1 Corporate Information
1.1 Jai Mata Glass Limited, having CIN: L26101HP1981PLC004430, is a public company domiciled in India and incorporated under the provisions of Companies
Act, 1956. Its shares are listed on the Bombay Stock Exchange. The Company is engaged in the business of trading in glass and procuring orders as a sales
agent in the eastern and northern regions of India.
1.2 Going Concern
The Company renders services of selling agent and the accounts of the company have been prepared on a going on concern basis.
2 Significant Accounting Policies
a) Basis of preparation of financial statements
(i) Statement of compliance
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015 (as amended), and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Act),
as applicable to the Company.
Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing
accounting standard requires a change in the accounting policy hitherto in use.
The financial statements have been approved by the company's Board of Director's on May 22, 2025.
(ii) Basis of preparation
The financial statements have been prepared under the historical cost convention with the exception ofcertain assets and liabilities that are required to be
carried at fair value by Ind AS.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date
All assets and liabilities have been classified as current and non-current as per the Company’s normal operating cycle which is based on the nature of
businesses and the time elapsed between deployment of resources and the realisation of cash and cash equivalents. The Company has considered an
operating cycle of 12 months.
b) Use of estimates and Judgements
The preparation of the financial statements are in conformity with Ind AS which requires management to make estimates, judgments and assumptions.
These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures
of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting
estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management
becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which
changes are made and, if material, their effects are disclosed in the notes to the financial statements.
c) Property, plant & equipment
i) Property, plant and equipment's are stated at cost and net of accumulated depreciation and/or impairment loss, if any. Such Cost includes all incidental
expenses and interest costs on borrowings, attributable to the acquisition of qualifying assets, up to the date of commissioning of assets.
ii) Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with
these will flow to the Company and the cost of the item can be measured reliably.
iii) The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset and the resultant gains or
losses are recognized in the Statement of Profit and Loss. Assets to be disposed off are reported at the lower of the carrying value or the fair value which is
further reduced by the cost that shall be incurred for disposal of the asset.
iv) Depreciation on the property, plant and equipment is provided over the useful life of assets as specified in Schedule II to the Companies Act, 2013
v) In respect of assets added/disposed off during the year, depreciation is charged on pro-rata basis with reference to the month of addition/disposal.
vi) Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end.
d) Intangible assets
Software costs and other intangible assets are included in the balance sheet as intangible assets when it is probable that associated future economic benefits
would flow to the Company. In this case they are measured initially at purchase cost and then amortised on a straight-line basis over their estimated useful
lives.
Estimated useful life
Computer Software 3 to 5 years
e) Capital Advances
Advances given towards acquisition of property, Plant and Equipment outstanding at each balance sheet date are disclosed as other Non - Current Assets.
f) Financial Instruments
Initial recognition
The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial
assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price.
Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, that are not stated at fair value through
profit or loss, are added to the fair value on initial recognition. Regular purchase and sale of financial assets are accounted for at trade date.
Subsequent measurement
Financial assets carried at amortised cost
A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect
contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial assets at fair value through other comprehensive income
Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is
achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at fair value through profit or loss
Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive
income on initial recognition. The transaction costs directly attributable to the acquisition of assets and liabilities at fair value through profit and loss are
immediately recognised in the statement of profit and loss.
Financial Liabilities
Financial Liabilities are measured at amortised cost.
Derecognition of financial instruments
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset
and the transfer qualifies for derecognition in accordance with Ind AS 109 "Financial Instruments" issued by the Ministry of Corporate Affairs,
Government of India. A financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation
specified in the contract is discharged or cancelled or expires.
g) Impairment
Financial assets
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An Impairment
loss is recognised for the amount by the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair
value less cost if disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of cash inflows from other assets or group of assets (cash generating units). Non financial asset's
other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
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