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Charms Industries Ltd.

BSE: 531327 Sector: Financials
NSE: N.A. ISIN Code: INE442C01012
BSE LIVE 15:15 | 30 Nov 4.16 0.19
(4.79%)
OPEN

4.16

HIGH

4.16

LOW

4.16

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.16
PREVIOUS CLOSE 3.97
VOLUME 5
52-Week high 4.16
52-Week low 1.61
P/E
Mkt Cap.(Rs cr) 1.71
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.16
Sell Qty 500.00
OPEN 4.16
CLOSE 3.97
VOLUME 5
52-Week high 4.16
52-Week low 1.61
P/E
Mkt Cap.(Rs cr) 1.71
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.16
Sell Qty 500.00

Charms Industries Ltd. (CHARMSINDS) - Auditors Report

Company auditors report

Independent Auditors Report

To

The Members of

Charms Industries Limited

Ahmedabad

Report on Financial Statement

We have audited the accompanying financial statements of Charms Industries Ltd("the company") which comprise the Balance Sheet as at March 31 2014 and theStatement of Profit and Loss for the year then ended and summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statement

Management is responsible for the preparation of these financial statements that givetrue and fair view of the financial position and financial performance of the Company inaccordance with the Accounting Standard referred to in sub-section (3C) of section 211 ofthe Companies Act1956 ("the Act"). This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standard on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationgiven to us the financial statements give the information required by the Act in themanner so required and give true and fair view in conformity with accounting principlesgenerally accepted in India subject to following remark :-

Loans & Advances amounting Rs. 3960663 are cumulative amounts given as loan inlast 5/6 years (except Rs. 6 lacs given during the year). All such amounts were advancedas Short Term Loans. However the same are still remains outstanding as not received backas per stipulation. The management is taking all steps required including Legal Actionsfor their recovery. The management are hopeful for the recovery and hence they are treatedas good of recovery. As principal loan amounts are not received in time the interestthereon has not accounted in books of accounts. However due to passing of long time ofloan given we are of the opinion that they appears to be doubtful loans for which noprovision has been made and to that extent this year profit & accumulated loss havebeen under stated.

a) in the case of the Balance Sheet of the state of affairs of the Company as at March312014; and

b) in the case of Profit and Loss Account of the profit/loss for the year ended onthat date;

Report on the Legal & Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act we report that:

a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by the law have been kept by thecompany so far as appears from our examination of those books

c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

d) in our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to in subsection (3C) of section 211 of the CompaniesAct1956.

e) on the basis of written representation received from the directors as on March312014 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312014 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of Companies Act1956.

f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.

For Praful N. Shah & Co.

Chartered Accountants

(F.R.N. – 108057W)

Praful N. Shah

Proprietor

Membership No. : 15591

Place : Ahmedabad

Date : 30/05/2014

ANNEXURE REFERRED TO IN PARAGRAPH (1) OF THE AUDITOR’S REPORT TO THE MEMBERS OFCHARMS INDUSTRIES LIMITED FOR THE YEAR ENDED MARCH 31 2014

1. FIXED ASSETS:-

i) The Company has maintained the record of Fixed Assets showing full particulars ofquantitative details and location.

ii) The same have physically verified and no discrepancy has been noticed.

iii) During the year the Company has not sold any Fixed Assets.

2. NATURE OF BUSINESS:-

The Company is doing the business as Money Changer (Trading in Foreign Currency &Travellers’ Cheques & Software Services) Under the circumstances the followingmatters are not applicable :

i) Procedure for the purchases of stores / raw materials & finished products andits compression with record.

ii) Physical verification of above items.

iii) Maintenance of records of scrap / waste generated from the manufacturingactivities.

iv) Maintenance of Cost Records.

v) Valuation of above items.

3 . According to the information and explanations given to us the Company has notgranted any loans to companies covered in the register maintained under Section 301 of theCompanies Act 1956.

4 . According to the information and explanations given to us the Company has nottaken any loans from companies firms or other parties listed in the register maintainedunder Section 301 (1B) of the Companies Act 1956.

5 . According to the information and explanations given to us the Company has notaccepted any deposits from the public. Therefore the provisions of Clause (vi) of theCompanies (Auditor’s Report) Order 2003 are not applicable to the Company.

6 . According to the information and explanations given to us no personal expenses ofemployees or directors have been charged to revenue account other then those payableunder contractual obligations or in accordance with generally accepted business practice.

7 . The company is not a sick industrial company within the meaning of clause (0) ofsub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act1956.

8 . Since the Company is not a chit fund or nidhi / mutual benefit fund/societyparagraph 4 (xiii) of the order is not applicable.

9 . As the Company is not dealing or trading is shares securities debentures andother investments paragraph 4 (x iv) of the order is not applicable.

10 . According to the records of the Company examined by us and on the basis ofinformation & explanations give to us the Company has:

i. Not taken any loans from bank or financial institution.

ii. Not granted any loans and advances on the basis of security by way pledge ofshares debentures and other securities during the year.

iii. Not given any guarantee for loans taken by others or financial institutions duringthe year.

11 . Based upon the audit procedures performed and information & explanations givenby the management no fraud on or by the Company has been notice during the year underaudit.

For Praful N. Shah & Co.

Chartered Accountants

(F.R.N. – 108057W)

Praful N. Shah

Proprietor

Membership No. : 15591

Place : Ahmedabad

Date : 30/05/2014

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