Click it and Unblock the Notifications
Accounting Policies of Menon Bearings Ltd. Company
Mar 31, 2025
I. Basis of Preparation :
The financial statements of the Company have been prepared in accordance with Indian Accounting
Standards (Ind AS) as prescribed by Ministry of Corporate Affairs under Companies (Indian Accounting
Standards) Rules, 2015, provisions of the Companies Act, 2013, to the extent notified and pronouncements
of the Institute of Chartered Accountants of India..
Disclosures under Ind AS are made only in respect of material items and in respect of the items that
will be useful to the users of financial statements in making economic decisions.
The financial statements for the year ended 31st March, 2025 (including comparatives) are duly adopted by
the Board on 15thMay, 2025 for consideration and approval by shareholders.
II. Summary of Accounting Policies :
1) Overall Considerations
The financial statements have been prepared applying the significant accounting policies and
measurement basis summarized below.
2) Revenue Recognition
Revenue is measured at fair value of the consideration received or receivable and net of returns, trade
allowances and rebates and amounts collected on behalf of third parties. It excludes Excise Duty and GST.
i. Sale of Products:
Revenue from sale of products is recognized when significant risks and rewards of ownership pass to the
customers, as per the terms of the contract and when the economic benefits associated with the
transactions will flow to the Company.
ii. Interest Income:
Interest incomes are recognized using the time proportion method based on the rates implicit in the
transaction. Interest income is included in other income in the statement of profit and loss.
3) Property, Plant and Equipment
i. Freehold Land is stated at historical cost. All other items of Property, Plant and Equipment are stated
at cost of acquisition/construction less accumulated depreciation/amortization and impairment, if any.
Cost includes:
a. Purchase Price
b. Labour Cost and
c. Directly attributable overheads incurred up to the date the asset is ready for its intended use. However,
cost excludes Excise Duty, Value Added Tax, Service Tax, and GST to the extent credit of the duty or
tax is availed of.Subsequent costs are included in the asset''s carrying amount or recognized as a
separate asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Company and the cost of the item can be measured reliably.
Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably.
ii) Component Accounting:
The component of assets are capitalized only if the life of the components vary significantly and whose
cost is significant in relation to the cost of the respective asset, the life of the component in assets are
determined based on technical assessment and past history of replacement of such components in the
assets. The carrying amount of any component accounted for as separate asset is derecognised when
replaced.
iii) Other Cost:
All other repairs and maintenance cost are charged to the statement of profit and loss during the
reporting period in which they are incurred.
Profit or Losses on disposals are determined by comparing proceeds with the carrying amount. These
are included in the Statement of Profit and Loss within other income/ (loss).
iv) Depreciation and Amortization:
a) Depreciation is recognized on a straight-line basis, over the useful life of the buildings and other
equipment''s as prescribed under Schedule II of the Companies Act, 2013.
b) Depreciation on tangible fixed assets is charged over the estimated useful life of the asset or part of the
asset as evaluated on technical assessment on straight line method, in accordance with Part A of
Schedule II to the Companies Act, 2013
c) The estimated useful life of the tangible fixed assets on technical assessment followed by the Company
is furnished below:
Material residual value estimates and estimates of useful life are assessed as required.
d) The residual value for all the above assets are retained at 5% of the cost. Residual values and useful
lives are reviewed and adjusted, if appropriate, for each reporting period.
e) On tangible fixed assets added/disposed off during the year, depreciation is charged on pro-rata basis
for the period for which the asset was purchased and used.
4) Impairment:
Assets are tested for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset''s fair value less costs of disposal and value in use.
In respect of assets whose impairment are to be assessed with reference to other related assets and such
group of assets have independent cash flows (Cash Generating Units), such assets are grouped and tested for
impairment.
Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of
each reporting period.
5) Leases:
i) Assets taken on Lease:-
The Company, at the inception of a contract, assesses whether the contract is a lease or not a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
time in exchange for a consideration. The Company has elected not to recognise Right-of-use Assets and
lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value
assets and the corresponding lease rental paid are directly charged to the Statement of Profit and Loss.
There are no such leases during the year. The Company recognises the lease payments associated with
these leases as an expense over the lease term. The Company recognises a Right-of-use Asset and a
lease liability at the lease commencement date. The Right-of use asset is initially measured at cost, which
comprises the initial amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial costs incurred. The Right-of-use Asset is subsequently depreciated
using the straight-line method from the commencement date to the end of the lease term. The lease liability
is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the Company''s incremental borrowing rate. Subsequently, lease liabilities are
measured on amortised cost basis. Associated costs, such as maintenance and insurance, are expensed.
ii) Decommissioning charges in respect of properties like Plant and Equipment, Furniture & Fixtures and Office
Equipment''s presently located in land taken on lease are not provided for as it is impractical to estimate the
sum that will be incurred at the time the lease comes to end. Further there is also likelihood of the lessor
renewing the lease.
6) Financial Assets Classification and Subsequent Measurement of Financial Assets:
i) For the purpose of subsequent measurement, financial assets are classified and measured based on the
entity''s business model for managing the financial asset and the contractual cash flow characteristics of the
financial asset at:
a) Those to be measured subsequently at Fair Value either through Other Comprehensive Income (Fair
Value through Other Comprehensive Income-FVTOCI) or through Profit or Loss (Fair Value through
Profit and Loss-FVTPL) and;
b) Those measured at Amortized Cost
1. Financial Assets at Amortised Cost includes assets that are held within a business model where the
objective is to hold the financial assets to collect contractual cash flows and the contractual terms give rise
on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
These assets are measured subsequently at amortized cost using the effective interest method. The loss
allowance at each reporting period is evaluated based on the expected credit losses for next 12 months and
credit risk exposure.
The Company also measures the loss allowance for a financial instrument at an amount equal to the
lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased
significantly since initial recognition.
2. Financial Assets at Fair Value Through Other Comprehensive Income (FVTOCI) : There are no such
asset.
3. Financial Assets at Fair Value Through Profit or Loss (FVTPL)
The Company has investment in shares which are fair valued through Profit & Loss account. Any
transaction cost on the same are income to Profit & Loss account. The total Profit due to Net Gain on
Investments in mutual funds / shares is Rs. 23,25,406/- (Previous Year Rs.68,14,388/-)
ii. Impairment of Financial Assets:
All financial assets are reviewed for impairment at least at each reporting date to identify whether there is
any evidence that a financial asset or a group of financial assets is impaired. Different criteria to
determine impairment are applied for each category of financial assets.
iii. Derivative Financial Instruments and Hedge Accounting:
here are no such transactions.
iv. Trade Receivables
The Company follows ''Simplified Approach'' for recognition of impairment loss allowance based on lif
etime Expected Credit Loss at each reporting date, right from its initial recognition.
v. Derecognition of Financial Assets
financial asset is derecognised only when;
a) The Company has transferred the rights to receive cash flows from the financial asset or
b) The Company retains the contractual rights to receive the cash flows of the financial asset, but expects a
contractual obligation to pay the cash flows to one or more recipients.There are no such derecognitions.
7) Financial Liabilities:
I. Classification, Subsequent Measurement and Derecognition of Financial Liabilities
a. Classification
Financial Liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss
or at amortised cost. The Company''s financial liabilities include borrowings & trade and other payables.
b. Subsequent Measurement
Financial Liabilities are measured subsequently at amortized cost using the effective interest method.All
interest-related charges and, if applicable, changes in an instrument''s fair value that are reported in profit or
loss are included within finance costs or finance income.
c. Derecognition
A financial Liability is derecognised when the obligation under the liability is discharged or cancelled or has
expired. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in the statement of profit or loss.
8) Inventories
Inventories are valued at lower of cost or net realizable value. Net realisable value is the estimated selling
price in the ordinary course of business less the estimated cost of completion and the estimated costs
necessary to make the sale. Cost is ascertained on weighted average basis in accordance with the
method of valuation prescribed by the Institute of Chartered Accountants of India.
i. Raw Materials
Raw Materials are valued at cost of purchase, net of duties (credit availed w.r.t taxes and duties) and
includes all expenses incurred in bringing the materials to location of use.
ii. Work-in-Process and Finished Goods
Work-in-Process and Finished Goods include conversion costs in addition to the landed cost of raw
materials.
iii. Stores and Spares
Stores, Spares and Tools Cost includes cost of purchase and other costs incurred in bringing the
inventories to their present location and condition.
9) Income Taxes
Tax expense recognized in the statement of profit or loss comprises the sum of deferred tax and current tax
not recognized in other comprehensive income or directly in equity.
Calculation of current tax is based on tax rates in accordance with tax laws that have been enacted or
substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the
liability method on temporary differences between tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at reporting date. Deferred taxes pertaining to items recognised in
other comprehensive income (OCI) are disclosed under OCI.
Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible
temporary difference will be utilized against future tax liability. This is assessed based on the Company''s
forecast of future earnings, excluding non-taxable income and expenses and specific limits on the use of
any unused tax loss or credit.
Deferred tax liabilities are generally recognized in full, although Ind AS 12 ''Income Taxes'' specifies some
exemptions. As a result of these exemptions the Company does not recognize deferred tax liability on
temporary differences relating to goodwill, or to its investments in subsidiaries.
10) Post-Employment Benefits and Short-Term Employee Benefits
i. Short Term Obligations:
Short term obligations are those that are expected to be settled fully within 12 months after the end of the
reporting period. They are recognised up to the end of the reporting period at the amounts expected to
be paid at the time of settlement.
ii. Other Long Term Employee Benefits Obligations:
The liabilities for earned leave are not expected to be settled wholly within 12 months after end of the period
in which the employees render the related service. They are, therefore, recognised and provided
for at the present value of the expected future payments to be made in respect of services provided by
employee up to the end of reporting period using the projected unit credit method. The benefits are
discounted using the market yields at the end of the reporting period that have terms approximating to the
terms of the related obligation. Remeasurements as a result of experience adjustments and changes in
actuarial assumptions are recognised in Other Comprehensive Income (OCI).
The obligations are presented as current liabilities in the balance sheet if the entity does not have an
unconditional right to defer settlement for at least twelve months after the reporting period, regardless of
when the actual settlement is expected to occur.
iii. Post-Employment Obligation:
The Company operates the following post-employment schemes:
a) Defined Contribution Plan such as Gratuity & Provident Fund
Gratuity Obligation:
The company has created The Employees Group Gratuity Fund which has taken Gratuity Cum Life
Insurance Policy from LIC of India. Premium on said policy is calculated by LIC & Conveyed to us on the
basic of Project Unit Credit Method. The same is accounted for in books of accounts.
Provident Fund:
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, a
defined contribution plan, in which both employees and the Company make monthly contributions at a
specified percentage of the covered employees salary. The provident fund contributions are made to
EPFO.
Bonus Payable:
The Company recognises a liability and an expense for bonus. The Company recognises a provision
where contractually obliged or where there is a past practice that has created a constructive obligation.
Mar 31, 2024
II. Summary of Accounting Policies :
1) Overall Considerations
The financial statements have been prepared applying the significant accounting policies and measurement basis summarized below.
2) Revenue Recognition
Revenue is measured at fair value of the consideration received or receivable and net of returns, trade allowances and rebates and amounts collected on behalf of third parties. It excludes Excise Duty and GST.
i. Sale of Products:
Revenue from sale of products is recognised when significant risks and rewards of ownership pass to the customers, as per the terms of the contract and when the economic benefits associated with the transactions will flow to the Company.
ii. Interest Income:
Interest incomes are recognized using the time proportion method based on the rates implicit in the transaction. Interest income is included in other income in the statement of profit and loss.
3) Property, Plant and Equipment
i. Freehold Land is stated at historical cost. All other items of Property, Plant and Equipment are stated at cost of acquisition/construction less accumulated depreciation/amortization and impairment, if any. Cost includes:
a. Purchase Price
b. Taxes and Duties ( to the extent not set off as ITC )
c. Labour Cost and
d. Directly attributable overheads incurred up to the date the asset is ready for its intended use. However, cost excludes Excise Duty and GST to the extent credit of the duty or tax is availed of.
Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
ii) Component Accounting:
The component of assets are capitalized only if the life of the components vary significantly and whose cost is significant in relation to the cost of the respective asset, the life of the component in assets are determined based on technical assessment and past history of replacement of such components in the assets. The carrying amount of any component accounted for as separate asset is derecognised when replaced.
iii) Other Cost:
All other repairs and maintenance cost are charged to the statement of profit and loss during the reporting period in which they are incurred.
Profit or Losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the Statement of Profit and Loss within other income/ (loss).
iv) Depreciation and Amortization:
a) Depreciation is recognized on a straight-line basis, over the useful life of the buildings and other equipment''s as prescribed under Schedule II of the Companies Act, 2013.
b) Depreciation on tangible fixed assets is charged over the estimated useful life of the asset or part of the asset as evaluated on technical assessment on straight line method, in accordance with Part A of Schedule II to the Companies Act, 2013
c) The estimated useful life of the tangible fixed assets on technical assessment followed by the Company is furnished below:
Material residual value estimates and estimates of useful life are assessed as required.
d) The residual value for all the above assets are retained at 5% of the cost. Residual values and useful lives are reviewed and adjusted, if appropriate, for each reporting period.
e) On tangible fixed assets added/disposed off during the year, depreciation is charged on pro-rata basis for the period for which the asset was purchased and used.
4) Impairment:
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use.
In respect of assets whose impairment are to be assessed with reference to other related assets and such group of assets have independent cash flows (Cash Generating Units), such assets are grouped and tested for impairment.
Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
5) Leases:
i) Assets taken on Lease:-
The Company, at the inception of a contract, assesses whether the contract is a lease or not a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a time in exchange for a consideration. The Company has elected not to recognise Right-of-use Assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets and the corresponding lease rental paid are directly charged to the Statement of Profit and Loss. There are no such leases during the year. The Company recognises the lease payments associated with these leases as an expense over the lease term. The Company recognises a Right-of-use Asset and a lease liability at the lease commencement date. The Right-of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial costs incurred. The Right-of-use Asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company''s incremental borrowing rate. Subsequently, lease liabilities are measured on amortised cost basis. Associated costs, such as maintenance and insurance, are expensed.
ii) Decommissioning charges in respect of properties like Plant and Equipment, Furniture & Fixtures and Office Equipment''s presently located in land taken on lease are not provided for as it is impractical to estimate the sum that will be incurred at the time the lease comes to end. Further there is also likelihood of the lessor renewing the lease.
6) Financial Assets Classification and Subsequent Measurement of Financial Assets:
i) For the purpose of subsequent measurement, financial assets are classified and measured based on the entity''s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset at:
a) Those to be measured subsequently at Fair Value either through Other Comprehensive Income (Fair Value through Other Comprehensive Income-FVTOCI) or through Profit or Loss (Fair Value through Profit and Loss-FVTPL) and;
b) Those measured at Amortized Cost
1. Financial Assets at Amortised Cost includes assets that are held within a business model where the objective is to hold the financial assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
These assets are measured subsequently at amortized cost using the effective interest method. The loss allowance at each reporting period is evaluated based on the expected credit losses for next 12 months and
The Company also measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased significantly since initial recognition.
2. Financial Assets at Fair Value Through Other Comprehensive Income (FVTOCI) : There are no such asset.
3. Financial Assets at Fair Value Through Profit or Loss (FVTPL)
The Company has investment in shares which are fair valued through Profit & Loss account. Any transaction cost on the same are income to Profit & Loss account. The Total Profit due to Net Gain on Investments in Mutual Funds shares is Rs. 68,14,388/- (Previous Year Rs. 6,15,120/-)
ii. Impairment of Financial Assets:
All financial assets are reviewed for impairment at least at each reporting date to identify whether there is any evidence that a financial asset or a group of financial assets is impaired.Different criteria to determine impairment are applied for each category of financial assets.
iii. Derivative Financial Instruments and Hedge Accounting:
here are no such transactions.
iv. Trade Receivables
The Company follows ''Simplified Approach'' for recognition of impairment loss allowance based on lif etime Expected Credit Loss at each reporting date, right from its initial recognition.
v. Derecognition of Financial Assets
financial asset is derecognised only when;
a) The Company has transferred the rights to receive cash flows from the financial asset or
b) The Company retains the contractual rights to receive the cash flows of the financial asset, but expects a contractual obligation to pay the cash flows to one or more recipients.There are no such derecognitions.
7) Financial Liabilities:
I. Classification, Subsequent Measurement and Derecognition of Financial Liabilities
a. Classification
Financial Liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost. The Company''s financial liabilities include borrowings & trade and other payables.
b. Subsequent Measurement
Financial Liabilities are measured subsequently at amortized cost using the effective interest method.All interest-related charges and, if applicable, changes in an instrument''s fair value that are reported in profit or loss are included within finance costs or finance income.
c. Derecognition
A financial Liability is derecognised when the obligation under the liability is discharged or cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
8) Inventories
Inventories are valued at lower of cost or net realizable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Cost is ascertained on weighted average basis in accordance with the method of valuation prescribed by the Institute of Chartered Accountants of India.
i. Raw Materials
Raw Materials are valued at cost of purchase, net of duties (credit availed w.r.t taxes and duties) and includes all expenses incurred in bringing the materials to location of use.
ii. Work-in-Process and Finished Goods
Work-in-Process and Finished Goods include conversion costs in addition to the landed cost of raw materials.
iii. Stores and Spares
Stores, Spares and Tools Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
9) Income Taxes
Tax expense recognized in the statement of profit or loss comprises the sum of deferred tax and current tax not recognized in other comprehensive income or directly in equity.
Calculation of current tax is based on tax rates in accordance with tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at reporting date. Deferred taxes pertaining to items recognised in other comprehensive income (OCI) are disclosed under OCI.
Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future tax liability. This is assessed based on the Company''s forecast of future earnings, excluding non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.
Deferred tax liabilities are generally recognized in full, although Ind AS 12 ''Income Taxes'' specifies some exemptions. As a result of these exemptions the Company does not recognize deferred tax liability on temporary differences relating to goodwill, or to its investments in subsidiaries.
10) Post-Employment Benefits and Short-Term Employee Benefits
i. Short Term Obligations:
Short term obligations are those that are expected to be settled fully within 12 months after the end of the reporting period. They are recognised up to the end of the reporting period at the amounts expected to be paid at the time of settlement.
ii. Other Long Term Employee Benefits Obligations:
The liabilities for earned leave are not expected to be settled wholly within 12 months after end of the
for at the present value of the expected future payments to be made in respect of services provided by employee up to the end of reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Other Comprehensive Income (OCI).
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
iii. Post-Employment Obligation:
The Company operates the following post-employment schemes:
a) Defined Contribution Plan such as Gratuity & Provident Fund Gratuity Obligation:
The company has created The Employees Group Gratuity Fund which has taken Gratuity Cum Life Insurance Policy from LIC of India. Premium on said policy is calculated by LIC & Conveyed to us on the basic of Project Unit Credit Method. The same is accounted for in books of accounts.
Provident Fund:
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees salary. The provident fund contributions are made to EPFO.
Bonus Payable:
The Company recognises a liability and an expense for bonus. The Company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
Mar 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
I. Basis of Preparation :
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed by Ministry of Corporate Affairs under Companies (Indian Accounting Standards) Rules, 2015, provisions of the Companies Act, 2013, to the extent notified and pronouncements of the Institute of Chartered Accountants of India..
Disclosures under Ind AS are made only in respect of material items and in respect of the items that will be useful to the users of financial statements in making economic decisions.
The financial statements for the year ended 31st March, 2023 (including comparatives) are duly adopted by the Board on 28th April, 2023 for consideration and approval by shareholders.
II. Summary of Accounting Policies :1. Overall Considerations
The financial statements have been prepared applying the significant accounting policies and measurement basis summarized below.
Revenue is measured at fair value of the consideration received or receivable and net of returns, trade allowances and rebates and amounts collected on behalf of third parties. It excludes Excise Duty, Value Added Tax, Sales Tax, Service Tax and GST.
Revenue from sale of products is recognised when significant risks and rewards of ownership pass to the customers, as per the terms of the contract and when the economic benefits associated with the transactions will flow to the Company.
Interest incomes are recognized using the time proportion method based on the rates implicit in the transaction. Interest income is included in other income in the statement of profit and loss.
3) Property, Plant and Equipment
i. Freehold Land is stated at historical cost. All other items of Property, Plant and Equipment are stated at cost of acquisition/construction less accumulated depreciation/amortization and impairment, if any. Cost includes:
a. Purchase Price
b. Taxes and Duties
c. Labour Cost and
d. Directly attributable overheads incurred up to the date the asset is ready for its intended use. However, cost excludes Excise Duty, Value Added Tax, Service Tax, and GST to the extent credit of the duty or tax is availed of.
Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
The component of assets are capitalized only if the life of the components vary significantly and whose cost is significant in relation to the cost of the respective asset, the life of the component in assets are determined based on technical assessment and past history of replacement of such components in the assets. The carrying amount of any component accounted for as separate asset is derecognised when replaced.
All other repairs and maintenance cost are charged to the statement of profit and loss during the reporting period in which they are incurred.
Profit or Losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the Statement of Profit and Loss within other income/ (loss).
iv) Depreciation and Amortization:
a) Depreciation is recognized on a straight-line basis, over the useful life of the buildings and other equipment''s as prescribed under Schedule II of the Companies Act, 2013.
b) Depreciation on tangible fixed assets is charged over the estimated useful life of the asset or part of the asset as evaluated on technical assessment on straight line method, in accordance with Part A of Schedule II to the Companies Act, 2013
c) The estimated useful life of the tangible fixed assets on technical assessment followed by the Company is furnished below:
|
Description |
Range of Useful lives in years |
|
Buildings |
30 - 60 |
|
Plant & Equipment |
10 - 15 |
|
Furniture & Fixtures |
08 - 10 |
|
Office Equipments |
03 - 06 |
|
Vehicles |
08 - 10 |
Material residual value estimates and estimates of useful life are assessed as required.
d) The residual value for all the above assets are retained at 5% of the cost. Residual values and useful lives are reviewed and adjusted, if appropriate, for each reporting period.
e) On tangible fixed assets added/disposed off during the year, depreciation is charged on pro-rata basis for the period for which the asset was purchased and used.
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use.
In respect of assets whose impairment are to be assessed with reference to other related assets and such group of assets have independent cash flows (Cash Generating Units), such assets are grouped and tested for impairment.
Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
i) Assets taken on Lease
As per the terms of lease agreements there is no substantial transfer of risk and reward of the property to the Company and hence such leases are treated as operating lease. The payments on operating lease are recognized as an expense over the lease term. Associated costs, such as maintenance and insurance, are expensed.
ii) Decommissioning charges in respect of properties like Plant and equipment, furniture & fixtures and office equipment''s presently located in land taken on lease are not provided for as it is impractical to estimate the sum that will be incurred at the time the lease comes to end. Further there is also likelihood of the lessor renewing the lease.
6) Financial Assets Classification and subsequent measurement of Financial Assets:
i) For the purpose of subsequent measurement, financial assets are classified and measured based on the entity''s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset at:
a) Those to be measured subsequently at Fair Value either through Other Comprehensive Income (Fair Value through Other Comprehensive Income-FVTOCI) or through Profit or Loss (Fair Value through Profit and Loss-FVTPL) and;
b) Those measured at Amortized Cost
1. Financial Assets at Amortised Cost includes assets that are held within a business model where the objective is to hold the financial assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
These assets are measured subsequently at amortized cost using the effective interest method. The loss allowance at each reporting period is evaluated based on the expected credit losses for next 12 months and credit risk exposure.
The Company also measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased significantly since initial recognition.
2. Financial Assets at Fair Value Through Other Comprehensive Income (FVTOCI) : There are no such assets
3. Financial Assets at Fair Value Through Profit or Loss (FVTPL)
The Company has investment in shares which are fair valued through Profit & Loss account. Any transaction cost on the same are income to Profit & Loss account. The total Profit due to Net Gain on Investments in mutual funds shares is Rs. 6,15,120/-
ii. Impairment of Financial Assets:
All financial assets are reviewed for impairment at least at each reporting date to identify whether there is any evidence that a financial asset or a group of financial assets is impaired. Different criteria to determine impairment are applied for each category of financial assets.
iii. Derivative Financial Instruments and Hedge Accounting:
There are no such transactions.
The Company follows ''Simplified Approach'' for recognition of impairment loss allowance based on lifetime Expected Credit Loss at each reporting date, right from its initial recognition.
v. Derecognition of Financial Assets
A financial asset is derecognised only when;
a) The Company has transferred the rights to receive cash flows from the financial asset or
b) The Company retains the contractual rights to receive the cash flows of the financial asset, but expects a contractual obligation to pay the cash flows to one or more recipients.
There are no such derecognitions.
7) Financial Liabilities:i. Classification, Subsequent Measurement and Derecognition of Financial Liabilitiesa. Classification
Financial Liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost. The Company''s financial liabilities include borrowings & trade and other payables.
Financial Liabilities are measured subsequently at amortized cost using the effective interest method.All interest-related charges and, if applicable, changes in an instrument''s fair value that are reported in profit or loss are included within finance costs or finance income.
A financial Liability is derecognised when the obligation under the liability is discharged or cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Inventories are valued at lower of cost or net realizable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Cost is ascertained on weighted average basis in accordance with the method of valuation prescribed by the Institute of Chartered Accountants of India.
Raw Materials are valued at cost of purchase, net of duties (credit availed w.r.t taxes and duties) and includes all expenses incurred in bringing the materials to location of use.
ii. Work-in-Process and Finished Goods
Work-in-Process and Finished Goods include conversion costs in addition to the landed cost of raw materials.
Stores, Spares and Tools Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
Tax expense recognized in the statement of profit or loss comprises the sum of deferred tax and current tax not recognized in other comprehensive income or directly in equity.
Calculation of current tax is based on tax rates in accordance with tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at reporting date. Deferred taxes pertaining to items recognised in other comprehensive income (OCI) are disclosed under OCI.
Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future tax liability. This is assessed based on the Company''s forecast of future earnings, excluding non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.
Deferred tax liabilities are generally recognized in full, although Ind AS 12 ''Income Taxes'' specifies some exemptions. As a result of these exemptions the Company does not recognize deferred tax liability on temporary differences relating to goodwill, or to its investments in subsidiaries.
10) Post-Employment Benefits and Short-Term Employee Benefitsi. Short Term Obligations:
Short term obligations are those that are expected to be settled fully within 12 months after the end of the reporting period. They are recognised up to the end of the reporting period at the amounts expected to be paid at the time of settlement.
ii. Other Long Term Employee Benefits Obligations:
The liabilities for earned leave are not expected to be settled wholly within 12 months after end of the period in which the employees render the related service. They are, therefore, recognised and provided for at the present value of the expected future payments to be made in respect of services provided by employee up to the end of reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Other Comprehensive Income (OCI).
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
iii. Post-Employment Obligation:
The Company operates the following post-employment schemes:
a) Defined Contribution Plan such as Gratuity & Provident Fund Gratuity Obligation:
The company has created The Employees Group Gratuity Fund which has taken Gratuity Cum Life Insurance Policy from LIC of India. Premium on said policy is calculated by LIC & Conveyed to us on the basic of Project Unit Credit Method. The same is accounted for in books of accounts.
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees salary. The provident fund contributions are made to EPFO.
Bonus Payable:
The Company recognises a liability and an expense for bonus. The Company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
11) Provisions and Contingent Liabilitiesi. Provisions:
A provision is recorded when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and the amount can be reasonably estimated.
Provisions are evaluated at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expenses.
Whenever there is possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because (a) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (b) the amount of the obligation cannot be measured with sufficient reliability are considered as contingent liability. Show cause notices are not considered as Contingent Liabilities unless converted
into demand.
The Company does not recognise contingent assets. If it is virtually certain then they will be recognised as asset. These are assessed continually to ensure that the developments are appropriately disclosed in the financial statements.
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events including a bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares). For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are considered for the effects of all dilutive potential equity shares.
13) Cash and Cash Equivalents and Cash Flow Statement:
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within three months from the date of acquisition and which are readily convertible into cash and which are subject to only an insignificant risk of changes in value.
Cash flows are reported using the indirect method, whereby profit/(loss) before tax is appropriately classified for the effects of transactions of non-cash nature and any deferrals or accruals of past or future receipts or payments. In the cash flow statement, cash and cash equivalents include cash in hand, cheques on hand, balances with banks in current accounts and other short- term highly liquid investments with original maturities of three months or less.
The Company operates in one business segment namely âAuto Componentsâ. Hence reporting under this standard is not applicable.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred under finance costs. During the year, the company has capitalised borrowing costs of Rs.NIL
Mar 31, 2019
I. Summary of accounting policies :
1. Overall considerations
The financial statements have been prepared applying the significant accounting policies and measurement bases summarized below.
2. Revenue Recognition
Revenue is measured at fair value of the consideration received or receivable and net of returns, trade allowances and rebates and amounts collected on behalf of third parties. It excludes excise duty Value Added Tax, Sales Tax, Service Tax and GST.
i) Sale of Products:
Revenue from sale of products is recognised when significant risks and rewards of ownership pass to the customers, as per the terms of the contract and when the economic benefits associated with the transactions will flow to the Company.
ii) Interest Income:
Interest incomes are recognized using the time proportion method based on the rates implicit in the transaction. Interest income is included in other income in the statement of profit and loss.
3. Property, plant and equipment
i) Freehold land is stated at historical cost. All other items of Property, Plant and Equipment are stated at cost of acquisition/construction less accumulated depreciation/amortization and impairment, if any. Cost includes:
a) Purchase Price
b) Taxes and Duties
c) Labour cost and
d) Directly attributable overheads incurred up to the date the asset is ready for its intended use. However, cost excludes excise duty, value added tax, service tax, and GST to the extent credit of the duty or tax is availed of.
Subsequent costs are included in the assetâs carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
ii) Component Accounting:
The component of assets are capitalized only if the life of the components vary significantly and whose cost is significant in relation to the cost of the respective asset, the life of the component in assets are determined based on technical assessment and past history of replacement of such components in the assets. The carrying amount of any component accounted for as separate asset is derecognised when replaced.
iii) Other cost:
All other repairs and maintenance cost are charged to the statement of profit and loss during the reporting period in which they are incurred.
Profit or Losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the Statement of Profit and Loss within other income/ (loss).
iv) Depreciation and amortization:
a) Depreciation is recognized on a straight-line basis, over the useful life of the buildings and other equipments as prescribed under Schedule II of the Companies Act, 2013.
b) Depreciation on tangible fixed assets is charged over the estimated useful life of the asset or part of the asset as evaluated on technical assessment on straight line method, in accordance with Part A of Schedule II to the Companies Act,2013
c) The estimated useful life of the tangible fixed assets on technical assessment followed by the Company is furnished below:
Material residual value estimates and estimates of useful life are assessed as required.
d) The residual value for all the above assets are retained at 5% of the cost. Residual values and useful lives are reviewed and adjusted, if appropriate, for each reporting period.
e) On tangible fixed assets added/disposed off during the year, depreciation is charged on pro-rata basis for the period for which the asset was purchased and used.
4) Impairment:
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assetâs carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assetâs fair value less costs of disposal and value in use.
In respect of assets whose impairment are to be assessed with reference to other related assets and such group of assets have independent cash flows (Cash Generating Units), such assets are grouped and tested for impairment.
Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
5) Leases:
i) Assets taken on Lease
As per the terms of lease agreements there is no substantial transfer of risk and reward of the property to the Company and hence such leases are treated as operating lease. The payments on operating lease are recognized as an expense over the lease term. Associated costs, such as maintenance and insurance, are expensed.
ii) Decommissioning charges in respect of properties like Plant and equipment, furniture fixtures and office equipmentâs presently located in land taken on lease are not provided for as it is impractical to estimate the sum that will be incurred at the time the lease comes to end. Further there is also likelihood of the lessor renewing the lease.
6) Financial Assets Classification and subsequent measurement of financial assets:
i) For the purpose of subsequent measurement, financial assets are classified and measured based on the entityâs business model for managing the financial asset and the contractual cash flow characteristics of the financial asset at:
a) Those to be measured subsequently at fair value either through other comprehensive income (Fair Value through Other Comprehensive Income-FVTOCI) or through profit or loss (Fair Value through Profit and Loss-FVTPL) and;
b) Those measured at amortized cost
1. Financial assets at Amortised Cost
Includes assets that are held within a business model where the objective is to hold the financial assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are measured subsequently at amortized cost using the effective interest method. The loss allowance at each reporting period is evaluated based on the expected credit losses for next 12 months and credit risk exposure.
The Company also measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased significantly since initial recognition
2. Financial assets at Fair Value Through Other Comprehensive Income (FVTOCI), There are no such assets
3. Financial assets at Fair Value Through Profit or Loss (FVTPL):
The Company has investment in shares which are fair valued through Profit & Loss account. Any transaction cost on the same are expensed to Profit & Loss account. The total loss due to fair valuation of shares is Rs.2,59,375/-
ii. Impairment of financial assets:
All financial assets are reviewed for impairment at least at each reporting date to identify whether there is any evidence that a financial asset or a group of financial assets is impaired. Different criteria to determine impairment are applied for each category of financial assets.
iii. Derivative financial instruments and hedge accounting:
There are no such transactions.
iv. Trade receivables
The Company follows âsimplified approachâ for recognition of impairment loss allowance based on lifetime Expected Credit Loss at each reporting date, right from its initial recognition.
v. Derecognition of financial assets
A financial asset is derecognised only when;
a) The Company has transferred the rights to receive cash flows from the financial asset or
b) The Company retains the contractual rights to receive the cash flows of the financial asset,but expects a contractual obligation to pay the cash flows to one or more recipients.
There are no such derecognitions.
7) Financial Liabilities:
i. Classification, subsequent measurement and derecognition of financial liabilities
a. Classification
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost. The Companyâs financial liabilities include borrowings & trade and other payables.
b. Subsequent measurement
Financial liabilities are measured subsequently at amortized cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrumentâs fair value that are reported in profit or loss are included within finance costs or finance income.
c. Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
8) Inventories
Inventories are valued at lower of cost or net realizable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Cost is ascertained on weighted average basis in accordance with the method of valuation prescribed by the Institute of Chartered Accountants of India.
i. Raw materials
Raw materials are valued at cost of purchase, net of duties (credit availed w.r.t taxes and duties) and includes all expenses incurred in bringing the materials to location of use.
ii. Work-in-process and Finished Goods
Work-in-process and finished goods include conversion costs in addition to the landed cost of raw materials.
iii. Stores and spares
Stores, spares and tools cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
9) Income Taxes
Tax expense recognized in the statement of profit or loss comprises the sum of deferred tax and current tax not recognized in other comprehensive income or directly in equity.
Calculation of current tax is based on tax rates in accordance with tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at reporting date. Deferred taxes pertaining to items recognised in other comprehensive income (OCI) are disclosed under OCI.
Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future tax liability. This is assessed based on the Companyâs forecast of future earnings, excluding non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.
Deferred tax liabilities are generally recognized in full, although Ind AS 12 âIncome Taxesâ specifies some exemptions. As a result of these exemptions the Company does not recognize deferred tax liability on temporary differences relating to goodwill, or to its investments in subsidiaries.
10) Post-employment benefits and short-term employee benefits
i. Short term obligations:
Short term obligations are those that are expected to be settled fully within 12 months after the end of the reporting period. They are recognised up to the end of the reporting period at the amounts expected to be paid at the time of settlement.
ii. Other long term employee benefits obligations:
The liabilities for earned leave are not expected to be settled wholly within 12 months after end of the period in which the employees render the related service. They are, therefore, recognised and provided for at the present value of the expected future payments to be made in respect of services provided by employee up to the end of reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Other Comprehensive Income (OCI).
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
iii. Post-employment obligation:
The Company operates the following post-employment schemes:
a) Defined contribution plan such as Gratuity & provident fund Gratuity obligation:
The company has created The Employees Group Gratuity fund which has taken gratuity cum life insurance policy from LIC of India. Premium on said policy is calculated by LIC & Conveyed to us on the basic of Project unit credit Method. The same is accounted for in books of accounts.
Provident Fund:
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees salary. The provident fund contributions are made to EPFO.
Bonus Payable:
The Company recognises a liability and an expense for bonus. The Company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
11) Provisions and contingent liabilities
i. Provisions:
A Provision is recorded when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and the amount can be reasonably estimated.
Provisions are evaluated at the present value of managementâs best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expenses.
ii. Contingent liabilities:
Whenever there is possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because (a) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (b) the amount of the obligation cannot be measured with sufficient reliability are considered as contingent liability. Show cause notices are not considered as Contingent Liabilities unless converted into demand.
iii. Contingent Assets:
The Company does not recognise contingent assets. If it is virtually certain then they will be recognised as asset. These are assessed continually to ensure that the developments are appropriately disclosed in the financial statements.
12) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events including a bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares). For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are considered for the effects of all dilutive potential equity shares.
13) Cash and Cash equivalents and Cash Flow Statement:
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within three months from the date of acquisition and which are readily convertible into cash and which are subject to only an insignificant risk of changes in value.
Cash flows are reported using the indirect method, whereby profit/(loss) before tax is appropriately classified for the effects of transactions of non-cash nature and any deferrals or accruals of past or future receipts or payments. In the cash flow statement, cash and cash equivalents include cash in hand, cheques on hand, balances with banks in current accounts and other short- term highly liquid investments with original maturities of three months or less.
14) Segment reporting:
The Company operates in one business segment namely âAuto Componentsâ. Hence reporting under this standard is not applicable.
15) Borrowing costs:
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred under finance costs. During the year, the company has capitalised borrowing costs of Rs.36,74,877.00
Mar 31, 2018
I. Summary of accounting policies :
1 . Overall considerations
The financial statements have been prepared applying the significant accounting policies and measurement bases summarized below.
2. Revenue Recognition
Revenue is measured at fair value of the consideration received or receivable and net of returns, trade allowances and rebates and amounts collected on behalf of third parties. It excludes excise duty Value Added Tax, Sales Tax, Service Tax and GST.
i) Sale of Products:
Revenue from sale of products is recognised when significant risks and rewards of ownership pass to the customers, as per the terms of the contract and when the economic benefits associated with the transactions will flow to the Company.
ii) Interest Income:
Interest incomes are recognized using the time proportion method based on the rates implicit in the transaction. Interest income is included in other income in the statement of profit and loss.
3. Property, plant and equipment
i) Freehold land is stated at historical cost. All other items of Property, Plant and Equipment are stated at cost of acquisition/construction less accumulated depreciation/amortization and impairment, if any. Cost includes:
a) Purchase Price
b) Taxes and Duties
c) Labour costand
d) Directly attributable overheads incurred up to the date the asset is ready for its intended use. However, cost excludes excise duty, value added tax, service tax, and GST to the extent credit of the duty or tax is availed of.
Subsequent costs are included in the assetâs carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
ii) Component Accounting:
The component of assets are capitalized only if the life of the components vary significantly and whose cost is significant in relation to the cost of the respective asset, the life of the component in assets are determined based on technical assessment and past history of replacement of such components in the assets. The carrying amount of any component accounted for as separate asset is derecognised when replaced.
iii) Other cost:
All other repairs and maintenance cost are charged to the statement of profit and loss during the reporting period in which they are incurred.
Profit or Losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the Statement of Profit and Loss within other income/ (loss).
iv) Depreciation and amortization:
a) Depreciation is recognized on a straight-line basis, over the useful life of the buildings and other equipments as prescribed under Schedule II of the Companies Act, 2013.
b) Depreciation on tangible fixed assets is charged over the estimated useful life of the asset or part of the asset as evaluated on technical assessment on straight line method, in accordance with Part A of Schedule II to the Companies Act,2013
c) The estimated useful life of the tangible fixed assets on technical assessment followed by the Company is furnished below:
Material residual value estimates and estimates of useful life are assessed as required.
d) The residual value for all the above assets are retained at 5% of the cost. Residual values and useful lives are reviewed and adjusted, if appropriate, for each reporting period.
e) On tangible fixed assets added/disposed off during the year, depreciation is charged on pro-rata basis for the period for which the asset was purchased and used.
v) Ind AS Transition:
As there is no change in the functional currency as at the date of transition, the Company has elected to adopt the carrying value of Plant, property and equipment under the erstwhile GAAP as the deemed cost for the purpose of transition to Ind AS. Capital-work-in progress, plant and equipment is stated at cost less accumulated impairment losses, if any.
4) Impairment:
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assetâs carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assetâs fair value less costs of disposal and value in use.
In respect of assets whose impairment are to be assessed with reference to other related assets and such group of assets have independent cash flows (Cash Generating Units), such assets are grouped and tested for impairment.
Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
5) Leases:
i) Assets taken on Lease
As per the terms of lease agreements there is no substantial transfer of risk and reward of the property to the Company and hence such leases are treated as operating lease. The payments on operating lease are recognized as an expense over the lease term. Associated costs, such as maintenance and insurance, are expensed.
ii) Decommissioning charges in respect of properties like Plant and equipment, furniture fixtures and office equipmentâs presently located in land taken on lease are not provided for as it is impractical to estimate the sum that will be incurred at the time the lease comes to end. Further there is also likelihood of the lessor renewing the lease.
6) Financial Assets Classification and subsequent measurement of financial assets: i) For the purpose of subsequent measurement, financial assets are classified and measured based on the entityâs business model for managing the financial asset and the contractual cash flow characteristics of the financial asset at:
a) Those to be measured subsequently at fair value either through other comprehensive income (Fair Value through Other Comprehensive Income-FVTOCI) or through profit or loss (Fair Value through Profit and Loss-FVTPL) (However there are no such items) and;
b) Those measured at amortized cost
1. Financial assets at Amortised Cost
Includes assets that are held within a business model where the objective is to hold the financial assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
These assets are measured subsequently at amortized cost using the effective interest method. The loss allowance at each reporting period is evaluated based on the expected credit losses for next 12 months and credit risk exposure.
The Company also measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased significantly since initial recognition
2. Financial assets at Fair Value Through Other Comprehensive Income (FVTOCI):
There are no such assets.
3. Financial assets at Fair Value Through Profit or Loss (FVTPL):
There are no such assets.
ii. Impairment of financial assets:
All financial assets are reviewed for impairment at least at each reporting date to identify whether there is any evidence that a financial asset or a group of financial assets is impaired. Different criteria to determine impairment are applied for each category of financial assets.
iii. Derivative financial instruments and hedge accounting:
There are no such transactions.
iv. Trade receivables
The Company follows âsimplified approachâ for recognition of impairment loss allowance based on lifetime Expected Credit Loss at each reporting date, right from its initial recognition.
v. Derecognition of financial assets
A financial asset is derecognised only when;
a) The Company has transferred the rights to receive cash flows from the financial asset or
b) The Company retains the contractual rights to receive the cash flows of the financial asset,but expects a contractual obligation to pay the cash flows to one or more recipients.
There are no such derecognitions.
7) Financial Liabilities:
i. Classification, subsequent measurement and derecognition of financial liabilities
a. Classification
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost. The Companyâs financial liabilities include borrowings & trade and other payables.
b. Subsequent measurement
Financial liabilities are measured subsequently at amortized cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrumentâs fair value that are reported in profit or loss are included within finance costs or finance income.
c. Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
8) Inventories
Inventories are valued at lower of cost or net realizable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Cost is ascertained on weighted average basis in accordance with the method of valuation prescribed by the Institute of Chartered Accountants of India.
i. Raw materials
Raw materials are valued at cost of purchase, net of duties (credit availed w.r.t taxes and duties) and includes all expenses incurred in bringing the materials to location of use.
ii. Work-in-process and Finished Goods
Work-in-process and finished goods include conversion costs in addition to the landed cost of raw materials.
iii. Stores and spares
Stores, spares and tools cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
9) Income Taxes
Tax expense recognized in the statement of profit or loss comprises the sum of deferred tax and current tax not recognized in other comprehensive income or directly in equity.
Calculation of current tax is based on tax rates in accordance with tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at reporting date. Deferred taxes pertaining to items recognised in other comprehensive income (OCI) are disclosed under OCI.
Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future tax liability. This is assessed based on the Companyâs forecast of future earnings, excluding non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.
Deferred tax liabilities are generally recognized in full, although Ind AS 12 âIncome Taxesâ specifies some exemptions. As a result of these exemptions the Company does not recognize deferred tax liability on temporary differences relating to goodwill, or to its investments in subsidiaries.
10) Post-employment benefits and short-term employee benefits
i. Short term obligations:
Short term obligations are those that are expected to be settled fully within 12 months after the end of the reporting period. They are recognised up to the end of the reporting period at the amounts expected to be paid at the time of settlement.
ii. Other long term employee benefits obligations:
The liabilities for earned leave are not expected to be settled wholly within 12 months after end of the period in which the employees render the related service. They are, therefore, recognised and provided for at the present value of the expected future payments to be made in respect of services provided by employee up to the end of reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Other Comprehensive Income (OCI).
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
iii. Post-employment obligation:
The Company operates the following post-employment schemes:
a) Defined contribution plan such as Gratuity & provident fund Gratuity obligation:
The company has created The Employees Group Gratuity fund which has taken gratuity cum life insurance policy from LIC of India. Premium on said policy is calculated by LIC & Conveyed to us on the basic of Project unit credit Method. The same is accounted for in books of accounts.
Provident Fund:
The eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees salary. The provident fund contributions are made to EPFO.
Bonus Payable:
The Company recognises a liability and an expense for bonus. The Company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
11) Provisions and contingent liabilities I. Provisions:
A Provision is recorded when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and the amount can be reasonably estimated.
Provisions are evaluated at the present value of managementâs best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expenses.
ii. Contingent liabilities:
Whenever there is possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because (a) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (b) the amount of the obligation cannot be measured with sufficient reliability are considered as contingent liability. Show cause notices are not considered as Contingent Liabilities unless converted into demand.
iii. Contingent Assets:
The Company does not recognise contingent assets. If it is virtually certain then they will be recognised as asset. These are assessed continually to ensure that the developments are appropriately disclosed in the financial statements.
12) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events including a bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares). For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are considered for the effects of all dilutive potential equity shares.
13) Cash and Cash equivalents and Cash Flow Statement:
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within three months from the date of acquisition and which are readily convertible into cash and which are subject to only an insignificant risk of changes in value.
Cash flows are reported using the indirect method, whereby profit/(loss) before tax is appropriately classified for the effects of transactions of non-cash nature and any deferrals or accruals of past or future receipts or payments. In the cash flow statement, cash and cash equivalents include cash in hand, cheques on hand, balances with banks in current accounts and other short- term highly liquid investments with original maturities of three months or less.
14) Segment reporting:
The Company operates in one business segment namely âAuto Componentsâ. Hence reporting under this standard is not applicable.
15) Borrowing costs:
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred under finance costs.
Mar 31, 2017
1.1 Basis of Accounting:
Accounts of the Company are prepared in accordance with the Indian Generally Accepted Accounted Principles (GAAP) under the historical cost convention. Company has complied with Accounting Standards as recommended by Institute of Chartered Accountants of India, provisions of Companies Act, 2013 and guidelines issued by Securities and Exchange Board of India.
The Company has prepared the financial statements as per the format prescribed under the Schedule III of the Companies Act, 2013.
1.2 Fixed Assets:
(i) Fixed assets except leasehold land are stated at cost (net of Cenvat and MVAT wherever applicable) of acquisition, less accumulated depreciation after retaining the specified residual value as per Schedule II of the Companies Act, 2013. Cost includes all costs incurred for bringing the assets to its working condition for intended use.
(ii) The cost of leasehold land is amortized over the period of lease. Intangible assets include Computer Software, which is recorded at cost of acquisition.
1.3 Impairment of Fixed Assets:
The company has reviewed the carrying costs of fixed assets and does not expect any loss on account of impairment.
1.4 Depreciation:
Depreciation is charged on all the assets based on useful life as per part c of schedule II of the Companies Act 2013 on straight line basis.
1.5 Investment:
Investments are stated at cost and income thereon is credited to revenue on accrual basis.
1.6 Inventories:
Inventories are valued at cost or market price whichever is lower. The Company has valued closing stock exclusive of excise duty as per the new guidelines.
1.7 Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates ruling on the date of the transactions. At the year end all monetary assets and liabilities denominated in foreign currency are restated at the closing exchange rate. Exchange differences arising out of actual payments/realizations and from the year-end restatement referred to above are dealt with in the Profit & Loss Account.
1.8 Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts and legal aspects of the matter involved. Provisions are recognized when the company has a legal obligation and on management discretion as a result of past events for which it is probable that cash outflow may be required and reliable estimate can be made of the amount of obligation.
1.9 Sales:
Sales are recognized on dispatches to customers. Sales exclude Excise Duties, VAT and CST.
1.10 Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has taken Gratuity Cum Life Insurance Corporation of India. Base for gratuity is the premium paid on the above policy. Provision for leave encashment is made on the basis of Actuarial Valuation. Company''s contribution to Provident Fund has been charged to Profit and Loss Account.
1.11 Disclosure of Borrowing Cost Capitalized under Accounting Standard 16:
During the year Company has capitalized certain assets. Appropriate borrowing cost directly related to asset has been capitalized to respective assets including Capital Work in Process as required under AS 16.
1.12 Segment Reporting Under Accounting Standard 17:
The company operates in one business segment namely âAuto Componentsâ Hence reporting under this standards is not applicable to the company
1.13 Related Party Disclosures As Per Accounting Standard 18:
Notes
a. Shri R. D. Dixit -Chairman & Managing Director and Shri Nitin Menon - Vice chairman & Joint Managing Director are employees of the Company. Shri M. L. Shinde, Shri B. S. Ajitkumar, Capt. Sudheer Naphade and Mrs. Nazura Ajaney Independent Directors are not paid any remuneration. Only Sitting Fees are paid to them. The salary, perquisites and remuneration paid are disclosed under Report on Corporate Governance point no. 4.4 as details of Remuneration and sitting fees paid to Directors.
b. Apart from above mentioned parties, following parties are also related parties of the Company. However, no significant transactions took place with these parties during the year.
1. Menon Pistons Ltd.
2. Menon Signature Pvt. Ltd. (Formerly Karveer Leisure Pvt. Ltd.)
There are no write offs / write backs of any amount for any of the above parties during the year.
1.14 Lease Accounting As Per Accounting Standard 19:
Not applicable to the company since no new lease transaction took place during the year, which is covered under the preview of AS-19.
1.15 Earning Per Share:
The Basic Earnings Per Share for the year 2016-17 is Rs. 3.43 (Previous year Rs. 3.19). The Diluted Earnings Per Share is not applicable as the Company has not issued any Preference Shares / security / warrant / debentures which are convertible into equity shares in future.
1.16 Accounting for Taxes on Income:
Deferred taxes on income are computed as per accounting standard 22 and some are provided in the audited accounts at appropriate places.
Mar 31, 2016
1.1 Basis of Accounting:
Accounts of the Company are prepared in accordance with the Indian Generally Accepted Accounted Principles (GAAP) under the historical cost convention. Company has complied with Accounting Standards as recommended by Institute of Chartered Accountants of India, provisions of Companies Act, 2013 and guidelines issued by Securities and Exchange Board of India.
The Company has prepared the Financial Statements as per the format prescribed under the Schedule III of the Companies Act, 2013.
1.2 Fixed Assets:
(i) Fixed assets except leasehold land are stated at cost (net of Canvas and MVAT wherever applicable) of acquisition. less accumulated depreciation after retaining the specified residual value as per Schedule II of the Companies Act, 2013. Cost includes all costs incurred for bringing the assets to its working condition for intended use.
(ii) The cost of leasehold land is amortized over the period of lease. Intangible assets include Computer Software, which is recorded at cost of acquisition.
1.3 Impairment of Fixed Assets:
The company has reviewed the carrying costs of fixed assets and does not expect any loss on account of impairment.
1.4 Depreciation:
Depreciation is charged on all the assets based on useful life as per part C of Schedule II of the Companies Act 2013 on straight line basis.
1.5 Investment:
Investments are stated at cost and income thereon is credited to revenue on accrual basis.
1.6 Inventories:
Inventories are valued at cost or market price whichever is lower. The Company has valued closing stock exclusive of excise duty as per the new guidelines.
1.7 Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates ruling on the date of the transactions. At the year end all monetary assets and liabilities denominated in foreign currency are restated at the closing exchange rate. Exchange differences arising out of actual payments/realizations and from the year-end restatement referred to above are dealt with in the Profit & Loss Account.
1.8 Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts and legal aspects of the matter involved. Provisions are recognized when the company has a legal obligation and on management discretion as a result of past events for which it is probable that cash outflow may be required and reliable estimate can be made of the amount of obligation.
1.9 Sales:
Sales are recognized on dispatches to customers. Sales exclude Excise Duties, VAT and CST.
1.10 Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has taken Gratuity Cum Life Insurance Policy from Life Insurance Corporation of India. Base for gratuity is the premium paid on the above policy. Provision for leave encashment is made on the basis of Actuarial Valuation. Company''s contribution to Provident Fund has been charged to Profit and Loss Account.
1.11 Disclosure of Borrowing Cost Capitalized under Accounting Standard 16:
During the year Company has capitalized certain assets. Appropriate borrowing cost directly related to asset has been capitalized to respective assets including Capital Work in Process as required under AS 16.
1.12 Segment Reporting Under Accounting Standard 17:
The company operates in one business segment namely âAuto Componentsâ. Hence reporting under this standards is not applicable to the company
Notes:
a. Shri R. D. Dixit - Vice Chairman & Managing Director and Shri Nitin Menon - Joint Managing Director are employees of the Company. Shri M. L. Shinde, Shri B. S. Ajitkumar, Capt. Sudhir Naphade and Mrs. Nazura Ajaney Independent Directors are not paid any remuneration. Only Sitting Fees are paid to them. The salary, perquisites and remuneration paid are disclosed under Report on Corporate Governance point no. 4.4 as details of Remuneration and sitting fees paid to Directors.
b. Apart from above mentioned parties, following parties are also related parties of the Company. However, no significant transactions took place with these parties during the year.
1. Menon Piston Ltd.
2. Karveer Leisure Pvt. Ltd.
There are no write offs / write backs of any amount for any of the above parties during the year.
1.14 Lease Accounting as per Accounting Standard 19:
Not applicable to the company since no new lease transaction took place during the year, which is covered under the preview of AS-19.
1.15 Earning Per Share:
The Basic Earnings Per Share for the year 2015-16 is Rs. 3.19 (Previous year Rs. 2.47). The Diluted Earnings Per Share is not applicable as the Company has not issued any Preference Shares / security / warrant / debentures which are convertible into equity shares in future.
1.16 Accounting for Taxes on Income:
Deferred taxes on income are computed as per accounting standard 22 and some are provided in the audited accounts at appropriate places.
Mar 31, 2015
1.1 Basis of Accounting:
Accounts of the Company are prepared in accordance with the Indian
Generally Accepted Accounted Principles (GAAP) under the historical
cost convention. Company has complied with Accounting Standards as
recommended by Institute of Chartered Accountants of India, provisions
of Companies Act, 2013 and guidelines issued by Securities and Exchange
Board of India.
The Company has prepared the financial statements as per the format
prescribed under the Schedule III of the Companies Act, 2013.
1.2 Fixed Assets:
(i) Fixed assets except leasehold land are stated at cost (net of
Cenvat and MVAT wherever applicable) of acquisition. less accumulated
depreciation after retaining the specified residual value as per
Schedule II of the Companies Act, 2013. Cost includes all costs
incurred for bringing the assets to its working condition for intended
use.
(ii) The cost of leasehold land is amortised over the period of lease.
Intangible assets include Computer Software, which is recorded at cost
of acquisition.
1.3 Impairment of Fixed Assets:
The company has reviewed the carrying costs of fixed assets and does
not expect any loss on account of impairment.
1.4 Depreciation:
Depreciation is charged on all the assets based on useful life as per
part c of schedule II of the Companies Act 2013. This has resulted in
reduction in Depreciation of Rs. 29.83 Lacs for the year.
1.5 Investment:
Investments are stated at cost and income thereon is credited to
revenue on accrual basis.
1.6 Inventories:
Inventories are valued at cost or market price whichever is lower. The
Company has valued closing stock exclusive of excise duty as per the
new guidelines.
1.7 Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates
ruling on the date of the transactions. At the year end all monetary
assets and liabilities denominated in foreign currency are restated at
the closing exchange rate. Exchange differences arising out of actual
payments/realizations and from the year-end restatement referred to
above are dealt with in the Profit & Loss Account.
1.8 Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts
and legal aspects of the matter involved. Provisions are recognized
when the company has a legal obligation and on management discretion as
a result of past events for which it is probable that cash outflow may
be required and reliable estimate can be made of the amount of
obligation.
1.9 Sales:
Sales are recognised on despatches to customers. Sales exclude Excise
Duties, VAT and CST.
1.10 Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has
taken Gratuity Cum Life Insurance Corporation of India. Base for
gratuity is the premium paid on the above policy. Provision for leave
encashment is made on the basis of Actuarial Valuation. Company''s
contribution to Provident Fund has been charged to Profit and Loss
Account.
Disclosure pursuant to Accounting Standard 15 (Revised) "Employee
Benefits"
Valuation Method (Projected Unit Credit Method) Amount (In Rs.)
1 RESULTS OF VALUATION
a. PV of Past Service Benefit 1,53,92,721
b. Current Service Costs 12,74,452
c. Total Service Gratuity 4,82,32,038
d. Accured Gratuity 1,80,27,196
e. LCSA 2,92,34,621
f. LC Premium 68,757
g. Service Tax @ 12.36 % 8,499
2 RECOMMENDED CONTRIBUTION RATE
a. Fund value as on Renewal Date 1,49,35,489
b. Additional Contribution for existing fund 4,61,818
c. Current Service Costs 12,69,867
3 Total Amount payable (Rs.)
(1.f 1.g 2.b 2.c) 18,08,941
4 Less: Amount Paid 15,76,320
5 Liability appearing in Balance Sheet 2,32,621
1.11 Disclosure of Borrowing Cost Capitalised under Accounting
Standard 16:
During the year Company has capitalised certain assets. Appropriate
borrowing cost directly related to asset has been capitalized to
respective assets including Capital Work in Process as required under
AS 16.
1.12 Segment Reporting Under Accounting Standard 17:
The company operates in one business segment namely "Auto Components"
Hence reporting under this standards is not applicable to the company
1.13 Related Party Disclosures As Per Accounting Standard 18:
Following are the related parties as per Accounting Standard 18:-
(Amount in Rs.)
Sr. Name of Party Relation Nature of
No. Transaction
1. MB Exports Shri Nitin Menon Sale / Service
is a partner
2. Mani Auto Shri Nitin Menon Sale / Service
Components is a partner
3. Master Aditya Son of Joint Sale of Flat
Nitin Menon Managing Director
4. Shri Ram Menon Chairman Sitting Fees
5. Shri Vice Chairman & Managerial
R. D. Dixit Managing Director Remuneration
6. Shri Nitin Joint Managing Managerial
Menon Director Remuneration
7. Shri Sachin Director Sitting Fees
Menon
8. Shri Kumar Independent Sitting Fees
Nair Director
9. Shri B.S. Independent Sitting Fees
Ajit Kumar Director
10. Capt.Sudheer Independent Sitting Fees
Naphade Director
11. Mrs.Nazura Independent Sitting Fees
Director
Sr. Name of Party Current Year Previous Year
No. 31.03.2015 31.03.2014
Amount Rs. Amount Rs.
1. MB Exports 9,64,77,902 10,91,97,346
2. Mani Auto Components 7,58,98,219 2,26,64,403
3. Master Aditya
Nitin Menon 1,80,00,000 -
4. Shri Ram Menon 4,000 3,000
5. Shri R. D. Dixit 47,03,986 43,94,440
6. Shri Nitin Menon 73,49,704 73,49,704
7. Shri Sachin Menon 4,000 3,000
8. Shri Kumar Nair - 1,000
9. Shri B.S. Ajit Kumar 3,000 3,000
10. Capt.Sudheer Naphade 4,000 2,000
11. Mrs.Nazura 2,000 -
Notes:
a. Shri R. D. Dixit - Vice Chairman & Managing Director and Shri Nitin
Menon - Joint Managin Director are employees of the Company. Shri Kumar
Nair, Shri B. S. Ajitkumar, Capt. Sudhir Naphade and Mrs. Nazura
Ajaney Independent Directors are not paid any remuneration. Only
Sitting Fees are paid to them. The salary, perquisites and remuneration
paid are disclosed under Report on Corporate Governance point no.4.4 as
details of Remuneration and sitting fees paid to Directors.
Apart from above mentioned parties, following parties are also related
parties of the Company. However, no significant transactions took place
with these parties during the year.
b. 1. Karveer United Pvt. Ltd.
2. Menon Piston Ltd.
3. Menon & Menon Limited
4. Menon Engineering Services.
5. Menon Piston Rings Private Limited
There are no write offs / write backs of any amount for any of the
above parties during the year.
1.14 Lease Accounting as per Accounting Standard 19:
Not applicable to the company since no new lease transaction took place
during the year, which is covered under the preview of AS-19.
1.15 Earning Per Share:
The Basic Earnings Per Share for the year 2014-15 is Rs. 12.36
(Previous year Rs. 6.61). The Diluted Earnings Per Share is not
applicable as the Company has not issued any Preference Shares /
security / warrant / debentures which are convertible into equity
shares in future.
1.16 Accounting for Taxes on Income:
Deferred taxes on income are computed as per accounting standard 22 and
same are provided in the audited accounts at appropriate places.
Mar 31, 2014
1.1 Basis of Accounting:
Accounts of the Company are prepared in accordance with the Indian
Generally Accepted Accounted Principles (GAAP) under the historical
cost convention. Company has complied with Accounting Standards as
recommended by Institute of Chartered Accountants of India, provisions
of Companies Act, 1956 and guidelines issued by Securities and Exchange
Board of India.
The Company has prepared the financial statements as per the format
prescribed under the Revised Schedule VI of the Companies Act, 1956
issued by the Ministry of Corporate Affairs. The previous period
figures are regrouped/ restated wherever necessary to conform to the
classification required under the Revised Schedule VI.
1.2 Fixed Assets:
(i) Fixed assets except leasehold land are stated at cost (net of
Cenvat and MVAT wherever applicable) of appreciation less accumulated
depreciation. Cost includes all costs incurred for bringing the assets
to its working condition for intended use.
(ii) The cost of leasehold land are amortised over the period of lease.
Intangible assets include Computer Software, which is recorded at cost
of acquisition.
1.3 Impairment of Fixed Assets:
The company has reviewed the carrying costs of fixed assets and does
not expect any loss on account of impairment.
1.4 Depreciation:
Depreciation is charged on all the assets on Straight Line basis (SLM)
at the rates and manner prescribed in Schedule XIV of the Companies
Act, 1956 as amended up to date.
1.5 Investment:
Investments are stated at cost and income thereon is credited to
revenue on accrual basis.
1.6 Inventories:
Inventories are valued at cost or net realizable value whichever is
lower. The Company has valued closing stock exclusive of excise duty as
per the new guidelines.
1.7 Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates
ruling on the date of the transactions. At the year end all monetary
assets and liabilities denominated in foreign currency are restated at
the closing exchange rate. Exchange differences arising out of actual
payments/realizations and from the year-end
1.8 Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts
and legal aspects of the matter involved. Provisions are recognized
when the company has a legal obligation and on management discretion as
a result of past events for which it is probable that cash outflow may
be required and reliable estimate can be made of the amount of
obligation.
1.9 Sales:
Sales are recognised on despatches to customers. Sales exclude Excise
Duties, VAT and CST.
1.10 Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has
taken Gratuity Cum Life Insurance Corporation of India. Base for
gratuity is the premium paid on the above policy. Provision for leave
encashment is made on the basis of Actuarial Valuation. Company''s
contribution to Provident Fund has been changed to Statement of Profit
and Loss.
1.11 Disclosure of Borrowing Cost Capitalised under Accounting Standard
16:
During the year Company has capitalised certain assets. Appropriate
borrowing cost directly related to asset has been capitalized to
respective assets including Capital Work in Process as required under
AS 16.
1.12 Segment Reporting Under Accounting Standard 17:
The company operates in one business segment namely "Auto Components"
hence reporting under this standard is not applicable to the company
1.14 Lease Accounting as per Accounting Standard 19:
Not applicable to the company since no new lease transaction took place
during the year, which is covered under the preview of AS-19.
1.15 Earning Per Share:
The Basic Earnings Per Share for the year 2013-14 is Rs. 6.61 (Previous
year Rs. 3.96). The Diluted Earnings Per Share is not applicable as
the Company has not issued any Preference Shares / Security / Warrant /
Debentures which are convertible into equity shares in future.
1.16 Accounting for Taxes on Income:
Deferred taxes on income are computed as per accounting standard 22 and
same are provided in the audited accounts at appropriate places.
Mar 31, 2013
1.1 Basis of Accounting:
Accounts of the Company are prepared in accordance with the Indian
Generally Accepted Accounted Principles (GAAP) under the historical
cost convention. Company has complied with Accounting Standards as
recommended by Institute of Chartered Accountants of India, provisions
of Companies Act, 1956 and guidelines issued by Securities and Exchange
Board of India.
The Company has prepared the financial statements as per the format
prescribed under the Revised Schedule VI of the Companies Act, 1956
issued by the Ministry of Corporate Affairs. The previous period
figures are regrouped/ restated wherever necessary to conform to the
classification required under the Revised Schedule VI.
1.2 Fixed Assets:
(i) Fixed assets except leasehold land are stated at cost (net of
Cenvat and MVAT wherever applicable) of appreciation less accumulated
depreciation. Cost includes all costs incurred for bringing the assets
to its working condition for intended use.
(ii) The cost of leasehold land are amortised over the period of lease.
Intangible assets include Computer Software, which is recorded at cost
of acquisition.
1.3 Impairment of Fixed Assets:
The Company has reviewed the carrying costs of fixed assets and does
not expect any loss on account of impairment.
1.4 Depreciation:
Depreciation is charged on all the assets on Straight Line basis (SLM)
at the rates and manner prescribed in Schedule XIV of the Companies
Act, 1956 as amended up to date.
1.5 Investment:
Investments are stated at cost and income thereon is credited to
revenue on accrual basis.
1.6 Inventories:
Inventories are valued at cost or net realisable value whichever is
lower. The Company has valued closing stock exclusive of excise duty as
per the new guidelines.
1.7 Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates
ruling on the date of the transactions. At the year end all monetary
assets and liabilities denominated in foreign currency are restated at
the closing exchange rate. Exchange differences arising out of actual
payments/realizations and from the year-end restatement referred to
above are dealt with in the Statement of Profit & Loss.
1.8 Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts
and legal aspects of the matter involved. Provisions are recognized
when the company has a legal obligation and on management discretion as
a result of past events for which it is probable that cash outflow may
be required and reliable estimate can be made of the amount of
obligation.
1.9 Sales:
Sales are recognised on despatches to customers. Sales exclude Excise
Duties, VAT and CST.
1.10 Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has
taken Gratuity Cum Life Insurance Corporation of India. Base for
gratuity is the premium paid on the above policy. Provision for leave
encashment is made on the basis of Actuarial Valuation. Company''s
contribution to Provident Fund has been charged to Statement of Profit
and Loss.
1.11 Disclosure of Borrowing Cost Capitalised under Accounting Standard
16:
During the year Company has capitalised certain assets. Appropriate
borrowing cost directly related to asset has been capitalized to
respective assets including Capital Work in Process as required under
AS 16.
1.12 Segment Reporting under Accounting Standard 17:
The Company operates in one business segment namely "Auto
Components" hence, reporting under this standard is not applicable to
the Company.
1.14 Lease Accounting as per Accounting Standard 19:
Not applicable to the Company since no new lease transaction took place
during the year, which is covered under the preview of AS-19.
1.15 Earnings Per Share :
The Basic Earnings Per Share for the year 2012-13 is Rs. 3.96 (Previous
Year Rs.7.93). The Diluted Earnings Per Share is not applicable as the
Company has not issued any Preference Shares / Security / Warrant /
Debentures which are convertible into Equity Shares in future.
Mar 31, 2012
1.1 Basis of Accounting:
Accounts of the Company are prepared in accordance with the Indian
Generally Accepted Accounted Principles (GAAP) under the historical
cost convention. Company has complied with Accounting Standards as
recommended by Institute of Chartered Accountants of India, provisions
of Companies Act, 1956 and guidelines issued by Securities and Exchange
Board of India.
The Company has prepared the financial statements as per the format
prescribed under the Revised Schedule VI of the Companies Act, 1956
issued by the Ministry of Corporate Affairs. The previous period
figures are regrouped/ restated wherever necessary to conform to the
classification required under the Revised Schedule VI.
1.2 Fixed Assets:
(i) Fixed assets except leasehold land are stated at cost (net of
Cenvat and MVAT wherever applicable) of appreciation less accumulated
depreciation. Cost includes all costs incurred for bringing the assets
to its working condition for intended use.
(ii) The cost of leasehold land are amortised over the period of lease.
Intangible assets include Computer Software, which is recorded at cost
of acquisition.
1.3 Impairment of Fixed Assets:
The Company has reviewed the carrying costs of fixed assets and does
not expect any loss on account of impairment.
1.4 Depreciation:
Depreciation is charged on all the assets on Straight Line basis (SLM)
at the rates and manner prescribed in schedule XIV of the Companies
Act, 1956 as amended up to date.
1.5 Investment:
Investments are stated at cost and income thereon is credited to
revenue on accrual basis.
1.6 Inventories:
Inventories are valued at cost or market price whichever is lower. The
Company has valued closing stock exclusive of excise duty as per the
new guidelines.
1.7 Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates
ruling on the date of the transactions. At the year end all monetary
assets and liabilities denominated in foreign currency are restated at
the closing exchange rate. Exchange differences arising out of actual
payments/realizations and from the year-end restatement referred to
above are dealt with in the Statement of Profit & Loss.
1.8 Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts
and legal aspects of the matter involved. Provisions are recognized
when the company has a legal obligation and on management discretion as
a result of past events for which it is probable that cash outflow may
be required and reliable estimate can be made of the amount of
obligation.
1.9 Sales:
Sales are recognised on despatches to customers. Sales exclude Excise
Duties, VAT and CST.
1.10 Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has
taken Gratuity Cum Life Insurance Corporation of India. Base for
gratuity is the premium paid on the above policy. Provision for leave
encashment is made on the basis of Actuarial Valuation. Company's
contribution to Provident Fund has been charged to Statement of Profit
and Loss.
1.11 Disclosure of Borrowing Cost Capitalised under Accounting Standard
16:
During the year Company has capitalised certain assets. Appropriate
borrowing cost directly related to asset has been capitalized to
respective assets including Capital Work in Process as required under
AS 16.
1.12 Segment Reporting Under Accounting Standard 17:
The Company operates in one business segment namely "Auto
Components" hence, reporting under this standards is not applicable
to the Company
Notes:
Apart from above mentioned parties, following parties are also related
parties of the Company. However, no significant transactions took place
with these parties during the year.
1. Menon Pistons Limited
2. Menon & Menon Limited
3. Menon Engineering Services
4. Menon Piston Rings Private Limited
There are no write offs / write backs of any amount for any of the
above parties during the year.
1.14 Lease Accounting As Per Accounting Standard 19:
Not applicable to the Company since no new lease transaction took place
during the year, which is covered under the preview ofAS-19.
1.15 Earning Per Share:
The Basic Earnings Per Share for the year 2011-12 is Rs. 7.93 (Previous
year Rs. 6.83). The Diluted Earnings Per Share is not applicable as the
Company has not issued any Preference Shares / Security / Warrant /
Debentures which are convertible into Equity Shares in future.
Mar 31, 2011
A) Basis of Accounting:
Accounts of the Company are prepared under the historical cost
convention. Company has complied with Accounting Standards as
recommended by Institute of Chartered Accountants of India, provisions
of companies Act 1956 and guidelines issued by Securities and Exchange
Board of India.
B) Fixed Assets:
i. Fixed assets except lease hold land are stated at cost (net of
Cenvat and MVAT wherever applicable) of appreciation less accumulated
depreciation. Cost includes all costs incurred for bringing the assets
to its working condition for intended use.
ii. The cost of leasehold land is amortised over the period of lease.
C) Impairment of Fixed Assets:
The company has reviewed the carrying costs of fixed assets and does
not expect any loss on account of impairment.
D) Depreciation:
1. Depreciation is charged on all the assets on Straight Line basis
(SLM) at the rates and manner prescribed in schedule XIV of the
Companies Act, 1956 as amended up to date.
2. Leasehold land is amortized over the period of lease.
E) Investment:
Investments are stated at cost and income thereon is credited to
revenue on accrual basis.
F) Inventories:
Inventories are valued at cost or market price whichever is lower. The
Company has valued closing stock exclusive of excise duty as per the
new guidelines.
G) Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates
ruling on the date of the transactions. At the year end all monetary
assets and liabilities denominated in foreign currency are restated at
the closing exchange rate. Exchange differences arising out of actual
payments/realizations and from the year end restatement referred to
above are dealt with in the Profit & Loss Account.
H) Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts
and legal aspects of the matter involved. Provisions are recognized
when the company has a legal obligation and on management discretion as
a result of past events for which it is probable that cash outflow may
be required and reliable estimate can be made of the amount of
obligation.
I) Sales:
Sales are recognized on despatches to customers. Sales exclude Excise
Duties, VAT and CST.
J) Retirement Benefits:
The Company has created The Employees Group Gratuity Fund, which has
taken Gratuity cum Life Insurance Policy from Life Insurance
Corporation of India. Base for gratuity is the premium paid on the
above policy. Provision for leave encashment is made on the basis of
Actuarial Valuation. Company's contribution to Provident Fund has been
charged to Profit and Loss Account.
K) DISCLOSURE OF BORROWING COST CAPITALISED UNDER ACCOUNTING STANDARD
16.
During the year Company has capitalised certain assets. Appropriate
borrowing cost directly related to asset has been capitalized to
respective assets including Capital Work in Process as required under
AS 16.
L) SEGMENT REPORTING UNDER ACCOUNTING STANDARD 17
The Company operates in one business segment namely "Auto Components".
Hence reporting under this standard is not applicable to the Company.
Shri R.D.Dixit à Vice Chairman & Managing Director, Shri Nitin Menon Ã
Joint Managing Director are employees of the Company. Shri Kumar Nair,
Shri B. S. Ajitkumar and Dr. Y. S. P. Thorat Independent Directors are
not paid any remuneration. The salary, perquisites and remuneration
paid are disclosed under Note No.6 as "Managerial Remuneration".
Apart from above mentioned parties following parties are also related
parties of the Company. However, no significant transactions took place
with these parties during the year.
1) Menon & Menon Limited
2) Menon Engineering Services.
3) Menon Piston Rings Private Limited
4) Menon Pistons Limited
There are no write offs / write backs of any amount for any of the
above parties during the year .
N) LEASE ACCOUNTING AS PER ACCOUNTING STANDARD 19
Not applicable to the company since no new lease transaction took place
during the year which is covered under the perview of AS-19
O) EARNINGS PER SHARE AS PER ACCOUNTING STANDARD 20
The basic earnings per share for the year 2010-2011 is Rs.6.83
(Previous year Rs.4.93). Diluted earnings per share is not applicable
as the Company has not issued any Preference Shares / security /
warrant / debentures which are convertible into equity shares in
future.
Mar 31, 2010
A) Basis of Accounting:
Accounts of the Company are prepared under the historical cost
convention. Company has complied with Accounting Standards as
recommended by Institute of Chartered Accountants of India, provisions
of companies Act 1956 and guidelines issued by Securities and Exchange
Board of India.
B) Fixed Assets:
i. Fixed assets except lease hold land are stated at cost (net of
Cenvat and MVAT wherever applicable) of appreciation less accumulated
depreciation. Cost includes all costs incurred for bringing the assets
to its working condition for intended use.
ii. The cost of leasehold land is amortised over the period of lease.
C) Impairment of Fixed Assets:
The company has reviewed the carrying costs of fixed assets and does
not expect any loss on account of impairment.
D) Depreciation:
1. Depreciation is charged on all the assets on Straight Line basis
(SLM) at the rates and manner prescribed in schedule XIV of the
Companies Act, 1956 as amended up to date.
2. Leaseholdlandisamortizedovertheperiodoflease.
E) Investment:
Investments are stated at cost and income thereon is credited to
revenue on accrual basis.
F) Inventories:
Inventories are valued at cost or market price whichever is lower. The
Company has valued closing stock exclusive of excise duty as per the
new guidelines.
G) Foreign Exchange Transactions:
Foreign Currency transactions are accounted at the exchange rates
ruling on the date of the transactions. At the year end all monetary
assets and liabilities denominated in foreign currency are restated at
the closing exchange rate. Exchange differences arising out of actual
payments/realizations and from the year end restatement referred to
above are dealt with in the Profit & Loss Account.
H) Contingent Liabilities & Provisions:
Contingent liabilities are disclosed after careful evaluation of facts
and legal aspects of the matter involved. Provisions are recognized
when the company has a legal obligation and on management discretion as
a result of past events for which it is probable that cash outflow may
be required and reliable estimate can be made of the amount of
obligation.
I) Sales:
Sales are recognized on despatches to customers. Sales exclude Excise
Duties, VATand CST.
K) DISCLOSURE OF BORROWING COST CAPITALISED UNDER ACCOUNTING STANDARD
16.
During the year Company has capitalised certain assets. Appropriate
borrowing cost directly related to asset has been capitalized to
respective assets including Capital Work in Process as required under
AS 16.
L) SEGMENT REPORTING UNDER ACCOUNTING STANDARD 17
The Company operates in one business segment namely "Auto Components".
Hence reporting under this standard is not applicable to the Company.
Shri R. D.Dixit - Vice Chairman & Managing Director, Shri Nitin Menon -
Joint Managing Director and Shri T. K. Guha-Executive Director are
employees of the Company. Shri Kumar Nair and Shri B. S.Ajitkumar,
Independent Directors are not paid any remuneration. The salary,
perquisites and remuneration paid are disclosed under Note No.6 as
"Managerial Remuneration".
Apart from above mentioned parties following parties are also related
parties of the Company. However, no significant transactions took place
with these parties during the year.
1) Menon & Menon Limited
2) Menon Engineering Services.
3) Menon Piston Rings Private Limited
4) Menon Pistons Limited
There are no write offs / write backs of any amount for any of the
above parties during the year.
N) LEASE ACCOUNTING AS PER ACCOUNTING STANDARD 19
Not applicable to the company since no new lease transaction took place
during the year which is covered under the preview of AS-19
0) EARNINGS PER SHARE AS PER ACCOUNTING STANDARD 20
The basic earnings per share for the year 2009-2010 is Rs.4.93
(Previous year Rs. 6.56). During the year the shares of the Company
were sub-divided from face value of Rs.10/- each to Rs. 5/- each w.e.f.
9th Oct. 2009. Hence the current year EPS is not comparable with
previous year. Diluted earnings per share is not applicable as the
Company has not issued any Preference Shares / security / warrant /
debentures which are convertible into equity shares in future.
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
More Information on Menon Bearings Ltd.
-
Menon Bearings Ltd. Tools
- Bulk Deals
-
Menon Bearings Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Product Mix
- Banker/Auditor/Registrar
-
Company History
- Bonus
- BSE Price History
- NSE Price History
-
Menon Bearings Ltd. Key Financial Ratios
- Ratios
-
Menon Bearings Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
Menon Bearings Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
Menon Bearings Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Menon Bearings Ltd. Corporate Announcements
- Book Closure
- Dividend
- Board Meetings
-
Stocks To Buy Today, Dec 19: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Stocks To Buy Today, Dec 18: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday -
Stocks To Buy Today, Dec 17: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
Stocks To Buy Today, Dec 16: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
India Stock Market Weekly Review: Nifty and Sensex Fall as Caution Spreads -
Stocks To Buy Today, Dec 15: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday
-
Stocks To Buy Today, Dec 12: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Market Outlook 2026: Kotak Securities Sees Nifty 50 at 30,000; THESE 4 Sectors Lead Rally, Gold To Stay Strong -
Stocks To Buy Today, Dec 10: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
D-Street Bleeds For 2nd Day! Sensex Slumps 678 Pts; Nifty Cracks 25,800; Why Stock Market Is Falling Today? -
Stocks To Buy Today, Dec 9: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
Stocks To Buy Today, Dec 8: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday -
Stock Market Alert! Major Pre-Open Session Change From Dec 8: Full Timings, Rules & All You Need To Know -
Bank Nifty Surges: RBI’s 25 bps Rate Cut Triggers Strong Upside in Major Banking Stocks -
Closing Bell: Sensex Ends 158 pts Higher, Nifty Climbs Above 26,000; Hero MotoCorp, HAL Up 2% Each -
Stocks To Buy Today, Dec 4: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday
-
Block for 8 hours
-
Block for 12 hours
-
Block for 24 hours
-
Don't block
Sign in with Google- Male
- Female
- Others
- Under 18
- 18 to 25
- 26 to 35
- 36 to 45
- 45 to 55
- 55+