Mar 31, 2016
1. Corporate Information.
Momai Apparels Limited ("the Companyâ) was incorporated on January 21, 2010 as a private limited company under the Companies Act and registered with the ROC with name "Momai Apparels Private Limted". The Company was converted into a public limited company vide fresh certificate of incorporation dated September 05, 2013.
The CiN of Momai Apparels Limited is L18109MH2010PLC199178. The Company is listed on the NSE SME platform "Emerge". The registered office of the Company is situated at Unit No. 305-309, 3rd Floor, Pacific Plaza, Plot No. 570, TPS IV, Off Bhawani Shankar Road, Mahim Division, Dadar (West), Mumbai - 400 028, Maharashtra, India. MAL is engaged in the business of manufacturing of non-branded intimate garments.
2. Significant Accounting Policies
A. Basis of preparation of Financial Statements. These financial statements have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 (âActâ) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and other accounting principles generally accepted in India, to the extent applicable.
B. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of 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.
C. Revenue Recognition
- Revenue from sale of goods is recognized when all the significant risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract, the Company retains no effective control of the goods transferred to a degree usually associated with ownership and no significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods. Sales are recognized net of trade discounts, rebates and sales taxes.
- Interest on investments is recognized on a time proportion basis taking into account the amounts invested and the rate of interest.
- Dividend income on investments is recognized when the right to receive dividend is established."
D. Tangible Fixed Assets
"Tangible fixed assets are stated at cost net of recoverable taxes, trade discounts and rebates, less accumulated depreciation and accumulated impairment losses, if any. The cost of Tangible fixed assets comprises its purchase price, borrowing cost and any cost directly attributable to bringing the asset to its working condition for its intended use. Subsequent expenditures related to an item of tangible asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance. Tangible fixed assets not ready for the intended use on the date of Balance Sheet are disclosed as âCapital work-in-progressâ."
E. Depreciation, Amortization And Depletion
âDepreciation on Tangible Fixed Assets is provided on a pro-rata basis to the extent of depreciable amount
Assets costing Rs. 5000 or less are fully depreciated in the year of purchase.
F. Impairment Of Assets
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement 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.
G. Investments
"Investments are classified into current and non-current investments. Current investments are stated at the lower of cost and fair value. Non-current investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary, separately for each individual non-current 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 âCurrent investments". All other investments are classified as âNon-Current investmentsâ.
H. Inventories
Raw Materials & Finished Goods have been valued at Cost or Net realizable value, whichever is lower. Work in Progress is valued at estimated cost of production as identified by the Management. The Inventory is physically verified by the management at regular intervals. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition.
I. Trade Receivables & Other Loans & Advances
Trade receivables and Loans and advances are stated after making adequate provisions for doubtful balances.
J. Provisions and Contingent liabilities
"Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date and are not discounted to its present value. These are reviewed at each year end date and adjusted to reflect the best current estimate."
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
K. Employee Benefits
- Defined Contribution Plans
The Company makes specified monthly contributions towards Provident Fund, Superannuation Fund and Pension Scheme. The Companyâs contribution is recognized as an expense in the Profit and Loss Statement during the period in which the employee renders the related service.
- Defined Benefit Plans
The Company is not providing for any defined benefit plan to the employees for post retirement.
L. Taxation
Tax expense for the year comprises current tax and deferred tax.
Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Any additional liability arising during the course of assessment proceedings will be accounted for as "Tax of earlier years" on actual determination of liability by the Income Tax Dept.
âDeferred tax is recognized for all the timing differences, subject to the consideration of prudence in respect of deferred tax assets. 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 to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date for any write down, as considered appropriate.â
M. Foreign Currency Transaction
Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the Statement of Profit and Loss.
All other exchange differences are recognized as income or as expenses in the period in which they arise.
"Forward exchange contracts outstanding as at the year end on account of firm commitment transactions are marked to market and the losses, if any, are recognized in the Statement of Profit and Loss and gains are ignored in accordance with the announcement of the Institute of Chartered Accountants of India on âAccounting for Derivativesâ issued in March 2008."
N. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of that assets. Other borrowing costs are recognized as an expense in the period in which they are incurred.
O. Earning per Share
Basic earnings per share is calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2015
A. Basis of preparation of Financial Statements.
These financial statements have been prepared to comply in all material
aspects with applicable accounting principles in India, the applicable
Accounting Standards prescribed under Section 133 of the Companies Act,
2013 (''Act'') read with Rule 7 of the Companies (Accounts) Rules, 2014,
the provisions of the Act (to the extent notified) and other accounting
principles generally accepted in India, to the extent applicable.
B. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires judgements, estimates and assumptions to be made that affect the
reported amount of assets and liabilities, disclosure of 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. Revenue Recognition
Revenue from sale of goods is recognised when all the significant risks
and rewards of ownership in the goods are transferred to the buyer as
per the terms of the contract, the Company retains no effective control
of the goods transferred to a degree usually associated with ownership
and no significant uncertainty exists regarding the amount of the
consideration that will be derived from the sale of goods. Sales are
recognized net of trade discounts, rebates and sales taxes. Interest
on investments is recognised on a time proportion basis taking into
account the amounts invested and the rate of interest. Dividend income
on investments is recognised when the right to receive dividend is
established.
D. Tangible Fixed Assets
Tangible fxed assets are stated at cost net of recoverable taxes, trade
discounts and rebates, less accumulated depreciation and accumulated
impairment losses, if any. The cost of Tangible fixed assets comprises
its purchase price, borrowing cost and any cost directly attributable to
bringing the asset to its working condition for its intended use.
Subsequent expenditures related to an item of tangible asset are added
to its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Tangible fixed assets not ready for the intended use on the date of
Balance Sheet are disclosed as "Capital work-in-progress".
E. Depreciation, Amortsation And Depletion
Depreciation on Tangible Fixed Assets is provided on a pro-rata basis to
the extent of depreciable amount on the Written Down Value (WDV) Method.
Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013 except in respect
of Computers & Printer, where useful life is taken to be 6 years
instead of 3 years prescribed in Schedule II. Assets costing Rs. 5000
or less are fully depreciated in the year of purchase.
F. Impairment Of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Statement 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.
G. Investments
Investments are classified into current and non-current investments.
Current investments are stated at the lower of cost and fair value.
Non-current investments are stated at cost. A provision for diminution
is made to recognise a decline, other than temporary, separately for
each individual non-current investments. Investments that are readily
realisable 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 "Non-Current
investments".
H. Inventories
Raw Materials & Finished Goods have been valued at Cost or Net
realisable value, whichever is lower. Work in Progress is valued at
estimated cost of production as identified by the Management. The
Inventory is physically verified by the management at regular
intervals. Cost of Inventory comprises of Cost of Purchase, Cost of
Conversion and other Costs incurred to bring them to their respective
present location and condition.
I. Trade Receivables & Other Loans & Advances
Trade receivables and Loans and advances are stated after making
adequate provisions for doubtful balances.
J. Provisions and Contingent liabilities
Provisions are recognised when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and there is a reliable estimate of the amount of the obligation.
Provisions are measured at the best estimate of the expenditure
required to settle the present obligation at the Balance Sheet date and
are not discounted to its present value. These are reviewed at each
year end date and adjusted to reflect the best current estimate.
Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non occurrence of one or more
uncertain future events not wholly within the control of the Company or
a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount cannot be made.
K. Employee Benefits
- Defined Contribution Plans
The Company makes specified monthly contributions towards Provident Fund,
Superannuation Fund and Pension Scheme. The Company''s contribution is
recognised as an expense in the Profit and Loss Statement during the
period in which the employee renders the related service.
- Defined Benefit Plans
The Company is not providing for any defined benefit plan to the
employees for post retirement.
L. Taxation
Tax expense for the year comprises current tax and deferred tax.
Current tax is measured at the amount expected to be paid to the tax
authorities, using the applicable tax rates. Any additional liability
arising during the course of assessment proceedings will be accounted
for as "Tax of earlier years" on actual determination of liability by
the Income Tax Dept.
Deferred tax is recognised for all the timing differences, subject to
the considerate OR on of prudence in respect of deferred tax assets.
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 recognised and carried forward only
to the extent that there is a reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. In situations where the Company has unabsorbed
depreciation or carry forward tax losses, all deferred tax assets are
recognised only if there is virtual certainty supported by convincing
evidence that they can be realised against future taxable Profits. The
carrying amount of deferred tax assets is reviewed at each Balance
Sheet date for any write down, as considered appropriate.
M. Foreign Currency Transaction
Foreign currency transactions are accounted for at the exchange rates
prevailing at the date of the transaction. Gains and losses resulting
from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are
recognised in the Statement of Profit and Loss.
All other exchange differences are recognised as income or as expenses
in the period in which they arise. Forward exchange contracts
outstanding as at the year end on account of firm commitment transactions
are marked to market and the losses, if any, are recognised in the
Statement of Profit and Loss and gains are ignored in accordance with
the announcement of the Institute of Chartered Accountants of India on
''Accounting for Derivatives'' issued in March 2008.
N. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized as part
of the cost of that assets. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
O. Earning per Share
Basic earnings per share is calculated by dividing the net Profit for
the period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period. The weighted
average number of equity shares outstanding during the period and for
all periods presented is adjusted for events, such as bonus shares,
other than the conversion of potential equity shares, that have changed
the number of equity shares outstanding, without a corresponding change
in resources. For the purpose of calculating diluted earnings per share,
the net Profit for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period is
adjusted for the effects of all dilute potential equity shares.
Mar 31, 2014
25.1. CORPORATE INFORMATION
Morrrat Apparels Limited (Earlier known as Mom a Apparels Private
Limited) was incorporated on January 21. 2010 as a private limited
company under the Companies Act and registered with the ROC The CIN of
Momal Apparels Limited is U1S109MH201OPTC199178. The registered office
of MAL is situated at Unit No. 305-B23309, 3rd Floor Plaza, Plot No.
570, TPS IV, Off Bhawant Shankar Road. Mahim Division. Dadar (West),
Mumbai - 400 028, Maharashtra. India MAL is engaged in the business of
manufacturing of non-branded intimate garments i.e. products far
Ashapura intimates Fashion Ltd (AIFL).
25.2. BASIS OF ACCOUNTS
These financial statement have been prepared and presented under the
historical cost convention on accrual basis of accounting, unless
otherwise stated and comply with generally accepted accounting
principles, statutory requirements, the Accounting Standards (AS)
issued by the Institute of Chartered Accountants of India (ICAI) to the
extern applicable and current practice prevailing. The Company follows
Mercantile System of Accounting except Gratuity and other retirement
benefits which are accounted on cash basis.The accounting policies
adopted in the preparation of financial statements are consistent with
those of previous years
25.3 PREVIOUS YEAR''S FIGURES
The company has reciassified/Restated to the extern required previous
year''s figures to conform to classification mentioned in revised
schedule V! notified under the companies act 1950.
25.4 Use of Estimates
The preparation of ihe financial statements . is in conformity with
generally accepted accounting principles which requires management to
make estimates and assumptions "that affects the reported amounts of
Assets and Liabilities, revenues and expenses and disclosure of
Contingent Liabilities at the date of the financial statements. Actual
result could differ from those estimates. Management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is
recognized prospectively in the current and future period.
25.5 REVENUE RECOGNITION
a) Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured,
0) Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer.
C) The Company follows the Accrual System of accounting and recognizes
income and expenditure on accrual basis
d) Till last year the revenue from operations was shown on gross basis
i.e including taxes and duties, however the management has changed its
policy from the current financial year to disclose the same using
"Exclusive method", previous year figures have also been restated
accordingly.
25.6. TAXATION
6.1. Current income tax on income for the current period is determined
on the basis of taxable income and tax credit computed in accordance
with the provisions of the Income Tax Act 1961, and based on expected
outcome of assessment /appeals.
8.2. Deferred Tax is recognized subject to the consideration of
prudance on the timing difference, being the difference between the
taxable income and accounting income that originate in one period and
are capable of reversal of one or more subsequent periods.
25.7. IMPAIRMENT OF ASSETS
No material Impairment of Assets has been identified by the Company and
as such no provision is required as per Accounting Standards (AS 28)
issued by the institute of Chartered Accountants of India.
25.8. Fixed Assets I Capital work-in-progress/ Intangible assets
Fixed assets are stated at actual cost, which comprises of purchase
consideration and other directly attributable costs for bringing the
assesls to Its working condition for the intended use, Direct Costs are
Capitalized until fixed assets are ready for use. Capital
work-in-progress comprises of the cost of fixed assets that are not yet
ready for their intended use at the reporting dale. Capital Work in
progress at the beginning of ihe year are capitalised during the year
as they have been installed during the year and are ready for
commercial production.
25.9. Depredation and Amortization
a) Depreciation has been provided on written down value as per rates of
depreciation prescribed as per schedule XIV of the Company Act. 1956.
b) Depreciation on addition to fixed assets is provided pro-rata basis
from the date on which such asset are acquired/installed
c) Depreciation on assets discarded during me -yea- 5 being provided at
their respective rates up to the months in which Such assets are sold,
discarded or demolished.
25.10. INVESTMENTS.
Investment, which are readily realizable and intencec 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 tong Term Investments
On Initial recognition, all investments are measure a: cost The cost
compartes purchase price and directly attributable acquisition charges
such as brokerage, fees & duties. If an investment is acquired or
partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued If an
investment is secured in exchange for another asset, the acquisition is
determined by reference to the fair value of the asset given up or by
reference to the fair value of the investment acquired , whichever is
more dearly evident.
Current Investments are carried in the financial statement at lower of
cost & fair Value determined on an individual investment basis. Long
Term Investments are carried at cost. However, Provisions for
dimunition in value is made to recognise a decline other than temporary
in the value of the investments
25.11. inventory
Raw Materials: At Cost or Net Realisable Value whichever is lower.
Finished Goods: At Cost or Net Realisaole Value whichever is lower
Work In Progress'' At Estimated Cost of production by the Management
25.12. Foreign Currency Transaction
25.12.1 Initial Recognition
Foreign Currency transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of the
transaction.
25.12.2 Conversion
Exchange difference arising on long term forcing currency monetary
items related to acquisition of a fixed asset are capitalized and
depreciated over the remaining useful life of the asset. For this
purpose the company treats a foreign monetary Item as long term foreign
currency monetary item, if it has a term of 12 months or more at the
date of its origination.
25.12.3 Exchange Differences arising on other long term foreign
currency monetary items are accumulated in the foreign currency
monetary item translation difference account" and amortized over the
remaining life of the concerned monetary item.
25.12.4 All other exchange differences are recognised as income or as
expenses in the period in which they arise.
25.12.5 Unhedged:Foreign Currency Exposure
Particulars of Unhedged foreign exposure as at the reporting date.
25.13. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized as part
of the cost of that assets. Other borrowing costs are recognized as an
expense in the period in which they are incurred
The earnings per share is calculated by dividing net profit/(loss) for
the year attributable to the equity shareholders by the weighted
average number of equity shares outstanding during the year during the
year the company has issued bonus shares to its existing shareholders
as on record date, as per AS 20. such nos of shares have also been
considered in the comparative figures for March 31st 2013 for the
purpose determination of EPS as per AS 20.
25.15. Provisions, Contingent Liabilities and Contingent Assets;
Provisions involving subtanlial degree of estimation in measurement are
recognized when there is a present obligation as a result of past
events and It is probable that there vail be an outflow of resources
Contingent Liabilites are not recognized but are disclosed in the notes
if any. Contingent Assets are neither recognized nor disclosed in the
financial statements. The Provisions. Contingent Liabilities and
Contingent Assets are reviewed at each Balance Sheet date.
The Registeration for Providend Fund & ESIC was not received during the
current Financial year hence no deduction/ provision for the same.has
been made during the year.
25.16. in the opinion of the Board. Current Assets. Loans & Advances
are approximately of the value stated in the Balance Sheet, if realised
in the normal course Of business & Balances of Sundry Debtors. Loans &
Advances and Sundry Creditors are subject to confirmation and
reconciliation if any from the respective parties.
25.17. Previous year''s figures have been regrouped, reclassified/
reinstated wherever necessary to correspond with the current year''s
class ification/disclosure.
25.18. Auditor''s Remuneration
25.19. Based on the informsiion available with the company in respect
of MSME (as defined in the MICRO smal & Medium Enterprise Development
Act 2006) There are no delays in payment of dues to such enterprises
during the years/ period.
25.20. Retirement Benefits
Liability for employees benefits, both short & long term, for present
and past services which are due as per terms of emptoyement are
recorded in accordance with accounting standard (AS) 15 "Employee
Benefits" as notified under the companies (Accounting Standard) Rules.
2006 (as amended).
25.21. Gratuity & Retirement Benefits.
The management is of the opinion that since none Of the employees of
the company , were in continqus service of more than 5 years S
accordingly making provision of the gratuity does not arise. However if
payment of gratuity arises due to happening of any incidents as
provided under the applicable provisions of the law. the same will be
accounted far on cash basis.
The Company has adopted Accounting Standard 22, on Accounting For Taxes
on Income, the deterred tax Liability for the current year has been
debited to Profit a Loss Account.
25.23. Related Party Disclosure
(a) Related parties with whom transactions have taken place during the
year is as follows:
Name Relation
a) Ashapura Intimates Fashion Ltd Associate Concern,
b) Harshad H. ThaKkar Director.
c) Dinesh Sodha Director.
d) Hitesh Punjani Directcr.
Mar 31, 2013
A CORPORATE INFORMATION
MAPL was incorporated on January 21, 2010 as a private limited company
under the Companies Act and registered with the ROC. The CIN of MAPL is
U18109MH201GPTC199178. The registered office of MAPL is situated at
Unit No. 305-309, 3rd Floor, Pacific Plaza, Plot No. 570, TPS IV, Off
Bhawani ShanKar Road, Mahim Division. Dadar (West), Mumbai - 400 028.
Maharashtra. India. MAPL is engaged in the business of manufacturing of
non-branded intimate garments i.e. products for Ashapura Intimates
Fashion Ltd (A1FL). MAPL has entered into an exclusive '' manufacturing
agreement dated January 23,2013 with AIFL.
During the financial year, two proprietorship concerns "M/s Momai
Apparols" (Prop: Shri Dinesh Sodha) 6. Jehaan Clothing'' (Prop: Hitesh
Purport) engaged in the S3me tine of bossiness have been taken over by
M/s Momai Apparels Private Limited w,e.( from 1st November 2012 for a-
consideration other than cash to Issue of equity share of M/s Momai
Apparels Private Unfed at face value of Rs 10 each; The company (M/s
MAPL) has taken over the said business of the firm as a going concern
and the proprietor had agreed to transfer the bossiness do "SLUMP''
SALE" basis i.e along with the assets and liabilities as on October
31st 2012
B BASIS OF ACCOUNTS
These financial statement have been prepared and presented under the
historical cost convesion on accrual basis of accounting, unless
otherwise stated and comply with generally accepted accounting
principles, statutory requirements, the accounting Standards (AS)
Issued by the Institute of chartered accountants of India (ICAJ) to the
extent applicable and current practice prevailing. The Company follows
Mercantile System of accounting except grauity and other retirement
benefits which are accounted on cash basis the accounting policies
adopted in the preparation of financial statements are consistent with
those of previous years.
C. USE OF ESTIMATES
The preparation financial slatements is in conformity with generally
accepted accounting principles which requires management to make
estimates and essumption that affects the reported amounts of Assets
and Liabilities, revenues and expenses and disclosure of Contingent
Liabilities at tire date of (tie financial statements. Actual result
could differ from those estimates Management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is
recognized prospectively in the current and future period *
D REVENUE RECOGNITION
1. Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
2. Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer
3. The Company follows the Accrual System of accounting and recognizes
income and expenditure on accrual basis. -
E TAXATION
1. Current Income tax on income for the current period is determined
on the basis of taxable income and tax credit computed in accordance
with the provisions of the income Tax Act 1961, end based on expected
outcome of assessment/appeals.
2. Deferred Tax is recognized,subject to the consideration of prudance
on the timing difference, being (he difference between the taxable
income and accounting income that originate in one period and are
capable of reversal of one or more subsequent periods.
F IMPAIRMENT OF ASSETS
No material Impairment of Assets has been identified by the Company and
as such no provision is required as per Accounting Standards (AS 28)
issued by the Institute of Chartered Accountants of India.
G Fixed Assets/Capital work-in-progress/Intangible assets''
fixed assets are stated at actual cost, which comprises of purchase
consideration and other directly attributable costs for bridging the
assests to its working condition for the intended use. Direct Costs are
Capitalized until fixed assets are ready for use. Capital
work-in-progress comprises of the cost of fixed assets that are not yet
ready for their intended use at the reporting date. Capital Work in
progress at the beginning of the year are capitalised during the year
as they have been installed during the year and are ready for
commercial production.
H Depreciation and Amortization
a) Depreciation has been provided on written down value as per rates of
depredation prescribed as pier schedule XIV of the Company Act, 1956.
b) Depredation on addition to fixed assets is provided on pro-rata
basis from the date on which such asset are aoquired/instalted.
c) Depreciation on assets discared during the year is being providerd
at their respective rates up to the months In which such assets are
sold, discarded or demolished.
I. Inventory
Raw Materials: At Cost or Net Realisable Value whichever is lower. -
Finished Goods: At Cost or Net Realisable Value whichever is lower.
Work in Progress At Estimated Cost of production by the Management.
J. Foreign Currency Transaction
Transactions of export sates as also transactions of imports are
accounted at rates of exchange prewderf on the date of transaction.
Gains and - losses arising out of subsequent fluctuation are accounted
on the basis of actual realisation and payments exchange difference
arising there from is transferred to Profit & Loss account, except in
relation to Fixed Assets where the difference is adjusted in the
carrying cost of the assets.
K. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized as part
of the cost of that assets. Other borrowing costs are recognized as an
expense In the period in which they are incurred"
L. provisions, Contingent Liabilities and Contingent Assets:
Provisions involving subtantial degree of estimation in measurement are
recognized when there is a present obligation as a resuit of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes If any Contingent Assets are neither recognized nor disdosed in
the financial statements. The Provisions, Contingent Liabilities and
Contingent Assets are reviewed at each Balance Sheet date.
The company had applied for factory license during the year and
received the same in the mooth of March 2013. and accordingly
appficalion for registeration with Providend Fund & ''ES1C" Shall be
made during the next financial year.
M. In the opinion of the Board, Current Assets, Loans & Advances are
approximately of the value stated in the Balance Sheet, if realised in
the normal course of business & Balances of Sundry Debtors. Loans &
Advances and Sundry Creditors are subject to confirmation and
reconciliation if any from the respective parties.
N. Previous year figures have been regrouped/ reclassified for better
presentation of financial statements.
O. As explained to us, the company is in process of identifying
entripises which are MICRO,SMALL & MEDIUM enterprise.
P. Deferred Tax Liability (Net)
The Company has adopted Accounting Standard 22, on Accounting For Taxes
on Income, the deferred tax Liabiliiy (or the current year has been
debited to Profit & Loss Account.
Q. Related Party Disclosure -
(a) Related, parties with whom transactions have taken place during the
year Is as follows:
Name Relation
a) Ashapura intimates Fashion Ltd Associate Concern.
b) Momai Apparels Associate Concent.
c) Harshad H. Thakkar Director,
d) Dinesh Sodha Director.
e) Hitesh Punjani Shareholder having significante
control.
Mar 31, 2012
A) CORPORATE INFORMATION
Momai Apparels Pvt Ltd is Private Limited Company incorporated under
the Provisions of Companies Act, 1956. The Company is engaged in the
Trading of All kinds of Garments.
B) BASIS OF ACCOUNTS
The Financial statements are prepared under the historical cost
convention, on the accrual basis of accounting in accordance with
applicable mandatory accounting standards issued by the Institute of
Chartered Accountants of India and relevant presentational requirements
of the Companies Act, 1956.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous
C) PREVIOUS YEAR''S FIGURES
During the year ended 31 March 2012 the Revised Schedule VI notified
under the Companies Act, 1956, has become applicable to the Company.
The Company has reclassified previous year figures to conform to this
year''s classification.
D) REVENUE RECOGNITION
Revenue is recognized when the significant risks and rewards of
ownership of goods have been passed to the buyer. Sales are recognized
on in warding of goods at customer''s end, where applicable as per terms
of sale (for domestic) and on the date of bill of lading (for exports),
income arising on disposal of scrap/waste is recognized on receipt
basis.
E) TAXATION
Income tax expense comprises current tax and defferred tax charge
credit. Current tax is provided on the taxable income by applying tax
rates and tax laws. The defferred tax for timing difference between the
book and tax profit for the year is accounted using tax rates arid tax
laws that have been enacted the Balance Sheet date. Defferred tax asset
arising from the timing are recognised to the extent that there is
reasonable certainty that sufficient future taxable income will be
available.
(F) IMPAIRMENT OF ASSETS
No material Impairment of Assets has been identified by the Company and
as such no provision is required as per Accounting Standards (AS 28)
issued by the Institute of Chartered Accountants of India.
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