Mar 31, 2014
Note-23 Company Overview
The Company currently in the business of manufacturing, trading and
export of Synthetic Organic Dyestuff and dyes intermediates. The
Company concentrates on the Reactive Dyestuff mainly Vinyl Sulfone
type, bi-functional, multi-functional and high exhaustion and the
latest dyestuff to make liquid dyestuff. All the products are
appreciated all over the world. At present, the Company is
manufacturing only Reactive Dyes based on Vinyl Sulphone & Cyanuric
Chloride. In future, the Company is planning to manufactures Disperse &
Vat Dyes. The Company has also started trading activities in chemicals
and building material and also has taken Power Trading licence from
Govt. of India.
2 Contingent liabilities not provided for:
As at 31-03-14 As at 31-03-13
(Rupees) (Rupees)
Bank Guarantees (secured by fixed
deposit receipts) 76,274 70,301
3 There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the company. This has been relied
upon by the auditors.
4 In the opinion of the Board, current assets, loans and advances
shall have a value on realisation in the ordinary course of business at
least equal to the amount at which they are stated in the balance sheet
and provision for all known liabilities have been made and contingent
liabilities disclosed properly. Balances of sundry debtors, sundry
creditors, loans and advances and other personal accounts are subject
to confirmation and reconciliation. Consequential impact, if any, will
be considered as and when determined.
5 Loans & Advances includes non-interest bearing unsecured loan of Rs.
2161747158/- given to Chromatic International FZE, the subsidiary of
the company for overseas Business Development. The company did not do
any business during the year.
6 The Company had made investments in erstwhile subsidiary namely
Arcoiris SA with a view to have establishment abroad to penetrate into
foreign market. However, the company has been liquidated during the
year 2011-12.Net worth of Arcoiris SA is fully eroded. However, no
provision is made for investment amounting to Rs. 26.23 lacs and
advances and interest receivable of Rs. 109.81 lacs, which are doubtful
of recovery. The amount has been shown as Long Term Loans & Advances.
7 The company has made Advances for capital work in progress amounting
to Rs. 105.72 Crores during previous accounting years for setting up pf
power plant. The procurement has not been done for pending clearances
from the Govt.
8 No events or transactions have occurred since the date of Balance
Sheet or are pending that would have a material effect on the financial
statements at the date or for the period then ended, other than those
reflected or fully disclosed in the books of account.
9 Provision for Gratuity payable to employees has been covered by the
Group Gratuity Policy taken by the company with LIC of India and
premium of the policy has been duly accounted for. However, no
provision has been made for leave encashment as required by AS-15
(Revised 2005) employee Benefits notified by Companies (Accounting
Standard) Rules 2006, has been made and the same shall be accounted for
as and when paid.
A. Defined Contribution Plans - Employers contribution to Provident
Fund :
During the year the company has recognized the following amounts in the
statement of Profit & Loss
10 Pursuant to Accounting Standard (AS)-28 on "Impairment of Asset"
issued by The Institute of Chartered Accountants of India, the company
assessed its fixed assets for impairment as at 31st March 2014, and
concluded that there have been no significant impaired fixed assets
that need to be recognized in the books of accounts.
11 Previous year figures have been regrouped, rearranged, reclassified
and reworked wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
Mar 31, 2013
Note-1 Company Overview
The Company currently in the business of manufacturing, trading and
export of Synthetic Organic Dyestuff and dyes intermediates. The
Company concentrates on the Reactive Dyestuff mainly Vinyl Sulfone
type, bi-functional, multi-functional and high exhaustion and the
latest dyestuff to make liquid dyestuff. All the products are
appreciated all over the world. At present, the Company is
manufacturing only Reactive Dyes based on Vinyl Sulphone & Cyanuric
Chloride. In future, the Company is planning to manufactures Disperse &
Vat Dyes. The Company has also started trading activities in chemicals
and building material and also has taken Power Trading licence from
Govt. of India.
2 Contingent liabilities not provided for:
As at 31-03-13 As at 31-03-12
(Rupees) (Rupees)
Bank Guarantees (secured by
fixed deposit receipts) 70,301 60,000
3 There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the company. This has been relied
upon by the auditors.
4 In the opinion of the Board, current assets, loans and advances
shall have a value on realisation in the ordinary course of business at
least equal to the amount at which they are stated in the balance sheet
and provision for all known liabilities have been made and contingent
liabilities disclosed properly. Balances of sundry debtors, sundry
creditors, loans and advances and other personal accounts are subject
to confirmation and reconciliation. Consequential impact, if any, will
be considered as and when determined.
5 Loans & Advances includes non-interest bearing unsecured loan of Rs.
1954166544/- given to Chromatic International FZE, the subsidiary of
the company for overseas Business Development and Rs. 12,75000/- given
to Chromatic Ferro Alloys Ltd, Subsdiary of the company for payment to
Mine owners. The company did not do any business during the year.
6 The Company had made investments in erstwhile subsidiary namely
Arcoiris SA with a view to have establishment abroad to penetrate into
foreign market. However, the company has been liquidated during the
year 2011-12.Net worth of Arcoiris SA is fully eroded. However, no
provision is made for investment amounting to Rs. 26.23 lacs and
advances and interest receivable of Rs. 109.81 lacs, which are doubtful
of recovery. The amount has been shown as Long Term Loans & Advances.
7 The company has made Advances for capital work in progress amounting
to Rs. 105.72 Crores during previous accounting years for setting up pf
power plant. The procurement has not been done for pending clearances
from the Govt.
8 No events or transactions have occurred since the date of Balance
Sheet or are pending that would have a material effect on the financial
statements at the date or for the period then ended, other than those
reflected or fully disclosed in the books of account.
9 Provision for Gratuity payable to employees has been covered by the
Group Gratuity Policy taken by the company with LIC of India and
premium of the policy has been duly accounted for. However, no
provision has been made for leave encashment as required by AS-15
(Revised 2005) employee Benefits notified by Companies (Accounting
Standard) Rules 2006, has been made and the same shall be accounted for
as and when paid.
A. Defined Contribution Plans - Employers contribution to Provident
Fund :
During the year the company has recognized the following amounts in the
statement of Profit & Loss
10 Pursuant to Accounting Standard (AS)-28 on "Impairment of Asset"
issued by The Institute of Chartered Accountants of India, the company
assessed its fixed assets for impairment as at 31st March 2013, and
concluded that there have been no significant impaired fixed assets
that need to be recognized in the books of accounts.
11 Previous year figures have been regrouped, rearranged, reclassified
and reworked wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
Mar 31, 2012
# Secured by exclusive charge on the underlying plant & machineries
i.e. Hot Air Generator, Hypoyhecation of Stocks, Collateral Security of
Equitable Mortgage of Land & Buildings situated at B-12/2, Lote
Parshuram Indl. Area, Taluka- Khed, Distt. Ratnagiri and simple deposit
of title deeds of office premises situated at Vikhroli, Mumbai.
* Secured by Hypothecation of underlying assets paurchased.
# Secured by exclusive charge on the underlying plant & machineries
i.e. Hot Air Generator, Hypoyhecation of Stocks, Collateral Security of
Equitable Mortgage of Land & Buildings situated at B-12/2, Lote
Parshuram Indl. Area, Taluka- Khed, Distt. Ratnagiri and simple deposit
of title deeds of office premises situated at Vikhroli, Mumbai.
@ Secured by shares held by the Promoters
Note : There has been no default in repayment of loan payment of
interest in respect of above borrowings.
Notes forming part of the financial statements Note-23 Company Overview
The Company currently in the business of manufacturing, trading and
export of Synthetic Organic Dyestuff and dyes intermediates. The
Company concentrates on the Reactive Dyestuff mainly Vinyl Sulfone
type, bi-functional, multi-functional and high exhaustion and the
latest dyestuff to make liquid dyestuff. All the products are
appreciated all over the world. At present, the Company is
manufacturing only Reactive Dyes based on Vinyl Sulphone & Cyanuric
Chloride. In future, the Company is planning to manufactures Disperse &
Vat Dyes. The Company has also started trading activities in chemicals
and building material and also has taken Power Trading licence from
Govt. of India.
1 Contingent liabilities not provided for:
As at 31-03-12 As at 31-03-11
(Rupees) (Rupees)
Bank Guarantees (secured by fixed
deposit receipts) 60,000 20,000
Disputed Income-tax demands with
various authorities for various year 3,958,448 3,894,352
(For the A.Y. 1999-00, certain expenses were disallowed amounting to
Rs. 90,35,149. ITAT referred back the case to CIT appeals to verify the
case on factual ground. In the A.Y 2002-03, the company had written off
loss on investment in subsidiary amounting to Rs. 6,75,100/-. The loss
was claimed as "business loss" in the computation of income. In
assessment the loss was disallowed and Assessing Office (A.O.) has
initiated penalty. The case has been presented before the A.O. for
clairification on non levy of penalty. The order for the same is
awaited. In the assessment of 2008-09 disallowances are made for non
submission of TDS certificate amounting to Rs. 56,950 . The company has
deposited the original TDS certificate to claim the credit.)
2 There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small and Medium Enterprises Development Act, 2006 to whom the
company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
The above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the company. This has been relied
upon by the auditors.
3 In the opinion of the Board, current assets, loans and advances
shall have a value on realisation in the ordinary course of business at
least equal to the amount at which they are stated in the balance sheet
and provision for all known liabilities have been made and contingent
liabilities disclosed properly. Balances of sundry debtors, sundry
creditors, loans and advances and other personal accounts are subject
to confirmation and reconciliation. Consequential impact, if any, will
be considered as and when determined.
4 Loans & Advances includes non-interest bearing unsecured loan of Rs.
1843084010/- given to Chromatic International FZE, the subsidiary of
the company for overseas Business Development.
5 The Company had made investments in subsidiary namely Arcoiris SA
with a view to have establishment abroad to penetrate into foreign
market. However, the company has been liquidated during the year and
net worth of Arcoiris SA is fully eroded. However, no provision is made
for investment amounting to Rs. 26.23 lacs and advances and interest
receivable of Rs. 109.81 lacs, which are doubtful of recovery. The
amount has been shown as Long Term Loans & Advances.
6 Following accounts still continue in the name of Blue rock dyes and
chemicals ltd., which were amalgamated with Chromatic India Ltd. on
01.04.2006. The amount lying in said accounts will be transferred in
the name of Chromatic India Ltd. in due course.
7 No events or transactions have occurred since the date of Balance
Sheet or are pending that would have a material effect on the financial
statements at the date or for the period then ended, other than those
reflected or fully disclosed in the books of account.
8 Provision for Gratuity payable to employees has been covered by the
Group Gratuity Police taken by the company with LIC of India and
premium of the policy has been duly accounted for. However, no
provision has been made for leave encashment as required by AS-15
(Revised 2005) employee Benefits notified by Companies (Accounting
Standard) Rules 2006, has been made and the same shall be accounted for
as and when paid.
9 Pursuant to Accounting Standard (AS)-28 on "Impairment of Asset"
issued by The Institute of Chartered Accountants of India, the company
assessed its fixed assets for impairment as at 31st March 2012, and
concluded that there have been no significant impaired fixed assets
that need to be recognized in the books of accounts.
10 Previous year figures have been regrouped, rearranged, reclassified
and reworked wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
Mar 31, 2011
1 The schedules referred to in the Balance Sheet & Profit annd Loss
Account form an integral part of the accounts.
2 Contingent liabilities not provided for:
As at 31-03-11 As at 31-03-10
(Rupees) (Rupees)
Bank Guarantees (secured by
fixed deposit receipts) 20,000 35,000
Disputed Income-tax demands
with various authorities for
various years 3,958,448 3,894,352
(For the A.Y. 1999-00, certain expenses were disallowed amounting to
Rs. 90,35,149. ITAT referred back the case to CIT appeals to verify the
case on factual ground. In the A.Y. 2002-03, the company had written
off loss on investment in subsidiary amounting to Rs. 6,75,100/-. The
loss was claimed as "business loss" in the computation of income. In
assessment the loss was disallowed and Assessing Office (A.O.) has
initiated penalty. The case has been presented before the A.O. for
clairification on non levy of penalty. The order for the same is
awaited. In the assessment of 2008-09 disallowances are made for non
submission of TDS certificate amounting to Rs. 56,950 . The company has
deposited the original TDS certificate to claim the credit.)
3 Share Warrants
The Company had issued 1500000 Equity Shares warrants having face value
of Rs.10 each at a price of Rs. 100/- each (including premium of Rs.
90) pursuant to the shareholder approval through postal ballot, result
of which was declared on 10th March, 2010. These share warrants were
converted in to 15,00,000 equity shares on 15.06.2010.
4 During the year, company has issued 2,25,00,000 of Rs. 10/- each at a
premium of Rs. 29/- on preferential basis. The allotment of shares was
made on 07.10.2010 pursuant to the resolution passed by the
shareholders in the Annual General Meeting held on 20.09.2010.
5 Pursuant to Shareholders approval through postal ballot, result of
which was declared on 10th March, 2010, the company, during the year,
has come out with a GDR (Global Depository Receipts) issue comprising
of 42,00,000 GDRs at an offer price of USD 8.52 per GDR, representing
3,78,00,000 Equity Shares of Rs. 10/- each at a premium of Rs. 32/- per
equity share. The allotment of equity shares was done on 22.10.2010.
6 Sundry debtors, sundry creditors and other receivables are taken as
appearing in books of accounts which are subject to confirmation and
reconciliation. Consequential impact, if any, will be considered as and
when determined.
7 Bills discounting includes Rs.1,01,68,810/- given to Western India
Financial Services Limited in 1996-97.The Company has initiated
appropriate legal action to recover the said amount which had already
matured in December, 1996. the decision of the court was received in
March, 2011 vide which the court rejected the contentions of the
company. In view of this, said deposit is not recoverable and the Board
of Directors have decided to write off the amount vide the resolution
passed in their meeting held on 11.03.2011.
8 Bills discounting, further includes deposit of Rs.1,52,95,000/- given
to Pillage Finance & Investment Private Limited (PFIPL) in 1995-96 &
1996-97. had waived the interest aggregating to Rs.54,76,298/- provided
thereon upto 31.03.97on the basis that PFIPL repays the principle
amount in full. However the company has not paid any amount so far.
Accordingly, no interest income has been considered on outstanding
balances since 1997-98. In view of its non recoverability the
management has written off the amount as on 31.03.2011 in view of the
resolution passed by the Board of Directors in their meeting held on
11th March 2011.
9 The Company has made investments in subsidiary Arcoiris SA with a
view to have establishment abroad to penetrate into foreign market.
However, net worth of Arcoiris SA is fully eroded and it doesn't have
enough realisable assets to meet its liabilities. However, no provision
is made for investment amounting to Rs. 26.23 lacs and advances and
interest receivable of Rs. 110.74 lacs, which are doubtful of recovery.
Further, accounts of Arcorls SA are not consolidated with Chromatic
India Limited.
10 During the year, the company has formed a subsidiary on 21.10.2011,
in the name of Chromatic International FZE with registered office in
UAE and authorised capital of AED 100,000 equivalent to INR
12,28,550/-with the main object of carry on the business of trading in
Paint, Varnish, Tannery and Dyeing Materials.
11 Loans & Advances includes non-interest bearing unsecured loan of Rs.
90,67,79,500/- given to Chromatic International FZE, the subsidiary of
the company for overseas Business Development.
12 Provision for Gratuity payable to employees has been covered by the
Group Gratuity Policy taken by the company with LIC of India and
premium of the policy has been duly accounted for. However, no
provision has been made for leave encashment as required by AS-15
(Revised 2005) employee Benefits notified by Companies (Accounting
Standard) Rules 2006, has been made and the same shall be accounted for
as and when paid.
13 There is no Micro, Small and medium Enterprises, to whom the company
owes more than 45 days as at 31st March, 2011 (P.Y. Nil). This
information, as required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006, has been determined to the
extent such parties have been identified on the basis of information
available with the Company. Further, no interest is outstanding to be
paid to any such parties.
14 Previous year figures have been regrouped, rearranged, reclassified
and reworked wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
Mar 31, 2010
1 The schedules referred to in the Balance Sheet & Profi t and Loss
Account form an integral part of the accounts.
2 Contingent liabilities
not provided for: As at 31-03-10 As at 31-03-09
(Rupees) (Rupees)
Bank Guarantees (secured by
fixed deposit receipts) 35,000 35,000
Disputed Income-tax demands
with various authorities for
various years 3,894,352 7,867,171
For the A.Y. 1999-00, certain expenses were disallowed amounting to Rs.
90,35,149. ITAT referred back the case to CIT appeals to verify the
case on factual ground. In the A.Y. 2002-03, the company had written
off loss on investment in subsidiary amounting to Rs. 6,75,100/-. The
loss was claimed as "business loss" in the computation of income. In
assessment the loss was disallowed and Assessing Offi ce (A.O.) has
initiated penalty. The case has been presented before the A.O. for
clairifi cation on non levy of penalty. The order for the same is
awaited. In the assessment of 2008-09 disallowances are made for non
submission of TDS certifi cate amounting to Rs. 56,950 . The company
has deposited the original TDS certifi cate to claim the credit.
3 Sundry debtors, sundry creditors and other receivables are taken as
appearing in books of accounts which are subject to confi rmation and
reconciliation. Consequential impact, if any, will be considered as and
when determined.
4 Bills discounting includes Rs.1,01,68,810/- given to Western India
Financial Services Limited in 1996-97.The Company has initiated
appropriate legal action to recover the said amount which had already
matured in December, 1996.In view of this, said deposit is not
recoverable.
5 Bills discounting, further includes deposit of Rs.1,52,95,000/- given
to Pillage Finance & Investment Private Limited (PFIPL) in 1995-96 &
1996-97. The Company had waived the interest aggregating to
Rs.54,76,298/- provided thereon upto 31.03.97on the basis that PFIPL
repays the principle amount in full. Accordingly, no interest income
has been considered on outstanding balances since 1997-98.
6 The Company has made investments in subsidiary Arcoiris SA with a
view to have establishment abroad to penetrate into foreign market.
However, net worth of Arcoiris SA is fully eroded and it doesnt have
enough realisable assets to meet its liabilities. However, no
provision is made for investment amounting to Rs. 26.23 lacs and
advances and interest receivable of Rs. 95.63 lacs, which are doubtful
of recovery. Further, accounts of Arcoris SA are not consolidated with
Chromatic India Limited.
7 Employees remuneration and benefi ts include Rs.14,14,164.00 on
account of voluntary retirement scheme expenses incurred in last year
and said amount fully amortised during the year.
8 No provision for Gratuity and leave encashment as required by AS-15
(Revised 2005) employee Benefi ts notifi ed by Companies (Accounting
Standard) Rules 2006, has been made and the same shall be accounted for
as and when paid.
9 There is no Micro, Small and Medium Enterprises, to whom the company
owes more than 45 days as at 31st March, 2010 (P.Y. Nil). This
information, as required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006, has been determined to the
extent such parties have been identifi ed on the basis of information
available with the Company. Further, no interest is outstanding to be
paid to any such parties.
10 Previous year figures have been regrouped, rearranged, reclassifi
ed and reworked wherever necessary. Amounts and other disclosures for
the preceding year are included as an integral part of the current year
fi nancial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
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