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Chromatic India Ltd.

BSE: 530191 | NSE: CHROMATIC | Series: NA | ISIN: INE662C01015 | SECTOR: Dyes & Pigments

BSE Live

Dec 13, 16:00
0.99 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
298,910
10-Day
196,189
30-Day
82,980
594,984
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    0.99

  • Open Price

    0.97

  • Bid Price (Qty.)

    0.99 (23705)

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    0.00 (0)

Chromatic India is not traded on BSE in the last 30 days

NSE Live

Aug 30, 15:31
0.90 0.00 (0.00%)
Volume
No Data Available
45,988
  • Prev. Close

    0.90

  • Open Price

    0.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Chromatic India is not traded on NSE in the last 30 days

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the attached Balance Sheet of CHROMATIC INDIA LIMITED, as at 31st March, 2007 and the Profit & Loss Account and also Cash Flow Statement of the company for the year ended on that annexed thereto. Respective Responsibility of the Management and the Auditors: These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. Basis of Opinion: We conducted our audit ir. accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of mater at misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Opinion: We report as under: I. Our report as required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditoi s Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 (the Act) and on the basis of such checks of the books and records of the Company as considered appropriate and according to the information and explanation given to us by the management, we give in Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. II Further to our comments in the Annexure referred to in paragraph I above: a) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears fro our examination of the books. c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash Flow Statement comply with Accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent they are applicable to the Company, except as mentioned in Note No. (A) regarding non-compliance with Accounting Standard 15 on Accounting for Retirement Benefits in Financial Statements of Employers. e) On the basis of written representations received from the Directors of the Company as on 31st March, 2007, and taken on record by the Board of Directors of the Company, we report that none of the Directors is disqualified as o 31st March, 2007 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best of information and according to the explanations given to us, the said accounts give the information required by Companies Act, 1956 in the manner so required. g) Subject to 1) Note no.3 regarding non confirmation of balances in respect of advances recoverable in cash or in kind and amounts due from/to sundry debtors / sundry creditors. 2) Note no.4 regarding amount due on bills discounted of Rs. 101.68 lacs, which appears to be fully not recoverable. 3) Note no 5 regarding amount due on bills discounted of Rs. 156.75 lacs, which is subject to confirmation. 4) The networth of the Wholly Owned Subsidiary Arcoiris SA is eroded and it does not have any realizable assets. No provision is made for the investment of Rs.26.23 lacs and dues of Rs.93.22 lacs which is doubtful of recovery. We are unable to comment on the resulting effect of our observations in paragraph (g) above on relevant assets. liabilities and on profit for the year. Subject to this, the said accounts give a true and fair view in conformity with the accounting policies generally accepted in India: I) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2007, ii) In case of the Profit & Loss Account, of the profit of the Company for the year ended on that date, and iii) In case of Cash Flow statement, of the cash flows of the Company for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF CHROMATIC INDIA LIMITED Fixed Assets: 1. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. 2. We are informed that these assets have been physically verified by the Management at reasonable intervals, which in out opinion, is appropriate having regard to the size of the Company and nature of its assets. No material discrepancies was noticed on such verification. 3. During the year, the Company has not disposed off a substantial part of its fixed assets. Inventories: 4. We are informed that the Management has physically verified the stocks of stores, spares, raw materials and finished goods during the year. In our opinion, the frequency of verification is reasonable. 5. The procedures for physical verification of inventories followed by management are reasonable and adequate in relation to the size of the Company and the nature of its business. 6. On the basis of our examination of the records of the Company, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical and book records were no! material. Related party transactions: 7. The company has neither taken nor given loans or advances in the nature of loans from / to companies, firms or othei parties listed in the register maintained under Section 301 of the Companies Act, 1956. In view of above, paragraph (a) (b),(c),(d),(f) and (g) are not reported upon. 8. In our opinion and according to the information and explanations given to us, the transactions that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956 have been so entered. 9. Each of these transactions are made at prices which are reasonable having regard to the prevailing market prices at the relevant time. Internal Controls: 10. In our opinion and according to the information and explanations given to us, there are adequate internal contra procedures commensurate with the size of the Company and the nature of its business for the purchase of stores, rav materials including components, plant and machinery, equipment and other assets and for sale of goods. During th*. course of audit, no major weakness has been noticed in the internal controls. 11. The Company has an adequate internal audit system commensurate with its size and nature of its business. Deposits: 12. The Company has not accepted any deposits from the public to which the provisions of section 58A and section 58AA of the Companies Act, 1956, and the rules framed thereunder apply. Taxation: 13 The Company has been generally regular in depositing undisputed statutory dues including Provident Fund, ESIC dues: Sales tax, Wealth tax, Excise duty, Custom duty and other material statutory dues, if any, applicable to it and there are no outstanding dues as at balance sheet date for more than six months from the date they became payable. 14. According to the information and explanations given to us, there were no dues of Income tax, custom duty, wealth tax, excise duty and sales tax that have not been deposited on account of any dispute, except as mentioned below: Name of the statute Amount (Rs) Forum where dispute is pending Income Tax Act Rs.423495/- CIT (A) and ITAT for AY 1996-97 and AY 2000-01 for which order came partly in favour of the Assessee after 31st March, 07 Miscellaneous: 15. We are informed that the Central Government has prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956.We are of the opinion that, prima fade, the prescribed accounts and records are being made and maintained. However, we have not made detailed examination of the records with a view to determine whether they are accurate and complete. 16. The Company neither has accumulated losses as at 31st March, 2007 nor it has incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. B. Based on our examination of documents and records, we are of the opinion that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 19. The provisions of any special statute are not applicable to the Company. 20. The Company has not dealt or traded in shares, securities, debentures, or other investments during the year. 21. The company has not given guarantees for loans taken by others from banks or financial institutions, the terms whereof are, primafacie, prejudicial to the interest of the Company. 22. The terms loans were applied for the purpose forwhich the loans were obtained. 23. Based on our examination of the balance sheet of the company as at 31st March, 2007 on an overall basis and as per the information and explanation given to us, we find that the no funds raised on short term basis were utilized for long term purpose. 24. The company has not made any preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year. 25. During the period covered by our audit report, the company has not issued any debentures for which security needs to be created, 26. The Company has not raised any money by public issue during the year. 27. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For Haribhakti & Company Chartered Accountants Chetan Desai Partner Place : Mumbai Membership No. 17000 Date 29/08/2007