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Notes to Accounts of Hind Aluminium Industries Ltd.
Mar 31, 2025
i) Provision, Contingent Liabilities and Contingent Assets
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event and
it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows
to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of
money and, where appropriate, the risks specific to the liability. Unwinding of the discount is recognized in the Statement of
Profit and Loss as a finance cost. Provisions are reviewed at each reporting date and are adjusted to reflect the current best
estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required
to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are
also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by
the occurrence or non -occurrence of one or more uncertain future events not wholly within the control of the Company.
Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not disclosed as
contingent liabilities.
Contingent assets are not recognized in financial statements since this may result in the recognition of income that may
never be realized.
However, when the realization of income is virtually certain, then the related asset is not a contingent asset and is recognized.
j) Revenue Recognition
Revenue is measured based on the transaction price, which is the consideration, adjusted for turnover discounts to
customer as specified in the contract with the customers. When the level of discount varies with increase in levels of revenue
transactions, the Company recognises the liability based on its estimate of the customerâs future purchases. If it is probable
that the criteria for the discount will not be met, or if the amount thereof cannot be estimated reliably, then discount is not
recognised until the payment is probable and the amount can be estimated reliably. The Company recognises changes in
the estimated amount of obligations for discounts in the period in which the change occurs. Revenue also excludes taxes
collected from customers.
Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to
the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing
effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.
Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.
Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account
contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.
Dividend income is recognized when the companyâs right to receive dividend is established by the reporting date.
k) Leases
A right-of-use asset representing the right to use the underlying asset and a lease liability representing the obligation to
make lease payments is recognized for all leases over 1 year on initial recognition basis. Discounted committed & expected
future cash flows and depreciation on the asset portion on straight-line basis & interest on liability portion (net of lease
payments) on EIR basis is recognized over the expected lease term. No right-of-use asset is created for short term leases (i.e.
lease term less than 1 year) and leases of low value items (i.e. lease of less than Rs.1 lakh).
l) Retirement and other employee benefits
Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short- term employee
benefits. These benefits include short term compensated absences such as paid annual leave. The undiscounted amount
of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised as
an expense during the period. Benefits such as salaries and the expected cost of the bonus/ex-gratia are recognised in the
period in which the employee renders the related service.
Post-employment employee benefits
a) Defined contribution schemes
All the eligible employees of the Company who have opted to receive benefits under the Provident Fund and Employees
State Insurance scheme, defined contribution plans in which both the employee and the Company contribute monthly
at a stipulated rate. The Company has no liability for future benefits other than its annual contribution and recognises
such contributions as an expense in the period in which employee renders the related service. If the contribution
payable to the scheme for service received before the Balance Sheet date exceeds the contribution already paid, the
deficit payable to the scheme is recognised as a liability after deducting the contribution already paid. If the contribution
already paid exceeds the contribution due for services received before the Balance Sheet date, then excess is recognised
as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.
b) Defined Benefit schemes
The Company provides for the gratuity, a defined benefit retirement plan covering all employees. The plan provides for
lump sum payments to employees upon death while in employment or on separation from employment after serving
for the stipulated years mentioned under âThe Payment of Gratuity Act, 1972â. The present value of the obligation under
such defined benefit plan is determined based on actuarial valuation, carried out by an independent actuary at each
Balance Sheet date, using the Projected Unit Credit Method, which recognizes each period of service as giving rise to an
additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan are based on the market yields on
Government Securities as at the Balance Sheet date.
Net interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined benefit
obligation to the net defined benefit liability or asset. The actual return on the plan assets above or below the discount
rate is recognized as part of re-measurement of net defined liability or asset through other comprehensive income. An
actuarial valuation involves making various assumptions that may differ from actual developments in the future. These
include the determination of the discount rate, attrition rate, future salary increases and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, these liabilities are highly sensitive to changes in these
assumptions. All assumptions are reviewed at each reporting date.
Re-measurement, comprising of actuarial gains and losses and the return on plan assets (excluding amounts included
in net interest on the net defined benefit liability), are recognized immediately in the balance sheet with a corresponding
debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified
to profit and loss in subsequent periods.
m) Income Taxes
Income Tax expenses comprise current tax and deferred tax charge or credit.
Current Tax is measured on the basis of estimated taxable income for the current accounting period in accordance with the
applicable tax rates and the provisions of the Income-tax Act, 1961 and other applicable tax laws.
Deferred tax is provided, on all temporary differences at the reporting date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rates
that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted at the reporting date. Tax relating to items recognized directly in equity or OCI is recognized in equity
or OCI and not in the Statement of Profit and Loss. MAT Credits are in the form of unused tax credits that are carried forward
by the Company for a specified period of time, hence it is grouped with Deferred Tax Asset.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority, but they intend to settle current tax liabilities and assets on a
net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which
the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the
extent that it is no longer probable.
n) Earnings Per Share
The basic Earnings Per Share (âEPSâ) is computed by dividing the net profit / (loss) after tax for the year attributable to the
equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit/(loss) after tax for the year attributable to the equity
shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of
all dilutive potential equity shares.
o) Foreign Currency Transactions
In preparing the financial statements of the Company, transactions in currencies other than the Companyâs functional
currency (i.e. foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the
end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost
in a foreign currency are translated using the exchange rate as at the date of initial transactions.
Exchange differences on monetary items are recognized in the Statement of Profit and Loss in the period in which they arise
except for:
⢠exchange differences on foreign currency borrowings relating to assets under construction for future productive use,
which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those
foreign currency borrowings;
⢠exchange differences relating to qualifying effective cash flow hedges and qualifying net investment hedges in foreign
operations.
p) Investment in Subsidiaries, Associates
The Companyâs investment in its Subsidiary & Associate Companies is carried at cost.
q) Financial Instruments
Financial assets and financial liabilities are recognized when a Company becomes a party to the contractual provisions of the
instruments.
Initial Recognition:
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables which are initially
measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss and ancillary
costs related to borrowings) are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognized immediately in Statement of Profit and Loss.
Classification and Subsequent Measurement: Financial Assets
The Company classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive
income (âFVOCIâ) or fair value through profit or loss (âFVTPLâ) on the basis of following:
⢠the entityâs business model for managing the financial assets; and
⢠the contractual cash flow characteristics of the financial asset.
Amortized Cost:
A financial asset shall be classified and measured at amortized cost if both of the following conditions are met:
⢠the financial asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
⢠the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Fair Value through OCI:
A financial asset shall be classified and measured at fair value through OCI if both of the following conditions are met:
⢠the financial asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
⢠the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Fair Value through Profit or Loss:
A financial asset shall be classified and measured at fair value through profit or loss unless it is measured at amortized cost
or at fair value through OCI.
All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value, depending
on the classification of the financial assets.
Classification and Subsequent Measurement: Financial liabilities:
Financial liabilities are classified as either financial liabilities at FVTPL or âother financial liabilitiesâ.
Financial Liabilities at FVTPL:
Financial liabilities are classified as at FVTPL when the financial liability is held for trading or are designated upon initial
recognition as FVTPL.
Gains or Losses on liabilities held for trading are recognized in the Statement of Profit and Loss.
Other Financial Liabilities:
Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost
using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
(including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to
the net carrying amount on initial recognition.
r) Cash and Cash Equivalents
Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand and short-term deposits with banks that
are readily convertible into cash which are subject to insignificant risk of changes in value and are held for the purpose of
meeting short-term cash commitments.
s) Financial liabilities and equity instruments
⢠Classification as debt or equity:
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
⢠Equity instruments:
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by a Company are recognized at the proceeds received.
t) Derivative financial instruments
The Company enters into derivative financial instruments viz. foreign exchange forward contracts to manage its exposure to
foreign exchange rate risks. The Company does not hold derivative financial instruments for speculative purposes.
Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss
immediately excluding derivatives designated as cash flow hedge.
u) Hedge accounting
The Company designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception
of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item,
along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the
inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective
in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.
The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow hedges is
recognized in other comprehensive income and accumulated under equity. The gain or loss relating to the ineffective portion
is recognized immediately in profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity relating to effective portion as
described above are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line
as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial
asset or a non-financial liability, such gains and losses are transferred from equity and included in the initial measurement
of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated, or exercised, or
when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated
in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit
or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized
immediately in profit or loss.
v) Segment Reporting - Identification of Segments
An operating segment is a component of the Company that engages in business activities from which it may earn revenues
and incur expenses, whose operating results are regularly reviewed by the companyâs chief operating decision maker to
make decisions for which discrete financial information is available. Based on the management approach as defined in
Ind AS 108, the chief operating decision maker evaluates the Companyâs performance and allocates resources based on an
analysis of various performance indicators by business segments and geographic segments.
w) Fair Value Measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated using
another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the
characteristics of asset and liability if market participants would take those into consideration. Fair value for measurement
and / or disclosure purposes in these Financial Statements is determined on such basis. Normally at initial recognition, the
transaction price is the best evidence of fair value.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participantâs ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset
in its highest and best use.
The Company uses valuation techniques those are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable
inputs.
All financial assets and financial liabilities for which fair value is measured or disclosed in the Financial Statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Level 1 â Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.
Level 3 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
Financial assets and financial liabilities that are recognized at fair value on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting
period.
x) Current versus Non-current classification
The Company presents assets and liabilities in the Balance Sheet based on current/non-current classification.
i) An asset is current when it is:
⢠Expected to be realized or intended to be sold or consumed in the normal operating cycle,
⢠Held primarily for the purpose of trading,
⢠Expected to be realised within twelve months after the reporting period, or
⢠Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.
All other assets are classified as non-current.
ii) A liability is current when:
⢠It is expected to be settled in the normal operating cycle,
⢠It is held primarily for the purpose of trading,
⢠It is due to be settled within twelve months after the reporting period, or
⢠There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.
All other liabilities are classified as non-current.
iii) Deferred tax assets and liabilities are classified as non-current assets and liabilities.
iv) The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash
equivalents.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Companyâs financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Key assumptions:
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year, are described below. The Company based its assumptions and estimates on parameters available when the financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due
to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the
__assumptions when they occur.
i) Useful Lives of Property, Plant & Equipment
The Company uses its technical expertise along with historical and industry trends for determining the economic life of
an asset/component of an asset. The useful lives are reviewed by management periodically and revised, if appropriate.
In case of a revision, the unamortized depreciable amount is charged over the remaining useful life of the assets.
ii) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based
on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted
Cash Flow model. The inputs to these models are taken from observable markets where possible, but where this is not
feasible, a degree of judgements is required in establishing fair values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility.
iii) Defined benefit plans
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of
the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include the determination of the discount
rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term
nature.
iv) Recoverability of trade receivable
Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a
provision against those receivables is required. Factors considered include the credit rating of the counterparty, the
amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of
non-payment.
v) Provisions
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of
funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability requires the application ofjudgements to existing facts and circumstances,
which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to
take account of changing facts and circumstances.
vi) Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If
any indication exists, the Company estimates the assetâs recoverable amount. An assetâs recoverable amount
is the higher of an assetâs or Cash Generating Units (CGUâs) fair value less costs of disposal and its value in
use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or a groups of assets. Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions
can be identified, an appropriate valuation model is used.
vii) Impairment of financial assets
The impairment provisions for financial assets are based on assumptions about risk of default and expected cash
loss rates. The Company uses judgements in making these assumptions and selecting the inputs to the impairment
calculation, based on Companyâs past history, existing market conditions as well as forward looking estimates at the
end of each reporting period.
Recent accounting pronouncements:
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has notified Ind
AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable
to the Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based on its evaluation has
determined that it does not have any significant impact in its financial statements.
B. Measurement of fair values
Valuation techniques and significant unobservable inputs
The management assessed that cash and cash equivalents, trade receivables, trade payables and other current liabilities approximate their
carrying amounts largely due to the short-term maturities of these instruments.
The Fair Value of financial assets included is the amount at which the instrument could be exchanged in a current transaction between willing
parties.
Note : 28 - Capital Management (Ind AS 1):
For the purpose of Companyâs Capital Management, capital includes Issued Equity Capital and all other Equity Reserves attributable to the Equity
Holders of the Company. The primary objective of the Companyâs Capital Management is to maximise the Share Holder Value.
Note : 29 - Financial Risk Management (Ind AS 1):
The Companyâs principal financial liabilities comprise other payables. The main purpose of these financial liabilities is to finance the operations of the
Company. The principal financial assets include trade and other receivables, investments in securities and cash and term deposits.
The Company has assessed market risk, credit risk and liquidity risk to its financial liabilities.
i) Market Risk:
Market Risk is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as
a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include loans,
investments and receivables and payables.
a) Interest Rate Risks :
The Company had no borrowing exposure as on March 31, 2025 and accordingly there was no interest risk.
b) Foreign Currency Risks :
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in
foreign exchange rates.
The Company had no monetary foreign currency exposure as on March 31, 2025 and accordingly sensitivity analysis is not
warranted-_ _J
c) Price Risks:
The Companyâs revenues are mainly generated from sales within India and the raw materials are procured through local
purchases. The Company is affected by the price stability of certain commodities. Due to the significantly increased
volatility of certain commodities, the Company enters into contract with the customers that has provision to pass on
the change in the raw material prices and also the volatility in the exchange rate. The Company has a risk management
framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs.
ii) Credit Risk
Credit Risk is the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. It arises from
credit exposure to customers, financial instruments viz., Investments in Securities and Balances with Banks.
The Company holds cash and cash equivalents with banks which are having highest safety rankings and hence has a low credit risk.
The Company limits its exposure to credit risk by generally investing only with counterparties that have a good credit rating. The Company does
not expect any losses from non-performance by these counterparties, and does not have any significant concentration of exposures to specific
industry sectors or specific country risks.
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. The outstanding trade receivables due for a period exceeding 180 days
as at the year ended March 31, 2025 is 0.00% (March 31, 2024 : 28.28%) of the total trade receivables. The company uses Expected Credit Loss
(ECL) Model to assess the impairment loss or gain.
iii) Liquidity Risk
The Company manages liquidity risk by maintaining adequate surplus, banking facilities and actual cash flows.
The Company has obtained fund and non-fund based working capital lines from banks. The Company monitors funding options available in
the debt and capital markets with a view to maintaining financial flexibility. All payments are made along due dates and requests for early
payments are entertained after due approval and availing early payment discounts.
The Company has a system of forecasting rolling one month cash inflow and outflow and all liquidity requirements are planned.
Exposure to liquidity risk:
Note : 31 - Leases (Ind AS 116):
(a) Operating lease income recognised in the Statement of Profit and Loss amounting to ? 16.25 Lacs (March 31, 2024 ? 3.03 Lacs).
(b) The Company did not have any long term leases which can have material impact on the financial position of the Company.
The company has taken premises on lease terms. All these leases are for a short term. Lease Rent for the year ended amounting to ? 9.65 Lacs
(March 31, 2024 ? 6.18 Lacs) is charged to the Statement of Profit and Loss.
(c) General Description of leasing agreements:
Leased Assets: Factory Building
Future Lease rentals are determined on the basis of agreed terms.
At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving notice in writing.
Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed terms.
Note : 32- Employee Benefits (Ind AS 19)
Defined Benefit Plans:
Gratuity:
The gratuity payable to employees is based on the employeeâs service and last drawn salary at the time of leaving the services of the Company and is
in accordance with the rules of the Company for payment of gratuity.
Inherent Risk:
The plan is defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. In particular,
this exposes the Company to actuarial risk such as adverse salary growth, change in demographic experience, inadequate return on underlying plan
assets. This may result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump sum in nature, the plan is
not subject to any longevity risks.
Note : 35 - Contingent Liabilities (Ind AS 37)
(a) Contingent liabilities not provided for in respect of :
Disputed Income Tax demands of ? 76.12 Lacs (March 31, 2024 ? 76.12 Lacs) for various assessment years for which company has gone in
appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no
provision has been made.
Demand raised by the Centralized Processing Centre, Income Tax Department amounting to ? 1.90 Lacs (March 31, 2024 ? 1.99 Lacs) on account
of TDS liability pertaining to the various assessment years. In the opinion of the management, the said demand will be removed after filing
necessary rectifications.
(b) Guarantees:
The Company has issued corporate guarantees as under :
Note : 36 - Segment Reporting (Ind AS 108):
In accordance with Ind AS 108 âOperating Segmentâ, segment information has been given in the consolidated financial statements, and therefore, no
separate disclosure on segment information is given in these financial statements.
Note : 37 - Corporate Social Responsibility:
The Company is not required to spend any amount in terms of provisions of section 135 of the Companies Act, 2013 on Corporate Social Responsibility
for the current financial year.
Note : 38 - The Company has not received any intimation regarding their status under the Micro, Small and Medium Enterprises Development
(MSMED) Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under
the said Act have not been given to that extent. Further, the Company does not have any outstanding dues for a period exceeding the tenure specified
in the MSMED Act, 2006.
Note : 41 - The Company has not traded or invested in crypto currency or virtual currency during the year.
Note : 42 - The Company is not as wilful defaulter by any bank or financial institution or other lenders.
Note : 43 - The are no transactions with the Struck off Companies under Section 248 or 560 of the Companies, Act 2013.
Note : 44 - No proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition)
Act, 1988.
Note : 45 - The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
Note : 46 - The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)
with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate
Beneficiaries) or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Note : 47 - The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(Ultimate Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Note : 48 - The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the
Income Tax Act, 1961
Note : 50
The company has financial assets and financial income exceeding 50% of the total assets and total incomes respectively. In the Opinion of the
management, the current scenario is exceptional in nature as the Company has parked its idle funds in investments. The Company continues to
envisage business opportunity in its operations whereby it likely to deploy fund in business activity.
Note : 51
In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the
amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the amount reasonably
necessary.
Note : 52
Previous yearâs figures have been rearranged/regrouped wherever considered necessary.
As per our report of even date attached For and on behalf of the Board of Directors
For and on behalf of
KARNAVAT & CO.
Chartered Accountants Lalit Kumar Daga
Firm Regn. No. 104863W Chairman
DIN :00089905
Viral Joshi
Partner Mahendra Kumar Jain Ankita Vishwakarma
Membership No. 137686 Chief Financial Officer Company Secretary
Place : Mumbai Membership No.A70874
Date : May 21, 2025
UDIN : 25137686BMIOOF2598
Mar 31, 2024
j) Provision, Contingent Liabilities and Contingent Assets
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is recognized in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non -occurrence of one or more uncertain future events not wholly within the control of the Company.
Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not disclosed as contingent liabilities.
Contingent assets are not recognized in financial statements since this may result in the recognition of income that may never be realized.
However, when the realization of income is virtually certain, then the related asset is not a contingent asset and is recognized.
k) Revenue Recognition
Revenue is measured based on the transaction price, which is the consideration, adjusted for turnover discounts to customer as specified in the contract with the customers. When the level of discount varies with increase in levels of revenue transactions, the Company recognises the liability based on its estimate of the customerâs future purchases. If it is probable that the criteria for the discount will not be met, or if the amount thereof cannot be estimated reliably, then discount is not recognised until the payment is probable and the amount can be estimated reliably. The Company recognises changes in the estimated amount of obligations for discounts in the period in which the change occurs. Revenue also excludes taxes collected from customers.
Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.
Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.
Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.
Dividend income is recognized when the companyâs right to receive dividend is established by the reporting date.
l) Leases
A right-of-use asset representing the right to use the underlying asset and a lease liability representing the obligation to make lease payments is recognized for all leases over 1 year on initial recognition basis. Discounted committed & expected future cash flows and depreciation on the asset portion on straight-line basis & interest on liability portion (net of lease payments) on EIR basis is recognized over the expected lease term. No right-of-use asset is created for short term leases (i.e. lease term less than 1 year) and leases of low value items (i.e. lease of less than Rs.1 lakh).
m) Retirement and other employee benefits Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short- term employee benefits. These benefits include short term compensated absences such as paid annual leave. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognised as an expense during the period. Benefits such as salaries and the expected cost of the bonus/ex-gratia are recognised in the period in which the employee renders the related service.
Post-employment employee benefits
a) Defined contribution schemes
All the eligible employees of the Company who have opted to receive benefits under the Provident Fund and Employees State Insurance scheme, defined contribution plans in which both the employee and the Company contribute monthly at a stipulated rate. The Company has no liability for future benefits other than its annual contribution and recognises such contributions as an expense in the period in which employee renders the related service. If the contribution payable to the scheme for service received before the Balance Sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognised as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the Balance Sheet date, then excess is recognised as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.
b) Defined Benefit schemes
The Company provides for the gratuity, a defined benefit retirement plan covering all employees. The plan provides for lump sum payments to employees upon death while in employment or on separation from employment after serving for the stipulated years mentioned under âThe Payment of Gratuity Act, 1972â. The present value of the obligation under such defined benefit plan is determined based on actuarial valuation, carried out by an independent actuary at each Balance Sheet date, using the Projected Unit Credit Method, which recognizes each period of service as giving rise to an additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan are based on the market yields on Government Securities as at the Balance Sheet date.
Net interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined benefit obligation to the net defined benefit liability or asset. The actual return on the plan assets above or below the discount rate is recognized as part of re-measurement of net defined liability or asset through other comprehensive income. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, attrition rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, these liabilities are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
Re-measurement, comprising of actuarial gains and losses and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit and loss in subsequent periods.
n) Income Taxes
Income Tax expenses comprise current tax and deferred tax charge or credit.
Current Tax is measured on the basis of estimated taxable income for the current accounting period in accordance with the applicable tax rates and the provisions of the Income-tax Act, 1961 and other applicable tax laws.
Deferred tax is provided, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Tax relating to items recognized directly in equity or OCI is recognized in equity or OCI and not in the Statement of Profit and Loss. MAT Credits are in the form of unused tax credits that are carried forward by the Company for a specified period of time, hence it is grouped with Deferred Tax Asset.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable.
o) Earnings Per Share
The basic Earnings Per Share (âEPSâ) is computed by dividing the net profit / (loss) after tax for the year attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, net profit/(loss) after tax for the year attributable to the equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
p) Foreign Currency Transactions
In preparing the financial statements of the Company, transactions in currencies other than the Companyâs functional currency (i.e. foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of initial transactions.
Exchange differences on monetary items are recognized in the Statement of Profit and Loss in the period in which they arise except for:
⢠exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
⢠exchange differences relating to qualifying effective cash flow hedges and qualifying net investment hedges in foreign operations.
q) Investment in Subsidiaries, Associates
The Companyâs investment in its Subsidiary & Associate Companies is carried at cost.
r) Financial Instruments
Financial assets and financial liabilities are recognized when a Company becomes a party to the contractual provisions of the instruments.
Initial Recognition:
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss and ancillary costs related to borrowings) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in Statement of Profit and Loss.
Classification and Subsequent Measurement: Financial Assets
The Company classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (âFVOCIâ) or fair value through profit or loss (âFVTPLâ) on the basis of following:
⢠the entityâs business model for managing the financial assets; and
⢠the contractual cash flow characteristics of the financial asset.
Amortized Cost:
A financial asset shall be classified and measured at amortized cost if both of the following conditions are met:
⢠the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
⢠the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Fair Value through OCI:
A financial asset shall be classified and measured at fair value through OCI if both of the following conditions are met:
⢠the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
⢠the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Fair Value through Profit or Loss:
A financial asset shall be classified and measured at fair value through profit or loss unless it is measured at amortized cost or at fair value through OCI.
All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.
Classification and Subsequent Measurement: Financial liabilities:
Financial liabilities are classified as either financial liabilities at FVTPL or âother financial liabilitiesâ.
Financial Liabilities at FVTPL:
Financial liabilities are classified as at FVTPL when the financial liability is held for trading or are designated upon initial recognition as FVTPL.
Gains or Losses on liabilities held for trading are recognized in the Statement of Profit and Loss.
Other Financial Liabilities:
Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
s) Cash and Cash Equivalents
Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand and short-term deposits with banks that are readily convertible into cash which are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments.
t) Financial liabilities and equity instruments
⢠Classification as debt or equity:
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
⢠Equity instruments:
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a Company are recognized at the proceeds received. i
u) Derivative financial instruments
The Company enters into derivative financial instruments viz. foreign exchange forward contracts to manage its exposure to foreign exchange rate risks. The Company does not hold derivative financial instruments for speculative purposes.
Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately excluding derivatives designated as cash flow hedge.
v) Hedge accounting
The Company designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.
The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow hedges is recognized in other comprehensive income and accumulated under equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.
Amounts previously recognized in other comprehensive income and accumulated in equity relating to effective portion as described above are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, such gains and losses are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.
w) Segment Reporting - Identification of Segments
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the companyâs chief operating decision maker to make decisions for which discrete financial information is available. Based on the management approach as defined in Ind AS 108, the chief operating decision maker evaluates the Companyâs performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.
x) Fair Value Measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of asset and liability if market participants would take those into consideration. Fair value for measurement and / or disclosure purposes in these Financial Statements is determined on such basis. Normally at initial recognition, the transaction price is the best evidence of fair value.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participantâs ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques those are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
All financial assets and financial liabilities for which fair value is measured or disclosed in the Financial Statements are categorized within the fair value hierarchy, described as follows,
based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 â Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3 â Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Financial assets and financial liabilities that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period.
y) Current versus Non-current classification
The Company presents assets and liabilities in the Balance Sheet based on current/non-current classification.
i) An asset is current when it is:
⢠Expected to be realized or intended to be sold or consumed in the normal operating cycle,
⢠Held primarily for the purpose of trading,
⢠Expected to be realised within twelve months after the reporting period, or
⢠Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
ii) A liability is current when:
⢠It is expected to be settled in the normal operating cycle,
⢠It is held primarily for the purpose of trading,
⢠It is due to be settled within twelve months after the reporting period, or
⢠Thereisnounconditionalrighttodeferthesettlementoftheliabilityforatleasttwelvemonthsafterthereportingperiod.
All other liabilities are classified as non-current.
iii) Deferred tax assets and liabilities are classified as non-current assets and liabilities.
iv) The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Companyâs financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Key assumptions:
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
i) Useful Lives of Property, Plant & Equipment
The Company uses its technical expertise along with historical and industry trends for determining the economic life of an asset/component of an asset. The useful lives are reviewed by management periodically and revised, if appropriate. In case of a revision, the unamortized depreciable amount is charged over the remaining useful life of the assets.
ii) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgements is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.
iii) Defined benefit plans
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature.
iv) Recoverability of trade receivable
Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non-payment.
v) Provisions
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application ofjudgements to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.
vi) Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, the Company estimates the assetâs recoverable amount. An assetâs recoverable amount is the higher of an assetâs or Cash Generating Units (CGUâs) fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or a groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used.
vii) Impairment of financial assets
The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgements in making these assumptions and selecting the inputs to the impairment calculation, based on Companyâs past history, existing market conditions as well as forward looking estimates at the end of each reporting period.
Recent accounting pronouncements:
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
Note : 31 - Financial Risk Management (Ind AS 1):
The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the operations of the Company. The principal financial assets include trade and other receivables, investments in securities and cash and term deposits.
The Company has assessed market risk, credit risk and liquidity risk to its financial liabilities.
i) Market Risk:
Market Risk is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include loans And borrowings, investments and foreign currency receivables, payables and borrowings.
a) Interest Rate Risks :
The Company borrows funds in Indian Rupees and Foreign currency, to meet both the long term and short term funding requirements. The Interest rate risk in terms of Foreign currency is managed through financial instrument: available to convert floating rate liability into fixed rate liability. Interest on Short term borrowings is subject to floating interest rate and are repriced regularly. The sensitivity analysis detailed below have been determined based on the exposure to variable interest rates on the average outstanding amounts due to bankers over a year If the interest rates had been 1% higher / lower and all other variables held constant, the companyâs profit for the year endec 31st March, 2024 would have been decreased/increased by ? Nil (31st March, 2023 : ? 2.04 Lacs)"
b) Foreign Currency Risks :
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreigr exchange rates. The Company enters into forward exchange contracts to hedge its foreign currency exposures. Foreign currency risks from financial instruments at the end of the reporting period expressed in INR :
The Company is mainly exposed to changes in US Dollar. The sensitivity to 1% increase or decrease in US Dollar against INR with all other variables held constant will be ? Nil (31st March, 2023 : ? 18.47 Lacs).
The Sensitivity analysis is prepared on the net unhedged exposure of the company at the reporting date. c) Price Risks:
The Companyâs revenues are mainly generated from sales within India and some portion from exports and the raw materials are procured through import and local purchases where local purchases track import parity price. The Company is affected by the price stability of certain commodities. Due to the significantly increased volatility of certain commodities, the Company enters into contract with the customers that has provision to pass on the change in the raw material prices and also the volatility in the exchange rate. The Company has a risk management framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs.
ii) Credit Risk
Credit Risk is the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. It arises from credit exposure to customers, financial instruments viz., Investments in Securities and Balances with Banks.
The Company holds cash and cash equivalents with banks which are having highest safety rankings and hence has a low credit risk.
The Company limits its exposure to credit risk by generally investing only with counterparties that have a good credit rating. The Company does not expect any losses from non-performance by these counterparties, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The outstanding trade receivables due for a period exceeding 180 days as at the year ended 31st March, 2024 is 28.27% (31st March, 2023 : 63.12%) of the total trade receivables. The company uses Expected Credit Loss (ECL) Model to assess the impairment loss or gain.
iii) Liquidity Risk
The Company manages liquidity risk by maintaining adequate surplus, banking facilities and reserve borrowings facilities by continuously monitoring forecasts and actual cash flows.
The Company has obtained fund and non-fund based working capital lines from banks. The Company monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility. All payments are made along due dates and requests for early payments are entertained after due approval and availing early payment discounts.
The Company has a system of forecasting rolling one month cash inflow and outflow and all liquidity requirements are planned. Exposure to liquidity risk:
Note : 32 - Income Taxes (Ind AS 12):
(i) The Company has no tax liability for the year ended 31 March 2024 and accordingly reconciliation of tax expense is not made.
(ii) During the year, the Company has not announced any dividend.
Note : 33 - Leases (Ind AS 116):
(a) Operating lease income recognised in the Statement of Profit and Loss amounting to ? 3.03 Lacs (March 31, 2023 ? 2.80 Lacs).
(b) The Company did not have any long term leases which can have material impact on the financial position of the Company.
The company has taken premises on lease terms. All these leases are for a short term. Lease Rent for the year ended amounting to ? 6.18 Lacs (March 31,2023 ? 12.96 Lacs) is charged to the Statement of Profit and Loss.
(c) General Description of leasing agreements:
Leased Assets: Factory Building
Future Lease rentals are determined on the basis of agreed terms.
At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving notice in writing.
Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed terms.
Note : 37 - Contingent Liabilities (Ind AS 37)
(a) Contingent liabilities not provided for in respect of :
Disputed Income Tax demands of ? 76.12 Lacs (March 31, 2023 ? 120.7 Lacs) for various assessment years for which company has gone in appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.
Demand raised by the Centralized Processing Centre, Income Tax Department amounting to ? 1.99 Lacs on account of TDS liability pertaining to the various assessment years. In the opinion of the management, the said demand will be removed after filing necessary rectifications.
(b) Guarantees:
The Company has issued corporate guarantees as under :
Guarantee given to Government authorities/Suppliers/Customers ? 575.35 Lacs (March 31, 2023 ? 575.35 Lacs).
Note : 38 - Segment Reporting (Ind AS 108):
In accordance with Ind AS 108 âOperating Segmentâ, segment information has been given in the consolidated financial statements, and therefore, no separate disclosure on segment information is given in these financial statements.
Note : 39 - Corporate Social Responsibility:
The Company is not required to spend any amount in terms of provisions of section 135 of the Companies Act, 2013 on Corporate Social Responsibility for the current financial year.
Note : 40 Some of the suppliers have sent their intimations of them being the Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006. However, there were no amounts unpaid as at the year end together with interest paid / payable beyond a stipulated period as required under the said Act.
In respect of other suppliers, the Company has not received any intimation regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given to that extent.
Note : 43 - During the year, the Company has disposed off all its assets situated at Survey No.1/1 & 1/2, Village Khutali, Khanvel-Doodhani Road, Silvassa - 396230 (UT of DNH). Further, the Company is in the process to explore/adopt a new line of business activity.
Further, the Company has disposed off its investment in subsidiary company namely, Hind Aluminium Industries (Kenya) Limited (based in Kenya) resulting in loss amounting to ? 214.39 Lacs.
Note : 44 - During the year, the Company has written off balance representing its receivables from export sales amounting to ? 302.67 Lacs, loan granted and interest receivable amounting ? 1,267.41 Lacs. The Company has intimated the facts to Reserve Bank of India.
Note : 45 - The Company has not traded or invested in crypto currency or virtual currency during the year.
Note : 46 - The Company is not as wilful defaulter by any bank or financial institution or other lenders.
Note : 47 - The are no transactions with the Struck off Companies under Section 248 or 560 of the Companies, Act 2013.
Note : 48 - No proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988.
Note : 49 - The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
Note : 50 - The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
Note : 51 - The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Note : 52 - The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961
Note : 54
Iln the Opinion of the Board of Directors, the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.
Note : 55
Previous yearâs figures have been rearranged/regrouped wherever considered necessary.
As per our report of even date attached For and on behalf of the Board of Directors
For and on behalf of KARNAVAT & CO.
Chartered Accountants Lalit Kumar Daga Shailesh Daga
Firm Regn. No. 104863W Chairman Managing Director
DIN :00089905 DIN :00074225
Viral Joshi
Partner Mahendra Kumar Jain Ankita Vishwakarma
Membership No. 137686 Chief Financial Officer Company Secretary
Date : June 22, 2024 Membership No.A70874
UDIN : 24137686BKASWR4034
Mar 31, 2018
Notes :1.
a ) There is no impairement of the fixed assets therefore columns for the same are not included in above.
b ) The figures in column âDisposalâ indicates the assets sold during the year 2017-2018 and assets have completed its useful life in previous year 2016-2017
Ind AS 101 Exemption : Deemed Cost :
The Company has availed the deemed cost exemption in relation to the tangible assets on the date of transition and hence the net block carrying amount has been considered as the gross block carrying amount on that date.
* These shares are allotted on demerger of Associated Aluminium Industries Pvt.Ltd. otherwise than in cash.
** These shares are allotted on demerger of Grasim Industries Limited. otherwise than in cash.
B The Company has invested Rs.5,00,000/-in Hind Power Products Pvt Ltd,a wholly owned subsidiary of the company. There is no diminution in the value of investment. The Company has not carried out any activity during the year.
C The aggregate amount of quoted investments is Rs. 1,63,545/-(previous year Rs.1,63,545/-) and the market value thereof is Rs.10,31,964/- (previous year Rs.9,09,593/-).
B Terms / rights attahced to equity shares
i The Company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
ii During the year ended 31 March 2018, recommended dividend for the financial year 2017 -2018 @ Rs.1.60/- per share aggregating to Rs. 1,21,32,437/- (including dividend tax Rs. 20,52,117/-) on 63,00,200 Equity shares of '' 10 each fully paid.
iii In the event of the liquidation of the Company, the equity share holders will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders.
A Securities for Term Loans : (related to FY 2016-17 and 2015-16)
Secured by hypothecation of land, Fixed Assets.
Secured by hypothecation of Motor Car.
First and exclusive charge by way of Hypothecation of Plant & Machinery, of the company purchased and to be purchased from bank finance, situated at Village Khutali, Khanvel, Silvassa and Factory Land and Building situated at Kachigam Road, Daman. First and exclusive charge by way of Equitable mortgage of Factory Land and Building situated at Village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.
Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, Silvassa
First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at 59/1, Village Akhatwade, Dist. Nandurbar.
First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony,Swagat, Rajanigandha Apartments Daman and Lalit Vihar Silvassa.
Extension of charge over residual value for the WTG at village Narsewadi, Dist. Sangli and Plant & Machinery for the proposed expansion of conductor division financed by bank.
Information regarding unhedged foreign currency exposure of the company is to be shared on a quarterly basis in a form and manner acceptable to the bank.
First pari passu charge over the entire stocks and receivables of the company (both present and future).
B Terms of repayment :
a Term Loan from State Bank of India - In equal quarterly installments.
b Term loan from HDFC Bank - 20 equal quarterly installment starting after three months from the date of first disbursement.
, c Vehicle Loan - Monthly EMI.
C There are no defaults in repayment of loan and interest thereon as on March 31, 2018 for all the loans under this head
Term Loan from HDFC Bank Ltd ,Mumbai (related to current year ie FY 2017-18)
A Securities for Term Loans :
Secured by Exclusive charge over solar plants of 522 KWP and 100 KWP located at SKF India Ltd. Bangaluru & SKF India Ltd, Pune respectively having value of Rs.4,50,00,000/-. Post dated cheques signed by the Managing Director of the company.
Exclusive charge over Solar Plants installed on top roof of two locations situated at Carlesbug Factory. Post dated chques signed by the Managing Director of the company.
Lien over shares (5% of Loan amount).
Lien over shares total of Idea Cellular Ltd and Grasim Industrees -11 % of Term Loan Outstanding.
B Terms of repayment :
Repayable in quarterly installments without any moratorium from the date of 1st disbursement. Repayment would happen as: 20% in first year, 30% in second year and 50% in third year.
A Securities for Secured Loans :
First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock & Book debts and second charge on Plant & Machinery, Factory & Residential Building, at Silvassa.
Secured by way of Pari Passu Charge on all present and future current assets of the Company.
Secured by Hypothication of all chargeable current assets of the company on Pari Passu basis with other working capital bankers.
First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at No. 275, survey No. 818 of Village Narsewadi, Dist. Sangli.
First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bankâs finances at Village Khutali, Khanvel, Silvassa.
There are no defaults in repayment of loan and interest thereon as on March 31, 2018 for all the loans under this head Fixed Deposit of Rs. 5,00,000 under lien in place of SCBâs mortgage on residential flats.
First pari-passu charge on the entire current assets of the company. First pari-passu charge over equitable mortgage survey no. 1/1 & 1/2 Village Khutli, Khanvel Dudhani Road, Near Kanvel Dist. Silvassa.
First pari-passu Hypothication of Plant & Machinary (except assets funded by ICICI Bank & SBI) situated at survey no. 1/1 & 1/2 Village Khutli, Khanvel Dudhani Road, Near Kanvel, Silvassa.
First pari-passu charge over Equitable mortgage on Plot no. 1 & 2, Kachigam Road, Daman.
Hypothication of Plant & Machinary (except assets funded by ICICI Bank & SBI) situated at Plot no. 1 & 2, Kachigam Road, Daman.
Secondary Collateral for Short Term Loan from HDFC Bank Ltd is Post Dated cheque signed by the Managing Director of the company along with PDC covering letter.
First pari-passu charge on the entire current assets of the company. First pari-passu charge on the fixed assets excluding the assets which are charged exclusively to SBI, HDFC Bank and ICICI Bank.
First pari-passu charge on all current assets of the company present & future. Charge on movable fixed assets of the company in the form of plant & machinery at Silvassa and Daman excluding assets financed specifically by term lenders.
B Terms of repayment of loans :
Cash Credit Limit - Repayable on Demand.
WCDL -Principal amount to be repaid as bullet payment on maturity date.
Inland Bills Purchase / Discounting - Upto maximum of 180 days.
EPC/PSCFC -Upto 180 days or expiry of contracts or export letters of credit for shipment whichever is earlier.
A The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with and explanations given by the Company.
B As per information and explanation given to us, there are no Micro, Small and Medium Enterprises, to whom the Group owes dues, which are outstanding for more than 45 days as at the balance sheet date.
Note : 2 - Distribution of Proposed Dividend :
The Board of Directors, in its meeting held on 15th June, 2018 recommended the final dividend of '' 1.60 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation of Rs. 1,21,32,437/- from surplus out of which Rs.1,00,80,320/- as proposed dividend and Rs.20,52,117/- as net corporate dividend tax.
Note : 3 - Corporate Social Responsibility (CSR):
The Company has not spent the required amount in terms of provisions of section 135 of the companies, Act 2013 on Corporate Social Responsibility. During the year the company has incurred an amount towards the above mentioned activities as under :
a. Gross amount required to be spent by the company during the year Rs.21,41,613/- (previous year Rs.21,01,716/-)
b. Amount spent during the year by the company Rs.11,65,000/- (previous year Rs.11,44,000/-).
c. Indirectly Expended through donation to Charitable Trust Rs.10,95,000/-.
Note : 4
Miscellaneous Expenses shown in Note- 27 for Other Expenses includes sundry balances written off Rs. 2,82,759/- (Previous year Rs. Nil/-) and Other Non Operating Income shown in Note no. 22 includes Miscellaneous balances written back (net) Rs. 7,45,521/- (Previous Year Rs. Nil)
Note : 5
The price variation claim of Rs.2,94,82,725/- (previous year Rs.6,15,317/-) is added to sales and sundry debtors during the year under review subject to approval from customer.
Note : 6
Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.
Segment assets and segment liabilities represent assets and liabilities in respective segments. The assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as âUnallocableâ.
Note : 7 Previous yearâs figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.
Note: 8 - First time adoption of Ind AS
These financial statements, for the year ended 31 March 2018, are the first financial statements prepared by the Company in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (âIndian GAAPâ or âPrevious GAAPâ).
Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on 31 March 2018, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Companyâs opening Ind AS balance sheet was prepared as at 1 April 2016, the Companyâs date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP financial statements, including the balance sheet as at 1 April 2016 and the financial statements as at and for the year ended 31 March 2017.
The Company has applied Ind AS 101 in preparing these first financial statements. The effect of transition to Ind AS on equity,total comprehensive income and reported cash flows are presented in this section and are further explained in the notes accompanying the tables.
A. Exemptions and exceptions availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Previous GAAP to Ind AS.
A.1 Ind AS optional exemptions:
A.1.1 Deemed cost for property, plant and equipment
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the Previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Company has elected to measure all of its property, plant and equipment at their Previous GAAP carrying value.
A.1.2 Business Combinations
A first-time adopter may elect not to apply Ind AS 103 retrospectively to past business combinations (business combinations that occurred before the date of transition to Ind ASs).
Accordingly, the company has not restated any of the past business combinations. for business combinations prior to 1 April 2016.
A.1.3 Deemed cost for investments in subsidiaries, joint ventures and associates
Ind AS 101 permits a first time adopter to elect to continue with the carrying value of its investments in subsidiaries, joint ventures and associates as recognised in the financial statements as at the date of transition to Ind AS. Accordingly, the Company has adopted to measure all its investments in subsidiaries and joint ventures at their previous GAAP carrying value.
A.2 Ind AS mandatory exceptions:
A.2.1 Estimates
An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with Previous GAAP.
B. Reconciliation between Previous GAAP and Ind AS
Ind AS 101, First time adoption of Indian Accounting Standards, requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.
Note i : Proposed dividend
Under Previous GAAP, proposed dividend is recognised as liability in the period to which they relate irrespective of the approval of shareholders. Under Ind AS, proposed dividend is recognised as liability in the period in which it is declared (on approval of of shareholders in general meeting) or paid.
Note ii : Classification and measurement of financial assets and liabilities
Under Previous GAAP, the financial assets and financial liabilities were typically carried at the contractual amount receivable or payable. Under Ind AS 39, certain financial assets and financial liabilities are initially recognised at fair value and subsequently measured at amortised cost which involves the application of effective interest method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or financial liability. However as explained by the management, the company, in contravention to Ind AS 39, has recognised the financial assets and liabilities at cost ie contractual amount receivable or payable as per Previous GAAP.
Note iii : Employee benefit
As per Ind AS 19 âEmployee Benefitsâ, the liability recognised in the financial statements in respect of gratuity is the present value of the defined benefit obligation at the reporting date, together with adjustments for unrecognised actuarial gains or losses and past service costs. The management of the company is of the opinion that the gratuity scheme is administered through the Life Insurance Corporation of India and therefore the Gratuity liability is accounted as per the actuarial contribution demanded by Life Insurance Corporation of India. In view of this the acturial valuation is not required to be carried out and hence the acturial valuation report is not obtained. This is in contravention of Ind AS 19.
Note iv : De-recognition of financial assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entityâs choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions. The company has not adopted the de-recognition provisions of Ind AS 109.
Mar 31, 2016
1. The equity share holders of the Company are entitled to receive final dividend as declared and approved by the Board of Directors and/ or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.
2. In the event of the liquidation of the Company, equity share holders will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the share holders.
3. Details of Share Holders holding more than 5% of Equity Shares as at March 31, 2016 are as under:
4. Securities for Term Loans :
Secured by hypothecation of land, Fixed Assets.
Secured by hypothecation of Motor Car.
First and exclusive charge by way of Hypothecation of Plant & Machinery, of the company purchased and to be purchased from bank finance, situated at Village Khutali, Khanvel, Silvassa and Factory Land and Building situated at Kachigam Road, Daman.
First and exclusive charge by way of Equitable mortgage of Factory Land and Building situated at Village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.
Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, Silvassa.
First charge by way of Equitable mortgage over factory land and Hypothication of Plant & Machinary of the WTG located at 59/1, Village Akhatwade, Dist. Nandurbar.
First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony,Swagat, Rajanigandha Apartments Daman and Lalit Vihar Silvassa.
Extension of charge over residual value for the WTG at village Narsewadi, Dist. Sangli and Plant & Machinery for the proposed expansion of conductor division financed by bank.
Information regarding unhedged foreign currency exposure of the company is to be shared on a quarterly basis in a form and manner acceptable to the bank.
First pari passu charge over the entire stocks and receivables of the company (both present and future).
5. Terms of repayment :
6. In equal quarterly installments.
7. 20 equal quarterly installment starting after three months from the date of first disbursement.
8. Monthly EMI.
9. There are no defaults in repayment of loan and interest thereon as on March 31, 2016 for all the loans under this head. Term Loan from HDFC Bank Ltd ,Mumbai
10. Securities for Term Loans :
Secured by Exclusive charge over solar plants of 522 KWP and 100 KWP located at SKF India Ltd. Bangaluru & SKF India Ltd, Pune respectively having value of Rs. 4,50,00,000 Lien over shares total worth Rs. 50 lakhs of Idea Cellular Ltd held by Director/Authorized signatory of the company.
11. Terms of repayment :
Repayable in quarterly installments without any moratorium from the date of 1st disbursement. Repayment would happen as: 20% in first year, 30% in second year and 50% in third year
12. Securities for Secured Loans :
First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock & Book debts and second charge on Plant & Machinery, Factory & Residential Building, at Silvassa.
Secured by way of Pari Passu Charge on all present and future current assets of the Company.
Secured by Hypothecation of all chargeable current assets of the company on Pari Passu basis with other working capital bankers.
First charge by way of Equitable mortgage over factory land and Hypothecation of Plant & Machinery of the WTG located at No. 275, survey No. 818 of Village Narsewadi, Dist. Sangli.
First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bank''s finances at Village Khutali, Khanvel, Silvassa.
There are no defaults in repayment of loan and interest thereon as on March 31, 2016 for all the loans under this head.
Fixed Deposit of Rs. 5,00,000 under lien in place of SCB''s mortgage on residential flats.
13. Terms of repayment of loans :
Cash Credit on Demand.
WCDL -Principal amount to be repaid as bullet payment on maturity date._
14. As per information & explanation given there was no amount due to small scale under taking exceeding Rs. 1 Lakh each 30 days outstanding for more than 30 days at the close of the year. This disclosure is based on the document/information available from the company regarding their status of the small scale undertaking.
15. The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with and explanations given by the Company.
16. The Company has invested Rs.5,00,000/-in Hind Power Products Pvt Ltd,a wholly owned subsidiary of the company.
There is no diminution in the value of investment. The Company has not carried out any activity during the year.
17. a The aggregate amount of quoted investments is Rs. 1,63,545/-(previous year Rs..1,63,545/-) and the market value thereof is Rs. 6,87,920/- [previous year Rs. 6,36,879/-] b The aggregate amount of unquoted investments is Rs. 11,18,32,296/-(previous year Rs. 11,18,32,296/-) c The equity of ,Associated Industries Ltd SFZ., is Rials Omani 23,10,000.The Shareholding pattern in the said Joint Venture is as under:
Note : 18
The Company has formed its subsidiary i.e. Hind Aluminium Industries (Kenya) Ltd., on 27th day of August, 2015 with an authorized share capital of 1000 shares of KES 100 each. However there were no activity carried out by the said subsidiary during the period from 27/08/2015 to 31/03/2016. The share capital was subscribed on 4th April, 2016 and 24th May,2016 respectively. The amount spent on their behalf by the company towards pre- operative expenses is shown as recoverable from the said subsidiary in note no. 15. The shareholding pattern of the company is as under:
19. Name of the Related Party and Nature of the Related Party Relationship :
Associates & Subsidiary Companies/concerns :
20. Associates
Associated Aluminium Industries Pvt Ltd.
Associated Aluminium Products Pvt Ltd.
Nirav Commercials Ltd.
Associated Non-Ferrous Metals Pvt Ltd.
Dynavent Airsystems Pvt Ltd.
Shubhmangal Portfolio Pvt. Ltd.
Dnyaneshwar Hydreed Seeds Co.Pvt Ltd.
Urvi Estate Pvt.Ltd.
Babydoll Wizkid Communication Pvt Ltd Daga Capital Management Pvt Ltd Associated Industries Ltd. SFZ., Oman
21. Subsidiary Companies
Hind Power Products Pvt Ltd.
Hind Alumunium Industries (Kenya) Ltd.
22. Directors and their relatives :
Shri Lalit Kumar Daga - Chairman
Shri Shailesh Daga - Managing Director (S/o Shri Lalit Kumar Daga - Chairman)
The Board of Directors, in its meeting held on 6th June,2016 recommended the final dividend of Rs. 1.60 per equity share. If the same is approved by the share holders in the annual general meeting, there will be an appropriation of Rs. 1,21,32,437/- from surplus out of which Rs. 1,00,80,320/- as proposed dividend and Rs. 20,52,117/- as net corporate dividend tax.
Note : 23 - Corporate Social Responsibility (CSR):
The Company has not spent the required amount in terms of provisions of section 135 of the companies, Act 2013 on Corporate Social Responsibility. During the year the company has incurred an amount towards the above mentioned activities as under:
24. Gross amount required to be spent by the company during the year Rs.. 21,01,716/- (previous year Rs. 17,20,328/-)
25. Amount spent during the year by the company Rs. 10,10,000/- (previous year 93,400/-).Indirectly Expended through donation to Charitable Trust Rs. 10,10,000/-.
Note : 26 The Original certificate of NSC VIth issue deposited with sales tax office, Daman (U.T.) as security for registration is yet to be encashed after maturity.
Note : 27 Miscellaneous Expenses shown in Note- 23 for Other Expenses includes sundry balances written off Rs. 2,03,576/-(Previous year Rs. 88,315/-) and Other Non Operating Income shown in Note no. 18 includes Miscellaneous balances written back (net) Rs..4,33,716/-(Previous Year Rs. 3,23,483).
Note : 28 The price variation claim of Rs. 1,24,26,169/- (previous year Rs. Nil) is reduced from sales and sundry debtors during the year under review as the same is not accepted and confirmed by the customer.
Note : 29 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.
Note : 30 Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.
Mar 31, 2015
A The equity share holders of the Company are entitled to receive final
dividend as declared and approved by the Board of Directors and/ or the
share holders of the Company. The dividend so declared will be in
proportion to the number of equity shares held by the share holders.
B In the event of the liquidation of the Company, equity share holders
will be entitled to receive remaining assets of the company after
distribution of all preference share holders. However, no such
Preference share capital exist during the year. The distribution will
in proportion to the number of equity shares held by the shareholders.
A Securities for Term Loans :
a Secured by hypothecation of land, Fixed Assets.
b First and exclusive charge by way of Hypothecation of Plant &
Machinery situated at Village Khutali, Khanvel, Silvassa and Factory
Landand Building situated at Kachigam Road, Daman. '
First and exclusive charge by way of Equitable mortgage of Factory Land
and Building situated at Village Khutali, Khanvel, Silvassa and
Kachigam Road, Daman.
Second charge by way of Equitable mortgage of Residential property
situated at Lalit Vihar, Village Khanvel, Silvassa.
First and exclusive charge by way of Equitable mortgage of Residential
property situated at Antony, Swagat, Rajanigandha Apartments Daman and
Lalit Vihar Silvassa.
B Terms of repayment:
a In equal Quarterly Installment
b 20 equal quarterly installment starting after three months from the
date of first disbursement.
C There are no defaults in repayment of loan and interest thereon as on
March 31, 2015 for all the loans under this head.
Term Loan from HDFC Bank Ltd .Mumbai A Securities for Term Loans:
Secured by Exclusive charge over solar plants of 522 KWP and 100 KWP
located at SKF India Ltd.Bangaiuru & SKF India Ltd, Pune respectively
having value of Rs. 45 Mio. Lien over shares total worth Rs. 50 lakhs of
Idea Cellular Ltd held by Director/Authorised Signatory.
B Terms of repayment:
Repayable in quarterly installments without any moratorium from the
date of 1st disbursement. Repayment would happen as: 20% in first year,
30% in second year and 50% in third year.
C The loan was disbursed on 18th March, 2015 and hence the same was not
due for repayment as on March 31, 2015.
A First charge by way of hypothecation of entire stock of Raw
materials, Work in process, Finished stock & Book debts and second
charge on Plant & Machinery, Factory & Residential Building, at
Silvassa.
B Secured by way of Pari Passu Charge on all present and future current
assets of the Company.
C Secured charge by way of Hypothication of all chargeable current
assets of the company on Pari Passu basis with other working capital
bankers.
First charge by way of Equitable mortgage over factory land and
Hypothication of Plant & Machinary of the WTG located at No. 275,
survey No. 818 of Village Narsewadi, Dist. Sangli.
First charge by way of Hypothecation of Plant & Machinery of the
company purchased and to be purchased out of bank's finances at Village
Khutali, Khanvel, Silvassa.
D There are no defaults in repayment of loan and interest thereon as on
March 31,2015 for all the loans under this head.
E Buyers' Credit from ICICI Bank Ltd, Mumbai of Rs. 83,08,699/-was
disbursed on 21st January,2015 for 159 days and
A. Name of the Related Party and Nature of the Related Party
Relationship :
Associates & Subsidiary Companies/concems :
a) Associates
Associated Aluminium Industries Pvt. Ltd. Nirav Commercials Ltd.
Associated Aluminium Products Pvt. Ltd Shubhmangal Portfolio Pvt. Ltd.
Associated Non-Ferrous Metals Pvt. Ltd. Urvi Estate Pvt. Ltd.
Dynavent Airsystems Pvt. Ltd. Babydoll Wizkid Communication Pvt. Ltd.
Dnyaneshwar Hybreed Seeds Co. Pvt. Ltd.
b) Subsidiary Company /Joint Venture Company
Hind Power Products Pvt. Ltd.
Associated industries Ltd. SFZ.
c) Directors and their relatives :
Shri Lalit Kumar Daga - Chairman
Shri Shailesh Daga - Managing Director & son of Chairman
Note: 2 - Distribution of Proposed Dividend:
The Board of Directors, in its meeting held on 30th May,2015
recommended a final dividend of Rs.1.50 per equity share. If the same is
approved by the share holders in the annual general meeting, there will
be an appropriation ofRs. 1,13,74,077/- from surplus out of which Rs.
94,50,300/- as proposec dividend and Rs. 19,23,777/- as net corporate
dividend tax.
Note : 3- National saving certificate VI issued deposited with sales
tax office, Daman (U.T.) as security for registration is yet to be
encashed after maturity.
Note: 4- Miscellaneous Expenses shown in Note- 23 for Other Expenses
includes sundry balance written off Rs. 88,315 /- (Previous year Rs.
1,41,574/) and Other Non Operating Income shown in Note no. 18 includes
Miscellaneous balances written back (net) Rs.,3,23,483 (Previous YearRs.
1,535)
Note : 5- Certain balances in respect of Unsecured Loans, Sundry
Debtors, Sundry Creditors and Loans & Advances are subject to
confirmation by respective parties.
Note: 6-The Company has not spent the required amount in terms of
provisions of section 135 of the Act on Corporate Social
Responsibility.
Note : 7 -The price variation claim of Rs.Nil -(Previous year Rs.
2,56,81,011 /-) is written off by deducting from sales during the year
under review as the same is not accepted and confirmed by the customer.
Note: 8 Previous year's figures have been regrouped / rearranged
wherever necessary to confirm to the current year grouping.
Mar 31, 2014
1. A. The equity share holders of the Company are entitled to receive
final dividend as declared and approved by the Board of Directors
and/or the share holders of the Company. The dividend so declared will
be in proportion to the number of equity shares held by the share
holders.
B. In the event of the liquidation of the Company, equity share
holders will be entitled to receive remaining assets of the company
after distribution of all preference share holders. However, no such
Preference share capital exist during the year. The distribution will
in proportion to the number of equity shares held by the share holders.
C Securities for Term Loans :
a) Secured by hypothecation of Lease hold land, Fixed Assets.
b) Secured by hypothecation of Motor Cars.
c) First and exclusive charge by way of Hypothecation of Plant &
Machinery situated at Village Khutali, Khanvel, Silvassa and Factory
Land and Building situated at Kachigam Road, Daman.
First and exclusive charge by way of Equitable mortgage of Factory Land
and Building situated at village Khutali, Khanvel, Silvassa and
Kachigam Road, Daman.
Second charge by way of Equitable mortgage of Residential property
situated at Lalit Vihar, Village Khanvel, Dist. Silvassa.
First and exclusive charge by way of Equitable mortgage of Residential
property situated at Antony Apts & Swagat Bldg.at Daman, Rajanigandha
Apts, Vapi and Lalit Vihar, Silvassa.
D Terms of repayment :
a) In equal Quarterly Installment
b) Monthly EMI
c) 20 equal quarterly installment starting after three months from the
date of first disbursement.
E There are no defaults in repayment of loan and interest thereon as on
March 31,2014 for all the loans under this head.
F. First charge by way of hypothecation of entire stock of Raw
materials, Work in process, Finished stock & Book debts and second
charge on Plant & Machinery, Factory & Residential Building, at
Silvassa.
G. Secured by way of Pari Passu Charge on all present and future
current assets of the Company.
H. Secured by Hypothecations of all chargeable current assets of the
company on Pari Passu basis with other working capital lenders.
First charge by way of Equitable mortgage over Factory land and
Hypothecations of Plant & Machinery of the WTG located at No. 275,
surve No. 818 of Village Narsewadi, Dist. Sangli.
First charge by way of Hypothecation of Plant & Machinery of the
company purchased and to be purchased out of bank''s finances at Village
Khutali, Khanvel, Silvassa.
I. There are no defaults in repayment of loan and interest thereon as
on March 31, 2014 for all the loans under this head.
J. There was no amount due to small scale under taking exceeding Rs. 1
Lac each outstanding for more than 30 days at the close of the year.
This disclosure is based on the document / information available to the
company regarding their status of the small scale undertaking.
K. The above information has been compiled in respect of parties to
the extent to which they could be identified as Micro, Small and Medium
Enterprises on the basis of information available with and explanations
given by the Company.
L. The Company has invested Rs. 5,00,000/-in Hind Power Products Pvt
Ltd,a wholly owned subsidiary of the company.
There is no diminution in the value of investment. The Company has not
carried out any activity during the year.
M. a The aggregate amount of quoted investments is Rs.
1,63,545/-(previous year Rs. 1,63,545/-) and the market value thereof
is Rs. 4,95,566/- [previous year Rs. 4,64,040/-] b The aggregate amount
of unquoted investments is Rs. 11,09,57,094/-(previous year Rs.
7,59,05,516/-) c The equity of ,Associated Industries Ltd SFZ., is USD
3 Million.The company''s holding in the said Associated Industries Ltd
SFZ, is 70%. Out of the total equity the Investment made as on 31st
March,2014 is 65%.i.e. 19,22,000 US $.(previous year- 45 % i.e.
13,60,800 US $.) However the company has not yet started the production
activities.
*These Shares are alloted on demerger of Associated Aluminium
Industries Pvt.Ltd., otherwise than in Cash.
Other Expenses :
Rent Expenses :
The Company has taken various residential / office premises under
operating lease or leave and license agreement. The lease terms in
respect of such premises are on the basis of individual agreement
entered into with the respective landlords/owners. The Company has
given refundable interest free security deposits in accordance with the
agreed terms. The lease payments are recognised in the Profit and Loss
account under " Rent " in Note no. 23.
End of
Particulars Current Reporting Previous Reporting
Year Year
March 31, 2014 March 31, 2013
Rs. Rs.
Note : 2 - Contingent
Liabilities and commitment
to the extent not provided
for :
I) Contingent Liabilities :
a Debts considered doubtful
not provided for. - 20,17,401
b In respect of guarantees
given by Banks and / or counter
guarantees given by the Company Unacertainable Unacertainable
c Other money for which the
company is contingent liable :
In respect of Income Tax
matters pending before
appellate authorities which
the Company expects to
succeed, based on decisions
of Tribunals / Courts 4,87,245 47,94,338
Note : 3 - Distribution of Proposed Dividend :
The Board of Directors, in its meeting held on 30th May,2014
recommended the final dividend of Rs. 1.50 per equity share. If the
same is approved by the share holders in the annual general meeting,
there will be an appropriation of Rs. 1,10,56,378/- from surplus out of
which Rs. 94,50,300/- as proposec dividend and Rs. 16,06,078/- as net
corporate dividend tax.
Note : 4 - National saving certificate VI issued deposited with sales
tax office, Daman (U.T.) as security for registration is yet to be
encashed after maturity.
Note : 5 - Miscellaneous Expenses shown in Note- 23 for Other Expenses
includes sundry balance written off Rs. 1,41,574/- (Previous year Rs.
1,05,324/-) and Other Non Operating Income shown in Note no. 18
includes Miscellaneous balances written back of Rs. 1,535/- (Previous
Year Rs. Nil).
Note : 6 - Certain balances in respect of Unsecured Loans, Sundry
Debtors, Sundry Creditors and Loans & Advances are subject to
confirmation by respective parties.
Note : 7 The price variation claim of Rs. 2,56,81,011/- is written off
by deducting from sales during the year under review as the same is not
accepted and confirmed by the customer.
Note : 8 Previous year''s figures have been regrouped / rearranged
wherever necessary to confirm to the current year grouping.
Mar 31, 2012
Note : 1 - Deferred Tax :
A. The Net Deferred Tax Liability of Rs. 1,01,24,847/-[ Previous Year: Rs.
11,97,263/-] for the year has been provided in the Profit and Loss
Account.
Note: 2 National saving certificate VI issued deposited with sales tax
office, Daman (U.T.) as security for registration is yet to be encashed
after maturity.
Note: 3 Miscellaneous Expenses showed in Note- 25 for Other Expenses
includes excess depreciation written backRs. 3,49,169/-
(Previous year miscellaneous balances written off Rs. 3,28,397/-) and
Other Non Operating Income shown in Note -19 includes Miscellaneous
balances written back of Rs. 2,54,925/- (Previous Year Rs. 6,25,169/-).
Note: 4 Certain balances in respect of Unsecured Loans, Sundry
Debtors, Sundry Creditors and Loans & Advances are subject to
confirmation by respective parties.
Note: 5 The revised Schedule VI as notified under the Companies Act,
1956, has become applicable to the Company for presentation of its
financial statements for the year ending March 31, 2012. The adoption
of the revised Schedule VI requirements has significantly modified the
presentation and disclosures which have been complied with these
financial statements.
Previous year's figures have been reclassified in accordance with
current year requirements.
Note:6 Previous year's figures have been regrouped / rearranged
wherever necessary to confirm to the current year grouping.
Mar 31, 2011
1. National Saving Certificate VI issue deposited with Sales Tax
Office at Daman (U.T.) as security for registration is yet to be
encashed even after maturity.
2. Miscellaneous Expenses shown in Schedule - V for Administrative
Expenses includes Miscellaneous balances written offof Rs. 3,28,397/-
(Previous Year- Rs. 9,11,429/-) and Miscellaneous income shown in
Schedule - 'H' for Other Income includes Miscellaneous balances written
back Rs. 6,25,169/- (Previous Year - Rs. 2,36,842/-).
3. There was no amount due to Small Scale undertaking exceeding Rs.1
lac each outstanding for more than 30 days at the close of the year.
This disclosure is based on the document/information available to the
company regarding their status of the small scale undertaking.
4. During the year Company has made preferential allotment of
13,00,000 equity shares of Rs. 10/- each fully paid up at the premium
of Rs. 33/- per share to parties and a company.
5. Related Party Disclosures
A) Associates:
Associated Aluminium Industries Pvt. Ltd.
Nirav Commercials Ltd.
Associated Non-Ferrous Metals Pvt. Ltd.
Daga Rubber Works Pvt. Ltd.
Dynavent Air-Systems Pvt. Ltd.
B) Key Managerial personnel:
Shailesh Daga Managing Director
6. Deferred Tax Liabilities(net)
Persuant to accounting standard (AS) 22- Accounting for taxes on
income, the impact of Deferred Tax Liability (Net) for the year ended
31.03.2011 of Rs. 11,97,263/- has been credited to Profit & Loss
Account.
7 Certain balances in respect of Unsecured Loans, Sundry Debtors,
Sundry Creditors, and Loans & Advances are subject to confirmation by
respective parties.
8 Contingent Liabilities: Income Tax Rs. 26,06,643/-.
9 Previous year figures have been rearranged/regrouped wherever
necessary.
Mar 31, 2010
1. National Saving Certificate VI issue is deposited with Sales Tax
Office at Daman (U .T.) as security for registration.
2. Miscellaneous Expenses shown in Schedule - L for Administrative
Expenses includes Miscellaneous balances written off of Rs.2,36,842/-(
Previous Year-Rs. 12,35,991/-) and Miscellaneous income shown in
Schedule - H for Other Income includes Miscellaneous balances written
back Rs.9,11,429/- (Previous Year - Rs. 8,94,307/-).
3. There was no amount due to Small Scale undertaking exceeding Rs.1
lac each outstanding for more than 30 days at the close of the year.
This disclosure is based on the document/information available to the
company regarding their status of the small scale undertaking.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
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