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
|
|
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
|
|
|
|
|
| |
Equity shares of Rs. 10 each with Voting rights
|
3,600,000
|
36,000,000
|
1,800,000
|
18,000,000
|
|
(c)
|
Called Up & Paid Up Share Capital
|
|
|
|
|
| |
Equity shares of Rs. 10 each with Voting rights
|
3,600,000
|
36,000,000
|
1,800,000
|
18,000,000
|
| |
|
|
36,000,000
|
|
18,000,000
|
(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
|
1,800,000
|
1,800,000
|
3,600,000
|
|
- Amount
|
18,000,000
|
18,000,000
|
36,000,000
|
|
Year ended 31 March 2017
|
|
|
|
|
- No. Of shares
|
1,800,000
|
-
|
1,800,000
|
|
- Amount
|
18,000,000
|
-
|
18,000,000
|
During the year company has a Noted 1:1 bonus shares on 27.10.2017
|
Class of Shares / Name of Shareholder
|
As at 31.03.2018
|
As at 31.03.2017
|
| |
Number of Shares Held
|
% of Holding in that class of shares
|
Number of Shares Held
|
o/o of Holding in that class of shares
|
|
Equity Shares with Voting Rights
|
|
|
|
|
|
Narottambhai Grodhanbhai Sarvaiya
|
400,000
|
11.11%
|
200,000
|
11.11%
|
|
Yogeshbhai Devjibhai Makwana
|
300,000
|
8.33%
|
150,000
|
8.33%
|
|
Smt.Sheebaben Yogeshbhai Makwana
|
300,000
|
8.33%
|
150,000
|
8.33%
|
|
Naginbhai Devjibhai Makwana
|
793,964
|
22.05%
|
396,982
|
22.05%
|
|
Trambak D. Makwana
|
206,000
|
5.72%
|
103,000
|
5.72%
|
|
Bharat Dilipbhai Makwana
|
0
|
0.00%
|
100,000
|
5.56%
|
|
Bharatiben Naginbhai Makwana
|
200,000
|
5.56%
|
100,000
|
5.56%
|
|
Devjibhai Premjibhai Makwana-Huf
|
200,000
|
5.56%
|
100,000
|
5.56%
|
|
Sunil Devjibhai Makwana
|
800,036
|
22.22%
|
300,000
|
16.67%
|
|
Champaben Devjibhai Makwana
|
200,000
|
5.56%
|
100,000
|
5.56%
|
|
Devjibhai Premjibhai Makwana
|
200,000
|
5.56%
|
100,000
|
5.56%
|
(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:
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
Note 3 : RESERVES & SURPLUS
|
|
|
|
(a) General Reserve
|
|
|
|
Capital Redemption Reserves
|
|
|
|
Opening Balance as per last Financial Statements
|
1,000,000
|
1,000,000
|
|
Add:During The Year
|
|
-
|
|
Closing Balance
|
1,000,000
|
1,000,000
|
|
(b) Surplus in Statement of Profit & Loss
|
|
|
|
Opening Balance
|
22,263,218
|
18,004,075
|
|
Add : Profit for the Year
|
10,552,712
|
4,259,144
|
| |
32,815,930
|
22,263,218
|
|
Less :
|
-
|
-
|
|
Proposed Dividend
|
|
|
|
Tax on Dividend
|
|
|
|
Bonus Share
|
18,000,000
|
|
|
Closing Balance
|
14,815,930
|
22,263,218
|
| |
|
|
|
TOTAL
|
15,815,930
|
23,263,218
|
| |
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
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
|
|
|
|
Months from the date of sanction].
|
|
|
|
From Others
|
|
|
|
Maganbhai L. Chavda
|
102,910
|
102,910
|
|
Less:
|
|
|
|
Current Maturity of Long Term Debt
|
(3,385,828)
|
(109,739)
|
|
TOTAL
|
18,512,061
|
563,785
|
|
Note 5 : SHORT-TERM BORROWINGS
|
|
|
|
Loan Repayable on Demand
|
|
|
|
From Bank
|
|
|
|
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
|
-
|
-
|
|
TOTAL
|
28,218,194
|
7,856,975
|
| |
|
As at 31.03.2018
|
As at 31.03.2017
|
|
Note 6 :
|
TRADE PAYABLES
Trade Payables
|
34,103,543
|
2,643,647
|
| |
TOTAL
|
34,103,543
|
2,643,647
|
|
Note 7 :
|
OTHER CURRENT LIABILITIES
|
|
|
| |
Current Maturity of Long Term Debt
|
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
|
| |
TOTAL
|
15,940,616
|
24,268,979
|
|
Note 8 :
|
SHORT TERM PROVISIONS
|
|
|
| |
Others:
|
|
|
| |
Provisions For Income Tax
|
4,546,580
|
2,054,900
|
| |
TOTAL
|
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
|
|
|
| |
Secured, Considered Good
|
1,694,462
|
1,694,376
|
| |
Doubtful
|
-
|
-
|
| |
|
1,694,462
|
1,694,376
|
| |
Loans and advances to related parties
|
_
|
21,293,692
|
| |
Other Loans and advances
|
|
60,965
|
| |
TOTAL
|
1,694,462
|
23,049,033
|
|
Note 11:
|
DEFERRED TAX ASSETS
|
|
|
| |
Opening Balance
|
945,261
|
801,845
|
| |
ADD Created During The Year
|
|
143,416
|
| |
LESS Reversal of Deferred Tax Assets
|
187,144
|
-
|
| |
TOTAL
|
758,117
|
945,261
|
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
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
|
-
|
-
|
|
TOTAL
|
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
|
|
|
|
Secured, Considered Good
|
4,354,204
|
7,916,064
|
|
Unsecured, Considered Good
|
-
|
-
|
|
Doubtful
|
-
|
-
|
|
Out Standing for More than Six Months
|
|
|
|
Secured, Considered Good
|
78,386,029
|
10,030,111
|
|
Unsecured, Considered Good
|
-
|
-
|
|
Doubtful
|
-
|
-
|
|
TOTAL
|
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
|
|
Security Deposits
|
|
-
|
| |
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
|
69,317
|
| |
|
TOTAL
|
5,496,736
|
4,606,472
|
|
Note 15 : SHORT TERM LOANS AND ADVANCES
|
|
|
|
Loans and Advances to Ralated Parties
|
|
|
|
Secured, Considered Good
|
|
-
|
|
Unsecured, Considered Good
|
|
-
|
|
Doubtful
|
|
-
|
|
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
|
|
TOTAL
|
917,197
|
7,654,524
|
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
Note 16: OTHER CURRENT ASSETS
|
|
|
|
Prepaid Expenses
|
686,840
|
83,951
|
|
Balance with Revenue Authorities
|
10,334,963
|
1,976,114
|
|
Other Current Assets
|
-
|
-
|
|
TOTAL
|
11,021,803
|
2,060,065
|
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
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
|
222,511,077
|
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
|
|
TOTAL
|
222,011,077
|
184,201,677
|
|
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
|
|
TOTAL
|
1,029,267
|
219,813
|
|
Note 19 : COST OF MATERIAL CONSUMED
|
|
|
|
Consumption of Raw Material
|
|
|
|
Inventory at the beginning of the year
|
3,102,078
|
-
|
|
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
|
|
|
|
Inventory at the beginning of the year
|
-
|
109,230
|
|
Add: Purchases
|
1,462,339
|
60,368
|
|
Less: Inventory at the end of the year
|
-
|
-
|
|
Consumption of Consumable Stores (b)
|
1,462,339
|
169,598
|
|
TOTAL
|
96,347,892
|
117,808,332
|
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
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)
|
|
TOTAL
|
59,705,898
|
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
|
12,263,637
|
8,650,849
|
|
- Semi-Finished Goods
|
|
|
|
- Trading Goods
|
|
|
|
Inventories at the beginning of the Year
|
|
|
|
- Finished Goods
|
8,650,849
|
11,147,372
|
|
- Semi-Finished Goods
|
|
|
|
- Trading Goods
|
|
|
|
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
|
-
|
-
|
|
Others
|
-
|
-
|
|
TOTAL
|
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
|
1,538
|
438,561
|
|
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
|
|
TOTAL
|
3,652,590
|
985,571
|
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
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
|
150,000
|
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
|
|
TOTAL
|
23,411,064
|
20,903,226
|
|
Payment to Auditor Includes
|
|
|
|
As auditor
|
150,000
|
29,000
|
|
Expenditure in Foreign Currency
|
|
|
|
Travelling Expense
|
-
|
-
|
| |
As at 31.03.2018
|
As at 31.03.2017
|
|
Note 25 : EARNING PER EQUITY SHARE
|
|
|
|
Total operations for the year
|
|
|
|
Profit/(loss) after tax
|
10,552,712
|
4,259,144
|
|
Less: Dividends on convertible preference
|
|
|
|
share & tax thereon
|
|
0
|
|
Net profit/(loss) available for equity
|
|
|
|
shareholders
|
10,552,712
|
4,259,144
|
|
Weighted average number of equity shares in
|
|
|
|
calculating basic EPS
|
3600000
|
1800000
|
|
Weighted average number of equity shares in
|
|
|
|
calculating diluted EPS
|
3600000
|
1800000
|
|
Earning Per Share:
|
|
|
|
(1) Basic.
|
2.93
|
2.37
|
|
(2) Diluted.
|
2.93
|
2.37
|
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
|
As at 1st April 2017
|
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
|
As at 31st Mar 2018
|
W.D.V Current Year
|
W.D.V Previous Year
|
|
VEHICLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maruti Alto Lxi-An4csf
|
52.71%
|
332,195
|
-
|
-
|
332,195
|
320,980
|
5,911
|
-
|
-
|
-
|
326,891
|
5,304
|
11,215
|
|
Honda City Car
|
31.23%
|
706,619
|
-
|
-
|
706,619
|
220,708
|
151,750
|
-
|
-
|
-
|
372,458
|
334,161
|
485,911
|
|
PLANT & MACHINERY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant & Machinery
|
28.31%
|
33,104,760
|
-
|
-
|
33,104,760
|
28,515,688
|
1,299,166
|
-
|
-
|
-
|
29,814,854
|
3,289,906
|
4,589,072
|
|
Plant & Machinery
|
18.10%
|
-
|
28,649,750
|
-
|
28,649,750
|
-
|
2,862,825
|
-
|
-
|
-
|
2,862,825
|
25,786,925
|
-
|
|
Electric Installation
|
52.71%
|
799,296
|
-
|
-
|
799,296
|
776,461
|
12,036
|
-
|
-
|
-
|
788,497
|
10,799
|
22,835
|
|
LAND & BUILDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land at Mamsa Plot No.3
|
0.00%
|
437,278
|
-
|
-
|
437,278
|
-
|
-
|
-
|
-
|
-
|
-
|
437,278
|
437,278
|
|
Land at Vartej Plot No. 19
|
0.00%
|
374,186
|
-
|
-
|
374,186
|
-
|
-
|
-
|
-
|
-
|
-
|
374,186
|
374,186
|
|
Factory Building Plot No.3
|
11.73%
|
7,926,250
|
-
|
-
|
7,926,250
|
4,710,726
|
377,181
|
-
|
-
|
-
|
5,087,907
|
2,838,343
|
3,215,524
|
|
Office Building.
|
5.42%
|
2,517,500
|
-
|
-
|
2,517,500
|
1,030,460
|
80,598
|
-
|
-
|
-
|
1,111,058
|
1,406,442
|
1,487,040
|
|
OFFICE EQUIPMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Equipment
|
0.00%
|
145,300
|
-
|
-
|
145,300
|
145,090
|
-
|
-
|
-
|
-
|
145,090
|
210
|
210
|
|
Computer & Printer
|
63.16%
|
557,315
|
41,637
|
-
|
598,952
|
554,928
|
6,574
|
-
|
-
|
-
|
561,502
|
37,450
|
2,387
|
|
Mobile
|
52.71%
|
61,599
|
-
|
-
|
61,599
|
56,704
|
2,580
|
-
|
-
|
-
|
59,284
|
2,315
|
4,895
|
|
Led TV 32" (vldeocon)
|
52.71%
|
17,000
|
-
|
-
|
17,000
|
15,571
|
753
|
-
|
-
|
-
|
16,324
|
676
|
1,429
|
|
Air Conditioner
|
52.71%
|
50,300
|
-
|
-
|
50,300
|
47,190
|
1,639
|
-
|
-
|
-
|
48,829
|
1,471
|
3,110
|
|
Furniture and Fixtures
|
52.71%
|
28,200
|
-
|
-
|
28,200
|
26,245
|
1,030
|
-
|
-
|
-
|
27,275
|
925
|
1,955
|
|
TOTAL
|
|
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
|
706,619
|
-
|
47,057,798
|
33,775,724
|
2,645,027
|
-
|
-
|
-
|
36,420,751
|
10,637,047
|
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.
|