You are here » Home » Companies » Company Overview » Tai Chonbang Textile Industries Ltd

Tai Chonbang Textile Industries Ltd.

BSE: 514464 Sector: Industrials
NSE: N.A. ISIN Code: INE913B01014
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Tai Chonbang Textile Industries Ltd. (TAICHONBANGTEX) - Auditors Report

Company auditors report

TAI CHONBANG TEXTILE INDUSTRIES LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT To The Shareholders TAI GHONBANG TEXTILE INDUSTRIES LIMITED 1. We have audited the attached Balance Sheet of Tai Chonbang Textile Industries Limited as at March 31, 2004 and also the Profit and Loss Account and the cash flow statement for the year ended on that date, annexed thereto. 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. 2. We conducted our audit it 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 amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. 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, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order. 4. Further to our comments in the Annexure referred to vide paragraph 3 above, we report that : (i) 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: (ii) 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 such books: (iii) The Balance Sheet, Profit & Loss Account and cash flow statement referred to in this report are in agreement with the books of account; (iv) In our opinion, the Balance sheet, Profit and Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors. as on March 31, 2004 and taken ors record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2004 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act, 1956. 5. In our opinion and to the best of our information and according to the explanations given to us, the said statements of account give the information required by the Companies Act, 1956. in the manner so 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, 2004. (b) In the case of the Profit and Loss Account, of the loss for the year ended on that date, (c) In case of Cash Flow Statement, of the flows for the year ended on that date. For and on behalf of PAREEK & ASSOCIATES Chartered Accountants Place : Kolkata (R.C. PAREEK) Date : 30th June 2004 Partner ANNEXURE TO THE AUDITOR'S REPORT 1. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the company and the nature of its fixed assets. (c) There was no substantial disposal of fixed assets during the year, which would affect the going concern of the Company. 2. (a) The management had conducted physical verification of inventory at reasonable intervals. (b) 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) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3. As informed to us, the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 and as such clauses (iii) (a) to iii(d) are riot applicable. 4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and sale of goods. There is no continuing failure to correct major weaknesses in the internal control. 5. (a) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956. (b) In our opinion and according to the information and explanations given to us, as there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act 1956, the clause v (b) is not applicable. 6. The company has not received any deposit from the public. Hence the question of compliance with the directive issued by the Reserve Bank of India and provision of section 58A of the Companies Act, 1956 and the rules trained there under does not arise. 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 books of account maintained by the Company pursuant to the order made by the Central government of the maintenance of cost records under Section 209(1) (d) of the companies Act 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. 9. (a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax, Customs Duty, Excise Duty, cess and other statutory dues applicable to it with the appropriate authorities though there has been delay in few cases. According to the information, and explanations given to us, there are no undisputed amounts payable in respect of income tax. wealth tax, sales tax, customs duty and excise duty which were outstanding, at the year end for a period of more than six months from the date from the date they became payable. (b) There are no dues outstanding of sales-tax income-tax, custom duty, wealth tax, excise duty and Cess on account of any dispute. 10. The Company's accumulated losses at the end of the financial are more than fifty per cent of its net worth and it has incurred cash losses both in current as well as immediately preceding financial year. 11. According to the information and explanations given to us and based on books and records maintained by the company entire banks dues are now repayable since all accounts have been classified by the banks as NPA. 12. According to the information and explanation given to us and based on the documents and records produced 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. 13. In our opinion and according to the information and explanations given to us, the nature of activities of the company does not attract any special statue applicable to chit fund and nidhi/mutual benefit fund/societies. 14. As informed and explained to us, the Company has not dealt/treated in securities or debentures during the year. In our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts relating to dealing /trading in shares and other investments and timely entries have been made therein. The shares and other investments have been held by the company, in its own name. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. 16. According to the information and explanations given to us term loan taken in earlier years were applied for the purposes for which the loans were obtained. 17. On the basis of information received from the management and based on our examination of the balance sheet of the company as at March 31, 2004 we find that the funds raised on a short-term basis have not been used for long term investment and vice-versa. 18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. 19. The company did not have any outstanding debentures during the year. 20. The company has not raised any money through a public issue during the year. 21. Based on information and explanation furnished by the management, which have been relied upon by us, there were no frauds on or by the company noticed or reported during the year. For and on behalf of PAREEK & ASSOCIATES Chartered Accountants Place : Kolkata (R.C. PAREEK) Date : 30th June 2004 Partner