Professional Documents
Culture Documents
Details of shareholding pattern of directors and key managerial personnel [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Directors and key managerial personnel [Axis] HARI PRASAD SHARMA SANJAY GUPTA
Cumulative
Shareholding at
Shareholding at beginning of year shareholding
Change in shareholding [Axis] beginning of year
[Member] during year
[Member]
[Member]
01/04/2016 01/04/2016 01/04/2016
to 31/03/2016 to to
31/03/2017 31/03/2017 31/03/2017
[shares]
Total number of shares held at end of period 15,50,000
[shares] 1,65,000 [shares] 19,34,000
Details of shareholding pattern of directors and key managerial personnel [Table] ..(2)
Unless otherwise specified, all monetary values are in INR
Directors and key managerial personnel [Axis] SANJAY GUPTA
Cumulative
Shareholding at
shareholding
Change in shareholding [Axis] beginning of year
during year
[Member]
[Member]
01/04/2016
31/03/2016 to
31/03/2017
Total number of shares held at end of period [shares] 19,34,000
Percentage of total shares held at end of period 40.29%
Total number of shares held at end of period [shares] 19,34,000
Percentage of total shares held at end of period 40.29%
Total number of shares held at end of period [shares] 19,34,000
Percentage of total shares held at end of period 40.29%
Total number of shares held at end of period [shares] 19,34,000
Percentage of total shares held at end of period 40.29%
Details of shareholding pattern of directors and key managerial personnel [Abstract]
Details of shareholding pattern of directors and key managerial personnel
[LineItems]
Name of directors and key managerial personnel SANJAY GUPTA
Total number of shares held at end of period [shares] 19,34,000
Percentage of total shares held at end of period 40.29%
2
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
3
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
4
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
6
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details regarding adequacy of internal financial controls with Textual information (18)
reference to financial statements [TextBlock] [See below]
Disclosure of contents of corporate social responsibility policy Textual information (19)
[TextBlock] [See below]
7
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
To
The Members
The Directors take pleasure in presenting the 7th Annual Report together with the Audited Statement of Accounts for the year ended on 31st
March, 2017.
1. FINANCIAL PERFORMANCE
Standalone
31/03/2017 31/03/2016
Provision for Income Tax (including for earlier years) 1,30,01,742 389739
8
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
2. DIVIDEND
Your Directors have not recommended any dividend in respect of Equity Shares.
3. SHARE CAPITAL
As on 31st March, 2017, the issued, subscribed and paid up equity share capital of your Company stood as under:
The company has not issued equity shares during the financial year.
3.2 Deposits
The Company has not accepted deposits from public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies
(Acceptance of Deposits) Rules, 2014.
During the year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going
concern status and companys operations in future.
9
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the
Company.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process heads undertake corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
The company is not neither a subsidiary/joint venture / associate of any Company nor have any Subsidiary/joint venture / associates during
the financial year.
In accordance with the provisions of Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, regarding
conservation of energy, this is to state that the Company has not undertaken any specific measure to conserve energy. The Company has also
not undertaken any research and development programme; as such no comment is made on technology absorption.
There has been no change in the Board of Directors during the year.
Dates on which the Board meetings were held Total strength of the Board No. of Directors Present
06/05/2016 4 4
21/07/2016 4 4
04/08//2016 4 4
02/09/2016 4 4
10
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
22/10/2016 4 4
19/12/2016 4 4
07/02/2017 4 4
16/03/2017 4 4
10. AUDITORS
In the last AGM held on 15.09.2014, M/s. Ashok Kumar Duggar& Associates, Chartered Accountants have been appointed Statutory
Auditors of the Company for a period of five years. Ratification of appointment of Statutory Auditors is being sought from the members of
the Company at the ensuing AGM.
Further, the report of the Statutory Auditors along with notes to Schedules is enclosed to this report. The observations made in the Auditors
Report are self-explanatory and therefore do not call for any further comments.
Pursuant to section 92(3) of the Companies Act, 2013 (the Act) and rule 12(1) of the Companies (Management and Administration) Rules,
2014, extract of annual return in Form MGT-9 is annexed herewith as Annexure I.
In accordance with the provisions of Section 186 of the Companies Act, 2013, regarding Loan, Guarantee and Investment by the Company,
this is to state that the Company has not given any Loan or provided any Guarantee or made Investment to any person or body corporate.
Hence, the said provision is not applicable.
11
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
There are related party transactions entered into during the financial year. The particulars of contracts or arrangements referred to in
Section 188(1) of the Companies Act, 2013, with related parties and as mentioned in form AOC-2 of the Rules prescribed under Chapter IX
under the Companies Act, 2013, is annexed herewith and forms part of this report. (ANNEXURE II)
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of
the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
15. ACKNOWLEDGEMENT
Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and
co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. customers, members,
dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on
record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the
Company.
12
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
13
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Registered Office:
------------------------------
Annexure - I
Of
[Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
14
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
CIN U25209RJ2010PTC033053
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
HOLDING/
% OF APPLICABLE
Sl No Name & Address of the Company CIN/GLN SUBSIDIARY/
SHARES HELD SECTION
ASSOCIATE
1 NONE
15
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
%
No. of Shares
No. of Shares held change
held at the
Category of Shareholders at the beginning of during
end of the
the year the
year
year
% of % of
Demat Physical Total Total Demat Physical Total Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF NIL 3,484,000 3,484,000 72.58% NIL 3,584,000 3,584,000 74.67% NIL
b) Central Govt. or
NIL NIL NIL NIL NIL NIL NIL NIL NIL
State Govt.
c) Bodies Corporate NIL 1,316,000 1,316,000 27.42% NIL 1,216,000 1,216,000 25.33% NIL
d) Bank/FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Any other NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL: (A) (1) NIL 4,800,000 4,800,000 100% NIL 4,800,000 4,800,000 100% NIL
(2) Foreign
a) NRI- Individuals NIL NIL NIL NIL NIL NIL NIL NIL NIL
16
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
b) Other Individuals NIL NIL NIL NIL NIL NIL NIL NIL NIL
c) Bodies Corp. NIL NIL NIL NIL NIL NIL NIL NIL NIL
d) Banks/FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Any other NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL (A)(2) NIL NIL NIL NIL NIL NIL NIL NIL NIL
B.NON PROMOTERS
SHAREHOLDING
(1) Institutions
a) Mutual Funds NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Banks/FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
C) Centralgovt NIL NIL NIL NIL NIL NIL NIL NIL NIL
d) State Govt. NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Venture Capital Fund NIL NIL NIL NIL NIL NIL NIL NIL NIL
f) Insurance Companies NIL NIL NIL NIL NIL NIL NIL NIL NIL
g) FIIS NIL NIL NIL NIL NIL NIL NIL NIL NIL
h) Foreign Venture
NIL NIL NIL NIL NIL NIL NIL NIL NIL
Capital Funds
i) Others (specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL (B) (1): NIL NIL NIL NIL NIL NIL NIL NIL NIL
a) Bodies corporate NIL NIL NIL NIL NIL NIL NIL NIL NIL
i) Indian NIL NIL NIL NIL NIL NIL NIL NIL NIL
17
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
ii) Overseas NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Individuals
c) Others (specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL (B) (2): NIL NIL NIL NIL NIL NIL NIL NIL NIL
Grand Total (A+B+C) NIL 4,800,000 4,800,000 100% NIL 4,800,000 4,800,000 100% NIL
%
change
In
share
No. of % of total %of Shares Pledged / No. of % of total %of Share Pledged
Shares of the encumbered to total Shares of the /encumbered to total
holding
Shares company shares Shares company shares
during
the
year
Sri Sanjay
1 1,934,000 40.29% NIL 1,934,000 40.29% NIL NIL
Gupta
Sri Hari
18
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
M/s. AMS
3 Fashions Pvt 566,000 11.79% NIL 466,000 09.71% NIL NIL
Ltd
M/s. Sugan
4 Leasing Pvt 750,000 15.63% NIL 750,000 15.63% NIL NIL
Ltd
% of total % of total
No. of Shares shares of the No of shares shares of the
company company
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): NONE
19
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
% of total shares
1 Sri Sanjay Gupta No. of Shares
of the company
Date wise increase/decrease in Share holding during the year specifying the reasons for
NIL NIL
increase/decrease (e.g. allotment/ transfer/ bonus/sweat equity etc)
% of total shares
2 Sri Hari Prasad Sharma No. of Shares
of the company
Date wise increase/decrease in Share holding during the year specifying the reasons for
100,000 2.08%
increase/decrease (e.g. allotment/ transfer/ bonus/sweat equity etc)
V. INDEBTEDNESS:
20
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Unsecured Total
Secured Loans excluding deposits Deposits
Loans Indebtedness
ii) Interest due but not paid NIL NIL NIL NIL
iii) Interest accrued but not due NIL NIL NIL NIL
Indebtedness at the end of the financial year NIL NIL NIL NIL
ii) Interest due but not paid NIL 17,71,200 NIL NIL
iii) Interest accrued but not due NIL NIL NIL NIL
21
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(a) Salary as per provisions contained in section 17(1) of the Income Tax.
18,00,000 NIL NIL 18,00,000
1961.
(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961 NIL NIL NIL NIL
(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961 NIL NIL NIL NIL
(a) Fee for attending Board Committee Meetings NIL NIL NIL NIL
22
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(a) Fee for attending Board Committee Meetings NIL NIL NIL NIL
Key Managerial
Sl.No Particulars of Remuneration
Personnel
Company Total
CEO CFO
Secretary Amount
Gross salary
1 NIL NIL NIL NIL
(a) Salary as per provisions contained in section 17(1) of the Income
Tax. 1961.
(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961 NIL NIL NIL NIL
(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act,
NIL NIL NIL NIL
1961
23
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details of
Section of the Brief Authority Appeal made if any
Type Penalty/Punishment/Compounding
Companies Act Description (RD/NCLT/Court) (give details)
fees imposed
A. COMPANY
B. DIRECTORS
C. OTHER OFFICERS
IN DEFAULT
24
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Registered Office:
------------------------------
25
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Annexure - II
(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of
section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto
------------NIL----------------
26
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Registered Office:
------------------------------
27
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
28
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
There are related party transactions entered into during the financial year. The particulars of contracts or arrangements referred to in Section
188(1) of the Companies Act, 2013, with related parties and as mentioned in form AOC-2 of the Rules prescribed under Chapter IX under the
Companies Act, 2013, is annexed herewith and forms part of this report. (ANNEXURE II)
Details of statement indicating manner in which formal annual evaluation made by board of its performance and
of its committees and individual directors [Text Block]
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of
the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
29
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
Annexure - I
Of
[Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
CIN U25209RJ2010PTC033053
30
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
HOLDING/
% OF APPLICABLE
Sl No Name & Address of the Company CIN/GLN SUBSIDIARY/
SHARES HELD SECTION
ASSOCIATE
1 NONE
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
%
No. of Shares
No. of Shares held change
held at the
Category of Shareholders at the beginning of during
end of the
the year the
year
year
31
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
% of % of
Demat Physical Total Demat Physical Total
Total Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF NIL 3,484,000 3,484,000 72.58% NIL 3,584,000 3,584,000 74.67% NIL
b) Central Govt. or
NIL NIL NIL NIL NIL NIL NIL NIL NIL
State Govt.
c) Bodies Corporate NIL 1,316,000 1,316,000 27.42% NIL 1,216,000 1,216,000 25.33% NIL
d) Bank/FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Any other NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL: (A) (1) NIL 4,800,000 4,800,000 100% NIL 4,800,000 4,800,000 100% NIL
(2) Foreign
a) NRI- Individuals NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Other Individuals NIL NIL NIL NIL NIL NIL NIL NIL NIL
c) Bodies Corp. NIL NIL NIL NIL NIL NIL NIL NIL NIL
d) Banks/FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Any other NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL (A)(2) NIL NIL NIL NIL NIL NIL NIL NIL NIL
B.NON PROMOTERS
SHAREHOLDING
(1) Institutions
a) Mutual Funds NIL NIL NIL NIL NIL NIL NIL NIL NIL
32
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
b) Banks/FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
C) Centralgovt NIL NIL NIL NIL NIL NIL NIL NIL NIL
d) State Govt. NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Venture Capital Fund NIL NIL NIL NIL NIL NIL NIL NIL NIL
f) Insurance Companies NIL NIL NIL NIL NIL NIL NIL NIL NIL
g) FIIS NIL NIL NIL NIL NIL NIL NIL NIL NIL
h) Foreign Venture
NIL NIL NIL NIL NIL NIL NIL NIL NIL
Capital Funds
i) Others (specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL (B) (1): NIL NIL NIL NIL NIL NIL NIL NIL NIL
a) Bodies corporate NIL NIL NIL NIL NIL NIL NIL NIL NIL
i) Indian NIL NIL NIL NIL NIL NIL NIL NIL NIL
ii) Overseas NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Individuals
c) Others (specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
SUB TOTAL (B) (2): NIL NIL NIL NIL NIL NIL NIL NIL NIL
33
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Grand Total (A+B+C) NIL 4,800,000 4,800,000 100% NIL 4,800,000 4,800,000 100% NIL
%
change
In
share
No. of % of total %of Shares Pledged / No. of % of total %of Share Pledged
Shares of the encumbered to total Shares of the /encumbered to total
holding
Shares company shares Shares company shares
during
the
year
Sri Sanjay
1 1,934,000 40.29% NIL 1,934,000 40.29% NIL NIL
Gupta
Sri Hari
2 Prasad 1,550,000 32.29% NIL 1,650,000 34.38% NIL NIL
Sharma
M/s. AMS
3 Fashions Pvt 566,000 11.79% NIL 466,000 09.71% NIL NIL
Ltd
M/s. Sugan
4 Leasing Pvt 750,000 15.63% NIL 750,000 15.63% NIL NIL
Ltd
34
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
% of total % of total
No. of Shares shares of the No of shares shares of the
company company
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): NONE
% of total shares
1 Sri Sanjay Gupta No. of Shares
of the company
Date wise increase/decrease in Share holding during the year specifying the reasons for
NIL NIL
increase/decrease (e.g. allotment/ transfer/ bonus/sweat equity etc)
35
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Date wise increase/decrease in Share holding during the year specifying the reasons for
100,000 2.08%
increase/decrease (e.g. allotment/ transfer/ bonus/sweat equity etc)
V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Unsecured Total
Secured Loans excluding deposits Deposits
Loans Indebtedness
ii) Interest due but not paid NIL NIL NIL NIL
iii) Interest accrued but not due NIL NIL NIL NIL
36
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Indebtedness at the end of the financial year NIL NIL NIL NIL
ii) Interest due but not paid NIL 17,71,200 NIL NIL
iii) Interest accrued but not due NIL NIL NIL NIL
(a) Salary as per provisions contained in section 17(1) of the Income Tax.
18,00,000 NIL NIL 18,00,000
1961.
(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961 NIL NIL NIL NIL
(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961 NIL NIL NIL NIL
37
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(a) Fee for attending Board Committee Meetings NIL NIL NIL NIL
(a) Fee for attending Board Committee Meetings NIL NIL NIL NIL
38
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Key Managerial
Sl.No Particulars of Remuneration
Personnel
Company Total
CEO CFO
Secretary Amount
Gross salary
1 NIL NIL NIL NIL
(a) Salary as per provisions contained in section 17(1) of the Income
Tax. 1961.
(b) Value of perquisites u/s 17(2) of the Income tax Act, 1961 NIL NIL NIL NIL
(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act,
NIL NIL NIL NIL
1961
39
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details of
Section of the Brief Authority Appeal made if any
Type Penalty/Punishment/Compounding
Companies Act Description (RD/NCLT/Court) (give details)
fees imposed
A. COMPANY
B. DIRECTORS
C. OTHER OFFICERS
IN DEFAULT
40
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Registered Office:
------------------------------
Annexure - II
(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies
41
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of
section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto
------------NIL----------------
42
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Registered Office:
------------------------------
Disclosure of statement on declaration given by independent directors under section 149(6) [Text Block]
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of
the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
43
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure for companies covered under section 178(1) on directors appointment and remuneration including
other matters provided under section 178(3) [Text Block]
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of
the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
44
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of statement on development and implementation of risk management policy [Text Block]
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of
the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
45
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Details on policy development and implementation by company on corporate social responsibility initiatives taken
during year [Text Block]
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;
(b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of
the company for that period;
(c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern basis; and
(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
46
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Standalone
31/03/2017 31/03/2016
Provision for Income Tax (including for earlier years) 1,30,01,742 389739
47
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Standalone
31/03/2017 31/03/2016
Provision for Income Tax (including for earlier years) 1,30,01,742 389739
Details regarding adequacy of internal financial controls with reference to financial statements [Text Block]
The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the
Company.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process heads undertake corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
48
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process heads undertake corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
Disclosure of composition of audit committee and non-acceptance of any recommendation of audit committee
along with reasons [Text Block]
The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the
Company.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process heads undertake corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
49
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Auditor's Clause not
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis] favourable remark applicable
[Member] [Member]
01/04/2016 01/04/2016
to to
31/03/2017 31/03/2017
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Textual information
Disclosure in auditors report relating to fixed assets (21) [See below]
Textual information
Disclosure in auditors report relating to inventories (22) [See below]
The company has
not granted any
loans or advances in
the nature of loans
to parties covered in
Disclosure in auditors report relating to loans the register
maintained under
section 189 of the
Companies Act,
2013.
The provisions of
Section 185 and 186
of the Companies
Act, 2013 have been
Disclosure in auditors report relating to compliance with Section 185 and 186 of
complied in respect
Companies Act, 2013 of loans,
investments,
guarantees and
security.
Textual information
Disclosure in auditors report relating to deposits accepted (23) [See below]
Textual information
Disclosure in auditors report relating to maintenance of cost records (24) [See below]
Textual information
Disclosure in auditors report relating to statutory dues [TextBlock] (25) [See below]
Textual information
Disclosure in auditors report relating to default in repayment of financial dues (26) [See below]
Disclosure in auditors report relating to public offer and term loans used for Textual information
purpose for which those were raised (27) [See below]
Disclosure in auditors report relating to fraud by the company or on the Textual information
company by its officers or its employees reported during period (28) [See below]
The Company is a
private company
and therefore,
Section 197 read
with Schedule V of
Disclosure in auditors report relating to managerial remuneration the Companies Act,
2013 is not
applicable. Hence
comments on this
para are not made.
Textual information
Disclosure in auditors report relating to Nidhi Company (29) [See below]
Textual information
Disclosure in auditors report relating to transactions with related parties (30) [See below]
According to the
records of the
company, the
company has not
made any
preferential
Disclosure in auditors report relating to preferential allotment or private
allotment or private
placement of shares or convertible debentures placement of shares
or fully or partly
convertible
debentures during
the year under
review.
50
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
According to the
records of the
company, the
company has not
Disclosure in auditors report relating to non-cash transactions with directors entered into any
or persons connected with him non-cash
transactions with
directors or persons
connected with
them.
As per the
information and
explanations given
to us by the
management, the
Disclosure in auditors report relating to registration under section 45-IA of company is not an
Reserve Bank of India Act, 1934 NBFC and hence
not liable for
registration under
section 45-IA of the
Reserve Bank of
India Act, 1934.
51
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Service Tax and
Cess were outstanding, as at 31st March, 2017 for a period of more than six months from the date they became payable.
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
According to the records of the company, the company has not raised any moneys by way of Initial Public Offer or Further Public Offer. The
term loans have been applied for the purpose for which they were raised.
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on the
company by its officers or employees or any fraud by the company has been noticed or reported during the course of our audit.
52
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
We have audited the accompanying financial statements of SHREE SALASAR POLYFLEX PRIVATE LIMITED (“The Company”) which
comprise the Balance Sheet as at 31st March, 2017 and the Statement of Profit and Loss and the Cash Flow Statement for the year then
ended, and a summary of the significant accounting policies and other explanatory information.
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the
Company in accordance with the Accounting Principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, as applicable.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the rules made thereunder.
53
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An Audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the
Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial
statements.
4001 0811
Opinion
54
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2017 and its profit and cash flows for the year ended on
that date.
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination
of those books.
(c) The Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with
the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, as
applicable.
(e) On the basis of the written representations received from the directors as on 31st March, 2017 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements
wherever applicable.
ii. The Company did not have any long-term contracts including derivate contracts for which there were any
material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in
Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the
management representation we report that the disclosures are in accordance with books of account maintained by the Company and as
produced to us by the Management – Refer Note 32 to the financial statements.
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section
143(11), of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
55
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Chartered Accountants
A. K. Duggar
Partner
4001 0811
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of sub-section 3 of section 143 of the Companies Act,
2013 (“the Act”)
56
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
We have audited the internal financial controls over financial reporting of SHREE SALASAR POLYFLEX PRIVATE LIMITED (“the
Company”) as of March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance
Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting.
57
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
4001 0811
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any
58
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such
internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Chartered Accountants
A. K. Duggar
Partner
59
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
4001 0811
With reference to the Annexure B referred to in the Auditor’s Report to the members of the Company on the financial statements for the year
ended 31st March 2017, we report the following:
(i) a) The company has maintained proper records showing full particulars, including quantitative details
b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on
such verification.
c) The title deeds of immovable properties of the company held as fixed assets are held in the name of the company.
(ii) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is
60
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
reasonable.
The discrepancies noticed on verification between the physical stocks and the book records were not material.
(iii) The company has not granted any loans or advances in the nature of loans to parties covered in the register maintained under section 189
of the Companies Act, 2013.
(iv) The provisions of Section 185 and 186 of the Companies Act, 2013 have been complied in respect of loans, investments, guarantees and
security.
(v) Based on our scrutiny of the company’s records and according to the information and explanations given to us, the Company has not
accepted any loans or deposits which are ‘deposits’ within the meaning of Rule 2(b) of the Companies (Acceptance of Deposits) Rules, 2014
(vi) We have been informed by the management, that the cost records required to be maintained under section 148 (1) of the Companies
Act, 2013 as specified by the Central Government, are not applicable to the company.
(vii) a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees' state insurance, income-tax, service tax, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Service Tax and
Cess were outstanding, as at 31st March, 2017 for a period of more than six months from the date they became payable.
(viii) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of loans or borrowing to a financial institution, bank, government or dues to debenture holders.
61
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
4001 0811
(ix) According to the records of the company, the company has not raised any moneys by way of Initial Public Offer or Further Public
Offer. The term loans have been applied for the purpose for which they were raised.
(x) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on the
company by its officers or employees or any fraud by the company has been noticed or reported during the course of our audit.
(xi) The Company is a private company and therefore, Section 197 read with Schedule V of the Companies Act, 2013 is not applicable.
Hence comments on this para are not made.
(xii) In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the
opinion that the company is not a Nidhi hence, in our opinion; the requirements of Clause 3(xii) of the Order do not apply to the company.
(xiii) According to records of the company, all transactions with the related parties are in compliance with Sections 177 and 188 of
Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements, etc. as required by the accounting
standards.
62
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
(xiv) According to the records of the company, the company has not made any preferential allotment or private placement of shares or fully
or partly convertible debentures during the year under review.
(xv) According to the records of the company, the company has not entered into any non-cash transactions with directors or persons
connected with them.
(xvi) As per the information and explanations given to us by the management, the company is not an NBFC and hence not liable for
registration under section 45-IA of the Reserve Bank of India Act, 1934.
Chartered Accountants
A. K. Duggar
Partner
63
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
64
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of shareholding more than five per cent in company [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Classes of share capital [Axis] Equity shares [Member]
Name of shareholder [Axis] Shareholder 1 [Member] Shareholder 2 [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Number of shares held in company [shares] 19,34,000 [shares] 19,34,000 [shares] 16,50,000 [shares] 15,50,000
65
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of shareholding more than five per cent in company [Table] ..(2)
Unless otherwise specified, all monetary values are in INR
Classes of share capital [Axis] Equity shares [Member]
Name of shareholder [Axis] Shareholder 3 [Member] Shareholder 4 [Member]
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Number of shares held in company [shares] 4,66,000 [shares] 5,66,000 [shares] 7,50,000 [shares] 7,50,000
Disclosure of shareholding more than five per cent in company [Table] ..(3)
Unless otherwise specified, all monetary values are in INR
Classes of share capital [Axis] Equity shares 1 [Member]
Name of shareholder [Axis] Shareholder 1 [Member] Shareholder 2 [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Type of share EQUITY EQUITY EQUITY EQUITY
HARI PRASAD HARI PRASAD
Name of shareholder SANJAY GUPTA SANJAY GUPTA
SHARMA SHARMA
PAN of shareholder AECPG2821D AECPG2821D ALQPS4877E ALQPS4877E
Country of incorporation or residence of
INDIA INDIA INDIA INDIA
shareholder
Number of shares held in company [shares] 19,34,000 [shares] 19,34,000 [shares] 16,50,000 [shares] 15,50,000
Percentage of shareholding in company 40.29% 40.29% 34.38% 32.29%
Disclosure of shareholding more than five per cent in company [Table] ..(4)
Unless otherwise specified, all monetary values are in INR
Classes of share capital [Axis] Equity shares 1 [Member]
Name of shareholder [Axis] Shareholder 3 [Member] Shareholder 4 [Member]
01/04/2016 01/04/2015 01/04/2016 01/04/2015
to to to to
31/03/2017 31/03/2016 31/03/2017 31/03/2016
Disclosure of shareholding more
than five per cent in
company [Abstract]
Disclosure of shareholding more
than five per cent
in company [LineItems]
Type of share EQUITY EQUITY EQUITY EQUITY
M/S. AMS FASHIONS M/S. AMS FASHIONS M/S. SUGAN LEASING M/S. SUGAN LEASING
Name of shareholder PRIVATE LIMITED PRIVATE LIMITED PRIVATE LIMITED PRIVATE LIMITED
CIN of shareholder U18100WB1994PTC066915 U18100WB1994PTC066915 U65991WB1989PTC131409 U65991WB1989PTC131409
Country of incorporation or
residence of INDIA INDIA INDIA INDIA
shareholder
Number of shares held in
[shares] 4,66,000 [shares] 5,66,000 [shares] 7,50,000 [shares] 7,50,000
company
Percentage of shareholding in
9.71% 11.79% 15.63% 15.63%
company
66
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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68
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
72
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
8.1 Interest and other borrowing costs incurred by the company in connection with the borrowing of funds is recognized as an expense
in the period in which incurred unless directly attributable to the acquisition or production or construction of the qualifying asset. A
qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.
74
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
79
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
80
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
81
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
82
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
83
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
84
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
85
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
86
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
87
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
88
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
89
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
90
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
91
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
92
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
93
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
94
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
95
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
96
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
97
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5.1 Fixed Assets are stated at cost of acquisition and subsequent improvements thereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation less accumulated depreciation.
5.2 The carrying amounts of assets are reviewed at each balance sheet date to review if there is any indication of impairment based
on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the higher of the asset's net selling price and value in use, which is determined by the present value of the
estimated future cash flows.
98
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
99
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
100
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
101
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
102
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
103
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
104
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
105
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
Mode of valuation
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition. 4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on
first in, first out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods
and stock in process are valued at lower of cost or net realisable value.
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition.
4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on first in, first
out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods and stock in
process are valued at lower of cost or net realisable value.
106
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
[200800] Notes - Disclosure of accounting policies, changes in accounting policies and estimates
Unless otherwise specified, all monetary values are in INR
01/04/2016
to
31/03/2017
Disclosure of accounting policies, change in accounting policies and Textual information (57)
changes in estimates explanatory [TextBlock] [See below]
Textual information (58)
Disclosure of general information about company [TextBlock] [See below]
Textual information (59)
Disclosure of accounting policies explanatory [TextBlock] [See below]
107
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory [Text Block]
SHREE SALASAR POLYFLEX PRIVATE LIMITED
1. Basis of accounting
1.1 The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles
in India (Indian GAAP) to comply with the mandatory Accounting Standards and the relevant provisions of the Companies Act, 2013.
1.2 The accounting Policies not specifically referred to otherwise are consistent and in accordance with the generally accepted
accounting principles. Further, the accounting policies adopted in the preparation of financial statements are consistent with those of previous
year.
1.3 The Company has classified all its assets / liabilities into current / non-current portion based on the time frame of 12 months
from the date of financial statements. Accordingly, assets / liabilities expected to be realized / settled within 12 months from the date of
financial statements are classified as current and other assets / liabilities are classified as non-current.
2. Use of estimates
The preparation of financial statements requires the Management to make estimates and assumptions considered in the reported amounts of
assets and liabilities including Contingent Liabilities as of the date of the financial statements and the reported income and expenses for the
reporting period. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable.
Future results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the
results are known or materialize.
3. Revenue Recognition
108
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
3.1 Expenses and Income considered payable and receivable respectively are accounted for on accrual basis and provision is made
for all known losses and liabilities.
3.2 Interest income on fixed deposits is recognized on a time proportion basis taking into account the amount outstanding and the
rate of interest applicable.
4. Inventories
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition.
4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on first in, first
out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods and stock in
process are valued at lower of cost or net realisable value.
5. Fixed Assets
5.1 Fixed Assets are stated at cost of acquisition and subsequent improvements thereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation less accumulated depreciation.
109
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5.2 The carrying amounts of assets are reviewed at each balance sheet date to review if there is any indication of impairment based
on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the higher of the asset's net selling price and value in use, which is determined by the present value of the
estimated future cash flows.
6. Depreciation
6.1 Depreciation on fixed assets has been provided on the basis of useful life of the respective asset over which the asset is expected
to be available for use by the Company less its residual value as provided in Part "C" of Schedule II of the Companies Act, 2013 on written
down value method. During the earlier financial years, depreciation on fixed assets has been provided on the basis of written down value
method at the rates prescribed in Schedule XIV of the Companies Act, 1956.
6.2 Profit or loss on disposal of fixed assets is recognized in the Statement of Profit & Loss in the year of disposal of the asset.
7. Impairment of Assets
7.1 Impairment loss, if any, is provided for to the extent, the carrying amount of the asset exceeds its recoverable amount. Recoverable
amount is higher of an asset’s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected
to arise from the continuing use of an asset and from its disposal at the end of its useful life.
7.2 Impairment losses recognized in prior years are reversed when there is an indication that the impairment losses recognized no
longer exists or have decreased. Such reversals are recognized as an increase in carrying amount of asset to the extent it does not exceed the
carrying amounts that would have been determined (Net of amortization or depreciation) had no impairment loss been recognized in previous
years.
8. Borrowing Costs
8.1 Interest and other borrowing costs incurred by the company in connection with the borrowing of funds is recognized as an expense
in the period in which incurred unless directly attributable to the acquisition or production or construction of the qualifying asset. A
qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.
9.1 Provisions are recognized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet
date is considered probable.
110
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
9.2 Contingent liabilities are shown by way of Notes on Accounts in respect of obligations where, based on the evidence available,
their existence at the Balance Sheet date is considered not probable.
10.1 Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit & Loss of the
year in which related service is rendered.
10.2 Further, terms of employment and the company’s policy is not having plan or stipulation for payment of gratuity or any retirement
benefits to employees and management is not foreseeing any liability in future on such account. Accordingly, no liability has been provided
during the year and the same will be accounted for on cash basis as and when payable.
11.1 Prior period and extra ordinary items and changes in accounting policies having material impact on the financial affairs of the
company are disclosed.
12. Investments
111
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
13.1 Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the
Income tax Act, 1961.
13.2 Deferred tax is recognized on timing differences which is the differences between the taxable income and accounting income that
originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of
prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry
forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be
realized against future taxable profits.
13.3 The carrying amount of deferred tax assets are reviewed at each balance sheet date. The company writes-down the carrying
amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it
becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.
13.4 Credit for taxes paid under section 115JB of the Income tax Act, 1961 is recognized only to the extent that there is virtual
certainty that sufficient future taxable income as per the normal provisions of the Act will be available against which such tax credit can be
set-off.
14.1 The Company reports basic and diluted earnings per equity share in accordance with Accounting Standard-20, Earnings per Share
notified by the Central Government under the Companies (Accounting Standards) Rules, 2006.
112
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
14.2 Basic earning per equity share is computed by dividing net profit / (loss) after tax for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year.
14.3 Diluted earnings per equity share is computed by dividing the net profit / (loss) after tax for the year by the weighted average
number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that
could have been issued upon conversion of all dilutive potential equity shares.
15. In the opinion of the Board of Directors, current assets, loans and advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the books of account. Provision for all known and determined liabilities is
adequate and not in excess / short of the amount considered reasonably necessary.
16. The Company has a single reportable segment viz. manufacturing of Recycled Polyster Staple Fibre and as such there are no
separate reportable segments in accordance with Accounting Standard 17 (Segment Reporting).
For Ashok Kumar Duggar & Associates For and on behalf of the Board of Directors
Chartered Accountants
A. K. Duggar
Partner
113
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
1.1 The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles
in India (Indian GAAP) to comply with the mandatory Accounting Standards and the relevant provisions of the Companies Act, 2013.
1.2 The accounting Policies not specifically referred to otherwise are consistent and in accordance with the generally accepted
accounting principles. Further, the accounting policies adopted in the preparation of financial statements are consistent with those of previous
year.
1.3 The Company has classified all its assets / liabilities into current / non-current portion based on the time frame of 12 months
from the date of financial statements. Accordingly, assets / liabilities expected to be realized / settled within 12 months from the date of
financial statements are classified as current and other assets / liabilities are classified as non-current.
114
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
1. Basis of accounting
1.1 The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles
in India (Indian GAAP) to comply with the mandatory Accounting Standards and the relevant provisions of the Companies Act, 2013.
1.2 The accounting Policies not specifically referred to otherwise are consistent and in accordance with the generally accepted
accounting principles. Further, the accounting policies adopted in the preparation of financial statements are consistent with those of previous
year.
1.3 The Company has classified all its assets / liabilities into current / non-current portion based on the time frame of 12 months
from the date of financial statements. Accordingly, assets / liabilities expected to be realized / settled within 12 months from the date of
financial statements are classified as current and other assets / liabilities are classified as non-current.
2. Use of estimates
The preparation of financial statements requires the Management to make estimates and assumptions considered in the reported amounts of
assets and liabilities including Contingent Liabilities as of the date of the financial statements and the reported income and expenses for the
reporting period. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable.
Future results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the
results are known or materialize.
3. Revenue Recognition
115
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
3.1 Expenses and Income considered payable and receivable respectively are accounted for on accrual basis and provision is made
for all known losses and liabilities.
3.2 Interest income on fixed deposits is recognized on a time proportion basis taking into account the amount outstanding and the
rate of interest applicable.
4. Inventories
4.1 Items of inventories are measured at lower of cost and net realisable value. Cost of inventories compromises of cost of purchase,
cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and
condition.
4.2 Cost of raw materials, process chemicals, stores and spares, packing materials and other products are determined on first in, first
out (FIFO) basis. By products and saleable scrap, whose cost is not identifiable, is valued at net realisable value. Finished Goods and stock in
process are valued at lower of cost or net realisable value.
5. Fixed Assets
5.1 Fixed Assets are stated at cost of acquisition and subsequent improvements thereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation less accumulated depreciation.
116
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
5.2 The carrying amounts of assets are reviewed at each balance sheet date to review if there is any indication of impairment based
on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the higher of the asset's net selling price and value in use, which is determined by the present value of the
estimated future cash flows.
6. Depreciation
6.1 Depreciation on fixed assets has been provided on the basis of useful life of the respective asset over which the asset is expected
to be available for use by the Company less its residual value as provided in Part "C" of Schedule II of the Companies Act, 2013 on written
down value method. During the earlier financial years, depreciation on fixed assets has been provided on the basis of written down value
method at the rates prescribed in Schedule XIV of the Companies Act, 1956.
6.2 Profit or loss on disposal of fixed assets is recognized in the Statement of Profit & Loss in the year of disposal of the asset.
7. Impairment of Assets
7.1 Impairment loss, if any, is provided for to the extent, the carrying amount of the asset exceeds its recoverable amount. Recoverable
amount is higher of an asset’s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected
to arise from the continuing use of an asset and from its disposal at the end of its useful life.
7.2 Impairment losses recognized in prior years are reversed when there is an indication that the impairment losses recognized no
longer exists or have decreased. Such reversals are recognized as an increase in carrying amount of asset to the extent it does not exceed the
carrying amounts that would have been determined (Net of amortization or depreciation) had no impairment loss been recognized in previous
years.
8. Borrowing Costs
8.1 Interest and other borrowing costs incurred by the company in connection with the borrowing of funds is recognized as an expense
in the period in which incurred unless directly attributable to the acquisition or production or construction of the qualifying asset. A
qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.
9.1 Provisions are recognized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet
date is considered probable.
117
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
9.2 Contingent liabilities are shown by way of Notes on Accounts in respect of obligations where, based on the evidence available,
their existence at the Balance Sheet date is considered not probable.
10.1 Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit & Loss of the
year in which related service is rendered.
10.2 Further, terms of employment and the company’s policy is not having plan or stipulation for payment of gratuity or any retirement
benefits to employees and management is not foreseeing any liability in future on such account. Accordingly, no liability has been provided
during the year and the same will be accounted for on cash basis as and when payable.
11.1 Prior period and extra ordinary items and changes in accounting policies having material impact on the financial affairs of the
company are disclosed.
12. Investments
118
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
13.1 Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the
Income tax Act, 1961.
13.2 Deferred tax is recognized on timing differences which is the differences between the taxable income and accounting income that
originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of
prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry
forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be
realized against future taxable profits.
13.3 The carrying amount of deferred tax assets are reviewed at each balance sheet date. The company writes-down the carrying
amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it
becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.
13.4 Credit for taxes paid under section 115JB of the Income tax Act, 1961 is recognized only to the extent that there is virtual
certainty that sufficient future taxable income as per the normal provisions of the Act will be available against which such tax credit can be
set-off.
14.1 The Company reports basic and diluted earnings per equity share in accordance with Accounting Standard-20, Earnings per Share
notified by the Central Government under the Companies (Accounting Standards) Rules, 2006.
119
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
14.2 Basic earning per equity share is computed by dividing net profit / (loss) after tax for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year.
14.3 Diluted earnings per equity share is computed by dividing the net profit / (loss) after tax for the year by the weighted average
number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that
could have been issued upon conversion of all dilutive potential equity shares.
15. In the opinion of the Board of Directors, current assets, loans and advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the books of account. Provision for all known and determined liabilities is
adequate and not in excess / short of the amount considered reasonably necessary.
16. The Company has a single reportable segment viz. manufacturing of Recycled Polyster Staple Fibre and as such there are no
separate reportable segments in accordance with Accounting Standard 17 (Segment Reporting).
For Ashok Kumar Duggar & Associates For and on behalf of the Board of Directors
Chartered Accountants
A. K. Duggar
Partner
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
10.1 Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit & Loss of the
year in which related service is rendered.
10.2 Further, terms of employment and the company’s policy is not having plan or stipulation for payment of gratuity or any retirement
benefits to employees and management is not foreseeing any liability in future on such account. Accordingly, no liability has been provided
during the year and the same will be accounted for on cash basis as and when payable.
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
14.1 The Company reports basic and diluted earnings per equity share in accordance with Accounting Standard-20, Earnings per Share
notified by the Central Government under the Companies (Accounting Standards) Rules, 2006.
14.2 Basic earning per equity share is computed by dividing net profit / (loss) after tax for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year.
14.3 Diluted earnings per equity share is computed by dividing the net profit / (loss) after tax for the year by the weighted average
number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that
could have been issued upon conversion of all dilutive potential equity shares.
15. In the opinion of the Board of Directors, current assets, loans and advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the books of account. Provision for all known and determined liabilities is
adequate and not in excess / short of the amount considered reasonably necessary.
16. The Company has a single reportable segment viz. manufacturing of Recycled Polyster Staple Fibre and as such there are no
separate reportable segments in accordance with Accounting Standard 17 (Segment Reporting).
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
13.1 Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the
Income tax Act, 1961.
13.2 Deferred tax is recognized on timing differences which is the differences between the taxable income and accounting income that
originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of
prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry
forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be
realized against future taxable profits.
13.3 The carrying amount of deferred tax assets are reviewed at each balance sheet date. The company writes-down the carrying
amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future
taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it
becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.
13.4 Credit for taxes paid under section 115JB of the Income tax Act, 1961 is recognized only to the extent that there is virtual
certainty that sufficient future taxable income as per the normal provisions of the Act will be available against which such tax credit can be
set-off.
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
7.1 Impairment loss, if any, is provided for to the extent, the carrying amount of the asset exceeds its recoverable amount. Recoverable
amount is higher of an asset’s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected
to arise from the continuing use of an asset and from its disposal at the end of its useful life.
7.2 Impairment losses recognized in prior years are reversed when there is an indication that the impairment losses recognized no
longer exists or have decreased. Such reversals are recognized as an increase in carrying amount of asset to the extent it does not exceed the
carrying amounts that would have been determined (Net of amortization or depreciation) had no impairment loss been recognized in previous
years.
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
Disclosure of notes on other provisions, contingent liabilities and contingent assets explanatory [Text Block]
7. Provisions, Contingent liabilities and Contingent assets
9.1 Provisions are recognized in respect of obligations where, based on the evidence available, their existence at the Balance Sheet
date is considered probable.
9.2 Contingent liabilities are shown by way of Notes on Accounts in respect of obligations where, based on the evidence available,
their existence at the Balance Sheet date is considered not probable.
127
SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
3.1 Expenses and Income considered payable and receivable respectively are accounted for on accrual basis and provision is made
for all known losses and liabilities.
3.2 Interest income on fixed deposits is recognized on a time proportion basis taking into account the amount outstanding and the
rate of interest applicable.
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SHREE SALASAR POLYFLEX PRIVATE LIMITED Standalone Financial Statements for period 01/04/2016 to 31/03/2017
[300700] Notes - Key managerial personnels and directors remuneration and other information
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(1)
Unless otherwise specified, all monetary values are in INR
Key managerial personnels and directors [Axis] 1 2
01/04/2016 01/04/2016
to to
31/03/2017 31/03/2017
Disclosure of key managerial personnels and directors and remuneration to key
managerial personnels and directors [Abstract]
Disclosure of key managerial personnels and directors and remuneration to key
managerial personnels and directors [LineItems]
ROHIT KUMAR
Name of key managerial personnel or director SHARMA
SANJAY GUPTA
1 .
DIRECTORS AND KEY
MANAGERIAL
PERSONNEL
Disclosure of key managerial personnels and directors and remuneration
to key managerial personnels and directors explanatory [TextBlock]
131