Mar 31, 2015
A Corporate Information
Jaisukh Dealers Limited along with its wholly owned and controlled
subsidiaries, JDL Real Estates Limited, JDL Hosieries Limited, JDL
Consultants Limited, JDL Gems & Jewelleries Limited is a public limited
company incorporated under the relevant provisions of the Indian
Companies Act. Jaisukh Dealers Limited carries the business as buyer,
seller, importer, exporter, distributor and dealers of embroidered and
other textiles. Company also deals in Snares and other Commodities.
B Basis of Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India. The
company has prepared these financial statements to comply all material
respects with the accounting standards notified under the Companies
(Accounting Standards) Rules,2006 and the relevant provisions of the
Companies Act. The financial statements have been prepared on an
accrual basis and under the historical cost convention. The accounting
policies adopted in the preparation of financial statements are
consistent with those of previous year.
a Presentation and Disclosure of Financial Statements
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting in
accordance with the generally accepted accounting principles (GAAP) in
India and comply with the Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006 and with the relevant
provisions of the Companies Act,2013, to the extent possible.
b Use of Estimates
The preparation of financial statements is in conformity with Indian
GAAP (Generally Accepted Accounting Princples) requires the management
to make judgments, estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities and the
disclosure of contingent liabilities, at the end of the reporting
period. Although these estimates are based on the management's best
knowledge of current events and actions, uncertainty about these
assumptions and estimates could result in the outcomes requiring a
material adjustments to the carrying amounts of assets or liabilities
in future periods.
c AS-2 Valuation of inventories
Inventories are valued at the lower of cost and the net realisable
value after providing for obsolescence and other losses, where
considered necessary. Cost includes all charges in bringing the goods
to the point of sale, including octroi and other levies, transit
insurance and receiving charges.
d AS - 3 Cash Flow Statements Cash and Cash Equivalents
Cash Flow Statement has been prepared under Indirect Method and cash
flows from operating, investing and financing activities of the company
are segregated. Cash and cash equivalents for the purpose of cash flow
statement comprise cash at bank and in hand and short-term investments
with an original maturity of three months or less.
e AS -4 Events Occurring after the Balance Sheet date
Assets and Liabilities are adjusted for events occurring after the
Balance Sheet date that provide additional evidence to assist the
estimation of amounts relating to condition existing at the Balance
sheet date.
f AS - 5 Net Profit or Loss for the Period, Prior Period Items, and
changes in Accounting Policies
Significant items of Extra-Ordinary Items, and Prior Period Incomes and
Expenditures, are accounted in accordance with Accounting Standards 5.
g AS-6 Depreciation Accounting
Depreciation on fixed assets is provided on the Written Down Method as
per the rates & rules prescribed under Companies' Act 2013which is also
as per the usual life of the assets estimated by the management.
h AS-9 Revenue Recognition
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. The following specific recognition criteria must
also be met before revenue is recognized.
Sale of goods
Revenue from sale of goods is recognized when all the significant risks
and rewards of ownership of the goods have been passed to the buyer,
usually on delivery of goods. The company collects sales taxes and
value added taxes(VAT) on behalf of the government and, therefore,
these are not economic benefits flowing to the company. Hence, they are
excluded from revenue. Excise duty deducted from revenue (gross) is the
amount that is included in the revenue (gross) and not the entire
amount of liability arising during the year.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "other income" in the
statement of profit and loss.
Dividends
Dividend income is recognized when the company's right to receive
dividend is established by the reporting date.
Other Income
The amounts receivables from various agencies are accounted on accrual
basis to the extent it is possible to ascertain in the income with
reasonable accuracy.
i AS -10 Accounting for Fixed Assets Tangible Fixed Assets
Fixed Assets are stated at their cost of acquisition or construction
amount (net of cenvat, wherever applicable) less accumulated
depreciation / amortization and impairment loss, if any. Cost
comprises the purchase price, installation, borrowing costs if
capitalisation criteria are met and directly attributable cost of
bringing the asset to its working condition for its intended use. Any
trade discounts and rebates are deducted in arriving at the purchase
price.
Capital Work-in-Progress
Assets are capitalized when they are ready to use / put to use.
j AS -11 Accounting for Effects in Foreign Exchange Rates
a) Foreign currency monetary items such as Loans, Current assets and
Current liabilities are recognized at the Exchange Rate on the date of
transaction. No Foreign Currency Transactions has been made by the
company in the Financial Year 2014-15.
b) Exchange differences, if any, arising on reporting the above items
at rate differently from when they were initially recorded during the
period are recognized as income / expenditure in the Profit & Loss
Account.
k AS -13 Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long-term investments.
Current investments are carried in the financial statements at lower of
cost and fair value determined on an individual investment basis.
Long-term investments are carried at cost. However, provision for
diminution in value is made to recognize a decline other than temporary
in the value of the investment. Cost of investments includes
acquisition charges such as brokerage, Investment properties are
carried individually at cost less accumulated depreciation and
impairment, if any. Investment properties are capitalised and
depreciated(where applicable) in accordance with the policy stated for
Tangible Fixed Assets. Impairment of investment property is determined
in accordance with the policy stated for Impairment of Assets.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
statement of profit and loss.
I AS -15 Employee Benefits
(a) Short term employee benefits
Short term employee benefits are charged at the undiscounted amount to
statement of profit and loss in the year in which the related service
is rendered.
(b) Defined Contribution Plan
Employee Benefits in the form of provident fund, ESIC and other labour
welfare fund are considered as defined contribution plan and the
contributions are charged to the statement of profit and loss of the
year when the contributions to the respective funds are due.
m AS -16 Borrowing cost
Borrowing cost includes interest, amortization of ancillary costs
incurred in connection with the arrangement of borrowings and exchange
difference arising from foreign currency borrowings to the extent they
are regarded as an adjustment to the interest cost.
Borrowings Costs directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period
of time to get ready for its intended use or sale are capitalized as
part of the cost of the respective asset. All other borrowings costs
are expensed in the period they occur.
n AS -18 Related Party Transaction
Salary to Key Managerial Personnel, salary to relatives of Key
Management Personnel and transactions with Company in which Key
Management Personnel / Relatives of Key Management Personnel can
exercise significant influence are disclosed as Related Party
Transaction in the Notes to Accounts.
o AS-20 Earnings Per Share
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.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during period are
adjusted for the effects of all dilutive potential equity shares.
p AS -22 Accounting for Taxes on Income
Tax expense comprises current and deferred tax. Current Income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income Tax Act, 1961 enacted in India. The tax
rates and tax laws used to compute the amount are those that are
enacted or substantively enacted, at the reporting date.
Deferred income taxes reflect the impact of timing differences between
taxable income and accounting income originating during the current
year and reversal of timing differences for the earlier years. Deferred
tax is measured using the tax rates and the tax laws enacted or
substantively enacted at the reporting date. Deferred tax assets are
recognized only to the extent that there is reasonable certainty that
they will be realized in future. However, where there is unabsorbed
depreciation and carry forward loss under the income tax laws, deferred
tax assets are recognized only if there is a virtual certainty of
realization of such assets. Deferred tax assets are reviewed at each
balance sheet date and written down or written off to reflect the
amount that is reasonably/virtually certain (as the case maybe)to be
realized.
Minimum alternate tax (MAT) paid in a year is charged to the statement
of profit and loss as current tax. The company recognizes MAT credit
available as an asset only to the extent that there is convincing
evidence that the company will pay normal income tax during the
specified period i,e the period for which MAT credit is allowed to be
carried forward. In the year in which the company recognizes MAT credit
as an asset in accordance with the guidance note on accounting for
credit available in respect of Minimum Alternative Tax under the income
tax Act, 1961, the said asset is created by way of credit to the
statement of profit and loss and shown as "MAT Credit Entitlement". The
company reviews the "MAT credit entitlement" asset at each reporting
date and writes down the asset to the extent the company does not have
convincing evidence that it will pay normal tax during the specified
period.
q Provisions
A provision is recognized when the company has a present obligation as
a result of past event, it is probable that an outlay of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.
r Contingent Liabilities and Contingent Assets
Contingent Liabilities
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The company dose not
recognize a contingent liability but discloses its existence in the
financial statements.
Contingent Assets
Contingent Assets are neither recoganised nor disclosed.
s MSMED Act, 2006
The Government of India has promulgated an act namely The Micro, Small
and Medium Enterprises Development Act, 2006, which comes into force
with effect from October 2,2006. As per the act, the company is
required to identify the Micro, Small and Medium suppliers and pay them
interest on over dues beyond the specified period irrespective of the
terms agreed with the suppliers. The Company does not have any dues to
any such entity covered under the said act.
Mar 31, 2014
(a) Basis of Preparation: - The financial statements of the company
have been prepared in accordance with generally accepted accounting
principles in India (Indian GAAP). The company has prepared these
financial statements to comply in all material respects with the
accounting standards notified under the Companies (Accounting
Standards) Rules, 2006, (as amended), the relevant provisions of the
Companies Act, 1956 (to the extend applicable) and the Companies Act,
2013 (to the extent notified). The financial statements have been
prepared on an accrual basis and under the historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
(b) Use of estimates: - The preparation of financial statements in
conformity with Indian GAAP requires the management to make judgments,
estimates and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities and the disclosure of contingent
liabilities, at the end of the reporting year. Although these
estimates are based on the management''s best knowledge of current
events and actions, uncertainty about these assumptions and estimates
could result in the outcomes requiring a material adjustment to the
carrying amounts of assets or liabilities in future years.
(c) Tangible fixed assets and depreciation on tangible fixed assets: -
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing costs if capitalization criteria are met and directly
attributable cost of bringing the asset to its working condition for
the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
(d) Depreciation on tangible fixed assets: - Depreciation on fixed
assets is calculated on WDV method using the rates as prescribed under
the Schedule XIV to the Companies Act, 1956. (As amended)
(e) Borrowing costs:- Borrowing cost includes interest, amortization of
ancillary costs incurred in connection with the arrangement of
borrowings and exchange differences arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost.
(f) Inventories :- Inventories are valued at the lower of cost and the
net realisable value after providing for obsolescence and other losses,
where considered necessary. Cost Includes all charges in bringing the
goods to the point of sale, including octroi and other levies, transit
insurance and receiving charges.
(g) Investments: - Long-term investments (excluding investment
properties), are carried individually at cost less provision for
diminution, other than temporary, in the value of such investments.
Current investments are carried individually, at the lower of cost and
fair value. Cost of investments includes acquisition charges such as
brokerage, Investment properties are carried individually at cost less
accumulated depreciation and impairment, if any. Investment properties
are capitalised and depreciated (where applicable) in accordance with
the policy stated for Tangible Fixed Assets. Impairment of investment
property is determined in accordance with the policy stated for
Impairment of Assets.
(h) Revenue recognition: - 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. The following specific recognition
criteria must also be met before revenue is recognized:
Sale of goods
Revenue from sale of goods is recognized when all the significant risks
and rewards of ownership of the goods have been passed to the buyer,
usually ondelivery of the goods.
Interest
Interest Income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "Revenue from operations" in
the statement of profit and loss.
Dividends
Dividend income is recognized when the company''s right to receive
dividend is established by the reporting date.
Other Income
The amounts receivable from various agencies are accounted on accrual
basis to the extent it is possible to ascertain the income with
reasonable accuracy.
(i) Foreign currency translation :- No Foreign Currency Transactions
has been made by the Company in the Financial Year 2013-14.
(j) Retirement and other employee benefits:- No liability in respect of
retirement benefits has been provided for since, none of its employee
are eligible for entitlement of retirement benefit for non attainment
of duration of services.
(k) Income taxes :- Tax expense comprises of current tax. Current
income-tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Income-tax Act, 1961 enacted in
India. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted, at the reporting date.
Deferred tax is recognized for all the timing differences, subject to
the consideration of prudence in respect of deferred tax assets.
Deferred tax assets on unabsorbed depreciation / carried forward losses
are recognized to the extent of deferred tax liability. 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. At each Balance Sheet date, the Company re-assesses unrecognized
deferred tax assets, if any.
(I) Earnings Per Share:- Basic earnings per share is computed by
dividing the profit/ (loss) after tax (including the post tax effect of
extraordinary items, if any) by the weighted average number of equity
shares outstanding during the year. Diluted earnings per share is
computed by dividing the profit / (loss) after tax (including the post
tax effect of extraordinary items, if any) as adjusted fordividend,
interest and other charges to expense or income relating to the
dilutive potential equity shares, by the weighted average number of
equity shares considered for deriving basic earnings per share and the
weighted average number of equity shares which could have been issued
on the conversion of all dilutive potential equity shares. Potential
equity shares are deemed to be dilutive only if their conversion to
equity shares would decrease the net profit per share from continuing
ordinary operation. Potential dilutive equity shares are deemed to be
converted as at beginning of the period, unless they have been issued
at a later date. The dilutive potential equity shares are adjusted for
the proceeds receivable had the shares been actually issued at fair
value (i.e. average market value of the outstanding shares). Dilutive
potential equity shares are determined independently for each period
presented. The number of equity shares and potentially dilutive equity
shares are adjusted for share splits / reverse share splits and bonus
shares, as appropriate.
(m) Provisions, Contingent Liabilities and Contingent Assets :- A
provision is recognized when the Company has a present obligation as a
result of a past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date.
Adisclosure of contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require and outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made. Contingent
assets are neither recognized nor disclosed in the financial
statements.
(n) Cash and cash equivalents :- Cash and cash equivalents for the
purposes of cash flow statement comprise cash at bank and in hand and
short-term investments with an original maturity of three months or
less.
(p) Balance in respect of Trade Payable Trade Receivable and Loans &
Advances are subject to confirmation.
(p) Cash Flow Statement:- Cash flows are reported using the indirect
method and cash flows from operating, investing and financing
activities of the Company are segregated.
(q) MSMED Act, 2006 :- The Government of India has promulgated an act
namely The Micro, Small and Medium Enterprises Development Act, 2006,
which comes into force with effect from October 2,2006. As per the act,
the Company is required to identify the Micro, Small and Medium
suppliers and pay them interest on over dues beyond the specified
period irrespective of the terms agreed with the suppliers. The Company
does not have any dues to any entity covered under the said act.
Mar 31, 2013
A GENERAL INFORMATION
Jaisukh Dealers Limited is a public limited company incorporated under
the provisions of the Indian Companies Act, 1956. The Company is
engaged in the business of trading of various kinds of Sarees & _other
commodities.
1 SIGNIFICANT ACCOUNTING POLICIES
1.1 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
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention method. The accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable.
Difference between the actual results and estimates are recognised in
the period in which the res- ts are known/ materialized.
1.3 Inventories
Inventories are valued at the lower of cost and the net realisable
value after providing for obsolescence and other losses, where
considered necessary. Cost includes all charges in bringing the goods
to the point of sale, including control and other levies, transit
insurance and receiving charges. Work-in-progress and finished goods
include appropriate proportion of overheads and, where applicable,
excise duty.
1.4 Tangible Fixed Assets, Depreciation and amortisation
i Fixed Assets are stated at cost less accumulated depreciation and
impairment loss & if any.
ii Depreciation has been provided on the written down method as per the
rates prescribed in Schedule XIV to the Companies Act, 1956.
1.5 Investments
Long-term investments (excluding investment properties), are carried
Individual cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments include acquisition charges such as brokerage, fees and
duties.
Investment properties are carried individually at cost less accumulated
depreciation and impairment, if any. Investment properties are
capitalised and depreciated (where applicable) in accordance with the
policy stated for Tangible Fixed Assets. Impairment of investment
property is determined in accordance with the policy stated for
Impairment of Assets.
1.6 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be
dilutive only if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations. Potential
dilutive equity shares are deemed to be converted as at the beginning
of the period, unless they have been issued at a later date. The
dilutive potential equity shares are adjusted for the proceeds
receivable had the shares been actually issued at fair value (i.e.
average market value of the outstanding shares). Dilutive potential
equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are
adjusted for share splits / reverse share splits and bonus shares, as
appropriate.
1.7 Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act. 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognised for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognised only if there is virtual certainty that there
will be sufficient future taxable income available to realise such
assets. Deferred tax assets are recognised for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realised. Deferred tax assets and liabilities are offset if
such items relate to taxes on income levied by the same governing tax
laws and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
readability.
Current and deferred tax relating to items directly recognised in
equity are recognised in equity and not in the Statement of Profit and
Loss.
1.8 Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted the current best estimates. Contingent liabilities
are disclosed in the Notes.
1.9 Revenue Recognition Interest:
Revenue is recognised on a time proportion basis taking into account
the amount outstanding and the rate applicable.
Dividends:
Revenue is recognised on actual receipt basis.
Other Income:
The amounts receivable from various agencies are accounted on accrual
basis to the extent it is possible to ascertain the income with
reasonable accuracy.
1.10 MSMED Act, 2006
The Government of India has promulgated an Act namely The Micro, Small
and Medium Enterprises Development Act, 2006 which comes into force
with effect from October 2, 2006. As per the Act, the company is
required to identify the Micro, Small & Medium suppliers and pay them
interest on over dues beyond the specified period irrespective of the
terms agreed with the suppliers. The Company does not have any dues to
any entity covered under The Micro, Small and Medium Enterprises
Development Act 2006
1.11 Change of Name:
The name of the company i.e. Jaisukh Dealers Private Limited having ClN
no U51909WB2005PTC101510 has been changed to Jaisukh Dealers Limited
having CIN no.U65100WB2005PLC101510 as per the Ministry of Corporate
Affairs order dated Eight day of May Two Thousand Thirteen.
(iii) Previous year''s figures have been regrouped / rearranged
wherever considered necessary to confirm to current years grouping and
classification.
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