Mar 31, 2016
NOTE NO. 1 Corporate Information
The Company deals in dyes, sizing chemicals and auxiliaries used in textile industry. The Company also deals in Electrical Capacitors. It has Head Office at Mahim, Mumbai and branch offices at Ahmedabad, Delhi and Coimbatore. It has manufacturing and warehouse facility at Dahisar Mori and Ambernath near Mumbai and warehouses at Ahmedabad and Coimbatore locations.
Significant Accounting Policies
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India, to comply with the accounting standards specified under section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.
The accounting statements have been prepared on accrual basis under historical cost convention.
Use of Estimates
The preparation of financial statements in conformity with the Indian GAAP requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities and reported income and expenses. The management believes that the estimates used in preparation of financial statements are prudent and reasonable.
Inventories
Inventories of stock in trade are valued on FIFO basis, work in progress and finished goods are valued at material cost plus production overheads, and inventories of Ankleshwar plant are valued on the estimated basis as certified by management.
Cash and cash equivalent
Cash comprises of cash on hand and demand deposits with banks. Cash equivalent are short term, highly liquid investments that are readily convertible into known amount of cash.
Cash Flow statement
Cash flows are reported using indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for effects of transactions of non-cash nature and any accruals of past and future cash receipts or payments. The cash flows from operating, investing and financing activities are segregated on the basis of available information.
Depreciation
The net carrying value of fixed assets is amortized in the manner prescribed in part âCâ of Schedule II of the Companies Act 2013.
Leasehold land is amortized over the period of lease.
Depreciation on additions of assets during the year has been provided on pro-rata basis with reference to the date of addition.
Revenue recognition
Sale of goods :
Sales are recognized, net of returns and trade discounts on transfer of significant risks and rewards of the ownership to buyer. Sales include excise duty but exclude sales tax and vat.
Other Income
Interest income is accounted on accrual basis.
Tangible Fixed Assets
The tangible fixed assets are stated at cost of acquisition ( net of Cenvat credit / Value added tax ). All costs relating to the acquisition and installation, up to the date of such assets are put to use, are capitalized as part of cost of the asset.
Fixed assets retired from use and held for sale are disclosed separately in the Balance Sheet.
Intangible Assets
Intangible assets are carried at cost.
Foreign currency transactions
All transactions in foreign currency are recorded at the rates of exchange prevailing on the dates when the transaction takes place.
Monetary assets and liabilities in foreign currency outstanding at the close of the year are converted in Indian currency at the appropriate rate of exchange prevailing on the date of Balance Sheet. The resultant gain / loss pertaining to revenue is recognized in the Statement of profit / loss for the year and that of pertaining to capital is adjusted to the cost of fixed asset.
Borrowing costs
Borrowing costs are recognized in the Statement of profit and loss in the year in which they are incurred. Investments
Current and long term investments are stated at cost.
Employeesâ Retirement Benefits
Short-term Employee Benefits
All Employee benefits payable within twelve months of rendering the service are recognized in the period in which the employee renders the related service.
Post Employment / Retirement Benefits
Contribution to Defined Contribution Plans such as Provident Funds etc. are charged to the Profit and Loss Account as incurred.
Defined Benefit Plans - The present value of the obligation under such plans is determined based on an actuarial valuation. Actuarial gains and losses arising on such valuation are recognized immediately in the Profit and Loss Account. In the absence of any plan assets, the present value obligation is recognized on gross basis.
Termination Benefits
Termination Benefits are recognized as and when incurred.
Taxes on Income
Provision for current tax is made based on the tax payable for the year under the Income Tax Act, 1961. Deferred tax is recognized for all timing differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
Provision for Contingencies
In the opinion of the management provisions for contingencies in pursuance of AS 29 issued by the Institute of Chartered Accountants of India is not required as there exist no such liabilities un provided for.
Goodwill
The goodwill is amortized over a period of five years commencing from the year in which it arises. Amalgamation Expenses
Amalgamation expenses incurred during the year are amortised over a period of five successive previous years commencing from the year in which the amalgamation expenses are incurred. The balance amount of amalgamation expenses is shown under the head Miscellaneous Expenditure to the extent not written off or adjusted.
Earning per share
The basic and diluted earnings per share is computed by dividing the net profit / loss attributable to equity shareholders for the year, by the weighted average number of equity shares outstanding during the year. The Company did not have any dilutive potential equity shares outstanding as at year end.
Mar 31, 2015
Corporate Information
The Company deals in dyes, sizing chemicals and auxiliaries used in
Textile industry. After amalgamation of the Company with Khatau
Capacitors Pvt. Ltd., (one of the transferor Companies in the scheme of
amalgamation) the Company also deals in Electrical Capacitors. It has
head office at Mahim, Mumbai and branch offces at Ahmedabad, Delhi and
Coimbatore. It has manufacturing and warehouse facility at Dahlias Mori
near Mumbai and warehouses at Ahmedabad and Coimbatore locations and
manufacturing facilities at Abernathy.
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance
with the Generally Accepted Accounting Principles in India, to comply
with the accounting standards specified under section 133 of the
Companies Act 2013 read with Rule 7 of the Companies ( Accounts ) Rules
2014.
The accounting statements have been prepared on accrual basis under
historical cost convention.
Use of Estimates
The preparation of financial statements in conformity with the Indian
GAAP requires the management to make estimates and assumptions
considered in the reported amounts of assets and liabilities and
reported income and expenses. The management believes that the
estimates used in preparation of financial statements are prudent and
reasonable.
Inventories
Inventories are valued on FIFO basis. Inventories of Ankles war Plant
are valued on the estimated basis as certified by management.
Cash and cash equivalent
Cash comprises of cash on hand and demand deposits with banks. Cash
equivalent are short term , highly liquid investments that are readily
convertible into known amount of cash.
Cash Flow statement
Cash fows are reported using indirect method , whereby proft/(loss)
before extraordinary items and tax is adjusted for effects of
transactions of non-cash nature and any accruals of past and future
cash receipts or payments. The cash fows from operating, investing and
fnancing activities are segregated on the basis of available
information.
Depreciation
With effect from 1st April 2014, net carrying values of fixed assets is
amortized in the manner prescribed in part "C" of Schedule II of the
Companies Act 2013.
Leasehold land is depreciated over the period of lease.
Depreciation on additions of assets during the year has been provided
on pro-rata basis with reference to the date of addition.
Revenue recognition
Sale of goods :
Sales are recognized , net of returns and trade discounts on transfer
of significant risks and rewards of the ownership to buyer. Sales
include excise duty but exclude sales tax and Vat.
Other Income
Interest income is accounted on accrual basis.
Tangible Fixed Assets
The tangible fixed assets are stated at cost of acquisition ( net of
Cen vat credit / Value added tax ). All costs relating to the
acquisition and installation, up to the date of such assets are put to
use, are capitalized as part of cost of the asset.
Fixed assets retired from use and held for sale are disclosed
separately in the Balance Sheet.
Intangible Assets
Intangible assets are carried at cost.
Foreign currency transactions
All transactions in foreign currency are recorded at the rates of
exchange prevailing on the dates when the transaction takes place.
Monetary assets and liabilities in foreign currency outstanding at the
close of the year are converted in Indian currency at the appropriate
rate of exchange prevailing on the date of Balance Sheet. The resultant
gain/loss pertaining to revenue is recognized in the Statement of profit
/ loss for the year and that of pertaining to capital is adjusted to
the cost of fxed asset.
Borrowing costs
Borrowing costs are recognized in the Statement of proft and loss in
the year in which they are incurred.
Investments
Long Term Investments are stated at cost.
Employees' Retirement Benefits
Short-term Employee Benefits
All Employee benefts payable within twelve months of rendering the
service are recognized in the period in which the employee renders the
related service.
Post Employment / Retirement Benefits
Contribution to Defend Contribution Plans such as Provident Funds etc.
are charged to the Profit and Loss Account as incurred. Defend Benefit
Plans - The present value of the obligation under such Plans is
determined based on an actuarial valuation. Actuarial gains and losses
arising on such valuation are recognized immediately in the Profit and
Loss Account. In the absence of any Plan Assets, the Present Value
Obligation is recognized on gross basis.
Termination Benefits
Termination Benefits are recognized as and when incurred.
For Taxes on Income
Provision for current tax is made based on the tax payable for the year
under the Income Tax Act, 1961. Deferred tax is recognized for all
timing differences between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
Provision for Contingencies
In the opinion of the management provisions for contingencies in
pursuance of AS 29 issued by the Institute of Chartered Accountants of
India is not required as there exist no such liabilities unprovoked
for.
Goodwill
The goodwill is amortized over a period of fve years commencing from
the year in which it arises.
Amalgamation Expenses
Amalgamation expenses incurred during the year are amortized over a
period of fve successive previous years commencing from the year in
which the amalgamation expenses are incurred. The balance amount of
amalgamation expenses is shown under the head Miscellaneous Expenditure
to the extent not written off or adjusted.
Earning per share
The basic and diluted earnings per share is computed by dividing the
net proft/loss attributable to equity shareholders for the year, by the
weighted average number of Equity shares outstanding during the year.
The Company did not have any dilutive potential equity shares
outstanding as at year end.
Mar 31, 2014
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance
with the Generally Accepted Accounting Principles in India, to comply
with the accounting standards notifed under the Companies (Accounting
Standard) Rules 2006 (as amended) and the relevant provisions of the
Companies Act, 1956. The accounting statements have been prepared on
accrual basis under historical cost convention.
Use of Estimates
The preparation of financial statements in conformity with the Indian
GAAP requires the management to make estimates and assumptions
considered in the reported amounts of assets and liabilities and
reported income and expenses. The management believes that the
estimates used in preparation of financial statements are prudent and
reasonable.
Inventories
Inventories of traded goods are valued on FIFO basis. Inventories of
Ankleshwar Plant are valued on the estimated basis as certified by
management.
Cash and cash equivalent
Cash comprises of cash on hand and demand deposits with banks. Cash
equivalent are short term, highly liquid investments that are readily
convertible into known amount of cash.
Cash Flow statement
Cash flows are reported using indirect method , whereby profit/(loss)
before extraordinary items and tax is adjusted for effects of
transactions of non-cash nature and any accruals of past and future
cash receipts or payments. The cash flows from operating, investing and
fnancing activities are segregated on the basis of available
information.
Depreciation
Depreciation has been provided on the WDV method as per the rates
prescribed in the Schedule XIV of the Companies Act 1956.
Depreciation on additions / disposal of assets during the year has been
provided on pro-rata basis with reference to the date of
addition/disposal.
Revenue recognition Sale of goods :
Sales are recognized , net of returns and trade discounts on transfer
of significant risks and rewards of the ownership to buyer. Sales
include excise duty but exclude sales tax and Vat.
Other Income
Interest income is accounted on accrual basis.
Tangible Fixed Assets
The tangible fixed assets are stated at cost of acquisition (net of
Cenvat credit / Value added tax). All costs relating to the
acquisition and installation, up to the date of such assets are put to
use, are capitalized as part of cost of the asset.
Fixed assets retired from use and held for sale are disclosed
separately in the Balance Sheet.
Intangible Assets
Intangible assets are carried at cost.
Foreign currency transactions
All transactions in foreign currency are recorded at the rates of
exchange prevailing on the dates when the transaction takes place.
Monetary assets and liabilities in foreign currency outstanding at the
close of the year are converted in Indian currency at the appropriate
rate of exchange prevailing on the date of Balance Sheet. The resultant
gain/loss pertaining to revenue is recognized in the Statement of profit
/ loss for the year and that of pertaining to capital is adjusted to
the cost of fixed asset.
Borrowing costs
Borrowing costs are recognized in the Statement of profit and loss in
the year in which they are incurred.
Investments
Long Term Investments are stated at cost .
Employees'' Retirement benefits
Short-term Employee benefits
All Employee benefits payable within twelve months of rendering the
service are recognized in the period in which the employee renders the
related service.
Post Employment / Retirement benefits
Contribution to Defined Contribution Plans such as Provident Funds etc.
are charged to the profit and Loss Account as incurred. Defined benefit
Plans  The present value of the obligation under such Plans is
determined based on an actuarial valuation. Actuarial gains and losses
arising on such valuation are recognized immediately in the profit and
Loss Account. In the absence of any Plan Assets, the Present Value
Obligation is recognized on gross basis.
Termination benefits
Termination benefits are recognized as and when incurred.
For Taxes on Income
Provision for current tax is made based on the tax payable for the year
under the Income Tax Act, 1961. Deferred tax is recognized for all
timing differences between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
Provision for Contingencies
In the opinion of the management provisions for contingencies in
pursuance of AS 29 issued by the Institute of Chartered Accountants of
India is not required as there exist no such liabilities unprovided
for.
Goodwill
The goodwill is amortized over a period of five years commencing from
the year in which it arises.
Amalgamation Expenses
Amalgamation expenses incurred during the year are amortised over a
period of five successive previous years commencing from the year in
which the amalgamation expenses are incurred. The balance amount of
amalgamation expenses is shown under the head Miscellaneous Expenditure
to the extent not written off or adjusted.
Earning per share
The basic and diluted earnings per share is computed by dividing the
net profit/loss attributable to equity shareholders for the year, by the
weighted average number of Equity shares outstanding during the year.
The Company did not have any dilutive potential equity shares
outstanding as at year end.
Mar 31, 2013
Basis of accounting and preparation of fnancial statements
The fnancial statements of the Company have been prepared in accordance
with the Generally Accepted Accounting Principles in India, to comply
with the accounting standards notifed under the Companies (Accounting
Standard) Rules 2006 (as amended) and the relevant provisions of the
Companies Act, 1956.
The accounting statements have been prepared on accrual basis under
historical cost convention.
Use of Estimates
The preparation of fnancial statements in conformity with the Indian
GAAP requires the management to make estimates and assumptions
considered in the reported amounts of assets and liabilities and
reported income and expenses. The management believes that the
estimates used in preparation of fnancial statements are prudent and
reasonable.
Inventories
Inventories of traded goods are valued on FIFO basis. Inventories of
Ankleshwar Plant are valued on the estimated basis as certifed by
management.
Cash and cash equivalent
Cash comprises of cash on hand and demand deposits with banks. Cash
equivalent are short term , highly liquid investments that are readily
convertible into known amount of cash.
Cash Flow statement
Cash fows are reported using indirect method , whereby proft/(loss)
before extraordinary items and tax is adjusted for effects of
transactions of non-cash nature and any accruals of past and future
cash receipts or payments. The cash fows from operating, investing and
fnancing activities are segregated on the basis of available
information.
Depreciation
Deprecation has been provided on the WDV method as per the rates
prescribed in the Schedule XIV of the Companies Act 1956.
Depreciation on additions / disposal of assets during the year has been
provided on pro-rata basis with reference to the date of
addition/disposal.
Revenue recognition
Sale of goods :
Sales are recognized , net of returns and trade discounts on transfer
of signifcant risks and rewards of the ownership to buyer. Sales
include excise duty but exclude sales tax and vat.
Other Income
Interest income is accounted on accrual basis.
Tangible Fixed Assets
The tangible fxed assets are stated at cost of acquisition ( net of
Cenvat credit / Value added tax ). All costs relating to the
acquisition and installation, up to the date such assets are put to
use, are capitalized as part of cost of the asset.
Fixed assets retired from use and held for sale are disclosed
separately in the Balance Sheet.
Intangible Assets
Intangible assets are carried at cost.
Foreign currency transactions
All transactions in foreign currency are recorded at the rates of
exchange prevailing on the dates when the transaction takes place.
Monetary assets and liabilities in foreign currency outstanding at the
close of the year are converted in Indian currency at the appropriate
rate of exchange prevailing on the date of Balance Sheet. The resultant
gain/loss pertaining to revenue is recognized in the Statement of proft
/ loss for the year and that of pertaining to capital is adjusted to
the cost of fxed asset.
Borrowing costs
Borrowing costs are recognized in the Statement of proft and loss in
the year in which they are incurred.
Investments
Long Term Investments are stated at cost .
Employees'' Retirement Benefts
Short-term Employee Benefts
All Employee benefts payable within twelve months of rendering the
service are recognized in the period in which the employee renders the
related service.
Post Employment / Retirement Benefts
Contribution to Defned Contribution Plans such as Provident Funds etc.
are charged to the Proft and Loss Account as incurred. Defned Beneft
Plans  The present value of the obligation under such Plans is
determined based on an actuarial valuation. Actuarial gains and losses
arising on such valuation are recognized immediately in the Proft and
Loss Account. In the absence of any Plan Assets, the Present Value
Obligation is recognized on gross basis.
Termination Benefts
Termination Benefts are recognized as and when incurred.
For Taxes on Income
Provision for current tax is made based on the tax payable for the year
under the Income Tax Act, 1961. Deferred tax is recognized for all
timing differences between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
Provision for Contingencies
In the opinion of the management provisions for contingencies in
pursuance of AS 29 issued by the Institute of Chartered Accountants of
India is not required as there exist no such liabilities unprovided
for.
Goodwill
The goodwill is amortized over a period of fve years commencing from
the year in which it arises.
Amalgamation Expenses
Amalgamation expenses incurred during the year are amortised over a
period of fve successive previous years commencing from the year in
which the amalgamation expenses are incurred. The balance amount of
amalgamation expenses is shown under the head Miscellaneous Expenditure
to the extent not written off or adjusted.
Earning per share
The basic and diluted earnings per share is computed by dividing the
net proft/loss attributable to equity shareholders for the year, by the
weighted average number of Equity shares outstanding during the year.
The Company did not have any dilutive potential equity shares
outstanding as at year end.
Sep 30, 2012
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India,
to comply with the accounting standards notified under the Companies
(Accounting Standard) Rules 2006 (as amended) and the relevant
provisions of the Companies Act, 1956.
The accounting statements have been prepared on accrual basis under
historical cost convention.
Use of Estimates
The preparation of financial statements in conformity with the Indian
GAAP requires the management to make estimates and assumptions
considered in the reported amounts of assets and liabilities and
reported income and expenses. The management believes that the
estimates used in preparation of financial statements are prudent and
reasonable.
Inventories
Inventories other than Ankleshwar plant are valued on FIFO basis.
Inventories of Ankleshwar Plant are valued on the estimated basis as
certified by management.
Cash and cash equivalent
Cash comprises of cash on hand and demand deposits with banks. Cash
equivalent are short term , highly liquid investments that are readily
convertible into known amount of cash.
Cash Flow statement
Cash flows are reported using indirect method, whereby profit/(loss)
before extraordinary items and tax is adjusted for effects of
transactions of non-cash nature and any accruals of past and future
cash receipts or payments. The cash flows from operating, investing and
financing activities are segregated on the basis of available
information.
Depreciation
Deprecation has been provided on the WDV method as per the rates
prescribed in the Schedule XIV of the Companies Act, 1956.
Depreciation on additions / disposal of assets during the year has been
provided on pro-rata basis with reference to the date of
addition/disposal.
Revenue recognition
Sale of goods:
Sales are recognized, net of returns and trade discounts on transfer of
significant risks and rewards of the ownership to buyer. Sales include
excise duty but exclude sales tax and vat.
Other Income
Interest income is accounted on accrual basis.
Tangible Fixed Assets
The tangible fixed assets are stated at cost of acquisition ( net of
Cenvat credit / Value added tax). All costs relating to the acquisition
and installation, up to the date of such assets are put to use, are
capitalized as part of cost of the asset.
Fixed assets retired from use and held for sale are disclosed
separately in the Balance Sheet.
Intangible Assets
Intangible assets are carried at cost.
Foreign currency transactions .
All transactions in foreign currency are recorded at the rates of
exchange prevailing on the dates when the transaction takes place.
Monetary assets and liabilities in foreign currency outstanding at the
close of the year are converted in Indian currency at the appropriate
rate of exchange prevailing on the date of Balance Sheet. The resultant
gain/loss pertaining to revenue is recognized in the Statement of
profit / loss for the year and that of pertaining to capital is
adjusted to the cost of fixed asset.
Borrowing costs
Borrowing costs are recognized in the Statement of profit and loss in
the year in which they are incurred. Investments
Long Term Investments are stated at cost.
Employees' Retirement Benefits Short-term Employee Benefits
All Employee benefits payable within twelve months of rendering the
service are recognized in the period in which the employee renders the
related service.
Post Employment I Retirement Benefits
Contribution to Defined Contribution Plans such as Provident Funds etc.
are charged to the Profit and Loss Account as incurred. Defined Benefit
Plans - The present value of the obligation under such Plans is
determined based on an actuarial valuation. Actuarial gains and losses
arising on such valuation are recognized immediately in the Profit and
Loss Account. In the absence of any Plan Assets, the Present Value
Obligation is recognized on gross basis.
Termination Benefits
Termination Benefits are recognized as and when incurred.
For Taxes on Income
Provision for current tax is made based on the tax payable for the year
under the Income Tax Act, 1961. Deferred tax is recognized for all
timing differences between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
Provision for Contingencies
In the opinion of the management provisions for contingencies in
pursuance of AS 29 issued by the Institute of Chartered Accountants of
India is not required as there exist no such liabilities unprovided
for.
Goodwill
The goodwill is amortized over a period of five years commencing from
the year in which it arises.
Amalgamation Expenses
Amalgamation expenses incurred during the year are amortised over a
period of five successive previous years commencing from the year in
which the amalgamation expenses are incurred. The balance amount of
amalgamation expenses is shown under the head Miscellaneous Expenditure
to the extent not written off or adjusted.
Earning per share
The basic and diluted earnings per share is computed by dividing the
net profit/loss attributable to equity shareholders for the year, by
the weighted average number of Equity shares outstanding during the
year. The Company did not have any dilutive potential equity shares
outstanding as at year end.
Mar 31, 2010
NOt Availble