Home  »  Company  »  O P Chains Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of O P Chains Ltd.

Mar 31, 2013

1. Rights, preferences and restrictions attached to the shares-

Company has one class of Equity shares having a par value of Rs 10A per share. Each share- holder is entitled to one vote per share held.

Dividend proposed by the Board is subject to approval of the shareholders in the ensuing annual general meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company in proportion to their shareholdings.

2. Contingent Liabilities not provided for in respect of:-

Particulars Current Previous Year Year

(1) Estimated Amount of Contacts Nil Nil remaining to be executed.

(2) Sales Tax/Customs/other statutory Nil Nil claims.

Pending with respective authorities

(3) Unexpired bank guarantee Nil Nil

(4) Disputed demand of Income Tax Nil Nil

3. Deferred Tax Liabilities/(Assets)

Deferred Tax Asset/Liability has been created on the amount of difference which is due to liming difference.

4. The Company has been carried on the business of trading of precious metals & Ornaments. The quantity has been shown as an annexure to the Balance Sheet

5. Expenditures on Employees

Break up of expenditure incurred on employees who were employed throughout financial year and were in receipt of remuneration aggregating to not less than Rs.24,00.000/-per annum,or if employed for a part of financial year were in receipts of remuneration aggregating to not less than Rs.2.00,000/-per month.

6. In the opinion of the board , the current assets,loans and advance ,if realized in the ordinary course of business have value on realization at least to the amount at which these are staled in the balance sheet, the provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

7. Confirmation for Balances Grouped under the head "Sundry Creditors" and "Sundry Debtors" and "Advances" has been confirmed by the Management.

8. The MCX license which was in the name of Mr. Satish Kumar Goyal, has been surrendered during the last financial year, so there is no transaction in MCX during the year under audit.

9. As informed to us by the management no balances arc outstanding for more than 45 days at the balances sheet date to the suppliers registered themselves under the micro, Small and Medium Enterprises development (MSMED) Act,2006.

10. Schedule 'A' to 'S' form integral part of Balance Sheet and profit & loss accent and have been duly annexed .

11. Previous years comparative figures have been grouped wherever necessary.


Mar 31, 2011

1. Related Party transactions

Transactions with related parties during the year ended and outstanding balances as at 30 March 2011 are

2. Contingent Liabilities not provided for in respect of:

Particulars Current Year Previous Year

(1) Estimated Amount of Contracts remaining to be executed. Nil Nil

(2) Sales Tax/Customs/other statutory claims Pending with respective Nil Nil authorities

(3) Unexpired bank guarantee Nil Nil

(4) Disputed demand of Income Tax Nil Nil

3. Deferred Tax Liabilities/ (Assets)

Deferred Tax Asset/Liability has been created on the amount of difference which is due to timing difference.

4. The Company has been carried on the business of trading of precious metals & Ornaments. The quantity has been shown as an annexure to the Balance Sheet

5. Expenditures on Employees

Break up of expenditure incurred on employees who were employed throughout financial year and were in receipt of remuneration aggregating to not less than Rs.24,00,000/-per annum, or if employed for a part of financial year were in receipts of remuneration aggregating to not less than Rs.2,00,000/-per month.

6. In the opinion of the board, the current assets, loans and advance, if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the balance sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

7. Confirmation for Balances Grouped under the head "Sundry Creditors" and "Sundry Debtors" and "Advances" could not be produced before the Auditors in some cases. The Management has however satisfied itself about the balances.

8. The income / loss from MCX transactions are shown in the books of accounts of the company but the member of MCX is in the name of Directors Mr.Satish Kumar Goyal.

9. The Security Money /Margin money in MCX account is deposited in form of FDRs which are in the name of Directors Mr. Satish Kumar Goyal but the entire funds belongs to the company and shown in the books of accounts of the company.

10. The interest on said FDR''s is taken as income of the company however the said FDRs are in the name of Directors Mr. Satish Kumar Goyal and the same way TDS deducted on interest of the said FDRs is claimed in the hands of company .

11. The interest income on FDRs credited in the accounts for the whole period of FDRs irrespective of the period of FDRs.

12. LIBOR charges debited in the accounts on the basis of transaction irrespective of the period.

13. The profit/loss shown under the mentioned heads are calculated, estimated and booked in the current year irrespective of the period, payment date and settlement date of transaction.

a) L.C. Opening Charges

b) LIBOR Charges

c) FWC gain/loss

d) Withholding tax

e) L.C. Amendment & Remittance Charges

f) Overdue Interest

g) Other Charges

14. As informed to us by the management no balances are outstanding for more than 45 days at the balances sheet date to the suppliers registered themselves under the micro, Small and Medium Enterprises development (MSMED) Act, 2006.

15. Schedule ''A'' to ''S'' form integral part of Balance Sheet and profit & loss account and have been duly annexed.

16. Previous years comparative figures have been grouped wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!