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Charms Industries Ltd.

BSE: 531327 | NSE: | Series: NA | ISIN: INE442C01012 | SECTOR: Finance - Investments

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Jan 24, 16:00
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Dec 27, 11:22
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Charms Industries is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2000

Director’s Report

Dear MEMBERS, The Directors present the TWENTY SECOND ANNUAL REPORT together with the Audited Statement of Account for the Financial Year 2013-14 ended on 31st March, 2014. Financial RESULTS: (Amount in Rs.) 2013-14 2012-13 Total income (Net) 2,97,87,895 3,58,25,212 Total Expenditure 2,90,88,161 3,49,07,486 Gross Profit / (Loss) 6,99,734 9,17,726 Less: Depreciation 1,91,614 1,70,310 Provision for taxation 1,70,000 2,40,000 Profits / (Loss) after Tax 3,38,120 5,07,416 OPERATIONS: Despite keen competition in the field of Foreign Exchange business, the Company was able to maintain the sales of foreign currency of Rs 233.23 Lacs this year as against Rs. 294.63 Lacs for the previous year. The profit after tax for the year has increased to Rs.3,38 Lacs as against Rs.5.07 Lacs for the previous year. DIVIDEND: to conserve the resources for the future requirement of the company, your directors have not recommended any dividend for the year. FIXED DEPOSITS: During the year under report, the Company has not accepted any deposit to which the provisions of Section 58A of the Companies Act, 1956 are applicable. PARTICLUARS REGARDING EMPLOYEES: During the year under report, none of the employees was in receipt of remuneration exceeding the limit prescribed under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO: A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION: The details as required under Section 217 1 (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988 in respect of Conservation of Energy, Technology Absorption are not applicable. B. FOREIGN EXCHANGE EARNING & OUTGO : Foreign Exchange Earning : NIL Foreign Exchange Outgo : NIL DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirement of Section 217 (2AA) of the companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed: i. that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures. ii. that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at 31st March, 2014 being end of the financial year 2013-14 and of the Profit of the Company for the year. iii. that the Directors have taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. that the Directors have prepared the annual accounts on a going concern basis. CORPORATE GOVERNANCE: The Report on Corporate Governance required under Clause 49 of the Listing Agreements is annexed. DIRECTOR: Shri Nishit M. Rupapara, Directors of the Company, is liable to retire by rotation and being eligible offers themselves for re-appointment. The Board of your Company recommends their re-appointment as Director under the category of liable to retire by rotation. Mr. Ketan N. Shah, Dr. Nayan C. Shah, Mr. Sandip R. Shah and Mr. Ashokkumar R. Patel have resigned on 30/05/2014, the board has taken on record the valuable services and advices given by them during their tenure as Directors of the Company. DIRECTOR''S COMMENTS ON AUDITORS QUALIFICATION & ADVERSE REMARKS IN AUDITORS REPORT: The Auditors has made qualifications and marked adversely in their Report under the head (OPINION)The Directors comment of the on these qualifications and the specific remark Auditors under the head (OPINION) of the Auditors'' Report for non-provision of doubtful loans and advances amounting Rs.39,60,663/- which are cumulative amounts given as loan in last 5/6 years (except Rs.6.00 lacs given during the year), the Board of your Company like to inform you that the management of the Company is taking all steps required including legal action for their recovery. The Management of your Company is hopeful for the recovery of the outstanding loans and advances given by the Company, out of its surplus funds and therefore they have been treated as good of recovery and has not provided for doubtful loans and advances. The Management hereby assures that once all the efforts to recover the outstanding amount fails, necessary provisions for doubtful loans and advances will be done in the Books of the Company. The notes and remarks of Auditors'' are self-explanatory. AUDITORS: The present Auditors of the Company M/s. Praful N. Shah, Chartered Accountants, Ahmedabad were appointed as Auditors and will retire at the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered Accountants, have submitted certificate for their eligibility for appointment under Section 139 of the Companies Act, 2013. Board of Directors of your Company favour their re-appointment as Auditors of the Company and such re-appointment if done, shall be upto the conclusion of next Annual General Meeting of the Company. COMPLIANCE CERTIFICATE: The Company has obtained Compliance Certificate under the provisions of section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh & Associates, Company Secretaries, Ahmedabad and the same is attached with this Report as annexure. LISTING: The Shares of the Company are listed on the Stock Exchanges at Ahmedabad and Mumbai. Listing fees for the year 2014-15 has been paid to Bombay Stock Exchange and Ahmedabad Stock Exchange. ACKNOWLEDGEMENT: Your Directors express their sincere gratitude for the assistance and co-operation extended by Promoters, Banks, Government Authorities, Employees and Shareholders. For and on behalf of the Board Shivkuamr R Chauhan Place : Ahmedabad Chairman & Managing Director Date : 11/08/2014 (DIN : 00841729)

Director’s Report