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Notes to Accounts of Crestchem Ltd.

Mar 31, 2015

1. SHARE CAPITAL :

(a) Terms/rights, preferences and restrictions attached to securities:

Equity Shares:

The company has only one class of equity shares having a face value or ' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.

During the year ended 31st March 2015 the amount of per share dividend recognized as distributions to equity shareholders is '0/-.

In the events of liquidation of the company, the holders of equity shares will be entitled to remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportions to the number of equity share held by the shareholders.

2. Based on the guiding principle given in Accounting Standard 17, on Segment Reporting issued by the Institute of the Chartered Accountants of India, the primary business of the company is processing of chemicals. Therefore, there are no separate reportable segments as far as primary segment is concerned.

As the processing of chemicals outside India is NIL, secondary segment-wise reporting is not required to be shown.

Also the operation of the company is in India and all the Assets and Liabilities are located in India. The sale is wholly in India and therefore Geographical analysis is not given.

3. Related party disclosure under Accounting Standard-18 (A) (i) Key Management Personnel

1. Mr. Dipak N. Patel

(ii) Relative of key management personnel

1. Mrs. Parul D. Patel (Wife of Director) 2. Mr. Nirmit D. Patel (Son of Director) 3. Mrs.Kusum N Patel (Mother of Director) NOTE: Related party relationship is as identified by the Company and relied upon by the Auditors.

4. As the company does not anticipate taxable profit in near future, so to comply with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India, New Delhi, the deferred tax asset has not been provided relating to the previous year.

5. Retirement Benefits:

The provisions of gratuity and retirement benefits are not applicable to the Company.

6. Balances of Cash and Bank, Trade Receivable, Trade Payable, loans and advances are subject to confirmation in the ordinary course of business.

7. The Directors are of the opinion that the current assets stated in the Balance Sheet are valued at approximately realizable value in the ordinary course of Business and all known liabilities have been provided for.

8. Previous year figures have been re-arranged, reclassified and re-grouped, wherever necessary to make them comparable.




Mar 31, 2014

1. Terms/rights, preferences and restrictions attached to securities:

Equity Shares:

The company has only one class of equity shares having a face value or Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.

During the year ended 31 st March 2014 the amount of per share dividend recognized as distributions to equity shareholders is Rs. 0/-.

In the events of liquidation of the company, the holders of equity shares will be entitled to remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportions to the number of equity share held by the shareholders.

2. The Company is advised that there is no taxable income for the year under review and hence no provision for taxation is required to be made.

3. Based on the guiding principle given in Accounting Standard 17, on Segment Reporting issued by the Institute of the Chartered Accountants of India, the primary business of the company is processing of chemicals. Therefore, there are no separate reportable segments as far as primary segment is concerned.

As the processing of chemicals outside India is NIL, secondary segment-wise reporting is not required to be shown.

Also the operation of the company is in India and all the Assets and Liabilities are located in India. The sale is wholly in India and therefore Geographical analysis is not given.

4. As the company does not anticipate taxable profit in near future, so to comply with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India, New Delhi, the deferred tax asset has not been provided relating to the previous year.

5. Retirement Benefits:

The provisions of gratuity and retirement benefits are not applicable to the Company.

6. Balances of Cash and Bank, Trade Receivable, Trade Payable, loans and advances are subject to confirmation in the ordinary course of business.

7. The Directors are of the opinion that the current assets stated in the Balance Sheet are valued at approximately realizable value in the ordinary course of Business and all known liabilities have been provided for.

8. Previous year figures have been re-arranged, reclassified and re-grouped, wherever necessary to make them comparable.


Mar 31, 2013

1 The Company is advised that there is no taxable income for the year under review and hence no provision for taxation is required to be made.

2 Based on the guiding principle given in Accounting Standard 17, on Segment Reporting issued by the Institute of the Chartered Accountants of India, the primary business of the company is processing of chemicals. Therefore, there are no separate reportable segments as far as primary segment is concerned.

As the processing of chemicals outside India is NIL, secondary segment-wise reporting is not required to be shown.

Also the operation of the company is in India and all the Assets and Liabilities are located in India. The sale is wholly in India and therefore Geographical analysis is not given.

3 Related party disclosure under Accounting Standard-18 (A) (i) Key Management Personnel

1. Mr. Dipak N. Patel 2. Mr. Narendra C Patel

(ii) Relative of key management personnel

1. Mrs. Parul D. Patel (Wife of Director) 2. Mr. Nirmit D. Patel (Son of Director) 3. Mrs.Kusum N Patel (Mother of Director)

NOTE: Related party relationship is as identified by the Company and relied upon by the Auditors.

4 As the company does not anticipate taxable profit in near future, so to comply with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India, New Delhi, the deferred tax asset has not been provided relating to the previous year.

5 Retirement Benefits:

The provisions of gratuity and retirement benefits are not applicable to the Company.

6 Balances of Cash and Bank, Trade Receivable, Trade Payable, loans and advances are subjectto confirmation in the ordinary course of business.

7 The Directors are of the opinion that the current assets stated in the Balance Sheet are valued at approximately realizable value in the ordinary course of Business and all known liabilities have been provided for.

8 Previous year figures have been re-arranged, reclassified and re-grouped, wherever necessary to make them comparable.


Mar 31, 2012

A) The Company is advised that there is no taxable income for the year under review and hence no provision for taxation is required to be made.

b) Based on the guiding principle given in Accounting Standard 17, on Segment Reporting issued by the Institute of the Chartered Accountants of India, the primary business of the company is processing of chemicals. Therefore, there are no separate reportable segments as far as primary segment is concerned.

As the processing of chemicals outside India is NIL, secondary segment-wise reporting is not required to be shown.

Also the operation of the company is in India and all the Assets and Liabilities are located in India. The sale is wholly in India and therefore Geographical analysis is not given.

c) As the company does not anticipate taxable profit in near future, so to comply with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India, New Delhi, the deferred tax asset has not been provided relating to the previous year.

d) Retirement Benefits:

As the company do not have any employee, the provision for gratuity and retirement benefits are not applicable.

e) Balances of Cash and Bank, debtors, creditors, loans and advances are subject to confirmation in the ordinary course of business.

f) The Directors are of the opinion that the current assets stated in the Balance Sheet are valued at approximately realisable value in the ordinary course of Business and all known liabilities have been provided for.

g) The company is not sick industrial company within the clause (o) of subclause (i) of section 3 of sick industrial companies (special provisions ) Act 1985. However the accumulated loss of company have resulted in erosion of more than fifty percent of its net worth and is potentially sick within the meaning of section 23 of the said Act. The company has not made any reference till date to the Board for Industrial and Financial Reconstruction.

h) Previous year figures have been re-arranged, reclassified and re-grouped, wherever necessary to make them comparable with those of current year as per Revised Schedule-VI.


Mar 31, 2011

A) The Company is advised that there is no taxable income for the year under review and hence no provision for taxation is required to be made.

b) Based on the guiding principle given in Accounting Standard 17, on Segment Reporting issued by the Institute of the Chartered Accountants of India, the primary business of the company is processing of chemicals. Therefore, there are no separate reportable segments as far as primary segment is concerned.

As the processing of chemicals outside India is NIL, secondary segment-wise reporting is not required to be shown. Also the operation of the company is in India and all the Assets and Liabilities are located in India. The sale is wholly in India and therefore Geographical analysis is not given.

c) The Company is not sick industrial company within the clause (o) of sub clause (i) of section 3 of sick industrial companies (special provisions) Act, 1985. However the accumulated loss of company have resulted in erosion of more than fifty percent of its net worth and is potentially sick within the meaning of section 23 of the said Act. The company has not made any reference till date to the Board for Industrial and Financial Reconstruction.

d) In absence of the complete information regarding the status of the suppliers as micro small or medium enterprise as per the Micro Small and Medium Enterprise Development Act 2006, the information regarding the amount due to such parties as on the balance sheet date and provision for interest if any required by the said act is not been made.

e) Previous year figures have been regrouped, reclassified, wherever necessary, to make them comparable with current year.


Mar 31, 2010

A) Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.

b) The Company is advised that there is no taxable income for the year under review and hence no provision for taxation is required to be made.

c) Based on the guiding principle given in Accounting Standard 17, on Segment Reporting issued by the Institute of the Chartered Accountants of India, the primary business of the company is processing of chemicals. Therefore, there are no separate reportable segments as far as primary segment is concerned.

As the processing of chemicals outside India is NIL, secondary segment-wise reporting is not required to be shown.

Also the operation of the company is in India and all the Assets and Liabilities are located in India. The sale is wholly in India and therefore Geographical analysis is not given.

i) Related party disclosure under Accounting Standard-18

(A) (i) Key Management Personnel

1. Mr. Deepak N. Patel

(ii) Related Concern / Parties

1. Mr. Narendra C. Patel 2. Mrs. Parul D. Patel 3. Mr. Nirmit D. Patel

NOTE: Related party relationship is as identified by the Company and relied upon by the Auditors.

d) As the company does not anticipate taxable profit in near future, so to comply with the Accounting Standard-22 issued by the Institute of Chartered Accountants of India, New Delhi, the deferred tax asset has not been provided relating to the previous year.

e) Balances of Cash and Bank, debtors, creditors, loans and advances are subject to confirmation in the ordinary course of business.

f) The Directors are of the opinion that the current assets stated in the Balance Sheet are valued at approximately realisable value in the ordinary course of Business and all known liabilities have been provided for.

g) The company is not sick industrial company within the clause (o) of subclause (i) of section 3 of sick industrial companies (special provisions) Act 1985. However the accumulated loss of company have resulted in erosion of more than fifty percent of its net worth and is potentially sick within the meaning of section 23 of the said Act. The company has not made any reference till date to the Board for Industrial and Financial Reconstruction.

h) In absence of the complete information regarding the status of the suppliers as micro small or medium enterprise as per the Micro Small and Medium Enterprise Development Act 2006, the information regarding the amount due to such parties as on the balance sheet date and provision for interest if any required by the said act is not been made.

i) Previous year figures have been regrouped, reclassified, wherever necessary, to make them comparable with current year.

j) Additional Quantitative information pursuant to the provisions of part II of Schedule VI of the Companies Act, 1956 are not maintained.

 
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