P> NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note 2 :
SHARE CAPITAL
As at 31.03.2018
As at 31.03.2017
Number of Shares
(a)
Authorised
Equity shares of Rs. 10 each with Voting rights
7,000,000
70,000,000
1,800,000
18,000,000
(b)
Issued & Subscribed Capital
3,600,000
36,000,000
(c)
Called Up & Paid Up Share Capital
(i) Reconciliation of the number of shares and amount outstanding at the beginning of the period and at the end of the period:
Opening Balance
Bonus Issue
Closing Balance
Equity Shares with Voting rights Year ended 31 March 2018
- No. Of shares
- Amount
Year ended 31 March 2017
-
During the year company has a Noted 1:1 bonus shares on 27.10.2017
Class of Shares / Name of Shareholder
Number of Shares Held
% of Holding in that class of shares
o/o of Holding in that class of shares
Equity Shares with Voting Rights
Narottambhai Grodhanbhai Sarvaiya
400,000
11.11%
200,000
Yogeshbhai Devjibhai Makwana
300,000
8.33%
150,000
Smt.Sheebaben Yogeshbhai Makwana
Naginbhai Devjibhai Makwana
793,964
22.05%
396,982
Trambak D. Makwana
206,000
5.72%
103,000
Bharat Dilipbhai Makwana
0
0.00%
100,000
5.56%
Bharatiben Naginbhai Makwana
Devjibhai Premjibhai Makwana-Huf
Sunil Devjibhai Makwana
800,036
22.22%
16.67%
Champaben Devjibhai Makwana
Devjibhai Premjibhai Makwana
(iii) The company has issued only one class of shares referred to as equity shares having a par value of Rs. 10/-. All equity shares carry one vote per share without restrictions and are entitled to devidend, as and when declared. All shares rank equally with regards to company's residual assets.
(ill Details of Shareholders holdina more than 5 % shares:
Note 3 : RESERVES & SURPLUS
(a) General Reserve
Capital Redemption Reserves
Opening Balance as per last Financial Statements
1,000,000
Add:During The Year
(b) Surplus in Statement of Profit & Loss
22,263,218
18,004,075
Add : Profit for the Year
10,552,712
4,259,144
32,815,930
Less :
Proposed Dividend
Tax on Dividend
Bonus Share
14,815,930
TOTAL
15,815,930
23,263,218
Note 4 : LONG TERM BORROWINGS
Term Loan
From Bank
HDFC Bank Car Loan
460,877
570,614
[Secured by Hypothecation charge on Cars]
[Terms of Repayment: Thirty Six
Months from the date of sanction].
State Bank of India
21,334,103
[Secured by Hypothecation charge on Machinery]
[Terms of Repayment: Eighty Four
From Others
Maganbhai L. Chavda
102,910
Less:
Current Maturity of Long Term Debt
(3,385,828)
(109,739)
18,512,061
563,785
Note 5 : SHORT-TERM BORROWINGS
Loan Repayable on Demand
SBI CC A/c No. 31695777938
[Fund based working capital limit sanctioned against hypothecation of all type of stocks, receivables and all other current asset of the company]
18,490,527
7,856,975
From Other Parties
Loans & Advances From Related Parties
9,727,667
Depsoits
Others
28,218,194
Note 6 :
TRADE PAYABLES
Trade Payables
34,103,543
2,643,647
Note 7 :
OTHER CURRENT LIABILITIES
3,385,828
109,739
Income Received Inadvance/Advance From Customers
9,797,017
20,800,289
Other Payable
Statutory Liabilities
365,047
1,650,915
Other Liabilities
2,392,724
1,708,036
15,940,616
24,268,979
Note 8 :
SHORT TERM PROVISIONS
Others:
Provisions For Income Tax
4,546,580
2,054,900
Note 10:
LONG TERM LOAN AND ADVANCES & DEPOSIT
Capital Advances
Secured, Considered Good
Unsecured, Considered Good
Doubtful
Security Deposits
1,694,462
1,694,376
Loans and advances to related parties
_
21,293,692
Other Loans and advances
60,965
23,049,033
Note 11:
DEFERRED TAX ASSETS
945,261
801,845
ADD Created During The Year
143,416
LESS Reversal of Deferred Tax Assets
187,144
758,117
Note 12 : INVENTORIES
Raw Materials
3,718,350
3,102,078
Finished Goods
12,263,637
8,650,849
Semi-Finished Goods
Consumable Stores
Trading Goods
15,981,987
11,752,927
Finished goods and Semi finished goods are valued at lower of cost or Market value. Cost includes purchase value, freight & octroi, proportionate manufacturing expense, wages & salary to employees, non cenvatable duties and taxes. The quantity and value of the stock as taken & certififed by the directors of the company.
Note 13 : TRADE RECEIVABLES Out Standing for Less than Six Months
4,354,204
7,916,064
Out Standing for More than Six Months
78,386,029
10,030,111
82,740,233
17,946,175
Note 14 : CASH AND CASH EQUIVALENTS
Cash in Hand
85,511
186,416
Deposits with Banks
1,320,136
4,350,739
1,405,647
4,537,155
Balances with Scheduled Banks
Indusind Bank A/c 201002161069
50,000
Axis Bank Current A/c 915020017892372
4,041,088
69,317
4,091,088
5,496,736
4,606,472
Note 15 : SHORT TERM LOANS AND ADVANCES
Loans and Advances to Ralated Parties
Other
Advance Recoverable in cash or in kind or for value to be considered good
Advance to suppliers of Goods and Services & Expenses
917,197
7,654,524
Note 16: OTHER CURRENT ASSETS
Prepaid Expenses
686,840
83,951
Balance with Revenue Authorities
10,334,963
1,976,114
Other Current Assets
11,021,803
2,060,065
Note 17 : REVENUE FROM OPERATIONS
Sale Of Product
Sale of Goods
222,511,077
184,932,453
Less: Sales Returns
(2,869,176)
Job Work Income
2,138,400
Revenue From Operations
184,201,677
Details of Sales of Products
- Fishing Nets
103,255,415
46,191,655
Fishing Ropes
36,743,447
59,337,301
Mono Niwar
8,330,069
50,735,989
Mono Twine
6,935,069
10,886,829
- Mono Yarn
1,981,684
15,245,023
Plastic Graunals
63,549,180
- Plastic Waste
1,216,214
2,535,656
222,011,077
Note 18 : OTHER INCOME
Interest Income
Interest On FDR With Bank
207,980
55,714
Interest on Security Deposit with PGVCL
92,178
100,185
Foregin Exchange Gain
246,228
Other Income
482,881
63,914
1,029,267
219,813
Note 19 : COST OF MATERIAL CONSUMED
Consumption of Raw Material
Inventory at the beginning of the year
Add: Purchase
Plastic Granuals & Colour
98,117,165
123,927,798
Less : Trade Discount
(2,615,340)
(3,186,985)
Less: Inventory at the end of the year
(3,718,350)
(3,102,078)
Raw Material Consumed (a)
94,885,553
117,638,734
Consumption of Consumable Stores
109,230
Add: Purchases
1,462,339
60,368
Consumption of Consumable Stores (b)
169,598
96,347,892
117,808,332
Note 20 : Purchase Of Traded Goods
Purchase Of Trading Goods :
Fishing Nets
14,240,000
Mono Rope
145,840
Granules
59,705,898
Less : Purchase Return
(34,137)
14,351,703
Note 21 : CHANGES IN INVENTORIES OF FINISHED GOODS, WIP AND STOCK IN TRADE
Inventories at the End of the Year
- Finished Goods
- Semi-Finished Goods
- Trading Goods
Inventories at the beginning of the Year
11,147,372
NET (INCREASE) / DECREASE
-3,612,788
2,496,523
Note 22 : EMPLOYEE BENEFIT EXPENSES
Salary, Wages and Bonus
23,834,341
18,606,833
Contribution to Provident and Other Funds
1,538
438,561
Professional Tax
17,500
Staff Welfate Expenses
23,853,379
19,045,394
Salaries, Wages & bonus includes:
Remuneration to the Managing Directors & other Whole time Directors:
8,150,000
7,800,000
As per Accounting standard 15 " Employee benefits ",the disclosure defined in the accounting standard are given as below:
Employer's Contribution to Provident fund
Note 23 : FINANCIAL COSTS
Interest Expenses on:
Borrowing - Banks
2,697,688
606,940
Borrowing - Others
61,214
77,914
Delayed/Deffered Payment of Govt.Authority
23,046
9,941
Other Borrowing Costs
Bank Commission
870,642
290,776
3,652,590
985,571
Note 24 : OTHER EXPENSES
Manufacturing Expenses
Repairs & Maintanance
70,720
41,000
Discount & Kasar
64,758
166,059
Electricity Exp.
12,876,359
10,571,084
Freight & Transportation
1,989,975
2,776,315
Packing Charges
164,038
29,573
Excise Duty & Custom Duty & Other Tax
2,316,666
Administrative expenses.
Advertisement Expenses
281,400
Agency Charges
1,205,987
3,000
Audit Fees
29,000
Bad Debts
1,549,800
GIDC Charges
5,153
220,746
Foreign Exchange Fluctuation loss
1,022,380
Fees & Subscription
79,906
2,100
Insurance Expenses
461,270
397,682
Legal & Professional Fees
276,690
78,090
Valuation Expenses
37,420
Post & courier Expenses
75
3,670
Rate Diff.
90,176
Stamp Duty Charges
739,538
Service Tax Paid
95,539
41,798
Stationary Expenses
15,250
10,240
Telephone Expenses
64,373
162,342
Medical Expenses
38,000
Software Expenses
32,725
Sales & Distribution Expenses
Business Promotion
12,508
66,825
Quantity Discount
641,230
665,417
Freigh Outward
1,603,380
892,803
Cash Discount
188,104
2,083,127
23,411,064
20,903,226
Payment to Auditor Includes
As auditor
Expenditure in Foreign Currency
Travelling Expense
Note 25 : EARNING PER EQUITY SHARE
Total operations for the year
Profit/(loss) after tax
Less: Dividends on convertible preference
share & tax thereon
Net profit/(loss) available for equity
shareholders
Weighted average number of equity shares in
calculating basic EPS
3600000
1800000
calculating diluted EPS
Earning Per Share:
(1) Basic.
2.93
2.37
(2) Diluted.
Note 26 : CONTINGENT LIABILITIES
26.1 No provision has been made for gratuity as no employee has yet completed the years in service for the entitlement of the benefits.
26.2 No provision has been made for leave encahsment as the quantum of the liability is not reasonably ascertainable due to the availability of leave encashment benefit and availment of leave any time during the service period of the employees.
Note 9 : FIXED ASSET - Depreciation and Amortization Expenses
DEPRECIATION CALCULATION AS PER COMPANIES ACT 2013 ON WDV BASIS In Rupees
DESCRIPTION
RATE
GROSS BLOCK
ACCUMULATED DEPRECIATION
NET BLOCK
As at 1st April 2017
Additions
Disposals / Adjustments/ Retirals
As at 31st Mar 2018
Depreciation / Amortization Expenses For the year
Impairment losses recognized/ (reversed) in Statement of Profit & Loss
Eliminated on disposa Retiral of assets/ Adjustmer
Transition / adjustment recorded against Surplus balance in Statement of Profit & Loss
W.D.V Current Year
W.D.V Previous Year
VEHICLE
Maruti Alto Lxi-An4csf
52.71%
332,195
320,980
5,911
326,891
5,304
11,215
Honda City Car
31.23%
706,619
220,708
151,750
372,458
334,161
485,911
PLANT & MACHINERY
Plant & Machinery
28.31%
33,104,760
28,515,688
1,299,166
29,814,854
3,289,906
4,589,072
18.10%
28,649,750
2,862,825
25,786,925
Electric Installation
799,296
776,461
12,036
788,497
10,799
22,835
LAND & BUILDING
Land at Mamsa Plot No.3
437,278
Land at Vartej Plot No. 19
374,186
Factory Building Plot No.3
11.73%
7,926,250
4,710,726
377,181
5,087,907
2,838,343
3,215,524
Office Building.
5.42%
2,517,500
1,030,460
80,598
1,111,058
1,406,442
1,487,040
OFFICE EQUIPMENT
Office Equipment
145,300
145,090
210
Computer & Printer
63.16%
557,315
41,637
598,952
554,928
6,574
561,502
37,450
2,387
Mobile
61,599
56,704
2,580
59,284
2,315
4,895
Led TV 32" (vldeocon)
17,000
15,571
753
16,324
676
1,429
Air Conditioner
50,300
47,190
1,639
48,829
1,471
3,110
Furniture and Fixtures
28,200
26,245
1,030
27,275
925
1,955
47,057,798
28,691,387
75,749,185
36,420,751
4,802,045
41,222,796
34,526,389
10,637,047
Previous Year
46,351,179
33,775,724
2,645,027
12,575,455
Note: We have considered the put to use date as 1st day of next month after the purchase month in case of plant & Machinery and the depreciation is calculated based on this assumption.