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Notes to Accounts of Hipolin Ltd.

Mar 31, 2015

1. Corporate Information:

Hipolin Limited ("The Company") was incorporated in March 31,1994 under the provision of the Companies Act, 1956. The Company is engaged in manufacturing of Detergent Powder & Cake and alike products. The manufacturing facility for the same is set up at A/1/1, Nilkanth Ind. Estate, Nr, Iyava Bus Stand, Ta. : Sanand, Dist.: Ahmedabad, Gujarat.The equity shares of the Company are listed on Bombay Stock Exchange Ltd.

2. Rights, Preferences and Restrictions

The authorised share capital of the Company has only one class of shares referred to as 'equity shares' having a par value of Rs.10/-each.

The rights and privileges to equity shareholders are general in nature and defined under the Articles of Association.

The equity shareholders shall have:

I) One vote and poll when present in person (including a body corporate by duly authorised representative) or by an agent duly authorised under a power of attorney or by a proxy his voting right shall be in proportion to his share to the paid equity share capital of the company. However, no member shall exercise any voting rights in respect of any share registered in his name on which any class or other sums presently Payable by him have not been paid or in regard to which the company has exercised any right of lien.

ii) subject to the rights of person if any, entitled to share with special rights as to dividends, all dividends shall be declared and paid according to the amount paid or credited as paid to the shares in respect where of the dividend is payable.

3. Previous year's figures have been regrouped, reworked, rearranged and reclassified whenever necessary.

4. SEGMENT REPORTING

The Company has only one reportable business segment i.e. Detergent Powder & cake as primary segment.

5. RELATED PARTY TRANSACTION DISCLOSURES

a) List of related parties with whom transactions have taken place during the year and relationship

SR. No. Name

1 Shri Bhupendra J. Shah

2 Shri Jaykumar J. Shah

3 Shri Shailesh J. Shah

4 Shri Daxesh B. Shah* Key Managerial Personnel

5 Shri Rumit B. Shah*

6 Shri Vivek S. Shah*

7 Shri Bharat J. Shah

8 Shri Subhash J. Shah



1 Shri Bharat J. Shah**

2 Shi Subhash J. Shah**

3 Shri Apurva S. Shah Relatives of Key Managerial Personnel

4 Shri Daxesh B. Shah

5 Shri Rumit B. Shah

6 Shri Vivek S. Shah

* Shri Daxesh B. Shah, Vivek S. Shah and Shri Rumit B. Shah resigned as Key Managerial Personnel w.e.f. 13.02.2015 but remain as a relative of Key Mangerial personnel from the same date of resignation

** Shri Bharat J. Shah and Shri Subhash J. Shah were resigned as relatives of Key Managerial Personnel w.e.f.13.02.2015 but were appointed as Key Mangerial Personnel from the same date i.e., 13.02.2015

6. Contingent Liabilities Not Provided For In Accounts:

Rs. (In Lacs)

2014-15 2013-14

In respect of Bank Guarantee issued

In favour of Government of India. 169.00 244.00

In respect of disputed Income Tax matters 42.69 -

7. Excise Duty amounting to Rs. 0.20 lacs (Previous Year Rs. 0.83 lacs) on finished goods not cleared is neither provided nor is the same considered for valuation of closing stock. This has no impact on the profit/ loss of the accounting year.

8. a) In the opinion of the Directors, Current assets , Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

b) The confirmations of some parties for the amount due to them/ amount due from them as per books of accounts are not received. Necessary adjustments, if any, will be made when the accounts are reconciled/ settled.

9. Since it is not possible to ascertain with reasonable certainty the quantum of accruals in respect of certain Insurance and other claims, Excise and custom duty Refund, Interest on overdue bills from customers, etc., the same are to be accounted on cash basis.

10. Earning Pershare(EPS):

The earnings considered in ascertaining the Company's Basic EPS in the attributable net profit /(loss) to the equity shareholders'. The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the period:

11. All the Raw Materials, Components and other items consumed are indigenous. There is no consumption of imported Raw material, Components and other items.

12. Based on the information available with the company the balance due to Small Enterprise as under Micro, Small and Medium Enterprise Development Act, 2006("MSMED Act") is Rs. 3,25,408/-


Mar 31, 2014

1.1. Previous year''s figures have been regrouped, reworked, rearranged and reclassified wherever necessary.

20013-14 2012-13 Rs.in Lacs Rs.in Lacs

1.2. Contingent Liabilities Not Provided For In Accounts :

Bank Guarantee issued in favour Government of India. 244.00 244.00

1.3. Excise duty amounting to Rs. 0.83 lac (Previous year Rs. 4.61 LACS) on Finished Goods not cleared is neither provided for nor the same is considered for valuation of closing stock. This has no impact on the profit of the accounting year.

1.4. (a) In the opinion of the Directors, Current assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

(b) The confirmations of some of the parties for the amounts due to them / amount due from them as per books of accounts are not received. Necessary adjustments, if any, will be made when the accounts are reconciled / settled.

1.5. Since it is not possible to ascertain with reasonable certainty the quantum of accruals in respect of certain Insurance and other claims, Excise and custom duty Refund, Interest on overdue bills from customers, etc., the same are accounted on cash basis.

1.6. Impairment ofAssets.

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized wherever the carrying amount of an assets exceeds its estimated recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there is no impairment losses on assets of the Company.

1.7. Employee benefits

The accounting liability on account of gratuity and leave is accounted as per AS 15 dealing with Employee benefits.

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and tenure of employment.

1.8. Earning Per Share (EPS) The earnings considered in ascertaining the company''s Basic EPS in the attributable net profit or loss to the equity shareholder''s as per AS - 20 "Earnings per Share". The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the period.

1.9. Based on information available with the Company the balance due to Small Enterprise as under the under MSMED Act, 2006 is Rs. 7,05,617/-

1.10. Additional Depreciation on increased amount on revaluation of Fixed Assets amounting to Rs. 263821 (Previous year Rs. 263821) is charged to Profit and loss Account

1.11. SEGMENTAL REPORTING

The Company operates in only one segment i .e. detergent powder and cake.


Mar 31, 2013

1. Excise duty amounting to Rs. 4.61 lacs (Previous year Rs. 3.82 LACS) on Finished Goods not cleared is neither provided for nor the same is considered for valuation of closing stock. This has no impact on the profit of the accounting year.

2. (a) Intheopinion of the Directors, Current assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

(b) The confirmations of some of the parties for the amounts due to them / amount due from them as per books of accounts are not received. Necessary adjustments, if any, will be made when the accounts are reconciled / settled.

3. Since it is not possible to ascertain with reasonable certainty the quantum of accruals in respect of certain Insurance and other claims, Excise and custom duty Refund, Interest on overdue bills from customers, etc., the same are to be accounted on cash basis.

The Company has not employed any person drawing remuneration of Rs. 5,00,000/per month or more or Rs. 60,00,000/- per annum.

4. Impairment of Assets.

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized wherever the carrying amount of an assets exceeds its estimated recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there is no impairment losses on assets of the Company.

5. Employee benefits

The accounting liability on account A-gratuity and leave is accounted as per AS 15 dealing with Employee benefits.

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and tenure of employment.

In accordance with the requirements of the new Accounting Standard (AS 22) dealing with the taxes on income issued by The Institute of Chartered Accounts of India, the net deferred liability relating to previous year amounting to Rs. 161.25 lacs has been adjusted against the general reserve and profit and loss account of Rs. 78.10 lacs and Rs. 83.15 lacs respectively. The net Deferred Tax Liability for the current year of Rs. (18.54) lacs (p.y Rs. 3.50 lacs) has adjusted for reversing timing difference.

6. Earnings Per Share (EPS) The earnings considered in ascertaining the company''s Basic EPS in the attributable net profit or loss to the equity shareholder''s as per AS -20 "Earnings per Share" issued by ICAI. The'' number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the period.

7. Based on information available with the Company the balance due to Small Enterprise asunder the under MSMED Act, 2006 is 8,91,567/-

8. Additional Depreciation on increased amount on revaluation of Fixed Assets amounting to Rs. 263821 (Previous year Rs. 263821) is charged to Profit and loss Account


Mar 31, 2012

1. Previous year's figures have been regrouped, reworked, rearranged and reclassified wherever necessary.

20011-12 2010-11 Rs.inLacs Rs.in Lacs

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN ACCOUNTS:

Bank Guarantee issued in favour Government of India. 244.00 219.00

3. Excise duty amounting to Rs.3.82lacs (Previous year Rs.1.37 LACS) on Finished Goods not cleared is neither provided for nor the same is considered for valuation of closing stock. This has no impact on the profit of the accounting year.

4. (a) In the opinion of the Directors, Current assets, Loans and Advances have the

value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

(b) The confirmations of some of the parties for the amounts due to them / amount due from them as per books of accounts are not received. Necessary adjustments, if any, will be made when the accounts are reconciled / settled.

5. Since it is not possible to ascertain with reasonable certainty the quantum of accruals in respect of certain Insurance and other claims, Excise and custom duty Refund, Interest on overdue bills from customers.etc, the same are to be accounted on cash basis.

6. Impairment of Assets.

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized wherever the carrying amount of an assets exceeds its estimated recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there is no impairment losses on assets of the Company

7. Employee benefits

The accounting liability on account of gratuity and leave is accounted as per AS 15 dealing with Employee benefits.

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and tenure of employment.

8. Based on information available with the Company the balance due to Small Enterprise asunder the underMSMEDAct,2006is 14,45,592/-.

9. Information required intermsofpart iv of Schedule (VI) of the Company Act,1956 is attached.

10. Additional Depreciation on increased amount on revaluation of Fixed Assets amounting to Rs. 263821 (Previous year Rs. 263821) is charged to Profit and loss Account

11. In accordance with the requirements of the new Accounting Standard (AS 22) dealing with the taxes on income issued by The Institute of Chartered Accounts of India, the net deferred liability relating to previous year amounting to Rs. 161.25 lacs has been adjusted against the general reserve and profit and loss account of Rs. 78.10 lacs and 83.15 lacs respectively. The net Deferred Tax Liability for the current year of Rs. 3.50 lacs (p.y Rs.0.48 lacs) has adjusted for reversing timing difference.


Mar 31, 2010

1. Previous years figures have been regrouped, reworked, rearranged And reclassified

2009-10 2008-09 Rs.in Lacs Rs.in Lacs

2. CONTINGENT LIABILITIES NOT PROVIDED

FOR IN ACCOUNTS:

(i) Tax liability in respect thereof demanded by the income tax department forwhich 10.46 27.85 the appeal is pending.

(ii) Bank Guranty issued in favour Government of India. 219.00 70.00



3. Excise duty amounting to Rs.4.53 lacs (Previous year Rs.6.72 LACS) on Finished Goods not cleared is neither provided for nor the same is considered for valuation of closing stock. This has no impact on the profit of the accounting year.

4. (a) In the opinion of the Directors, Current assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

(b) The confirmations of some of the parties for the amounts due to them / amount due from them as per books of accounts are not received. Necessary adjustments, if any, will be made when the accounts are reconciled / settled.

5. Since it is not possible to ascertain with reasonable certainty the quantum of accruals in respect of certain Insurance and other claims, Excise and custom duty Refund, Interest on overdue bills from customers,etc., the same are to be accounted on cash basis.

6. Impairment of Assets.

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized wherever the carrying amount of an assets exceeds its estimated recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there is no impairment losses on assets of the Company.

7. Employee benefits

The accounting liability on account of gratuity and leave is accounted as per AS 15 dealing with Employee benefits.

The Company operates a defined benefit plan (the Gratuity Plan) covering^Mgible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and tenure of employment.

8. Earning Per Share (EPS) The earnings considered in ascertaining the companys Basic EPS in the attributable net profit or loss to the equity shareholders as per AS -20 "Earnings per Share" issued by ICAI. The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the period.

9. Based on information available with the Company the balance due to Small Enterprise asunder the under MSMEDAct,2006 is 8,36,784/-.

10. Information required intermsofpart iv of Schedule(VI)of the Company Act,1956 is attached.

11. Additional Depreciation on increased amount on revaluation of Fixed Assets amounting to Rs.263821 (Previous year Rs.263821) is charged to Profit and loss Account

12. In accordance with the requirements of the new Accounting Standard (AS 22) Dealing with the taxes on income issued by The Institute of Chartered Accounts of India, the net deferred liability relating to previous yearamounting to Rs. 161.25 lacs has been adjusted against the general reserve and profit and loss account ofRs. 78.10 lacs and 83.15 lacs respectively. The net Deferred Tax Liability forthe current year of Rs. 4.66 lacs Rs.23.83 lacs) has adjusted for reversing timing difference.

 
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