Property, Plant and Equipment are stated at cost, net recoverable taxes, trade discount and rebate less accumulated depreciation and
impairment losses, if any. Such cost included purchase price, borrowing cost and any cost directly attributable to bring the assets
to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate
variations attributable to the assets. 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 entity and the cost
can be measured reliably.

Property, Plant and Equipment which are significant to the total cost of that item of Property, Plant and Equipment and having
different useful life are accounted separately.

â¢ Leasehold land:

Leasehold land is stated at historical cost less amounts written off proportionate to expired lease period.

â¢ Capital Work-In-Progress:

Capital Work-In-Progress includes expenditure during construction period incurred on projects under implementation treated as
pre-operative expenses pending allocation to the assets. These expenses are apportioned to the respective fixed assets on their
completion / commencement of commercial production.

Depreciation on Property, Plant and Equipment is provided using straight-line method. Depreciation is provided based on useful life of
the assets as prescribed in accordance with the Part C of Schedule II of the Companies Act, 2013 except in respect of the following assets,
where useful life is different from those prescribed in Part C of Schedule II.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end
and adjusted prospectively, if appropriate.

Depreciation on addition to assets or on sale/discardment of assets, is calculated pro rata from the date of such addition or upto the date
of sale/discardment, as the case may be.

Gains or losses arising from derecognition of Property, Plant and Equipment are measured as the difference between the net disposal
proceeds and the carrying amount of the asset and are recognised in the statement of Profit and Loss when the assets is derecognised.

(d) Impairment of Non Financial Assets- Property, Plant and Equipment

The Company assesses at each reporting date as to whether there is any indication that any Property, Monetary Plant and Equipment
and group of Assets, called Cash Generating Units (CGU) may be impaired. If any such indication exists, the recoverable amount of an
asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an
individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, assetâs carrying amount exceeds its recoverable
amount. The recoverable amount is higher of an assetâs fair value less cost of disposal and value in use. Value in use is based on the
estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the
time value of money and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(e) Lease

At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for
all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value
leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line
basis over the term of the lease.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are
subsequently measured at cost less accumulated depreciation and impairment losses. Certain lease arrangements include the options to
extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably
certain that they will be exercised. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the
shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events
or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the
recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless
the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is
determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are
discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the
country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if
the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have
been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

(f) Finance Costs

Finance costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of
time to get ready for its intended use are capitalised as part of the cost of the asset. All other finance costs are expensed in the period in
which they occur. Finance costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

(g) Inventories

Inventories of Raw Materials, Packing Materials, Stores and Spares, Work-in Progress, Traded goods and Finished goods are valued
âat cost and net realisable valueâ whichever is lower. Cost comprises all cost of purchase, appropriate direct production overheads and
other costs incurred in bringing the inventories to their present location and condition. Cost formulae used is âWeighted Average Costâ.
Adequate allowance is made for defective, obsolete and slow-moving items. Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs necessary to make the sale. Raw materials and other supplies held for use in the
production of inventories are not written down below cost except in case the prices of Raw Materials have dropped to the extent where
cost Finished goods manufactured out of it exceed its net realisable value.

(h) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of
time is recognised as a finance cost.

Mar 31, 2024

A. Corporate Information

Wim Plast Limited (âthe Companyâ) is a listed entity incorporated in India under Companies Act, 1956 and its equity shares are listed on the Bombay Stock Exchange Limited in India. The registered office of the company is located at Survey No.324/4 to 7 of Kachigam, Village Kachigam, Swaminarayan Gurukul Road, Nani Daman, Daman-396210 India.

The Company has Eight (8) manufacturing units and Seven (7) trading depot(s) spread across PAN India. The Company is engaged in manufacturing of various products such as Plastic Moulded Furniture, Extrusion Sheets, Air Coolers, Dustbin Industrial Pallets and Industrial and Engineering Moulds.

The standalone financial statements are approved for issue by the Companyâs Board of Directors on May, 22 2024.

B. Material Accounting Policies B.1 Basis of Preparation

a) Statement of Compliance :

The Company prepares its Standalone Financial Statements to comply with the Indian Accounting Standards (âInd ASâ) specified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and the presentation requirements of Division II of Schedule III of Companies Act, 2013 (Ind AS compliant Schedule III). These Standalone financial statements includes Balance Sheet as at 31 March 2024, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Cash flows and Statement of changes in equity for the year ended 31 March 2024, and a summary of material accounting policy information and other explanatory information (together hereinafter referred to as âFinancial Statementsâ).

b) Basis of Measurement :

The financial statements for the year ended 31 March 2024 have been prepared on an accrual basis and a historical cost convention, except for the following financial assets and liabilities which have been measured at fair value at the end of each reporting period.

â¢ certain financial assets and liabilities (including derivative instruments) that are measured at fair value;

â¢ defined benefit plans - plan assets measured at fair value

Accounting policies and methods of computation followed in the financial statements are same as compared with the annual financial statements for the year ended 31 March 2023, except for adoption of new standard or any pronouncements effective from 1 April 2023.

The Company has prepared the financial statements on the basis that it will continue to operate as a going concern.

c) Classification of Current / Non-Current Assets and Liabilities:

The Company presents assets and liabilities in the Balance sheet based on current / non-current classification. It has been classified as current or non-current as per the Companyâs normal operating cycle, as per para 66 and 69 of Ind AS 1 and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013.

Operating Cycle:

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

d) Functional and presentation currency

These financial statements are presented in Indian Rupees (?) which is the functional currency of the Company. All amounts disclosed in the financial statements which also include the accompanying notes have been rounded off to the nearest million up to two decimal places, as per the requirement of Schedule III to the Companies Act 2013, unless otherwise stated. Transactions and balances with values below the rounding off norm adopted by the Company have been reflected as â0â in the relevant notes to these financial statements.

B.2 Summary of Material Accounting Policies

(a) Property, Plant and Equipment (PPE)

â¢ Freehold land:

Freehold land is carried at historical cost.

â¢ Property, Plant and equipment:

Property, Plant and Equipment are stated at cost, net recoverable taxes, trade discount and rebate less accumulated depreciation and impairment losses, if any. Such cost included purchase price, borrowing cost and any cost directly attributable to bring the assets to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. 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 entity and the cost can be measured reliably.

Property, Plant and Equipment which are significant to the total cost of that item of Property, Plant and Equipment and having different useful life are accounted separately.

â¢ Leasehold land:

Leasehold land is stated at historical cost less amounts written off proportionate to expired lease period.

(b) Capital Work-In-Progress:

Capital Work-In-Progress includes expenditure during construction period incurred on projects under implementation treated as pre-operative expenses pending allocation to the assets. These expenses are apportioned to the respective fixed assets on their completion / commencement of commercial production.

Depreciation on Property, Plant and Equipment is provided using straight-line method. Depreciation is provided based on useful life of the assets as prescribed in accordance with the Part C of Schedule II of the Companies Act, 2013 except in respect of the following assets, where useful life is different than those prescribed in Part C of Schedule II.

PARTICULARS		USEFUL LIFE
Plant & Machinery		10 years
Moulds		6 years
Leasehold Land		Lease term
Mobile Phone, Teleph	one Instrument etc	100% depreciate	;d in the ye	ar of addition.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Depreciation on addition to assets or on sale/discardment of assets, is calculated pro rata from the date of such addition or upto the date of sale/discardment, as the case may be.

Gains or losses arising from derecognition of Property, Plant and Equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of Profit and Loss when the assets is derecognised.

(d) Impairment of Non Financial Assets- Property, Plant and Equipment

The Company assesses at each reporting date as to whether there is any indication that any Property, Monetary Plant and Equipment and group of Assets, called Cash Generating Units (CGU) may be impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, assetâs carrying amount exceeds its recoverable amount. The recoverable amount is higher of an assetâs fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(e) Lease

At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

(f) Finance Costs

Finance costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of the asset. All other finance costs are expensed in the period in which they occur. Finance costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

(g) Inventories

Inventories are stated at the lower of cost and net realizable value after providing for obsolescence and other losses, where considered necessary on an item-by-item basis. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the Weighted Average Cost method.

Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution

(h) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

(i) Provisions for warranty and other provisions

Provision is estimated for expected warranty claim in respect of products sold during the year based on past experience regarding defective claim of products and cost of rectification or replacement. It is expected that most of this cost will be incurred over the next 12 months in line with the warranty terms.

Other provisions are provisions in respect of probable claims, the outflow of which would depend on the cessation of the respective events.

(j) Contingent Liabilities and Commitments

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources embodying economic benefits will be required to settle or a reliable estimate of amount cannot be made.

k) Employee Benefits Expense

Employee benefits include bonus, compensated absences, provident fund, employee state insurance scheme and gratuity fund.

a) Short-term Employee Benefits

Liabilities for wages and salaries, bonus and ex gratia including non-monetary benefits that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service are classified as short-term employee benefits and are recognised as an expense in the Statement of Profit and Loss as the related service is provided.

Certain employees of the Company are entitled to compensated absences based on statutory provisions. The Company records an obligation for compensated absences in the period in which the employee renders the services that increases this entitlement.

A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

b) Post-Employment Benefits

I. Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which a Company pays specified contributions to a separate entity and has no obligation to pay any further amounts. The Company makes contribution to provident fund in accordance with Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employee State Insurance. Contribution paid or payable in respect of defined contribution plan is recognised as an expense in the year in which services are rendered by the employee.

II. Defined benefit plans

The Companyâs gratuity benefit scheme is a defined benefit plan. The liability is recognised in the Balance Sheet in respect of gratuity is the present value of the defined benefit/obligation at the balance sheet date less the fair value of plan assets, together with adjustments for unrecognized actuarial gain losses and past service costs. The defined benefit/obligation are calculated at balance sheet date by an independent actuary using the projected unit credit method.

Re-measurement of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income (OCI).

(l) Tax Expenses

Income tax expense /income comprises current tax expense /income and deferred tax expense /income. It is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. In which case, the tax is also recognised directly in equity or other comprehensive income, respectively.

Current tax

Current tax comprises the expected tax payable or recoverable on the taxable profit or loss for the year and any adjustment to the tax payable or recoverable in respect of previous years. It is measured at the amount expected to be paid to (recovered from) the taxation authorities using the applicable tax rates and tax laws.

Current tax assets and liabilities are offset only if,

Â¦ the Company has a legally enforceable right to set off the recognised amounts; and

Â¦ intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for financial reporting purpose and the amount considered for tax purpose.

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized such reductions are reversed when it becomes probable that sufficient taxable profits will be available.

Unrecognized deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be recovered.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted by the end of the reporting year.

The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if:

Â¦ the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and

the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity

(m) Foreign Currencies Transactions and Translation

Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss and costs that are directly attributable to the acquisition assets, are capitalized as cost of assets.

Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of the transaction. Exchange differences arising out of these transactions are charged to the Statement of Profit and Loss.

In case of an asset, expense or income where a non-monetary advance is paid/received, the date of transaction is the date on which the advance was initially recognised. If there were multiple payments or receipts in advance, multiple dates of transactions are determined for each payment or receipt of advance consideration.

(n) Revenue from Operation

The Company derives revenues from sale of manufactured goods, traded goods and related services.

Revenue from contracts with customers is recognized on transfer of control of promised goods or services to a customer at an amount that reflects the consideration to which the Company is expected to be entitled to in exchange for those goods or services.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold is net of variable consideration on account of various discounts and schemes offered by the Company as part of the contract. This variable consideration is estimated based on the expected value of outflow. Revenue (net of variable consideration) is recognized only to the extent that it is highly probable that the amount will not be subject to significant reversal when uncertainty relating to its recognition is resolved.

Sale of Products

Revenue from sale of products is recognized when the control on the goods have been transferred to the customer. The performance obligation in case of sale of product is satisfied at a point in time i.e., when the material is shipped to the customer or on delivery to the customer, as may be specified in the contract.

Revenue from Services

Revenue from rendering of services is recognised over time by measuring the progress towards complete satisfaction of performance obligations at the reporting period.

Other Income Interest income:

Interest income is recognized on a time proportionate basis taking into account the amounts invested and the rate of interest. For all financial instruments measured at amortised cost, interest income is recorded using the Effective interest rate method to the net carrying amount of the financial assets.

Dividend Income:

Dividend Income is recognised when the Companyâs right to receive the amount has been established.

(o) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial instruments also cover contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a nonfinancial item in accordance with the entityâs expected purchase, sale or usage requirements.

(i) Financial Assets

i) Initial Recognition and Measurement

All financial assets are initially recognised at fair value. Transaction costs that are directly attributable to the acquisition or issue of Financial Assets and financial liabilities, which are not at Fair Value through Profit or Loss, are adjusted to the fair value on initial recognition. Purchases and sales of Financial Assets are recognised using trade date accounting.

ii) Subsequent Measurement

1) Financial Assets measured at Amortised Cost (AC) :

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the assets in order to collect contractual cash flows and the contractual terms of financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

2) Financial Assets measured at Fair Value Through Other Comprehensive Income (FVOCI):

A Financial Asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling Financial Assets and the contractual terms of the Financial Asset give rise on specified dates to cash flows that represents solely payment of principal and interest on the principal amount outstanding.

3) Financial Assets measured at Fair Value Through Profit or Loss (FVTPL):

A Financial Asset which is not classified in any of the above categories are measured at FVTPL. Financial assets are reclassified subsequent to their recognition, if the Company changes its business model for managing those financial assets. Changes in business model are made and applied prospectively from the of hedged item due to movement in interest rates, foreign exchange rates and commodity prices.

iii) Investment in Subsidiary:

The Company has accounted for its investments in Subsidiary at cost less accumulated impairment losses, (if any). Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.

iv) Investment in Mutual funds:

Mutual Funds are measured at fair value through profit and loss (FVTPL), with value changes recognised in Statement of Profit and Loss. However, profit and Loss on mutual fund is recognised in the Statement of Profit and loss at time of redemptions.

v) Investment in Equity instruments:

Equity investments are measured at fair value through profit and loss (FVTPL), with value changes recognised in Statement of Profit and Loss. However, dividend on such equity investments are recognised in Statement of Profit and loss when the Companyâs right to receive payment is established and interest is accounted as an when it receipt.

vi) Investment in Bond:

Investments in bonds are measured at fair market through Other comprehensive Income (FVOCI).

vii) Investment in Market linked Debenture:

Investment in Market linked debenture are measured at fair value through profit and loss (FVTPL).

viii) Loans, Deposits and other Receivable:

Loans and receivable are non-derivative financial assets with fixed or determinable payment that are not quoted in the active market. Such assets are carried at amortised cost using the effective interest method.

ix) Impairment of Financial Assets

In accordance with Ind-AS 109, The Company uses âExpected Credit Losses (ECL)â model, for evaluating impairment of Financial Assets other than those measured at Fair Value Through Profit and Loss (FVTPL).

Expected credit losses are measured through as loss allowance at an amount equal to:

â¢ The 12- months expected credit losses (expected credit losses that result from those default events on the financial instruments that are possible within 12 months after the reporting date); or

â¢ Full lifetime expected credit losses(expected credit losses that result from all possible default events over the life of the financial instrument)

For trade receivables company applies âSimplified approachâ which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed.

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.

Other Financial Assets mainly consists of Loans to employees, Security Deposit, other deposits, interest accrued on Fixed Deposits, other receivables and advances measured at amortized cost.

Following is the policy for specific financial assets:-

Type of financial asset	Policy
Loans to employees	The Company avails guarantee for loan provided to employees. In case of default in repayment of loan, the same is recovered from the salary of the guarantor.
Security Deposits	Security deposits are in the nature of statutory deposits like electricity, telephone deposits. Since they are kept with Government bodies, there is low risk.

Financial liabilities

1) Initial recognition and measurement

The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.

2) Subsequent measurement

Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

3) Derivative Financial Instruments

Derivative financial liabilities are measured at fair value through Profit and loss.

iii) Derecognition of Financial Instruments

The company derecognises a financial asset when the contractual rights to the cash flows from the Financial Asset expire or it transfers the Financial Asset and the transfer qualifies for derecognition under Ind AS 109. A Financial Liability (or part of Financial Liability) is derecognised from the Companyâs Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

iv) Offsetting of Financial Instruments

Financial Assets and Financial Liabilities are offset and the net amount is presented in the Balance Sheet when, and only when, the Company has a legally enforceable legal right to set off the amount and it intends, either to settle them on a net basis, to realise the assets and settle the liabilities simultaneously.

v) Fair value measurements of financial instruments

The Company measures financial instruments, such as, derivatives, investments in Mutual funds, etc. at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

â¢ In the principal market for the asset or liability, or

â¢ In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participantâs ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows:

Level 1 â Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 â Valuation techniques for which the input that is significant to the fair value measurement is directly or indirectly observable

Level 3 â Valuation techniques for which the input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between the levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

External valuerâs are involved for valuation of significant assets, such as properties, unquoted financial assets etc, if needed. Involvement of independent external valuers is decided upon annually by the Company. Further such valuation is done annually at the end of the financial year and the impact, if any, on account of such fair valuation is taken in the annual financial statements.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The inputs to these models are from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Changes in assumptions could affect the reported value of fair value of financial instruments.

(p) Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(q) Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.

(r) Segment

As defined in Ind AS 108, Operating Segments are reported in the manner consistent with the internal reporting. The same is regularly reviewed by the Managing Director/ Chief Financial Officer who assess the operational performance of the Company and make strategic decisions

Segment Assets and Liabilities - The Company mainly deals in Plastic Products. Most of the Asset and Liabilities of the reportable segment are common/interchangeable hence it is not practically possible to allocate the same. Consequently, Segment Assets and Liabilities have not been presented Segment-Wise.

(s) Earnings Per Share Basic Earnings Per Share

Basic Earnings Per Share is calculated by dividing the net profit after tax for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period.

Diluted Earnings Per Share

Diluted Earnings Per Share is calculated by dividing the profit attributable to equity holders by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares

C) Critical Accounting Judgments and Key Sources Of Estimation Uncertainty

The preparation of Companyâs financial Statements requires management to make judgements, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in next financial years.

a. Determination of the estimated useful lives of Property, Plant and Equipment and Intangible Assets:

Estimates are involved in determining the cost attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the management. Property, Plant and Equipment/Intangible Assets are depreciated/amortised over their estimated useful life, after taking into account estimated residual value. Management reviews the estimated useful life and residual values of the assets annually in order to determine the amount of depreciation/ amortisation to be recorded during any reporting period. The useful life and residual values are based on the Companyâs historical experience with similar assets and take into account anticipated technological changes. The depreciation/amortisation for future periods is revised if there are significant changes from previous estimates.

b. Recoverability of Trade Receivables

Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision against those receivables is required or not. Factors considered include the credit rating of the counterparty, the amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non-payment.

c. Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgements to existing facts and circumstances, which can be subject to change. The carrying amount of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances..

d. Recognition Defined benefit plans

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, trends in salary escalation, actuarial rates and life expectancy. The discount rate is determined by reference to market yields at the end of the reporting period on government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations.

e. Application of Discount rates

Estimates of rates of discounting are done for measurement of fair values of certain financial assets and liabilities, which are based on prevalent bank interest rates and the same are subject to change.

f. Current versus non-current classification

All the assets and liabilities have been classified as current or non-current as per the companyâs normal operating cycle of twelve months and other criteria set out in Schedule 111 to the Companies Act, 2013.

g. Impairment of financial assets

h. Impairment of non-financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Companyâs past history, existing market conditions as well as forward looking estimates at the end of each reporting period. The impairment provision for of non-financial assets company estimates assetâs recoverable amount, which is higher of an assetâs or Cash Generating Units (CGUâs) fair value less costs of disposal and its value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate evaluation model is used.

i. Recognition of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses for which there is probability of utilisation against the future taxable profit. The Company uses judgement to determine the amount of deferred tax that can be recognised, based upon the likely timing and the level of future taxable profits and business developments.

D) Changes in material accounting policy information

The Company has applied new standards, interpretations and amendments issued and effective for annual periods beginning on or after 01 April 2023. This did not have any material changes in the Companyâs standalone accounting policies

E) New and amended standards

The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 01 April 2023.

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from 01 April 2023, as below:

(i) Definition of Accounting Estimates - Amendments to Ind AS 8:

The amendments to Ind AS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Companyâs standalone financial statements.

(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1:

The amendments to Ind AS 1 provided guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their âsignificantâ accounting policies with a requirement to disclose their âmaterialâ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments had an impact on the Companyâs disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Companyâs standalone financial statements.

iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12:

The amendments to Ind AS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the Companyâs financial statements.

F) Recent Indian Accounting Standards (Ind AS) issued not yet effective

Ministry of Corporate Affairs (âMCAâ) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On 31 March 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company

G) The material accounting policy information used in preparation of the financial statements have been discussed in the respective notes.

Mar 31, 2023

SIGNIFICANT ACCOUNTING POLICIES

A. Corporate Information

The Company has Nine (9) manufacturing units and Ten (10) trading depot(s) spread across PAN India. The Company is engaged in manufacturing of various plastic products such as Plastic Moulded Furniture, Extrusion Sheets, Air Coolers, Dustbin Industrial Pallets and Industrial and Engineering Moulds.

The standalone financial statements are approved for issue by the Companyâs Board of Directors on 29th May, 2022.

B. Significant Accounting Policies

B.1 Basis of Preparation and Presentation

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the âInd ASâ) as prescribed under section 133 of the Companies Act, 2013 (âthe Actâ) read with Companies (Indian Accounting standards) Rules, 2015 as amended and other relevant provisions of the Act.

The Financial Statements have been prepared on the historical cost basis except for following assets and liabilities which have been measured at fair value amount:

i) Certain Financial Assets and Liabilities (including Derivate Instrument) and

ii) Defined Benefit Plans - Plan Assets.

The Companyâs Financial Statements are presented in Indian Rupees (''), which is also its functional currency and all values are rounded to the nearest Lakhs (''00,000), except when otherwise indicated.

B.2 Summary of Significant Accounting Policies

(a) Current and Non-Current Classification

The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification.

An asset is treated as Current when it is -

- Expected to be realised or intended to be sold or consumed in normal operating cycle;

- Held primarily for the purpose of trading;

- Expected to be realised within twelve months after the reporting period, or

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycle;

- It is held primarily for the purpose of trading;

- It is due to be settled within twelve months after the reporting period, or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current.

Deferred tax Assets and liabilities are classified as non-current Assets and liabilities.

(b) Property, plant and equipment â¢ Freehold land:

Freehold land is carried at historical cost.

â¢ Property, Plant and equipment:

Property, Plant and Equipment are stated at cost, net recoverable taxes, trade discount and rebate less accumulated depreciation and impairment losses, if any. Such cost included purchase price, borrowing cost and any cost directly attributable to bring the assets to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. 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 entity and the cost can be measured reliably.

Property, Plant and Equipment which are significant to the total cost of that item of Property, Plant and Equipment and having different useful life are accounted separately.

â¢ Leasehold land:

Leasehold land is stated at historical cost less amounts written off proportionate to expired lease period.

â¢ Capital Work-In-Progress:

Capital Work-In-Progress includes expenditure during construction period incurred on projects under implementation treated as pre-operative expenses pending allocation to the assets. These expenses are apportioned to the respective fixed assets on their completion / commencement of commercial production.

Depreciation on Property, Plant and Equipment is provided using straight-line method. Depreciation is provided based on useful life of the assets as prescribed in accordance with the Part C of Schedule II of the Companies Act, 2013 except in respect of the following assets, where useful life is different than those prescribed in Part C of Schedule II.

PARTICULARS	DEPRECIATION
Plant & Machinery	Over the period of 10 years
Moulds	Over the period of 6 years
Leasehold Land	Over the period of Lease term
Mobile Phone, Telephone Instrument etc	100% depreciated in the year of addition.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Depreciation on addition to assets or on sale/discardment of assets, is calculated pro rata from the date of such addition or upto the date of sale/discardment, as the case may be.

Gains or losses arising from derecognition of Property, Plant and Equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of Profit and Loss when the assets is derecognised.

(d) Impairment of Non Financial Assets- Property, Plant and Equipment

The Company assesses at each reporting date as to whether there is any indication that any Property, Monetary Plant and Equipment and group of Assets, called Cash Generating Units (CGU) may be impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, assetâs carrying amount exceeds its recoverable amount. The recoverable amount is higher of an assetâs fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(e) Lease

At the date of commencement of the lease, the Company recognizes a right-of-use asset (âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

(f) Finance Costs

Finance costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of the asset. All other finance costs are expensed in the period in which they occur. Finance costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

(g) Inventories

Inventories include Raw Materials, Packing Materials, Stores and Spares, Traded Goods are measured at cost and Finished Goods Inventories are measured at lower of, cost and net realisable value after providing for obsolescence, if any.

Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads net of recoverable taxes incurred in bringing them to their respective present location and condition. Cost is determined on first in, first out basis

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

Raw Materials and other supplies held for use in production of inventories are not written down below cost except in the case where material prices have declined and it is estimated that the cost of the finished product will exceed its net realisable value.

(h) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

(i) Provisions for warranty and other provisions:

Other provisions are provisions in respect of probable claims, the outflow of which would depend on the cessation of the respective events.

(j) Contingent Liabilities and Commitments

(a) Employee Benefits Expense

Employee benefits include bonus, compensated absences, provident fund, employee state insurance scheme and gratuity fund.

i) Short Term Employee Benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

ii) Post-Employment Benefits

1) Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company makes specified monthly contributions towards Provident Fund, Superannuation Fund, Employeesâ State Insurance Corporation and Pension Scheme. The Companyâs contribution is recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.

2) Defined Benefit Plans

The Company pays gratuity to the employees who have completed five years of service at the time of resignation/ superannuation. The gratuity is paid @15 days basic salary for every completed year of service as per the Payment of Gratuity Act, 1972. The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment to the employees. The gratuity fund has been approved by respective Income Tax authorities. The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the period during which the benefit is expected to be derived from employeesâ services. Remeasurement gains and losses arising from adjustments and changes in actuarial assumptions are recognised in the period in which they occur in Other Comprehensive Income.

iii) Other Employee Benefits Compensated Absences

Accumulated compensated absences, which are expected to be availed or encashed within 12 months from the end of the year end are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end.

(b) Tax Expenses

The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the Other Comprehensive Income . In which case , tax is also recognized in Other Comprehensive Income .

â¢ Current tax :

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted at the Balance Sheet date.

â¢ Deferred tax :

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses can be utilised. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.

(d) Revenue Recognnition.

The Company derives revenues from sale of manufactured goods, traded goods and related services.

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration entitled in exchange for those goods or services. The Company is generally the principal as it typically controls the goods or services before transferring them to the customer. Generally, control is transferred upon shipment of goods to the customer or when the goods is made available to the customer, provided transfer of title to the customer occurs and the Company has not retained any significant risks of ownership or future obligations with respect to the goods shipped.

Revenue is measured at the amount of consideration which the Company expects to be entitled to in exchange for transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected on behalf of third parties (for example taxes and duties collected on behalf of the government).

Sale of goods: Revenues are recognized at a point in time when control of the goods passes to the buyer, usually upon either at the time of dispatch or delivery. In case of export sale, it is usually recognised based on the shipped-on board date as per bill of lading. Revenue from sale of goods is net of taxes and recovery of charges collected from customers like transport, packing etc.

Revenue from Services

Revenue from rendering of services is recognised over time by measuring the progress towards complete satisfaction of performance obligations at the reporting period.

Other Income

Interest income:

Dividend Income:

Dividend Income is recognised when the Companyâs right to receive the amount has been established.

(e) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

(i) Financial Assets

i) Initial Recognition and Measurement

ii) Subsequent Measurement

1) Financial Assets measured at Amortised Cost (AC) :

2) Financial Assets measured at Fair Value Through Other Comprehensive Income (FVOCI):

3) Financial Assets measured at Fair Value Through Profit or Loss (FVTPL):

iii) Investment in Subsidiaries:

The Company has accounted for its investments in Subsidiaries at cost less accumulated impairment losses, (if any). Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.

iv) Investment in Mutual funds:

v) Investment in Equity instruments:

vi) Investment in Bond:

Investments in bonds are measured at fair market through Other comprehensive Income (FVOCI).

vii) Investment in Commodity:

Investment in Commodity are measured at fair value through profit and loss (FVTPL).

viii) Loans, Deposits and other Receivable:

ix) Impairment of Financial Assets

Expected credit losses are measured through as loss allowance at an amount equal to:

â¢ The 12- months expected credit losses (expected credit losses that result from those default events on the financial instruments that are possible within 12 months after the reporting date); or

â¢ Full lifetime expected credit losses(expected credit losses that result from all possible default events over the life of the financial instrument)

Other Financial Assets mainly consists of Loans to employees, Security Deposit, other deposits, interest accrued on Fixed Deposits, other receivables and advances measured at amortized cost.

Following is the policy for specific financial assets:-

Type of financial asset	Policy
Loans to employees	The Company avails guarantee for loan provided to employees. In case of default in repayment of loan, the same is recovered from the salary of the guarantor.
Security Deposits	Security deposits are in the nature of statutory deposits like electricity, telephone deposits. Since they are kept with Government bodies, there is low risk.

Financial liabilities

1) Initial recognition and measurement

2) Subsequent measurement

3) Derivative Financial Instruments

Derivative financial liabilities are measured at fair value through Profit and loss.

iii) Derecognition of Financial Instruments

iv) Offsetting of Financial Instruments

Financial Assets and Financial Liabilities are offset and the net amount is presented in the Balance Sheet when, and only when, the Company has a legally enforceable legal right to set off the amount and it intends, either to to settle them on a net basis, to realise the assets and settle the liabilities simultaneously.

v) Fair value measurements of financial instruments

The Company measures financial instruments, such as, derivatives, investments in Mutual funds, etc. at fair value at each balance sheet date.

â¢ In the principal market for the asset or liability, or

â¢ In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Company.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows:

Level 1 â Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 â Valuation techniques for which the input that is significant to the fair value measurement is directly or indirectly observable

Level 3 â Valuation techniques for which the input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between the levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The inputs to these models are from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Changes in assumptions could affect the reported value of fair value of financial instruments.

(f) Cash and Cash Equivalents

(g) Cash Flow Statement

(h) Segment

(i) Earnings Per Share

Basic Earnings Per Share

Diluted Earnings Per Share

C) Critical Accounting Judgments and Key Sources Of Estimation Uncertainty

a. Determination of the estimated useful lives of Property, Plant and Equipment and Intangible Assets:

a. Recoverability of Trade Receivables

b. Provisions

The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

c. Recognition Defined benefit plans

d. Application of Discount rates

e. Current versus non-current classification

All the assets and liabilities have been classified as current or non-current as per the companyâs normal operating cycle of twelve months and other criteria set out in Schedule III to the Companies Act, 2013.

f. Impairment of financial assets

g. Impairment of non-financial assets

h. Recognition of Deferred Tax Assets and Liabilities

D) Recent Accounting Pronouncements

Ministry of Corporate Affairs (âMCAâ) has notified the following new amendments to Ind AS which the Company has not applied as they are effective for annual periods beginning on or after April 1, 2023.

Amendment to Ind AS 1 âPresentation of Financial Instrumentsâ

The amendments require companies to disclose their material accounting policies rather than their significant accounting policies. Accounting policy information is material if, together with other information can reasonably be expected to influence decisions of primary users of general purpose financial statements. The Company does not expect this amendment to have any significant impact in its financial statements.

Amendment to Ind AS 12 âIncome Taxesâ

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The Company is evaluating the impact, if any, in its financial statements.

Amendment to Ind AS 8 âAccounting Policies, Changes in Accounting Estimates and Errorsâ

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are âmonetary amounts in financial statements that are subject to measurement uncertaintyâ. Entities use measurement techniques and inputs to develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The Company does not expect this amendment to have any significant impact in its financial statements.

Mar 31, 2018

1) COMPANY INFORMATION

Wim Plast Limited (âthe Companyâ) is a listed entity incorporated in India and has its registered office at Survey No.324/4 to 7 of Kachigam, Village Kachigam, Swaminarayan Gurukul Road, Nani Daman, Daman-39621. It is incorporated under Companies Act ,1956 and its equity shares are listed on the Bombay Stock Exchange Limited in India.

The Company has Nine (9) manufacturing units and Nineteen (19) trading depots spread PAN India. The Company is engaged in manufacturing of various plastic products such as Plastic Moulded Furniture, Extrusion Sheets, Air Coolers, and Industrial and Engineering Moulds.

2) SIGNIFICANT ACCOUNTING POLICIES

a) Basis of preparation and presentation

The Financial Statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) to comply with the section 133 of the Companies Act 2013(âthe 2013 Actâ), read with Rule 3 of the Companies (Indian Accounting Standards) Rule 2015, and Companies (Indian Accounting Standards) Rules, 2016. For all periods up to and for the year ended March 31, 2017 , the Company prepared its financial statements in accordance with accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These financial statements are the Company''s first Ind AS financial statements and are covered by Ind AS 101, First-time adoption of Indian Accounting Standards. The transition to Ind AS has been carried out from the accounting principles generally accepted in India (âIndian GAAPâ) which is considered as the âPrevious GAAPâ for purposes of Ind AS 101.

All the assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in Schedule III to the Act. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained the operating cycle to be 12 months.

Functional and presentation currency:

These financial statements are presented in Indian rupees, which is the Company''s functional currency. All amounts have been rounded off to two decimal places to the nearest lakh, unless otherwise indicated.

Historical cost convention:

The financial statements have been prepared on a historical cost basis, except for the following:

- certain financial assets and liabilities (including derivative instrument), if any that are measured at fair value;

- defined benefit plans - plan assets measured at fair value

b) Use of Estimate and Judgements

The preparation of the financial statements requires that the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The recognition, measurement, classification or disclosure of an item or information in the financial statements is made relying on these estimates.

The estimates and judgements used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

Estimates and assumptions are required in particular for:

- Determination of the estimated useful lives of Property, Plant and Equipment and Intangible Assets:

Property, plant and equipment / intangible assets are depreciated / amortised over their estimated useful lives, after taking into account estimated residual value. Management reviews the estimated useful lives and residual values of the assets annually in order to determine the amount of depreciation / amortisation to be recorded during any reporting period. The useful lives and residual values are based on the Company''s historical experience with similar assets and take into account anticipated technological changes. The depreciation / amortisation for future periods is revised if there are significant changes from previous estimates.

- Recoverability of trade receivables

- Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take into account, the changing facts and circumstances.

- Recognition Defined benefit plans

- Application of Discount rates

- Current versus non-current classification

All the assets and liabilities have been classified as current or non-current as per the company''s normal operating cycle of twelve months and other criteria set out in Schedule III to the Companies Act, 2013.

- Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an, asset''s or group of Assets, called Cash Generating Units (CGU), fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or CGU''s. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

- Impairment of financial assets

c) Property, plant and equipment

- Freehold land:

Freehold land is carried at historical cost.

- Property, plant and equipment:

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any. Cost includes import duties, non-refundable purchase taxes and other expenses directly attributable to the acquisition of he asset.

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 entity and the cost can be measured reliably.

- Leasehold land:

Leasehold land is stated at historical cost less amounts written off proportionate to expired lease period.

- Capital Work-in-Progress:

Capital Work-in-Progress includes expenditure during construction period incurred on projects under implementation treated as pre-operative expenses pending allocation to the assets. These expenses are apportioned to the respective fixed assets on their completion / commencement of commercial production.

d) Depreciation and Amortisation:

Depreciation on property, plant and equipment is provided using straight-line method. Depreciation is provided based on useful life of the assets as prescribed in accordance with the Part C of Schedule II of the Companies Act, 2013 except in respect of the following assets, where useful life is different than those prescribed in Part C of Schedule II.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of Profit and Loss when the assets is derecognised.

e) Impairment of Non-Financial Assets- Property, Plant and Equipment

The Company assesses at each reporting date as to whether there is any objective evidence that a non-financial asset or a group of assets, called Cash Generating Units (CGU) are impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset''s carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset''s fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

f) Lease

Leases are classified as finance leases whenever the terms of the lease, transfers substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating lease.

Lease Payments

Operating lease payments are recognized as an expense in the statement of profit and loss on a straight-line basis over the lease term.

g) Finance Costs

Finance costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of the asset. All other finance costs are expensed in the period in which they occur. Finance costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

h) Inventories

Inventories include Raw Materials, Packing Materials, Stores and Spares, Consumables, Traded Goods and Finished Goods Inventories are measured at lower of, cost and net realisable value after providing for obsolescence, if any.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

i) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. j) Provisions for warranty and other provisions:

Other provisions are provisions in respect of probable claims, the outflow of which would depend on the cessation of the respective events.

k) Contingent Liabilities and Commitments

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable. l) Government Grants

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. Government grants related to revenue are recognised on a systematic basis in the statement of profit and loss over the periods necessary to match them with the related costs which they are intended to compensate. Such grants are deducted in reporting the related expense. When the grant relates to an asset, it is recognized as income over the expected useful life of the asset. In case a non-monetary asset is given free of cost it is recognised at a fair value. When loan or similar assistance are provided by government or related institutions, with an interest rate below the current applicable market rate, the effect of this favourable interest is recognized as government grant. The loan or assistance is initially recognized and measured at fair value and the government grant is measured as the difference between the initial carrying value of the loan and the proceeds received. m) Employee Benefits Expense

Employee benefits include bonus, compensated absences, provident fund, employee state insurance scheme and gratuity fund.

i) Short Term Employee Benefits

ii) Post-Employment Benefits

1) Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company makes specified monthly contributions towards Provident Fund, Superannuation Fund, Employees'' State Insurance Corporation and Pension Scheme. The Company''s contribution is recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.

2) Defined Benefit Plans

The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of resignation/superannuation. The gratuity is paid @15 days salary for every completed year of service as per the Payment of Gratuity Act 1972.

The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the period during which the benefit is expected to be derived from employee''s services. Re-measurement of defined benefit plan in respect of post-employment are charged to the Other Comprehensive Income.

iii) Other Employee Benefits Compensated Absences

Accumulated compensated absences, which are expected to be availed or encased within 12 months from the end of the year end are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end. n) Tax Expenses

- Current tax :

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the end of the reporting period

- Deferred tax :

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.

o) Foreign currencies transactions and translation

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss and costs that are directly attributable to the acquisition assets, are capitalized as cost of assets.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made.

Revenue from Sale

Revenue from sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment. Amounts disclosed as revenue are inclusive of excise duty and net of returns, rebates and discounts, taxes, etc.

Revenue from Services

Revenue from rendering of services is recognised when the performance of agreed contractual task has been completed.

Interest income

Interest income from a Financial Asset is recognised using effective interest rate method.

Dividend

Dividend income is recognized when the Company''s right to receive the payment has been established. q) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial instruments also covers contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity''s expected purchase, sale or usage requirements.

(i) Financial Assets

i) Initial recognition and measurement

ii) Subsequent measurement

1) Financial Assets measured at amortised cost:

2) Financial Assets measured at Fair Value Through Other Comprehensive Income (FVOCI):

A Financial Asset is measured at FVOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling Financial Assets and the contractual terms of the Financial Asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding.

3) Financial Assets measured at Fair Value Through Profit or Loss (FVTPL):

A Financial Asset which is not classified in any of the above categories is measured at FVTPL.

iii) Investment in subsidiary:

The Company has accounted for its investments in Subsidiary at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.

iv) Derivative Instrument:

The Company has not entered any transaction in Derivatives, during the current and previous year.

v) Loans, Deposits and Receivable:

vi) Impairment of Financial Assets

Expected credit losses are measured through as loss allowance at an amount equal to:

- The 12- months expected credit losses (expected credit losses that result from those default events on the financial instruments that are possible within 12 months after the reporting date); or

- Full lifetime expected credit losses(expected credit losses that result from all possible default events over the life of the financial instrument)

The credit loss is difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate. This is assessed on an individual or collective basis after considering all reasonable factors including that which are forward-looking. For trade receivables company applies âSimplified approach'' which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed.

Other Financial Assets mainly consists of Loans to employees, Security Deposit, other deposits, interest accrued on Fixed Deposits, other receivables and advances measured at amortized cost.

Following is the policy for specific financial assets:-

ii) Financial liabilities

1) Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.

The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and other payables, financial guarantee contracts.

2) Subsequent measurement

3) Derivative Financial Instruments and Hedge Accounting

The company has not entered into any contract, which is related to derivative financial instrument and hedge accounting during the current and previous year.

iii) Derecognition of Financial Instruments

The company derecognises a financial asset when the contractual rights to the cash flows from the Financial Asset expire or it transfers the Financial Asset and the transfer qualifies for derecognition under Ind AS 109. A Financial Liability (or part of Financial Liability) is derecognised from the Company''s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

iv) Offsetting of Financial Instruments

Financial Assets and Financial Liabilities are offset and the net amount is presented in the Balance Sheet when, and only when, the Company has a legally enforceable legal right to set off the amount and it intends, either to to settle them on a net basis, to realise the assets and settle the liabilities simultaneously.

v) Fair value measurements of financial instruments

The Company measures financial instruments, such as, derivatives, investments in Mutual funds, etc. at fair value at each balance sheet date.

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that mark

participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows:

- Level 1 â Quoted (unadjusted) prices in active markets for identical assets or liabilities

- Level 2 â Valuation techniques for which the input that is significant to the fair value measurement is directly or indirectly observable

- Level 3 â Valuation techniques for which the input that is significant to the fair value measurement is unobservable

External valuer''s are involved for valuation of significant assets, such as properties, unquoted financial assets etc, if needed. Involvement of independent external valuers is decided upon annually by the Company. Further such valuation is done annually at the end of the financial year and the impact, if any, on account of such fair valuation is taken in the annual financial statements.

Cash and Cash equivalents include cash and Cheque in hand, bank balances, demand deposits with banks and other short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value where original maturity is three months or less.

s) Cash Flow Statement

u) Earnings Per Share

Basic Earnings Per Share

Basic Earnings Per Share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period.

Diluted Earnings Per Share

v) Standards Issued but not Effective

On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Ind AS 115 - Revenue from Contract with Customers and certain amendments to the existing Ind AS''s. These amendments shall be applicable to the Company w.e.f. April 01, 2018.

(a) Issue of Ind AS 115 - Revenue from Contracts with Customers

Ind AS 115 will supersede the current revenue recognition guidance including Ind AS 18 Revenue, Ind AS 11 Construction Contracts and the related interpretations. Ind AS 115 provides a single model of accounting for revenue arising from contracts with customers based on the identification and satisfaction of performance obligations. Revenue, Ind AS 11 Construction Contracts and the related interpretations. Ind AS 115 provides a single model of accounting for revenue arising from contracts with customers based on the identification and satisfaction of performance obligations.

(b) Amendment to Existing issued Ind AS

The MCA has also carried out amendments of the following accounting standards:

i) Ind AS 21 - The Effects of Changes in Foreign Exchange Rates

ii) Ind AS 40 - Investment Property

iii) Ind AS 12 - Income Taxes

iv) Ind AS 28 -Investments in Associates and Joint Ventures and

v) Ind AS 112 - Disclosure of Interests in Other Entities

Application of above standards are not expected to have any significant impact on the Company''s Financial Statements.

Mar 31, 2017

1. Company Overview:

The company is carrying the manufacturing activity of Plastic Moulded Furniture, Plastic Extrusion Sheets, Moulds and Air Coolers having the manufacturing units at Daman, Baddi, Chennai, Haridwar and Kolkata and Corporate Office in Mumbai.

2. Significant Accounting Policies

a. Basis of Preparation of Financial Statement

(i) The Accounts are prepared on Historical cost convention on an accrual basis.

(ii) The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(iii\) The Financial Statements of the Company are prepared in accordance with the Section 129 of Companies Act, 2013 and accounting principles generally accepted, the Accounting Standards specified under Section 133 of the Companies Act, 2013 and Rule 7 of the Companies (Accounts) Rules, 2014.

b. Use of Estimates

Accounting estimate could change from period to period and actual result could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

c. Fixed Assets :

Fixed assets (other than âFreehold landâ where no depreciation is charged) are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of purchase price and any directly attributable cost of bringing the assets to working condition for the intended use. Cenvat Receivable and Value added tax, if any on plant & machinery and moulds have been reduced from the cost of acquisition of the said assets. The amount of Capital Work in Progress is valued at Cost.

d. Investment :

Investments that are not realizable and intended to be held for not more than a year from the date of acquisition are classified as current investments. All other investments are classified as long term investments.

Current investments are stated at lower of cost and fair value. Long term investments are stated at cost less provision, if any, for other than temporary diminution in value.

e. Depreciation :

(i) Depreciation on Fixed Assets is provided on life assigned to each assets in accordance with the Schedule - II of the Companies Act, 2013. Depreciation on tangible assets is provided under straight line method except for Plant & Machinery and Moulds which is based on technical evaluation. Management believes that these useful lives represent the period over which the Management accept to use these assets. Hence the useful life for Plant & Machinery of 10 years and Moulds of 6 years for continuous running is different from the useful life as prescribed under Part C of Schedule II of Companies act, 2013. Consequently based on the technical evaluation, the Company has reassessed the useful life of its Fixed Assets;

(ii) Cost of Leasehold Land is amortized over the period of lease;

(iii) Assets like mobile phones, telephone instruments, etc., are fully depreciated in the year of purchase/ acquisition.

f. Inventories :

Item of inventories are valued at lower of cost & net realizable value after providing for obsolescence, if any.

1. Raw Material - The cost of Raw Material is arrived at after reducing the available cenvat, education cess, secondary education cess and value added tax and the Raw Materials are valued at cost.

2. Finished goods - Finished Goods are valued at the cost or Net realizable value, whichever is lower.

3. Packing Material and stores, spares & consumable are valued at cost.

g. Revenue Recognition :

Revenue is accounted on accrual basis unless otherwise stated.

Other Income such as Dividend Income is recognized when Company''s right to receive the Dividend is established by the reporting date, Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. The Income from Services are recognized on accrual basis.

h. Leases

Operating Leases where the less or effectively retains substantially all the risks and benefits of ownership of the leased terms, are classified as operating lease. Operating Lease payments are recognized as an expense in the Profit and Loss Account on a straight line basis over the lease term. Leasehold Lands are depreciated according to the Lease Period.

i. Sales :

Gross Sales are inclusive of Duties and Taxes. The Sales are recognized when the significant rights and reward of the ownership of the goods pass to the buyer which is generally when the goods are loaded into Party''s vehicle for final dispatch. Sales are net of rebates, rate difference, trade discounts, claims & shortages.

j. Excise Duty

Excise Duty is accounted on the basis of both, payment made in respect of goods cleared and provisions are made for goods lying in Stock.

k. Foreign Currency Transactions :

a. Foreign Currency transactions are initially recorded at the rates of exchange prevailing on the date of transactions.

b. Non Monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction.

l. Employee Retirement Benefits :

a) Short term employee benefits are recognized as an expenses at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined by using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to Profit and Loss account.

m. Taxation :

Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax Asset / liability is calculated by applying the applicable tax rate as at balance sheet date. Deferred tax adjustments on account of timing difference are recognized only to the extent there is reasonable certainty of realization. At each balance sheet date, carrying amounts of deferred tax assets / liability is reviewed and necessary adjustment are made in asset / liability.

n. Borrowing Cost :

Borrowing Cost directly attributable to the acquisition & construction of an asset, which take a substantial period of time to get ready for its intended use are capitalized as part of the cost of such asset, until such time assets is substantially ready for its intended use. All other borrowing costs are recognized in the Profit and Loss Accounts in the period in which they are incurred.

o. Impairment of Assets:

The impairment loss is recognized whenever carrying amount of asset are exceeds its estimated recoverable amount. It is reviewed at each balance sheet date. An impairment loss is further provided or reversed depending upon the changes in circumstances.

p. Warranty

Provision is estimated for expected warranty claim in respect of products sold during the year based on past experience regarding defective claim of products and the cost of rectification and replacement. It is expected that most of these cost will be incurred over next 12 months which are as per warranty terms.

q. Provisions, Contingent Liabilities and Contingent Assets :

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities, if material, are disclosed by way of notes to accounts. Contingent Assets are not recognized or disclosed in the financial statements.

r. Current / Non Current Items :

All Assets and Liabilities are presented as Current or Non Current as per the Company''s normal operating cycle and the other criteria set out in Schedule - III to the Companies Act, 2013.

Refer Notes (i) & (ii) below

(i) There is no change in the Authorized , Issued / Subscribed and Paidup Share Capital during the financial year.

(ii) Aggregate number of bonus share issue , share issued for consideration other than cash and share bought back during the period of 5 Year immediately preceding the reported date - Nil

(iii) Details of Shareholders holding 5% or more shares in the Company.

The above information has been complied to extent such parties have been identified on the basis of information available with the Company. (9) Disclosure of Operating lease

The Company has availed Operating Lease for its Factory Unit and Depots. These Leases are renewable on periodic basis, and cancellable at its option. The Company has not entered into sublease agreements in respect of these Leases. Lease Rental Expenses for Operating Lease charged to Profit & Loss Account for the financial year is '' 461.97/- Lacs (previous year '' 379.75 Lacs )

Mar 31, 2016

1. Company Overview:

2. Significant Accounting Policies

a. Basis of Preparation of Financial Statement

(a) The Accounts are prepared on Historical cost convention on an accrual basis.

(b) The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(c) The Financial Statements of the Company are prepared in accordance with the Section 129 of Companies Act, 2013 and accounting principles generally accepted, the Accounting Standards specified under Section 133 of the Companies Act, 2013 and Rule 7 of the Companies (Accounts) Rules, 2014.

b. Use of Estimates

c. Fixed Assets :

d. Depreciation :

(a) Depreciation on Fixed Assets is provided on life assigned to each assets in accordance with the Schedule - II of the Companies Act, 2013. Depreciation on tangible assets is provided on the straight line method except for Plant & Machinery and Moulds which is based on technical evaluation. Management believes that these useful lives present the period over which the Management except to use these assets. Hence the useful life for Plant & Machinery of 10 years and Moulds of 6 years for continuous running is different from the useful life as prescribed under Part C of Schedule II of Companies Act, 2013. Consequently based on the technical evaluation the Company has reassessed the useful life of its Fixed Assets.

(b) Cost of Leasehold Land is amortized over the period of lease;

e. Inventories :

Item of inventories are valued at lower of cost & net realizable value after providing for obsolescence, if any.

(a) Raw Material - The cost of Raw Material is arrived at after reducing the available cenvat, education cess, secondary education cess and value added tax and the Raw Materials are valued at cost.

(b) Finished goods - Finished Goods are valued at the cost or Net realizable value, whichever is lower.

f. Revenue Recognition :

Revenue is accounted on accrual basis unless otherwise stated.

g. Leases

h. Sales :

I. Excise Duty

Excise Duty is accounted on the basis of both, payment made in respect of goods cleared and provisions are made for goods lying in Stock.

j. Foreign Currency Transactions :

(a) Foreign Currency transactions are initially recorded at the rates of exchange prevailing on the date of transactions.

(b) Non Monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction.

k. Employee Retirement Benefits :

(a) Short term employee benefits are recognized as an expenses at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

(b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined by using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to Profit and Loss account.

l. Taxation :

m. Borrowing Cost :

n. Impairment of Assets:

o. Warranty:

Provision is estimated for expected warranty claim in respect of products sold during the year based on past experience regarding defective claim of products and cost of rectification or replacement. It is expected that most of these cost will be incurred over next 12 months which are as per warranty terms.

p. Provisions, Contingent Liabilities and Contingent Assets :

q. Current / Non Current Items :

All Assets and Liabilities are presented as Current or Non Current as per the Company''s normal operating cycle and the other criteria set out in Schedule - III to the Companies Act, 2013.

Mar 31, 2015

A. Basis of Preparation of Financial Statement

(a) The Accounts are prepared on Historical cost convention on an accrual basis.

(b) The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(c) The Financial Statements of the Company are prepared in accordance with the Section 129 of Companies Act, 2013 and accounting principles generally accepted, the Accounting Standards specified under Section 133 of the Companies Act, 2013 and Rule 7 of the Companies (Accounts) Rules, 2014.

b. Use of Estimates

Accounting estimate could change from period to period and actual result could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

c. Fixed Assets :

Fixed assets (other than "Freehold land" where no depreciation is charged) are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of purchase price and any directly attributable cost of bringing the assets to working condition for the intended use. Cenvat Receivable and Value added tax, if any on plant & machinery and moulds have been reduced from the cost of acquisition of the said assets. The amount of Capital Work in Progress is valued at Cost.

d. Depreciation :

Depreciation on Fixed Assets is provided on life assigned to each assets in accordance with the Schedule - II of the Companies Act, 2013. Consequently based on the technical evaluation the Company has reassessed the useful life of its Fixed Assets. Consequent to the reduction in the useful life of Fixed Assets based on transitional provisions given in Schedule II RS. 449.45 (Net of Deferred Tax input of RS. 165.58 lacs) has been adjusted against opening balance in General Reserves.

e. Inventories :

Item of inventories are valued at lower of cost & net realizable value after providing for obsolescence, if any.

1. Raw Material - The cost of Raw Material is arrived at after reducing the available cenvat, education cess, secondary education cess and value added tax and the Raw Materials are valued at cost.

2. Finished goods - Finished Goods are valued at the cost or Net realizable value, whichever is lower.

3. Packing Material and stores, spares & consumable are valued at cost.

f. Revenue Recognition :

Revenue is accounted on accrual basis unless otherwise stated.

Other Income such as Dividend Income is recognized when Company''s right to receive the Dividend is established by the reporting date, Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. The Income from Services are recognized on accrual basis.

g. Leases

Operating Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased terms, are classified as operating lease. Operating Lease payments are recognized as an expense in the Profit and Loss Account on a straight line basis over the lease term. Leasehold Lands are depreciated according to the Lease Period.

h. Sales :

Gross Sales are inclusive of Duties and Taxes. The Sales are recognized when the significant rights and reward of the ownership of the goods pass to the buyer which is generally when the goods are loaded into Party''s vehicle for final dispatch. Sales are net of rebates, rate difference, trade discounts, claims & shortages.

I. Excise Duty

Excise Duty is accounted on the basis of both, payment made in respect of goods cleared and provisions are made for goods lying in Stock.

j. Foreign Currency Transactions :

a. Foreign Currency transactions are initially recorded at the rates of exchange prevailing on the date of transactions.

b. Non Monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction.

k. Employee Retirement Benefits :

a) Short term employee benefits are recognized as an expenses at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined by using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to Profit and Loss account.

l. Taxation :

Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax Asset / liability is calculated by applying the applicable tax rate as at balance sheet date. Deferred tax adjustments on account of timing difference are recognized only to the extent there is reasonable certainty of realization. At each balance sheet date, carrying amounts of deferred tax assets / liability is reviewed and necessary adjustment are made in asset / liability.

m. Borrowing Cost :

Borrowing Cost directly attributable to the acquisition & construction of an asset, which take a substantial period of time to get ready for its intended use are capitalized as part of the cost of such asset, until such time assets is substantially ready for its intended use. All other borrowing costs are recognized in the Profit and Loss Accounts in the period in which they are incurred.

n. Impairment of Assets:

The impairment loss is recognized whenever carrying amount of asset are exceeds its estimated recoverable amount. It is reviewed at each balance sheet date. An impairment loss is further provided or reversed depending upon the changes in circumstances.

o. Provisions, Contingent Liabilities and Contingent Assets :

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities, if material, are disclosed by way of notes to accounts. Contingent Assets are not recognized or disclosed in the financial statements.

p. Current / Non Current Items :

All Assets and Liabilities are presented as Current or Non Current as per the Company''s normal operating cycle and the other criteria set out in Schedule - III to the Companies Act, 2013.

Mar 31, 2014

NIL

Mar 31, 2013

(i) Basis of Preparation of Financial Statement

(a) The Accounts are prepared on Historical cost convention on an accrual basis.

(b) The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(c) The financial statement are prepared to comply in all material respect with the Accounting Standards notified in the Companies (Accounting standards) Rules, 2006 and provision of Companies Act, 1956.

(ii). Use of Estimates

Accounting estimates could change from period to period and actual result could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

(iii). Fixed Assets :

Fixed assets (other than "Freehold land" on which no depreciation is charged) are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of purchase price and any directly attributable cost of bringing the assets to working condition for the intended use. Cenvat receivable and Value added tax , if any, on plant & machinery and moulds are reduced from the cost of acquisition of the said assets. The amount of Capital Work in Progress is valued at Cost.

(iv). Depreciation :

Depreciation on Fixed Assets is provided on "Straight Line Method" at rates prescribed in schedule XIV to the Companies Act, 1956 on pro- rata basis.

Assets like mobile phones, telephone instruments etc are fully written off in the year of purchase.

(v). Inventories :

Item of inventories are valued at lower of cost & net realizable value after providing for obsolescence , if any. Inventory Cost is determined in First in First Out basis.

(a) Raw Material - The cost of Raw Material is arrived at after reducing the available cenvat, education cess, secondary education cess and value added tax .

(b) Finished goods - At cost or net realizable value, whichever is lower. The valuation of closing stock of finished goods made in accordance with Accounting Standards and includes the value of excise duty payable on Finished Goods and it is charged to the Profit and Loss Account. Trading stock is maintained at net of value added tax.

(c) Packing Material and stores, spares & consumables are valued at Cost.

(vi). Revenue Recognition :

Revenue is accounted on accrual basis unless otherwise stated. Sale of products are recognized when the products are dispatched and sales are net of returns , rate differences, trade discount etc.

Other Income such as Dividend income is recognized when Company''s right to receive the Dividend is established by the reporting date, Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. The Income from services are recognized on accrual basis.

(vii). Leases:

Operating Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased terms, are classified as operating lease. Operating Lease payments are recognized as an expense in the statement of profit & loss on a straight line basis over the Lease Term. Leasehold Lands are depreciated according to the Lease Period.

(viii). Sales :

Sales are recognized when the significant rights and reward of the ownership of the goods pass to the buyer. Sales are net of rebates, trade discounts, claims & shortages.

(ix). Foreign Currency Transactions :

a. Foreign Currency transactions are initially recorded at the rates of exchange prevailing on the date of transactions.

b. Non Monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transactions.

(x). Employee Retirement Benefits :

(a) Short-term employee benefits are recognised as an expense at the undiscounted amount in the Profit and Loss Statement of the year in which the related service is rendered.

(b) Post employment and other long term employee benefits are recognised as an expense in the Profit and Loss Statement for the year in which the employee has rendered services. The expense is recognised at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the Profit and Loss account.

(xi). Taxation :

Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax, 1961. Deferred tax Asset / liability is calculated by applying the applicable tax rate as at balance sheet date. Deferred tax adjustments on account of timing difference are recognized only to the extent there is reasonable certainty of realization. At each balance sheet date, carrying amounts of deferred tax asset / liability is reviewed and necessary adjustments are made in asset / liability.

(xii). Borrowing Cost :

Borrowing Cost directly attributable to the acquisition & construction of an asset which take a substantial period of time to get ready for its intended use, are capitalized as a part of the cost of such assets, until such time the asses is substantially ready for its intended use. All other borrowing costs are recognized in the statement of profit & loss in the period they occur.

(xiii). Impairment of Assets:

The impairment loss is recognized whenever the carrying amount of assets exceeds its estimated recoverable amount and it is reviewed at each Balance Sheet date. An impairment loss is further provided or reversed depending upon the changes in circumstances.

(xiv). Provisions, Contingent Liabilities and Contingent Assets :

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities, if material, are disclosed by way of notes to accounts. Contingent Assets are not recognized or disclosed in the financial statements.

(xv). Crrent / Non Current Items:

All Assets and Liabilities are presented as Current or Non Current as per the Company''s normal operating cycle and the other criteria set out in revised Schedule VI to the Companies Act, 1956. The Company has ascertained its operating cycle as 12 months for the purpose of Current and Non Current Classification of Assets and Liabilities.

Mar 31, 2012

1. Basis of Preparation of Financial Statement:

(a) The Accounts are prepared on Historical cost convention on an accrual basis.

(b) The preparation of financial statements is in conformity with generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(c) The financial statement are prepared to comply in all material respect with the accounting standard notified by the Companies (Accounting standards) Rules, 2006 and provision of companies Act, 1956.

2. Use of Estimates:

Accounting estimate could change from period to period and actual result could defer from those estimates. Appropriate changes in estimates are made as the Management become aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

3. Fixed Assets:

Fixed assets (other than "Freehold land" where No depreciation is charged) are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of purchase price and any directly attributable cost of bringing the assets to working condition for the intendeduse. Cenvat receivable and Value added tax , if any on plant & machinery and moulds have been reduced from the cost of acquisition of the said assets. The amount of Capital Work in Progress is valued at Cost.

4. Depreciation:

Depreciation on Fixed Assets is provided on "Straight Line Method" at ratesprescribed in schedule XIV to the Companies Act, 1956. Assets like mobile phones, telephone instruments etc are fully written off in the year of its purchase.

5. Inventories:

Item of inventories are measured at lower of cost & net realizable value after providing for obsolence, if any. 'First in First out' FIFO is the formula used for determination of Inventory Cost.

(a) Raw Material -The cost of Raw Material is arrived at after reducing the available cenvat, education cess, secondary education cessand value added tax .

(b) Finished goods - At cost or net realizable value, whichever is lower. The valuation of closing stock of finished goods is in accordance with AS-2 and includes the excise duty payable & the excise duty element has been charged to the Profit and Loss Account. Trading stock is maintained at net of value added tax.

(c) Packing Material and stores, spares & consumable - At cost or net realizable value , whichever is lower.

6. Revenue Recognition:

Revenue is accounted on accrual basis unless otherwise stated. Sale of products are recognized when the products are dispatched and sales are net of returns , rate differences, trade discount etc.

Other Income such as Dividend, Interest and Income from Services are recognized on accrual basis.

7. Leases:

Leases where the lessor effectively retains substantially all the risk and benefit of ownership of the lease term are classified as operating lease. Lease rent under operating leases are reconignised in the profit and loss account on a straight-line basis. The cost of lease hold land is amortised over the period of lease.

8. Sales:

Sales are net of rebates, trade discounts, claims & shortages.

9. Foreign Currency Transactions:

Transaction denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximate the actual rate at the date of transaction.

Non Monetary foreign currency items are carried at cost.

10. Employee Retirement Benefit:

a) Post -employment benefit plans

1) Defined contribution plan

Contribution to Provident fund, Employee State Insurance Corporation and Superannuation fund are recognized as expense when employees have rendered services entitling them to contribution.

2) Defined benefit plan

Defined benefit Plans are determined by using the project unit credit method with actuarial valuation being carried out at the Balance Sheet date. Actuarial gains & losses are recognized in full in the profit & loss accounts for the period in which -ÃÃ they accrue. -n-a

b) Short term employment benefits

Short term employee benefits are recognised as an expenses at the undiscounted amount in the profit and loss account of the year in which the related service is rendered.

11. Taxation:

Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax, 1961. Deferred tax Asset / liability is calculated by applying the applicable tax rate as at Balance Sheet date. Deferred tax adjustment on account of timming difference are recognized only to the extent there is reasonable certainty of realization. At each balance sheet date, carrying amount of deferred tax assets / liability is reviewed and necessary adjustment to asset / liability is made.

12. Borrowing Cost:

Borrowing Cost attributable to the acquisition of qualifying fixed assets is capitalized as part of the cost of such assets till such assets are put to use. All other borrowing costs are charged to Profit and Loss account.

13. Impairment of Assets:

The carrying amounts of assets are reviewed at balance sheet date. If there is any indication of impairment based on internal & external factors i.e. when the carrying amount of assets exceeds the recoverable amount, an impairment loss is charged to the profit & Loss account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting period is reversed or reduced if there has been a favourable change in the estimate of the recoverable amount.

14. Provisions, Contingent Liabilities and Contingent Assets:

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities, if material, are disclosed by way of notes to accounts. Contingent Assets are not recognized or disclosed in the financial statements.

Mar 31, 2011

1. Basis of Preparation of Financial Statement

(a) The Accounts are prepared on Historical cost convention on an accrual basis.

(b) The preparation of financial statements in conformity with generally accepted accounting principles require management to make estimates and assumption that affect the reported amount of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(c) The financial statement are prepared to comply in all material respect with the accounting standard notified by the Companies (Accounting standards) Rules, 2006 and provision of companies Act, 1956.

2. Use of Estimates

Accounting estimate could change from period to period and actual result could defer from those estimates. Appropriate changes in estimates are made as the Management become aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

3. Fixed Assets :

Fixed assets (other than ÃFreehold landÃ where No depreciation is charged) are state at cost less accumulated depreciation , cost of acquisition is inclusive of purchase price and any directly attributable cost of bringing the assets to working condition for the intended to use. Cenvat receivable , if any on plant & machinery and moulds has been reduced from the cost of acquisition of the said assets. The amount of Capital Work in Progress is valued at Cost.

4. Depreciation :

Depreciation on Fixed Assets is provided on ÃStraight Line MethodÃ at rates prescribed in schedule XIV to the Companies Act, 1956. Assets like mobile phones, telephone instruments etc are fully written off in the year of its purchase.

5. Inventories :

(a) Raw Material - At cost or market value, whichever is lower. The cost of Raw Material is arrived at after reducing the available cenvat, education cess, secondary education cess and value added tax .

(b) Finished goods - At cost or net realizable value, whichever is lower. The valuation of closing stock of finished goods is in accordance with AS- 2 and includes the excise duty payable &. the excise duty element has been charged to the Profit and Loss Account. Trading stock is maintained at net of value added tax.

(c) Packing Material and stores, spares &. consumable - At cost or market value, whichever is lower. ÃFirst in First outÃ FIFO is the formula used for determination of Inventory Cost.

6. Investments :

Long-term investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management.

Short-term Investment is in mutual fund are stated at the the Net Asset Value of the Funds. During the FY. 2010-11 units worth Rs 38,01,54,092/- (P.Y. Rs 13,57,89,078/-) were purchased and units worth Rs 39,79,87,790/- (P.Y. Rs 14,84,00,000/-) were sold.

7. Revenue Recognition :

Revenue is accounted for an accrual basis unless otherwise stated. Sale of products are recognized when the product are dispatched and sales are net of returns , rate difference, trade discount etc.

Other Income such as Dividend, Interest and Income from Services are recognized on accrual basis.

8. Leases

Leases where the lessor effectively retains substantially all the risk and benefit of ownership of the lease term are classified as operating lease. Lease rent under operating leases are recognised in the profit and loss account on a straight-line basis.

9. Sales :

Sales are net of rebates, trade discount, claims & shortages.

10. Foreign Currency Transactions :

a. Foreign Currency loans / liabilities are stated in the accounts at the end of the year based on the prevailing exchange rates.

b. Foreign Exchange differences and charges on forward contracts are adjusted to profit and loss account.

11. Employee Retirement Benefit :

a) Post -employment benefit plans

1) Defined contribution plan

Contribution to Provident fund, Employee State Insurance Corporation and Superannuation fund are recognized as expense when employees have rendered services entitling them to contribution.

2) Defined benefit Plan

Defined benefit Plans are determined by using the project unit credit method with actuarial valuation being carried out at the balance sheet date.

Actuarial gains & losses are recognized in full in the profit &. loss accounts for the period in which they accrue.

b) Short term employment benefits

The undisclosed amount of short term employee benefit expected to be paid in exchange for the services rendered by the employee is recognized during the period when the employee renders the services. These benefits include compensated absences such as leave salary and performance incentives.

12. Taxation :

a) Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax, 1961.

b) Deferred tax Asset / liability is calculated by applying the applicable tax rate as at balance sheet date. Deferred tax adjustment on account of timming difference are recognized only to the extent there is reasonable certainty of realization. At each balance sheet date, carrying amount of deferred tax assets / liability is reviewed and necessary adjustment to asset / liability is made.

13. Borrowing Cost :

Borrowing Cost attributable to the acquisition of qualifying fixed assets is capitalized as part of the cost of such assets till such assets are put to use. All other borrowing costs are charged to Profit and Loss account.

14. Impairment of Assets:

The carrying amounts of assets are reviewed at balance sheet date. If there is any indication of impairment based on internal & external factors i.e. when the carrying amount of assets exceeds the recoverable amount, an impairment loss is charged to the profit & Loss account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting period is reversed or reduced if there has been a favourable change in the estimate of the recoverable amount.

15. Provisions, Contingent Liabilities and Contingent Assets :

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities, if material, are disclosed by way of notes to accounts. Contingent Assets are not recognized or disclosed in the financial statements.

Forming part of the accounts for the financial year 2010-11

Mar 31, 2010

1. Basis of Preparation of Financial Statement:

(a) The Accounts are prepared on Historical cost convention on an accrual basis.

(b) The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure regarding contingent liabilities as at the date of the financial statements and the reported amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts and advances, obligation under employees retirement benefits and Income Tax.

(c) The financial statement are prepared to comply in all material respect with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006 and provision of companies Act, 1956.

2. Use of Estimates:

Accounting estimate could change from period to period and actual results may defer from those estimates. Appropriate changes in estimates are made as the management becomes aware of changes in the circumstances. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

3. Fixed Assets:

Fixed assets (other than ÃFreehold landÃ where No depreciation is charged) are state at cost less accumulated depreciation, cost of acquisition is inclusive of purchase price and any directly attributable cost of bringing the assets to working condition. Cenvat receivable, if any on plant & machinery and moulds has been reduced from the cost of acquisition of the assets

4. Depreciation:

Depreciation on Fixed Assets is provided on ÃStraight Line MethodÃ at rates prescribed in schedule XIV to the Companies Act, 1956.

5. Inventories:

Raw Materials - At cost or market value, whichever is lower. The cost of Raw Materials are arrived at after reducing the cenvat, education cess, secondary education cess and value added tax, availed on it.

Finished goods - At cost or net realizable value, whichever is lower. The valuation of closing stock of finished goods is in accordance with

AS-2 and includes the excise duty payable & the excise duty element has been charged to the Profit and Loss Account. Trading stock is maintained at net of value added tax.

Packing Materials, stores, spares and consumable are stated at cost or market value, whichever is lower.

6. Investments:

Long - term investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such diminution is permanent in nature.

Short-term Investments are made in SBI Liquid Fund and are stated at Net Asset Value. During the year units worth Rs.13,57,89,078/- (Previous year Rs. 5,76,92,664/-) were purchased and units worth Rs.14,84,00,000/- (Previous Year Rs. 2,75,00,000/-) were sold.

7. Revenue Recognition:

Revenue is accounted for an accrual basis unless otherwise stated. Sale of products are recognized when the product are dispatched and sales are net of returns & discounts.

8. Lease:

Leases where the lessor effectively retains substantially all the risk and benefit of ownership of the lease term are classified as operating lease. Lease rent under operating leases are reconignised in the profit and loss account on a straight-line basis.

9. Foreign Currency Transactions :

Foreign Currency loans / liabilities are stated in the accounts at the end of the year based on the prevailing exchange rates. Foreign Exchange differences and charges on forward contracts are adjusted to profit and loss account.

10. Employee Benefits:

a) Post -employment benefit plans

1) Defined contribution plan

Contribution to Provident fund, Employee State Insurance Corporation and Superannuation fund are recognized as expense when employees have rendered services.

2) Defined benefit Plan

Defined benefit Plans are determined by using the project unit credit method with actuarial valuation being carried out at the balance sheet date.

Actuarial gains / losses are recognized in full in the profit & loss accounts for the period in which they accrue.

b) Short term employment benefits

The undisclosed amount of short term employee benefits are expected to be paid in exchange for the services rendered by the employee is recognized during the period when the employee renders the services. These benefits include compensated absences such as leave salary and performance incentives.

11. Taxation:

Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax, 1961.

Deferred tax Asset / liability is calculated by applying the applicable tax rate as at balance sheet date. Deferred tax adjustments on account of timing difference are recognized only to the extent there is reasonable certainty of realization. At the Balance Sheet date, carrying amount of deferred tax assets / liability is reviewed and necessary adjustments to assets / liabilities are made.

12. Borrowing Costs:

Borrowing Costs are attributable to the acquisition of qualifying fixed assets are capitalized as part of the cost of such assets till such assets are put to use. All other borrowing costs are charged to Profit and Loss account. There was no Borrowing During the year.

13. Impairment of Assets:

The carrying amounts of assets are reviewed at balance sheet date. If there is any indication of impairment based on internal / external factors, i.e. when the carrying amount of assets exceeds the recoverable amount, an impairment loss is charged to the profit & Loss account in the year in which the asset is identified as impaired. An impairment loss recognized in prior accounting period is reversed or reduced if there has been a favorable change in the estimate of the recoverable amount. There was no impairment of assets during the year.

14. Provisions, Contingent Liabilities and Contingent Assets:

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities, if material, are disclosed by way of notes to accounts. Contingent Assets are not recognized or disclosed in the financial statements.

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