<dhhead>Independent Auditors Report</dhhead>
To the Members of Longview Tea Company Limited
Report on the Audit of the Financial Statements Opinion
We have audited the accompanying Financial Statements of LONGVIEW TEA
COMPANY LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended,
and notes to the financial statements, including a summary of the significant accounting
policies and other explanatory information.
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the information required
by the Companies Act, 2013 ("the Act") in the manner so required and give a true
and fair view in conformity with Indian Accounting Standards specified under Section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended
and other accounting principles generally accepted in India, of the state of affairs of
the Company as at 31st March, 2023, its loss, total comprehensive income,
changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with
the Standards on Auditing ("the SAs") specified under section 143(10) of the
Act. Our responsibilities under those Standards are further the Auditor’s
Responsibilities for the Audit of the financial statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India ("ICAI") together with the ethical
requirementsthatarerelevanttoourauditofthefinancialstatements under the provisions of the
Act and the Rules thereunder, and we have fulfilled ourotherethicalresponsibilitiesin
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance of the financial statements of the current period. This matter
was addressed in the context of our audit of the financial statements as a whole and in
forming our opinion thereon, and we do not provide a separate opinion on this matter. We
have determined the matter described below to be the key audit matter to be communicated
in our report.
| Key Audit Matters |
Response to Key Audit Matters |
| Property, Plant and Equipment |
We assessed the controls in place over the
Property, Plant and Equipment, evaluated the appropriateness of capitalization process,
performed tests of details on costs capitalized, the timeliness of the capitalization of
the assets and the de-recognition criteria for retired from active use. |
| There are areas where management
judgement impacts the carrying value of property, plant and equipment and their respective
depreciation rates. We do not consider this management judgement to be of high risk of
significant misstatement or to be subject to significant level of judgment. Due to the
materiality in the context of the Balance Sheet of the Company, this is considered to be
an area which had the significant nature of underlying costs capitalized; determination
effect on the overall audit strategy and allocation ofof realizable value of the assets
retired from resources in planning and completing our audit. |
| In performing these procedures, we reviewed
the judgements made by management including the use; the appropriateness of assets’
lives applied in the calculation of depreciation; and the useful lives of assets
prescribed in Schedule II to the Act and as per significant accounting policies of the
Company. |
The Company’s Board of Directors is responsible for the
preparation of the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board’s Report including
Annexures to Board’s Report and Business Responsibility Report, but does not include
the financial statements and our Auditor’s Report thereon.
Our opinion on the financial statements does not cover the other
information and assurance or conclusion thereon.
In connectionwith our audit of the financial statements, identified
above when it becomes available and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. When we read the other
information, which we will obtain after the date of the auditor’s report and if we
conclude that there is a material misstatement therein, we are
requiredtocommunicatethematter to those charged with governance.
Responsibilities of Management and Those Charged With Governance for
the Financial Statements
The Company’s Board of Directors is responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation of these Financial
Statements that give a true and fair view of the financialposition, performance, total
comprehensive income, changes in equity and cash flows of the Company in accordance with
the Indian Accounting Standards specified under Section 133 of the Act and other
accounting principles generally accepted in India. 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 and other
irregularities; selection and application of appropriate accounting estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls that were operating effectively for records, relevant to the
preparation and presentation of the financial are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Board of Directors is
responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the
Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an Auditor’s Report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions
of users takenonthebasisofthesefinancialstatements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also: identify and
assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations or the override of internal control. obtain an understanding of
internal financial controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal
financial controls with reference to Financial Statements in place and the operating
effectiveness of such controls. evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related disclosures made by management.
conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may to continue as cast a going
concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our Auditor’s Report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our Auditor’s Report.
However, future events or conditions may cause the Company to cease to continue as a going
concern.
evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit. We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards. From the matters communicated
with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are
therefore the key audit matter. We describe this matter in our Auditor’s Report
unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interestbenefits ofsuch
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020
("the Order") issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act, and on the basis of our 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 give in the Annexure A, a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As requiredbysection we report that: 143(3) ofthe Act, 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 account as required by law have been kept by the Company so far as it
appears from our examination of those books; c) the Balance Sheet, the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and
the Statement of Cash Flows dealt with by this Report are in agreement with the books of
account; d) in our opinion, the aforesaid financial statements comply with the Indian
Accounting Standards (Ind AS) specified under Section 133 of the Act; e) on the basis of
the written representations received from the directors as on 31 st March, 2023
and taken on record by the Board of Directors, none of the directors is disqualified as on
31 st March, 2023 from being appointed as a director in terms of Section 164
(2) of the Act; f) with respect to the adequacy of the internal financial controls with
reference to financial statements of the Company and the operating effectiveness of such
controls, as required under Section 143(3)(i) of the Act, refer to our separate report in
"Annexure B"; g) with respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of section 197(16) of the Act,
as amended, the Company has complied with the provisions Act,
relating ofSection to managerial remuneration; 197 h) 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 has
disclosed the impact of pending litigations on its financial position in its financial tatements;
statements-ReferNote25tothefinancial ii. the Company did not have any long-term
contracts including derivative contracts for which there were any material foreseeable
losses; and iii. there were no amounts due which were required to be transferred to the
Investor Education and Protection Fund by the Company. iv. (a) The Management has
represented that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company
to or in any other person or entity, including foreign entity
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend to or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") guarantee, security or the like on behalf of
the Ultimate Beneficiaries; (b) The Management has represented, that, to the best of its
knowledge and belief, no funds (which are material either individually or in the
aggregate) have been received by the Company from any person or entity, including foreign
entity ("Funding Parties"), with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether, directly or indirectly, lend to or invest
in other persons or entities identified in any manner whatsoever by te
Beneficiaries") or provide any guarantee, security ("Ultima
oronbehalfoftheFundingParty or the like on behalf of the Ultimate Beneficiaries; (c) Based
on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations as provided under (a) and (b) above, contain any material misstatement. v.
the company has not proposed/declared/paid any dividend during the year. vi. Proviso to
Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is
applicable to the Company with effect from April 1, 2023, and accordingly, reporting under
Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not
applicableforthefinancialyear ended March 31, 2023.
|
For V. SINGHI & ASSOCIATES |
|
Chartered Accountants |
|
Firm Registration No.: 311017E |
|
(Naveen Taparia) |
|
Partner |
| Place: Kolkata |
Membership No.: 058433 |
| Date: 20th April, 2023 |
UDIN: 23058433BGVZYQ8282 |
+91-9892691696
