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Blue Chip Tex Fuel Industries Ltd.

BSE: 506981 | NSE: | Series: NA | ISIN: INE472D01017 | SECTOR: Textiles - Processing

BSE Live

Oct 21, 16:00
149.50 -0.50 (-0.33%)
Volume
AVERAGE VOLUME
5-Day
869
10-Day
899
30-Day
1,329
357
  • Prev. Close

    150.00

  • Open Price

    150.00

  • Bid Price (Qty.)

    149.50 (17)

  • Offer Price (Qty.)

    151.85 (10)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Blue Chip Tex Fuel Industries is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of Blue Chip Tex Industries Limited as at 31st March, 2007, the Profit and Loss Account and also the Cash Flow statement of the Company for the year ended on that date annexed thereto. 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. 2. 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles usedand 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. 3: As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 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 such 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 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. (e) on the basis of the written representations received from the directors as on 31 st March 2007 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March, 2007 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 read with significant accounting policies and notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2007; (ii) in the case of Profit and Loss Account of the profit for the year ended on that date, and (iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT Re: Blue Chip Tex Industries Limited (Referred to in paragraph 3 of our report of even date) (i) The nature of the Companys business/activities during the year is such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company for the year. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has physically verified certain assets during the year in accordance with a programme of verification, which in our opinion provides for physical verification of the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposals during the year. (iii) In respect of its inventories: (a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals. (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 were reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) (a) The Company has granted unsecured loans to two companies covered in the Register maintained under section 301 of the Companies Act, 1956 aggregating to Rs. 12,021,7757- in the previous year, which has been repaid during the year. The maximum amount involved during the year was Rs. 12,021,775/-. (b) As per the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been given by the Company are not prima facie, prejudicial to the interests of the Company. (c) Payment of the principal amount is on demand and interest accrues accordingly and on that basis the same is regular. (d) In respect of the loans granted to parties, which were repayable on demand are repaid during the year and hence, the question of taking reasonable steps for recovery does not arise. (e) The Company has not taken any loans from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, accordingly, sub clause (e), (f) and (g) of clause (iii) of the order are not applicable to the Company. (v) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system. (vi) In respect of particulars of contracts or arrangements and transactions entered in the register maintained in pursuance of section 301 of the Companies Act 1956; (a) To the best of our knowledge a.nd belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered. (b) 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 which are reasonable having regards to the prevailing market prices at the relevant time, where such prices- are available. (vii) The Company has not accepted any deposits from the public. (viii) The Company did not have an internal audit system during the year. We are informed that considering the size of the company and the transactions, the controls are carried out by the directors themselves on day to day operations and hence no internal audit was carried out. (ix) According tc the information and explanations given 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 products manufactured by the company during the year. (x) (a) In our opinion and according to the information and explanations given to us, the company has generally been regular in depositing undisputed statutory dues including Investor Education and Protection Fund, Income-tax, Sales-tax, Wealth tax, Service tax, Excise duty, cess and any other statutory dues with the appropriate authorities during the year, where applicable. According to the information and explanation given to us, no undisputed amounts payable in respect of aforesaid were in arrears as at 31st March, 2007 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of sales tax, income tax, wealth tax, service tax, excise duty and cess, which have not been deposited on account of any dispute. (xi) The Company neither has accumulated losses at the end of the year, nor incurred cash losses during the current and the immediately preceding financial year. (xii) In our opinion and according to the information and explanations given to us, there are no dues to banks or financial institutions. (xiii) According to the information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (xv) To the best of our knowledge and belief, and according to the information and explanations given to us, company has not obtained any term loan during the year and hence the question of applying term loans for the purpose for which the loans were obtained does not arise. (xvi) According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have prima facie, been used for long-term investment. (xvii)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. (xviii) The Company has not issued any debentures during the year, (xix) The Company has not raised any money by way of public issues during the year, (xx) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.