Saaketa Consultants LTD

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Ashapura Intimates Fashion Ltd.

Notes to Accounts

You can view the entire text of Notes to accounts of the company for the latest year

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Year End :2017-03

I. CORPORATE INFORMATION

Ashapura Intimates Fashion Limited is Limited Company incorporated under the Provisions of Companies Act, 1956. The Company is engaged in the Designing, Manufacturing, Branding, Marketing, Exporting & Retailing of all kinds of Intimate wears. The company’s registered office is in Mumbai.

II. NOTES TO ACCOUNTS:

1. SEGMENT REPORTING

Primary Segment Information

The primary segment reporting format is determined to be business segment as the company’s risks and rates of return are affected predominantly by differences in the products and services produced. The Company solely deals in business segment of lounge wear. The entire operations are governed by the same set of risks and returns and hence, have been considered as representing a single primary segment.

Secondary Segment information

Secondary information is reported geographically. The Company has identified two segments “Domestic Segment” and “Export Segment”. Domestic Segment represents sale of lounge wear in the Indian Markets and Export Segment represents sale of lounge wear globally except India.

3. UNHEDGED FOREIGN CURRENCY RESERVES

Particulars of unhedged foreign currency exposure as at the reporting date:

4. DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES:

The Classification of the suppliers under micro, small and medium enterprises Development Act 2006 is made on the basis of information made available to the company. No principal amount or interest amount remains unpaid to such Micro and Small enterprises as on March 31, 2017. Also, the company has not paid any interest in terms of section 16 of the above-mentioned act or otherwise.

5. Effect of Merger

Pursuant to the Scheme of Arrangement u/s 230 to 234 of the Companies Act 2013 for amalgamation of erstwhile Momai Apparels Ltd(MAL) with the Company as sanctioned by the Hon’ble High Court of Bombay March 24, 2015 (effective date) all the assets, liabilities and reserves of MAL were transferred to and vested in the Company with effect from 1st April 2016, the appointed date. MAL is engaged in the business of manufacturing of non-branded Intimate garments. Its products such as loungewear, bridal night wear, honeymoon sets and bathrobes under the brands “Valentine” and “N-Line” are available through large network of distributors to customers in India as well as other countries.

The scheme has accordingly been given effect to in these financial statements. The amalgamation has been accounted for under the “Pooling of Interest Method” as prescribed under Accounting Standard 14- “Accounting for Amalgamations” (AS 14) issued by the Institute of Chartered Accountants of India and as notified under section 133 of the Companies Act 2013 read with Rule 7 of the Companies Accounts Rules 2014. Accordingly and giving effect in compliance of the Scheme of Arrangement all the assets, liabilities and reserves of MAL, now considered a division of the Company, were recorded in the books of the Company at their carrying amounts and the form as at the appointed date in the books of MAL. On April 10, 2015, In terms of the Scheme of Arrangement (Number of shares 53,44,272 ) of the Company has been allotted to the shareholders of MAL for every 27 share of 10 each held by them in the share capital of MAL. These shares have been considered for the purpose of calculation of earnings per share appropriately. An amount of Rs 908.53 Lakhs being the excess of the amount recorded as share capital to be issued by the Company over the amount of the share capital of erstwhile MAL has been credited to Capital Reserve.