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Accounting Policies of Jaysynth Orgochem Ltd. Company
Mar 31, 2025
CORPORATE INFORMATION :
Jaysynth Orgochem Limited (formerly known as JD Orgochem Limited) (''the Company'') was incorporated as a public limited company having registered office at 301, Sumer Kendra, P.B. Marg, Worli, Mumbai - 400 018. The Company is engaged in manufacturing and trading of dyes, pigment, ink and trading in inkjet printers. The Company has manufacturing units at Taloja and Patalganga Maharashtra. The equity shares are listed on Bombay Stock Exchange Limited ("BSE Limited").
I. SIGNIFICANT ACCOUNTING POLICIES FOLLOWED :A) Compliance with Ind AS :
These standalone financial statements have been prepared in accordance with the Indian Accounting Standards (herein after referred to as the ''Ind AS1) as notified by Ministry of Corporate Affairs pursuant to section 133 of the Companies Act, 2013 (''Act'') read with Companies (Indian Accounting Standards) Rules, 2015 (as amended) and relevant provisions of the Act and the guidelines issued by the Securities and Exchange Board of India (''SEBI''), to the extent applicable. The accounting policies are applied consistently for all periods presented in the financial statements.
B) Basis of preparation and presentation
The Financial Statements have been prepared on the historical cost and accrual basis except for following assets and liabilities which have been measured at fair value amount like
i) Certain Financial Assets and Liabilities (including derivative instruments),
ii) Defined Benefit Plans - Plan Assets
iii) Leases
iv) Any other item as specifically stated in respective accounting policy
C) Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification. An asset is treated as Current when it is -
- Expected to be realised or intended to be sold or consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle;
- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Standalone Financial Statements have been presented in Indian Rupees (?) (rounded off to nearest lakh), which is the Company''s functional currency.
II. USE OF ESTIMATES AND JUDGMENTS
The preparation of the standalone financial statements in conformity with Ind AS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the standalone financial statements and reported amounts of revenues and expenses during the period. Examples of such estimates include useful lives of tangible and intangible assets, provision for doubtful debts, future obligations in respect of retirement benefit plans, considering the extension period for determination of lease term, etc .Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial statements.
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the company believes to be reasonable under the existing circumstances, difference between actual and results and estimates are recognized in the period in which the results are known/materialized .
The said estimates are based on the facts and events that existed as at the reporting date, or that occurred after that date but provide additional evidence about condition existing as at the reporting date.
III. PROPERTY, PLANT AND EQUIPMENT
The Company had elected to continue with the carrying value of Property, Plant and Equipment (''PPE'') recognized as of transition date measured as per the Previous IGAAP and use that carrying value as its deemed cost of the PPE as on the transition date.
All items of property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment, if any. Historical cost includes expenditure that is directly attributable to bringing the assets to its working condition. Estimates are involved in determining the cost attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the management.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.
Spare 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. The carrying amounts of those spare parts that are replaced are derecognized when no future economic benefits are expected from their use or upon disposal.
Depreciation methods, estimated useful lives and residual value.
|
The Useful life considered for calculation of depreciation for various assets class are as follows |
|
|
Asset Class |
Estimated Useful Life |
|
Building - Factory1 |
18 to 30 years |
|
Plant & Machinery |
Upto 15 years |
|
Electrical Installation |
Upto 15 Years |
|
Equipment |
Upto 15 Years |
|
Equipment - Computer |
Upto 6 Years |
|
Equipment - Print Head |
Upto 3 Years |
|
Furniture & Fixture |
Upto 10 Years |
|
Vehicle |
Upto 8 Years |
|
Lease hold Land |
Upto 95 Years |
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Depreciation on property plant and equipment added/disposed off during the year is provided on pro rata basis with reference to the date of addition/disposal.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.
The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements, if the contract conveys the right to control the use of an identified asset. The contract conveys the right to control the use of an identified asset, if it involves the use of an identified asset and the Company has substantially all of the economic benefits from use of the asset and has right to direct the use of the identified asset.
The cost of the right-of-use asset shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use asset is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted by using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate.
The company didn''t recognize Right to Use and Lease liabilities for lease for which the lease terms ends within 12 months on the date of initial transition and low value assets.
As exemption is given under Ind AS 116 leases instead of recognizing a right of uses asset and lease liability the payments in relation to these are recognized as an expenses in profit and loss on a straight - line basis over the lease term.
Due to transition, the nature of expenses in respect of operating leases has changed from "lease rent" to "depreciation cost" and "finance cost'''' for the right-to-use assets and for interest accrued on lease liability respectively, and therefore, these expenses for the current year are not comparable to the previous years, to that extent.
(LEASE TABLE)
|
On transition to the Ind AS-116, Impact thereof is as follows: |
('' in lakhs) |
|
|
Particulars |
Amount |
|
|
Right-to-use assets |
39.25 |
|
|
Lease liabilities |
41.55 |
|
Company as a lesser: Leases for which the company is a lesser classified as finance lease or operating lease. Lease income from operating leases where the company is a lesser is recognized as income on a straight line basis over the lease term.
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment properties. The Company has elected to continue with the carrying value of all of its investment property recognized as of transition date measured as per IGAAP as the deemed cost of investment property.
Upon initial recognition, an investment property is measured at cost. Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any.
Investment properties are depreciated using the SLM method over their estimated useful lives. Useful life considered for calculation of depreciation for investment properties is as follows :
|
Asset Classification |
Useful Life |
|
Non-factory buildings |
60 Years |
The Company has elected to continue with the carrying value of intangible assets recognized as of transition date measured as per the previous IGAAP and use that carrying value as its deemed cost as on the transition date.
Intangible assets acquired separately are measured on initial recognition at cost. After initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.
Software (not being an integral part of the related hardware) acquired for internal use are treated as intangible assets and is amortized over a period of 6 years on straight line method over estimated useful life.
An item of Intangible asset is derecognized on disposal or when no future economical benefits are expected from its use or disposal. Any profit or loss arising from de recognition of an intangible asset is determined as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss.
VII. IMPAIRMENT OF TANGIBLE (PPE) AND INTANGIBLE ASSETS
At the end of each reporting period, the Company reviews the carrying amounts of its PPE and other intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The resulting impairment loss is recognised in the Statement of Profit and Loss.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent markets transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.
VIII. CONTRACT BALANCES Trade Receivables:
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
A provision for impairment for trade receivables is recognised when there is objective evidence that the Company will not be able to collect all amounts due under the original terms of receivables. When receivable is deemed uncollectible it is written off. Any subsequent recovery of previous written off amounts is recognised in the income statement.
A contract liability is the obligation to transfer goods or services to a customer for which the company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the company transfer goods and services to the customer, a contract liability is recognised when the payment is made or the payment is due, whichever is earlier.
Contract liabilities are recognised as revenue when the company performs under the contract.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, cheque in hand, drafts on hand, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Inventories are valued after providing for obsolescence as follows:
(1) Raw materials, components, stores and spares are valued at lower of cost and net realizable value. However materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost Formulae used is first in first out. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
(2) Semi-Finished Goods are valued at lower of cost or net realizable value. Cost for the purpose includes material cost, labour and a proportion of manufacturing overheads based on normal operating capacity. Cost Formulae used is weighted average method.
(3) Stock of manufactured and finished goods are valued at lower of cost or net realizable value. Cost for the purpose includes material cost, labour and a proportion of manufacturing overheads based on normal operating capacity. Goods in transit are stated at cost.
(4) Goods for re-sale are valued at lower of cost or net realizable value.
(5) Due allowance is estimated and made for defective and obsolete items, wherever necessary, based on the past experience of the company.
XI. INVESTMENTS AND OTHER FINANCIAL ASSETS
A. Classification-
The Company classifies its financial assets in the following measurement categories:
(1) those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and
(2) those measured at amortized cost.
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows.
B. Measurement
At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.
C. De Recognition of Financial Assets
The company de recognizes a financial asset when the contractual rights to the cash flows from the financial asset expires or when it transfers the financial assets and substantially all risks and rewards of the ownership of the assets to another party.
D. Impairment of Financial Assets
The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward-looking estimates at the end of each reporting period.
E. Derivative financial instruments and hedge accounting
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value with changes in fair value recognized in the Statement of Profit and Loss in the period when they arise.
A. Measurement
Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost. Any discount or premium on redemption / settlement is recognised in the Statement of Profit and Loss as finance cost over the life of the liability using the effective interest method and adjusted to the liability figure disclosed in the Balance Sheet.
B. Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.
The company measures financial instruments such as derivatives and equity instruments at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumptions that the transaction to sell the asset or transfer the liability takes place either:
⢠In the principal market for the asset or liability or
⢠In the absence of a principal market, in the most advantageous market for the asset or liability.
XIV. INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries are recognized at cost as per Ind AS 27 except when those are required to be accounted as per Ind AS 105 Non- Current Assets held for Sale and Discontinued Operations.
The company derives revenues primarily from sale of goods comprising of dyes, pigment and ink and inkjet printers.
Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services.
Revenues are recognized at a point in time when control of the goods passes to the buyer, usually upon either at the time of dispatch or delivery. In case of export sale, it is usually recognised based on the shipped-on board date as per shipping bill. Revenue from sale of goods is net of taxes and recovery of charges collected from customers like transport, packing etc.
Revenue is measured based on the transaction price, which is the consideration, adjusted for turnover discounts to customer as specified in the contract with the customers.
Use of significant judgements in revenue recognition.
Judgement is also required to determine the transaction price for the contract. The transaction price could be either a fixed amount of consideration or variable consideration with elements such as turnover discounts. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur and is reassessed at the end of each reporting period.
Sale of scrap is accounted for as and when the sale is completed and its collection is reasonably certain.
Export incentives are recognised as income of the year on accrual basis. In case of utilisation for Import purpose the same is recognised as raw material cost in the year of import.
Dividend Income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.
Interest Income on financial assets measured at amortised cost is recognised on a time-proportion basis using the effective interest method.
A. Short term obligation
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
B. Post-employment obligations
The Company provides the following post-employment benefits:
(a) Defined Benefits Plans
The cost of providing defined benefit plans such as gratuity is determined on the basis of present value of defined benefits obligation which is computed using the projected unit credit method with independent actuarial valuation made at the end of each annual reporting period, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measuring each unit separately to build up the final obligation.
The net interest cost is calculated by applying the discount rate to the net balance of defined benefit obligation and the fair value of plan asset. This cost is included in employee benefit expenses in the statement of Profit and Loss except those included in the cost of asset as permitted.
Re-measurements comprising of actuarial gain and losses arising from experience adjustments and change in actuarial assumptions, the effect of change in assets ceiling (if applicable) and the return on the plan asset (excluding net interest define above) are recognized in Other Comprehensive Income (OCI) except those included in cost of asset as permitted in the period in which they occur. Re-measurements are not reclassified to the Statement of Profit and Loss in subsequent periods.
Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlement) is recognized in the Statement of Profit and Loss except those included in cost of asset as permitted in the period in which they occur.
(b) Defined Contribution Plan
Plans Payments to defined contribution retirement benefit plans, viz. Provident Fund and National Pension Fund for eligible employees are recognized as an expense when employees have rendered the service entitling them to the contribution.
XVII. FOREIGN CURRENCY TRANSLATIONS
A. Functional and presentation currency
The financial statements are presented in Indian rupee (''), which is Company''s functional and presentation currency.
B. Transactions and Balances
Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.
Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant exchange differences are recognised in Other Comprehensive Income. Non - monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not translated thereafter.
XVIII. PROVISIONS AND CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed on the basis of judgment of management/independent experts. The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts and circumstances, which can be subject to change.
The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.
Contingent Assets are not recognized, however, disclosed in financial statement when inflow of economic benefits is probable.
Litigations : From time to time, the company is subjected to legal proceedings, the ultimate outcome of each being always subject to many uncertainties, inherent in litigations. A provision is made when it is considered probable that payment will be made and the amount of loss can be reasonably estimated significant judgment is made when evaluating among other factors the probability of unfavorable outcome and ability to make a reasonable estimate of the amount of potential loss litigation provisions are reviewed at each accounting year and revisions made for changes in facts and circumstances.
Income Tax expenses represent the sum of tax currently payable and deferred tax. Tax is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or in other comprehensive income.
Current Tax includes provision for Income Tax computed under Special provision (i.e. Minimum alternate tax) or normal provision of Income Tax Act. Tax on Income for the Current year is determined on the basis of the estimated taxable income and tax credit computed in accordance with the provisions of the relevant tax laws and based on expected outcome of assessment/appeals.
Deferred tax is recognized on the temporary differences between the carrying amounts of the assets and liabilities in the balance sheet and corresponding tax bases use in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductable temporary differences, unabsorbed losses and unabsorbed depreciation to the extent that it is probable that future taxable profit will be available against which those deductable temporary differences, unabsorbed losses and unabsorbed depreciation can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from initial recognition of assets and liabilities in the transaction that effect neither taxable profit nor accounting profit.
Deferred tax asset and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rate (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
The basic and diluted earnings per share is computed by dividing the Profit after tax attributable to equity shareholders for the year, by the weighted average number of equity shares outstanding during the year.
Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated for presentations in the statement of cash flows, cash and cash equivalents does not includes cash credit and over draft facility.
The Company recognizes a liability to pay dividend when the distribution is authorized and the distribution is no longer at the discretion of the Company i.e. when the dividend distribution is being approved by the shareholders. A corresponding amount is recognized directly in equity.
XXIII. BUSINESS COMBINATION UNDER COMMON CONTROL
Business combinations involving entities or businesses under common control are accounted for using the pooling of interest method. Under pooling of interest method, the assets and liabilities of the combining entities or businesses are reflected at their carrying amounts after making adjustments necessary to harmonise the accounting policies. The identity of the reserves is preserved in the same form in which they appeared in the financial statements of the transferor and the difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve.
When items of income and expenses within statement of profit and loss from ordinary activity are of such size, nature or incidence that disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such material items are disclosed separately as exceptional items.
XXV. RECENT INDIAN ACCOUNTING STANDARDS (Ind AS)
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable to the Company w.e.f. April 1,2024. The Company has reviewed the new pronouncements and based on its evaluation has determined that it does not have any significant impact in its financial statements.
The company has estimated the useful life of the factory building as for 18 years on the basis of technical advice & has provided depreciation for the current year on straight line method on carrying amount as on 01st April, 2015 of that asset so that the said asset gets depreciated over its remaining useful life.
Lease hold Land is amortised over the lease period of 95 years. Depreciation on all property, plant and equipment is provided on straight line basis.
Mar 31, 2024
CORPORATE INFORMATION :
As per the Composite Scheme of Arrangement (Appointment date is 1st April, 2023 ) amongst Jaysynth Dyestuff (India) Limited, Jaysynth Impex Private Limited and JD Orgochem Limited, the accounts of merged entity is presented for the year ended 31st March, 2024
JD Orgochem Limited was incorporated as a public limited company in the State of Maharashtra under the provisions of the Companies Act, 1956, on 05th October 1973 vide Corporate Identity Number L24100MH1973PLC016908, having registered office 301, Sumer Kendra, P.B Marg, Worli, Mumbai - 400 018 and having PAN AAACJ0902B. The Company was engaged in manufacturing of several dyes, and dyes Intermediates products in India, but has not been actively engaged into manufacturing activity since number of years, but has been engaged in certain trading activities in the same segment. The Company has manufacturing unit at MIDC, Patalganga, Dist. Raigadh, Maharashtra . The equity shares are listed on Bombay Stock Exchange Limited ("BSE Limited").
Jaysynth Dyestuff (India) Limited was incorporated as a public limited company in the State of Maharashtra under the provisions of the Companies Act, 1956 on 08th March 1985 vide Corporate Identity Number L24114MH1985PLC035564, having registered office at 301, Sumer Kendra, P.B Marg, Worli, Mumbai - 400 018 and having PAN AAACJ1253F. The Company is engaged in the manufacturing and trading of CPC based Pigments, Inks for digital printing & Dyes. The Company has manufacturing units at Taloja and Patalganga .(Both at Dist Raigadh), Maharashtra .The equity shares of JDIL are listed on Bombay Stock Exchange Limited ("BSE Limited").
Jaysynth Impex Private Limited (Formerly Known as Jaysynth Impex Limited) was incorporated as a private limited company in the State of Maharashtra under the provisions of the Companies Act, 1956 on 25th April 1969 vide Corporate Identity Number U29200MH1969PTC014266, having registered office at E-16, Everest Tardeo Road, Mumbai - 400 034 and having PAN AAACJ7732K. The Company has manufacturing units at Taloja and Patalganga .(Both at Dist Raigadh), Maharashtra .The Company is engaged in the manufacturing and trading of dyes and auxiliaries.
I. SIGNIFICANT ACCOUNTING POLICIES FOLLOWED :
A) Compliance with Ind AS :
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ''Ind AS'') as prescribed under section 133 of the Companies Act, 2013 ("the Act") read with rules as amended and other relevant provisions of the Act.
B) Basis of preparation and presentation
The Financial Statements have been prepared on the historical cost and accrual basis except for following assets and liabilities which have been measured at fair value amount like
i) Certain Financial Assets and Liabilities (including derivative instruments),
ii) Defined Benefit Plans - Plan Assets
iii) Leases
iv) Any other item as specifically stated in respective accounting policy
C) Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification. An asset is treated as Current when it is -
- Expected to be realised or intended to be sold or consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle;
- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Standalone Financial Statements have been presented in Indian Rupees (?) (rounded off to nearest lakh), which is the Company''s functional currency.
II. USE OF ESTIMATES AND JUDGMENTS
The preparation of the standalone financial statements in conformity with Ind AS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the standalone financial statements and reported amounts of revenues and expenses during the period. Examples of such estimates include useful lives of tangible and intangible assets, provision for doubtful debts, future obligations in respect of retirement benefit plans, considering the extension period for determination of lease term, etc .Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial statements.
III. PROPERTY, PLANT AND EQUIPMENT
The Company had elected to continue with the carrying value of Property, Plant and Equipment (''PPE'') recognized as of transition date measured as per the Previous IGAAP and use that carrying value as its deemed cost of the PPE as on the transition date.
All items of property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment, if any. Historical cost includes expenditure that is directly attributable to bringing the assets to its working condition. Estimates are involved in determining the cost attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the management.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.
Spare 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. The carrying amounts of those spare parts that are replaced are derecognized when no future economic benefits are expected from their use or upon disposal.
Depreciation methods, estimated useful lives and residual value.
The Useful life considered for calculation of depreciation for various assets class are as follows
|
Asset Class |
Estimated Useful Life |
|
Building - Factory1 |
18 to 30 years |
|
Plant & Machinery |
Upto 15 years |
|
Electrical Installation |
Upto 15 Years |
|
Equipment |
Upto 15 Years |
|
Equipment - Computer |
Upto 6 Years |
|
Furniture & Fixture |
Upto 10 Years |
|
Vehicle |
Upto 8 Years |
|
Lease hold Land |
Upto 95 Years |
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Depreciation on property plant and equipment added/disposed off during the year is provided on pro rata basis with reference to the date of addition/disposal.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.
The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements, if the contract conveys the right to control the use of an identified asset. The contract conveys the right to control the use of an identified asset, if it involves the use of an identified asset and the Company has substantially all of the economic benefits from use of the asset and has right to direct the use of the identified asset.
The cost of the right-of-use asset shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use asset is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.
The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted by using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate.
The company didn''t recognize Right to Use and Lease liabilities for lease for which the lease terms ends within 12 months on the date of initial transition and low value assets.
Due to transition, the nature of expenses in respect of operating leases has changed from "lease rent" to "depreciation cost" and ''''finance cost'''' for the right-to-use assets and for interest accrued on lease liability respectively, and therefore, these expenses for the current year are not comparable to the previous years, to that extent.
|
On transition to the Ind AS-116, Impact thereof is as follows: |
( '' in lakhs) |
|
Particulars |
Amount |
|
Right-to-use assets |
20.08 |
|
Lease liabilities |
23.60 |
The Company has elected to continue with the carrying value of all of its investment property recognized as of transition date measured as per IGAAP as the deemed cost of investment property.
Upon initial recognition, an investment property is measured at cost. Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any.
The Company has elected to continue with the carrying value of intangible assets recognized as of transition date measured as per the previous IGAAP and use that carrying value as its deemed cost as on the transition date.
Intangible assets acquired separately are measured on initial recognition at cost. After initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.
Software (not being an integral part of the related hardware) acquired for internal use are treated as intangible assets and is amortized over a period of 6 years on straight line method over estimated useful life.
An item of Intangible asset is derecognized on disposal or when no future economical benefits are expected from its use or disposal. Any profit or loss arising from de recognition of an intangible asset is determined as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss.
VII. IMPAIRMENT OF TANGIBLE (PPE) AND INTANGIBLE ASSETS
At the end of each reporting period, the Company reviews the carrying amounts of its PPE and other intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The resulting impairment loss is recognised in the Statement of Profit and Loss.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent markets transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.
VIII. DE RECOGNITION OF FINANCIAL LIABILITIES
The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward-looking estimates at the end of each reporting period.
IX. CONTRACT BALANCES Trade Receivables:
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
A provision for impairment for trade receivables is recognised when there is objective evidence that the Company will not be able to collect all amounts due under the original terms of receivables. When receivable is deemed uncollectible it is written off. Any subsequent recovery of previous written off amounts is recognised in the income statement.
A contract liability is the obligation to transfer goods or services to a customer for which the company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the company transfer goods and services to the customer, a contract liability is recognised when the payment is made or the payment is due, whichever is earlier.
Contract liabilities are recognised as revenue when the company performs under the contract.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, cheque in hand, drafts on hand, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Inventories are valued after providing for obsolescence as follows:
(1) Raw materials, components, stores and spares are valued at lower of cost and net realizable value. However materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost Formulae used is first in first out. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
(2) Semi-Finished Goods are valued at lower of cost or net realizable value. Cost for the purpose includes material cost, labour and a proportion of manufacturing overheads based on normal operating capacity. Cost Formulae used is weighted average method.
(3) Stock of manufactured and finished goods are valued at lower of cost or net realizable value. Cost for the purpose includes material cost, labour and a proportion of manufacturing overheads based on normal operating capacity. Goods in transit are stated at cost.
(4) Goods for re-sale are valued at lower of cost or net realizable value.
(5) Due allowance is estimated and made for defective and obsolete items, wherever necessary, based on the past experience of the company.
XII. INVESTMENTS AND OTHER FINANCIAL ASSETS
A. Classification-
The Company classifies its financial assets in the following measurement categories:
(1) those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and
(2) those measured at amortized cost.
The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows.
B. Measurement
At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.
C. De Recogniton
The company de de recognises a financial asset when the contractual rights to the cash flows from the financial asset expires.
D. Derivative financial instruments and hedge accounting
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value with changes in fair value recognized in the Statement of Profit and Loss in the period when they arise.
The company measures financial instruments such as derivatives and equity instruments at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumptions that the transaction to sell the asset or transfer the liability takes place either:
⢠In the principal market for the asset or liability or
⢠In the absence of a principal market, in the most advantageous market for the asset or liability.
XIV. INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries are recognized at cost as per Ind AS 27 except when those are required to be accounted as per Ind AS 105 Non- Current Assets held for Sale and Discontinued Operations.
The company derives revenues primarily from sale of goods comprising of dyes, pigment and ink.
Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services.
Revenues are recognized at a point in time when control of the goods passes to the buyer, usually upon either at the time of dispatch or delivery. In case of export sale, it is usually recognised based on the shipped-on board date as per shipping bill. Revenue from sale of goods is net of taxes and recovery of charges collected from customers like transport, packing etc.
Revenue is measured based on the transaction price, which is the consideration, adjusted for turnover discounts to customer as specified in the contract with the customers.
Use of significant judgements in revenue recognition.
Judgement is also required to determine the transaction price for the contract. The transaction price could be either a fixed amount of consideration or variable consideration with elements such as turnover discounts. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur and is reassessed at the end of each reporting period.
Sale of scrap is accounted for as and when the sale is completed and its collection is reasonably certain.
Export incentives are recognised as income of the year on accrual basis. In case of utilisation for Import purpose the same is recognised as raw material cost in the year of import.
Dividend Income is accounted for when the right to receive the same is established, which is generally when shareholders approve the dividend.
Interest Income on financial assets measured at amortised cost is recognised on a time-proportion basis using the effective interest method.
A. Short term obligation
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
B. Post-employment obligations
The Company provides the following post-employment benefits:
(a) Defined Benefits Plans
The cost of providing defined benefit plans such as gratuity is determined on the basis of present value of defined benefits obligation which is computed using the projected unit credit method with independent actuarial valuation made at the end of each annual reporting period, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measuring each unit separately to build up the final obligation.
The net interest cost is calculated by applying the discount rate to the net balance of defined benefit obligation and the fair value of plan asset. This cost is included in employee benefit expenses in the statement of Profit and Loss except those included in the cost of asset as permitted.
Re-measurements comprising of actuarial gain and losses arising from experience adjustments and change in actuarial assumptions, the effect of change in assets ceiling (if applicable) and the return on the plan asset (excluding net interest define above) are recognized in Other Comprehensive Income (OCI) except those included in cost of asset as permitted in the period in which they occur. Re-measurements are not reclassified to the Statement of Profit and Loss in subsequent periods.
Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlement) is recognized in the Statement of Profit and Loss except those included in cost of asset as permitted in the period in which they occur.
(b) Defined Contribution Plan
Plans Payments to defined contribution retirement benefit plans, viz. Provident Fund and National Pension Fund for eligible employees are recognized as an expense when employees have rendered the service entitling them to the contribution.
XVII. FOREIGN CURRENCY TRANSLATIONS
A. Functional and presentation currency
The financial statements are presented in Indian rupee (''), which is Company''s functional and presentation currency.
B. Transactions and Balances
Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.
Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant exchange differences are recognised in Other Comprehensive Income.
XVIII. PROVISIONS AND CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed on the basis of judgment of management/independent experts. The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts and circumstances, which can be subject to change.
The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.
Contingent Assets are not recognized, however, disclosed in financial statement when inflow of economic benefits is probable.
Income Tax expenses represent the sum of tax currently payable and deferred tax. Tax is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or in other comprehensive income.
Current Tax includes provision for Income Tax computed under Special provision (i.e. Minimum alternate tax) or normal provision of Income Tax Act. Tax on Income for the Current year is determined on the basis of the estimated taxable income and tax credit computed in accordance with the provisions of the relevant tax laws and based on expected outcome of assessment/appeals.
Deferred tax is recognized on the temporary differences between the carrying amounts of the assets and liabilities in the balance sheet and corresponding tax bases use in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductable temporary differences, unabsorbed losses and unabsorbed depreciation to the extent that it is probable that future taxable profit will be available against which those deductable temporary differences, unabsorbed losses and unabsorbed depreciation can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from initial recognition of assets and liabilities in the transaction that effect neither taxable profit nor accounting profit.
Deferred tax asset and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rate (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
The basic and diluted earnings per share is computed by dividing the Profit after tax attributable to equity shareholders for the year, by the weighted average number of equity shares outstanding during the year.
Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.
The Company recognizes a liability to pay dividend when the distribution is authorized and the distribution is no longer at the discretion of the Company i.e. when the dividend distribution is being approved by the shareholders. A corresponding amount is recognized directly in equity.
XXIII. BUSINESS COMBINATION UNDER COMMON CONTROL
Business combinations involving entities or businesses under common control are accounted for using the pooling of interest method. Under pooling of interest method, the assets and liabilities of the combining entities or businesses are reflected at their carrying amounts after making adjustments necessary to harmonise the accounting policies. The financial information in the financial statements in respect of prior periods is restated as if the business combination had occurred from the beginning of the preceding period in the financial statements, irrespective of the actual date of the combination. The identity of the reserves is preserved in the same form in which they appeared in the financial statements of the transferor and the difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve.
XXIV. RECENT INDIAN ACCOUNTING STANDARDS (Ind AS)
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31,2024, MCA has not notified any new standards or amendments to the existing standards to the Company:
The company has estimated the useful life of the factory building on the basis of technical advice & has provided depreciation for the current year on straight line method on carrying amount as on 01st April, 2015 of that asset so that the said asset gets depreciated over its remaining useful life.
Lease hold Land is amortised over the lease of 95 years. Depreciation on all property, plant and equipment is provided on straight line basis.
The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Depreciation on all property, plant and equipment is provided on straight line basis.
Mar 31, 2015
A) Method of accounting :
i) The Financial Statement are prepared under the historical cost
convention or on the basis of going concern and as per applicable
Indian Accounting Standards. The Company follows the mercantile system
of accounting and recognises income and expenditure on accrual basis
except certain items of income such as insurance claims, overdue
interest from debtors etc., have been considered to the extent the
amount is ascertainable / accepted by the parties. All assets &
Liabilities have been classified as current & non current as per
company's normal cycle and other criteria set out in Schedule III of
the Companies Act 2013.
ii) Use of Estimates : The preparation of the financial statement in
conformity with Generally Accepted Accounting Principles (GAAP)
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Examples of such estimates include provision of doubtful debts,
future obligations under employees retirement benefit plans, income
taxes and useful lives & impairement of fixed assets and intangible
assets.
Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates
are made as the management becomes aware of changes in circumstances
surroundings the estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
iii) Inflation : Assets and Liabilities are recorded at historic cost
as a going concern basis. These costs are not adjusted to reflect the
changes in the purchasing power of money.
B) Fixed assets :
Fixed Assets are stated at cost (net of modvat availed) which includes
all expenses for commissioning / putting the assets into use. Financing
cost relating to borrowed funds, adjustment arising consequent to
fluctuation in foreign exchange rate & other expenses attributable to
acquisition of fixed assets are capitalised and included in the gross
book value of fixed assets to which they relate. Impairment loss, if
any, are reduced from the gross block of the assets.
C) Depreciation :
i) Lease hold Land is amortised over the period of lease.
ii) The compnay has estimated the useful life of the factory building
on the basis of technical advice & has provided depreciation for the
current year on carrying amount as on 01.04.14 of that asset so that
the said asset gets depreciated over its remaining useful life.
iii) As regards other assets since the useful life is over they are
carried at residual value at year end which is not more than 5% of the
original cost of the assets by writing off the difference amount as
depreciation.
D) Impairment of assets :
An asset is treated as impaired, if the carrying amount of fixed assets
exceeds the recoverable amount on the reporting date and in such case
the carrying amount is reduced to the recoverable amount. The
recoverable amount is measured as the higher of the net selling price
and the value in use determined by present value of estimated future
cash flows.
E) Investment :
i) Investments are stated at cost inclusive of all expenses incidental
to their acquisition.
ii) Investments in shares of companies registered outside India are
stated at cost by converting the rate of exchange prevalent at the time
of acquisitions thereof.
iii) Appropriate provision has been made in the accounts for diminution
in the value of investments in accordance with AS-13 issued by the
Institute of Chartered Accountants of India.
F) Inventories :
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence and deterioration, if any. Cost
of semi finished goods and finished goods comprises of chemical cost
(weighted average) plus overheads wherever applicable and that of
trading finished goods comprises of cost of purchase. Excise duty on
manufactured finished goods lying in the inventory is included as a part
of valuation of finished goods as per Accounting standard - 2 (Revised).
Cost Formulae used are ' first in first out', ' average cost ' or
'specific identification', as applicable.
G) Recognition of income and expenditure :
i) Sales turnover includes sale value of goods, excise duties and other
recoveries, such as insurance, transport and packing charges excluding
VAT / CST.
ii) Scrap sale is accounted for on sale basis. No inventory is taken as
the amount is not material.
iii) Revenue is recognised and expenditure is accounted for on their
accrual.
iv) Income from interest on deposits, loan and interest bearing
securities is recognized on the time proportion basis.
H) Excise duty :
i) Excise duties recovered are included in the sale of products. Excise
duty paid on dispatches is shown separately as an item of manufacturing
expenses.
ii) The Modvat Credit is accounted by crediting the amount to cost of
purchases on receipt of goods and is used on dispatch by debiting
Excise Duty Account.
I) Employee benefits :
i) Short term employee benefits are recognised as an expense at the
undiscounted amount in the Profit & Loss account in the year in which
the related services are rendered.
ii) Contribution to Provident Fund & Employee Pension Scheme are
accounted on accrual basis.
iii) Provision for gratuity liability is made based on actuarial
valuation as at the balance sheet date which is in accordance with
Accounting Standard No. 15 issued by the Institute of Chartered
Accountants of India.
iv) Company's liabilities towards compensated absences to employees are
determined on the basis of valuations as at balance sheet date carried
out by an independent actuary using Projected Unit Credit Method.
Actuarial gains & losses comprise experience adjustments and the effect
of changes in actuarial assumptions are recognised immediately in the
profit and loss Account.
J) Foreign currency transactions :
i) Transaction denominated in foreign currency are converted into
Indian rupees at the exchange rate prevailing on the date of
transaction.
ii) Gains and losses on settlement of the transaction are recognised in
profit and loss account.
iii) Monetary assets or liabilities in foreign currencies at the year
end are restated in Indian currency at the exchange rate prevailing on
the date of balance sheet and the resultant gain or loss is recognised
in profit and loss account.
iv) Investments in shares of companies registered outside India are
stated at cost by converting the rate of exchange prevalent at the time
of acquisitions thereof.
K) Provisions and contingent liabilities :
Provisions are recognised for liabilities that can be measured only by
using a substantial degree of estimation, if :
a) the Company has a present obligation as a result of a past event.
b) a probable outflow of resources is expected to settle the
obligation.
c) the amount of the obligation can be reliably estimated.
Reimbursement expected in respect of expenditure required to settle a
provision is recongnised only when it is virtually certain that the
reimbursement will be received.
Contingent liability is disclosed in case of :
a) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to settle the
obligation.
b) a present obligation when no reliable estimate is possible.
c) a possible obligation arising from past events where the probability
of outflow of resources is not remote Contingent Assets are neither
recognised, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each balance sheet date.
L) Taxation :
i) Current Taxation : Provision for current tax is made on the basis of
estimated tax liability as per applicable provisions of the Income Tax
Act,1961. No provision for taxation is made in view of the losses.
ii) Deferred Taxation : Deferred Tax Assets are recognised to the
extent there is reasonable certainty that these assets can be realised
in future. In absence of virtual certainty of sufficient future taxable
income, deferred tax has not been recognised as a matter of prudence.
M) Earnings per share :
The basic and diluted earnings per share is computed by dividing the
net profit/(loss) after tax attributable to equity shareholders for the
year, by the weighted average number of equity shares outstanding
during the year.
Mar 31, 2014
A) Method of accounting :
i) The Financial Statement are prepared under the historical cost
convention or on the basis of going concern and as per applicable
Indian Accounting Standards. The Company follows the mercantile system
of accounting and recognises income and expenditure on accrual basis
except certain items of income such as insurance claims, overdue
interest from debtors etc., have been considered to the extent the
amount is ascertainable / accepted by the parties. All assets &
Liabilities have been classified as current & non current as per
Company''s normal cycle and other criteria set out in Schedule VI of the
Companies Act, 1956.
ii) Use of Estimates : The preparation of the financial statement in
conformity with Generally Accepted Accounting Principles (GAAP)
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Examples of such estimates include provision of doubtful debts,
future obligations under employees retirement benefit plans, income
taxes and useful lives & impairement of fixed assets and intangible
assets.
Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates
are made as the management becomes aware of changes in circumstances
surroundings the estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
iii) Inflation : Assets and Liabilities are recorded at historic cost
as a going concern basis. These costs are not adjusted to reflect the
changes in the purchasing power of money.
B) Fixed assets :
Fixed Assets are stated at cost (net of modvat availed) which includes
all expenses for commissioning / putting the assets into use. Financing
cost relating to borrowed funds, adjustment arising consequent to
fluctuation in foreign exchange rate & other expenses attributable to
acquisition of fixed assets are capitalised and included in the gross
book value of fixed assets to which they relate. Impairment loss, if
any, are reduced from the gross block of the assets.
C) Depreciation :
i) Lease hold Land is amortised over the period of lease.
ii) In respect of the assets, for which loss on account of impairment
is accounted, depreciation is provided on Straight Line method at
revised rates so as to allocate the reduced carrying amount of these
assets over their remaining useful life. In respect of other assets,
the depreciation is provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies (Amendment) Act, 1988.
D) Impairment of assets :
An asset is treated as impaired, if the carrying amount of fixed assets
exceeds the recoverable amount on the reporting date and in such case
the carrying amount is reduced to the recoverable amount. The
recoverable amount is measured as the higher of the net selling price
and the value in use determined by present value of estimated future
cash flows.
E) Investment :
i) Investments are stated at cost inclusive of all expenses incidental
to their acquisition.
ii) Investments in shares of companies registered outside India are
stated at cost by converting the rate of exchange prevalent at the time
of acquisitions thereof.
iii) Appropriate provision has been made in the accounts for diminution
in the value of investments in accordance with AS-13 issued by the
Institute of Chartered Accountants of India.
F) Inventories :
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence and deterioration, if any. Cost
of semi finished goods and finished goods comprises of chemical cost
(weighted average) plus overheads wherever applicable and that of
trading finished goods comprises of cost of purchase. Excise duty on
manufactured finished goods lying in the inventory is included as a
part of valuation of finished goods as per Accounting standard - 2
(Revised). Cost Formulae used are '' first in first out'', '' average cost
'' or ''specific identification'', as applicable.
G) Recognition of income and expenditure :
i) Sales turnover includes sale value of goods, excise duties and other
recoveries, such as insurance, transport and packing charges excluding
VAT / CST.
ii) Scrap sale is accounted for on sale basis. No inventory is taken as
the amount is not material.
iii) Revenue is recognised and expenditure is accounted for on their
accrual.
iv) Income from interest on deposits, loan and interest bearing
securities is recognized on the time proportion basis.
H) Excise duty :
i) Excise duties recovered are included in the sale of products. Excise
duty paid on dispatches is shown separately as an item of manufacturing
expenses.
ii) The Modvat Credit is accounted by crediting the amount to cost of
purchases on receipt of goods and is used on dispatch by debiting
Excise Duty Account.
I) Employee benefits :
i) Short term employee benefits are recognised as an expense at the
undiscounted amount in the Profit & Loss account in the year in which
the related services are rendered.
ii) Contribution to Provident Fund & Employee Pension Scheme are
accounted on accrual basis.
iii) Provision for gratuity liability is made based on actuarial
valuation as at the balance sheet date which is in accordance with
Accounting Standard No. 15 issued by the Institute of Chartered
Accountants of India.
iv) Company''s liabilities towards compensated absences to employees are
determined on the basis of valuations as at balance sheet date carried
out by an independent actuary using Projected Unit Credit Method.
Actuarial gains & losses comprise experience adjustments and the effect
of changes in actuarial assumptions are recognised immediately in the
Profit and Loss Account.
J) Foreign currency transactions :
i) Transaction denominated in foreign currency are converted into
Indian rupees at the exchange rate prevailing on the date of
transaction.
ii) Gains and losses on settlement of the transaction are recognised in
profit and loss account.
iii) Monetary assets or liabilities in foreign currencies at the year
end are restated in Indian currency at the exchange rate prevailing on
the date of balance sheet and the resultant gain or loss is recognised
in profit and loss account.
iv) Investments in shares of companies registered outside India are
stated at cost by converting the rate of exchange prevalent at the time
of acquisitions thereof.
K) Provisions and contingent liabilities :
Provisions are recognised for liabilities that can be measured only by
using a substantial degree of estimation, if :
a) the Company has a present obligation as a result of a past event.
b) a probable outflow of resources is expected to settle the
obligation.
c) the amount of the obligation can be reliably estimated.
Reimbursement expected in respect of expenditure required to settle a
provision is recongnised only when it is virtually certain that the
reimbursement will be received. Contingent liability is disclosed in
case of :
a) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to settle the
obligation.
b) a present obligation when no reliable estimate is possible.
c) a possible obligation arising from past events where the probability
of outflow of resources is not remote Contingent Assets are neither
recognised, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each balance sheet date.
L) Taxation :
i) Current Taxation : Provision for current tax is made on the basis of
estimated tax liability as per applicable provisions of the Income Tax
Act,1961. No provision for taxation is made in view of the losses.
ii) Deferred Taxation : Deferred Tax Assets are recognised to the
extent there is reasonable certainty that these assets can be realised
in future. In absence of virtual certainty of sufficient future taxable
income, deferred tax has not been recognised as a matter of prudence.
M) Earnings per share :
The basic and diluted earnings per share is computed by dividing the
net profit/(loss) after tax attributable to equity shareholders for the
year, by the weighted average number of equity shares outstanding
during the year.
B) 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.
C) The scheme of compromise & arrangement approved on June 20, 2008, by
Honorable High Court of Bombay envisage issue of fresh equity shares by
way of right issues of new 377 equity shares of Rs. 1/- each for every
100 existing equity shares held by the Equity Shareholders, which is
pending.
Mar 31, 2012
A) Method of accounting :
i) The Financial Statement are prepared under the historical cost
convention or on the basis of going concern and as per applicable
Indian Accounting Standards. The Company follows the mercantile system
of accounting and recognises income and expenditure on accrual basis
except certain items of income such as insurance claims, overdue
interest from debtors etc., have been considered to the extent the
amount is ascertainable / accepted by the parties. All assets &
Liabilities have been classified as current & non current as per
company's normal cycle and other criteria set out in Schedule VI of the
Companies Act 1956.
ii) Use of Estimates : The preparation of the financial statement in
conformity with Generally Accepted Accounting Principles (GAAP)
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Examples of such estimates include provision of doubtful debts,
future obligations under employees retirement benefit plans, income
taxes and useful lives & impairment of fixed assets and intangible
assets.
Accounting estimates could change from period to period. Actual results
could differ from those estimates. Appropriate changes in estimates
are made as the management becomes aware of changes in circumstances
surroundings the estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
iii) Inflation : Assets and Liabilities are recorded at historic cost
as a going concern basis. These costs are not adjusted to reflect the
changes in the purchasing power of money.
B) Fixed assets :
Fixed Assets are stated at cost (net of modvat availed) which includes
all expenses for commissioning / putting the assets into use. Financing
cost relating to borrowed funds, adjustment arising consequent to
fluctuation in foreign exchange rate & other expenses attributable to
acquisition of fixed assets are capitalised and included in the gross
book value of fixed assets to which they relate. Impairment loss, if
any, are reduced from the gross block of the assets.
C) Depreciation :
i) Lease hold Land is amortised over the period of lease.
ii) In respect of the assets, for which loss on account of impairment
is accounted, depreciation is provided on Straight Line method at
revised rates so as to allocate the reduced carrying amount of these
assets over their remaining useful life. In respect of other assets,
the depreciation is provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies (Amendment) Act, 1988.
D) Impairment of assets :
An asset is treated as impaired, if the carrying amount of fixed assets
exceeds the recoverable amount on the reporting date and in such case
the carrying amount is reduced to the recoverable amount. The
recoverable amount is measured as the higher of the net selling price
and the value in use determined by present value of estimated future
cash flows.
E) Investment :
i) Investments are stated at cost inclusive of all expenses incidental
to their acquisition.
ii) Investments in shares of companies registered outside India are
stated at cost by converting the rate of exchange prevalent at the time
of acquisitions thereof.
iii) Appropriate provision has been made in the accounts for diminution
in the value of investments in accordance with AS-13 issued by the
Institute of Chartered Accountants of India.
F) Inventories :
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence and deterioration, if any. Cost
of semi finished goods and finished goods comprises of chemical cost
(weighted average) plus overheads wherever applicable and that of
trading finished goods comprises of cost of purchase. Excise duty on
manufactured finished goods lying in the inventory is included as a
part of valuation of finished goods as per Accounting standard - 2
(Revised). Cost Formulae used are 'first in first out', 'average cost'
or specific identification, as applicable.
G) Recognition of income and expenditure :
i) Sales turnover includes sale value of goods, excise duties and other
recoveries, such as insurance, transport and packing charges excluding
VAT/CST
ii) Scrap sale is accounted for on sale basis. No inventory is taken as
the amount is not material.
iii) Revenue is recognised and expenditure is accounted for on their
accrual.
iv) Income from interest on deposits, loan and interest bearing
securities is recognized on the time proportion basis.
H) Excise duty :
i) Excise duties recovered are included in the sale of products. Excise
duty paid on dispatches is shown separately as an item of manufacturing
expenses.
ii) The Modvat Credit is accounted by crediting the amount to cost of
purchases on receipt of goods and is used on dispatch by debiting
Excise Duty Account.
I) Employee benefits :
i) Short term employee benefits are recognised as an expense at the
undiscounted amount in the Profit & Loss account in the year in which
the related services are rendered.
ii) Contribution to Provident Fund & Employee Pension Scheme are
accounted on accrual basis.
iii) Provision for gratuity liability is made based on actuarial
valuation as at the balance sheet date which is in accordance with
Accounting Standard No. 15 issued by the Institute of Chartered
Accountants of India.
iv) Company's liabilities towards compensated absences to employees are
determined on the basis of valuations as at balance sheet date carried
out by an independent actuary using Projected Unit Credit Method.
Actuarial gains & losses comprise experience adjustments and the effect
of changes in actuarial assumptions are recognised immediately in the
profit and loss Account.
J) Foreign currency transactions :
i) Transaction denominated in foreign currency are converted into
Indian rupees at the exchange rate prevailing on the date of
transaction.
ii) Gains and losses on settlement of the transaction are recognised in
profit and loss account.
iii) Monetary assets or liabilities in foreign currencies at the year
end are restated in Indian currency at the exchange rate prevailing on
the date of balance sheet and the resultant gain or loss is recognised
in profit and loss account,
iv) Investments in shares of foreign subsidiary company is stated in
Indian currency at the rate of exchange prevailing at the time when the
original investments was made.
K) Provisions and contingent liabilities :
Provisions are recognised for liabilities that can be measured only by
using a substantial degree of estimation, if:
a) the Company has a present obligation as a result of a past event
b) a probable outflow of resources is expected to settle the obligation
c) the amount of the obligation can be reliably estimated
Reimbursement expected in respect of expenditure required to settle a
provision is recongnised only when it is virtually certain that the
reimbursement will be received.
Contingent liability is disclosed in case of:
a) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to settle the
obligation
b) a present obligation when no reliable estimate is possible
c) a possible obligation arising from past events where the probability
of outflow of resources is not remote Contingent Assets are neither
recognised, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each balance sheet date.
L) Taxation :
i) Current Taxation : Provision for current tax is made on the basis of
estimated tax liability as per applicable provisions of the Income Tax
Act, 1961. No provision for taxation is made in view of the losses.
ii) Deferred Taxation : Deferred Tax Assets are recognised to the
extent there is reasonable certainty that these assets can be realised
in future. In absence of virtual certainty of sufficient future taxable
income, deferred tax has not been recognised as a matter of prudence.
M) Earnings per share :
The basic and diluted earnings per share is computed by dividing the
net profit/(loss) after tax attributable to equity shareholders for the
year, by the weighted average number of equity shares outstanding
during the year.
Mar 31, 2010
A) METHOD OF ACCOUNTING
I) The Financial Statements are prepared under the historical cost
convention method.
II) The Company generally follows the mercantile system of accounting
and recognises income and expenditure on accrual basis and for this
purpose certain items of income such as insurance claims, overdue
interest from debtors, etc. are considered to the extent the amount is
ascertainable/accepted by the parties.
B) FIXED ASSETS
Fixed Assets are stated at cost (net of modvat availed) which includes
all expenses for commissioning / putting the assets into use.
Financing cost relating to borrowed funds, adjustment arising
consequent to fluctuation in foreign exchange rate & other expenses
attributable to acquisition of fixed assets are capitalised and
included in the gross book value of fixed assets to which they relate.
Impairment loss, if any, are reduced from the gross block of the
assets.
C) DEPRECIATION
I) Lease hold Land is amortised over the period of lease.
ii) In respect of the assets, for which toss on account of impairment
is accounted, depredation is provided on Straight Line method at
revised rates so as to allocate the reduced carrying amount of these
assets over their remaining useful life. In respect of other assets,
the depreciation is provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies (Amendment) Act, 1988.
D) IMPAIRMENT OF FIXED ASSETS
An asset is treated as impaired, if the carrying amount of fixed assets
exceeds the recoverable amount on the reporting date and in such case
the carrying amount is reduced to the recoverable amount. The
recoverable amount is measured as the higher of the net selling price
and the value in use determined by present value of estimated future
cash flows.
E) INVESTMENT
i) Investments are stated at cost inclusive of all expenses incidental
to their acquisition.
ii) Investments in shares of companies registered outside India are
stated at cost by converting the rate of exchange prevalent at the
time of acquisitions thereof. iii) Appropriate provision has been made
in the accounts for diminution in the value of investments in
accordance with AS-13 issued by the Institute of Chartered Accountants
of India.
F) INVENTORIES
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence and deterioration, if any. Cost
of semi finished goods and finished goods comprises of chemical cost
(weighted average) plus overheads wherever applicable and that of
trading finished goods comprises of cost of purchase. Excise duty on
manufactured finished goods lying in the Inventory is included as a
part of valuation of finished goods as per Accounting standard - 2
(Revised). Cost Formulae used are first in first out, average cost
or specific identification, as applicable.
G) RECOGNITION OF INCOME
I) Sales turnover includes sale value of goods, excise duties and other
recoveries, such as insurance, transport and packing charges excluding
VAT / CST
II) Scrap sale is accounted for on sale basis. No inventory is taken as
the amount is not material.
H) EXCISE DUTY
I) Excise duties recovered are included in the sale of products. Excise
duty paid on dispatches is shown separately as an item
of manufacturing expenses. Ii) The Modvat Credit is accounted by
crediting the amount to cost of purchases on receipt of goods and is
used on dispatch by
debiting Excise Duty Account.
I) EMPLOYEE BENEFITS
I) Short term employee benefits are recognised as an expense at the
undiscounted amount in the Profit & Loss account in the year in which
the related services are rendered.
II) Contribution to Provident Fund & Employee Pension Scheme are
accounted on accrual basis.
III) Provision for gratuity liability is made based on actuarial
valuation as at the balance sheet date which is in accordance with
Accounting Standard No. 15 issued by the Institute of Chartered
Accountants of India.
Iv) Companys liabilities towards compensated absences to employees are
determined on the basis of valuations as at balance sheet date earned
out by an independent actuary using Projected Unit Credit Method.
Actuarial gains & losses comprise experience adjustments and the effect
of changes in actuarial assumptions are recognised immediately in the
profit and loss Account.
J) FOREIGN CURRENCY TRANSACTIONS
i) Transactions denominated in foreign currency are converted into
Indian rupees at the exchange rate prevailing on the date of transaction.
II) Gains and losses on settlement of the transaction are recognised in
profit and loss account.
iii) Monetary assets or liabilities in foreign currencies at the year end
are restated in Indian currency at the exchange rate prevailing on the
date of balance sheet and the resultant gain or loss is recognised in
profit and loss account
iv) Investments in shares of foreign subsidiary company is stated in
Indian currency at the rate of exchange prevailing at the time when the
original investments was made.
K) PROVISIONS & CONTINGENT LIABILITIES
Provisions are recognised for liabilities that can be measured only by
using a substantial degree of estimation, if:
a) the Company has a present obligation as a result of a past event
b) a probable outflow of resources is expected to settle the obligation
c) the amount of the obligation can be reliably estimated
Reimbursement expected in respect of expenditure required to settle a
provision is recongnised only when it is virtually ce the reimbursement
will be received. Contingent liability is disclosed in case of:
a) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to i obligation
b) a present obligation when no reliable estimate is possible
c) a possible obligation arising from past events where the probability
of outflow of resources is not remote Contingent Assets are neither
recognised, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each balance sheet date.
L) TAXATION
I) Current Taxation : Provision for current tax is made on the basis of
estimated tax liability as per applicable provisions of the
Tax Act, 1961. No provision for taxation is made in view of brought
forward losses. li) Deferred Taxation : Deferred Tax Assets are
recognised to the extent there is reasonable certainty that these
assets
realised In future. In absence of virtual certainty of sufficient
future taxable income, deferred tax has not been recogni; matter of
prudence.
M) EARNING PER SHARE
The basic and diluted earnings per share is computed by dividing the
net profit/{loss) after tax attributable t shareholders for the year,
by the weighted average number of equity shares outstanding during the
year. The calculated both before & after the extraordinary income.
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