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1,24,76,362.77 11,98,256.00 3,45,71,798.98 7,51,197.00 Manufacturing Expenses - Rs. 38,55,646.10 ; Administrative Expenses - Rs. 86,20,716.67 Current tax - Rs. 6,23,320.00 ; MAT - Rs. 1,27,877.00 U74210MH1999PLC120378 2018-03-31 U74210MH1999PLC120378 2017-04-01 2018-03-31 iso4217:INR iso4217:INR xbrli:shares

INFLAME APPLIANCE LIMITED

(FORMERLY TECHNO ENGINEERING COPRN.)

BALANCE SHEET AS AT MARCH 31, 2018

 

 

Note No.

As at

March 31, 2018

 

 

 

`

 

 

 

 

I

Equity and Liabilities

 

 

 

 

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share capital

2

40,000,000.00

 

(b) Reserves & surplus

3

61,148,062.68

 

 

 

101,148,062.68

 

(2) Non-current liabilities

 

 

 

(a) Secured Loan

4

6,066,199.37

 

(b) Deferred tax liabilities (Net)

5

147,740.00

 

 

 

 

 

 

 

6,213,939.37

 

(3) Current liabilities

 

 

 

(a) Trade payables

6

79,141,281.25

 

(b) Other current liabilities

7

2,610,998.88

 

(c) Short-term provisions

8

1,620,682.18

 

 

 

83,372,962.31

 

 

 

 

 

Total

 

190,734,964.36

 

 

 

 

II

Assets

 

 

 

 

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

Tangible Assets

9

28,923,578.98

 

Capital work-in-progress

 

5,648,220.00

 

(b) Long -term loans and advances

 

-

 

(c) Non current investement

10

16,500,000.00

 

 

 

51,071,798.98

 

 

 

 

 

(2) Current Assets

 

 

 

(b) Inventories

11

24,583,675.00

 

(c) Trade receivables

12

69,766,806.40

 

(d) Cash and cash equivalents

13

13,851,890.79

 

(e) Short-term loans and advances

14

24,403,712.19

 

 

 

132,606,084.38

 

 

 

 

 

(2) Pre-Operative Expenses

15

7,057,081.00

 

 

 

 

 

Total

 

190,734,964.36

 

 

 

 

 

Summary of significant accounting policies

1

-

The accompanying notes are an integral part of the financial statements

As per our Report of even date annexed.

For Deepak Jhanwar & Co.

Chartered Accountants

Regn. No . 023982N

Deepak Jhanwar

Partner

Membership No. 509398

Director

Dinesh Kaushik

DIN - 07971536

Director

Anita Kaushik

DIN - 07971788

Place : Baddi

Date : 28.05.2018


INFLAME APPLIANCE LIMITED

(FORMERLY TECHNO ENGINEERING CORPN.)

STATEMENT OF PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED MARCH 31, 2018

 

Note No.

For the year ended

March 31, 2018

INCOME

 

`

 

 

Conso

 

 

 

Revenue from operations (gross)

16

89,907,038.51

 

 

 

Revenue from operations (net)

 

89,907,038.51

 

 

 

Other Income

17

69,999.00

 

 

 

 

 

89,977,037.51

 

 

 

EXPENSES

 

 

 

 

 

Cost of materials consumed

18

67,784,483.45

(Increase) / Decrease in stocks

19

(640,539.00)

Employee benefits expense

20

5,033,245.00

Manufacturing Expenses

21

3,855,646.10

Administrative Expenses

22

8,620,716.67

Finance cost

23

184,004.97

Depreciation

 

1,198,256.00

 

 

 

 

 

86,035,813.19

 

 

 

Profit / (Loss) before taxation

 

3,941,224.32

Tax expenses

 

 

(1) Current tax

 

623,320.00

(2) MAT

 

127,877.00

(3) Deferred tax

 

147,740.00

 

 

898,937.00

 

 

 

Profit / (Loss) after taxation

 

3,042,287.32

 

 

 

Earnings Per Share (Rs.) Basic

 

0.76

 

 

 

Summary of significant accounting policies

1

 

The accompanying notes are an integral part of the financial statements

As per our Report of even date annexed.

For Deepak Jhanwar & Co.

Chartered Accountants

Regn. No . 023982N

________________

Deepak Jhanwar

Partner

Membership No. 509398

Director

Dinesh Kaushik

DIN - 07971536

Director

Anita Kaushik

DIN - 07971788

Place : Baddi

Date : 28.05.2018




Notes to financial statements for the year ended March 31, 2018

1 Significant Accounting Policies

(i) Basis of Preparation of Financial Statements :

The Financial Statements have been prepared in accordance with the Generally Accepted Accounting Principles in India ('Indian GAAP") to comply with the Accounting standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and relevant provisions of the Companies Act, 2013 and other accounting pronouncements of the Institute of Chartered Accountants of India. The financial statements have been prepared under historical cost convention and on accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year except for change in the accounting policy for depreciation on fixed assets as mentioned in Note 29.

(ii) Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

(iii) Revenue Recognition:

All revenue and expenses are accounted for on accrual basis. Revenue is recognized when no significant uncertainties exist in relation to the amount of eventual receipt.

a) Sales are recognized on dispatch of goods to customers and are inclusive of central / state excise duty.

b) Insurance and other claims are accounted for as and when admitted by the appropriate authorities.

(iv) Inventories :

Inventories are stated at the lower of cost and net realizable value. Cost is determined on the basis of First In First Out (FIFO) method.

a) Raw materials, Packing Material, Stores & Components and Work-in-Process are valued at material cost.

b) Finished goods are valued at manufacturing cost, which comprise direct material, direct labour, other direct cost and other related manufacturing overheads.

c) Obsolete/ slow moving inventories are adequately provided for.

(v) Fixed Assets :

Fixed assets are stated at their original cost of acquisition /installation, net of accumulated depreciation, amortization and impairment losses.

a) Fixed assets are stated at their original cost of acquisition /installation, net of accumulated depreciation, amortization and impairment losses.

b) Capital work-in-progress is stated at the amount incurred up to the date of the Balance Sheet.

c) Expenditures incurred during construction / erection period on project under implementation are included under “Capital work-in-progress”. These expenses are appropriated to fixed assets on commencement of commercial production.

(vi) Depreciation :

a) Depreciation on tangible and Intangible fixed assets has been provided on the Written Down Value method as per the useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes etc.

b) Depreciation is provided on assets acquired during the year from the date on which assets were put to use.

(vii) FOREIGN CURRENCY TRANSACTIONS

Foreign Currency Transactions have been accounted at the rate prevailing on the date of transaction. Gains and losses resulting from the settlement of such transaction and from the transaction of monetary assets and liabilities denominated is foreign currencies are recognized in the profit and loss account.

(viii) Provisions and Contingencies :

Provision is recognized when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure on contingent liability is made when there is a possible obligation or present obligation that probably will not require an out flow of resources or where reliable estimate of the amount of the obligation cannot be made. However contingent assets are neither provided for nor disclosed.

ix) Employee Benefits:

Defined Contribution Plan:

Employee benefits in the form of contribution to Provident Fund managed by Government Authorities, Employees State Insurance Corporation and Labour Welfare Fund are charged as an expense based on the amount of contribution required to be made as and when services are rendered by the employees. The same is charged to the Statement of Profit and Loss of the year when the contribution to the respective funds are due. The above benefits are classified as Defined Contribution Schemes as the Company has no further defined obligations beyond the monthly contributions.

(x) Taxation :

a) Provision for Income Tax is determined on the basis of the estimated taxable income and amount expected to be paid to the tax authorities in accordance with the Provisions of the Income Tax Act, 1961.

b) Deferred Tax has not been recognized in respect of deferred tax assets as the Statement has been made in the mid of the year.

(xi) Earnings Per Share :

Basic earnings per share are calculated by dividing the net profit for the year attributable to equity share holders by the weighted average number of equity shares outstanding during the period.

(xii) Cash and Cash Equivalents:

The Company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents.




INFLAME APPLIANCE LIMITED 

(FORMERLY TECHNO ENGINEERING CORPN.)

Notes to financial statements for the year ended March 31, 2018

2 Share Capital

 

As at

March 31, 2018

 

`

Authorised Shares

 

 

 

50,00,000 equity shares of Rs. 10/- each

50,000,000

(P.Y. Nil Equity Shares of Rs. 10/- each)

 

 

 

Issued, subscribed and paid up shares

 

 

 

40,00,000 equity shares of Rs 10/- each fully paid up

40,000,000

(P.Y. Nil Equity Shares)

 

 

 

 

40,000,000

a. Reconciliation of the number of shares outstanding

Particulars

As at

March 31, 2018

 

`

 

 

Number of shares at the beginning

-

 

 

Issued during the period

4,000,000

 

 

Number of shares at the end

4,000,000

b. Terms / rights attached to equity shares

Each holder of equity share is entitled to one vote per share with a right to receive per share dividend by the Company, when declared. In the event of liquidation, the equity shareholders will be entitled to receive remaining assets of the Company after distribution of all preferential amounts in the proportion to the number of equity shares held by them.

c. Details of shareholders holding more than 5% shares in the company

Name of the shareholder

As at March 31, 2018

 

No. of equity

shares

As a % of

total holding

ADITYA KAUSHIK

2,445,600

61.14%

DINESH KAUSHIK

330,400

8.26%

Total

2,776,000

69.40%




INFLAME APPLIANCE LIMITED

(FORMERLY TECHNO ENGINEERING CORPN.)

Notes to financial statements for the year ended March 31, 2018

3 Reserves & Surplus

 

As at

 

March 31, 2018

 

`

 

 

Surplus / (deficit) in the statement of profit and loss

 

As per last Balance Sheet

2,548,775.36

Profit after tax for the year

3,042,287.32

 

 

Total A

5,591,062.68

 

 

Securties premium account

 

As per last Balance Sheet

-

Share Premium

66,057,000.00

Less: Subtractions

10,500,000.00

 

 

Total B

55,557,000.00

 

 

Total A + B

61,148,062.68


INFLAME APPLIANCE LIMITED

Notes to financial statements for the year ended March 31, 2018

Amount in

4 Secured Loan

 

As at

 

March 31, 2018

 

`

Car Loan Verna

370,759.18

Car Loan Alto

219,272.64

Car Laon BMW

3,211,822.55

Term Loan

2,264,345.00

Cash Credit

-

 

 

 

6,066,199.37

5 Deferred tax liabilities (Net)

 

As at

 

March 31, 2018

 

`

Deferred Tax Liability

147,740

 

 

 

147,740

6 Trade payables

 

As at

 

March 31, 2018

 

`

Trade payables

73,397,791.72

Sundry Creditors (Transporter)

335,166.00

Other Creditors

5,408,323.53

 

 

 

79,141,281.25

7 Other Current Liabilities

 

As at

 

March 31, 2018

 

`

 

 

Wages & Salaries Payable

1,860,552.00

Other payables

427,071.88

Advances from Customers

323,375.00

 

 

 

2,610,998.88

8 Short term provisions

 

As at

 

March 31, 2018

 

`

 

 

Provision for Taxation 2017-18 (Techno)

443,871.55

Provision for Taxation 2017-18

51,197.00

TDS & TCS Payable

1,053,687.63

PF & ESI

71,926.00

 

 

 

1,620,682.18


Notes to financial statements for the year ended March 31, 2018

9. FIXED ASSETS

In `

 

GROSS BLOCK

DEPRECIATION

NET BLOCK

 

As at

Additions

Deductions

As at

As at

From april to

20th Jan 2018

Deductions

As at

As at

As at

 

14th Nov.

2017

 

 

31st March

2018

14th Nov.

2017

 

 

31st March

2018

31st March

2018

31st March

2017

 

 

 

 

 

 

 

 

 

 

 

TANGIBLE ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

-

20,164,843

-

20,164,843

-

-

-

-

20,164,843.00

-

 

 

 

 

 

 

 

 

 

 

 

Plant & Machinery

5,149,485

-

-

5,149,485

931,177

325,685.00

-

1,256,862

3,892,622.98

4,218,308

 

 

 

 

 

 

 

 

 

 

 

Electrical Installation

32,068

-

-

32,068

12,063

2,334.00

-

14,397

17,671.00

20,005

 

 

 

 

 

 

 

 

 

 

 

Generator

90,000

-

-

90,000

43,799

6,728.00

-

50,527

39,473.00

46,201

 

 

 

 

 

 

 

 

 

 

 

Fire Extinguisher

63,918

-

-

63,918

45,601

4,411.00

-

50,012

13,906.00

18,317

 

 

 

 

 

 

 

 

 

 

 

Lab Equiptment

269,120

-

-

269,120

92,093

13,677.00

-

105,770

163,350.00

177,027

 

 

 

 

 

 

 

 

 

 

 

Water Filter

7,000

-

-

7,000

3,711

790.00

-

4,501

2,499.00

3,289

 

 

 

 

 

 

 

 

 

 

 

Air Conditioner

52,800

-

-

52,800

8,552

8,998.00

-

17,550

35,250.00

44,248

 

 

 

 

 

 

 

 

 

 

 

Mobile

76,524

91,728

-

168,252

24,809

26,891.00

-

51,700

116,552.00

51,715

 

 

 

 

 

 

 

 

 

 

 

Furniture & Fixtures

328,674

21,186

-

349,860

119,311

24,272.00

-

143,583

206,277.00

209,363

 

 

 

 

 

 

 

 

 

 

 

Motor Vehicles

6,157,891

-

-

6,157,891

1,268,712

744,435.00

-

2,013,147

4,144,744.00

4,889,179

 

 

 

 

 

 

 

 

 

 

 

Computer

232,395

-

-

232,395

127,028

35,127.00

-

162,155

70,240.00

105,367

 

 

 

 

 

 

 

 

 

 

 

Tally 9 ERP

64,900

-

-

64,900

3,841

4,908.00

-

8,749

56,151.00

61,059

 

 

 

 

 

 

 

 

 

 

 

 

12,524,775

20,277,757

-

32,802,532

2,680,697

1,198,256

-

3,878,953

28,923,579

9,844,078

 

 

 

 

 

 

 

 

 

 

 

Capital WIP

-

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

Factory Building

 

5,591,279

 

5,591,279

 

 

 

 

5,591,279.00

 

 

 

 

 

 

 

 

 

 

 

 

Equipments

 

56,941

 

56,941

 

 

 

 

56,941.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,648,220

 

5,648,220

-

-

-

-

5,648,220.00

 

 

 

 

 

 

 

 

 

 

 

 

Grand Total

12,524,775

25,925,977

-

38,450,752

2,680,697

1,198,256

-

3,878,953

34,571,798.98

9,844,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previous Year

-

-

-

-

-

-

-

-

-

-


INFLAME APPLIANCE LIMITED

Notes to financial statements for the year ended March 31, 2018

 

As at

 

March 31, 2018

 

`

10 INVESTEMENT

 

 

 

Fixed Deposit with Canara Bank

16,500,000

 

 

 

16,500,000

11 Inventory (at cost)

 

As at

 

March 31, 2018

 

`

 

Conso

 

 

Raw materials

20,294,665

Work in progress

-

Finished goods

4,289,010

 

 

 

24,583,675

12 Trade receivables

 

As at

 

March 31, 2018

 

`

 

 

Unsecured, considered good

 

Outstanding for a period exceeding six

 

months from the date they are due for payment

-

 

-

 

 

Other receivables

 

Unsecured, considered good

69,766,806

 

 

 

69,766,806

 

 

 

69,766,806

13 Cash and bank equivalents

 

As at

 

March 31, 2018

 

`

(a) Cash and cash equivalents

 

(i) Balances with banks

 

In current accounts

13,190,978

(ii) Cash in hand

660,913

 

 

 

13,851,891


INFLAME APPLIANCE LIMITED

Notes to financial statements for the year ended March 31, 2018

14 Short-term loans and advances

 

As at

 

March 31, 2018

 

 

Unsecured, considered good

 

Advances recoverable in cash or kind

4,200,923

Advance for Capital Goods

15,199,714

Inter Company Balances

-

Prepaid Expenses

849,100

Security Deposits

2,988,875

Balance with Revenue Authorities

1,122,100

TCS

43,000

Advance tax AY 2018-19

-

 

 

 

24,403,712.19

15 Pre-Operative Expenses

 

As at

 

March 31, 2018

Opening Balance

-

Add: During the year

7,057,081

 

 

Closing Balance

7,057,081




INFLAME APPLIANCE LIMITED

Notes to financial statements for the year ended March 31, 2018

16 SALES

 

As on March

31, 2018

 

 

Sales of products

89,907,038.51

Stock Transfer

-

 

 

 

89,907,038.51

17 OTHER INCOME

Scrap Sales

-

Interest on FD

-

Other Income

69,999.00

 

 

 

69,999.00

18 COST OF MATERIAL CONSUMED

 

As on March

31, 2018

 

 

i) Raw Material Consumption

 

Opening Stock

10,795,214.00

Add: Purchases

77,283,934.45

Less: Closing Stock

20,294,665.00

 

67,784,483.45

19 (INCREASE) / DECREASE IN STOCK

Opening Stock

 

i) Work-in-process

-

ii) Finished goods

3,648,471.00

 

3,648,471.00

 

 

Purchases of Finished Goods

-

 

 

Less : Closing Stock

 

i) Work-in-process

 

ii) Finished goods

4,289,010.00

 

4,289,010.00

 

 

Net (Increase)/Decrease in Stock

(640,539.00)


INFLAME APPLIANCE LIMITED

Notes to financial statements for the year ended March 31, 2018

20 Employee benefit expenses

 

As on

March 31, 2018

 

 

Salary and Wages

3,494,378.00

Director Remuneration

1,310,000.00

Contribution to PF / ESI

133,116.00

Staff welfare expenses

95,751.00

 

5,033,245.00

21 MANUFACTURING AND OTHER EXPENSES:

Freight Inward

519,477.99

Job Work Charges

2,968,174.00

Factory consumables

47,956.01

Loading & Unloading Exp.

30,632.00

Power Charges

85,492.00

Rates and Taxes

203,914.10

 

 

 

3,855,646.10

22 ADMINISTRATIVE EXPENSES:

Audit Fees

75,000.00

Bank Charges

68,846.00

Business Promotion

183,150.00

Commission

6,137,432.00

Channel Access Fees

166,670.00

BIS Fees

-

Discount Allowed

456,892.00

Donation

220.00

Freight Outward

84,803.00

Foreign Exchange Loss

148,492.00

Insurance

1,433.00

Rent - Factory

507,700.00

Legal & professional Charges

340,070.00

Rent - Warehouse

31,500.00

Postage & Courier

7,718.00

Printing & Stationary

20,425.00

Repair to Others

31,780.00

Social Welfare Exp.

20,285.20

Telephone & Internet Expesnes

31,559.88

Travelling & Conveyance

160,667.00

Vehicle Running Exp.

138,642.00

Others

7,431.59

 

 

 

8,620,716.67

23 FINANCE EXPENSES:

Interest on Car Loan

55,258.97

Interest on CC

55,654.00

Interest on Term Loan

60,643.00

Other Interest

12,449.00

 

184,004.97


INFLAME APPLIANCE LIMITED

(FORMERLY TECHNO ENGINEERING CORPN.)

24 The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to Micro and Small Enterprises have not been made.

25 Related Party Disclosures:

The disclosures pertaining to the related parties as required by the Accounting Standard 18 “Related Party Disclosure” issued by the Institute of Chartered Accountants of India, as applicable, are as under:

Sr. No.

Name of the related party

Relation

 

 

 

1

Aditya Kaushik

Director

2

Dinesh Kaushik

Director

3

Amit Kaushik

Relative Director

4

Anita Kaushik

Director

5

Ruchi Kaushik

Relative Director

6

Usha Enterprises

Prop. Dinesh Kaushik

7

Kaushik Kreation

Prop. Aditya Kaushik

 

Nature of transaction

March 31, 2018

Usha Enterprises

`

 

 

(a) Sale of goods

 

(b) Purchase of goods

937,428.00

(c) Job Works

73,420.00

(d) Outstanding as on last date of the year

6,675,963.34

(e) Maximum outstanding

-

 

 

Kaushik Kreation

 

 

 

(a) Sale of goods

678,485.00

(b) Purchase of goods

-

(c) Outstanding as on last date of the year

10,358,478.75

 

Sr. No.

Name of the related

Party

Transaction

Amount

1

Aditya Kaushik

Remuneration

200,000.00

2

Dinesh Kaushik

Remuneration

25,000.00

3

Amit Kaushik

Remuneration

110,000.00

4

Anita Kaushik

Remuneration

50,000.00

5

Ruchi Kaushik

Remuneration

50,000.00


INFLAME APPLIANCE LIMITED

(FORMERLY TECHNO ENGINEERING CORPN.)

26 Payment to auditors

For the year ended

31 March 2018

 

 

Audit Fees

75,000.00

Fees for other Services

-

 

 

 

75,000.00

 

27 Finance costs

For the year ended

31 March 2018

 

 

Interest on Car Loan

80,342.44

Interest on Term Loan

45,427.00

Interest on CC

43,479.00

 

 

 

169,248.44

 

28 Earnings per share (EPS)

For the year ended

31 March 2018

 

 

Particulars

 

Profit (Loss) after Taxation

3,042,287

Weighted average number of shares

4,000,000

Basic Earnings per Share

0.76

Face Value per Equity Share

10

29 There is no contingent liability as on March 31, 2018

30 Earnings in Foreign Exchange

 

Nil

 

 

 

31 Expenditure in Foreign Exchange

1550 $

121,095.00

 

 

 

32 Loss in Foreign Currency Fluctuation

1550 $

121,095.00


INFLAME APPLIANCE LIMITED

(FORMERLY TECHNO ENGINEERING CORPN.)

33 During the year ended March 31, 2018, the revised Schedule VI notified under the Companies Act, 1956 has become applicable to the company for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for the preparation of financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

34 Figures of previous year have been regrouped, reclassified and recast, wherever considered necessary.

 

For Deepak Jhanwar & Co.

Chartered Accountants

Regn. No . 023982N

________________

Deepak Jhanwar

Partner

Membership No. 509398

Director

Dinesh Kaushik

DIN - 07971536

Director

Aditya Kaushik

DIN - 06790052

Place : Baddi

Date : 28.05.2018

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