Mar 31, 2016
i) Basis of Accounting:
The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 2013.
ii) Use of Estimates:
The preparation of financial statements requires estimates and assumptions to be made based on the current working that affect the reported amount of assets and liabilities (including contingent liabilities) on the date of financial statements and the reported amount of revenues and expenses for the reporting period. Difference between the actual and the estimates, if any, are accounted for in the period in which such differences are known/materialized.
iii) Investments:
Investments wherever readily realizable and intended to be held not more than one year from the date of such investments are made, are qualified as current investments. Current investments are carried at lower of cost and quoted/fair value, computed category-wise.
iv) Inventories:
Items of inventories such as raw materials and Stock-in-Trade, Finished Goods are measured at lower of cost or net realizable value after providing for obsolescence if any. Work-in-progress is valued at estimated cost and stocks & spare parts, dyes & chemicals, packing materials etc. are valued at cost.
Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them in their present condition. Cost of raw materials, stock in process, stock in trade and finished goods are determined on average cost basis.
v) Revenue Recognition:
Revenue is recognized only when it can be definitely measured and it is reasonable to expect final collection. Revenue from operations includes sale of goods after adjustment of discounts (net) and return of goods. Dividend income is recognized on actual receipt basis. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
vi) Related Party Disclosure:
In accordance with the requirements of Accounting Standards (AS) - 18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and descriptions of relationships, as identified and certified by the management, are:
I. Key Management Personnel
- MAMTA AGARWAL (Managing Director)
- ATUL KUMAR AGARWAL (Director)
- HIMANSHU (Director)
- RABINDER GUPTA (Director)
- MALIKHAN SINGH YADAV (Director)
II. As informed by the management there was no related party transactions made during the year.
vii) EARNING PER SHARE:
Basic earnings per share is calculated by dividing the net Profit for the year attributable to equity shareholders (after deducting the dividend on redeemable preference share) by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share is calculated by dividing the net profit attributable to equity shareholders (after deducting the dividend on redeemable preference share) by weighted average number of equity shares outstanding during the year after adjusting for the effects of dilutive options.
viii) Events occurring after Balance Sheet Date:
Events occurring after the balance sheet date have been considered in the preparation of financial statements.
ix) Contingent Liabilities:
Unprovided liabilities of contingent nature are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.
xii) Due to small scale Industries an amount exceeding Rs.1 Lakh outstanding
For more than 30 Days: NIL NIL
xiii) The company is not a manufacturing company so particulars for licensed capacity are not given.
xiv) The additional Information pursuant to revised Schedule II to the Companies Act, 2013 are either Nil or Not Applicable.
Mar 31, 2015
I) Basis of Accounting
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 2013.
ii) Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made based on the current working that affect the
reported amount of assets and liabilities (including contingent
liabilities) on the date of financial statements and the reported
amount of revenues and expenses for the reporting period. Difference
between the actual and the estimates, if any, are accounted for in the
period in which such differences are known/materialized.
iii) Investments
Investments wherever readily realizable and intended to be held not
more than one year from the date of such investments are made, are
qualified as current investments. Current investments are carried at
lower of cost and quoted/fair value, computed category-wise.
iv) Inventories
Items of inventories such as raw materials and Stock-in-Trade, Finished
Goods are measured at lower of cost or net realizable value after
providing for obsolescence if any. Work-in-progress is valued at
estimated cost and stocks & spare parts, dyes & chemicals, packing
materials etc. are valued at cost.
Cost of inventories comprises of cost of purchase, cost of conversion
and other costs including manufacturing overheads incurred in bringing
them in their present condition. Cost of raw materials, stock in
process, stock in trade and finished goods are determined on average
cost basis.
v) Revenue Recognition
Revenue is recognized only when it can be definitely measured and it is
reasonable to expect final collection. Revenue from operations includes
sale of goods after adjustment of discounts (net) and return of goods.
Dividend income is recognized on actual receipt basis. Interest income
is recognized on time proportion basis taking into account the amount
outstanding and rate applicable.
vi) Related Party Disclosure
In accordance with the requirements of Accounting Standards (AS) - 18
on Related Party Disclosures, the names of the related parties where
control exists and/or with whom transactions have taken place during
the year and descriptions of relationships, as identified and certified
by the management, are:
I. Key Management Personnel
- Atul Kumar Agarwal Director
- Mamta Agarwal Director
- Himanshu Agarwal Director
- Rabinder Gupta Director
- Malikhan Singh Yadav Director
II. As informed by the management there was no related party
transactions made during the year.
vii) Earning Per Share
Basic earnings per share is calculated by dividing the net Profit for
the year attributable to equity shareholders (after deducting the
dividend on redeemable preference share) by the weighted average number
of equity shares outstanding during the year.
Diluted earnings per share is calculated by dividing the net profit
attributable to equity shareholders (after deducting the dividend on
redeemable preference share) by weighted average number of equity
shares outstanding during the year after adjusting for the effects of
dilutive options.
viii) Events occurring after Balance Sheet Date
Events occurring after the balance sheet date have been considered in
the preparation of financial statements.
ix) Contingent Liabilities
Unprovided liabilities of contingent nature are disclosed in the
accounts by way of notes giving nature and quantum of such liabilities.
Mar 31, 2014
Basis of preparation of financial statements:
The financial statements are prepared and presented on accrual basis of
accounting in accordance with the generally accepted accounting
principles in India and comply with the accounting standards prescribed
by Companies( Accounting Standard) Rules,2006, to the extent applicable
and in accordance with the provisions of the Companies Act,1956, as
adopted by the Company.
Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted Accounting principles required estimates and
assumptions to be made that affect the reported amount of assets,
liabilities revenues and expenses on the date of the financial
statements. Difference between the actual result and estimates are
recognized in the period in which the results are know/ materialized.
Revenue Recognition:
All revenue, costs, assets and liabilities are accounted for on accrual
basis except in case where not practically possible.
Fixed Assets:
Fixed Assets are stated at cost less Depreciation. The Cost of fixed
assets comprises purchase price and any attributable cost of bringing
the assets to its working condition for its intended use.
Depreciation:
Depreciation on fixed assets is provided on W.D.V. Method at the rates
and in the manner as prescribed in the schedule XIV of the Companies
Act, 1956.
Stock in Trade:
Stock in trade comprises of shares, securities and commodities. All
securities are valued at cost . In case shares held as stock in trade,
diminution in value of stock is not provided for in accounts because,
in the opinion of the board, prices will rise in near future.
Retirement Benefits:
Provident fund, gratuity and leave pay provision are not applicable to
the company.
Investment:
Investment Valued at cost as Investments are considered as Long Term
Investments.
Leases:
Lease arrangements where the risks and rewards incidental to the
ownership of an assets vest substantially with the lessor are
recognized as operating leases. Lease rent under operating leases are
recognized in the profit and loss statements with reference to the
lease terms.
Income Tax:
In accordance with Accounting Standards- 22 "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India. The
provisions made for income tax in the accounts comprises both, the
current tax and deferred tax.
The deferred tax for timing differences between the book and tax
profits for the year is accounted for using the tax rates and laws that
have been enacted or substantively enacted as of the balance sheet
date. Deferred Tax assets arising from temporary timing difference are
recognized to the extent there is reasonable certainly that the assets
can be realized in future and the same is reviewed at each Balance
Sheet Date.
Provisions & Contingencies
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that the outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. Provisions are not discounted
to its present value and are determined based on best management
estimate required to settle the obligation at the Balance Sheet date.
These are reviewed at each balance sheet date and adjusted to reflect
the current best management estimates. Contingent liabilities are not
recognized but are disclosed in the Notes. Contingent Assets are
neither recognized nor disclosed in the financial statements.
b) Rights, preferences and restrictions attached to shares
Equity Shares: The company has one class of equity shares having a par
value of Rs.10 per share. Each shareholder is eligible for one vote per
share held.
Mar 31, 2013
Basis of preparation of financial statements:
The Financial statements are prepared and presented under the
historical cost convention on the accrual basis of Accounting and in
accordance with the accounting standard issued by the Institute of
Chartered Accountants of India as referred to in Section 211 (3CJ of
the Companies Act, 1956.
Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted Accounting principles required estimates and
assumptions to be made that affect the reported amount of assets,
liabilities revenues and expenses on the date of the financial
statements. Difference between the actual result and estimates are
recognized in the period in which the results are know/ materialized.
Revenue Recognition:
All revenue, costs, assets ana liabilities are accounted for on accrual
basis except in case where not practically possible.
Fixed Assets:
Fixed Assets are stated at cost less Depreciation. The Cost of fixed
assets comprises purchase price and any attributable cost of bringing
the assets to its working condition for itij intended use.
Depreciation:
Depreciation on fixed assets is provided on W.D.V. Method at the rates
and in the manner as prescribed in the schedule XIV of the Companies
Act, 1956.
IN TRADE:
in trade comprises of shares, securities and commodities. All
securities are valued at .In case shares held as stock in trade,
diminution in value of stock is not provided for in unts because, in
the opinion of the board, prices will rise in near future. The closing
je of shares is Rs. 12,097,363,50/-. ieclosing stock of commodities is
Rs. 15, 523, 213.40/-.
RETIREMENT BENEFITS:
Provident fund, gratuity and leave pay provision are not applicable to
the company.
I Investment:
Investment Valued at cost as Investments are considered as Long Term
Investments.
Taxes on Income:
i) Current Tax is determined as the tax payable in respect of taxable
income for the year and is computed in accordance with relevant Tax
Regulations.
All expenses are accounted for accrual basis.
Mar 31, 2012
Basis of preparation of financial statements:
The Financial statements are prepared amt presented under the
historical cost convention on the accrual basis of Accounting and in
accordance with the accounting standard issued by the Institute of
Chartered Accountants of India as referred to in Section 211 (30 of the
Companies Act,1956.
Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted Accounting principles required estimates and
assumptions to be made that affect the reported amount of assets,
liabilities revenues and expenses on the date of the financial
statements. Difference between the actual result and estimates are
recognized in the period in which the results are know/ materialized.
Revenue Recognition:
All revenue, costs, assets and liabilities are accounted for on accrual
basis except in case where not practically possible.
Fixed Assets:
Fixed Assets are stated at cost less Depreciation. The Cost of fixed
assets comprises purchase price and any attributable cost of bringing
the assets to its working condition for its intended use.
Depreciation:
Depreciation on fixed assets is provided on W.D.V. Method at the rates
and in the manner as prescribed in the schedule XIV of the Companies
Act, 1956.
STOCK IN TRADE:
Stock in trade comprises or shares and securities. All securities are
valued at cost in case share held as stock in trade, diminution in
value of stock is not provided for in accounts because in the opinion
of the board prices will be rises in near future.
RETIREMENT BENEFITS:
Provident fund, gratuity and leave pay provision are not applicable to
the company
Investment:
Investment Valued at cost as Investments are considered as Long Term
Investments.
Taxes on Income:
i) Current l ax is determined as the tax payable in respect of taxable
income for the year amt is computed in accordance with relevant Tax
Regulations.
All expenses are accounted tor on accrual basis.
Mar 31, 2011
A) Basis of preparation of financial statements:
The Financial statements are prepared and presented under the
historical cost convention on the accrual basis of Accounting and in
accordance with the accounting standard issued by the Institute of
Chartered Accountants of India as referred to in Section 211 (3C) of
the Companies Act, 1956.
b) Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted Accounting principles required estimates and
assumptions to be made that affect the reported amount of assets,,
liabilities revenues and expenses on the date of the financial state
men ts. Difference between the actual result and estimates are
recognized in the period in which the results are know/ materialized.
c) Revenue Recognition:
All revenue, costs, assets and liabilities are accounted for on accrual
basis except in case where not practically possible.
d) Fixed Assets:
Fixed Assets are stated at cost less Depreciation, The Cost of fixed
assets comprises purchase price and any attributable cost of bringing
the assets to its working condition for its intended use.
e) Depreciation:
Depreciation on fixed assets is provided on W.D.V, Method at the rales
and in the manner as prescribed in the schedule XIV of the Companies
Act,1956.
f) STOCK IN TRADE:
Stock in trade comprises of shares and securities. Ail securities are
valued at cost -in case share held as stock in trade, diminution in
value of stock is not provided for in accounts because in the opinion
of the board prices will be rises in near future.
g) Retirement Benefits
Provident fund., gratuity and leave pay provision are not applicable to
the company.
h) Investment;
Investment Valued at cost as Investments are considered as Long Term
Investments.
i) Taxes on Income:
i) Current Tax is determined as the tax payable in respect of taxable
income for the year and is computed in accordance with relevant Tax
Regulations,
j) All expenses are accounted for on accrual basis.