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NOTES TO ACCOUNTS

Akshar Spintex Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 28.02 Cr. P/BV 0.69 Book Value (₹) 16.30
52 Week High/Low (₹) 26/10 FV/ML 10/3000 P/E(X) 12.50
Bookclosure 28/09/2018 EPS (₹) 0.90 Div Yield (%) 0.00
Year End :2018-03 

25.1 Notes

Power and fuel expense is net of power subsidy recognized of Rs. 1 ,42,77,980 (P. Y. Rs. 1 ,44,76,589)

26. Earnings per share

Particulars

Period ended March 31, 2018

Period ended March 31, 2017

Net profit/(loss) for basic EPS calculation

85,497,109

25,780,290

Weighted average no. of equity shares for basic EPS calculation

24,000,000

24,000,000

Basic EPS

3.56

1.07

Diluted EPS

3.56

1.07

27.

Particulars

Period ended March 31, 2018

Period ended March 31, 2017

Amount in Rs.

%

Amount in Rs.

%

Materials consumed

Indigenous

690,494,669

100.00%

664,389,170

100.00%

690,494,669

100.00%

664,389,170

100.00%

Stores and spares consumed

Indigenous

4,470,019

100.00%

511,150

100.00%

4,470,019

100.00%

511,150

100.00%

28. Disclosures as required by the Micro, Small and Medium Enterprises Development Act, 2006 are as under

The Company has requested its suppliers to give information about their status as Micro, Small or Medium Enterprises as defined under the MSMED Act, 2006. In absence of this information, the Company is unable to provide the details regarding the over dues to such enterprises.

29. Related party transactions

1. List of related parties

Other related parties where common control exists

A. Patel Alloys# Tricot Impex Pvt Ltd#

Key Management Personnel ("KMP") and their relatives Whole-time directors ("WTDs")/Executive directors etc.

Ashokbhai Bhalala

Amitbhai Gadhiya

Harikrishna Chauhan

llaben Paghadar Relative of WTDs/Executive directors

Chetnaben Bhalala

Harikrishna Chauhan HUF

Rekhaben Harikrishna Chauhan

Ashokbhai Bhalala HUF

Pooja Amitbhai Gadhiya Other KMPs and their relatives

Pratik Raiyani

Ankita Popat

Prakahkumar Sorathia

Rajdeep Patel

Rekhaben Chauhan

Manojbhai Baldha

Paresh Bhalala

Pravin Bhalala

Jalpaben Bhalala

Kantaben Gadhiya

Manubhai Gajera

Narmadaben Chauhan

Nayan Gadhiya

Nipaben Sorathiya

Pareshbhai Jethva

Pareshbhai Bhalala HUF

Pravinaben Gohil

Pravinbhai Bhalala HUF

Sarojben Bhalala

Shukanbhai Bhalala HUF

Sonal Sorathia

Abhishek Patel

Dineshbhai Paghadar

Shukanbhai Bhalala

# There are no transactions during the year with the above entities

2. Details of transactions with related parties

5

(in Rs.)

Details of transactions

Subsidiaries/JCEs/Asso./ Controlling Co./lntermediates

Other related parties

Key Management Personnel and relatives

Total

2018

2017

2018

2017

2018

2017

2018

2017

Rent paid

Rekhaben Chauhan

-

-

-

-

180,000

180,000

180,000

180,000

Sonalben Sorathiya

-

-

-

-

180,000

180,000

180,000

180,000

Interest paid

Rekhaben Chauhan

-

-

-

-

525,679

884,908

525,679

884,908

Pareshbhai Jethva

-

-

-

-

20,186

9,838

20,186

9,838

Pareshbhai Bhalala

-

-

-

-

139,416

251,031

139,416

251,031

Pareshbhai Bhalala HUF

-

-

-

-

70,929

109,312

70,929

109,312

Poojaben Gadhiya

-

-

-

-

107,622

193,783

107,622

193,783

Prakash Sorathia

-

-

-

-

85,700

259,308

85,700

259,308

Pravinaben Gohil

-

-

-

-

7,707

9,122

7,707

9,122

Pravinbhai Bhalala

-

-

-

-

62,21 1

112,017

62,211

112,017

Pravinbhai Bhalala HUF

-

-

-

-

82,699

131,425

82,699

131,425

Rajdeepbhai Jala

-

-

-

-

-

814,582

-

814,582

Sarojben Bhalala

-

-

-

-

72,358

106,988

72,358

106,988

Shukanbhai Bhalala HUF

-

-

-

-

76,041

207,364

76,041

207,364

Shukanbhai Bhalala

-

-

-

-

64,123

20,647

64,123

20,647

Abhishek Tala (Patel)

-

-

-

-

-

19,070

-

19,070

Amitbhai Gadhiya

-

-

-

-

533,288

1,027,185

533,288

1,027,185

Ashokbhai Bhalala

-

-

-

-

393,778

808,045

393,778

808,045

Ashokbhai Bhalala HUF

-

-

-

-

118,342

313,721

118,342

313,721

Chetnaben Bhalala

-

-

-

-

140,493

144,351

140,493

144,351

Harikrishna Chauhan

-

-

-

-

116,257

2,493

116,257

2,493

Harikrishna Chauhan HUF

-

-

-

-

95,073

2,361

95,073

2,361

Jalpaben Bhalala

-

-

-

-

84,402

151,973

84,402

151,973

Kantaben Gadhiya

-

-

-

-

126,383

232,004

126,383

232,004

Manojbhai Baldha

-

-

-

-

185,700

101,589

185,700

101,589

Narmadaben Chauhan

-

-

-

-

2,260

4,359

2,260

4,359

Nayanbhai Gadhiya

-

-

-

-

71,700

135,060

71,700

135,060

Nipaben Sorathiya

-

-

-

-

156,365

284,669

156,365

284,669

Manubhai Gajera

-

-

-

-

28,033

50,475

28,033

50,475

Sonalben Sorathiya

-

-

-

-

50,753

92,142

50,753

92,142

Other income/expense transactions with

related parties

Pareshbhai Jethva

481,200

201,000

481,200

201,000

Sarojben Bhalala

605,000

-

605,000

-

Shukanbhai Bhalala

605,000

-

605,000

-

Abhishek Tala (Patel)

225,000

-

225,000

-

Chetnaben Bhalala

605,000

-

605,000

-

llaben Paghdar

-

200,000

-

200,000

Jalpaben Bhalala

605,000

-

605,000

-

Pratik Raiyani

-

252,000

-

252,000

Poojaben Gadhiya

412,500

-

412,500

-

Pareshbhai Bhalala

200,000

-

200,000

-

Pravinaben Gohil

481,200

201,000

481,200

201,000

Rekhaben Chauhan

200,000

-

200,000

-

Gordhanbhai Gadhiya

300,000

-

300,000

-

Remuneration to KMPs

Rekhaben Chauhan

885,000

240,000

885,000

240,000

Ankita Popat

68,000

-

68,000

-

Pratik Raiyani

308,000

-

308,000

-

llaben Paghdar

650,000

150,500

650,000

150,500

Ashokbhai Bhalala

1,285,000

240,000

1,285,000

240,000

Amitbhai Gadhiya

997,500

240,000

997,500

240,000

Pareshbhai Bhalala

675,000

150,000

675,000

150,000

Manojbhai Baldha

750,000

150,000

750,000

150,000

Harikrishna Chauhan

1,375,000

150,000

1,375,000

150,000

Pravinbhai Bhalala

675,000

150,000

675,000

150,000

Rajdeepbhai Tala

622,500

240,000

622,500

240,000

(in Rs.)

Account balances

Subsidiaries/JCEs/Asso./ Controlling Co./lntermediates

Other related parties

Key Management Personnel and relatives

Total

2018

2017

2018

2017

2018

2017

2018

2017

Loans from related parties

Rekhaben Chauhan

-

-

-

-

8,188,990

8,188,990

8,188,990

8,188,990

Pareshbhai Jethva

-

-

-

-

-

89,692

-

89,692

Pareshbhai Bhalala

-

-

-

-

2,323,601

2,323,601

2,323,601

2,323,601

Pareshbhai Bhalala HUF

-

-

-

-

1,182,143

1,182,143

1,182,143

1,182,143

Poojaben Gadhiya

-

-

-

-

1,793,696

1,793,696

1,793,696

1,793,696

Prakash Sorathia

-

-

-

-

-

1,444,170

-

1,444,170

Pravinaben Gohil

-

-

-

-

-

86,062

-

86,062

Pravinbhai Bhalala

-

-

-

-

1,036,851

1,036,851

1,036,851

1,036,851

Pravinbhai Bhalala HUF

-

-

-

-

1,378,316

1,378,316

1,378,316

1,378,316

Rajdeepbhai Tala

-

-

-

-

3,539,953

7,539,953

3,539,953

7,539,953

Sarojben Bhalala

-

-

-

-

1,205,966

1,205,966

1,205,966

1,205,966

Shukanbhai Bhalala HUF

-

-

-

-

1,219,409

1,919,409

1,219,409

1,919,409

Shukanbhai Bhalala

-

-

-

-

1,118,582

418,582

1,118,582

418,582

Abhishek Tala (Patel)

-

-

-

-

176,517

176,517

176,517

176,517

Amitbhai Gadhiya

-

-

-

-

6,008,687

9,508,687

6,008,687

9,508,687

Ashokbhai Bhalala

-

-

-

-

6,562,967

6,562,967

6,562,967

6,562,967

Ashokbhai Bhalala HUF

-

-

-

-

1,903,877

2,903,877

1,903,877

2,903,877

Chetnaben Bhalala

-

-

-

-

2,412,792

1,412,792

2,412,792

1,412,792

Harikrishna Chauhan

-

-

-

-

-

22,498

-

22,498

Harikrishna Chauhan HUF

-

-

-

-

-

22,087

-

22,087

Jalpaben Bhalala

-

-

-

-

1,406,701

1,406,701

1,406,701

1,406,701

Kantaben Gadhiya

-

-

-

-

1,147,457

2,147,486

1,147,457

2,147,486

Manojbhai Baldha

-

-

-

-

-

1,891,430

-

1,891,430

Narmadaben Chauhan

-

-

-

-

-

39,407

-

39,407

Nayanbhai Gadhiya

-

-

-

-

1,195,007

1,195,007

1,195,007

1,195,007

Nipaben Sorathiya

-

-

-

-

-

2,634,962

-

2,634,962

Manubhai Gajera

-

-

-

-

467,211

467,211

467,21 1

467,211

Sonalben Sorathiya

-

-

-

-

-

852,891

-

852,891

Remuneration payable to KMPs

Rekhaben Chauhan

-

-

-

-

-

90,000

-

90,000

llaben Paghdar

-

-

-

-

-

500

-

500

Ashokbhai Bhalala

-

-

-

-

-

90,000

-

90,000

Amitbhai Gadhiya

-

-

-

-

-

90,000

-

90,000

Rajdeepbhai Tala

-

-

-

-

-

90,000

-

90,000

Trade receivables

A. Patel Alloys

-

-

-

3,900,078

-

-

-

3,900,078

Account balances

Subsidiaries/JCEs/Asso./ Controlling Co./lntermediates

Other related parties

Key Management Personnel and relatives

Total

2018

2017

2018

2017

2018

2017

2018

2017

Other balances- Interest Payable

Rekhaben Chauhan

-

-

-

-

473,111

-

473,111

-

Ashokbhai Bhalala HUF

-

-

-

-

106,508

-

106,508

-

Chetnaben Bhalala

-

-

-

-

126,444

-

126,444

-

Jalpaben Bhalala

-

-

-

-

75,962

-

75,962

-

Kantaben Gadhiya

-

-

-

-

113,745

-

113,745

-

Nayanbhai Gadhiya

-

-

-

-

64,530

-

64,530

-

Manubhai Gajera

-

-

-

-

25,230

-

25,230

-

Sonalben Sorathiya

-

-

-

-

65,122

-

65,122

-

Pareshbhai Bhalala

-

-

-

-

125,474

-

125,474

-

Pareshbhai Bhalala HUF

-

-

-

-

63,836

-

63,836

-

Poojaben Gadhiya

-

-

-

-

96,860

-

96,860

-

Pravinbhai Bhalala

-

-

-

-

55,990

-

55,990

-

Pravinbhai Bhalala HUF

-

-

-

-

74,429

-

74,429

-

Shukanbhai Bhalala HUF

-

-

-

-

68,437

-

68,437

-

Shukanbhai Bhalala

-

-

-

-

57,711

-

57,71 1

-

Amitbhai Gadhiya

-

-

-

-

479,959

-

479,959

-

Ashokbhai Bhalala

-

-

-

-

354,400

-

354,400

-

30. Employee benefits

The Company has one scheme for long-term benefit - Gratuity. In case of funded schemes, the funds are recognized by the Income tax authorities and administered through trustees. The Company's defined contribution plans are Provident Fund (in case of certain employees), Employees State Insurance Fund. The Company has no further obligation beyond making the contributions to such plans. The Company's defined benefit plans include Gratuity only.

30.1 Change in defined benefit obligation

Particulars

Period ended Amount in Rs.

March 31, 2018 Amount in Rs.

Period ended Amount in Rs.

March 31, 201 7 Amount in Rs.

Gratuity (Non-funded)

Current service cost

1,314,368

_

Interest cost

46,164

_

Actuarial (gain)/loss

(79,128)

-

Past service cost

3,607

-

Present value of defined benefit obligation as at the end of the period

1,285,011

-

1. Current service cost includes prior period expenditure of Rs. 6,85,130 on recognition of gratuity liability during the current reporting period.

30.2 Changes in fair value of plan assets

Particulars

Period ended March 31, 2018

Period ended

March 31, 2017

Amount in Rs.

Amount in Rs.

Amount in Rs.

Amount in Rs.

Gratuity (Non-funded)

Fair value of plan assets as at the end of the period

30.3 Reconciliation of present value of defined benefit obligation and fair value of plan assets

Particulars

As at March 31, 2018

As at March 31, 2017

Amount in Rs.

Amount in Rs.

Amount in Rs.

Amount in Rs.

Gratuity (Non-funded)

Present value of funded obligation as at the end of the year

1,285,011

.

Unfunded liability/(assets) recognised in the balance sheet

1,285,011

-

30.4 Reconciliation of present value of defined benefit obligation and fair value of plan assets

Particulars

As at March 31, 2018

As at March 31, 2017

Amount in Rs.

Amount in Rs.

Amount in Rs.

Amount in Rs.

Gratuity (Non-funded)

Current service cost

1,314,368

-

Interest cost

46,164

_

Net actuarial (gain)/loss

(79,128)

-

Past service cost

3,607

-

Total expense/(income) recognised in the Statement of Profit and Loss

1,285,011

-

30.5 Actual return on plan assets

Particulars

As at March 31, 2018

As at March 31, 2017

Amount in Rs.

Amount in Rs.

Amount in Rs.

Amount in Rs.

Gratuity (Non-funded)

Actual return on plan assets

-

-

30.6 Major category of plan assets

Particulars Gratuity (Non-funded)

As at March 31, 2018

As at March 31, 2017

Total

0.00%

0.00%

30.7 Principal actuarial assumptions used

Particulars Gratuity (Non-funded)

As at March 31, 2018

As at March 31, 2017

Discount rate (per annum)

7.30%

0.00%

Expected rate of return on plan assets

Not Applicable

Not Applicable

Expected rate of increase in salaries

7.00%

0.00%

Medical cost trend rates

Not Applicable

Not Applicable

30.10 Contribution to defined contribution plans

Particulars

Period ended March 31, 2018

Period ended March 31, 2017

Amount in Rs.

Amount in Rs.

Amount in Rs.

Amount in Rs.

Provident Fund

658,336

584,029

Total

658,336

584,029

31. Other Notes

1. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

2. The Company has not conducted any transactions in foreign currency during the reporting period.

Signature to note 1 to 31 of the financial statements.

For, H. B. Kalaria & Associates

For and on behalf of the Board of Directors,

Chartered Accountants

Firm Registration No. 104571 W

Ashokbhai Bhalala

Harikrishna Chauhan

Managing Director

Director

DIN: 020031 97

DIN: 07710106

Hasmukh B. Kalaria

Pratik Raiyani

Ankita Popat

Partner

CFO

CS

Mem. No. 042002

Rajkot, July 14, 2018

Haripar, July 14, 2018

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