मैट्रिक्स
 
 
moneycontrol.com भारत | लेखांकन नीति > Trading > लेखांकन नीति फॉलोड से स्टारलाइट कॉम्पोनेंट्स - बीएसई: 517548, NSE: N.A

स्टारलाइट कॉम्पोनेंट्स

बीएसई: 517548  |  NSE: N.A  |  ISIN: INE035C01022  |  Trading

खोजें स्टारलाइट कॉम्पोनेंट्स कनेक्शन मार्च 16
लेखांकन नीति साल : मार्च '18

NOTE-1 TO THE FINANCIAL STATEMENTS -1. Reporting Entity:

i) M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of

Companies Act, 1956 CIN L31200MH1991PLC063980. The company is in the manufacturing and selling of Electronic

Ballast and LED Products with factory situated at Satpur as well as Vilholi, Dist- Nashik and office at Satpur, Dist -

Nashik. The shares of the company are listed on the Bombay Stock Exchange (Scrip Code - 517548)

2. Basis of preparation:

A. Statement of compliance:

i) Since this is the first-time adoption of Ind AS by the Company, Ind AS 101, First-time adoption of Indian Accounting Standards has been applied.

ii) The financial statements of the Company upto and for the year ended 31st March 2017 were prepared in accordance with Companies (Accounting Standards) Rules, 2006, notified under Section 133 of the Act and other relevant provisions of the Act.

Hi) These Financial statements have been prepared in compliance with the applicable accounting Principles in India in all material respects, Indian Accounting Standards notified under section 133 of Companies Act, 2013 read with Companies (Indian Accounting Standards) rules, 2015. As a first-time adopter of IND AS, the Company has opted for various optional exemption provided in IND AS 101 - First time adoption of IND AS - as per note attached herewith and has provided the required reconciliations.

iv) The financial statements were authorized for issue by the Board of Directors of the Company on 30th May 2018.

v) The accounting policies relevant to understanding of the financial statements are disclosed in the following notes (Note 3).

B. Functional and presentation currency:

These financial statements are presented in Indian Rupees (INR), which is also the company''s functional currency. All amounts have been rounded-off to the nearest rupee, unless otherwise indicated.

C. Basis of Measurement:

Financial statements are prepared under historical cost convention on accrual basis in accordance with the requirements of Companies Act 2013 except otherwise stated. Accounts are prepared on going concern basis.

D. Use of estimates:

The preparation of financial statements requires the management of the Company to make an estimate & assumptions that affect the reported balances of Assets & Liabilities and disclosure relating to Contingent liabilities as at the date of financial statements & reported amounts of Income & Expenses during the year. The estimates are based on management''s best knowledge of current events and actions. However, due to uncertainty of the assumptions and estimates the carrying amounts of the assets & liabilities may require material adjustment in future periods.

3. Significant Accounting Policies:

i) Inventories find AS 2) -

- Inventories are valued at cost or market price whichever is less in the case of finished and semi-finished goods and at cost in case of raw material. Cost comprises of cost of purchase, cost of conversion & other costs for bringing the inventory to present location & condition.

- The net realizable value of work-in-progress is determined with reference to the selling prices of related finished products.

- Raw material, components and other supplies held for use in the production of finished products are not written down below cost except in cases where material prices have declined, and it is estimated that the cost of finished products will exceed their net realizable value.

- Traded goods are valued at cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

- The value of write down & circumstances, if any, are disclosed in the notes pertaining to the inventories. There is no reversal of write down.

- Inventories are not pledged as security for any liabilities.

ii) Property. Plant & Equipment find AS16)-

a. Recognition & measurement:

- Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and accumulated impairment losses, if any.

- Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the items to its working condition for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.

- There is no self-constructed property, plant & equipment.

- Property, Plant & Equipment which is not yet ready for its intended use are carried at cost, comprising direct cost, related incidental expenses and attributable interest.

- If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

- Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

- There is no temporarily idle PPE.

- No item of PPE has been fully depreciated and still in use.

b. Transition to Ind AS:

On transition to Ind AS, the company has elected to continue with the carrying value of all of its property, plant and equipment recognized as at 1st April 2016, measured as per previous GAAP, and use that carrying values as the deemed cost of such property, plant and equipment.

c. Subsequent Expenditure:

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with expenditure will flow to the company.

d. Depreciation:

- Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over their estimated useful life using straight line method and is generally recognized in the statement of profit & loss. Depreciation on addition is provided on pro-rata basis i.e from the date on which asset is ready is use. The carrying amount of Property, Plant & Equipment as on 31st March 2014 is depreciated over remaining useful life of the assets after reassessing the useful life of the asset. The assets acquired on or after 01/04/2014 are depreciated according to the useful life of such asset as specified in Schedule II of Companies Act, 2013. While accounting the Property, Plant & Equipment, the principle of component accounting is followed in case of significant components of Property, Plant & Equipment and for depreciating the significant components, the useful life of each significant component is considered separately apart from the remaining parts of the Property, Plant & Equipment.

iii) Revenue find AS 18)-

- Domestic sales - The Company recognizes revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the Company. Revenue from rendering of services is recognized by reference to stage of completion of transaction at the end of reporting period.

- Rental income- Rental income is recognized as part of revenue from operations in profit & loss account.

- Dividend Income - Dividend income is accounted for when the right to receive is established.

- Interest income - Interest income is recognized using effective rate of interest method.

- There are no amounts of revenue arising from exchange of goods or services.

iv) Employee Benefits find AS 19) -

a. Shortterm employee benefits:

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services.

b. Defined contribution plans:

The Company''s contribution to Provident Fund, Pension, Superannuation and Employees State Insurance Contribution are considered as defined contribution plans, as the Company does not carry any further obligations apart from the contribution made to the respective funds/ scheme and are charged as expense based on the amount of contribution required to be made.

c. Defined benefit plans:

The liability recognized in the balance sheet in respect of defined benefit plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by the Company as per the provisions of the Payment of Gratuity Act, 1972. The Company has not opted for actuarial valuation of the defined benefit plans.

d. Compensated Absences:

The Company does not provide for the liabilities for accumulated leave.

v) Effects of changes in foreign exchange rates find AS 21) -

- The export sales are accounted with reference to the Bill of Lading at the exchange rates prevailing on the transaction date.

- The imports are accounted with reference to the bill of entry at the exchange rates prevailing on the transaction date.

- Foreign exchange gains or losses on realization and payment are dealt with, as such, in the Profit and Loss account.

- At the close of the year, all foreign currency liabilities and current assets are stated at the relevant exchange rate prevailing at the close of the year. The exchange differences arising from foreign currency transactions are dealt with, as such, in the Profit & Loss Account.

- There are no foreign currency transactions on account of capital goods.

- Since there is no OCI in the current year, there are no exchange differences on OCI. The reconciliation of the exchange differences on OCI and the beginning and end of the year is not required.

- The functional currency and the presentation currency of the Company is same.

vi) Borrowing Costs find AS 23) -

There are no borrowing costs capitalized during the period.

vii) Related Partv find AS 24) -

- The Company is an associate of Solarcopyer Limited (CIN: U21098MP1976PLC001379). The parent company holds 28.71% shares in the Company.

- Other related parties are as follows -

a. Key Management Personnel include:

1. Mr. ArvindBharati

2. Smt. Rochana Bharati

3. Mrs. Smita Patodkar

4. Mr. Sajid Shaikh

b. Enterprises and relatives of kev management include:

1. Mrs. AshuBharati

2. Mr. Ravindra Bharati

3. M/s Chetana Enterprises

4. Starlite Lighting Limited

5. M/s. Reprolite Papers (I) Private Limited

6. M/s. Virtuoso Optoelectronics Private Limited

- The disclosures of transactions with related parties, their outstanding balances, terms & conditions, securities offered and guarantees given are disclosed in Note No. 44.

- The company has not made Provision for doubtful debts in respect of any of the related parties.

- The company has not written-off or written back any amount in respect of above related parties.

viii) Earnings per share find AS 33) -

- The calculation of basic and dilutive Earnings per share is disclosed in Note No. 46.

- The potential dilutive equity which is not considered in the calculations of EPS is Rs. 12,31,71,345/-. The application money is received by the Company during the year. However, since the process of increase in authorized capital was still in progress with the ROC an on the date of balance sheet, the same is disclosed in Current Financial Liabilities.

- The Company has not issued any bonus shares or undergone share split or reverse share split during the year.

- There is no adjustment in basic and dilutive EPS on account of errors or changes in accounting policies accounted for retrospectively.

- The Company does not have any discontinued operation.

ix) Impairment find AS 36) -

- The Company has not recognized any impairment losses in the Statement of Profit &Loss and OCI.

- There are no impairment losses reversed in the Statement of Profit & Loss and OCI during the period.

x) Provisions. Contingent Assets and Contingent Liabilities find AS 37) -

- Provisions in respect of present obligations arising out of past events are made in accounts when reliable estimates can be made of the amounts of obligations.

- Provisions are not discounted to their present value and reviewed at each reporting date.

- Details of long term and short-term provisions are disclosed in Note No. 45.

- Contingent liabilities & commitments are not accounted but disclosed separately in Note No. 47.

- Contingent assets are neither accounted nor disclosed in the financial statements.

xi) Intangible assets find AS 38) -

a. Recognition & measurement:

- Intangible Assets acquired separately are recognized at cost less accumulated amortization and impairment.

- There are no internally generated intangible assets.

- Subsequent recognition is capitalized only when it increases future economic benefits embodied in the specific asset to which it relates.

b. Transition to Ind AS:

On transition to Ind AS, the company has elected to continue with the carrying value of all of its intangible assets recognized as at 1st April 2017, measured as per the previous GAAP, and use that carrying value as the deemed cost of such intangible assets.

c. Subsequent expenditure:

All other subsequent expenditure is recognized in profit or loss as incurred.

d. Amortization:

Amortization is done on straight line basis over estimated useful economic life and the amortization period and method are reviewed at the end of each financial year.

xii) Investment Property find AS 40) -

The Company does not have any investment property as on the date of balance sheet.

xiii) Operating Segments find AS 105) -

- The primary operating segment of the Company is business segment.

- Since majority of the assets are located at single place and are of common nature, Management has decided not to bifurcate the same into segment wise assets and liabilities.

- The Geographic Segments identified, as Secondary Segments are “Domestic Market” and “Export Market”. The Export Market Revenue is Nil. The entire capital employed is within India.

xiv) Financial Instruments find AS 109) f.read with Ind AS 107. Financial instruments disclosures and Ind AS 113. Fair Value Measurement! -

- The Company does not hold any equity instruments for trading.

- All other equity instruments are measured at fair value through other comprehensive income (FVTOCI). The classification is made on initial recognition and is irrevocable.

- The unquoted equity instruments held by the Company are long term investment and are disclosed using cost approach (Level 3).

xv) Fair Value Measurement find AS 113)-

- The accounting policies and disclosures require measurement of fair values for financial assets and financial liabilities. The Company has availed exemption from disclosure at fair value as per Ind AS 101 “First-time adoption of Ind AS”.

- AII assets & liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

a. Level 11nput-

When quoted prices in active market for identical Assets and Liabilities are available, valuation should be done at quoted price only. It is also called observable input.

b. Level2lnput-

When quoted prices are not available but prices of similar Assets and Liabilities are available, valuation should be done at level 2 input price. It is also called observable input. This price needs to be adjusted to condition or location of Asset, comparability with similar Asset and volume of activity in the market.

c. Level 3 Input -

These are called unobservable input. Under this valuation is done by using valuation techniques like market approach, cost approach, income approach etc.

4. Other disclosures -

i) Cash Flow Statement(lndAS7)~

- Cash flow statement is prepared by the indirect method and presents cash flows from operating, investing and financing activities of the Company.

- Cash flow is not incurred for obtaining or losing control of subsidiaries.

- Amount of significant cash & cash equivalent balances held by the Company that are not available for use - Nil

- Amount of undrawn borrowing facilities available for future operating activities and to settle capital commitments -Nil

- Aggregate amount of cash flows that represent increase in operating capacity is disclosed in the cash flow statement in “Cash flows from investing activities”.

- Since there is only one reportable segment, no separate cash flow arising from operating, investing and financing activity for separate segments are given.

ii) Accounting policies. Changes in estimates and errors find AS 8) -

- The initial application of Ind AS or first-time adoption does not have any significant effect on the current period, prior period or future period.

- After the first-time adoption of Ind AS, there is no change in the accounting estimates that has an effect in the current period or expected to have an effect on the future period.

- After the first-time adoption of Ind AS, there are no prior period errors which require any correction in the current period.

iii) Events after reporting period find AS10)-

There are no events occurring after the reporting period which will require amendment to the financial statements after the issue.

iv) Income Taxflnd AS 12)-

- Current taxes and deferred taxes are presented in the statement of profit and loss and the relevant notes.

- There is no previously unrecognized tax loss or tax credit or temporary difference of prior period.

- There is no deferred tax expense arising from write down or reversal of write down.

- There is no tax expense relating to changes in accounting policies an prior period errors.

- There are no items of current or deferred tax that are charged or credited directly to equity.

- There is no OCI and hence no tax component related to OCI.

- During the current year the Company has deferred tax liability.

5. First-time adoption of Ind AS

- The accounting policies set out in Note 2A have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31,2017 and in the preparation of an opening Ind AS balance sheet as at April 01,2016 (the Company''s date of transition to Ind AS). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (as amended) and other relevant provisions of the Act (“Indian GAAP” or “previous GAAP”). The effects of the transition to Ind AS on equity and total comprehensive income are presented in this section and are further explained in the following notes.

- Ind AS101 allows first-time adopters certain exemptions/exceptions from the retrospective application of certain requirements under Ind AS. In preparing these financial statements, the Company has applied the following exemptions:

a. Deemed cost for property, plant and equipment and intangible assets - Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Company has elected to measure all of its property, plant and equipment at their previous GAAP carrying value and use that as its deemed cost as at the date of transition (April 01,2016).

b. Fair value measurement of financial assets and financial liabilities - Ind AS 101 permits a first-time adopter to apply the requirements of fair value determination prospectively to transactions entered into on or after the date of transition to Ind AS.

6. Reconciliation between previous GAAP & Ind AS:

The following reconciliations provide the effect of transition to Ind AS from previous GAAP in accordance with Ind

AS 101 -

Notes -

1. Property, Plant & Equipment given on lease - Nil

2. Assets retired from active use & held for disposal - Nil

3. Assets acquired through business combinations - Nil

4. Increases or decreases resulting from revaluations and from impairment losses recognized or reversed directly in revaluation surplus - Nil

5. Impairment loss recognized in the statement of Profit & Loss - Nil 6.Impairment loss reversed in the statement of Profit & Loss - Nil

7. Net exchange differences arising on the translation of the financial statements of a non-integral foreign operation in accordance with Ind AS 21 - Nil

8. The Term Loan from ICICI Bank Limited (Car Loan A/c No. 20956) has been obtained against Hypothecation of 1 Vehicle. The amount outstanding is Rs. 1,96,204/- as on 31/03/2018 ; Rs. 5,24,884/- as on 31/03/2017 and Rs. 8,35,227/- as on 01/04/2016.

9. The Term Loan form ICICI Bank Limited (Car Loan A/c No. 22954) has been obtained against Hypothecation of 1 vehicle. The amount outstanding is Rs. 11,52,054/- as on 31/03/2018; Rs. 18,70,530/- as on 31/03/2017 and Rs. 25,19,240/- as on 01/04/2016 .

10. The Term Loan from HDFC Bank Limited has been obtained against Hypothecation of 1 Vehicle. The amount outstanding is Rs. 9,77,520/- as on 31/03/2018; R s 14,09,540.58/- as on 31/03/2017; Rs. 18,32,797/- as on 01/04/2016.

11 .The amount of expenditure recognized in the carrying amount of an item of Property, Plant & Equipment in the course of its construction during the current financial year - Nil

12.The amount of contractual commitments for the acquisition of Property, Plant & Equipment - Nil

13. The amount of compensation from third parties for items of Property, Plant & Equipment that were impaired, lost or given up that is included in the statement of profit and loss - Nil

14. Spare Parts capitalized from Inventory of the company - Nil

Notes -

1. Impairment losses recognized in the statement of Profit & Loss during the period - Nil

2. Impairment losses reversed in the statement of Profit & Loss during the period - Nil

3. There are no significant restrictions on the right of ownership of any intangible assets.

4. Amount of commitment for acquiring intangible assets - Nil

5. Aggregate amount of R&D expenditure recognized as expenditure during the period - Nil

6. Life of asset -10 years

Guarantees

Contingent liabilities related to Guarantees amounting to Rs. 15,20,556/- are outstanding bank guarantees as on 31st March 2018. Bank Gurantees are given as per the tender terms to Karnataka Renewable Energy Development Limited(KREDL), National Aluminum Co. Ltd. (NALCO)and Ashoka Buildcon.

There is uncertainly of outflow because the Company has filed appeals with Sales Tax Tribunal against these orders and the said appeals are pending as on 31st March 2018.

Possibility of reimbursement - Nil Interest on Sales Tax payable

Contingent liabilities related to income tax demand amounting to Rs. 64,44,154/-as on 31st March 2018 is outstanding for AY 2004-05 against order of income Tax Department.

There is uncertainly of outflow because the Company has filed appeal with Mumbai High Court against this order and the said appeal is pending as on 31st March 2018.

Possibility of reimbursement - Nil

Income Tax Demand Payable

Contingent liabilities related to income tax demand amounting to Rs. 64,44,154/-as on 31st March 2018 is outstanding for AY 2004-05 against order of income Tax Department.

There is uncertainly of outflow because the Company has filed appeal with Mumbai High Court against this order and the said appeal is pending as on 31st March 2018.

Possibility of reimbursement - Nil

Non Receipt ofC-Form Liability

Contingent liabilities related to C forms amounting to Rs.31,84,835 is due to non-receipt of C forms from customers. This amount is the basic amount and is at the balance sheet date.

The above liability is uncertain relating to its outflow as it depends on receipt of C forms from customers till the date of assessment.

Also there is possibility of interest liability on non-receipt of C form which needs to be paid at the time of assessment.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `637 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `468 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `2005 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `494 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `2119 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `596 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `12 Cr की बिकवाली
  • CITI ON DLF : Sell रेटिंग, लक्ष्य `144/Sh
  • MS ON DLF : Overweight रेटिंग, लक्ष्य `211/Sh
  • CLSA ON DLF : Buy रेटिंग बरकरार, लक्ष्य `190/Sh

अभी देखें

OUR WINNING PICKS

DID YOU INVEST?

INTRADAY PICKS!

(August 06, 2018)

AT (Rs)



GAIN (Rs)

ALL TIME WINNERS

RECO PRICE

PEAK PRICE

OUR PACKAGES

Super Combo

Powerful mix of both trader and investor packs with timely expert advice.

Technical

Designed especially for traders looking to tap the profit opportunities of volatile markets.

Fundamental

For all investors looking to unearth stocks that are poised to move.