Mar 31, 2018
1. SIGNIFICANT ACCOUNTING POLICIES
A BASIS OF PREPARATION
i) Complaince with Ind AS
The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (herein after referred as the ''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to section 133 of the Companies Act 2013, read with paragraph 7 of the Companies (Indian Accounting Standards) Rules, 2015 as ammended and under relevant provisions of the Act.
These Financial Statements for the year ended 31st March, 2018 are the first financials with comparatives, prepared under Ind AS. For all the previous periods including the year ended 31st March, 2017, the company had prepared its financial statements in accordance with the accounting standards notified under companies (Accounting Standard) Rule, 2006 (as ammended) and other relevant provisions of the Act (herein after referred to as ''Previous GAAP'') used for its statutory reporting requirement in India.
The accounting policies are consistently applied to all the period presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the date of transition to Ind AS.
ii) Historical Cost Convention
The Financial statements have been prepared on a historical cost basis, except for the following:
1) Certain financial assets and liabilities that are measured at fair value;
2) Assets held for Sale - measured at lower of carrying amount or fair value less cost to sell;
3) Defined benefit plans - plan assets measured at fair value.
iii) Current/Non Current Classification
All the assets and liabilities have been classified as current or non current as per the Company''s normal operating cycle (twelve months) and other criteria set out in the Schedule III to the Act.
B USE OF ESTIMATES
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilites including contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised
C CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash flow statement comprise cash in hand, bank and short -term investments with an original maturity of three months or less
D PROPERTY, PLANT & EQUIPMENT
The company has applied for the one time transition exemption of considering the carrying cost on the transition date i.e April 1, 2016 as the deemed cost under Ind AS. Hence regarded thereafter as historical cost.
Freehold land is carried at cost. All other items of property, plant and equipment are stated at cost less depreciation and impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Intangible Assets:
Intangible Assets representing Computer Software is amortized using Straight Line method.
Depreciation:
a) Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in case of Leasehold Land.
b) Depreciation for the year in respect of assets relating to undertaking at Tarapur has been provided on straight line method.
c) I n respect of assets relating to undertakings at Kandivali, depreciation has been provided on written down value method, over the estimated useful life of assets.
d) Leasehold land has been amortized over the period of the lease on straight line basis
e) Depreciation on the Fixed Assets added during the year or sale / discardment of assets, has been provided on pro-rata basis with reference to the month of addition or upto the month of such sale / discardment, as the case maybe.
Impairment:
The carrying amount of assets are reviewed at each balance date if there is any indication of impairment based on internal / external factor. An asset treated impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
E LEASED ASSETS
As a Lessee:
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight line basis over the period of the lease or other systematic basis more representative of the time pattern of the user''s benefits As a Lessor:
The Company has leased certain tangible assets and such lease where the company has substantially retained all the risks and rewards of ownership are classified as operating leases. Lease income on such operating leases are recognised in the Statement of Profit and Loss on a straight line basis over the lease term or other systematic basis over the lease term which is more representative of the time pattern in which benefit derived from the use of the leased asset is diminished. Initial direct costs are recognised as an expense in the Statement of Profit and Loss in the period in which they are incurred.
F FOREIGN CURRENCY TRANSACTIONS
Transactions denominated to foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
Monetary items denominated in foreign currencies at the year end are restated at year end rules. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contract. Non monetary foreign currency items are carried at cost
Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Statement of Profit and Loss except in case of long term liabilites, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.
G INVESTMENTS & OTHER FINANCIAL ASSETS
i) Classification
The company classifies its financial assets in the following measurement categories:
1) t hose to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit & Loss are expensed in the Statement of Profit & Loss.
2) those measured at amortized cost
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows.
ii) Measurement
At initial recognition, the company measures a financial asset at its fair value. Transaction cost of financial assets carried at fair value through Profit & Loss are expensed in the Statement of Profit and Loss.
Debt Instruments
Subsequent measurement of debt instruments depends on the company''s business model for managing the asset and the cash flow characteristics of the asset. The Company classifies its debt instruments into the following categories:
1) Amortised Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest Income from these financial assets is included in other income using the effective interest rate method.
2) Fair value through Profit and Loss: Assets that do not meet the criteria for amortised cost are measured at fair value through statement of Profit and Loss. Interest income from these financial is included in other income.
H INVENTORIES
Inventories of Raw Materials, Stores and Spares, Finished goods and Work in progress are valued at lower of cost or net realizable value after providing for obsolescence, if any.
Cost comprises of all cost of purchases, cost of conversion and other cost incurred in bringing the inventory to their present location and conditions.
Cost is determined under Weighted Average method for Raw Material, stores & spares & Work in Progess and for fabrics on First-in-First--Out (FIFO) basis.
I REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.
Revenue from operations include sale of goods, process income and job work receipts which are exclusive of sales tax but net off after adjusting claims, incentives, rebates and discounts.
Dividend income is recognised when right to receive is established.
Interest income is recognised on time proportion basis taking into account the amount outstanding and rate applicable.
J EMPLOYEES BENEFITS
Short-term Employee benefits are recognized as an expense at the undiscounted amount in the statement of Profit and Loss for the year in which the related service is rendered.
Post employment and other long term Employee benefits are recognized as an expense in the statement of Profit and Loss for the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the statement of Profit and Loss.
The Company has taken Group/Master insurance Policy with Life Insurance Corporation of India for the future payments of retiring employee''s gratuities. The premium thereon has been so adjusted as to cover the liability under scheme in respect of eligible employees at the end of their future anticipated service with the Company.
K BORROWINGS
Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the proceeds(net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of borrowings using the effective interest method
L BORROWING COST
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of the assets, up to the date the asset is ready for its intended use. All other borrowing costs are recognized as expense and charged to the Statement of Profit and Loss in the year in which they are incurred
M TAX EXPENSE
The tax expense for the period comprises current and differed tax. Tax is recognised in Statement of Profit and Loss, except to the extent to it relates to items recognised in comprehensive income or in equity, in which case, the tax is also recognised in other comprehensive income or equity.
Current Tax
Current Tax assets and liabilites 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 at the balance sheet.
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 reporting period. The carrying amount of differed tax liabilities and assets are reviewed at the end of each reporting period.
N PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a result of past event and it is probable that there will be an outflow of resources and reliable estimate can be made of the amount of the obligation. Provisions are determined based on management estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates. A disclosure for Contingent liabilities is made in the notes on accounts when there is a possible obligation or present obligations that may, but probably will not, require an outflow of resources. Contingent assets are neither recognized nor disclosed in the financial statement.
O SEGMENT REPORTING
Segments have been identified in line with the Indian Accounting Standard on Segment reporting (Ind AS 108) taking into account the organisation structure as well as the differential risk in returns of segments.
P GOVERNMENT GRANTS
Grants and subsidies from the government are recognized when there is reasonable assurance that (i) the company will comply with the conditions attached to them, and (ii) the grant/subsidy will be received. Grants received against specific fixed assets are adjusted to the cost of the assets & those in the nature of promoter''s contibution are credited to Capital Reserve. Revenue Grants are recognised in the Statement of Profit and loss in accordance with related scheme.
Q EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing:
i) the profit attributable to owners of the company
ii) by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.
Diluted earnings per share
Diluted earnings per share adjusts figures used in the determination of basic earnings per share to take into account:
i) the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
ii) the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.
Mar 31, 2016
Gini Silk Mills Limited is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited, Mumbai. The Company is engaged in the manufacturing and selling of shirting and suiting with reputed brand name "GINI" and processing fabric on job work basis.
Note 1: SIGNIFICANT ACCOUNTING POLICIES 1 ACCOUNTING CONVENTION
The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention.
2 USE OF ESTIMATES
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities including contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.
3 CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash flow statement comprise cash in hand, bank and short-term investments with an original maturity of three months or less.
4 FIXED ASSETS Tangible Assets
Tangible Assets are stated at acquisition cost, net of accumulated depreciation & accumulated impairment losses.
Subsequent expenditure related to an item of fixed assets are added to its book value only if they increase the future benefit from the existing asset beyond its previously assessed standard of performance.
Items of fixed assets that have been retired from active use and are held for disposal are stated at the lower of their net book value & net realizable value & are shown separately in the financial statement. Any expected loss is recognized immediately in the statement of Profit & Loss.
Losses arising from the retirement of & Gain or Losses arising from disposal of fixed assets which are carried at cost are recognized in Statement of Profit & Loss.
Intangible Assets
Intangible Assets are stated at acquisition cost, net of accumulated depreciation & accumulated impairment losses, if any. Intangible assets are amortized on a straight line basis over their estimated useful life.
Gain or Losses arising from the retirement or disposal proceeds recognized as Income or Expense in Statement of Profit & Loss.
5 METHOD OF DEPRECIATION AND AMORTIZATION
Depreciation for the year in respect of assets relating to undertaking at Tarapur has been provided on straight line method.
In respect of assets relating to undertakings at Kandivali depreciation has been provided on written down value method, over the estimated useful life of assets.
Lease hold Land has been amortized over the period of the lease on straight line basis.
Depreciation on the Fixed Assets added during the year or sale / discernment of assets, has been provided on pro I rata basis with reference to the month of addition or up to the month of such sale / discernment, as the case maybe.
6 IMPAIRMENT OF ASSETS
The carrying amount of assets are reviewed at cash balance date if there is any indication of impairment based on internal / external factor. An asset treated impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
7 LEASED ASSETS As a Lessee:
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight line basis over the period of the lease or other systematic basis more representative of the time pattern of the user''s benefits.
As a Lessor:
The Company has leased certain tangible assets and such lease where the Company has substantially retained all the risks and rewards of ownership are classified as operating leases. Lease income on such operating leases are recognized in the Statement of Profit and Loss on a straight line basis over the lease term or other systematic basis over the lease term which is more representative of the time pattern in which benefit derived from the use of the leased asset is diminished. Initial direct costs are recognized as an expense in the Statement of Profit and Loss in the period in which they are incurred.
8 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated to foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
Monetary items denominated in foreign currencies at the yearend are restated at year end rules. In case of items which are covered by forward exchange contracts, the difference between the yearend rate and rate on the date of the contract is recognized as exchange difference and the premium paid on forward contracts is recognized over the life of the contract. Non monetary foreign currency items are carried at cost
Any Income or Expense on account of exchange difference either on settlement or on translation is recognized in the Statement of Profit and Loss except in case of long term liabilities, where they relate to acquisition of Fixed Assets, in which case they are adjusted to the carrying cost of such assets.
9 INVESTMENTS
Investments that are readily realizable and are intended to be held for not more than one year from the date , on which such investments are made, are classified as current investments. All other investments are classified as long term investments. Current investments are carried at cost or fair value , whichever is lower. Long - term investments are carried at cost. However, provision for diminution is made to recognize a decline, other than temporary , in value of the investments , such reduction in the value of long term investment being determined and made for each investment individually.
10 INVENTORIES
Inventories of Raw Materials, Stores and Spares, Finished goods and Work in Progress are valued at lower of cost or net realizable value after providing for obsolescence, if any.
Cost comprises of all cost of purchases, cost of conversion and other cost incurred in bringing the inventory to their present location and conditions.
Cost is determined under Weighted Average method for Raw Material, Stores & Spares &Work in Progress and for fabrics on First-in-First--Out (FIFO) basis.
11 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.
Revenue from operations include sale of goods, process income and job work receipts which are exclusive of sales tax but net off after adjusting claims, incentives, rebates and discounts.
Dividend income is recognized when right to receive is established.
Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
12 EMPLOYEES BENEFITS
Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of Profit and Loss for the year in which the related service is rendered.
Post employment and other long term employee benefits are recognized as an expense in the statement of Profit and Loss for the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the statement of Profit and Loss.
The Company has taken Group/Master insurance Policy with Life Insurance Corporation of India for the future payments of retiring employeeâs gratuities. The premium thereon has been so adjusted as to cover the liability under scheme in respect of eligible employees at the end of their future anticipated service with the Company.
13 BORROWING COST
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of the assets, up to the date the asset is ready for its intended use. All other borrowing costs are recognized as expense and charged to the Statement of Profit and Loss in the year in which they are incurred.
14 TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred tax for the year is recognized, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of its realization.
15 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a result of past event and it is probable that there will be an outflow of resources and reliable estimate can be made of the amount of the obligation. A disclosure for Contingent Liabilities is made in the notes on accounts when there is a possible obligation or present obligations that may, but probably will not, require an outflow of resources. Contingent Assets are neither recognized nor disclosed in the financial statement.
16 SEGMENT REPORTING
Segments have been identified in line with the accounting standard on Segment reporting (AS-17) taking into account the organization structure as well as the differential risk in returns of segments.
17 GOVERNMENT GRANTS
Grants and subsidies from the Government are recognized when there is reasonable assurance that (i) the Company will comply with the conditions attached to them, and (ii) the grant/subsidy will be received. Grants received against specific Fixed Assets are adjusted to the cost of the assets & those in the nature of promoter''s contribution are credited to Capital Reserve. Revenue Grants are recognized in the Statement of Profit and Loss in accordance with related scheme.
Mar 31, 2015
1 ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost
convention, on an accrual basis of accounting. The statement complies
with the Accounting Standard prescribed by the ICAI and also complies
with the Section 133 of the Companies Act, 2013. The accounts are
prepared as a going concern.
2 USE OF ESTIMATES
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
laibilites on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised
3 CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash flow statement
comprise cash and bank and in hand and short -term investments with an
original maturity of three months or less.
4 FIXED ASSETS Tangible Assets
Tangible Assets are stated at acquisition cost, net of accumulated
depreciation & accumulated impairment losses. Subsequent expenditure
related to an item of fixed assets are added to its book value only if
they increase the future benefit from the existing asset beyond its
previously assessed standard of performance.
Items of Fixed Assets that have been retired from active use and are
held for disposal are stated at the lower of their net book value & net
realisable value & are shown separately in the financial statement. Any
expected loss is recognised immidiately in the statement of Profit &
Loss.
Losses arising from the retirement of & gain or losses arising from
disposal of fixed assets which are carried at cost are recognised in
Statement of Profit & Loss.
Intangible Assets
Intangible Assets are stated at acquisition cost, net of accumulated
depreciation & accumulated impairment losses, if any. Intangible
Assets are amortised on a straight line basis over their estimated
useful life.
Gain or Losses arising from the retirement or disposal proceeds
recognised as Income or expense in Statement of Profit & Loss.
5 METHOD OF DEPRECIATION AND AMORTIZATION
Depreciation for the year in respect of assets relating to undertaking
at Tarapur has been provided on straight line method. In respect of
assets relating to undertakings at Kandivali depreciation has been
provided on written down value method, over the estimated useful life
of assets.
Effective 1st April 2014, the Company depreciates its Fixed Assets over
the useful life in the manner prescribed in Schedule II of the
Companies Act, 2013 as against the earlier practice of depreciating at
the rates prescribed in Schedule XIV of Companies act, 1956. Lease Hold
land has been amortized over the period of the lease on straight line
basis
Depreciation on the Fixed Assets added during the year has been
provided on pro -rata basis with reference to the month of addition.
6 IMPAIRMENT OF ASSETS
An assets treated impaired when the carrying cost of asset exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognised in prior accounting period is reversed if
there has been a change in the estimate of recoverable amount.
7 LEASED ASSETS
Operating Lease: Rentals are expensed with reference to lease terms and
other considerations.
8 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated to foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
Monetary items denominated in foreign currencies at the year end are
restated at year end rules. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is
recognised as exchange difference and the premium paid on forward
contracts is recognised over the life of the contract. Non monetary
foreign currency items are carried at cost
Any Income or Expense on account of exchange difference either on
settlement or on translation is recognised in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
9 INVESTMENTS
Current Investments are carried at lower of cost or quoted/fair value,
computed category wise.
The long-term investments are stated at cost. Provision for permanent
diminution in value is made only if such a decline is other than
temporary in nature.
10 INVENTORIES
Inventories of Raw Materials, Stores and Spares, Finished goods and
Work in progress are valued at lower of cost or net realizable value
after providing for obsolescence, if any.
Cost comprises of all cost of purchases, cost of conversion and other
cost incurred in bringing the inventory to their present location and
conditions.
Cost is determined under Weighted Average method for Raw Material,
stores & spares & Work in Progess and for fabrics on First-in-First-Out
(FIFO) basis.
11 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection.
Revenue from operations include sale of goods, process income and job
work receipts which are exclusive of sales tax but net off after
adjusting claims, incentives, rebates and discounts.
Dividend income is recognised when right to receive is established.
Interest income is recognised on time proportion basis taking into
account the amount outstanding and rate applicable.
12 EMPLOYEES BENEFITS
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the Profit and Loss account for the year in
which the related service is rendered
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 amount 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.
The Company has taken Group/Master Insurance Policy with Life Insurance
Corporation of India for the future payments of retiring employee's
gratuities. The premium thereon has been so adjusted as to cover the
liability under scheme in respect of eligible employees at the end of
their future anticipated service with the company.
13 BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of the assets, up to the date the asset is ready for its intended use.
All other borrowing costs are recognized as expense and charged to the
Profit and Loss Account in the year in which they are incurred.
14 TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax for the year is recognized,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized and carried forward only if there is
a reasonable/virtual certainty of its realization.
15 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a
result of past event and it is probable that there will be an outflow
of resources and reliable estimate can be made of the amount of the
obligation. A disclosure for Contingent Liabilities is made in the
notes on accounts when there is a possible obligation or present
obligations that may, but probably will not, require an outflow of
resources. Contingent Assets are neither recognized nor disclosed in
the financial statement.
16 SEGMENT REPORTING
Segments have been identified in line with the accounting standard on
Segment reporting (AS-17) taking into account the organisation
structure as well as the differential risk in returns of segments.
17 GOVERNMENT GRANTS
Grants received against specific fixed assets are adjusted to the cost
of the assets & those in the nature of promoter's contribution are
credited to Capital Reserve. Revenue Grants are recognised in the
Profit & Loss account in accordance with related scheme and in the
period in which these are accrued.
Mar 31, 2014
According to the information and explanations given to us, no fraud on
or by the company has been noticed or reported during the year.
1 ACCOUNTING CONVENTION
The fnancial statements are prepared under the historical cost
convention, on an accrual basis of accounting. The statement complies
with the Accounting Standard prescribed by the ICAI and also complies
with the Section 211(3) ( C) of the Companies Act, 1956. The accounts
are prepared as a going concern.
2 USE OF ESTIMATES
The preparation of fnancial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
laibilites on the date of the fnancial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised
3 CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash fow statement
comprise cash and bank and in hand and short -term investments with an
original maturity of three months or less
4 FIXED ASSETS
Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes. All costs
including fnancing cost till commencement of commercial production, net
charges on foreign exchange contracts and adjustments arises from
exchange rate variations attributable to the fxed assets are
capitalised.
5 LEASED ASSETS
Operating Lease: Rentals are expensed with reference to lease terms and
other considerations.
6 INTANGIBLE ASSETS
Intangible Assets are stated at cost of acquisition net of recoverable
taxes. All costs including fnancing cost till commencements of
commercial production, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations attributable to the
intangible assets are capitalised
7 DEPRECIATION / AMORTIZATION
Depreciation for the year in respect of assets relating to undertaking
at Tarapur has been provided on straight line method at the rates
specifed as per Schedule XIV of the Companies Act, 1956.
In respect of assets relating to undertakings at Kandivali depreciation
has been provided on written down value method at the rates specifed as
per Schedule XIV of the Companies Act, 1956.
Lease hold land has been amortized over the period of the lease on
straight line basis Depreciation on the Fixed Assets added during the
year has been provided on pro -rata basis with reference to the month
of addition.
8 IMPAIRMENT OF ASSETS
An assets treated impaired when the carrying cost of asset exceeds its
recoverable value. An impairment loss is charged to the Proft and Loss
Account in the year in which an asset is identifed as impaired. The
impairment loss recognised in prior accounting period is reversed if
there has been a change in the estimate of recoverable amount.
9 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated to foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
Monetary items denominated in foreign currencies at the year end are
restated at year end rules. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
Non monetary foreign currency items are carried at cost Any income or
expense on account of exchange difference either on settlement or on
translation is recognised in the Proft and Loss account except in case
of long term liabilites, where they relate to acquisition of fxed
assets, in which case they are adjusted to the carrying cost of such
assets.
10 INVESTMENTS
Current Investments are carried at lower of cost and quoted/fair value,
computed category wise.
The long-term investments are stated at cost. Provision for permanent
diminution in value is made only if such a decline is other than
temporary in nature.
11 INVENTORIES
Inventories of Raw Materials, Stores and Spares, Finished goods and
Work in progress are valued at lower of cost or net realizable value
after providing for obsolescence, if any.
Cost comprises of all cost of purchases, cost of conversion and other
cost incurred in bringing the inventory to their present location and
conditions Cost is determined under Weighted Average method for Raw
Material, stores & spares & Work in Progess and for fabrics on FIFO
basis.
12 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection.
Revenue from operations include sale of goods, process income and job
work receipts which are exclusive of sales tax but net off after
adjusting claims, incentives, rebates and discounts.
Dividend income is recognised when right to receive is established.
Interest income is recognised on time proportion basis taking into
account the amount outstanding and rate applicable.
13 EMPLOYEES BENEFITS
Short-term employee benefts are recognized as an expense at the
undiscounted amount in the proft and loss account for the year in which
the related service is rendered Post employment and other long term
employee benefts are recognized as an expense in the proft and loss
account for the year in which the employee has rendered services. The
expense is recognized at the present value of the amount payable
determined using actuarial valuation techniques. Actuarial gains and
losses in respect of post employment and other long term benefts are
charged to the proft and loss account.
The Company has taken Group/Master insurance Policy with Life Insurance
Corporation of India for the future payments of retiring employee''s
gratuities. The premium thereon has been so adjusted as to cover the
liability under scheme in respect of eligible employees at the end of
their future anticipated service with the company
14 BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of the assets, up to the date the asset is ready for its intended use.
All other borrowing costs are recognized as expense and charged to the
Proft and Loss Account in the year in which they are incurred
15 TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax for the year is recognized,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized and carried forward only if there is
a reasonable/virtual certainty of its realization.
16 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a
result of past event and it is probable that there will be an outfow of
resources and reliable estimate can be made of the amount of the
obligation. A disclosure for Contingent liabilities is made in the
notes on accounts when there is a possible obligation or present
obligations that may, but probably will not, require an outfow of
resources. Contingent assets are neither recognized nor disclosed in
the fnancial statement.
Mar 31, 2013
1 ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost
convention, on an accrual basis of accounting. statement complies with
the Accounting Standard prescribed by the ICAI and also complies with
the Section 21 (C) of the Companies Act, 1956. The accounts are
prepared as a going concern.
2 USE OF ESTIMATES
The preparation of financial statements requires estimates and
assumptions to be made that affect the repor amount of assets and
laibilites on the date of the financial statements and the reported
amount of revenues i expenses during the reporting period. Difference
between the actual results and estimates are recognised in the per in
which the results are known/ materialised
3 CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash flow statement
comprise cash and bank and in hand and shi -term investments with an
original maturity of three months oHess
4 FIXED ASSETS
Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes. All costs
including financing cost till commencement < commercial production, net
charges on foreign exchange contracts and adjustments arises from
exchange rat variations attributable to the fixed assets are
capitalised.
5 LEASED ASSETS
Operating Lease: Rentals are expensed with reference to lease terms and
other considerations.
6 INTANGIBLE ASSETS
Intangible Assets are stated at cost of acquisition net of recoverable
taxes. All costs including financing cost till commencements of
commercial production, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations attributable to the
intangible assets are capitalised
7 DEPRECIATION / AMORTIZATION
Depreciation for the year in respect of assets relating to undertaking
at Tarapur has been provided on straight line method at the rates
specified as per Schedule XIV of the Companies Act, 1956
In respect of assets relating to undertakings at Kandivali depreciation
has been provided on written down value method at the rates specified
as per Schedule XIV of the Companies Act, 1956.
Lease hold land has been amortized over the period of the lease on
straight line basis
Depreciation on the Fixed Assets added during the year has been
provided on pro -rata basis with reference to the month of addition.
8 IMPAIRMENT OF ASSETS
An asset treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
9 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated to'' foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
Monetary items denominated in foreign currencies at the year end are
restated at year end rules. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracs is recognised over
the life of the contract.
Non monetary foreign currancy items are carried at cost
Any income or expense on account of exchange difference either on
settelment or on translation is recognised in the Profit and Loss
account except in cae of long term liabilites, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
10 INVESTMENTS
Current Investments are carried at lower of cost and quoted/fair value,
computed category wise.
The long-term investments are stated at cost. Provision for permanent
diminution in value is made only if such a decline is other than
temporary in nature.
11 INVENTORIES
Inventories of Raw Materials, Stores and Spares, Finished goods and
Work in progress are valued at lower of cost or net realizable value
after providing for obsolescence, if any.
Cost comprises of all cost of purchases, cost of conversion and other
cost incurred in bringing the inventory to their present location and
conditions
Cost is determined under Weighted Average method for Raw Material,
stores & spares & Work in Progess and for fabrics on FIFO basis.
12 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection.
Revenue from operations include sale of goods, process income and job
work receipts which are exclusive of sales tax-but net off after
adjusting claims, incentives, rebates and discounts.
Dividend income is recognised when right to receive is established.
Interest income is recognised on time proportion basis taking into
account the amount outstanding and rate applicable.
13 EMPLOYEES BENEFITS
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account for the year in
which the related service is rendered
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 amount 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.
The Company has taken Group/Master insurance Policy with Life Insurance
Corporation of India for the future payments of retiring employee''s
gratuities. The premium thereon has been so adjusted as to cover the
liability under scheme in respect of eligible employees at the end of
their future anticipated service with the company
14 BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of the assets, up to the date the asset is ready for its intended use.
All other borrowing costs are recognized as expense and charged to the
Profit and Loss Account in the year in which they are incurred
15 TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax for the year is recognized,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized and carried forward only if there is
a reasonable/virtual certainty of its realization.
16 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a
result of past event and it is probable that there will be an outflow
of resources and reliable estimate can be made of the amount of the
obligation. A disclosure for Contingent liabilities is made in the
notes on accounts when there is a possible obligation or present
obligations that may, but probably will not, require an outflow of
resources. Contingent assets are neither recognized nor disclosed in
the financial statement.
17 SEGMENT REPORTING
The Company''s operation fall under single segment namely "Textile"
therefore, separate business segment is not disclosed
Mar 31, 2012
I. ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost
convention, on an accrual basis of accounting. The statement complies
with the Accounting Standard prescribed by the ICAI and also complies
with the Section 211 (3) ( C) of the Companies Act, 1956. The accounts
are prepared as a going concern.
ii. USE OF ESTIMATES .
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized
iii. CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purpose of cash flow statement
comprise cash and bank and in hand and short -term investments with an
original maturity of three months or less
iv. FIXED ASSETS
Fixed assets are stated at cost of acquisition or construction
inclusive of incidental expenses related thereto and is net of credit
under the excise CENVAT Scheme where applicable.
v. DEPRECIATION/AMORTIZATION
Depreciation for the year in respect of assets relating to undertaking
at Tarpaper has been provided on straight line method at the rates
specified as per Schedule XIV of the Companies Act, 1956
In respect of assets relating to undertakings at Kandivali depreciation
has been provided on written down value method at the rates specified
as per Schedule XIV of the Companies Act, 1956.
Lease hold land has been amortized over the period of the lease on
straight line basis
Depreciation on the Fixed Assets added during the year has been
provided on pro -rata basis with reference to the month of addition.
vi. INVESTMENTS
The long-term investments are stated at cost. Provision for permanent
diminution in value is made only if such a decline is other than
temporary in nature.
vii. INVENTORIES
Inventories of Raw Materials, Stores and Spares, Finished goods and
Work in progress are valued at lower of cost or net realizable value .
Cost comprises of all cost of purchases, cost of conversion and other
cost incurred in bringing the inventory to their present location and
conditions
Cost is determined under Weighted Average method for stores & spares
and for fabrics oh FIFO basis.
viii. REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measure and it is
reasonable to expect ultimate collection.
Purchases/Sales/Process & Job work receipts are exclusive of Sales Tax
but net off after adjusting claims, incentives, rebates, discounts etc
Dividend income on investments is accounted for when the right to
receive the payment is established.
ix. EMPLOYEES BENEFITS
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account for the year in
which the related service is rendered
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 amount 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.
The Company has taken Group/Master insurance Policy with Life Insurance
Corporation of India for the future payments of retiring employee's
gratuities. The premium thereon has been so adjusted as to cover the
liability under scheme in respect of eligible employees at the end of
their future anticipated service with the company
x. BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of the assets, up to the date the asset is ready for its intended use.
All other borrowing costs are recognized as expense and charged to the
Profit and Loss Account in the year in which they are incurred .
xi. TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax for the year is recognized,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized and carried forward only if there is
a reasonable/virtual certainty of its realization.
xii. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a
result of past event and it is probable that there will be an outflow
of resources and reliable estimate can be made of the amount of the
obligation. A disclosure for Contingent liabilities is made in the
notes on accounts when there is a possible obligation or present
obligations that may, but probably will not, require an outflow of
resources. Contingent assets are neither recognized nor disclosed in
the financial statement.
xiii. SEGMENT REPORTING
The Company's operation fall under single segment namely "Textile"
therefore, separate business segment is not disclosed.
Mar 31, 2011
A) ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost
convention, on an accrual basis of accounting. The statement complies
with the Accounting Standard prescribed by the ICAI and also complies
with the Section 211 (3) (C) of the Companies Act, 1956. The accounts
are prepared as a going concern.
B) FIXED ASSETS
Fixed assets are stated at cost of acquisition or construction
inclusive of incidental expenses related thereto and is net of credit
under the excise CENVAT Scheme where applicable.
C) DEPRECIATION / AMORTIZATION
i) Depreciation for the year in respect of assets relating to
undertaking at Tarapur has been provided on straight line method at the
rates specified as per Schedule XIV of the Companies Act, 1956.
ii) In respect of assets relating to undertakings at Kandivali
depreciation has been provided on written down value method at the
rates specified as per Schedule XIV of the Companies Act, 1956.
iii) Lease hold land has been amortized over the period of the lease on
straight line basis.
iv) Depreciation on the Fixed Assets added duringthe year has been
provided on pro -rata basis with reference to the month of addition.
D) INVESTMENTS
The long-term investments are stated at cost. Provision for permanent
diminution in value is made only if such a decline is other than
temporary in nature.
E) INVENTORIES
I) Inventories of Raw Materials, Stores and Spares, Finished goods and
Work in progress are valued at lower of cost or net realizable value.
ii) Cost comprises of all cost of purchases,
cost of conversion and other cost incurred in bringing the inventory to
their present location and conditions.
iii) Cost is determined under Weighted Average method for stores &
spares and for fabrics on FIFO basis.
F) REVENUE RECOGNITION
i) Revenue is recognized only when it can be reliably measure and it is
reasonable to expect ultimate collection.
ii) Purchases/Sales/Process & Job work receipts are exclusive of Sales
Tax but net off after adjusting claims, incentives, rebates, discounts
etc.,
iii) Dividend income on investments is accounted for when the right to
receive the payment is established.
G) RETIREMENT BENEFITS
i) Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account for the year in
which the related service is rendered.
ii) 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 amount 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.
H) BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of the assets, up to the date the asset is ready for its intended use.
All other borrowing costs are recognized as expense and charged to the
Profit and Loss Account in the year in which they are incurred.
I) TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax for the year is recognized,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized and carried forward only if there is
a reasonable/virtual certainty of its realization.
J) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a
result of past event and it is probable that there will be an outflow
of resources and reliable estimate can be made of the amount of the
obligation. A disclosure for Contingent liabilities is made in the
notes on accounts when there is a possible obligation or present
obligations that may, but probably will not, require an outflow of
resources. Contingent assets are neither recognized nor disclosed in
the financial statement.
K) SEGMENT REPORTING
The Company's operation fall under single segment namely "Textile"
therefore, separate business segment is not disclosed.
Mar 31, 2010
A) ACCOUNTING CONVENTION
i) The financial statements are prepared under the historical cost
convention, on an accrual basis of accounting. The statement complies
with the Accounting Standard prescribed by the ICAI and also complies
with the Section 211 (3) (C) of the Companies Act, 1956. The accounts
are prepared as a going concern.
B) FIXED ASSETS
Fixed assets are stated at cost of acquisition or construction
inclusive of incidental expenses related thereto and is net of credit
under the excise CENVAT Scheme where applicable.
C) DEPRECIATION/AMORTIZATION
i) Depreciation for the year in respect of assets relating to
undertaking at Tarapur has been provided on straight line method at the
rates specified as per Schedule XIV of the Companies Act, 1956.
ii) In respect of assets relating to undertakings at Kandivali
depreciation has been provided on written down value method at
the rates specified as per Schedule XIV of the Companies Act, 1956.
iii) Lease hold land has been amortized over the period of the lease on
straight line basis.
iv) Depreciation on the Fixed Assets added during the year has been
provided on pro -rata basis with reference to the month of addition.
D) INVESTMENTS
The long-term investments are stated at cost. Provision for permanent
diminution in value is made only if such decline is other than
temporary in nature.
E) INVENTORIES
I) Inventories of Raw Materials, Stores and Spares, Finished goods and
Work in progress are valued at lower of cost or net srealizable value.
ii) Cost comprises of all cost of purchases, cost of
conversion and other cost incurred in bringing the inventory to their
present location and conditions.
iii) Cost is determined under sWeighted Average method for stores &
spares and for fabrics on FIFO sbasis.
F) REVENUE RECOGNITION
i) Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.The Companys share in the profit /
loss of the partnership firm is accounted as per the unaudited accounts
of the Partnership.
ii) Purchases/Sales/Process & Job work receipts are exclusive of Sales
Tax but net off after adjusting claims, incentives, rebates, discounts
etc.,
iii) Dividend income on investments is accounted for when the right to
receive the payment is established.
G) RETIREMENT BENEFITS
i) Short-term employee bene fits are recognized as an expense at the
undiscounted amount in the profit and loss account for the year in which
the related service is rendered.
ii) 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 amount 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.
H) BORROWING COST
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of the assets, up to the date the asset is ready for its intended
use.AII other borrowing costs are recognized as expense and charged to
the Profit and Loss Account in the year in which they are incurred.
I) TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the year Deferred Tax for the year is recognized, on
timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized and carried forward only if there is
a reasonable/virtual certainty of its realization.
J) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company recognizes provisions when there is present obligation as a
result of past event and it is probable that there will be an outflow
of resources and reliable estimate can be made of the amount of the
obligation. A disclosure for Contingent liabilities is made in the
notes on accounts when there is a possible obligation or present
obligations that may, but probably will not, require an out flow of
resources. Contingent assets are neither recognized nor disclosed in
the financial statement.
K) SEGMENT REPORTING
The Companys operation fall under single segment namely "Textile"
therefore, separate business segment is not disclosed.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article