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Warren Tea
BSE: 508494|NSE: WARRENTEA|ISIN: INE712A01012|SECTOR: Plantations - Tea & Coffee
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Mar 12
Auditor's Report (Warren Tea) Year End : Mar '13
1.  We have audited the accompanying financial statements of Warren Tea
 Limited (the Company), which comprise the Balance Sheet as at March
 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, 1956 (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.
 
 Auditor''s 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.
 
 4.  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 entities 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.
 
 5.  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 March 31, 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:
 
 7.  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 Companies Act,1956 (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 comply with the Accounting Standards referred to in
 subsection (3C) of section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, 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 7 of the Auditors'' Report of even date to the
 members of Warren Tea Limited on the financial statements for the year
 ended 31st March 2013]
 
 1.  In respect of fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The fixed assets were physically verified during the year by the
 Management in a phased programme which in our opinion provides for
 physical verification of all the fixed assets at reasonable intervals.
 According to the information and explanations given to us, no material
 discrepancies were 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
 of by the Company during the year.
 
 2.  In respect of its inventories:
 
 (a) As explained to us, the inventory of the Company (excluding stocks
 with third parties) has been physically verified during the year by the
 management. In respect of stock lying with third parties, those have
 substantially been confirmed by them. In our opinion the frequency of
 such verification is reasonable.
 
 (b) In our opinion, and according to information and explanations given
 to us, 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) In our opinion, and according to information and explanations given
 to us, the Company has maintained proper records of its inventories and
 no material discrepancies were noticed on physical verification.
 
 3.  (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.
 
 In view of the above the clauses (b), (c), (d) of the Paragraph 4(iii)
 of the said order are not applicable to the Company.
 
 (b) 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.
 
 In view of the above the clauses (f) & (g) of paragraph 4(iii) of the
 Order are not applicable.
 
 4.  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 with regard
 to the purchase of inventory, fixed assets and for the sale of the
 goods and services. 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.
 
 5.  (a) According to the information and explanations given to us, we
 are of the opinion that the particulars of all contracts or
 arrangements referred to in Section 301 that need to be entered in the
 register maintained under the said section have been so entered.
 
 (b) None of the transactions made in pursuance of such contracts or
 arrangements exceeded the value Rs.5 Lakhs in respect of any one such
 party in the financial year.
 
 6.  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.
 
 7.  In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  We have broadly reviewed the cost records maintained by the Company
 relating to Tea pursuant to the Companies (Cost Accounting Records)
 Rules, 2011 prescribed by the Central Government under Section 209(1)
 (d) of the Act, and are of the opinion that prima facie the prescribed
 accounts and records have been made and maintained. We have, however,
 not made a detailed examination of the cost records with a view to
 determine whether they are accurate or complete.
 
 9.  (a) According to the information and explanations given to us and
 the records of the Company examined by us, in our opinion, the Company
 has been regular in depositing the undisputed statutory dues including
 Provident Fund, Investor Education and Protection Fund, Income-tax,
 Sales-tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and
 other material statutory dues as applicable, with the appropriate
 authorities.
 
 (b) According to the information and explanation given to us and the
 records of the Company examined by us, the particulars of dues of
 Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
 duty/Cess as at 31st March,2013 which have not been deposited on
 account of Dispute are as follows:
 
 Name of the   Nature of Dues   Amount 
                                Involved    Period to    Forum where
 Statute                       (Rs.inLacs)  which the    Dispute is
                                                         Pending
                                            amount 
                                            relates
 
 Income Tax    Income Tax          5.33     1997-98      Commissioner of
 
 Act 1961                         97.48     2002-03      Income Tax
                                                         (Appeals)
 
                                  22.89     2008-09
 
                                 261.35     2009-10
 
                                 105.98     2010-11
 
                Income Tax         3.13     1987-88       Income Tax
                                                          Appellate
 
                                   2.06     1984-85       Tribunal
 
 Assam          Agricultural    4169.32     1986-87 to
 
 Agricultural   Income Tax      1998-99,                  Gauhati High
                                                          Court
 Income Tax                                 2000-01
 Act, 1939
 
 Sales 
 Tax Act        Assam General     67.48     1993-94,      Deputy 
                                                          Commissioner
 
 1965           Sales Tax&      1997-98                   of Taxes-Assam
                Central Sales 
                Tax
 
                Assam General      5.86     1996-97 to    Commissioner of
 
                Sales Tax &                 1997-98,      Taxes-Assam
 
                Central 
                Sales Tax                   2004-05 &
                                            2007-08
 
                Assam General     19.92     2003-04,      Gauhati High 
                                                          Court
 
                Sales Tax &                 1996-97
                Central Sales 
                Tax
 
                Sales Tax         15.62     2007-08       Appellate and
                                                          Revisionary
                                                          Board, West
                                                          Bengal
 
 Assam Land     Land Revenue
                Tax               28.33     2003-04 to    Additional
                                                          Deputy
 
 Revenue                                    2007-08       Commissioner
 Reassessment 
 Act, 1936
 
 10.  The Company does not have accumulated losses as at 31st March 2013
 and it has not incurred any cash losses in the financial year ended on
 that date or in the immediately preceding financial year.
 
 11.  According to the records of the Company examined by us and the
 information and explanations given to us, the Company has not defaulted
 in repayment of dues to any banks at the Balance Sheet date. The
 Company had neither any outstanding debenture nor loan from any
 financial institution nor has it issued any debenture during the year.
 
 12.  According to the information and explanations given to us, the
 Company has not granted 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.
 
 13.  In our opinion, the provisions of any special statute applicable
 to chit fund/ nidhi / mutual benefit fund/societies are not applicable
 to the Company. Therefore the provisions of clause 4(xiii) of the Order
 are not applicable to the company.
 
 14.  In our opinion and according to the information and explanations
 given to us, the Company is not a dealer or trader in shares,
 securities, debentures and other investments. Therefore the provisions
 of clause 4(xiv) of the Order are not applicable to the company.
 
 15.  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.  Accordingly, the
 provisions of clause (xv) of Paragraph 4 of the Order are not
 applicable to the Company.
 
 16.  The Company has not taken any term loan during the year. Therefore
 the provisions of clause 4(xvi) of the Order are not applicable to the
 company.
 
 17.  On the basis of an overall examination of the Balance Sheet of the
 Company, in our opinion and according to the information and
 explanations given to us, there are no funds raised on a short-term
 basis which have been used for long-term investment. Therefore the
 provisions of clause 4(xvii) of the Order are not applicable to the
 company.
 
 18.  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. Therefore the provisions of clause
 4(xviii) of the Order are not applicable to the company.
 
 19.  The Company has not issued any debentures and accordingly the
 question of creation of securities in this regard does not arise.
 Therefore the provisions of clause 4(xix) of the Order are not
 applicable to the company.
 
 20.  The Company has not raised any money from public issue during the
 year. Therefore the provisions of clause 4(xx) of the Order are not
 applicable to the company.
 
 21.  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 instances of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of such case by the management.
 
                                               For B.M.Chatrath & Co.
 
                                               Chartered Accountants
 
                                   Firm Registration Number: 301011E
 
                                                          A.Chatrath
 
                                                             Partner
 
 Kolkata, 14th March, 2014                   Membership Number 52975
Source : Dion Global Solutions Limited
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