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Chetak Spintex Ltd.

BSE: 531655 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Chetak Spintex Ltd. (CHETAKSPINTEX) - Auditors Report

Company auditors report

CHETAK SPINTEX LIMITED ANNUAL REPORT 2003-2004 AUDITOR'S REPORT TO THE MEMBERS OF CHETAK SPINTEX LIMITED. We have audited the attached Balance Sheet of Chetak Spintex Limited, as at 31st March 2004 and also the Profit and Loss Account for the year ended on that date annexed thereto and the cash flow statements for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted out audit in accordance with auditing standard 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing to 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. 1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanations given to us during the course of our account, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph I 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 purpose of our audit. b. In our opinion, proper books of accounts as required by law, have been kept by Company so far as appears from our examination of books of the Company. c. The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account of the Company. d. In our opinion, the attached Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting standard referred to in Section 211 (3C) of the Companies Act, 1956. e. On the basis of written representation received from the Directors except from one director as on 31st March, 2004 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2004 from being appointed as a Director in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to Note B-3 relating to accounting of State Investment subsidy receivable from Haryana State Government pending actual receipt, Note A-9 (iii) relating to non provision of leave encashment for the year resulting in increase of profit for the year by Rs. 1.06 lass and understatement of total liability up to an extent of Rs.7.28 lass on this account and read together with other notes appearing in Schedule 'Q' give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirming with the accounting principles generally accepted in India. i) In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2004 and ii) In the case of Profit & Loss Account of the Profit for the year ended on that date. iii) In the case of cash flow statement of the cash flow for the year ended on that date. For Saluja & Associates Chartered Accountants Address: 69, D.B. Gupta Road (V.K. Verma) Jolly Building, Paharganj, Partner New Delhi - 110055 Membership No. Dated : 10.08.2004 17742 ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph 3 of our report of even date. (i) a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets except for additions made during the year which are being updated. b. As per the information and explanations given to us Physical verification of fixed assets has been carried out in terms of the phased programme of the company for verification of its fixed assets adopted by the company, c. During the year the Company has not disposed off any substantial/major part of fixed assets. (ii) a. As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stock, the frequency of the physical verification is reasonable. b. In our opinion and according to the information and explanations given to us, 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. The Company is maintaining proper records of inventory. In our opinion, discrepancies noticed on physical verification of stocks were not material in relation to the operations of the company and the same have been properly dealt with in the books of account. iii) a (i) The Company has taken unsecured loans from a company and parties covered in the register maintained under section 301 of the Companies Act 1956. The total number of parties are thirteen and the aggregate amount outstanding in these transactions is Rs.10226897/-. a (ii) The Company has granted unsecured loans to parties covered in the register maintained under Section 301 of the Companies Act, 1956. The total number of parties are two and the aggregate amount outstanding in these transactions is Rs.402628/-. (b) In our opinion, the rate of interest and other terms and conditions on which these loans have been taken or granted from/to by the Company from the parties stated in para a(i) & (ii) above are prima facie not prejudicial to the interest of the Company. (c) No terms in regard to payment of the principle amount and interest have been stipulated by the Company in respect of parties from whom loans have been taken or granted covered under Section 301 of the Companies Act, 1956. (d) There is no overdue amount since no terms have been stipulated in regard to repayment/recovery of loans from the parties covered under Section 301 of the Companies Act, 1956. 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 the nature of its business with regard to purchase of inventory and fixed assets and for the sate of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls. v) a. According to information and explanations given to us, no transactions took place during the year which are to be entered in the register maintained under Section 301 of the Companies Act, 1956. b. According to the information and explanations given to us, no transactions of purchase of material, stores, components and sales of goods/services have been entered with the parties covered under section 301 of the Companies Act, 1956. vi) In the case of public deposits received by the Company, the directives issued by the Reserve Bank of India and the provision of Section 58A of the Companies Act and the Companies (Acceptance of Deposit) Rules, 1975 have been complied with except for delay in submission of statement in lieu of advertisement with the Registrar of Companies. vii) The internal audit of the Company has been conducted by a firm of Chartered Accountants for the year under review. On the basis of the reports submitted by the internal auditors to the Management, in our opinion, the internal audit system needs further improvement to commensurate with the size of the company and nature of its business. viii) As informed to us, the Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of the products dealt with by the company. ix) a. According to the information and explanations given to us and records examined by us, the Company is not regular in depositing with appropriate authorities undisputed statutory dues of Sales-tax, Income Tax (TDS), Provident Fund, employees state insurance and textile committee cess which remained outstanding for a period of more,than six months amounting to Rs.200000/-, Rs.26972/-, Rs.1006872/- Rs.722257/- and Rs.38626/- respectively (Out of this Income Tax (TDS) of Rs.26972/- has been deposited subsequently). b. According to the records of the Company there was no dues of sales tax, income-tax, customs, wealth-tax, excise duty, cess which have not been deposited on account of disputes. x. There are no accumulated losses of the Company as on 31st March, 2004. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. xi. Based on our audit procedures and the information given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution or bank. xii. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities. Mi. Clause (xiii) of the Order is not applicable to the Company as the Company is not a Chit fund Company or nidhi/mutual benefit fund/society. xiv. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company. xv. According to the information and explanations given to us, Company has not given any guarantees for loans taken by others from bank or financial institutions. xvi. According to the information and explanations given to us, the term loans raised during the year have been applied for the purposes for which they were raised. xvii. According to the Information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that the company has used fund raised on short-term basis for long term investment. The company has accepted loans/deposits amounting to Rs. 33.08 lacs during the year which has been invested for expension of the production capacity which is scheduled to be completed in near future. xviii. The Company has not made any preferential allotment of shares during the year. )ax. During the year covered by our audit report the Company has not issued secured debentures. xx. The Company has not raised any money by public issues during the year covered by our report. xb. As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For SALUJA 8 ASSOCIATES CHARTERED ACCOUNTANTS Address: 69, D.B. Gupta Road (V.K. Verma) Jolly Building, Paharganj, Partner New Delhi - 110055 Membership No. Dated : 10.08.2004 17742

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