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Notes to Accounts of Indo Euro Indchem Ltd.

Mar 31, 2015

1) Figures of previous year have been rearranged/regrouped wherever necessary to make hem comparable with current year figures.

2) In the opinion of the Board of Directors the Current Assets and Loan & Advances are approximately of the value stated if realised in the ordinary course of business. The provision for depreciation and all the known Liabilities are adequate and not in excess or short of the amount reasonably necessary.

3) The Company follows the system of recording gratuity liability on cash basis , which is contrary to AS-15 issued by the Institute of Chartered Accountants of India . If retirement benefit are accounted on accrual basis, the profit for the year would be lower by Rs. Nil (Previous Year Rs. Nil) as the company has no permanent employees who have completed five years tenure and the liabilities will increase to that extent, but the total liabilities of paid Director for earlier year upto Balance Sheet date is Rs.1,96,730/- (Previous Year Rs.1,96,730).

4) Confirmation in respect of Sundry Debtors, Sundry Creditors Loans& Advances are not available for verification, hence they are subject to confirmation and reconciliation if any. In the opinion of the management there are no chances of adjustment and if any adjustment arise out of reconciliation it would not be significant. However if any liabilities may arise on account of late payment or otherwise, the profit of the Company will be effected to that extent.

5) The company has entered into one time settlement with SangliUrban Co-op. Bank Ltd. for old disputes with the banks on various issues. The company has paid the agreed first installment and has to pay last installment with interest so old disputed liability will finally settle.

6) The Company has provided tax liabilities during the year as per Income Tax Law. The tax provision in accounts is made without adjusting the MAT Credit if any.

7) The Management have confirmed that all the fixed assets , current assets, Loans & Advances shown in the Balance Sheet and all purchases, expenses paid/provided are actually incurred for the purpose of business of Company . All the Sales, Income, Purchases and Expenses are provided in the accounts.

8) As informed by the management there are no outstanding payable to the Micro and Small Enterprises to whom the company owed sum exceeding Rs. 1 lakh, which is outstanding for more than 30 days at the end of the year as per Micro Small & Medium Enterprises Development Act,2006 thus no need to pay and provide any interest.

9) No Share Certificates of Sangli Urban Co-Operative Bank Ltd. and Silicon Vyapar Pvt. Ltd. could be physically verified as the Bank and Other Party has not given certificates to the Company as informed by the management.

10) Segment Reporting

The Company is engaged in the business of Purchase and sale of Dyes Chemicals Pigments and Animal Feed Supplements which constitute a single business Chemicals Segment as per management. As there are no export sales, thus there are no reportable geographical segments, thus no segment report are given.

11) Related Party disclosures

Related Party Disclosures as required by AS-18 " Related Party Disclosures" are given below:- The Company has identified following related parties

I. (A) Companies/Other Organization under the control of Directors where transactions are entered into and/or outstanding balance exist as at the Balance Sheet Date:-

1) Shah Chhaganlal Laxmich and (HUF)

2) JMC Exim (India) Pvt. Ltd

3) Silicon Vyapar Pvt. Ltd.

4) JMC Logistics

5) Rachita Enterprises

6) Gadia Mercantile Pvt. Ltd.

7) JMC Investment Consultants Pvt. Ltd.

8) Vardhman C. Shah HUF

9) Infinity VinconPvt Ltd.

10) Prime Decor Laminate Pvt Ltd

11) B. S. Enterprises

12) Indo Asia Impex

(B) Key Management Persons and their relatives

1) Mr. Jaysukh Shah - Director

2) Mr. Vardhman Shah - Director

3) Mr. AkshitLakhani - Director


Mar 31, 2014

1. Figures of previous year have been rearranged/regrouped wherever necessary to make them comparable with current year figures.

2. In the opinion of the Board of Directors the Current Assets and Loan & Advances are approximately of the value stated if realised in the ordinary course of business. The provision for depreciation and all the known Liabilities are adequate and not in excess or short of the amount reasonably necessary.

3. The Company follows the system of recording gratuity liability on cash basis , which is contrary to AS-15 issued by the Institute of Chartered Accountants of India . If retirement benefit are accounted on accrual basis, the profit for the year would be lower by Rs. Nil (Previous Year Rs. Nil) as the company has no permanent employees who have completed five years tenure and the liabilities will increase to that extent, but the total liabilities upto Balance Sheet date is Rs. 1,96,730/- (Previous Year Rs. 1,96,730).

4. Confirmation in respect of Sundry Debtors, Sundry Creditors Loans & Advances are not available for verification, hence they are subject to confirmation and reconciliation if any. In the opinion of the management there are no chances of adjustment and if any adjustment arise out of reconciliation it would not be significant. However if any liabilities may arise on account of late payment or otherwise, the profit of the Company will be effected to that extent.

5. No contractual interest is provided on Bank Loan from Sangli Urban Co-op. Bank Ltd. @ 17% p.a for the year Rs.22,34,772/- and simple accumulated interest of Rs.2,40,68,55 1/-(Previous Year Rs.2,18,33,779/-), as the management is disputing the above interest liabilities and principal loan but are willing of settlement the disputes. The management have expressed before us that they have counter claim against the Bank as Bank have not given the management accounts for sales of share pledged to them by the Directors. The Bank have been given permission to sale the share given of Directors to appropriate the loan. The Bank have sold some share and not given any account hence the Director have counter claim against Bank but as per account and past Balance Sheet the interest paid to Banks are shown lower to the extent of Rs.2,40,68,55 1/- (Previous Year Rs.2,18,33,739/-) thus the profit is overstated by same amount and credit balance of Statement of Profit & Loss will be debit, balance and unsecured loan will increase by the same amount.

6. The Company has provided tax liabilities during the year as per Income Tax Law. The tax provision in accounts is made without adjusting the MAT Credit.

7. The Management have confirmed that all the fixed assets , current assets, Loans & Advances shown in Balance Sheet and all purchases, expenses paid/provided are actually incurred for the purpose of business of Company . All the Sales & Income are fully and genuinely , and correctly , provided in the accounts.

8. As informed by the management there are no outstanding payable to the Micro and Small Enterprises to whom the company owed sum exceeding Rs. 1 lakh, which is outstanding for more than 30 days at the end of the year as per Micro Small & Medium Enterprises Development Act,2006 thus no need to pay any interest.

9. No Share Certificates of Sangli Urban Co-Operative Bank Ltd. and Silicon Vyapar Pvt. Ltd. could be physically verified as the Bank and Other Party has not given certificates to the Company.

10. Segment Reporting

The Company is engaged in the business of Purchase and sale of Dyes Chemicals Pigments and Animal Feed Supplements which constitute a single business Chemicals Segment as per management and as there are no export sales and as such there are no reportable geographical segments, thus no segment report are given.

11. Deferred Tax

In compliance with the Accounting Standard AS-22 relating to Accounting for taxes on Income, the Company have planned the future growth of the Company and are confident of future profitability to claim future tax credit on brought forward losses under Income Tax Act.

12. Related Party disclosures

Related Party Disclosures as required by AS-18 " Related Party Disclosures" are given below

The Company has identified following related parties

I, (A) Companies/Other Organisation under the control of directors where transactions are entered into and/or outstanding balance exist as at the Balance Sheet Date:-

1) Shah Chhaganlal Laxmichand (HUF)

2) JMC Exim (India) Pvt. Ltd

3) Silicon Vyapar Pvt. Ltd.

4) JMC Logistics

5) VitragAssociates

6) Lamitech India

7) Rachita Enterprises

8) Parekh Overseas

9) Gadia Mercantile Pvt. Ltd.

10) JMC Investment Consultants Pvt. Ltd.

11) Vardhman C. Shah HUF

12) Infinity Vincon Pvt Ltd.

13) Prime Decor Laminate Pvt Ltd

14) B. S. Enterprises

15) In do Asia Impex

(B) Key Management Persons and their relatives

1) Mr. Jaysukh Shah - Director

2) Mr. Vardhman Shah - Director

3) Mr. Akshit Lakhani - Director


Mar 31, 2013

1. Figures of previous year have been rearranged/regrouped wherever necessary to make them comparable with current year figures.

2. In the opinion of the Board of Directors the Current Assets and Loan & Advances are approximately of the value stated if realised in the ordinary course of business. The provision for depreciation and all the known Liabilities are adequate and not in excess or short of the amount reasonably necessary.

3. The Company follows the system of recording gratuity liability on cash basis , which is contrary to AS-15 issued by the Institute of Chartered Accountants of India . If retirement benefit are accounted on accrual basis, the profit for the year would be lower by Rs. Nil (Previous Year Rs. Nil) as the company has no permanent employees who have completed five years tenure and the liabilities will increase to that extent, but the total liabilities upto Balance Sheet date is Rs. 1,96,730/- (Previous Year Rs. 1,96,730).

4. Confirmation in respect of Sundry Debtors, Sundry Creditors Loans & Advances are not available for verification, hence they are subject to confirmation and reconciliation if any. In the opinion of the management there are no chances of adjustment and if any adjustment arise out of reconciliation it would not be significant. However if any liabilities may arise on account of late payment or otherwise, the profit of the Company will be effected to that extent.

5. No contractual interest is provided on Bank Loan from Sangli Urban Co-op. Bank Ltd. @ 17% p.a for the year Rs.22,34,772/- and simple accumulated interest of Rs.2,18,33,779/- (Previous Year Rs. 1,95,99,007/-), as the management is disputing the above interest liabilities and principal loan but are willing of settlement the disputes. The management have expressed before us that they have counter claim against the Bank as Bank have not given the management accounts for sales of share pledged to them by the Directors. The Bank have been given permission to sale those share by Directors to appropriate the loan. The Bank have sold some share and not given any account hence the Director have counter claim against Bank but as per account and past Balance Sheet the interest paid to Banks are shown lower to the extent ofRs.2,18,33,739/- (Previous Year Rs. 1,95,99,007/-) thus the profit is overstated by same amount and credit balance of Statement of Profit & Loss will be debit balance and unsecured loan will increase by the same amount.

6. The Company has provided tax liabilities during the year after adjustment of brought forward depreciation as per Income Tax Law. The tax provision in accounts is made without adjusting the MAT Credit.

7. The Management have confirmed that all the fixed assets , current assets, Loans & Advances shown in Balance Sheet and all purchases, expenses paid/provided are actually incurred for the purpose of business of Company . All the Sales & Income are fully and genuinely , and correctly , provided in the accounts.

8. As informed by the management there are no outstanding payable to the Micro and Small Enterprises to whom the company owed sum exceeding Rs. 1 lakh, which is outstanding for more than 30 days at the end of the year as per Micro Small & Medium Enterprises Development Act,2006 thus no need to pay any interest.

9. No Share Certificates of Sangli Urban Co-Operative Bank Ltd. and Silicon Vyapar Pvt. Ltd. could be physically verified as the Bank and Other Party has not given certificates to the Company.

10. Segment Reporting

The Company is engaged in the business of Purchase and sale of Dyes Chemicals Pigments and Animal Feed Supplements which constitute a single business Chemicals Segment as per management and as there are no export sales and as such there are no reportable geographical segments, thus no segment report are given.

11. Deferred Tax

In compliance with the Accounting Standard AS-22 relating to Accounting for taxes on Income, the Company have planned the future growth of the Company and are confident of future profitability to claim future tax credit on brought forward losses under Income Tax Act.

12 Related Party disclosures

Related Party Disclosures as required by AS-18 " Related Party Disclosures" are given below:-

The Company has identified following related parties

I. (A) Companies/Other Organisation under the control of directors where transactions are entered into and/or outstanding balance exist as at the Balance Sheet Date:-

1.) Shah Chhaganlal Laxmichand (HUF)

2) JMC Exim (India) Pvt. Ltd

3) Silicon Vyapar Pvt. Ltd.

4) JMC Logistics

5) Vishal Enterprises

6) Vitrag Associates

7) Lamitech India

8) Rachita Enterprises

9) Parekh Overseas

10) Gadia Mercantile Pvt. Ltd.

11) JMC Investment Consultants Pvt. Ltd.

12) VArdhman C. Shah HUF

13) Infinity Vincon Pvt Ltd.

14) Prime D6cor Laminate Pvt Ltd


Mar 31, 2011

1. Figures of previous year have been rearranged/regrouped wherever necessary to make them comparable with current year figures.

2. In the opinion of the Board of Directors the Current Assets and Loan & Advances are approximately of the value stated if realised in the ordinary course of business. The provision for depreciation and all the known Liabilities are adequate and not in excess or short of the amount reasonably necessary.

3. The Company follows the system of recording gratuity liability on cash basis , which is contrary to AS-15 issued by the Institute of Chartered Accountants of India . If retirement benefit are accounted on accrual basis, the profit for the year would be lower by Rs. Nil (Previous Year Rs. Nil/-) as the company has no permanent employees who have completed five years tenure and the liabilities will increase to that extent, but the total liabilities up to Balance Sheet date is Rs.1,96,730/- (Previous Year Rs.1,96,730).

4. Confirmation in respect of Sundry Debtors, Sundry Creditors Loans & Advances are not available for verification, hence they are subject to confirmation and reconciliation if any. In the opinion of the management there are no chances of adjustment and if any adjustment arise out of reconciliation it would not be significant. However if any liabilities may arise on account of late payment or otherwise, the profit of the Company will be effected to that extent.

5. No contractual interest is provided on Bank Loan from Sangli Urban Co-op. Bank Ltd. @ 17% p.a amounting to Rs.1,73,64,235/- (Previous Year Rs.1,51,29,463/-), as the management is disputing the above interest liabilities and principal loan but are willing of settlement of disputes. The management have expressed before us that they have counter claim against the Bank as Bank have not given the management account for sales of share pledged to them. The Bank have been given permission to sale those share and appropriate the loan. The Bank have sold some share and not given any account hence the have counter claim against Bank but as per account and past Balance Sheet the interest paid to Banks are shown lower to the extent of Rs.1,73,64,235/- (Previous Year Rs.1,51,29,463/-) thus the profit is overstated by same amount and credit balance of Profit & Loss Account will be debit balance and unsecured loan will increase by the same amount.

6. No provision for tax is required to be made in accounts , due to brought forward depreciation loss in current year , but income tax liability has been provided as per Minimum Alternative Tax U/s. 115JB.

7. The Management have confirmed that all the fixed assets , current assets, Loans & Advances shown in Balance Sheet and all purchases, expenses paid/provided are actually incurred for the purpose of business of Company . All the Sales & Income are fully and genuinely , and correctly , provided in the accounts.

8. As informed by the management there are no outstanding payable to the Micro and Small Enterprises to whom the company owed sum exceeding Rs.1 lakh, which is outstanding for more than 30 days at the end of the year as per Micro Small & Medium Enterprises Development Act,2006 thus no need to pay any interest.

9. No Share Certificates of Sangli Urban Co-Operative Bank Ltd. could be physically verified as the Bank has not given certificates.

10. Segment Reporting

The Company is engaged in the business of manufacture, Purchase and sale of Dyes Chemicals Pigments and Animal Feed Supplements which constitute a single business segment and as there are no export sales and as such there are no reportable geographical segments, thus no segment report are given.

11. Deferred Tax

In compliance with the Accounting Standard AS-22 relating to Accounting for taxes on Income, the Company have planned the future growth of the Company and are confident of future profitability to claim future tax credit on brought forward losses under Income Tax Act.

Difference in current year are accounted out of current year Profit & Loss Account for Rs.5,08,724/- (Previous Year Rs.5,22,829/-)

12 Related Party disclosures

Related Party Disclosures as required by AS-18 " Related Party Disclosures" are given below:- The Company has identified following related parties

I. (A) Companies/Other Organisation under the control of directors where transactions are entered into and/or outstanding balance exist as at the Balance Sheet Date:-

1. Shah Chhaganlal Laxmichand (HUF)

2. JMC Exim (India) Pvt. Ltd


Mar 31, 2010

1. Figures of previous year have been rearranged/regrouped wherever necessary to make them comparable with current year figures.

2. In the opinion of the Board of Directors the Current Assets and Loan & Advances are approximately of the value stated if realised in the ordinary course of business. The provision for depreciation and all the known Liabilities are adequate and not in excess or short of the amount reasonably necessary.

3. The Company follows the system of recording gratuity liability on cash basis , which is contrary to AS-15 issued by the Institute of Chartered Accountants of India . If retirement benefit are accounted on accrual basis, the profit for the year would be lower by Rs. Nil (Previous Year Rs. Nil/-) as the company has no permanent employees who have completed five years tenure and the liabilities will increase to that extent, but the total liabilities upto Balance Sheet date is Rs.1,96,730/- (Previous Year Rs.1,96,730).

4. Confirmation in respect of Sundry Debtors, Sundry Creditors Loans & Advances are not available for verification, hence they are subject to confirmation and reconciliation if any. In the opinion of the management there are no chances of adjustment and if any adjustment arise out of reconciliation it would not be significant. However if any liabilities may arise on account of late payment or otherwise, the profit of the Company will be effected to that extent.

5. No contractual interest is provided on Bank Loan from Sangli Urban Co-op. Bank Ltd. @ 17% p.a amounting to Rs.1,51,29,463 /- (Previous Year Rs.1,29,31,165/-), as the management is disputing the above interest liabilities and principal loan but are willing of settlement of disputes. The management have expressed before us that they have counter claim against the Bank as Bank have not given the management account for sales of share pledge to them. The Bank have been given permission to sale those share and appropriate the loan. The Bank have sold some share and not given any account hence the have counter claim against Bank but as per account and past Balance Sheet the interest paid to Banks are shown lower to the extent of Rs.1,51,29,463/- (Previous Year Rs.1,29,31,165/-) and total Rs.9,09,80,587/- thus the loss is understated by same amount and credit balance of Profit A Loss Account will be debit balance and unsecured loan will increase by the same amount.

6. No provision for tax is required to be made in accounts , due to brought forward depreciation loss in current year , but income tax liability has been provided as per Minimum Alternative Tax U/s. 115JB.

7. The Management have confirmed that all the fixed assets , current assets, Loans & Advances shown in Balance Sheet and all purchases, expenses paid/provided are actually incurred for the purpose of business of Company . All the Sales & Income are fully and genuinely , and correctly , provided in the accounts.

8. As informed by the management there are no outstanding payable to the Micro and Small Enterprises to whom the company owed sum exceeding Rs. 1 lakh, which is outstanding for more than 30 days at the end of the year as per Micro Small & Medium Enterprises Development Act,2006 thus no need to pay any interest.

9. No Share Certificates of Sangli Urban Co-Operative Bank Ltd. could be physically verified as the Bank has not given certificates. N.S.C Certificate are pledged to Sales Tax Authorities for issue of C form.

10. Segment Reporting

The Company is engaged in the business of manufacture, Purchase and sale of Dyes Chemicals Pigments and Animal Feed Supplements which constitute a single business segment and as there are no export sales and as such there are no reportable geographical segments, thus no segment report are given.

11. Deferred Tax

In compliance with the Accounting Standard AS-22 relating to Accounting for taxes on Income, the Company have planned the future growth of the Company and are confident of future profitabilities to claim future tax credit on brought forward losses under Income Tax Act.

Difference in current year are accounted out of current year Profit A Loss Account for Rs.5,22,829/- (Previous Year Rs.10,41,085/-)

12 Related Party disclosures

Related Party Disclosures as required by A5-18 " Related Party Disclosures" are given below-.-

The Company has identified following related parties

I. (A) Companies/Other Organisation under the control of directors where transactions are entered into and/or outstanding balance exist as at the Balance Sheet Date:-

1. Shah Chhaganlal Laxmichand (HUF)

2. JMC Exim Pvt. Ltd

(B) Key Management Persons and their relatives

1. Mr. Jaysukh Shah - Director

2. Mr. Vardhman Shah - Director

3. Mr. Shah - Director


Mar 31, 2009

1. Figures of previous year have been rearranged/regrouped wherever necessary to make them comparable with current year figures. .

2. In the opinion of the Board of Directors the Current Assets and Loan & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all the known Liabilities are adequate and not in excess or short of the amount reasonably necessary.

3. The Company follows the system of recording gratuity liability on cash basis , which is contrary to AS-15 issued by the Institute of Chartered Accountants of India . If retirement benefit are accounted on accrual basis, the profit for the year would be lower by Rs. Nil (Previous Year Rs. Nil/-) as the company has no employees who have completed five years tenure and the liabilities will increase to that extent, but the total liabilities up to Balance Sheet date is Rs.1,96,730/- (Previous Year Rs.1,96,730).

4. Confirmation in respect of Sundry Debtors, Sundry Creditors Loans A Advances are not available for verification, hence they are subject to confirmation and reconciliation if any.

In the opinion of the management there are no chances of adjustment and if any adjustment arise out of reconciliation it would not be significant. However if any liabilities may arise on account of late payment or otherwise, the profit of the Company will be effected to that extent.

5. No contractual interest is provided on Bank Loan from Sangli Urban Co-op. Bank Ltd. @ 17% p.a amounting to Rs.l,29,31,165 /- (Previous Year Rs.l,10,52,278/-), as the management is disputing the above interest liabilities and are willing of settlement of disputes. Due to above, the interest paid to Banks are shown lower to the extent of Rs.l,29,31,165/- (Previous Year Rs.1,10,52,278/-) and total Rs.7,58,51,124/- thus the loss is understated by same amount and credit balance of Profit A Loss Account will be debit balance and unsecured loan will increase by the same amount.

6. No provision for tax is required to be made in accounts , due to brought forward depreciation loss in current year , but income tax liability has been provided as per Minimum Alternative Tax U/s. 115JB and provision is also made for Fringe Benefit Tax.

7. The Management have confirmed that all the fixed assets , current assets, Loans A Advances shown in Balance Sheet and all purchases, expenses paid/provided are actually incurred for the purpose of business of Company . All the Sales & Income are fully and genuinely , and correctly , provided in the accounts.

8. Contingent liability not provided for 3

The amount outstanding on account of contracts of capital goods is not been worked out by the Management, hence no capital commitment are given . The management expect no liabilities as no parties have made any claims and management will try to recover the . amount advanced or ask them to deliver the machinery they have been contracted.

9. As informed by the management there are no outstanding payable to the Micro and Small Enterprises to whom the company owed sum exceeding Rs. 1 lakh, which is outstanding for more than 30 days at the end of the year as per Micro Small A Medium Enterprises Development Act,2006 thus no need to pay any interest.

10. No Share Certificates of Sangli Urban Co-Operative Bank Ltd. could be physically verified as the Bank has not given certificates. N.S.C Certificate are pledged to Sales Tax Authorities for issue of ''C'' form.

11. Segment Reporting .

The Company is engaged in the business of manufacture, Purchase and sale of Dyes Chemicals Pigments and Animal Feed Supplements which constitute a single business

segment and as there are no export sales and as such there are no reportable geographical segments, thus no segment report are given.

12. Deferred Tax

In compliance with the Accounting Standard AS-22 relating to Accounting for taxes on Income, the Company have planned the future growth of the Company and are , confident of future profit abilities to claim future tax credit on brought forward losses under Income Tax Act.

Difference in current year are accounted out of current year Profit A Loss Account for Rs.10,41,085/- (Previous Year Rs,9,46,236/-)

13 Related Party disclosures

Related Party Disclosures as required by AS-18 " Related Party Disclosures" are given below:-

The Company has identified following related parties ''

I. (A) Companies/Other Organization under the control of directors where transactions are entered into and/or outstanding balance exist as at the Balance Sheet Date:-

1. Rushabh Chemical Co. * .

2. Shah Chhaganlal Laxmichand (HUF)

3. Elite Laminates Pvt. Ltd. *

 
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