
 regard.
 
 (ii) Attention is invited to Clause X of CARO, 1998 regarding the
 references made by Company before BlFR for the Annual Report for the
 year ended 31/3/2003. BIFR has registered the second Reference vide
 Case No. 382/2003. Further reference is made to BIFR for the Annual
 Report for the year ended 31/3/04.  BIFR registered the Third reference
 Vide Case No. 358/2004.
 
 4.  Further to our comments in the annexure referred to above and given
 in Point No. 3 aforesaid and subject to Note No. 4 of schedule -18
 relating to notes on Accounts, 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 accounts as required by law have
 been kept by the Company so far as appears from our examination of
 those books maintained.
 
 c) The Balance Sheet and Profit & Loss Account dealt with by in this
 report are in agreement with the books Of account.
 
 d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
 with by this report 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 31st March 2005, and taken on record by the Board of Directors,
 we report that none of the Directors Is disqualified as on 31 st March,
 2005 from appointed as a Director in terms of clause (g) of Sub-section
 (1) of section 274 of the Companies Act, 1956.
 
 f) In our opinion and to the best of our information and according to
 explanation 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 principle
 generally accepted in India.
 
 i) In the case of Balance Sheet, of the state of Affairs of the Company
 as at 31st March, 2005, and ii) In the case of Profit & Loss Account of
 the loss of the Company for the year ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 Annexure referred to in paragraph 3 of the Auditors Report of even
 date to the Member of HANUMAN TEA COMPANY LIMITED on the accounts for
 the year ended 31st March, 2005;
 
 (i) [a] The company has not maintained proper records showing full
 particulars including quantitave details and sitations of Fixed Assets.
 
 [b] As per information and explanations given to us, there is a phased
 programme of physical verification or fixed assets adopted by the
 Company and no material discrepancies were noticed on such
 verification. In our opinion, the frequency of verifications
 reasonable, having regard to the size of the Company and nature of its
 business.
 
 (ii) [a] As per the information furnished the inventories have been
 physically verified by the management during the year. In our opinion
 the frequency of verification is reasonable.
 
 [b] In our opinion, the procedure of physical verification of
 inventories followed by the management are reasonable and adequate in
 relation to the size of the Company and nature of the business.
 
 [c] On the basis of our examination of inventory records, in our
 opinion, the Company is maintaining proper record inventory. The
 discrepanies noticed on physical verification of Inventory as compared
 to book records were not material.
 
 (iii) The Company has neither granted nor taken any loan, secured or
 unsecured, to/from Company, firms or other parties covered in the
 registermaintained under Section 301 of the Act. As the company has not
 granted / taken any loans, secured or unsecured, to / from companies
 firms etc., listed in the register maintained under section 301 of the
 Act, paragraph 3(b), 3(c) and 3(d) of the Order, are not applicable.
 
 (iv) In our opinion, and according to information and explanations to
 us, there are adequate internal control procedure commensuate with the
 size of the Company and the nature of its business with regard to
 purchase of inventory and fixed assets and for the sale of goods .
 During the course of our audit, no major weakness has been noticed in
 the internal control,
 
 (v) Based on the audit procedure applied by us. and according to the
 information and explanation provide by the management, we are of the
 opinion that during the year, there has been no transaction that needed
 to be entered to the register maintained under section 301 of the
 Companies Act, 1956. Accordingly, Clause 4 (v)(b) of the said Order is
 not applicable.
 
 (vi) The Company has not accepted any deposit from the public within
 the meaning of the provisions of Section 58A and 58AA of the Companies
 Act, 1956.
 
 (vii) In our opinion, the Company has an Internal audit system
 commensurate with the sue of the Company and the nature of its
 business.
 
 (viii) The Central Government has prescribed maintenance of the cost
 records under section 209(1)
 
 [d] of the Companies Act, 1956 In recpect of one of the product of the
 Company. We have broadly reviewed the accounts and records of the
 Company In this connection 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.
 
 (ix) According to the information and explanations given to us and
 records examined by us, the Company is regular in depositing, with the
 appropriate authorities, undisputed statutory dues including income
 tax, wealth tax, custom duty, cees, and other dues. However during the
 year, there are delays in depositing, with the appropriate authories,
 undisputed statutory dues in respect of Provident Fund, employees
 state Insurance, excise duty dues. According to the information and
 explanations given to us, no undisputed arrears of the statutory dues
 were outstanding as at 31st March, 2005, for a period of more than six
 months from the date they become payable.
 
 (x) The accumulated losses has exceed the net worth of the Company as
 on 31.03.2005 as such the Company has become a sick industrial Company
 within the meaning of Section 3(1)(0) of the sick Industrial Companies
 (special Provisions) Act, 1985. For the year ended 31/3/2003 the
 Company had made applicable to BIFR, BIFR has registered vide case no.
 382/2003. Further reference is made to BIFR for the Annual Report for
 the year ended 31/3/2004. BIFR has registered the third vide Case No.
 358/2004.
 
 (xi) According to the records of the Company examined by us and
 information and explanation given to us, the Company as defaulted In
 repayment of the dues to financiel Instituations and bank 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.
 
 (xiii) The provisions of any special statute applicable to chit fund /
 Nidhi / mutual benefit fund / societies are not applicable to the
 Company.
 
 (xiv) In our opinion, the Company is not a dealer or trader in share,
 securities, debentures and other investments.
 
 (xv) In our opinion, and according to the explanations and information
 given to us, the Company has not given any guarantee for loans taken by
 others from Banks or financial instituations during the year.
 
 (xvi) In our opinion, and according to the explanations and information
 given to us, on an overall basis, the term loans have not been
 applied.
 
 (xvii) On the basis of an overall examination of the balance sheet of
 the Company, in our opinion and according to the information and
 explanation given to us, there are no funds rise on short term bais,
 which have been used for long term investment.
 
 (xviii) The company has not made any preferential allotment of shares
 during the year,
 
 (xix) There are no secured debentures outstanding as at the year end.
 
 (xx) The Company has not raised any money by public issues during the
 year,
 
 (xxi) To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud on or by the Company
 has been noticed or reported during the course of our audit.
 
                                                  For and on behalf of
 
                                               R. K. BHATTER & COMPANY
 Kolkata                                         Chartered Accountants
 11th August, 2005                                   (R. K. Shatter)
                                                        Proprietor
Source : Dion Global Solutions Limited
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