Mar 31, 2015
1. COMPANY INFORMATION
The Hindusthan Safety Glass Industries Limited (The Company) is a Public Limited company domiciled in India and incorporated under the provisions of T he Companies Act.
The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The Company has not proposed any dividend during the year.
As per the Companies Act, 1956, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proprtion to the number of equity shares held by the shareholders.
2. Earnings in Foreign Currency Rs. NIL
Expenditure in Foreign Currency Rs. NIL
3. Disclosure under the Micro, Small and Medium Enterprises Development Act 2006(MSMED Act) are provided as under for the year to the extent the Company has received intimation from the suppliers regarding the status under the Act.
The Company has not received any intimation from its vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure, if any, required under the said Act have not been made.
4. Earnings Per Share
Calculation of Earning Per Share (EPS) in accordance with the Accounting Standard (AS-20) issued by the ICAI. Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
5. SEGMENT REPORTING
The Company operates mainly in one segment, hence in pursuance to the requirement of Accounting Standard 17 issued by The Institute of Chartered Accountants of India the segments are separately reportable.
6. In the opinion of the Board and to the best of their knowledge and belief, all current assets, loans and advances have a value, on realization, in the ordinary course of business equal to the amount at which these are stated, all known liabilities are provided for, at their full values unless otherwise stated, and potential liabilities are recognized to the extent they are deemed likely to crystallize.
7. All balances in respect of sundry debtors, creditors, advances, payables are subject to confirmations and reconciliations, if any.
8. Related Party Disclosures
a) List of Related Parties and Relationships
Name of the Party Relation
1. Nandanadan Mishra Additional Director
2. Pradeep Shah Additional Director
3. Ripu Sudan Kundra Additional Director
4. Darshit Shah Additional Director
5. Shilpa Shetty Kundra Relative of the Director Ripu Sudan
6. Best Deal TV Common Director
7. Essential Bulk Commodities Pvt Common Director Ltd
Mar 31, 2014
1. Rights, preferences and restrictions attached to Shares
The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per share, Each holder of equity shares Is entitled to one vote per share. The Company declares and pays dividends In Indian Rupees. The Company has not proposed any dividend during the year.
As par the Companies Act, l956, The holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts In the event of liquidation of the company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
2. Disclosure under the Micro, Small and Medium enterprises Development Act, 2006 (MSMED Act) are provided as under for the year 2011-12, to the extent the Company has received Intimation from the "Suppliers" regarding their status under the Act
The company has not received any intimation from Its vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, If any, required under the said Act have not been made.
3. SEGMENT REPORTING
The Company operates mainly in one segment, hence in pursuance to the requirements of Accounting Standard 17 isued by the Institute of Chartered Accountants of India the segments are not separately reportable.
Mar 31, 2013
BASIS OF PREPARATION
The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India, in compliance with the provisions of the Companies Act, 1956 and the Accounting Standards as specified in the Companies (Accounting Standards) (Second Amendment) Rules, 2011, prescribed by the Central Government. Management evaluates all recently used or revised accounting standards on an ongoing basis.
The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.
(i) Operating Leases
Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as Operating lease. Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease term.
(ii) Earnings Per Share
The Company reports Basic and Diluted earnings per equity share in accordance with the Accounting Standard - 20 on Earning Per Share. In determining earning per share, the Company considers the net profit after tax and includes the post tax effect of any extraordinary/exceptional items. The number of shares used in computing basic earnings per share is the weighted average number of equity shares outstanding during the period. The numbers of shares used in computing diluted earnings per share comprises the weighted average number of equity shares that would have been issued on the conversion of all potential equity shares. Dilutive potential equity shares have been deemed converted as of the beginning of the period, unless issued at a later date.
Provision for Current
(iii) and Deferred Tax
Provision for current Income Tax and Wealth Tax are made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is 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 asset can be realized.
Provision, Contingent Liabilities
(iv) and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.
Mar 31, 2012
1. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value state, if realized in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount considered necessary for the same.
2. Contingent Liabilities not provided for Â Nil Particulars of Director''s Remuneration (In Rs.000)
3. No amount has been paid to any of Directors towards Directors'' Remuneration for the Year 2011-12.
Related Party Transactions
4. Key Management Personnel Â
1. Mr. Pankaj Bubna - Executive Director
2. Mr. Shyama Charan Kumar - Director
3. Mr. Vikram Agarawal - Director
4. Ms. Anita Sharma Company Secretary
Subsidiary & Group Companies or Companies under same management Â
5. Company under same Management Â Not Any
6. The differed tax has not been recognized in financial statement during the year under review.
7. Earning per Equity Share
8. There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2011. This information as required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
8. Previous years'' figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.
Mar 31, 2009
1. In Compliance with accounting standard for Earning per share (AS-20) issued by The Institute of charted accountants of India. The company has calculated EPS. As there is no diluted elements involved basis EPS and diluted EPS are same. The EPS calculation is as follows:-
Nos. of shares at the beginning 245070 245070
Weighted Average Number of Shares 245070 245070
Net profit after tax 20117.31 (15014.31)
Basic Earnings Per Share (0.08) (0.06)
2. Related party disclosure as required by Accounting Standard (AS-18) issued by The Institute of Chartered Accountants of India are as follows:- Description Enterprises over which KMP and their relatives have sustainable interest
3. The timing difference relating to unabsorbed brought forward losses for the period up to 31st March, 2009 and for the year under audit may result in Net Deferred Tax Asset or Liabilities, the amount whereof has not been ascertained and stated by management as per AS 22 issued by ICAI. Accordingly the company has not recognized in these accounts deferred tax. Accordingly AS 22remain uncomplied.
4. Impairment of Assets
The Company assesses at each Balance sheet date weather there is any indication that an asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the asset. If such recoverable amount of the asset or recoverable amount of the cash-generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount.
The reduction is treated as an important loss and is recognized in the profit and loss Account. If at the Balance Sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is re-assessed and the asset is reflected at recoverable amount.
5. Information pursuant to the provision of paragraph 3, 4C & 4D of Part II of the Schedule VI of the companies act, 1956are not applicable.
6. Previous year''s figure has been regrouped /rearranged wherever considered necessary.