Warren Tea
BSE: 508494 | NSE: WARRENTEA | ISIN: INE712A01012 | Plantations - Tea & Coffee
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of Warren Tea Limited as
at 31st March, 2009 and the related Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto, which
we have signed under reference to this report. These financial
statements are the responsibility of the Management of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. The report on the audit of Travels Division of the Company by
Messrs. B. M. Chatrath A Co. under Section 228 of the Companies Act,
1956 of India, (the Act) has been forwarded to us as required by
clause (c) of sub-section (3) of that Section which has been considered
in preparing our report.
3. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
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 estimates made
by management, as well as, evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
4. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the Order) issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Act 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 report that:
(i) (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of its fixed
assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies between
the book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(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.
(ii) (a) The inventory of the Company i.e. stock of stores and finished
goods lying at all locations, other than items lying with the agents
(confirmed by them), have been physically verified by the Management
during the year. In our opinion, the frequency of verification is
reasonable.
4. (ii) (b) In our opinion, the procedures of physical verification of
stocks 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 has maintained proper records of inventory and the
discrepancies between the physical inventory and the book records
noticed on physical verification, where applicable, are 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.
(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.
(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, fixed assess and for the sale of 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 we been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the register in pursuance of Section 301
of the Act have been so entered.
(b) Where each of such transactions is in excess of Rs. 5 lakhs in
respect of each party, having regard to the explanation that some of
the transactions of service entered into are of a special nature for
which comparable prices are not available, the transactions have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at relevant time.
(vi) The Company has not accepted any deposits under the provisions of
Sections 58A, 58AA or any other relevant provisions of the Act and the
rules framed thereunder.
(vii) In our opinion, the Companys internal audit system commensurate
with its size and nature of its business.
(viii) On the basis of the records produced, we are of the opinion
that, prima facie, the cost records and accounts prescribed by the
Central Government of India under Section 209(lXd) of the Act have been
maintained in respect of Tea. However, we are neither required to nor
have we carried out any detailed examination of such accounts and
records.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, during the
year, the Company has generally 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.
As explained by the Management, the Employees State Insurance Scheme
is not applicable to the Company.
4. (ix) (b) According to the information and explanations given to us
and the records of the Company examined by us, as at 31st March, 2009,
there have been no dues in respect of Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess which have not been deposited on account of
dispute other than certain disputed Income Tax and Sales Tax dues, in
respect of which amounts involved and forums at which dispute is
pending are indicated in Note 10 on Schedule 18 to the Accounts.
(x) As per the books of account, the Company has no accumulated losses
as at 31st March, 2009. It has not incurred any cash loss during the
financial year ended on that date and in the immediately preceding
financial year.
(xi) 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 its dues to any financial institution or bank during
the year. The Company has not issued any debenture.
(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) In our opinion, considering the nature of activities carried on
by the Company during the year, the provisions of any special statute
applicable to chit f und/nidhi/mutual benefit fund/societies are not
applicable to it.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debenture and other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions during the year.
(xvi) In our opinion and according to the information and explanations
given to us on an overall basis, the term loans have been applied for
the purposes for which they were obtained.
(xvii) 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.
(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.
(xix) The Company has not issued any debenture and accordingly the
question of creation of securities there against does not arise.
(xx) The Company has not raised any money by public issue during the
year.
(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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
5. Further to our comments in paragraph 4 above, 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 purposes 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, the Profit and Loss Account 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, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
applicable accounting standards referred to in sub-section (3C) of
Section 211 of the Act;
(e) On the basis of written representations received from the
directors, and taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2009 from being appointed
as a director in terms of clause (g) of sub-section (1) of Section 274
of the Act;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner subject to Note 14(a)(viii) on Schedule 18 to Accounts regarding
non-ascertainment of value of Green Leaf consumed to the extent
indicated therein, the information required by the Act and also give a
true and fair view in conformity with the accounting principles
generally accepted in India :
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
(ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
P. Law
Partner
(Membership No. 51790)
For and on behalf of
PRICE WATERHOUSE
Kolkata , 24th June, 2009 Chartered Accountants
|
|
![]() | |
| Source : Religare Technova | |
![]() | |




Online










