Mar 31, 2016
1. Rights, Preferences and Restrictions
The rights and privileges to equity shareholders are general in nature and defined under the Articles of Association.
Equity Shares : The Company has only class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding.
2. The Company has calls in arrears / unpaid calls amounting to Rs. 1,52,150/- in respect of 78000 equity shares, however it does not have any outstanding calls in due from directors and officers of the company. The company has not forfeited any shares at balance sheet date.
3. (a) The company had entered in to derivatives contracts (for sale of foreign currency) with HDFC bank Limited which have already been concluded in earlier years. The company had incurred loss on such contracts against which the sum of Rs. 78,70,798/- (including adjustment of fixed deposit amounting to Rs. 23,64,200/-) have already been paid and charged to Statement of Profit and Loss under the head âLoss on Derivative Contractâ. The company had also received summons / show cause notice from Mumbai Debt Recovery Tribunal in the month of May, 2009. In response to the same, based on legal advice, the company had filed its reply with appropriate authority. Pending final outcome, the management is of the opinion that the aforesaid liability is of contingent nature and therefore the company has not recognized as liability for the balance loss of Rs. 1,47,07,069/- including interest up to January, 2013.
4. The Company has not recognized and acknowledged the claims as liability in the books of account amounting to Rs. 4,84,830/- (P.Y. Rs. NIL ) which have been made against the company by Department of Income Tax since such claims have been disputed and pending before the appropriate authorities for final adjudication and accordingly sub-judice. The final outcome of such lawsuits filed against the Company is not presently ascertained and accordingly no provision in respect thereof has been made in the books of account of the company.
5. Employee Benefits
6. Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees'' provident fund and employees'' state insurance plan scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognized Rs. 3,75,237/- (P.Y. Rs. 3,94,899/-) as expense towards contributions to these plans.
7. The Company operates within a solitary business segment i.e. dealing & manufacturing of chemicals, the disclosure requirements of Accounting Standard - 17 âSegment Reportingâ issued by the Institute of Chartered Accountants of India is not applicable.
8. Borrowing Cost
Adhering to significant accounting policy, the company has capitalized the sum of Rs. 29,82,307/-(P.Y. Rs. NIL) being borrowing cost comprising of Interest on term loans, exchange difference in long term Monetary items, etc of specific asset.
9. Balances of Trade Payables, Trade Receivable and Loans and Advances are subject to confirmations and reconciliation if any, by the respective parties.
10. Statement of Management
11. The current assets, loans and advances are good and recoverable and are approximately of the values, if realized in the ordinary courses of business unless and to the extent stated otherwise in the Accounts. Provision for all known liabilities is adequate and not in excess of amount reasonably necessary.
12. Balance Sheet and Statement of Profit and Loss read together with Notes to the accounts thereon, are drawn up so as to disclose the information required under the Companies Act, 2013 as well as give a true and fair view of the statement of affairs of the Company as at the end of the year and results of the Company for the year under review.
13. The previous year''s figures have been reworked, regrouped and reclassified wherever necessary so as to make them comparable with those of the current year.
Mar 31, 2015
Note 1:
Rights, Preferences and Restrictions
The rights and privileges to equity shareholders are general in nature
and defined under the Articles of Association.
Equity Shares : The Company has only class of equity shares having a
par value of Rs. 10/- per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors,
if any, is subject to the approval of the shareholders in the ensuing
Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company after distribution of all
preferential amounts, if any, in proportion to their shareholding.
Note 2:
Contingent Liabilities and Capital commitments
Contingent Liabilities
- Claims not acknowledged by as debt 1,47,07,069 1,47,07,069
Capital Commitments
- Estimated amount of contracts
remaining to be executed
on capital account and not
provided for NIL NIL
- Other commitments NIL NIL
Note 3:
The company had entered in to derivatives contracts (for sale of
foreign currency) with HDFC bank Limited which have already been
concluded in earlier years. The company had incurred loss on such
contracts against which the sum of Rs. 78,70,798/- (including
adjustment of fixed deposit amounting to Rs. 23,64,200/-) have already
been paid and charged to Statement of Profit and Loss under the head
"Loss on Derivative Contract". The company had also received summons /
show cause notice from Mumbai Debt Recovery Tribunal in the month of
May, 2009. In response to the same, based on legal advise, the company
had filed its reply with appropriate authority. Pending final outcome,
the management is of the opinion that the aforesaid liability is of
contingent nature and therefore the company has not recognized as
liability for the balance loss of Rs. 1,47,07,069/- including interest
up to January, 2013.
Note 4:
Employee Benefits
(a) Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees'' provident fund and
employees'' state insurance plan scheme. Under the rules of these
schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs. 3,94,899/-
(P.Y. Rs. 2,89,648/-) as expense towards contributions to these plans.
Note 5:
The Company operates within a solitary business segment i.e. dealing
& manufacturing of chemicals, the disclosure requirements of Accounting
Standard -17 "Segment Reporting" issued by the Institute of Chartered
Accountants of India is not applicable.
Note 6:
Related Party Disclosures
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties as defined in the Accounting Standard are given below:
(a) List of related parties with whom transactions have taken place
during the year and relationship:
Sr. Name of related party Relationship
No.
1 Krishna Orgochem Enterprise over which key management
personnel exercise significant
influence
2 Adonis Lifecare Private
Limited
3 Kandarp K. Amin Key Management Personnel (KMP)
4 Archana K. Amin
5 Archit K. Amin
6 Suchit K Amin Relative of Key Management Personnel
7 Shimoli A. Amin
Note 7:
Statement of Management
(a) The current assets, loans and advances are good and recoverable and
are approximately of the values, if realized in the ordinary courses of
business unless and to the extent stated otherwise in the Accounts.
Provision for all known liabilities is adequate and not in excess of
amount reasonably necessary.
(b) Balance Sheet and Statement of Profit and Loss read together with
Notes to the accounts thereon, are drawn up so as to disclose the
information required under the Companies Act, 2013 as well as give a
true and fair view of the statement of affairs of the Company as at the
end of the year and results of the Company for the year under review.
Note 8:
The previous year''s figures have been reworked, regrouped and
reclassified wherever necessary so as to make them comparable with
those of the current year.
Mar 31, 2013
1 Contingent Liabilities and Capital commitments
[Amount in Rs.]
As at As at
Particulars 31st March,
2013 31st March, 2012
Contingent Liabilities
(See Note 30 below)
Claims not acknowledged by as debt 1,47,07,069 2,13,40,422
Bank Guarantee 1,00,00,000 1,00,00,000
Capital Commitments
Estimated amount of contracts
remaining to be executed
on capital account and not
provided for NIL NIL
Other commitments NIL NIL
2 The company had entered in to derivatives contracts (for sale of
foreign currency) with HDFC bank Limited which have already been
concluded in earlier years. The company had incurred loss on such
contracts against which the sum of Rs. 55,06,598/- have already been paid
and charged to Statement of Profit and Loss under the head "Loss on
Derivative Contract" in financial year 2008-2009. The company had also
received summons / show cause notice from Mumbai Debt Recovery Tribunal
in the month of May, 2009. In response to the same, based on legal
advise, the company had filed its reply with appropriate authority.
Pending final outcome, the management is of the opinion that the
aforesaid liability is of contingent nature and therefore the company
has not recognized as liability for the balance loss ofRs. 1,70,71,269/-
including interest.
Further the company had fixed deposit amounting to Rs. 23,64,200/-
including interest amounting to Rs. 2,21,821/- accrued thereon with HDFC
Bank Limited. During the current financial year the Bank has adjusted
the amount of fixed deposit against the aforesaid dues and therefore
the company has charged the sum of Rs. 23,64,200/- to statement of profit
and loss under the head "Loss on Derivative Contracts".
Consequent to such adjustments the liability in respect of balance loss
on account of concluded derivative contracts gets reduced to Rs.
1,47,07,069/- including interest.
3 Employee Benefits
(a) Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees'' provident fund and
employees'' state insurance plan scheme. Under the rules of these
schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs. 3,95,460/-
(P.Y. Rs. 1,79,360/-) as expense towards contributions to these plans.
4 The Company operates within a solitary business segment i.e. dealing
& manufacturing of chemicals, the disclosure requirements of Accounting
Standard - 17 "Segment Reporting" issued by the Institute of Chartered
Accountants of India is not applicable.
5 Balances of Trade Payables, Trade Receivable and Loans and Advances
are subject to confirmations and reconciliation if any, by the
respective parties.
6 Statement of Management
(a) The current assets, loans and advances are good and recoverable and
are approximately of the values, if realized in the ordinary courses of
business unless and to the extent stated otherwise in the Accounts.
Provision for all known liabilities is adequate and not in excess of
amount reasonably necessary.
(b) Balance Sheet and Statement of Profit and Loss read together with
Notes to the accounts thereon, are drawn up so as to disclose the
information required under the Companies Act, 1956 as well as give a
true and fair view of the statement of affairs of the Company as at the
end of the year and results of the Company for the year under review
7 The previous year''s figures have been reworked, regrouped and
reclassified wherever necessary so as to make them comparable with
those of the current year.
Mar 31, 2012
The equity shareholders shall have:
(i) One Vote and a poll when present in person (including a body
corporate by a duly authorised representative) or by an agent duly
authorised under a power of attorney or by aproxy his voting right
shall be in proportion to his share of the paid equity share capital of
the company. However, no member shall exercise any voting rights in
respect of any share registered in his name on which any calls or other
sums presently payable by him have not been paid or in regard to which
the company has exercised any right of lien,
(ii) subject to the rights of person if any, entitled to share with
special rights as to dividends, all dividends shall be declared and
paid according to the amount paid or credited as paid to the shares in
respect where of the dividend is paid but if and so long as nothing is
paid upon any shares in the company , dividends may be decleared and
paid according to the amounts of the
(iii) A special resolution sancationing a sale to any other company
duly passed pursuant to section 494 of the act may, subject to the
provision of the act, in like manner as aforesaid determined that any
shares or other consideration receivable by the liquidator be
distributed against the memebers otherwise then in accordance with
their existing rights and any such determination shall be binding upon
all the members subject to the rights of dissent and consequential
right conferred by the said section
(a) The Company have calls in arrears / unpaid calls amounting to
Rsl.,53,150/-, however it does not have any outstanding calls in due
from directors and officers of the company. The company has not
forfeited any shares at balance sheet date.
Nature of Security
1 The Term Loans amounting to Rs. 48,96,536/- (P.Y. Rs. 1,12,72,705/-)
are secured by mortgage of Land and Building at plot no. 25/9/A and
25/9/B, hypothecation of plant and machinery at plot no. 25/9/A and
25/9/B and FDR. Further it is secured by personal guarantee of
Directors.
2 The Vehicle loans amounting to Rs. 16,38,652/- (P.Y.Rs. 15,92,906/-)
are secured by Vehicles
1.1 Contingent Liabilities and Capital commitments
[Rs. in lacs]
Particulars As at As at
31 st March,
2012 31 st March,
2011
Contingent Liabilities
( See Note 2.26 below)
Claims not acknowledged
by as debt 213.39 187.66
Capital Commitments
Estimated amount of
contracts remaining
to be executed on capital
account and not
provided for NIL NIL
Other commitments NIL NIL
1.2
(a) The company had entered in to derivatives contracts (for sale of
foreign currency) with HDFC bank Limited which have already been
concluded in earlier years. The company had incurred the loss on such
contracts to the tune of Rs. 259.83 lacs and against the same the sum
of Rs. 55.07 lacs have already been paid. The company had also received
summons /show cause notice from Mumbai Debt Recovery Tribunal in the
month of May, 2009. In response to the same, based on legal advise, the
company had filed its reply with appropriate authority. Pending final
outcome and as in the opinion of the management the aforesaid liability
is of contingent nature, the company has not provided for the balance
loss of Rs. 142.45 lacs and interest amounting to Rs. 62.31 lacs
aggregating to Rs. 204.76 lacs.
Further the company has placed fixed deposit amounting to Rs. 23.30
lacs including interest amounting to Rs. 1.87 lacs accrued thereon till
year end with HDFC bank limited. However the bank has not given any
confirmation in respect thereof in view of above referred dues to bank
on account of concluded derivative contract. Although the settlement of
Fixed Deposit is pending against the aforesaid dues, the company is of
the opinion that the dues on account of derivative contract is
restricted to Rs. 181.46 only if at all the liability gets
crystallized.
(b) The Company has received Sales Tax Assessment orders for the
financial year 2006-2007 assessing the Central Sales Tax amounting to
Rs. 10.10 lacs and Gujarat Value added Tax amounting to Rs. 7.46 lacs
aggregating to Rs. 17.56 lacs payable by the company. The company has
recognized principle dues amounting to Rs. 8.92 lacs as statutory dues
payable and paid Rs. 6.00 lacs against such demand. However the
company has not provided interest amounting to Rs. 6.86 lacs and
penalty amounting to Rs. 1.78 lacs aggregating to Rs. 8.64 as the
company has preferred an appeal before Joint Commissioner of Commercial
Tax (Appeal),hence considered as contingent liability.
1.3 Employee Benefits
(a) Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees' provident fund and
employees' state insurance plan scheme. Under the rules of these
schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs. 1,79,360/-
(P.Y Rs. 1,57,682/-) as expense towards contributions to these plans.
1.4.
The Company operates within a solitary business segment i.e. dealing &
manufacturing of chemicals, the disclosure requirements of Accounting
Standard -17 "Segment Reporting" issued by the Institute of Chartered
Accountants of India is not applicable.
1.5
Related Party Disclosures
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties as defined in the Accounting Standard are given below:
1.6 Change in name and Object Clause
During the year, the company has applied for change in name from Shri
Chlochem Limited to Archit Organosys Limited. Subsequent to year end,
on receipt of fresh certificate of incorporation consequent upon change
of name date 19th may, 2012, the name of the company is changed to
Archit Organosys Limited.
1.7 Balances of unsecured loans, sundry creditors, sundry debtors,
loans and advances and amounts due to sundry debtors are subject to
confirmations and reconciliation if any, by the respective parties.
1.8 In the opinion of the Board of Directors, Current Assets, Loans
and Advances have a value on realisation in the ordinary course of
business equal to the amount at which they are stated in the Balance
Sheet. Provision for all known liabilities has been made and is not in
excess of amount reasonably necessary.
1.9 Additional information, to the extent applicable, required under
para 5(8) of part-ll of Schedule VI to the Companies Act, 1956.
1.10 The previous year's figures have been reworked, regrouped and
reclassified wherever necessary so as to make them comparable with
those of the current year.
Mar 31, 2011
1. The company had entered in to derivatives contracts (for sale of
foreign currency) which have been concluded by the previous period. The
company had incurred the loss on such contracts to the tune of Rs.
242.73 lacs and against the same the sum of Rs. 55.07 lacs have already
been paid. The company had also received summons /show cause notice
from Mumbai Debt Recovery Tribunal in the month of May, 2009. In
respect to the same, based on legal advise, the company had filed its
reply with appropriate authority. Pending final outcome and as in the
opinion of the management the aforesaid liability is of contingent
nature, the company has not provided for the balance loss of Rs.142.45
lacs and Interest amounting to Rs, 45,21 lacs aggregating to Rs. 187.66
lacs.
2. Employee Benefits
(a) Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees' provident fund and
employees' state insurance plan scheme. Under the rules of these
schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs.1,57,682/-
(P.Y. Rs. 51,359/-) as expense towards contributions to these plans.
(b) Defined Contribution Benefit Plans(Gratuity)
The following table sets out the status of the gratuity scheme non
funded plan as at 31st March, 2011.
3. The Company operates within a solitary business segment i.e.
dealing & manufacturing of chemicals, the disclosure requirements of
Accounting Standard - 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India is not applicable.
4. Related Party Disclosures
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties as defined in the Accounting Standard are given below:
5. The Company estimates deferred tax/(charge) using the applicable
rate of taxation based on the Impact of timing difference between
financial statements and estimated taxable Income for the current year.
6. Balances of unsecured loans, sundry creditors, sundry debtors,
loans and advances and amounts due to sundry debtors are subject to
confirmations and reconciliation tf any, by the respective parties. *
7. in the opinion of the Board of Directors, Current Assets, Loans
and Advances have a value on realisation in the ordinary course of
business equal to the amount at which they are stated in the Balance
Sheet. Provision for all known liabilities has been made and is not in
excess of amount reason a be necessary.
8. The company is yet to initials the process of obtaining the
confirmation from suppliers who have registered them selves under the
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act,
2006). In the absence of relevant information relating to the suppliers
registered under the Micro, Small and Medium Enterprises (Development)
Act, 2006, the balance due to Micro, Small and Medium Enterprises at
year end and interest paid or payable under MSMED Act, 2006 during the
year could not be compiled and disclosed.
Mar 31, 2010
1. The company had entered in to derivatives contracts (for sale of
foreign currency) which have been concluded during the period under
review. The company has incurred the loss on such contracts to the tune
of Rs. 225.64 lacs and against the same the sum of Rs. 55.07 lacs have
already been paid. The company has also received summons /show cause
notice from Mumbai Debt Recovery Tribunal in the month of May, 2009. In
respect to the same, based on legal advise, the company has filed its
reply with appropriate authority. Pending final outcome and as in the
opinion of the management the aforesaid liability is of contingent
nature, the company has not provided for the balance loss of Rs. 142.45
lacs and interest amounting to Rs. 28.12 lacs aggregating to Rs. 170.57
lacs.
2. Employee Benefits
(a) Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees provident fund and
employees state insurance plan scheme. Under the rules of these
schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs.51,359/-
(P.Y. Rs. 1,07,237/-) as expense towards contributions to these plans.
3. The Company operates within a solitary business segment i.e. dealing
& manufacturing of chemicals, the disclosure requirements of Accounting
Standard - 17 "Segment Reporting" issued by the Institute of Chartered
Accountants of India is not applicable.
4. Related Party Disclosures:
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties as defined in the Accounting Standard are given below:
(a) List of related parties with whom transactions have taken place
during the year and relationship:
Sr.No. Name of related party Relationship
1 Krishna Orgochem Enterprise over which
key management
2 Archit Polymers Pvt. Ltd. personnel exercise significant
influence
3 Kandarp K. Amin Key Management Personnel
4 Archana K. Amin Key Management Personnel
5 Archit K. Amin Relative of Key Management
Personnel
5. The Company estimates deferred tax/(charge) using the applicable
rate of taxation based on the impact of timing difference between
financial statements and estimated taxable income for the current year.
6. Pursuant to Accounting Standard-29, Provisions, Contingent
Liabilities and Contingent Assets, the disclosure relating to
provisions made in the accounts for the year ended 315t March, 2010 is
as follows:
Contingent Liabilities [Amount in Rs.]
Particulars As at As at
31/03/2010 30/09/2009
Claims not acknowledge by 170.57 157.87
the company
(See Note No. 2 above)
Provisions [Amount in Rs.]
Particulars
Provision for Excise duty
and other Expenses
Opening Balance 4.53.910
Additions 7.35.220
Payment 4.53.910
Reversals NIL
Closing Balance 7.35.220
7. Balances of unsecured loans, sundry creditors, sundry debtors,
loans and advances and amounts due to sundry debtors are subject to
confirmations and reconciliation if any, by the respective parties.
8. In the opinion of the Board of Directors, Current Assets, Loans
and Advances have a value on realisation in the ordinary course of
business equal to the amount at which they are stated in the Balance
Sheet. Provision for all known liabilities has been made and is not in
excess of amount reasonably necessary.
9. The company is yet to initiate the process of obtaining the
confirmation from suppliers who have registered them selves under the
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act,
2006). In the absence of relevant information relating to the suppliers
registered under the Micro, Small and Medium Enterprises (Development)
Act, 2006, the balance due to Micro, Small and Medium Enterprises at
year end and interest paid or payable under MSMED Act, 2006 during the
year could not be compiled and disclosed.
10. The previous years figures have been reworked, regrouped and
reclassified wherever necessary so as to make them comparable with
those of the current year.
Sep 30, 2009
1. The company had entered in to derivatives contracts (for sale of
foreign currency) which have been concluded during the period under
review. The company has incurred the loss on such contracts to the tune
of Rs. 212.94 lacs and against the same the sum of Rs. 55.07 lacs have
already been paid. The company has also received summons /show cause
notice from Mumbai Debt Recovery Tribunal in the month of May, 2009. In
respect to the same, based on legal advise, the company has filed its
reply with appropriate authority. Pending final outcome and as in the
opinion of the management the aforesaid liability is of contingent
nature, the company has not provided for the balance loss of Rs. 142.45
lacs and interest amounting to Rs. 15.42 lacs aggregating to Rs. 157.87
lacs.
2. The company has placed two fixed deposits amounting to Rs.
8,00,000/- and Rs. 9,00,000/- aggregating to Rs. 17,00,000/- with HDFC
Bank Limited as margin money towards derivative contracts entered into
by the company. The aforesaid fixed deposits have been matured during
the period under review. However the Bank has neither repaid the
matured amount to company for confirmed the balance with them in fixed
deposits since the liability on account of option loss under derivative
contracts is under dispute and pending for recovery with Mumbai Debt
Recovery Tribunal. In the absence of any confirmation, the company has
neither provided for interest amounting to Rs. 1.94 lacs accrued
thereon till maturity date nor adjusted the amount of fixed deposits
against option loss.
3. Employee Benefits
(a) Defined contribution to Provident fund and Employee state insurance
The company makes contribution towards employees provident fund and
employees state insurance plan scheme. Under the rules of these
schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs. 1,07,237
/- (P.Y. Rs. 64,908/-) as expense towards contributions to these plans.
4. The Company operates within a solitary business segment i.e.
dealing & manufacturing of chemicals, the disclosure requirements of
Accounting Standard - 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India is not applicable.
5. Related Party Disclosures:
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties as defined in the Accounting Standard are given below:
(a) List of related parties with whom transactions have taken place
during the year and relationship:
Sr.No. Name of related party Relationship
1 Krishna Orgochem Enterprise over which key
management
2 Archit Polymers Pvt. Ltd. personnel exercise significant
influence
3 Kandarp K. Amin Key Management Personnel
4 Archana K. Amin Key Management Personnel
5 Archit K. Amin Relative of Key Management
Personnel
6 Shri Chlochem Globle FZE 100% Subsidiary Company
6. The Company estimates deferred tax/(charge) using the applicable
rate of taxation based on the impact of timing difference between
financial statements and estimated taxable income for the current year.
7. The company had invested the sum of Rs. 12.61 lacs by way ot share
capital in subsidiary company Shri Chlochem Global FZE, Dubai. The
subsidiary company has discontinued its operations and therefore
consolidation of financial statements of subsidiary company is not
warranted.
8. Pursuant to Accounting Standard-29, Provisions, Contingent
Liabilities and Contingent Assets, the disclosure relating to
provisions made in the accounts for the year ended 30th September, 2009
is as follows :
Contingent Liabilities [Amount in Rs.]
Particulars As at 30/09/2009 2007-2008
Claims not acknowledge by
the company-Excise Duty - Not Determined
Provisions [Amount in Rs.]
Particulars
Provision for Gratuity
Opening Balance 85,412
Additions 3,50,400
Utilisation -
Reversals -
Closing Balance 4,35,812
9. Balances of unsecured loans, sundry creditors, sundry debtors,
loans and advances and amounts due to sundry debtors are subject to
confirmations and reconciliation if any, by the respective parties.
10. In the opinion of the Board of Directors, Current Assets, Loans
and Advances have a value on realisation in the ordinary course of
business equal to the amount at which they are stated in the Balance
Sheet. Provision for all known liabilities has been made and is not in
excess of amount reasonably necessary.
11. The company is yet to initiate the process of obtaining the
confirmation from suppliers who have registered them selves under the
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act,
2006). In the absence of relevant information relating to the suppliers
registered under the Micro, Small and Medium Enterprises (Development)
Act, 2006, the balance due to Micro, Small and Medium Enterprises at
year end and interest paid or payable under MSMED Act, 2006 during the
year could not be compiled and disclosed.
12. Additional information pursuant to provision of para 3, 4C and 4D
of Part-ll of Schedule-VI of the Companies Act, 1956:
13. The previous years figures have been reworked, regrouped and
reclassified wherever necessary so as to make them comparable with
those of the current year.