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Notes to Accounts of Camex Ltd.

Mar 31, 2015

Note 1: Corporate Information

Camex Limited (the company) is a public limited (Listed) company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in business of manufacturing and trading of Dyes & Chemicals, MS Products, and Wellness related Products.

NOTE 2: CONTINGENT LIABILITIES & COMMITMENTS

(i) Contingent Liabilities

- Other money for which the company is contingently liable Letter of Credit 1,79,52,540 32,50,000

- Bills Discounting - 2,70,000

Total 1,79,52,540 35,20,000

NOTE 3: SEGMENT INFORMATION

(i) Management has identified two reportable business segments, namely:

- Dyes & Chemical : Comprising of Different types of Chemicals, Auxillaries, Dyestuff and related items;

- Coals & Minerals : trading of imported coals

(ii) The Segment Revenue in the geographical segments considered for disclosure is as follows :

- Domestic : Total Revenue from all sales to customers in India

- Others : Total Revenue from all sales to customers from outside India (export)

(iii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

NOTE 4:

a) Related Parties Disclosure:-

As per Accounting Standard (AS)18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the list of Related Parties as defined in the Accounting Standards are as given below:-

List of Related Parties and their Relationships:- ]

Key Managerial Persons:-

- Chandra prakash Chopra : Managing Director

- Jitendra Chopra : Whole Time Director

- Mahaveer Chopra : Whole Time Director

- Gaurav Chaudhary : Director (Resigned on 05/07/2014)

Enterprises over which Key Managerial Personnel are able to exercise significant influence:-

- Camex Industries

- Camex Wellness Limited

- Camex Reality Pvt. Ltd.

- Camex Trade link Ltd.

- Camex HK Limited

- Gayatri Dye Chem

- Arihant Auxi Chem

Relatives of Key Managerial Personnel:-

- Jayshree Chopra

- Kalpesh Chopra

- Rahul Chopra

b) Balances of Sundry Creditors / Trade Payables, Debtors / Trade Receivables from / to various parties / authorities, Unsecured Loans and Loans and Advances are subject to confirmation from parties and necessary adjustments if any, will be made on its reconciliation.

c) In the opinion of the Board of Directors the aggregate value of current assets, loans and advances on realization in ordinary course of business will not be less than the amount at which this are stated in the balance sheet.

d) Previous year figures have been re-grouped or re-classified wherever necessary to make them comparable with those of the current year presentation.




Mar 31, 2014

Note A Corporate Information

1. Camex Limited (the company) is a public limited (Listed) Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in business of manufacturing and trading of Dyes & Chemicals, and trading of Coal & Minerals, MS Products, and Wellness related Products.

2. Note B Basis of Preparation of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except otherwise specified.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained.

3. Terms of Repayments

For Secured Term Loans

Term loan from Bank of Baroda is repayable in 60 monthly installments along with interest rate at 12.50%, Such loan is secured by hypothecation of respective vehicles.

Term loan from Kotak Mahindra Bank is repayable in 35 monthly installments along with interest rate at 13%, Such loan is secured by hypothecation of respective vehicles. Loan will be completed by March 2015.

Term loan from Bank Kotak Mahindra Prime Ltd is repayable in 35 monthly installments along with interest rate at 9.35%, Such loan is secured by hypothecation of respective vehicles. Loan will be comleted by March, 2015.

Term loan from other parties includes loan from Daimiler Financial Services Pvt. ltd. is repayable in 36 monthly installments along with interest rate at 8.97%,Such loan is secured by hypothecation of respective vehicles.

4. Securities in respect of the Secured Borrowings from Bank of Baroda

i) Hypothecation of entire Raw Material, Stock In Process, Stores & Spares, Finish Goods, Packing Material and book debts of the company for present & future.

ii) Equitable Mortgage of factory land situated at Plot No. 4720 & 4733 at GIDC Ankleshwar, Dist : Bharuch in the State of Gujarat onwed by the Company under lease.

iii) Equitable Mortgage of 2nd, 3rd and 4th Floor of Camex House, Navrangpura, Ahmedabad in the State of Gujarat owned by Camex Reality Pvt Limited.

iv) Personal gaurantee given by promoters of the company (to the extent borrowed balance amount) and by Camex Reality Pvt Ltd (to the extent Rs. 8.10 crore only).

v) Terms of Repayment in respect of the Secured Borrowings from Bank of Baroda

Term Loan from Bank of Baroda is re-payable in 48 monthly installments, first 47 monthly installments of Rs. 5.73 Lacs and Last 48th installment of Rs. 5.69 Lac. The re-payment shall commence after 12 months from the date of First Disbursement.

vi) Rate of Interest in respect of the Secured Borrowings from Bank of Baroda

Interest rate on above short term credit facilities for Cash Credit and Term Loan is at 3.00% above base rate charge by Bank of Baroda and on Packing Credit Limit at 1.25% over such base rate.

NOTE 5: CONTINGENT LIABILITIES & COMMITMENTS

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

For the Year For the Year ended 31 ended 31 March 2014 March 2013 Value in % Value in %

(i) Contingent Liabilities

* Other money for which the company is contingently liable Letter of Credit 32,50,000 -

* Bills Discounting 2,70,000 -

Total 35,20,000 -

Notes 6:

(i) Management has identified two reportable business segments, namely :

* Dyes & Chemical : comprising of different types of chemicals, auxiliaries, dyestuff and related items.

* Coals & Minerals : trading of imported coals

(ii) The Segment Revenue in the geographical segments considered for disclosure is as follows :

* Domestic : Total Revenue from all sales to customers in India.

* Others : Total Revenue from all sales to customers from outside India (export).

(iii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

7. a) Balances of sundry creditors, debtors, receivables/payables from/to various parties/authorities, loans and advances are subject to confirmation from parties, and necessary adjustments if any, will be made on its reconciliation.

b) In the opinion of the Board of Directors the aggregate value of current assets, loans and advances on realization in ordinary course of business will not be less than the amount at which this are stated in the balance sheet.

c) Previous year figures have been re-arranged and re-grouped, whenever necessary to make them comparable with those of the current year.


Mar 31, 2013

Note A Corporate Information

Camex Limited (the company) is a public limited (Listed)company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in business of manufacturing and trading of Dyes & Chemicals, and trading of Coal & Minerals, MS Products, and Wellness related Products.

Note B Basis of Preparation of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except otherwise specified.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained.

NOTE 1: CONTINGENT LIABILITY : -

(i) Contingent Liabilities

- Other money for which the company is contingently liable

Letter of Credit - 24,042,785

Total - 24,042,785

(c) Notes:

(i) Management has identified two reportable business segments, namely :

- Dyes, Chemical & Others : comprising of different types of chemicals, auxiliaries, dyestuff and others

- Coals & Minerals : trading of imported coals

(ii) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

c) Related Parties Disclosure:-

As per Accounting Standard (AS) 18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the list of Related Parties as defined in the Accounting Standards are given below:

List of Related parties and relationships:

Key Managerial Personnel:

- Chandraprakash Chopra : Managing Director

- Devendra Chopra : Director

- Mahaveer Chopra : Whole Time Director

- Gaurav Chaudhary : Director

- Rahul Chopra : Director

- Jitendra Chopra : Director

Enterprises over which Key Managerial Personnel are able to exercise significant influence:

- Camex Industries

- Camex Wellness Limited

- Camex Reality Pvt. Ltd.

- Camex Tradelink Ltd.

- Gayatri Dye Chem Relatives of Key Managerial Person

- Jayshree Chopra

- Kalpesh Chopra

d) Earnings Per Share:-

Earnings per share is calculated on the basis of Accounting Standard (AS)-20 "Earning Per Share" issued by the institute of Chartered Accountants of India.

e) Balances of Sundry Creditors, Debtors, Receivables / Payables from / to various parties / authorities, Loans & advances are subject to confirmation from the respective parties, and necessary adjustments if any, will be made on its reconciliation.

f) In the Opinion of the Board of Directors the aggregate value of current assets, loans and advances on realization in ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

g) Previous year''s figures have been re-arranged and re-grouped, wherever necessary to make them comparable with those of current year.


Mar 31, 2012

Note A Corporate Information

Camex Limited (the company) is a public limited (Listed)company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in business of Dyes & Chemical and Wellness Products.

Note B Basis of Preparation of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except otherwise specified.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained.

a) Terms/right attached to equity shares

The company has only one class of equity shares having a par value of 10 per share. Each holder of equity shares is entitled for one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number or equity shares held by shareholders.

a) Terms of Repayment

The Secured term loan repayable in 36 equal monthly installments, however Bank of Board term loan ' is repayable in 60 equal monthly installments. Average interest rate applicable on all the above loans is 8.6% to 12% p.a.

b) Security Offered against these loans

The term loan is secured by hypothecate of respective vehicles.

- Hypothecation of present & future inventory and Book debts.

- Hypothecation of Movable property of the Company.

- Factory land situated at plot No. 4720 & 4733 G.I.D.C. Ankleshwar.

- 2nd, 3rd, and 4th floor of Camex house, Navrangpua, Ahmadabad owned by Camex Reality Pvt. Ltd.

- Above short term borrowing from Bank of Baroda are secured by personal guarantees of Promoter Directors of the company and others.

c) Balances of Sundry Creditors, Debtors, Receivables / Payables from / to various parties / authorities, Loans & advances are subject to confirmation from the respective parties, and necessary adjustments if any, will be made on its reconciliation.

d) In the Opinion of the Board of Directors the aggregate value of current assets, loans and advances on realization in ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

e) Previous year's figures have been re-arranged and re-grouped, wherever necessary to make-them comparable with those of current year.


Mar 31, 2010

1) In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The Provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary the provision for all the known liabilities is adequate.

2) Balance due to/from sundry debtors, sundry creditors, loan and-advances and other liabilities are subject to confirmation from respective parties, and necessary adjustment; if any will made on its reconciliation.

3) Contingent liabilities not provided for:

a) Letter of Credit issued by the Bank is Rs. 4,69,74,614/- (Rs 2,11,06,340)

4) Sales include late payment charges received and receivable from customers.

5) Segment Reporting:

The business segment has been considered as the primary segment, the company organized into two main business segments viz. Dyes & chemicals and Yarn & Fabric.

Revenue from the Yarn & Fabric business is less than 10% of the total revenue of Company and accordingly as per Accounting Standard 17 issued by ICAI, company is not require to show this as separate segment. However in order to give comparison with the previot year the segment reporting has been done.

6. Inventories are as Verified, Valued and Certified by Management.

7. Previous years figures have been re-grouped / rearranged wherever necessary so as to confirm to current years grouping


Mar 31, 2002

1. Contingent liability not provided for in respect of disputed income tax demand (matter is under appeal) Rs. 3,08,346 for A. Y 1994-95.

2. Segment Information

The business segment has been considered as the primary segment, the company is organised into two main business segments namely manufacturing of Dyes & Pigments & Trading of Yarn.

Segment revenues, results assets & liabilities have been accounted for on the basis of their relationship to the operating activities of the segment.

3. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for depreciation and all known and ascertained liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Balances of Secured loans, Sundry debtors, Creditors and loans and advances are subject to confirmation from respective parties.

5. Inventories are as taken, valued and certified by a Director.

6. Auditors Remuneration

7. Previous years figures have been re-grouped/rearranged wherever necessary so as to confirm to current years grouping.

8. Information required in terms of part IV of schedule VI to the Companies Act, 1956 is attached

 
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