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Notes to Accounts of Charms Industries Ltd.

Mar 31, 2014

FOR THE YEAR ENDED 31-3-2014 31-3-2013 Rs. Rs.

(1) Contingent Liabilities Nil Nil

(2) Estimated amounts of contracts remaining Nil Nil to be executed and not provided for

(3) C.I.F. Value of Imports Nil Nil

(4) F.O.B. Value of Exports Nil Nil

(5) Expenditure in Foreign Currency Nil Nil

(6) LOANS & ADVANCES :-

Loans to Companies and others amounting to Rs. 39,60,663/- includes:

i. Rs. 16,66,674/- outstading prior to 31/03/2012

ii. Rs. 3,50,000/- has been advanced in the year 2011-12 and

iii. Rs. 6,00,000/- is advanced during the year 2013-14.

In the opinion of Board of Directors, all these advances are good for recovery.

On such advances neither interest nor any amount is received till this date. Under such circumstances, in our opinion, all said amounts are appeared to be bad of recovery.

As Directors are in the opinion to recover the same, no provisions for such doubtful amounts have been made in the accounts

(7) As the Company has no manufacturing activity, additional information pursuant to the provisions of paragraph 3 4C of the Companies Act, 1956 are not applicable this year.

(8) Previous year''s figure have been regrouped or rearranged to make them comparable with the figures of current year.

(9) In the option of Board of Directors, the current assets, loans & advances are approximately of the value stated, if realised, in the ordinary course of business.

(10) The Provident Fund and Gratuity Act are not applicable to the company during the year under review.


Mar 31, 2013

(1) As the Company has no manufacturing activity, additional information pursuant to the provisions of paragraph 3 4C of the Companies Act, 1956 are not applicable this year.

(2) Previous year''s figure have been regrouped or rearranged to make them comparable with the figures of current year.

(3) In the option of Board of Directors, the current assets, loans & advances are approximately of the value stated, if realized, in the ordinary course of business.


Mar 31, 2012

FOR THE YEAR ENDED

31-3-2012 31-3-2011 Rs. Rs.

(1) Contingent Liabilities Nil Nil

(2) Estimated amounts of contracts remaining to be executed and not provided for Nil Nil

(3) C.I.F. Value of Imports Nil Nil

(4) F.O.B. Value of Exports Nil Nil

(5) Expenditure in Foreign Currency Nil Nil

(6) LOANS & ADVANCES:- In earlier years, when a sum of Rs. 1,94,17,153/- was written off being treated as bad of recovery, the balance amount of Rs. 21,15,000/- was treated as good of recovery. Out of the said amount as on 31-3- 2012, a sum of Rs. 16,66,674/- is outstanding. The management is hopeful for its recovery and necessary regular follow up has been done during the year and the management is in process to recover the same. Under the circumstances, all such sums have been treated as good for recovery. Further, during the year, the surplus funds of Rs. 3,50,000/- has been advanced to some other parties. The management is in process to recover the interest on the same as well as loan amount.

(7) As the company has no manufacturing activity, additional information pursuant to the provisions of paragraph 3 4C of the Companies Act, 1956 are not applicable this year.

(8) Previous year's figure have been regrouped or rearranged to make them comparable with the figures of current year.

(9) In the option of Board of Directors, the current assets, loans & advances are approximately of the value stated, if realised, in the ordinary course of business.

(10) The Provident Fund and Gratuity Act are not applicable to the company during the year under review.


Mar 31, 2011

(1) In earlier years, as reported in last year, the Company has advanced a sum of Rs. 2,53,45,153/- and out of the said amount, a sum of Rs. 1,94,17,153/- was treated as bad of recovery. As shown in the Balance Sheet as on 31-3-2010, a sum of Rs. 21,15,000/- was treated as good of recovery. However, no amount has been received during the year. The management is in process to recover the same and as a result after the date of Balance Sheet, a sum of Rs.13,75,000/- has been recovered. Thus, all such sums have been treated as good for recovery. During the year some new amounts as loans/advances of Rs. 12,38,348/- have also advanced during the year.

(2) As the Company has no manufacturing activity, additional information pursuant to the provisions of paragraph 3 4C of the Companies Act, 1956 are not applicable this year.

(3) Previous year's figure have been regrouped or rearranged to make them comparable with the figures of current year.

(4) In the option of Board of Directors, the current assets, loans & advances are approximately of the value stated, if realised, in the ordinary course of business.

(5) The Provident Fund and Gratuity Act are not applicable to the company during the year under review.


Mar 31, 2010

FOR THE YEAR ENDED

31-3-2010 31-3-2009 Rs. Rs.

(1) Contingent/Liabilities Nil Nil

(2) Estimated amounts of contracts remaining to bo executed and not provided for Nil Nil

(3) C.I.F. Value of Imports Nil Nil

(4) F.O.B. Value of Exports Nil Nil

(5) Expenditure in Foreign Currency Nil Nil



(6) (i) The Company advanced a sum of Rs. 2,53,45,153/- as loans to Companies and others and also advanced a sum of Rs. 48,50,000/- for the purchase of machineries in earlier years. Inspite of regular follow up and civil actions, the company did not received those amounts and under the circumstances, during the year a sum of Rs. 1,94,17,153/- out of Rs. 2,53,45,153/- and Rs. 48,50,000/- has been written off as Bad Debts.

(ii) The company also had invested a sum of Rs. 30,00,000 in the shares of the Limited Company. Due to non - listing, in Stock Exchange and non- working of the company, the management had observed that there is no hope for the improvement in the working of the said company and there are no chances of any realization from the sale of shares of that company. Under the circumstances, the amount of Rs. 30,00,000/- invested in the shares of that company has also been written off during the year.

(7) As the company has no manufacturing activity, additional information pursuant to the provisions of paragraph 3 4C of the Companies Act, 1956 are not applicable this year.

(8) Previous years figure have been regrouped or rearranged to make them comparable with the figures of current year.

(9) In the option of Board of Directors, the current assets, loans & advances are approximately of the value stated, if realised, in the ordinary course of business.

(10) The Provident Fund and Gratuity Act are not applicable to the company during the year under review.


Mar 31, 2009

FOR THE YEAR ENDED

31-3-2009 31 -3-2008 Rs. Rs.

(1) Contingent Liabilities Nil Nil

(2) Estimated amounts of contracts remaining to be executed and not provided Nil Nil

(3) C..F. Value of Imports Nil Nil

(4) F O.B Value of Exports Nil Nil

(5) Expenditure in Foreign Currency Nil Nil

(6) (i) As informed in earlier years, the company hao invested the surplus iunas with other companies and parlies amounting to Rs. 2,53.45.153/- as shown in Schedule 6. As these parties are not fulfilling their promises, neither Interest an such amount advanced nor repayment on loan (amounts nave been received as per stipulations. The managing Director has put all his efforts for the recovery of interest amount as well as principal amounts. On some of the parties, the company has filed legal so as and have taken legal steps also.

During the current year also. the Company Rati advanced a sum of Rs. 24,25,000 -as loans/ advances. From these loans also interest has been received only Rs. 60,000/- from one party. The management is in the process to recover interest as well as principal amounts in near future.

Under the circumstances, the actual amount of interest received from such parties has been credited in the accounts of current year. The balance amount of interest due out not received (the quantum of which, due to their uncertainty, are also not known to the company at this stage) are not taken In to accounts as the chances of recovery is doubtful. The same will be accounted In the year of receipt, The management have decided to was for their written off till the final out come from the courts I till they become bad for recovery and thus, for the said doubtful amount, no provision has been made in the accounts,

(i) The amounts paid for the purchases of Machineries in the year 1936-97, the outstanding of which are Rs. 40,50,000/- as advance for the purchases of machineries as shown in Schedule 6. As reported in earlier years, the company changed the objects and the manufacturing activity was postponed and thus the said machineries were not to be purchased Under the circumstances, the chances of recovery of such advances are doubtful. However, no final decision for its written off has been taken and hence the said amounts has been shown as Loans advances in the accounts and Ihe management will take the decision of its written off in future,

(iii) The company had invested a sum of Rs 30.00.000 in the shares of the Limited Company. The said company is not listed in Stock Exchange. The management had observed that the working of the said company is satisfactory and the management is of the opinion to get back the amount invested in the shares of this company in this booming share market. Under the circumstances, no provision for the shortfall, any, between the amount Invested and the Wok value of those shares, have been made in the accounts of the current year,

(7) As the company has no manufacturing activity additional informations pursuant to the provisions of paragraph 3 4C pf the Companies Act. 1956 are not applicable this year.

(8) Previous years figure have been regrouped or rearranged to make them comparable with the figures of current year.

(9) In the Option of Board of Directors, the current assets, loans & advances are approximately of the value stated, II realised, in the ordinary course of business.

(10) The Provident Fund and Gratuity Act are not applicable to the company during the year under review.


Mar 31, 2003

(1) (i) The company has the surplus money amounting to Rs. 1,63,75,105/- invested in Inter Corporate Deposits (I.C.D.) and lonas to other parties. As reported last year, from most of the parties, the loan amounts and the interest thereon have not been received as per stipulations. Under the circumstances, no provision for the accured interest have been made in the Accounts. The same will be credited in the accounts as and when such interest will be received. As the amount of such interest which will be received is not certain, it is not possible to mention the quantam of such interest amount.

(ii) The Directors have already initiated the legal actions against all such parties and looking to the financial position of the said parties, the Directors are hopeful for the recovery of all such amounts. Under the circumstences, no provision for such doubtful advances has been made in the accounts..

(iii) During the year 1996-97, the company had pIaced the order for the purchase of Plant A Machineries for the manufacturing of Ceramic Glazzed Tiles. Towards such orders, the company had paid advances to the manufacturers. As the company is not going, for the said project. such machineries are not to be purchased. The company has resevered seme amount from such parties thus, the directors are hopeful to receive back such advances and the matter is under progress and as such the said amounts have been shown as good of recovery.

(2) As the company has no Manufacturing activity, additional informations pursuent to the provisions of paragraph 46 of the schedule VI to the Companies Act, 1956 are not applicable this year.

(3) Previous years figures have been regrouped or rearranged to make them comportable with the figures of current year.

(4) In the option of Board of Directors, the current assets, loans & advances are approximately of the Value stated, if realised, in the ordinary course of business.

(5) The Provident Fund and Gratuity Act are not applicable to the company during the year under review.

 
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