Accounting Policies of Pioneer Embroideries Ltd. Company
Mar 31, 2018
1 Significant Accounting Policies
The Company has consistently applied the following accounting policies to all periods presented in the financial statements.
1.1 Basis of Preparation
The standalone financial statements of Pioneer Embroideries Limited (âthe Companyâ) comply in all material aspects with Indian Accounting Standards (âInd ASâ) as prescribed under section 133 of the Companies Act, 2013 (âthe Actâ), as notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 and other accounting principles generally accepted in India.
The financial statement up to year ended March 31, 2017 were prepared in accordance with Generally Accepted Accounting Principles (GAAP) in India and complied with the applicable accounting standards prescribed in the Companies (Accounting Standards) Rules, 2014 issued by the Central Government and as per relevant provisions of the Companies Act, 2013 read together with Paragraph 7 of The Companies (Accounts) Rules, 2014.
The Company followed the provisions of Ind-AS 101 in preparing its opening Ind AS Balance Sheet as of the date of transition i.e. April 1, 2016 and transional adjustment were recognized directly through retained earnings.(Refer Note 35).
1.2 Basis of Measurement
The financial statements have been prepared under the historical cost convention on accrual basis and the following items, which are measured on following basis on each reporting date:
- Certain financial assets and liabilities that is measured at fair value.
- Defined benefit liability/(assets): present value of defined benefit obligation less fair value of plan assets.
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, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company take into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:
- Level1inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company can access at the measurement date;
- Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
- Level 3 inputs are unobservable inputs for the asset or liability.
1.3 Functional and Presentation Currency
These financial statements are presented in Indian National Rupee (âINRâ), which is the Companyâs functional currency. All amounts have been rounded to the nearest lakhs, unless otherwise indicated.
1.4 Use of Judgements and Estimates
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the companyâs accounting policies and the reported amounts of assets, liabilities, income and expenses. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Judgements
Information about the judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements have been given below:
- Classification of leases into finance and operating lease
- Classification of financial assets: assessment of business model within which the assets are held and assessment of whether the contractual terms of the financial asset are solely payments of principal and interest on the principal amount outstanding.
Assumptions and Estimation Uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the financial statements for the every period ended is included below:
- Measurement of defined benefit obligations: key actuarial assumptions;
- Recognition of deferred tax assets: availability of future taxable profit against which carry-forward tax losses can be used;
- Impairment test: key assumptions underlying recoverable amounts;
- Useful life and residual value of Property, Plant and Equipment;
- Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.
1.5 Classification of Assets and Liabilities as Current and Non-Current
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset/liabilities is treated as current when it is:
- Expected to be realised/settled (liabilities) or intended to be sold or consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised/settled within twelve months after the reporting period, or
- Cash and Cash equivalents unless restricted from being exchanged or used to settle a liability for at least 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.
All other assets/liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets/liabilities.
The operating cycle is the time between the acquisition of the assets for processing and their realisation in cash and cash equivalents.
1.6 Property, Plant and Equipment (Fixed Assets)
Recognition and Measurement
Items of property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment loss , if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use including borrowing cost and incidental expenditure during construction incurred upto the date when the assets are ready to use. Capital work in progress includes cost of assets at sites, construction expenditure and interest on the funds deployed less any impairment loss, if any.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as a separate items (major components) of property, plant and equipment.
Foreign exchange loss/gain arising on long-term foreign currency monetary items existing as on April 1, 2016 used for depreciable assets, which are capitalised as per transitional provision of Ind AS 101 âFirst time adoptionâ.
Subsequent Measurement
Subsequent expenditure is capitalised only if it is probable that there is an increase in the future economic benefits associated with the expenditure will flow to the Company.
Depreciation
Depreciation is calculated on Straight Line Method using the rates arrived at on the basis of estimated useful lives given in Schedule II of the Companies Act, 2013.
Depreciation on additions to or on disposal of assets is calculated on pro-rata basis. Leasehold land is being amortised over the period of lease tenure.
Depreciation methods, useful lives and residual values are reviewed in each financial year end and changes, if any, are accounted for prospectively.
Individual assets costing below Rs.5000 are fully depreciated in the year of purchase.
Capital work-in-progress
Expenditure incurred during the construction period, including all expenditure direct and indirect expenses, incidental and related to construction, is carried forward and on completion, the costs are allocated to the respective property, plant and equipment.
De-recognition
An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between net disposal proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss.
1.7 Intangible Assets
Intangible Assets (Other than Goodwill) acquired separately are stated at cost less accumulated amortization and impairment loss, if any. Intangible assets are amortized on straight line method basis over the estimated useful life. Estimated useful life of the Software is considered as 10 years.
Amortisation methods, useful lives and residual values are reviewed in each financial year end and changes, if any, are accounted for prospectively.
An intangible asset is de-recognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognised in the Statement of Profit and Loss when the asset is derecognised.
1.8 Non-current Assets held for Sale
Non-current assets are classified as held-for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset is recognised at the date of de-recognition.
Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated.
1.9 Impairment of Non-financial Assets
At each reporting date, the Company reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication on impairment. If any such indication exists, then the recoverable amount of assets is estimated.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or Cash Generating Unit (CGUs).
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment loss in respect of assets other than goodwill is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised in prior years. A reversal of impairment loss is recognised immediately in the Statement of Profit & Loss.
1.10 Borrowing Cost
Borrowing costs directly attributable to the acquisition, construction of qualifying assets are capitalised as part of the cost of such assets upto the assets are substantially ready for their intended use.
The loan origination costs directly attributable to the acquisition of borrowings (e.g. loan processing fee, upfront fee) are amortised on the basis of the Effective Interest Rate (EIR) method over the term of the loan.
All other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.
1.11 Foreign Currency Transactions
Transactions in foreign currencies are recorded by the Company at their respective functional currency at the exchange rates prevailing at the date of the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currency are translated to the functional currency at the exchange rates prevailing at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in the Statement of Profit and Loss with the exception of the following:
- exchange differences on foreign currency borrowings included in the borrowing cost when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
- in respect of long term foreign currency monetary items recognised in the financial statements for the period ending immediately before the beginning of the first Ind as financial reporting period, the Company has elected to recognise exchange differences on translation of such long term foreign currency monetary items in line with its Previous GAAP accounting policy.
Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the date of initial transactions. Non-monetary items measure at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.
1.12 Employee Benefits
Short term employee benefits
Short-term employee benefits are expensed in the year in which the related services are provided. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Defined contribution plans
Employee benefits in the form of Provident Fund are defined as contribution plan and charged as expenses during the period in which the employees perform the services.
Defined benefit plans
For defined benefit retirement, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds.
The effect of the remeasurement changes (comprising actuarial gains and losses) to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in other equity and will not be reclassified to the Statement of Profit and Loss. Past service cost is recognised in the Statement of Profit and Loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:
- service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
- net interest expense or income; and
- remeasurement
The Company presents the first two components of defined benefit costs in the Statement of Profit and Loss in the line item employee benefits expense.
The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Companyâs defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
Other long-term employee benefits
The Company has long term employment benefit plans i.e. accumulated leave. Accumulated leave is encashed to eligible employees at the time of retirement. The liability for accumulated leave, which is a defined benefit scheme, is provided based on actuarial valuation as at the Balance Sheet date, based on Projected Unit Credit Method, carried out by an independent actuary.
1.13 Revenue Recognition
The Company recognises revenue from sale of goods when;
i) the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
ii) the amount of revenue can be measured reliably;
iii) it is probable that the economic benefits associated with the transaction will flow to the Company; and
iv) the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue (other than sale of goods) is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Claim on insurance companies, interest and others, where quantum of accrual cannot be ascertained with reasonable certainty, are accounted for on acceptance basis.
Revenue represents net value of goods and services provided to customers after deducting for certain incentives including, but not limited to discounts, volume rebates, incentive programs etc.
Interest income are recognised on an accrual basis using the effective interest method.
Dividends are recognised at the time the right to receive payment is established.
1.14 Inventories
Inventories are valued at lower of cost and net realisable value except waste/scrap which is valued at net realisable value. Cost of finished goods and stock in process is determined by taking cost of purchases, material consumed, labour and related overheads. Cost of raw materials and stores & spare parts is computed on weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and to make the sale.
1.15 Provisions, Contingent Liabilities and Contingent Assets
Based on the best estimate provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event and it is probable (âmore likely than notâ) that it is required to settle the obligation, and a reliable estimate can be made of the amount of the obligation at reporting date.
A contingent liability is a possible obligation that arises from a past event, with the resolution of the contingency dependent on uncertain future events, or a present obligation where no outflow is probable. Major contingent liabilities are disclosed in the financial statements unless the possibility of an outflow of economic resources is remote.
Contingent assets are not recognized in the financial statements but disclosed, where an inflow of economic benefit is probable.
1.16 Measurement of Fair Value
a) Financial instruments
The estimated fair value of the Companyâs financial instruments is based on market prices and valuation techniques. Valuations are made with the objective to include relevant factors that market participants would consider in setting a price, and to apply accepted economic and financial methodologies for the pricing of financial instruments. References for less active markets are carefully reviewed to establish relevant and comparable data.
b) Marketable and non-marketable equity securities
Fair value for quoted securities is based on quoted market prices as of the reporting date. Fair value for unquoted securities is calculated based on commonly accepted valuation techniques utilizing significant unobservable data, primarily cash flow based models. If fair value cannot be measured reliably unlisted shares are recognized at cost.
1.17 Financial Instruments Financial Assets
Initial recognition and measurement
All financial assets are recognised initially at fair value, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Classifications
The Company classifies its financial assets as subsequently measured at either amortised cost or fair value depending on the companyâs business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.
Financial assets at amortised cost
A financial asset is measured at amortised cost only if both of the following conditions are met:
- it is held within a business model whose objective is to hold assets in order to collect contractual cash flows.
- the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.
After initial measurement, such financial assets are subsequently measured at amortised cost using the Effective Interest Rate (âEIRâ) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance income in the Statement of Profit and Loss. The losses arising from impairment are recognised in the Statement of Profit and Loss.
Financial assets at fair value through Other Comprehensive Income (FVOCI)
Financial assets with contractual cash flow characteristics that are solely payments of principal and interest and held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets are classified to be measured at FVOCI.
Financial assets at fair value through profit and loss (FVTPL)
Any Financial assets, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL.
In addition, the company may elect to classify a Financial assets, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as âaccounting mismatchâ).
Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss. Equity Instruments
All equity instruments in scope of Ind AS 109 are measured at fair value. On initial recognition an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.
All other Financial Instruments are classified as measured at FVTPL.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the companyâs balance sheet) when:
- The rights to receive cash flows from the asset have expired, or
- The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a âpass-throughâ arrangement; and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognize the transferred asset to the extent of the companyâs continuing involvement. In that case, the company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.
On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognised in OCI is recognised in the Statement of Profit and Loss.
Impairment of financial assets
The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
With regard to trade receivable, the Company applies the simplified approach as permitted by Ind AS 109, Financial Instruments, which requires expected lifetime losses to be recognised from the initial recognition of the trade receivables.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, amortised cost, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of amortised cost, net of directly attributable transaction costs. Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial Liabilities measured at amortised cost
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit and loss include financial liabilities designated upon initial recognition as at fair value through profit and loss.
Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.
Financial liabilities designated upon initial recognition at fair value through profit and loss are designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not subsequently transferred to the Statement of Profit and Loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the Statement of Profit and Loss.
Derecognition of financial liabilities
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
1.18 Income Tax
Income tax expense comprises current and deferred tax. It is recognised in the Statement of Profit and Loss except to the extent that it relates to items recognised directly in Equity or in Other Comprehensive Income.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax assets and liabilities are offset only if, the Company:
a) Has a legally enforceable right to set off the recognised amounts; and
b) Intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Deferred tax
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In view uncertainty to have taxable income in immediate future as prudent, no differ tax assets are recognised for the year.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets 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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in guidance note issued by the Institute of Chartered Accountants of India, the said asset is created by way of credit to the Statement of Profit and Loss and included in deferred tax assets. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.
1.19 Leases
Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the leaseâs inception at the fair value of the leased property or, if lower, the percentage value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in borrowings or other financial liabilities as appropriate. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the Statement of Profit and Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease in which a significant portion of the risks and rewards of ownership are not transferred to the Company as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to Statement of Profit and Loss on a straight line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the lessorâs expected inflationary cost increases.
1.20 Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The board of directors of the Company has been identified as being the chief operating decision maker by the Management of the Company.
1.21 Standard issued but not yet effective
The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Companyâs financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.
Standards issued but not yet effective
On March 28, 2018, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2018, notifying amendments to Ind AS 21, âThe Effects of Changes in Foreign Exchange Ratesâ and Ind AS 115, âRevenue from Contracts with Customers.â The amendments are applicable to the Company from April 1, 2018.
(a) Amendment to Ind AS 21
Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On March 28, 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from April 1, 2018. The Company is evaluating the requirements of the amendment and the effect on the financial statements will be given in due course.
(b) Amendment to Ind AS 115
Ind AS 115- Revenue from Contract with Customers: On March 28, 2018, Ministry of Corporate Affairs (ââMCAââ) has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers. The standard permits two possible methods of transition:
- Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.
- Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach).
The effective date for adoption of Ind AS 115 is financial periods beginning on or after April 1, 2018. The Company is evaluating the requirements of the amendment and the effect on the financial statements will be given in due course.
Mar 31, 2016
1.1 Basis of preparation of Financial Statements
These financial statements have been prepared to comply with the generally accepted accounting principles in India, including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.
The financial statements are prepared on accrual basis under the historical cost convention. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.
1.2 Revenue Recognition
Sales Revenue is recognized on transfer of significant risk and rewards of the ownership of the goods to the buyer. Sales is exclusive of Inter Division Sales and Sales Tax, but inclusive of Excise Duty and Export Incentives.
All revenues, costs, assets and liabilities are accounted for on accrual basis, except where there is no reasonable certainty.
Insurance claims are accounted for on reasonable certainty of the admission of the claim and shortfall / excess, if any, is accounted for in the year of final settlement.
1.3 Use of Estimates
The preparation of financial statements is in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimated are recognized in the period in which the results are known / materialized. This is in conformity with generally accepted accounting principles.
1.4 Fixed assets and Capital work-in-progress
Fixed Assets are stated at cost of acquisition or construction after reducing accumulated depreciation. Cost is inclusive of freight, duties, levies, interest, installation charges and other incidental expenses incurred for bringing the assets to their working conditions for intended use or till the commencement of commercial production as the case may be. Incidental expenses include establishment expenses, administration expenses, labour charges and salaries.
In the case of new projects and in case of substantial modernization / expansion at existing units of the Company, all pre-operating expenditures specifically for the project, incurred up to the date of production, is capitalized and added pro-rata to the cost of fixed assets.
Capital work-in-progress includes incidental expenses pending allocation / apportionment in respect of the uninstalled / incomplete fixed assets.
CENVAT credit availed, if any, on capital goods are deducted from the cost of the fixed assets.
1.5 Impairment of assets
An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value being higher of value in use and net selling price. Value in use is computed at net present value of cash flow expected over the balance useful life of the assets. An impairment loss is recognized as an expense in the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverable amount.
1.6 Depreciation and Amortization
Depreciation is provided on fixed assets over the remaining useful life in accordance with the provisions of Schedule II of the Act.
Depreciation on intangible assets is accounted on straight line basis over its 10 years useful life on prorata basis as per Accounting Standard - 6.
The lease premium on leasehold land is amortized over the period of lease agreement as per Accounting Standard - 6.
1.7 Exceptional Items
On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company, is of such nature that disclosure of which improves the understanding of performance of the company. Such income or expense is classified as an exceptional item and accordingly disclosed in the financial statements.
1.8 Investments
The Investments are carried at cost and necessary provision for erosion is made if called for. The provision for diminution in the value of long term investment is made only if such a decline is other than temporary in nature. The investments in subsidiaries are treated as long term with no diminution in values, except where the decline is considered permanent.
1.9 Inventories
The inventories are valued at cost or net realizable value, whichever is lower and the cost is arrived as follows:
Raw materials and bought out items cost is at landing cost inclusive of all attributable expenses and is computed on First In First Out basis. CENVAT credit availed, if any, is reduced from the cost of raw material and the unutilized CENVAT credit is carried forward though Excise is currently not applicable to Embroidery and Yarn.
Work-in-progress cost includes material cost, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.
Finished goods cost include material cost, cost of conversion and other costs incurred in bringing the inventories to their present location and condition and excise duty, wherever applicable.
Excise duty though applicable on the manufacturing of yarn manufactured at Kala-amb, Himachal Pradesh, but is exempted till the year 2017 as per the notification no. 49/50/2003-CE dated 10.06.2003.
1.10 Employee Benefits
Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the related service is rendered.
Post employment and other long term employee benefits are recognized as an expense in the Statement of Profit and Loss for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the Statement of Profit and Loss.
1.11 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds to the extent related/attributed to the acquisition/construction of qualifying fixed assets are capitalized up to the date when such assets are ready for its intended use and other borrowing cost are charged to Statement of Profit & Loss.
1.12 Foreign Currency Transactions
Import and export sales transactions are accounted for at the rates of exchange prevalent on the date of transaction.
Gains and losses arising out of subsequent fluctuation in exchange rate are accounted for on the basis of actual payments and realizations and exchange difference arising there from is transferred to Statement of Profit and Loss.
Current Assets and Liabilities balances denominated in foreign currency at the year-end are translated at the year-end exchange rates, except in cases where borrowings are covered by forward exchange contracts, and the resulting exchange difference is recognized in the Statement of Profit and Loss.
1.13 Joint Venture
The interest in Joint Venture / jointly controlled operations are disclosed as per Accounting Standard-27, with no effect of the profits or losses and assets and liabilities thereof in the financial statements.
1.14 Earning Per Share
Basic earning per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the year. For calculating the diluted earning per shares, the net profit or loss for the year attributable to equity shareholders is divided by the average weighted number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
1.15 Taxation
Income-tax expense comprises Current Tax and Deferred Tax charge or credit. Provision for current tax is made on the basis of the assessable income at tax rate applicable to the relevant assessment year. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax asset arising mainly on account of unabsorbed depreciation and carry forward losses under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. In view of the uncertainty to have taxable income in immediate future as a prudent, no deferred tax assets are recognized for the year.
1.16 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimates can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty are treated as Contingent and disclosed by way Notes on Accounts. Contingent assets are neither recognized nor disclosed in the financial statements.
1.17 Cash Flow Statement
The Cash Flow Statement is prepared by the indirect method set out in Accounting Standard-3 on Cash Flow Statements and presents the cash flows by operating, investing and financing activities of the Company. Cash and cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.
Mar 31, 2015
1.1 Basis of preparation of Financial Statements
The Financial statements have been prepared to comply with the
generally accepted accounting policies in India, including the
Accounting Standards notified under the relevant provisions of the
Companies Act, 2013.
The financial statements are prepared on accrual basis under the
historical convention. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous year.
1.2 Revenue Recognition
Sales Revenue is recognized on transfer of significant risk and rewards
of the ownership of the goods to the buyer. Sales is exclusive of Inter
Division Sales and Sales Tax, but inclusive of Excise Duty and Export
Incentives.
All revenues, costs, assets and liabilities are accounted for on
accrual basis, except where there is no reasonable certainty.
Insurance claims are accounted for on reasonable certainty of the
admission of the claim and shortfall / excess, if any, is accounted for
in the year of final settlement.
1.3 Use of Estimates
The preparation of financial statements is in conformity with generally
accepted accounting principles, requires estimates and assumptions to
be made that affect the reported amount of assets and liabilities on
the date of the financial statements and reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimated are recognized in the period in which the results
are known / materialized. This is in conformity with generally accepted
accounting principles.
1.4 Fixed assets and Capital work-in-progress
Fixed Assets are stated at cost of acquisition or construction after
reducing accumulated depreciation. Cost is inclusive of freight,
duties, levies, interest, installation charges and other incidental
expenses incurred for bringing the assets to their working conditions
for intended use or till the commencement of commercial production as
the case may be. Incidental expenses include establishment expenses,
administration expenses, labour charges and salaries.
In the case of new projects and in case of substantial modernization /
expansion at existing units of the Company, all pre-operating
expenditures specifically for the project, incurred upto the date of
production, is capitalized and added pro-rata to the cost of fixed
assets.
Capital work-in-progress includes incidental expenses pending
allocation / apportionment in respect of the uninstalled / incomplete
fixed assets.
CENVAT credit availed, if any, on capital goods are deducted from the
cost of the fixed assets.
1.5 Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognized as an expense in the Statement of Profit and Loss in
the year in which an asset is identified as impaired. The impairment
loss recognized in prior accounting period is reversed if there has
been an improvement in recoverable amount.
1.6 Depreciation and Amortization
Depreciation is provided on fixed assets over the remaining useful life
in accordance with the provisions of Schedule 11 of the Act.
Depreciation on intangible assets is accounted on straight line basis
over its 10 years useful life on prorata basis as per Accounting
Standard - 6. The lease premium on leasehold land is amortized over the
period of lease agreement as per Accounting Standard - 6.
1.7 Exceptional Items
On certain occasions, the size, type or incidence of an item of income
or expense, pertaining to the ordinary activities of the Company, is of
such nature that disclosure of which improves the understanding of
performance of the company. Such income or expense is classified as an
exceptional item and accordingly disclosed in the financial statements.
1.8 Investments
The Investments are carried at cost and necessary provision for erosion
is made if called for. The provision for diminution in the value of
long term investment is made only if such a decline is other than
temporary in nature. The investments in subsidiaries are treated as
long term with no diminution in values.
1.9 Inventories
The inventories are valued at cost or net realizable value, whichever
is lower and the cost is arrived as follows:
Raw materials and bought out items cost is at landing cost inclusive of
all attributable expenses and is computed on First In First Out basis.
CENVAT credit availed, if any, is reduced from the cost of raw material
and the unutilized CENVAT credit is carried forward though Excise is
currently not applicable to Embroidery and Yarn.
Work-in-progress cost includes material cost, cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
Finished goods cost include material cost, cost of conversion and other
costs incurred in bringing the inventories to their present location
and condition and excise duty, wherever applicable.
Excise duty though applicable on the manufacturing of yarn manufactured
at Kala-amb, Himachal Pradesh, but is exempted till the year 2017 as
per the notification no. 49/50/2003-CE dated 10.06.2003.
1.10 Employee Benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related service is rendered.
Post employment and other long term employee benefits are recognized as
an expense in the Statement of Profit and Loss for the year in which
the employee has rendered services. The expense is recognized at the
present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the Statement of
Profit and Loss.
1.11 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
Statement of Profit & Loss.
1.12 Foreign Currency Transactions
Import and export sales transactions are accounted for at the rates of
exchange prevalent on the date of transaction.
Gains and losses arising out of subsequent fluctuation in exchange rate
are accounted for on the basis of actual payments and realizations and
exchange difference arising there from is transferred to Statement of
Profit and Loss.
Current Assets and Liabilities balances denominated in foreign currency
at the year-end are translated at the year-end exchange rates, except
in cases where borrowings are covered by forward exchange contracts,
and the resulting exchange difference is recognized in the Statement of
Profit and Loss. In case of liabilities related to the acquisition of
fixed assets, the exchange difference is adjusted to the carrying cost
of such assets.
1.13 Joint Venture
The interest in Joint Venture / jointly controlled operations are
disclosed as per Accounting Standard-27, with no effect of the profits
or losses and assets and liabilities thereof in the financial
statements.
1.14 Earning Per Share
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year. For calculating the diluted earning per
shares, the net profit or loss for the year attributable to equity
shareholders is divided by the average weighted number of shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
1.15 Taxation
Income-tax expense comprises Current Tax and Deferred Tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date.Deferred tax asset
arising mainly on account of unabsorbed depreciation and carry forward
losses under tax laws, are recognized, only if there is virtual
certainty of its realization, supported by convincing evidence. In view
of the uncertainty to have taxable income in immediate future as a
prudent, no deferred tax assets are recognized for the year.
1.16 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way
Notes on Accounts. Contingent assets are neither recognized nor
disclosed in the financial statements.
1.17 Cash Flow Statement
The Cash Flow Statement is prepared by the indirect method set out in
Accounting Standard-3 on Cash Flow Statements and presents the cash
flows by operating, investing and financing activities of the Company.
Cash and cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
Mar 31, 2014
1.1 Basis of preparation of Financial Statements
The Financial statements are prepared under the historical cost
convention, on accrual basis, in compliance with all material aspects
of the notified Accounting Standards by Companies (Accounting
Standards) Amendment Rules, 2008 and the relevant provisions of the
Companies Act, 1956. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous year.
1.2 Revenue Recognition
Sales Revenue is recognized on transfer of significant risk and rewards
of the ownership of the goods to the buyer. Sales is exclusive of Inter
Division Sales and Sales Tax, but inclusive of Excise Duty and Export
Incentives.
All revenues, costs, assets and liabilities are accounted for on
accrual basis, except where there is no reasonable certainty.
Insurance claims are accounted for on reasonable certainty of the
admission of the claim and shortfall / excess, if any, is accounted for
in the year of final settlement.
1.3 Use of Estimates
The preparation of financial statements is in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimated are recognized in the period in which the results
are known / materialized. This is in conformity with generally accepted
accounting principles.
1.4 Fixed assets and Capital work-in-progress
Fixed Assets are stated at cost of acquisition or construction after
reducing accumulated depreciation. Cost is inclusive of freight,
duties, levies, interest, installation charges and other incidental
expenses incurred for bringing the assets to their working conditions
for intended use or till the commencement of commercial production as
the case may be. Incidental expenses include establishment expenses,
administration expenses, labour charges and salaries.
In the case of new projects and in case of substantial modernization /
expansion at existing units of the Company, all pre-operating
expenditures specifically for the project, incurred upto the date of
production, is capitalized and added pro-rata to the cost of fixed
assets.
Capital work-in-progress includes incidental expenses pending
allocation / apportionment in respect of the uninstalled / incomplete
fixed assets.
CENVAT credit availed, if any, on capital goods are deducted from the
cost of the fixed assets.
1.5 Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognized as an expense in the Statement of Profit and Loss in
the year in which an asset is identified as impaired. The impairment
loss recognized in prior accounting period is reversed if there has
been an improvement in recoverable amount.
1.6 Depreciation and Amortization
Depreciation is provided on fixed assets on Straight Line Method at the
rates and in the manner provided in Schedule XIV of the Companies Act,
1956. In case of assets acquired during the year, depreciation is
charged on pro-rata basis from the date assets have been put to use.
Depreciation on intangible assets is accounted on straight line basis
over its 10 years useful life on prorate basis as per Accounting
Standard - 6.The lease premium on leasehold land is amortized over the
period of lease agreement as per Accounting Standard - 6.
1.7 Exceptional Items
On certain occasions, the size, type or incidence of an item of income
or expense, pertaining to the ordinary activities of the Company, is of
such nature that disclosure of which improves the understanding of
performance of the company. Such income or expense is classified as an
exceptional item and accordingly disclosed in the financial statements.
1.8 Investments
The Investments are carried at cost and necessary provision for erosion
is made if called for. The provision for diminution in the value of
long term investment is made only if such a decline is other than
temporary in nature. The investments in subsidiaries are treated as
long term with no diminution in values.
1.9 Inventories
The inventories are valued at cost or net realizable value, whichever
is lower and the cost is arrived as follows:
Raw materials and bought out items cost is at landing cost inclusive of
all attributable expenses and is computed on First In First Out basis.
CENVAT credit availed, if any, is reduced from the cost of raw material
and the unutilized CENVAT credit is carried forward though Excise is
currently not applicable to Embroidery and Yarn.
Work-in-progress cost includes material cost, cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
Finished goods cost include material cost, cost of conversion and other
costs incurred in bringing the inventories to their present location
and condition and excise duty, wherever applicable.
Excise duty though applicable on the manufacturing of yarn manufactured
at Kala-amb, Himachal Pradesh, but is exempted till the year 2017 as
per the notification no. 49/50/2003-CE dated 10.06.2003.
1.10 Employee Benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related service is rendered.Post employment and other long
term employee benefits are recognized as an expense in the Statement of
Profit and Loss for the year in which the employee has rendered
services. The expense is recognized at the present value of the amounts
payable determined using actuarial valuation techniques. Actuarial gains
and losses in respect of post employment and other long term benefits
are charged to the Statement of Profit and Loss.
1.11 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
Statement of Profit & Loss.
1.12 Foreign Currency Transactions
Import and export sales transactions are accounted for at the rates of
exchange prevalent on the date of transaction.
Gains and losses arising out of subsequent fluctuation in exchange rate
are accounted for on the basis of actual payments and realizations and
exchange difference arising there from is transferred to Statement of
Profit and Loss.
Current Assets and Liabilities balances denominated in foreign currency
at the year-end are translated at the year-end exchange rates, except
in cases where borrowings are covered by forward exchange contracts,
and the resulting exchange difference is recognized in the Statement of
Profit and Loss. In case of liabilities related to the acquisition of
fixed assets, the exchange difference is adjusted to the carrying cost
of such assets.
1.13 Joint Venture
The interest in Joint Venture / jointly controlled operations are
disclosed as per Accounting Standard-27, with no effect of the profits
or losses and assets and liabilities thereof in the financial
statements.
1.14 Earning Per Share
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year. For calculating the diluted earning per
shares, the net profit or loss for the year attributable to equity
shareholders is divided by the average weighted number of shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
1.15 Taxation
Income-tax expense comprises Current Tax and Deferred Tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date.
Deferred tax asset arising mainly on account of unabsorbed depreciation
and carry forward losses under tax laws, are recognized, only if there
is virtual certainty of its realization, supported by convincing
evidence. In view of the uncertainty to have taxable income in
immediate future as a prudent, no deferred tax assets are recognized
for the year.
1.16 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way
Notes on Accounts. Contingent assets are neither recognized nor
disclosed in the financial statements.
1.17 Cash Flow Statement
The Cash Flow Statement is prepared by the indirect method set out in
Accounting Standard-3 on Cash Flow Statements and presents the cash
flows by operating, investing and financing activities of the Company.
Cash and cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
Rights, preferences and restrictions attached to Equity Shares:
The Company has one class of Equity Shares having a par value of Rs.10
per share. Each shareholders is eligible for one vote per share held.
The dividend, if any, proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
in the case of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.
Rights, preferences and restrictions attached to Preference Shares:
The Company has one class of Optionally Convertible Cumulative
Redeemable Preference Shares having a par value of Rs.10 fully paid up
per share issued subsequent to Corporate Debt Restructuring mechanism.
The preference shares do not carry voting rights, but carry right to a
preference dividend at 9% p.a. effective October 2008. The preference
shares are redeemable in 4 annual instalments from September 30, 2015.
Preference shares are convertible as per the guidelines of SEBI.
Mar 31, 2013
1.1 Basis of preparation of Financial Statements
The Financial statements are prepared under the historical cost
convention, on accrual basis, in compliance with all material aspects
of the notified Accounting Standards by Companies (Accounting
Standards) Amendment Rules, 2008 and the relevant provisions of the
Companies Act, 1956. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous year.
1.2 Revenue Recognition
Sales Revenue is recognized on transfer of significant risk and rewards
of the ownership of the goods to the buyer. Sales is exclusive of Inter
Division Sales and Sales Tax, but inclusive of Excise Duty and Export
Incentives.
All revenues, costs, assets and liabilities are accounted for on
accrual basis, except where there is no reasonable certainty.
Insurance claims are accounted for on reasonable certainty of the
admission of the claim and shortfall / excess, if any, is accounted for
in the year of final settlement.
1.3 Use of Estimates
The preparation of financial statements is in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimated are recognized in the period in which the results
are known / materialized. This is in conformity with generally accepted
accounting principles.
1.4 Fixed assets and Capital work-in-progress
Fixed Assets are stated at cost of acquisition or construction after
reducing accumulated depreciation. Cost is inclusive of freight,
duties, levies, interest, installation charges and other incidental
expenses incurred for bringing the assets to their working conditions
for intended use or till the commencement of commercial production as
the case may be. Incidental expenses include establishment expenses,
administration expenses, labour charges and salaries.
In the case of new projects and in case of substantial modernization /
expansion at existing units of the Company, all pre-operating
expenditures specifically for the project, incurred upto the date of
production, is capitalized and added pro-rata to the cost of fixed
assets.
Capital work-in-progress includes incidental expenses pending
allocation / apportionment in respect of the uninstalled / incomplete
fixed assets.
CENVAT credit availed, if any, on capital goods are deducted from the
cost of the fixed assets.
1.5 Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognized as an expense in the Statement of Profit and Loss in
the year in which an asset is identified as impaired. The impairment
loss recognized in prior accounting period is reversed if there has
been an improvement in recoverable amount.
1.6 Depreciation and Amortization
Depreciation is provided on fixed assets on Straight Line Method at the
rates and in the manner provided in Schedule XIV of the Companies Act,
1956. In case of assets acquired during the year, depreciation is
charged on pro-rata basis from the date assets have been put to use.
Depreciation on intangible assets is accounted on straight line basis
over its 10 years useful life on prorata basis as per Accounting
Standard - 6. The lease premium on leasehold land is amortized over
the period of lease agreement as per Accounting Standard - 6.
1.7 Exceptional Items
On certain occasions, the size, type or incidence of an item of income
or expense, pertaining to the ordinary activities of the Company, is of
such nature that disclosure of which improves the understanding of
performance of the company. Such income or expense is classified as an
exceptional item and accordingly disclosed in the financial statements.
1.8 Investments
The Investments are carried at cost and necessary provision for erosion
is made if called for. The provision for diminution in the value of
long term investment is made only if such a decline is other than
temporary in nature. The investments in subsidiaries are treated as
long term with no diminution in values.
1.9 Inventories
The inventories are valued at cost or net realizable value, whichever
is lower and the cost is arrived as follows:
Raw materials and bought out items cost is at landing cost inclusive of
all attributable expenses and is computed on First In First Out basis.
CENVAT credit availed, if any, is reduced from the cost of raw material
and the unutilized CENVAT credit is carried forward though Excise is
currently not applicable to Embroidery and Yarn.
Work-in-progress cost includes material cost, cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
Finished goods cost include material cost, cost of conversion and other
costs incurred in bringing the inventories to their present location
and condition and excise duty, wherever applicable.
Excise duty though applicable on the manufacturing of yarn manufactured
at Kala-amb, Himachal Pradesh, but is exempted till the year 2017 as
per the notification no. 49/50/2003-CE dated 10.06.2003.
1.10 Employee Benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related service is rendered.
Post employment and other long term employee benefits are recognized as
an expense in the Statement of Profit and Loss for the year in which
the employee has rendered services. The expense is recognized at the
present value of the amounts payable determined using acturial
valuation techniques. Acturial gains and losses in respect of post
employment and other long term benefits are charged to the Statement of
Profit and Loss.
1.11 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
Statement of Profit & Loss.
1.12 Foreign Currency Transactions
Import and export sales transactions are accounted for at the rates of
exchange prevalent on the date of transaction.
Gains and losses arising out of subsequent fluctuation in exchange rate
are accounted for on the basis of actual payments and realizations and
exchange difference arising there from is transferred to Statement of
Profit and Loss. Exchange Difference in relation to Fixed Assets,
however, is adjusted in the carrying cost of the assets, which is not
in accordance with the Accounting Standard  11. Adjustment of exchange
difference is not given in the carrying cost of the assets in case of
Fixed Assets acquired out of Foreign Currency Convertible Bonds (FCCBs)
proceeds, since FCCBs are considered as non-monetary item.
Current Assets and Liabilities balances denominated in foreign currency
at the year-end are translated at the year-end exchange rates, except
in cases where borrowings are covered by forward exchange contracts,
and the resulting exchange difference is recognized in the Statement of
Profit and Loss. In case of liabilities related to the acquisition of
fixed assets, the exchange difference is adjusted to the carrying cost
of such assets.
1.13 Joint Venture
The interest in Joint Venture / jointly controlled operations are
disclosed as per Accounting Standard-27, with no effect of the profits
or losses and assets and liabilities thereof in the financial
statements.
1.14 Earning Per Share
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year. For calculating the diluted earning per
shares, the net profit or loss for the year attributable to equity
shareholders is divided by the average weighted number of shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
1.15 Taxation
Income-tax expense comprises Current Tax and Deferred Tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date.Deferred tax asset
arising mainly on account of unabsorbed depreciation and carry forward
losses under tax laws, are recognized, only if there is virtual
certainty of its realization, supported by convincing evidence. In view
of the uncertainty to have taxable income in immediate future as a
prudent, no deferred tax assets are recognized for the year.
1.16 Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way
Notes on Accounts. Contingent assets are neither recognized nor
disclosed in the finacial statements.
1.17 Cash Flow Statement
The Cash Flow Statement is prepared by the indirect method set out in
Accounting Standard-3 on Cash Flow Statements and presents the cash
flows by operating, investing and financing activities of the Company.
Cash and cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
Mar 31, 2010
1. Basis of preparation of financial statements
The Financial statements are prepared and presented under the
historical cost convention, on accrual basis of accounting, in
accordance with the accounting principles generally accepted in India
and comply with the applicable mandatory accounting standards issued by
the Institute of Chartered Accountants of India and the relevant
provisions of the Companies Act, 1956, except where otherwise stated
the accounting principles have been consistently applied.
2. Revenue recognition
(a) Sales Revenue is recognized on transfer of significant risk and
rewards of the ownership of the goods to the buyer. Turnover is
excluding Inter Division Sales and Sales Tax but inclusive of Excise
Duty and Export Incentive.
(b) All revenues, costs, assets and liabilities are accounted for on
accrual basis, except where there is no reasonable certainty.
(c) Insurance claim is accounted on reasonable certainty of the
admission of the claim and shortfall / excess, if any, is accounted in
the year of final settlement.
3. Use of estimates
The preparation of financial statements is in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimated are recognized in the period in which the results
are known/materialized.
4. Fixed assets and capital work-in-progress
(a) Fixed Assets are stated at cost of acquisition or construction
after reducing accumulated depreciation. Cost is inclusive of freight,
duties, levies, interest, installation charges and other incidental
expenses incurred for bringing the assets to their working conditions
for intended use or till the commencement of commercial production as
the case may be. Incidental expenses include establishment expenses,
administration expenses, labour charges and salaries.
(b) In the case of new projects and in case of substantial
modernization / expansion at existing units of the Company, all
pre-operating expenditures specifically for the project, incurred upto
the date of production, is capitalized and added pro-rata to the cost
of fixed assets.
(c) Capital work-in-progress includes incidental expenses pending
allocation / apportionment in respect of the uninstalled / incomplete
fixed assets and advances to suppliers of Plant a Machinery, Equipment
and Advance against Capital Expenditure.
CENVAT credit availed, if any, on capital goods are deducted from the
cost of the fixed assets.
5. Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognized as an expense in the Profit and Loss Account in the
year in which an asset is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been an
improvement in recoverable amount.
6. Depreciation and Amortization
(a) Depreciation is provided on fixed assets as per Straight Line
Method at rates and manner provided in Schedule XIV of the Companies
Act, 1956 on pro-rata basis from the date assets have been put to use.
(b) The leasehold land is amortized over a period of lease agreement as
per Accounting Standard - 6.
7. Investments
The Investments are carried at cost and necessary provision for erosion
is made if called for. The provision for diminution in the value of
long term investment is made only if such a decline is other than
temporary in nature. The investments in subsidiaries are treated as
long term with no diminution in values.
8. Inventories
The method of inventory valuation is as under:-
Raw Material At Cost
Work-in-Progress At Estimated Cost
Finished Goods At cost or net realizable value whichever
is lower.
The cost is arrived as follows:
Raw materials and bought out items cost is at landing cost inclusive of
all attributable expenses and is computed on First In First Out basis.
CENVAT credit availed, if any, is reduced from the cost of raw material
and the unutilized CENVAT credit is carried forward though Excise is
currently not applicable to Embroidery and Yarn.
Work-in-progress cost includes material cost, cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
Finished goods cost include material cost, cost of conversion and other
costs incurred in bringing the inventories to their present location
and condition and excise duty, wherever applicable.
Excise duty payable on manufactured goods lying in the bonded warehouse
is neither included in expenditure nor valued in such stocks, but is
accounted on removal of goods, which is not in accordance with
Accounting standard.
9. Retirement Benefits
a) The Company has created a Trust and has taken a Group Gratuity Life
Assurance Policy with Life Insurance Corporation of India for future
payments of gratuity to employees and yearly contribution based on
group Gratuity Policy is charged to Profit a Loss Account. During the
period, the Company has not contributed to the Policy and has provided
on the adhoc basis. This is not in accordance with the Accounting
Standard -15, issued by the Institute of Chartered Accountants of
India, which requires provisions based on actuarial valuation.
b) The Company accounts for Provident Fund Contributions as per the
provisions of Employees Provident Fund and Miscellaneous Provisions
Act, 1952.
c) Leave Salary provision is not done as per actuarial valuation, which
is not in accordance with Accounting Standard-15.
10. Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
Profit a LossAccount.
11. Foreign Currency Transactions
Transactions of export sales as also transactions of imports are
accounted at rates of exchange prevalent on the date of transaction.
Gains and losses arising out of subsequent fluctuation are accounted on
the basis of actual realizations and payments. Exchange difference
arising there from is transferred to Profit a LossAccount, except in
relation to Fixed Assets where the difference is adjusted in the
carrying cost of the assets, which is not in accordance with the
Accounting Standard -11. Those Fixed Assets, which are purchased from
the Funds of Foreign Currency Convertible Bonds (FCCBs), foreign
currency fluctuations on them are not effected in the carrying cost of
the assets since FCCBs is considered as non-monetary item.
Current Assets and Liabilities balances denominated in foreign currency
at the year-end are translated at the year-end exchange rates, except
in cases where borrowings are covered by forward exchange contracts,
and the resulting exchange difference is recognized in the Profit a
Loss Account, except in cases where it relates to the acquisition of
fixed assets in which case it is adjusted to the carrying cost of such
assets.
12. Taxation
Income-tax expense comprises Current Tax and Deferred Tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax asset
arising mainly on account of unabsorbed depreciation under tax laws,
are recognized, only if there is virtual certainty of its realization,
supported by convincing evidence. Deferred tax assets on account of
other timing differences are recognized only to the extent there is
reasonable certainty of its realization. At each Balance Sheet date,
the carrying amount of deferred tax assets are reviewed to reassure
realization.
13. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
14. Joint Venture
The interest in Joint Venture/ jointly controlled operations are
disclosed as per Accounting Standard-27, with no effect of the profits
or losses and assets and liabilities thereof in the financial
statements.
15. Earning Per Share
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year, for the purpose of calculating diluted
earning per shares, the net profit or loss for the year attributable to
equity per shareholders and the average weighted number of shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
16. Cash flow statement
The Cash Flow Statement is prepared by the indirect method set out in
Accounting Standard- 3 on Cash Flow Statements and presents the cash
flows by operating, investing and financing activities of the Company.
Cash and cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
17. Construction Contracts
The Company had hither to enter in to Joint Development agreement of
property at Borivali, Mumbai and the rights thereof have been sold
during the period under the audit. Accounting Standard - 7 (Revised)
therefore is not applicable to the Company. The Company has recognized
the revenue on sale of development rights during the period as Income.
Sep 30, 2009
1. Basis of preparation of financial statements
The Financial statements are prepared and presented under the
historical cost convention, on accrual basis of accounting, in
accordance with the accounting principles generally accepted in India
and comply with the applicable mandatory accounting standards issued by
the Institute of Chartered Accountants of India and the relevant
provisions of the Companies Act, 1956 except where otherwise stated the
accounting principles have been consistently applied.
2. Revenue recognition
(a) Sales Revenue is recognized on transfer of significant risk and
rewards of the ownership of the goods to the buyer. Turnover is
excluding Inter Division Sales and Sales Tax but inclusive of Excise
Duty and Export Incentive, although in current scenario Excise Duty is
exempted on fabric.
(b) All revenues, costs, assets and liabilities are accounted for on
accrual basis except where there is no reasonable certainty.
(c) Insurance claim is accounted on reasonable certainty of the
admission of the claim and shortfall / excess, if any, is accounted in
the year of final settlement.
3. Use of estimates
The preparation of financial statements is in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimated are recognized in the period in which the results
are known / materialized.
4. Fixed assets and capital work-in-progress
(a) Fixed Assets are stated at cost of acquisition or construction
after reducing accumulated depredation. Cost is inclusive of freight,
duties, levies, interest, installation charges and other incidental
expenses incurred for bringing the assets to their working conditions
for intended use or till the commencement of commercial production as
the case may be. Incidental expenses include establishment expenses,
administration expenses, labour charges and salaries.
(b) In the case of new projects and in case of substantial
modernization / expansion at existing units of the Company, all
pre-operating expenditures specifically for the project, incurred upto
the date of production, is capitalized and added pro-rata to the cost
of fixed assets.
(c) Capital work-in-progress includes incidental expenses pending
allocation / apportionment in respect of the uninstalled / incomplete
fixed assets and advances to suppliers of Plant & Machinery, Equipment
and Advance against Capital Expenditure.
CENVAT credit availed, if any, on capital goods are deducted from the
cost of the fixed assets.
5. Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognized as an expense in the Profit and Loss Account in the
year in which an asset is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been an
improvement in recoverable amount.
6. Depreciation and Amortization
(a) Depreciation is provided on fixed assets as per Straight Line
Method at rates and manner provided in Schedule XIV of the Companies
Act, 1956 on pro-rata basis from the date assets have been put to use.
(b) Change in Accounting Policy for Leasehold Land : - The company has
changed the accounting policy for leasehold land by amortizing it over
a period of lease agreement with retrospective effect.
7. Investments
The Investments are carried at cost and necessary provision for erosion
is made if called for. The provision for diminution in the value of
long term investment is made only if such a decline is other than
temporary in nature. The investments in subsidiaries are treated as
long term with no diminution in values.
8. Inventories
The method of inventory valuation is as under: -
Raw Material : At Cost
Work-in-nrogress : At Estimated Cost
Finished Goods : At cost or net realizable value whichever is lower.
Raw materials and bought out items cost is at landing cost inclusive of
all attributable expenses and is computed on First In First Out basis.
CENVAT credit availed, if any, is reduced from the cost of raw material
and the unutilized CENVAT credit is carried forward though Excise is
currently not applicable to Embroidery and Yarn.
Work-in-progress cost includes material cost, cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
Finished goods cost include material cost, cost of conversion and other
costs incurred in bringing the inventories to their present location
and condition and excise duty, wherever applicable.
Excise duty payable on manufactured goods lying in the bonded warehouse
is neither included in expenditure nor valued in such stocks, but is
accounted on removal of goods.
9. Retirement Benefits
a) The Company has created a Trust and has taken a Group Gratuity Life
Assurance Policy with Life Insurance Corporation of India for future
payments of gratuity to employees and yearly contribution based on
group Gratuity Policy is charged to Profit 6t Loss Account. But during
the year the company has not contributed to the Policy and has provided
on the adhoc basis. This is not in accordance with the Accounting
Standard -15, issued by the Institute of Chartered Accountants of
India, which requires provisions based on actuarial valuation.
b) The Company accounts for Provident Fund Contributions as per the
provisions of Employees Provident Fund and Miscellaneous Provisions
Act, 1952.
c) Leave Salary provision is not done as per actuarial valuation, which
is not in accordance with Accounting Standard 15.
10. Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
Profit & LossAccount.
11. Foreign Currency Transactions
Transactions of export sales as also transactions of imports are
accounted at rates of exchange prevalent on the date of transaction.
Gains and losses arising out of subsequent fluctuation are accounted on
the basis of actual realizations and payments. Exchange difference
arising there from is transferred to Profit 6 LossAccount, except in
relation to Fixed Assets where the difference is adjusted in the
carrying cost of the assets, which is not in accordance with the
Accounting Standard 11. Those Fixed Assets which are purchased from the
Funds of Foreign Currency Convertible Bonds (FCCB), foreign currency
fluctuations on them are not effected in the carrying cost of the
assets since FCCB is considered as non-monetary item.
Current Assets and Liabilities balances denominated in foreign currency
at the year-end are translated at the year-end exchange rates except in
cases where borrowings are covered by forward exchange contracts, and
the resulting exchange difference is recognized in the Profit & Loss
Account, except in cases where it relates to the acquisition of fixed
assets in which case it is adjusted to the carrying cost of such
assets.
12. Taxation
Income-tax expense comprises Current Tax, Fringe Benefit Tax (FBT), and
Deferred Tax charge or credit. Provision for current tax is made on the
basis of the assessable income at tax rate applicable to the relevant
assessment year. Provision for FBT is made on the basis of the fringe
benefits provided/ deemed to have been provided during the period at
the rates and values applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by
applyingûtax rate and tax laws that have been enacted or substantively
enacted by the Balance Sheet date. Deferred tax asset arising mainly on
account of unabsorbed depreciation under tax laws, are recognized, only
if there is virtual certainty of its realization, supported by
convincing evidence. Deferred tax assets on account of other timing
differences are recognized only to the extent there is reasonable
certainty of its realization. At each Balance Sheet date, the carrying
amount of deferred tax assets are reviewed to reassure realization.
13. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
14. Construction Contract
AS-7 (revised) is strictly not applicable to the Company since it is
not developing any construction contract at its own, however the
Company had entered into Joint Development agreement of property which
rights are intended to be sold and accounting policy is followed as
under:
a) The non refundable consideration received under Joint Development
agreement is treated as income in the year of receipt.
b) Revenue or assets (constructed FSI) is recognized only when recovery
is probable and construction is completed.
15. Joint Venture
The interest in Joint Venture/ jointly controlled operations are
disclosed as per AS-27, with no effect of the profits or losses and
assets and liabilities thereof in the financial statements.
16. Earning Per Share
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the year, for the purpose of calculating diluted
earning per shares, the net profit or loss for the year attributable to
equity per shareholders and the average weighted number of shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
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