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Notes to Accounts of Jaysynth Dyestuff (India) Ltd.

Mar 31, 2018

A) Rights, Preferences and restrictions attached to Equity Shares

The company has one class of equity shares having a par value of Rs.1/- per share. Each shareholder is eligible for one vote per share held. The Dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the assets of the company remaining after distribution of all preferential amounts in proportion of their shareholding.

The Company is in the process of identifying suppliers falling under the Micro, Small and Medium Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the Company.

In the absence of information as regard to the status/ classification of the relevant enterprises into Micro, Small and Medium Enterprises, information as required under Notification No. G.S.R. 719 (E) dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable and amount of interest thereon paid during the year and payable at the end of the year to the Sundry Creditors could not be disclosed.

B) Terms and Condition of Transaction with Related Party

The Transaction with related parties are made on terms equivalents to those that prevail in arm’s length transactions. Outstanding balance at the year end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31st March, 2018, the company has not recorded any impairment of receviables related to amount owned by related parties. This assessment is undertaken each financial year through examing the financial position of the related party and the market in which the related party operates.

Note : 1.1 Information of Derivative Instrument outstanding as at the Balance Sheet date :

The Company has entered into foreign exchange forward contract being derivative instrument, which are not intended for trading or speculative purpose, but for hedge purposes.

Note : 1.2 In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note : 1.3 Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

Note 1.4 Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

Note 2 : Contingent liabilities not provided for :

Claims not acknowledgement as debts

i) Disputed Service Tax demand pending before Central Excise and Service Tax Appellate Tribunal, Mumbai West Zone amounting to Rs. 14.56 Lakhs for the year 2005-06 to 2009-10.

ii) Disputed Service Tax demand pending before Central Excise and Service Tax Appellate Tribunal, Mumbai West Zone amounting to Rs. 7.18 Lakhs for the year 2010-11 to 2015-16.

iii) Disputed CENVAT Credit pending before Central Excise and Service Tax Appellate Tribunal, Mumbai West Zone amounting to Rs. 15.37 Lakhs for the year 2008-09 and 2009-10.

Note : 3 Previous year’s figures have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.

Note: 4 First- time Adoption of Ind AS

These are the Company’s first financial statements prepared in accordance with Ind AS.

The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2016, with a transition date of 1st April, 2016. Ind AS 101-First-time Adoption of Indian Accounting Standards requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements which is for the year ended 31st March, 2017 for the company, be applied retrospectively and consistently for all financial years presented. Consequently, in preparing these Ind AS financial statements, the Company has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as explained below. The resulting difference in the carrying values of the assets and liabilities as at the transition date between the Ind AS and Previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity).

Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

I. Optional Exemptions availed

A. Deemed Cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the Financial Statements as at the date of transition to Ind AS, measured under IGAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for for intangible assets covered by Ind AS 38 ‘Intangible assets’ and Investment properties covered by Ind AS 40 ‘Investment properties’. Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets and investment properties under IGAAP carrying value.

B. Designation of previously recognised financial instruments

Ind AS 101 allows an entity to designate investments in equity instruments at FVTPL on the basis of the facts and circumstances at the date of transition to Ind AS. The Company has elected to apply this exemption for its investment in Equity shares of companies other than long term foreign currency monetary items.

II. Applicable Mandatory Exceptions

A. Estimates

An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies). Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

- Investment in equity instruments carried at FVPL or FVOCI;

- Impairment of financial assets based on expected credit loss model.

B. Classification and measurement of financial assets

As required under Ind AS 101 the company has assessed the classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

III. Transition to Ind AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS as required under Ind AS 101:

The following explains the material adjustments made while transition from previous accounting standards to IND AS:

A. Fair Valuation of Investments

Under the previous IGAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and reliasability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognised in retained earnings Rs. 20,14,700 i.e. (14,75,200 5,39,000) as at 31st March, 2017. (Rs . 14,75,200 as at 1st April, 2016).

B. Investment property

Under IIGAAP, there was no requirement to present investment property separately, and the same was included under non-current assets and measured at cost less provision for diminution other than temporary. Under Ind AS, investment property is required to be presented separately on the face of the Balance Sheet. Accordingly, the carrying value of investment property under IIGAAP has been reclassified to a separate line item on the face of the Balance Sheet.

C. Tangible Asset

Spares parts procured along with the Plant and Equipment or subsequently individually which meets the recognition criteria of PPE are capitalized and added to the carrying amount of such items. Under Ind AS these spares are to be considered under tangible asset due to which the increase in tangible asset by Rs. 9,42,375 and addition to depreciation is Rs. 223,224 due to which net increase in tangible asset for the year 31st March, 2017 is Rs. 7,19,151.

D. Security deposits

Under the previous IGAAP, interest free security deposits are recorded at their transaction value. Under IND AS, all financial assets are required to be recognised at fair value. Accordingly, the Company has fair valued the security deposits under IND AS. Difference between fair value of security deposits and the carrying value (transaction value) as per Previous IGAAP has been recognised as prepaid rent. Consequently, the amount of security deposits and prepaid rent has not having any impact for the year ended 31st March, 2017 as that is the last year out of 3 years agreement of security deposit after year end the agreement is renew for further 3 years. (Rs. 48,304 as at 1st April, 2016). The prepaid rent increased by Rs. 44,436 as at 1st April, 2016.Total equity decreased by Rs. 3,879 as at 1st April, 2016. The profit for the year and total equity as at 31st March, 2017 increased by Rs. 3,879 (net).

E. Remeasurements of post-employment benefit obligation

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income instead of profit and loss. Under the previous IGAAP, these remeasurements were forming part of the profit and loss for the year. As a result of this change, the profit for the year ended 31st March, 2017 increase by Rs. 13,84,424. There is no impact on the total equity as at 31st March, 2017.

F. Retained earnings

Retained earnings as at 1st April, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

G. Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and loss as ‘other comprehensive income’ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous IGAAP.

H. Deferred Tax

Deferred Tax on aforesaid IND AS adjustments.

I. Current Tax

Tax component on Actuarial Gains and losses which is transferred to Other Comprehensive Income under IND AS and Tax Component on which was debited to security premium account under previous IGAAP.As required under the Ind AS, the same has been debited to Profit and Loss.

J. The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flows from operating, investing and financing activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March, 2017 as compared with the previous IGAAP.


Mar 31, 2016

B) Rights, Preferences and restrictions attached to equity shares

The company has one class of equity shares having a par value of '' 1/- per share. Each shareholder is eligible for one vote per share held. The Dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the assets of the company remaining after distribution of all preferential amounts in proportion of their shareholding.

1 “The Company is in the process of identifying suppliers falling under the Micro, Small and Medium Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the Company.”

“In the absence of information as regard to the status/ classification of the relevant enterprises into Micro, Small and Medium Enterprises, information as required under Notification No. G.S.R. 719 (E) dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable and amount of interest thereon paid during the year and payable at the end of the year to the Sundry Creditors could not be disclosed.”

Note : 2 In the opinion of the Board and to the best of their knowledge and belief, the realizable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note : 3. Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

Note : 4. Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

Note : 5. Previous year''s figures have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.


Mar 31, 2015

A) Rights, Preferences and restrictions attached to shares

The company has one class of equity shares having a par value of Rs 1/- per share. Each shareholder is eligible for one vote per share held. The Dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the assets of the company remaining after distribution of all preferential amounts in proportion of their shareholding.

1.1 The Company is in the process of identifying suppliers falling under the Micro, Small and Medium Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the Company.

In the absence of information as regard to the status/ classification of the relevant enterprises into Micro, Small and Medium Enterprises, information as required under Notification No. G.S.R. 719 (E) dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable and amount of interest thereon paid during the year and payable at the end of the year to the Sundry Creditors could not be disclosed."

Note : 2 Segment information

Note : 2.1 Primary Segments :

The company has identified Organic Colourants as the only primary reportable segment. In view of the interwoven / intermix nature business and manufacturing facility other segmental information is not ascertainable.

Note : 2.2 informatton of Dertvattve instrument outstandrng as at the Baiance Sheet date :

i) Total Derivative contracts in respect of currency forward covers of USD 12.65 lacs (previous year USD 13.55 lacs ) are outstanding at the Balance Sheet date.

According to "Accounting of Derivatives" issued by the Institute of Chartered Accountants of India (ICAI), there is net gain of Rs 4.07 lacs (previous year Rs 28.38 lacs) in respect of all such outstanding derivative contract (by marking them to market) as on the Balance Sheet date has been recognized by the Company.

ii) The company has entered into derivative transactions with an objective to hedge the financial risks associated with its business viz. foreign exchange.

Note : 2.3 In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note : 2.4 Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

Note : 2.5 Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

Note : 3 Previous year's figures have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.


Mar 31, 2014

Note : 1.1 Defined Benefit Plans

The summarized position of post-employment benefits and long term employee benefits recognized in the Statement of Profit and Loss and Balance Sheet ( as per Accounting Standard 15) are as under :-

Note : 2 Segment Information

Note : 2.1 Primary Segments :

The company has identified Organic Colourants as the only primary reportable segment. In view of the interwoven / intermix nature business and manufacturing facility other segmental information is not ascertainable.

Note : 2.2 Geographical Segments :

Note : 2.3 Related Parties Disclosure under Accounting Standard - 18

i) The List of related parties as identified by the management are as under: Associates Companies / Firms

1. Jaysynth Impex Ltd.

2. Jay Chemi Colour Industries Pvt. Ltd.

3. Jaysynth (Europe) Ltd.

4. Jay Instruments & Systems Pvt. Ltd.

5. J D Orgochem Ltd.

6. Trichromy Enterprises Pvt. Ltd.

7. R P Trading Co.

8. Shri. Sharadchandra Shoorji Trikamdas Charitable Trust

Key Management Personnel of the Company

1. Shri Sharadchandra S. Kothari

2. Shri Parag S. Kothari

3. Shri Nikhil S. Kothari

Note : 2.4 Information of Derivative Instrument outstanding as at the Balance Sheet date :

i) Total Derivative contracts in respect of currency forward covers of USD 13.55 lacs (previous year USD 17.90 lacs) are outstanding at the Balance Sheet date.

According to"Accounting of Derivatives" issued by the Institute of Chartered Accountants of India (ICAI) , there is net gain of Rs. 28.38 lacs (previous year Rs. 13.59 lacs) in respect of all such outstanding derivative contract (by marking them to market) as on the Balance Sheet date has been recognized by the Company.

ii) The Company has entered into derivative transactions with an objective to hedge the financial risks associated with its business viz. foreign exchange.

Note : 2.5 In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note : 2.6 Balance of loans and advances, sundry debtors, sundry creditors and deposits are subject to adjustments, reconciliation and confirmation by the parties.

Note : 2.7 Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

Note : 3 Previous year''s figures have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.


Mar 31, 2013

Note 1.1 Related Parties Disclosure under Accounting Standard -18

i) The List of related parties as Identified by the management are as under;

Associates Companies / Firms l.JaysynthlmpexLtd

2. Jay Che mi Colour Industries

3. Jaysynth (Europe) Ltd

4. Jay Instruments & Systems Pvt Ltd.

5. Trlchromy Enterprises Pvt. Ltd.

6. RP Trading Co.

T.Shri. Sharadchandra Shoorji Trikamdas Charitable Trust

Key Management Personnel of the Company

1. Shri P. S. Kothari

2. Shri N. S. Kothari

Note 1.2 Information of Derivative Instrument outstanding as at the Balance Sheet date:

i) Total Derivative contracts In respect of currency forward covers of USD 17.90 lacs (previous year USD 19.55 lacs} are outstanding at the Balance Sheet date.

According to"Accounting of Derivatives" issued by the Institute of Chartered Accountants of India (ICAI), there is net gain of Rs. 13.S9 lacs (previous year 710.53 lacs) In respect of alt such outstanding derivative contract (by marking them to market) as on the Balance Sheet date has been recognized by the Company. li) The company has entered into derivative transactions with an objective to hedge the financial risks associated with its business viz. foreign exchange.

Note 1.3 In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances In the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note 1.4 Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

Note 1.5 Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

Note 2 Previous year''s figures have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.


Mar 31, 2012

A) Rights, Preferences and restrictions attached to shares

The company has one class of equity shares having a par value of Rs. 1/- per share. Each shareholder is eligible for one vote per share held. The Dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion of their shareholding.

1.1 The Company is in the process of identifying suppliers falling under the Micro, Small and Medium Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the Company.

In the absence of information as regard to the status/ classification of the relevant enterprises into Micro, Small and Medium Enterprises, information as required under Notification No. G.S.R. 719 (E) dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable and amount of interest thereon paid during the year and payable at the end of the year to the Sundry Creditors could not be disclosed.

Note : 1.2 Related Parties Disclosure under Accounting Standard -18

i) The List of related parties as identified by the management are as under: Associates Companies / Firms

1. Jaysynth Impex Ltd

2. Jay Chemi Colour Industries

3. Jaysynth (Europe) Ltd

4. Jay Instruments & Systems Pvt Ltd.

5. Trichromy Enterprises Pvt. Ltd.

6. R P Trading Co.

7. Shri. Sharadchandra Shoorji Trikamdas Charitable Trust Key Management Personnel of the Company

1. Shri P. S. Kothari

2. Shri N. S. Kothari

Note : 1.3 Information of Derivative Instrument outstanding as at the Balance Sheet date :

i) Total Derivative contracts in respect of currency forward covers of USD 19.55 lacs (previous year USD 35.01 lacs ) are outstanding at the Balance Sheet date.

In view of the recent announcement made by the Institute of Chartered Accountants of India (ICAI) on "Accounting of Derivatives" there is net gain of Rs. 10.53 lacs (previous year Rs. 53.29 lacs) in respect of all such outstanding derivative contract (by marking them to market) as on the Balance Sheet date which has been recognized by the Company.

ii) The company has entered into derivative transactions with an objective to hedge the financial risks associated with its business viz. foreign exchange.

Note : 1.4 In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

Note : 1.5 Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

Note : 1.6 Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

Note : 2 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statement. This has significantly impacted the disclosure and presentation made in financial statements. Previous year's figures have been regrouped / reclassified, wherever necessary to confirm to the current year presentation.


Mar 31, 2011

1. In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

2. Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

3. Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

4. The Company is in the process of identifying suppliers falling under the Micro, Small and Medium Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the Company.

In the absence of information as regard to the status/ classification of the relevant enterprises into Micro, Small and Medium Enterprises, information as required under Notification No. G.S.R. 719 (E) dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable and amount of interest thereon paid during the year and payable at the end of the year to the Sundry Creditors could not be disclosed.

5. The Previous Year's figures have been regrouped, readjusted, reclassified and reworked wherever necessary to confirm to the current year's classification.


Mar 31, 2010

1. Quantitave Information of Derivative Instrument outstanding as at the balance sheet date :

i) Total Derivative contracts in respect of cross currency forward covers of USD 32.23 lacs(previous year USD 14.80 lacs )are outstanding at the Balance Sheet date.

In view of the recent announcement made by the Institute of Chartered Accountants of India (ICAI) on "Accounting of Derivatives" there is net gain of Rs.38.39 lacs(previous year Rs. 12.15 lacs) in respect of all such outstanding derivative contract (by marking them to market) as on the balance sheet date which has been recognized by the Company. ii) The company has entered into derivative transactions with an objective to hedge the financial risks associated with its business viz. foreign exchange.

2. In the opinion of the Board and to the best of their knowledge and belief, the realisable value of current assets, loans and advances in the ordinary course of business would not be less than the amount, at which they are stated in the Balance Sheet unless otherwise stated, and the provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.

3. Balance of loans & advances, sundry debtors, sundry creditors & deposits are subject to adjustments, reconciliation and confirmation by the parties.

4. Bank certificates are obtained for bank balances, but wherever bank certificates could not be obtained we have relied on bank statements.

5. The Company is in the process of identifying suppliers falling under the Micro, Small and Medium Enterprises Development Act, 2006. However, no confirmation as regards to the status has been received by the Company.

In the absence of information as regard to the status/ classification of the relevant enterprises into Micro, Small and Medium Enterprises, information as required under Notification No. G.S.R 719 (E) dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable and amount of interest thereon paid during the year and payable at the end of the year to the Sundry Creditors could not be disclosed.

6. The Previous Years figures have been regrouped, readjUHsb. radrafsified and reworked wherever necessary to confirm to the current years classification.

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