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Bansisons Tea Industries Ltd.

BSE: 519353 | NSE: | Series: NA | ISIN: INE856E01019 | SECTOR: Plantations - Tea & Coffee

BSE Live

Jan 24, 16:00
7.80 -0.40 (-4.88%)
Volume
AVERAGE VOLUME
5-Day
320
10-Day
380
30-Day
417
100
  • Prev. Close

    8.20

  • Open Price

    7.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

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  • Offer Price (Qty.)

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Bansisons Tea Industries is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2006

Auditor's Report

We have audited the accompanying financial statements of BANSISONS TEA INDUSTRIES LTD. (the Company), which comprise the Balance Sheet as at March 31, 2014, 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 The 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) read with the General Circular 15/2013 dated 13/09/2013 of the ministry of Corporate affairs in respect of Section 133 of the companies Act, 2013 and in accordance with the accounting Principles Generally accepted in India. 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 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 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. 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 company''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, 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 31,2014; (b) in the case of the Profit and Loss Account, 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 1. As required by the Companies(Auditor''s Report) Order,2003(the Order) issued by the Central Government of India in terms of sub-section (4A) of section227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. 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 Profitand 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 com ply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; Read with the General Circular 15/2013 dated 13 September 2013 of the ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013. e. on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March31, 2014, 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 3 of our report of even date on the accounts for the year ended 31st March, 2014 of Bansisons Tea Industries Ltd. i) In respect of Fixed Assets : a) The company has maintain proper record showing full particular including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, the major assets have been physically verified by the management during the year. No materials discrepancies were noticed on such verification. c) No substantial part of fixed assets have been disposed during the year. ii) In respect of its inventories : a) As explained to us, inventory has been physically verified during the year by the management in our opinion the frequency of verification is reasonable. b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable adequate in relation to the size of the company and the nature of its business. c) The company is maintaining proper record of inventory, as explained to us, there were no discrepancies noticed on verification between the physical stock and the book record. iii) a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under section 301 of the Act, and accordingly clause iii(b)(c),(d) of Paragraph 4 of the order not applicable. e) As informed 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, Accordingly the provision of clause 4(iii) (f) & 4(iii)(g) of the order are not applicable to the company. iv) In our opinion and according to the Information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in Internal controls. v) According to the Explanation and Information given to us, we are of the opinion that company has entered, all the transaction required to be entered in to the register maintain under section 301 of the Act 1956 and transactions have been made are prima facie reasonable. vi) The company during the year under audit not accepted any deposit under provisions of section 58A and 58AA or any of the relevant revision of the Act of the companies Act, 1956 and the companies (Acceptance of Deposit) Rules, 1975, with regard to the deposits accepted from the Public. No order has been passed by the Company Law Board or National Company law Tribunal or Reserve Bank of India or any court or any other Tribunal. vii) The company has an internal Audit system, which in our opinion is commensurate with the size of the company and the nature of its business. viii) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies Act, 1956 for any product of the company. ix) In respect of statutory dues : a) According to the record of the Company, undisputed statutory dues Provident Fund, Income Tax, Wealth Tax, Service Tax, Sales Tax and other statutory dues have been generally regular in depositing with appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2014 for a period of more than six months from the date of becoming payable. x) The Company has no accumulated losses 50% of its Net worth but has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. xi) Based on our audit procedure and as per the information and explanation given to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, Banks or debenture holders. xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities. xiii) The company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provision of the clause 4(xiii) of paragraph 4 of the order are not applicable. xiv) The company is not dealing in or trading in share, securities debenture and other investment. Therefore the provision of the clause 4 (xiv) of paragraph 4 of the order are not applicable. xv) According to Information and explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institution. xvi) According to Information and explanation given to us, the company has not been raised new terms loan during the year under audit. The term loans outstanding at the beginning of the year were applied for the purposes for which they are raised. xvii) According to the cash flow statement and other record examine by us and the information and explanation to given to the us, on an overall basis, fund raised on short terms basis have not Prima - facie, been used during the year for long term investment and vice - versa. xviii) According to the information and explanation given to us, and other records examine by us, the company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the during the year. xix) According to the explanation and information given to us, the company had not issued any secured debenture during the year. xx) The company has not raised any money by public issuing during the year. xxi) In our opinion and According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year. For MANOJ KUMAR GOYAL Place : Siliguri Chartered Accountants M. K. Goyal Date : 29th April, 2014 Proprietor