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Tyroon Tea Company

BSE: 526945|ISIN: INE945B01016|SECTOR: Plantations - Tea & Coffee
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« Mar 14
Auditor's Report (Tyroon Tea Company) Year End : Mar '15
 We have audited the accompanying financial statements of TYROON TEA
 COMPANY LIMITED (the Company), which comprise of the Balance Sheet as
 at March 31, 2015, and the Statement of Profit and Loss, the Cash Flow
 Statement, significant accounting policies and other notes for the year
 ended on that date.
 
 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 Companies
 (Accounts) Rules, 2014. This responsibility also includes maintenance
 of adequate accounting records in accordance with the provisions of the
 Act for safeguarding 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.
 
 Auditors'' 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
 thereunder.
 
 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 auditors'' 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 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 control
 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.
 
 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, 2015;
 
 b) in the case of the Statement of Profit and Loss, of the loss of the
 company 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of Section 143 of the Act, we give in. the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order,
 to the extent applicable.
 
 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 accounts as required by law have
 been kept by the Company so far as appears from our examination of
 those;
 
 c.  The Balance Sheet, the Statement of Profit and Loss, and the 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 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 March 31, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 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 having material
 impact on the financial position of the Company have been disclosed in
 the financial statement as required in terms of the accounting
 standards and provisions of the Companies Act, 2013;
 
 ii.  The Company does not have any long-term contracts, including
 derivative contracts, for which there were any material foreseeable
 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 AUDITOR''S REPORT 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) The Fixed assets of the company where physically verified by the
 Management according to phased program of verification, which In our
 opinion is reasonable having regard to the size of the Company and the
 nature of its business. Discrepancies noticed on such verifications
 were not material.
 
 ii. (a) As explained to us, the inventories of the Company except
 materials lying with the third parties have been physically verified by
 the management at reasonable intervals during the year / at the
 year-end, in our opinion and according to the information and
 explanations given to us, the frequency of the verification is
 reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 except in respect of materials lying with third parties followed by the
 management is reasonable and adequate in relation to the size of the
 Company and nature of its business,
 
 (c) On the basis of examination of the records of Inventory and
 according to the information and explanations given to us, we are of
 the opinion that the Company is maintaining proper records of
 inventory.
 
 Discrepancies noticed on the physical verification of stocks were not
 material.
 
 iii. The Company has not granted any loans secured or unsecured to
 companies, firms or parties covered in the register maintained under
 Section 189 of the Act. Accordingly, clause 3 (iii) of the Order is 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 nature of its business with regard to
 the purchase of inventory, fixed assets and sale of goods. During the
 course of our audit we have not observed any continuing failure to
 correct major weakness in internal control system.
 
 v.  The Company has not accepted any deposits from public covered under
 Sections 73 to 76 or any other relevant provisions of the Act and rules
 framed thereunder.
 
 vi.  As explained to us, the Central Government has not prescribed the
 maintenance of cost records under section 148 (1) of the Act.
 
 vii. (a) According to the information and explanations given to us and
 as per the records of the Company, the Company is regular in depositing
 with appropriate authorities undisputed statutory dues including
 Provident Fund, Employees State Insurance, Income Tax, Professional Tax,
 Sales Tax, Wealth tax, Service Tax, Excise Duty, Cess and any other
 statutory dues applicable to It. However, according to the information
 and explanations given to us, there is no undisputed amounts payable in
 respect of these which were in arrears as on 31st March. 2015 for a
 period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, there is
 no disputed dues of sales tax, Income tax, customs duty, wealth tax,
 excise duty, service tax, and Cess, as at 31st March, 2015
 
 (c) There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company
 
 viii. The Company does not have any accumulated losses as at the end of
 the financial year and the Company has not incurred cash losses during
 the financial year covered by our audit and in the immediately
 preceding financial year.
 
 ix.  In our opinion and on the basis of information and explanations
 given to us by the management, we are of the opinion that the Company
 has not defaulted in repayment of dues to financial institutions and
 banks. There are no debenture holders.
 
 x.  According to the information and explanations given to us the
 Company has not given any guarantee for loans taken by others from Bank
 or Financial Institutions.
 
 xi.  As per the information and explanation given to us, the Company
 has not availed fresh term loan during the year.
 
 xii.  During the course of our examination of the books of account
 carried out in accordance with generally accepted auditing practices in
 India, 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 Lodha & Co.
                                                 Chartered Accountants
                                    Firm ICAI Registration No. 301051E
                                                         (H. K. Verma)
 Place : Kolkata                                               Partner
 Date : 29th May, 2015                           Membership No. 055104
 
 
 
Source : Dion Global Solutions Limited
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