Mar 31, 2015
We have audited the accompanying financial statements of BLUE CHIP TEX
INDUSTRIES LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31,2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to 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 principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. 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 frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 misstatements. 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
financial control relevant to the Company's preparation of the
financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by
Company's directors, 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 on the financial
statements.
Opinion
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 Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its 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, 2015 issued
by the Central Government of India in terms of Sub-Section 11 of
Section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
f) 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 statements as referred to in Note
28 to the financial statements.
(ii) There are no foreseeable losses as required on long-term contracts
including derivative contracts.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT Referred to in Paragraph
1 under the heading of "Report on Other Legal and Regulatory Requirements"
of our report of even date
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
2. In respect of its inventories:
a) The inventories have 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 explanations
given to us, the procedures of physical verification of inventories
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 has maintained proper records of inventories. As per the
information and explanation given to us, no material discrepancies were
noticed on physical verification.
3. Company has not granted any loans , secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 198 of the Companies Act, 2013 and hence clause 3 (a) and
3 (b) of the Order not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, the company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in internal control system.
5. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the Order are not applicable
to the Company.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under Section 148(1)(d) of the Act
and are of the opinion that,prima facie, the prescribed accounts and
cost records have been maintained. We have, however, not made a
detailed examination of the cost records with a view to determine
whether they are accurate or complete.
7. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value
Added Tax, Cess, and other material statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31,2015
for a period of more than six months from the date of becoming payable.
b) According to the information and explanations given to us, there are
no disputed statutory dues pending as on 31st March 2015, except for
Income Tax dues as follows:
Assessment Year Rs Forum where dispute is pending
2009- 10 4,38,920 pending with CIT
2010- 11 3,71,690 pending with CIT
2011- 12 2,82,270 pending with CIT
(c) According to the records of the Company, the amounts required to be
transferred to Investor Education and Protection Fund in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder has been transferred to such fund within the
time.
8. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
10. The Company has not given any guarantees for loans taken by others
from banks and financial institutions.
11. The Company has raised new terms loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
12. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For Rajendra & Co.
Chartered Accountants
(Firm Registration Number 108355W)
Sd/-
Mumbai Akshay R. Shah
15th May 2015 Partner
Membership No: 103316
Mar 31, 2014
We have audited the accompanying financial statements of Blue Chip Tex
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, 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.
Management''s Responsibility for the Financial Statements
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 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.
Auditors'' 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 misstatements.
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. 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 aforesaid 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 Statement of Profit and Loss, 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 Section
227(4A) 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, the Statement of Profit and Loss, 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 Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details situation of fixed assets.
(b) As explained to us, the 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 nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The Company has not granted or taken any loans, secured or unsecured
to/from companies, firms or any other parties covered in the register
maintained under section 301 of the Act. Hence, clause (iii) of para 4
of the aforesaid Order is not applicable.
4. 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 the purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956.
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act, have been so entered.
(b) In respect of transactions for purchase and sale of goods and job
work charges made in pursuance of contracts or arrangements entered in
the register maintained under section 301, of the Companies Act, 1956,
in excess of Rs. 5 Lakhs, we have been informed that the same have been
made at prices which are reasonable having regard to the prevailing
market conditions.
6. The Company has not accepted any deposits from the public.
7. The Company did not have an internal audit system during the year
but its internal control procedures ensure reasonable internal checking
for its financial and other records.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011,
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed cost records have been maintained. We have however, not made
a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
9. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations 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.
(b) According to the information and explanations given to us, there
are no disputed statutory dues pending as on 31st March, 2014 except
for disputed income tax liability of Rs. 4,38,920/- related to
Assessment Year 2009-2010, Rs. 3,71,690/- related to Assessment Year
2010-2011 and Rs. 2,82,270/- related to Assessment Year 2011-12, which
are pending before the Income Tax Officer for rectification.
10. The Company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion and according to the Information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks. There are no borrowings from Financial Institutions or by way of
Debentures.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company is not dealing or trading in Shares, Securities or
other investments. The investments made by the company are held in its
own name.
15. 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.
16. According to the information and explanations given to us, the term
loans raised by the Company during the year were utilized for the
purpose for which the same were taken.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not used funds raised on short- term basis
for long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
For Rajendra & Co.
Chartered Accountants
(Registration No. 108355W)
Sd/-
Akshay R. Shah
Mumbai Partner
Dated : 26th May, 2014 Membership No.: 103316
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Blue Chip Tex
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, 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.
Management''s Responsibility for the Financial Statements
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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). 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.
Auditors'' 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 misstatements.
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. 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 aforesaid 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, 2013;
(b) In the case of the Statement of Profit and Loss, 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 Section
227(4A) 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, the Statement of Profit and Loss, 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 Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
directors as on March 31, 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2013,
from being appointed as a director in terms of Section 274(1 )(g) of
the Act.
ANNEXURE TO AUDITOR''S REPORT
Referred to in Paragraphl under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details situation of fixed assets.
(b) As explained to us, the 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 nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or any other parties covered in the
register maintained under section 301 of the Act. Hence, clause (iii)
of para 4 of the aforesaid Order is not applicable.
4. 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 the purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956;
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act, have been so entered.
(b) In respect of transactions for purchase and sale of goods and job
work charges made in pursuance of contracts or arrangements entered in
the register maintained under section 301, of the Companies Act, 1956,
in excess of Rs. 5 Lakhs, we have been informed that the same have been
made at prices which are reasonable having regard to the prevailing
market conditions.
6. The Company has not accepted any deposits from the public.
7. The Company did not have an internal audit system during the year
but its internal control procedures ensure reasonable internal checking
for its financial and other records.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011,
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facia the
prescribed cost records have been maintained. We have however, not made
a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
9. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31 st March, 2013 for a period of more than
six months from the date of becoming payable:
(b) According to the information and explanations given to us, there
are no disputed statutory dues pending as on 31 st March, 2013 except
for disputed income tax liability of Rs. 4,38,920/- related to Assessment
Year 2009-2010, Rs. 3,71,690/- related to Assessment Year 2010-11 and Rs.
2,82,270/ - related to Assessment Year 2011-12, which are pending
before the Income Tax Officer for rectification.
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion and according to the Information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks. There are no borrowings from Financial Institutions or by way of
Debentures.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of dealing in Shares, Securities and other
investments and timely entries have been made therein. All Shares,
securities 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 guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, the
term loans raised by the Company during the year were utilized for the
purpose for which the same were taken.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not used funds raised on short- term
basis for long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
For Rajendra & Co.
Chartered Accountants
(Registration No. 108355W)
Sd/-
Akshay R. Shah
Place : Mumbai Partner
Dated : 27th May, 2013 Membership No.: 103316
Mar 31, 2012
We have audited the attached Balance Sheet of Blue Chip Tex Industries
Limited as at 31st March 2012 and the Statement of Profit and Loss for
the year ended on that date annexed thereto and Cash Flow Statement 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.
1. We conducted our audit in accordance with 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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.
2. As required by the Companies (Auditor's Report) Order 2003, as
amended by the Companies (Auditors Report) (Amendment) Order, 2004,
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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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, Statement of Profit and 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
the Cash Flow Statement dealt with by this report comply with the
mandatory Accounting Standards referred in sub-section (3C) of section
211 of the Companies Act, 1956;
e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2012 from
being appointed as directors 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 read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) in so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012;
(ii) in so far as it relates to the Statement of Profit and Loss, of
the "Profit" of the Company for the year ended on that date; and
(iii) in so far as it relates to the Cash Flow Statement, of the cash
flows of the company for the year ended on that date.
For Rajendra & Co.
Chartered Accountants
(Registration No. 108355W)
Sd/-
Akshay R. Shah
Mumbai Partner
Dated : 28lh May, 2012 Membership No.: 103316
ANNEXURE TO AUDITOR'S REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details situation of fixed assets.
b. As explained to us, the 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 nature of its assets. No
material discrepancies were noticed on such physical verification.
c; In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or any other parties covered in the
register maintained under section 301 of the Act. Hence, clause (iii)
of para 4 of the aforesaid Order is not applicable.
4. 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 the purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956;
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act, have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts /
arrangements in excess of Rs 5 Lakhs in respect of any party during the
year, have been made at prices which are reasonable having regards to
the prevailing market prices at the relevant time, where such prices
are available.
6. The Company has not accepted any deposits from the public.
7. The Company did not have an internal audit system during the year
but its internal control procedures ensure reasonable internal checking
for its financial and other records.
8. The Central Government under Section 209 (1) (d) of the Companies
Act, 1956, has prescribed the maintenance of cost accounts and records
in respect of the manufacturing activity of the Company. As explained
to us, the Company is in the process of completing necessary records in
respect of the same. Pending completion of the same, we are unable to
offer any comment.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31sl March, 2012 for a period of more than six months
from the date of becoming payable:
b. According to the information and explanations given to us, there
are no disputed statutory dues pending as on 31st March, 2012 except
for disputed income tax liability of X 77,872/- related to Assessment
Year 2005-2006, Rs 4,63,702/- related to Assessment Year 2009-2010 and Rs
9,89,201/- related to Assessment Year 2010-11, against which are
pending before the Income Tax Officer for rectification.
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion and according to the Information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks. There are no borrowings from Financial Institutions or by way of
Debentures.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of dealing in Shares, Securities and other
investments and timely entries have been made therein. All Shares,
securities 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 guarantees for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, the
term loans raised by the Company during the year were utilized for the
purpose for which the same were taken.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not used funds raised on short- term
basis for long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
For Rajendra & Co.
Chartered Accountants
(Registration No. 108355W)
Sd/-
Akshay R. Shah
Mumbai Partner
Dated : 28th May, 2012 Membership No.: 103316
Mar 31, 2011
We have audited the attached Balance Sheet of Blue Chip Tex Industries
Limited as at 31st March 2011 and the Profit and Loss Account for the
year ended on that date annexed thereto and Cash Flow Statement 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.
1. We conducted our audit in accordance with 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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.
2. As required by the Companies (Auditor's Report) Order 2003, as
amended by the Companies (Auditors Report) (Amendment) Order, 2004,
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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956;
e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2011 from
being appointed as directors 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 read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) in so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2011;
(ii) in so far as it relates to the Profit and Loss Account, of the
"Profit" of the Company for the year ended on that date; and
(iii) in so far as it relates to the Cash Flow Statement, of the cash
flows of the company for the year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details situation of fixed assets.
b. As explained to us, the 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 nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or any other parties covered in the
register maintained under section 301 of the Act. Hence, clause (iii)
of para 4 of the aforesaid Order is not applicable.
4. 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 the purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956;
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act, have been so entered.
(b) In our opinion and according to the information and explanations
given to us, each of the transactions in pursuance of such contracts /
arrangements in excess of Rs. 5 Lakhs in respect of any party during
the year, have been made at prices at prices which are reasonable
having regards to the prevailing market prices at the relevant time,
where such prices are available.
6. The Company has not accepted any deposits from the public.
7. The Company did not have an internal audit system during the year
but its internal control procedures ensure reasonable internal checking
for its financial and other records.
8. The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date of becoming payable:
b. According to the information and explanations given to us, there are
no disputed statutory dues pending as on 31st March, 2011 except for
disputed income tax liability of Rs. 77,872/- related to Assessment
Year 2005-2006, against which the Company has filed appeal with
Commissioner (Appeals).
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion and according to the Information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks. There are no borrowings from Financial Institutions or by way of
Debentures.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions
contracts in respect of dealing in Shares, Securities and other
investments and timely entries have been made therein. All Shares,
securities 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 guarantees for loans taken by others from
banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not used funds raised on short- term
basis for long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
For Rajendra & Co.
Chartered Accountants
(Registration No. 108355W)
Sd/-
Akshay R. Shah
Partner
Membership No.: 103316
Mumbai
Dated : 27th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Blue Chip Tex Industries
Limited as at 31st March 2010 and the Profit and Loss Account for the
year ended on that date annexed thereto and Cash Flow Statement for the
year ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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.
2. As required by the Companies (Auditors Report) Order 2003, as
amended by the Companies (Auditors Report) (Amendment) Order, 2004,
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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub- section (3C) of section 211 of
the Companies Act, 1956;
e) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2010 from
being appointed as directors 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 read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with, the
accounting principles generally accepted in India:
(i) in so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010;
(ii) in so far as it relates to the Profit and Loss Account, of the
"Profit" of the Company for the year ended on that date; and
(iii) in so far as it relates to the Cash Flow Statement, of the cash
flows of the company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 2 of our report
of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details situation of fixed assets.
b. As explained to us, the 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 nature of its assets. No
material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or any other parties covered in the
register maintained under section 301 of the Act. Hence, clause (iii)
of para 4 of the aforesaid Order is not applicable.
4. 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 the purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have
not observed any major weaknesses in internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956;
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act, have been so entered.
(b) In our opinion and according to the information and explanations
given to us, each of the transactions in pursuance of such contracts /
arrangements in excess of Rs. 5 Lakhs in respect of any party during
the year, have been made at prices at prices which are reasonable
having regards to the prevailing market prices at the relevant time,
where such prices are available.
6. The Company has not accepted any deposits from the public.
7. The Company did not have an internal audit system during the year
but its internal control procedures ensure reasonable internal checking
for its financial and other records.
8. The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income- Tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date of becoming payable:
b. According to the information and explanations given to us, there
are no disputed statutory dues pending as on 31s1 March, 2010 except
for disputed income tax liability of Rs. 77,872/- related to Assessment
Year 2005-2006, against which the Company has filed appeal with
Commissioner (Appeals).
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks. There are no borrowings from Financial Institutions or by way of
Debentures.
12. 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.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/ society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions
contracts in respect of dealing in Shares, Securities and other
investments and timely entries have been made therein. All Shares,
securities 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 guarantees for loans taken by others from
banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not used funds raised on short-term
basis for long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
For RAJENDRA & CO
Chartered Accountants
Akshay R. Shah
Mumbai Partner
Dated: 18th May, 2010 Membership No.: 103316