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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Textiles - Processing > लेखा परीक्षकों की रिपोर्ट से टीकटेक्स प्रोसेशिंग कॉम्पलेक्स - बीएसई: 530817, NSE: N.A

टीकटेक्स प्रोसेशिंग कॉम्पलेक्स

बीएसई: 530817  |  NSE: N.A  |  ISIN:  |  Textiles - Processing

खोजें टीकटेक्स प्रोसेशिंग कॉम्पलेक्स कनेक्शन
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '03
We have audited the attached Balance Sheet of Teaktex Processing
 Complex Limited, as at 31st March 2003, the Profitand'Loss Account for
 the year ended on that date 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.
 
 We have conducted our audit in 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 amounts and
 disclosure int he 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.
 
 In terms of the Manufacturing and Other Companies (Auditors' Report)
 Order, 1988 made by the Government of India, under Section 227 (4A) of
 the Companies Act, 1956, and on the basis of such checks as we
 considered appropriate and on the basis of the information and
 explanations given to us, we give in Annexure to this report a
 statement on the matters specified in paragraphs 4 & 5 of the said
 order.
 
 Further to the above, we report that:
 
 1) 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, except to the extent stated in [4] & [6] below, with regard to
 which full information is not available with the company. We have
 relied on the management in respect of disclosure of dues to SSI
 undertakings as stated in Note No. 14 attached to the accounts.
 
 2) 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 the
 books, except for the cost records as stated in item No. 13 of the
 Annexure to our report referred to above and subject to the limitations
 mentioned in (4) & (6) below.
 
 3) The Balance Sheet and Profit and Loss Account referred to in this
 report are in agreement with the books of account.
 
 4) The Profit and Loss Account and the Balance Sheet referred to in
 this report are in compliance  with the Accounting Standards referred
 to in sub section (3C) of Section 211 of the Act, except that as stated
 in Note No. 1 (vii) attached to the accounts, the accruing liability
 towards gratuity to employees is provided on the basis of the company's
 computation, on gross undiscounted basis and not ascertained on
 actuarial basis, which is not in accordance with the Accounting
 Standard (AS-15) issued by the Institute of Chartered Accountants of
 India.
 
 5) On the basis of information given to us and representations obtained
 by the company, the then Managing Director of the company Mr. A. J.
 Pai. Directors Mr. K. Gangadharan and Mr. K. G. N. Pillai are not
 disqualified as on 31st March, 2003 from being appointed as directors
 in terms of clause (g) of Sub-Section (1) of Section 274 of the
 Companies Act, 1956. We could not verify the compliance of Section 274
 (1) (g) of the Act by director Mr. Shanmugavadivel in the absence of
 the necessary representation from the said director in this regard and
 also in respect of Mr. P. Palaniswamy, Mr. N. Chandran, Mr. Jagadish N.
 Hinduja. Mr. M. Balasubramaniam and Mr. T. Sivakumar who, had submitted
 their resignations from the Board of Directors in prior years and as
 explained to us, continue to be directors of the company as per the
 legal opinion obtained by the company.
 
 6) a) As stated in Note No. 3 to the accounts, contingent liabilities
 aggregating to Rs. 26.57 lacs, not acknowledged as debts/disputed by
 the company are not provided for, the extent of actual liability, if
 any, in this regard is not ascertainable by us.
 
 b) As stated in Note No. 5 & 6 to the accounts, interest payable on
 certain loans are provided for on estimated basis and are subject to
 confirmation by lenders, the correctness of which is not verifiable by
 us.
 
 c) The recoverability of certain balance aggregating to Rs. 71.95 lacs
 (net of provisions) included under loans and advances referred to in
 Note No. 8 to the accounts, outstanding for a long time, could not be
 ascertained by us at this stage.
 
 d) As stated in Note No. 8(c), no provision is made for claims against
 the company Rs. 31.47 lacs from a party who has filed a petition before
 the Hon.High Court of Kerala, for liquidation of the company, which, as
 informed to us, is pending disposal and the liability, if any, in this
 regard is not ascertainable by us.
 
 e) As stated in Note No. 9 to the accounts. Sundry debtors of Rs.
 104.28 lacs outstanding for a long time /including Rs. 62.67 lacs due
 from concerns in which directors former directors are interested and
 Rs. 41.61 lacs in respect of debtors against whom the company has
 initiated legal proceedings! are subject to confirmation
 reconciliation, the realisability of which is not ascertainable by us.
 
 f) The stock of dyes and chemicals, stores and spares and consumables
 shown under Current Assets in the Balance Sheet are carried forward
 from the previous year at the same amount of book value without making
 any adjustments for losses or damages if any, and no part of which has
 been used during the year. The usability realisable value thereof is
 not verifiable by us.
 
 g) As stated in Note No. 13 to the accounts.
 
 i) Sundry creditors outstanding for a long time are carried over from
 the previous years and are subject to confirmation/reconciliation. The
 extent of liability in this regard could not be ascertained by us.
 
 ii) There are certain additional amounts claimed by some of the
 creditors from whom confirmations were received in prior years,
 aggregating to Rs. 139.73 lacs, which is not accepted by the company,
 and not provided for. The extent of actual liability, if any thereof
 could not be ascertained by us.
 
 h) As stated in Note No. 10, 11 & 18 to the accounts, certain
 transactions are accounted for on the basis of available information as
 stated therein, which is not full and complete, the effect of which
 could not beascertained by us.
 
 7) Attention is invited to Note No. 2 to the accounts regarding the
 suspension of the activities of the company from 22-11-2001 and the
 directions of The Board of Industrial and Financial Reconstruction
 (BIFR) to the ICICI, who is the operating agency appointed by the BIFR
 to advertise for sale or lease of the company on a going concern basis,
 free from some or all of the encumbrances, and that the Balance Sheet
 as at 31-03-2003 is drawn up on going concern basis. The impact/effect,
 if any, if the Balance Sheet is drawn up not on 'a going concern
 basis', has not been ascertained and adjusted in the accounts.
 
 8) Subject to the above, in our opinion and to the best of our
 information and according to the explanations given to us and read with
 the other notes attached to the accounts, give the information required
 by the Companies Act, 1-956 in the manner so required and give a true
 and fair view:
 
 a. in the case of the Balance Sheet, of the state of affairs of the
 company as at 31st March 2003; and
 
 b. in the case of the Profit and Loss Account, of the loss for the year
 ended on that date.
 
 c. in the case of the Cash Flow Statement, of the cash flows of the
 company for the year ended on that date.
 
                                               For Varma & Varma
                                                      Sd/-
                                               (R. Rajasekharan)
 Kochi -16                                          Partner
 Date : 27-10-2003                           Chartered Accountants.
 
 ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDIT REPORT OF EVEN DATE
 
 1) The Company has maintained proper records showing full particulars
 including the situation of fixed assets, which however requires to be
 updated. The compnay remained closed throughout the year and as
 explained to us the fixed assets have not been physically verified by
 the management during the year.
 
 2) None of the fixed assets have been revalued during the year.
 
 3) The company's operations are suspended effective from 22-11-2001 and
 as informed to us, stocks have not been physically verified during the
 year.
 
 4) The stock of dyes and chemicals, stores and spares and consumables
 shown under Current Assets in the Balance Sheet are carried forward
 from the previous year at the same amount of book value without making
 any adjustments for losses or damages if any, and no part of which has
 been used during the year. The usability/realisable value thereof is
 not verifiable by us. We are therefore unable to express the opinion
 that, the valuation of stock is fair and proper and in accordance with
 normally accepted accounting principles, which as stated above is on
 the same basis as in the previous year.
 
 5) The company has maintained the register required to be maintained
 under Section 301 of the Companies Act, 1956. We note that the
 information regarding the disclosure of interest etc. have been
 received only from some of the Directors, and hence the said register
 is not complete in all respects. The company had in an earlier year
 accepted unsecured loans from some of the Directors as also from Kerala
 State Industrial Development Corporation Limited, which as explained to
 us are on interest free basis and as such the terms and conditions
 thereof do not appear to be prima facie prejudicial to the interest of
 the company.
 
 6) In view of the fact that the register maintained under Section 301
 of the Companies Act is not complete in all respects, we could not
 verify whether any loans or advances in the nature of loans have been
 granted to companies, firms or other parties falling within the ambit
 of Section 301 of the Act and or to Companies under the same management
 as defined under Sub Section 1B) of Section 370 of the Companies Act,
 1956.
 
 7) The company had given advances explained to be made in the course of
 business as referred to in Note No. 8 to the statement of account and
 such advances are not seen fully recovered/ adjusted as stated therein.
 
 8) Since the company has suspended its operations there are no
 transactions relating to purchase of goods including stores, raw
 materials including components, plant, machinery and equipments and
 other assets and with regard to sale of goods and services and hence no
 comments are being offered with regard to the internal control
 procedures thereto and also regarding transactions in pursuance to
 contracts or agreements entered in the register to be maintained under
 Section 301 of the Companies Act.1956.
 
 9) The stock of dyes and chemicals, stores and spares and consumables
 shown under Current Assets in the Balance Sheet are carried forward
 from the previous year at the same amount of book value without making
 any adjustments for losses or damages if any. and no part of which has
 been used during the year. The usability/realisable value thereof is
 not verifiable by us and hence if could not be ascertained by us
 whether the unserviceable or damaged goods have been determined and
 provided for.
 
 10) The company had in a prior year taken unsecured loans from
 Directors (including some of the Directors who had submitted
 resignation during the previous year which, as explained to us, has not
 been accepted by the Board as stated in para 5 of the main report) and
 from a former director.  As explained to us these deposits were made
 out of their own sources, which however could not be verified by us in
 the absence of confirmation by the respective directors in this regard.
 Except the above, according to the information and explanations given
 to us, the company has not accepted any deposits within the meaning of
 Secton 58 A of the Companies Act, 1956 and the Companies (Acceptance of
 deposit) Rules 1975.
 
 11) There are no sale and disposal of realisable scrap during the year.
 
 12) The company does not have an internal audit system, commensurate
 with its size and nature of ifs business.
 
 13) On the basis of the records produced for our verification, we are
 of the opinion that, prima facie, the cost records and accounts
 prescribed by the Central Govt. under sec. 209 (1) (d) of the Companies
 Act, 1956 have not been made and maintained by the company.
 
 14) Demands in respect of Employees Provident Fund contributions &
 Employees State Insurance aggregaing to Rs. 3.91 lacs & Rs. 1.69 lacs
 respectively relating to an earlier year when the company was under
 lockout, is as explained to us. disputed and hence not paid by the
 company.  As stated in Note No. 2 to the accounts, the company has
 suspended its activities from 22-11-2001 on no work no pay basis and
 as informed to us, there is no liability under the Employees Provident
 Fund Act and Employees State Insurance Act, during the year.
 
 15) As per the information and explanations given to us and according
 to the records of the company, there were no undisputed amounts
 outstanding in respect of income tax, wealth, tax, sales tax, customs
 duty and excise duty which were due for more than six months as at
 31-3-2003 from the date they became payable.
 
 16) As per information and explanations given to us, no personal
 expenses of the employees or directors have been charged to revenue
 account other than those payable under the contractual obligations or
 in accordance with the generally accepted business practice.
 
 17) The company is a Sick Industrial Company within the meaning of
 Clause 3 (1) (o) of the Sick Industrial Companies (Special Provisions)
 Act, 1985 and a reference under Section 15 (1) of the said Act has been
 made by the company. As stated in Note No. 2 attached to the accounts,
 the company has been declared as a Sick Industry with effect from
 31-3-2001.
 
                                              For Varma & Varma
 
                                                     Sd/-
                                              (R. Rajasekharan)
 Kochi -16                                         Partner
 Date: 27-10-2003                           Chartered Accountants.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `585 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `890 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `483 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `172 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `151 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `388 Cr की बिकवाली की
  • CS ON BHEL : Outperform रेटिंग, लक्ष्य `88/Sh
  • CS ON CADILA HEALTH : Neutral रेटिंग, लक्ष्य `251/Sh
  • CS ON PIDILITE IND : Underperform रेटिंग, लक्ष्य `1245/Sh
  • MACQUARIE ON BHEL : Neutral रेटिंग, लक्ष्य घटाकर `58/Sh

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