24 Significant Accounting Poliicies & Notes on Financial Statements
1 Corporate Information
Bhatia Colour Chem Limited (the company) is a public limited company, incorporated on 10-12-2021 under the provisions of the Companies Act, 2013 having CIN: L24290GJ2021PLC127878 and having its registered office at Plot No. A/2/12, Road No. 1, Udhna Udyog Nagar, Udhna, Surat -394 210. The company is engaged in the business of trading and manufacturing of textile chemicals, auxiliaries and plastic granules.
The standalone financial statements for the year ended on March 31, 2024 were authorised for issue in accordance with a resolution of the directors on 23-05-2024.
2 Basis of Accounting
The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India ('Indian GAAP') to comply in all material respects with the notified Accounting Standards ('AS') under section 133 of the Companies Act, 2013 ('the Act'), read with rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016 and the circulars and guideleines issued by the RBI from time to time to the extent they have an impact on the financial statements and current practices prevailing in India. The financial statements have been prepared on an accrual basis and under the historical cost convention. The financial statements are presented in Indian Rupees (INR) and all values are recorded to the nearest ruppes (INR), except otherwise indicated.
3 Use of Estimates
The preparation of the financial statement in comfimity with Indian GAAP requires the management to make judgments, estimates and assumptions that effect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertaintity about these assumptions and estimates could result in the outcomes requiring a material adjustments to the carrying amounts of assets or liabilities in future periods.
4 Prior period Items
Previous years adjustments are on account of payment of taxes, duties, interest etc., of earlier years due to short / excess provision thereof etc. which has been shown under the head 'Extraordinary Items'.
5 Recognition of Income and Expenditure
All incomes and Expenditure are accounted on accrual basis. Sales, Purchases and all expenses are accounted for exclusive of tax, duties, gst, cess, etc. collected on behalf of the government and are net of goods returned, discount, rate difference, late payment interest, transport & freight, claim, etc. and are inclusive of other direct expenses on purchases.
6 Government Grants
During the period under consideration the company has not received any government grants.
7 Employee Benefits
Contribution to employee's benefit funds remitted to statutory authority is charged to revenue. Liability in respect of Gratuity of employees of the company is provided for as per actuarial valuation as at the current period ended. Actuarial gains and losses are recognised in full in the statement of profit and loss, in the period/year in which they occur.
8 Borrowing Cost
The total borrowing cost on the acquisition of fixed assets if pertaining to the period up to the date on which the said fixed assets have been put-to-use, has been capitalized in the respective fixed assets and the cost for the period after the said fixed assets have been put-to-use has been debited to the Profit and Loss Account.
9 Segment Reporting
The company has only one business segment and geographical segment. Therefore there is no separate reportable segment as per AS-17.
10 Dues to small scale and ancillary undertakings
' 13.03 Crores (Previous Year : ' 3.76 Crores) due to micro, small and medium enterprises registered under the Micro, Small and Medium Enterprise Development Act, 2006 (MSMED Act). under the MSMED; and
The above information has been determined to the extent such parties have been identified on the basis of the information available with the company regarding the status of suppliers under the MSMED.
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MSME Schedule
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(All amounts are in INR in Lacs unless otherwise stated)
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Sr. Particular No.
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As on
31-03-2024
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As on
31-03-2023
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(i) Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at year end
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1,303.35
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375.90
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(ii) Interest due to suppliers registered under the MSMED Act and remaining unpaid as at year end
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Nil
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Nil
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