Mar 31, 2016
1.1 SIGNIFICANT ACCOUNTING POLICIES
i. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost convention, in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013, as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.
ii. REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.
iii. FIXED ASSETS AND DEPRECIATION.
There is no Fixed Assets during the year.
1.2 NOTES FORMING PART OF ACCOUNTS
i. Balance of cash on hand at the end is accepted as certified by the management of the company.
ii. The figures of the previous year are taken as it is from the report of the previous auditor.
iii. Balance of Sundry Debtors, Creditors, Loans & advances are subject to confirmation of the parties taken by Management.
iv. There are no any transactions entered into between related parties.
Mar 31, 2015
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 2013, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(iii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iv) FIXED ASSETS AND DEPRECIATION.
There is No any Fixed Assets during the year.
Mar 31, 2014
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION :
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXED ASSETS AND DEPRECIATION :
Fixed Assets are stated at the cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
Depreciation on fixed asset is provided at the rates and in the manner
specified in schedule XIV to the Companies Act, 1956 on strait line
method on value of the asset.
Mar 31, 2013
The significant Accounting Policies followed by the company are as
stated below:
1. Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 (''the Act''). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in whieh they become known or
materialises.
2. Revenue Recognition
Income from consultancy are accounted on accrual basis.
3 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
4 Leases
Leases where the lessor effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss aecount on a straight-line basis over the lease
term.
5 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognised only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised. If the company
has unabsorbed depreciation or carry forward tax losses, deferred tax
assets are recognised only if there is virtual certainty supported by
convincing evidence that such deferred tax assets can be realised
against future taxable profits.
At each balance sheet date the Company re-assesses unrecognised
deferred tax assets. It recognises unrecognised deferred tax assets to
the extent that it has become reasonably certain or virtually certain,
as the case may be that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
6 Retirement Benefits
a)''In respect of gratuity, the company''s contribution to the Group
Insurance Scheme of Life Insurance
Corporation of India are charged against the revenue. b) Contribution
to Provident Fund and other recognised funds is charged to Profit &
Loss account.
7 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of ehanges in value.
8 Fixed assets, intangible assets and capital work-in-progress
Fixed Assets are stated at their original cost of acquisition including
taxes, duties, freight and other incidental expenses relating to the
acquisition and installation of the concerned assets less accumulated
depreciation. Fixed Assets also include pre - operative expenses and
borrowing costs. Direct costs are capitalized until fixed assets are
ready for use. Capital work-in-progress comprises of the cost of fixed
assets that are not yet ready for their intend use at the reporting
date. Intangible assets are recorded at the consideration paid for
acquisition of such assets and are carried at cost less accumulated
amortization and impairment.
9 Impairment of Assets
The eompany assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
profit and loss account. If at the balance sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount subject to a maximum of depreciated
historical eost.
10 Depreciation
Depreciation has been provided on all fixed assets under Straighe Line
Method at the rates and in the manner prescribed in schedule XIV of The
Companies Act, 1956,
10 Provisions and contigeiteies
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate ean be made of the amount of the obligation.A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.
Provisions for onerous contracts i.e. contracts where the expected
unavoidable costs of meeting the obligations under the contract exceed
the economic benefits expected to be received under it, are recognised
when it is probable that an outflow of resources embodying economic
benefits will be required to settle a present obligation as a result of
an obligating event, based on a reliable estimate of such obligation.
11 Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
12 Segment Reporting
The accounting policies adopted for segment reporting are in line with
the accounting policy of the Company. Revenue and expenses have been
identified to segments on the basis of their relationship to the
operating activities of the segment. Revenue and expenses, which relate
to the enterprise as a whole and are not allocable to segments on a
reasonable basis, have been included under ''Unallocable
income/expenses''
Mar 31, 2012
1 Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 (''the Act''). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in which they become known or
materialises.
2. Revenue Recognition
Income from consultancy are accounted on accrual basis.
3 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
4 Leases
Leases where the lessor effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
5 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
6 Retirement Benefits
a) In respect of gratuity, the company''s contribution to the Group
Insuarce Scheme of Life Insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account.
Mar 31, 2011
1- Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act.
1956 ('the Act1). The accounting policies have been consistently
applied by the Company. The preparation requited adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in which they become known or
materialises.
During the year, the company has sold' written off the entire fixed
assets. The management is of the opinion that the accounting assumption
of going concerns impaired. Hence necessary adjustments have been made
to the values of the assets and liabilities of the company as at the
year end.
2. Revenue Recognition
Income from consultancy are accounted on accrual basis.
3 Investment Subsidy Investment Subsidy received from Government of
Kerala is treated as Capital Reserve.
4 Leases
Leases where the lesser effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
5 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
6 Retirement Benefits
a] In respect of gratuity, the company's contribution to the Group
Insurance Scheme of Life Insurance Corporation of India are charged
against the revenue.
b] Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account.
Mar 31, 2010
Background
Aitech Power Products Limited (hereinafter referred to "the Company")
was incorporated in the State of Kerala. The Company was In the
business of production of Switched Mode Power Supplies. Due to accute
financial difficulties, the company had stopped its operations In the
first week of April. 2000 and the factory was dosed The operations did
not recommence thereafter. During the year, the company has settled all
the statutory and bank liabilities by disposing of the assets of the
company.
1 Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles; and the applicable Mandatory
Accounting Standards and relevant requiments of The Companies Act. 1956
("the Act"). The accounting policies have been consistently applied by
the Company. The preparation required adoption of estimates and
assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities Differences between the actual results and
estimates are recognise to the year in which they become known or
materialises.
During the year, the company has sold/written oft the entire fixed
assets. The management is of the opinion that the accounting assumption
of going concern is impaired. Hence necessary adjustments have been made
to the values of the assets and liabilities of the company as at the
year end.
2. Revenue Recognition
Sale of goods and assets is recognised when the risk and rewards of
ownership are passed on to the supportment which as generally at the
point of despatch to the customer.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its Intended use.
4 Depreciation
Since no operation was carried out during the year and the company Is
not expecting to commence the operations in the near future,
depreciation has not been provided for
5 Investments
investments are long term and are valued at cost Provisions for
diminution in value of long term investments is made, If the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, as net realisable value can
not be quantified since the company is not operational.
7 Investment Subsidy Investment Subsidy received from Government of
Kerala is treated as Capital Reserve .
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
If there is any Indication of .impairment based on internal/external
factors. An Impairment loss is recognised wherever the carrying amount
of art asset exceeds its recoverable amount.
The recoverable amount is the greater of the assets not selling pride
value in use in assessing value in use, the estimated future cash flows
are discounted to their present value at the weighted average cost of
capital.
After impairment, depredation is provided on reversing carrying amount
of the asset over its remaining useful life.
9 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalised till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Lease
Leases where the lessor effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
11 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
Is measured at the amount expected to be paid to the tax authorities In
accordance with the Indian Income-tax Act Deferred income taxes
reflects the impact of current year timing differences between taxable
Income and accounting income for the year and reversal of timing
differences of earlier years.
12 Retirement Benefits
a) to respect of gratuity the company's contribution to the Group
Insurance Scheme of Life Insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account
Mar 31, 2009
1.Basis of preparation
The financial statements have been prepared on the historical cost
convention. these statements have been prepared in accordance with the
generally accepted accounting principles and the applicable mandatory
accounting standards and relevant requirements of the companies act
1956 (the act) the accounting policies have been consistently applied
by the company the preparation required adoption of estimates and
assumption that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities . Differences between the actual results and
estimates are recognised in the year in which they become know or
materialses
2.Revenue Recognitation
a. sale of good is recognised when the risk and rewards of ownership
are passed on to the customers which is generally at the point of
despatch to the customer sales includes excise Duty and are net of
discount
B. interest income is accounted on accurate basis
3.Fixed Assets
Fixed assets are stated at cost less accumulated depreciation cost
comprises the purchase price and any attributable of bringing the
assets to its working condition for its intended use
4.Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operation in the near future depreciation
has not been provided for
5. Investment.
Investment are long term and are valued at cost Preventions for
diminution In value of long term, Investment is made, if the diminution
is other than temporary
6 Inventories
Inventories are valued at lower of cast in the absence of net realisable
value which can not be qualified since the company is not operational
7 Investment Subsidy Investment Subsidy received from Government of
Kerala is treated as Capital Reserve.
8 Impairment
The carrying amount of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal / external
factors an impairment loss is recognised wherever the carrying amount of
an asset exceeds its recoverable amount the recoverable amount is the
greater of the assets net setting price and value in use in assessing
value in use the estimated future cash flows are discounted to their
present value at the weighted average cost of capital;
9 Borrowing costs
Borrowing costs that are attributable to the acquisition of fixed are
capitalised till the date of substantial completion of the activates
necessary to prepare the relevant asset for its intended use.
10 Leases
Leases where the lessor effectively retains Substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leased. Operating lease payments are recognised as an expense
in the Profit in the Loss account on a straight-line basis over the
lease term
11 Taxation
Tax expense comprises of currant and deferred tax. Current income-tax
it measured at the amount expected to be paid to the tax authorises in
accordance with the Indian Income-tax Act. Deferred-income- taxes
reflects the impact at current year timing difference between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
12 Retirement Benefits
a) In respect of gratuity, the company's contribution to the Group
insurance scheme of life insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognised funds is charged
to Profits Loss account
Mar 31, 2008
1.Basis of preparation
2. Revenue Recognition
3 Fixed Assets .
4 Depreciation
5 Investments
6 inventories
Inventories are valued at lower of cost. as the net realisable value car,
not be quantified since the company is not operational
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 impairment
After impairment, depreciation is provided on reversing carrying amount
of the asset over its remaining useful life.
9 Borrowing Costs
10 Leases
Leases where the lessor effectively retains substantially ell the risks
and benefits of ownership of the leased term are classified as
operating leases. Operating lease payments are recognised as an expense
In the Profit & toss account on a straight line basis over the lease
term
11 Taxation 1
Tax expense comprises of current and deferred tax current income tax is
measured at the amount expedite to be paid to the tax authorities in
accordance with the Indian income tax act deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting Income for the year and reversal of timing
differences of earlier years.
12 Retirement Benefits -
a) In respect of gratuity, the company's contribution to the Group
insurances Scheme of Life Insurance Corporation of India are charged
against the revenue.
b} Contribution to Provident Fund and other recognised funds Is charged
to Profit & Loss account
Mar 31, 2007
1. Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 ('the Act'). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognized in the year in which they become known or
materializes.
2. Revenue Recognition
a) Sale of goods is recognized when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5 Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, in the absence of net
realizable value which cannot be quantified since the company is not
operational.
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets' net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
9 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalized till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Leases
Leases where the lesser effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognized as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
11 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
12 Retirement Benefits
a) In respect of gratuity, the company's contribution to the Group
Insurance Scheme of Life Insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognized funds is charged
to Profit & Loss account.
Mar 31, 2006
1 Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 ('the Act'). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognized in the year in which they become known or
materializes.
2. Revenue Recognition
a) Sale of goods is recognized when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5 Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, in the absence of net
realizable value which cannot be quantified since the company is not
operational.
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets' net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
9 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalized till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Leases
Leases where the lesser effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognized as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
b) Three deposit holders of the company had filed petition with the
Company Law Board for the repayment of deposits ' amounting to
Rs.400,000/-. The Company Law Board has ordered the company to pay the
amounts in instalments. The company could not pay the amount due to
financial constraints. Register of Companies, Kerala has proceeded
against the company in the Economic Offence Court for non compliance of
Company Law Board (CLB) Order and penalty was imposed on the company
and the directors which was paid.
c) Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.50,000K
The Company Law Board had ordered the company to pay the amounts in
instalments. The company could not pay the amount due to financial
constraints. Register of Companies, Kerala has proceeded against the
company in the Economic Offence Court for non compliance of Company Law
Board (CLB) Order which was dismissed by the court. The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled in the
subsequent years.
d) The amount of fixed deposits outstanding amounting to
Rs.33,98,655.00 represents unclaimed deposits.
11 IDBI and SBT had recalled the loan given to the company and filed a
suit in Debt Recovery Tribunal (DRT) for the recovery of the loan
outstanding amounting to Rs.232.42 lakhs and Rs.168.93 lakhs
respectively together with accrued interest and further interest. The
cases were decreed against the company and the banks have obtained the
certificate of recovery from DRT. KSIDC had also recalled the loan and
initiated revenue recovery proceedings for the recovery of Rs.32.59
Lakhs together with accrued interest and further interest. The
institutions had approved One Time Settlement Scheme to the company
with new investors as promoters. However, the schemes could not
materialize as the investors were unable to raise the required funds in
time. These loans were subsequently settled under One Time Settlement
Scheme offered by the financial institutions.
12 M/s.BT Solders, Bangalore - a creditor of the company, has filed a
suit against the company for dishonour of coequal amounting to
Rs.44044/-. The case was dismissed by Magistrate Court in Bangalore.
The creditor has filed a condo nation petition with the High Court of
Karnataka for delayed filing of appeal which was objected by the
company. This liability was settled through court proceedings in the
subsequent years.
13 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized,
14 Managerial Remuneration
a) No commission is payable to any director and hence the computation
of profit u/s 198 / 349 of the Companies Act, 1956 is not required
b) The computation of Managerial Remuneration u/s 350 of The Companies
Act, 1956 have not been enumerated as the managerial remuneration
payable to Managing Director are within the limit prescribed under
Schedule XIII of the said Act.
c) Approval in the General Meeting of the company of remuneration
payable to managing director from the period from September 1999 to
March 2000 amounting to Rs.135, 000 is pending.
15 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
16 Retirement Benefits
a) In respect of gratuity, the company's contribution to the Group
Insurance Scheme of Life Insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognized funds is charged
to Profit & Loss account.
Mar 31, 2005
1 Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 (the Act'). The accounting policies have been consistently applied
by the Company. The preparation required adoption of estimates and
assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in which they become known or
materialises.
2. Revenue Recognition
a) Sale of goods is recognised when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5 Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, in the absence of net
realisable value which cannot be quantified since the company is not
operational.
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognised wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets' net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
After impairment, depreciation is provided on reversing carrying amount
of the asset over its remaining useful life.
9 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalised till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Leases
Leases where the lesser effectively retains substantially all the risks
and benefits of ownership of the teased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
11 Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the Impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
12 Retirement Benefits
a) In respect of gratuity, the company's contribution to the Group
Insurance Scheme of Life Insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account.
Mar 31, 2004
1. Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable " Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 ('the Act'). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in which they become known or
materialises.
2. Revenue Recognition
a) Sale of goods is recognised when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5 Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, in the absence of net
realisable value which cannot be quantified since the company is not
operational.
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognised wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets' net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
After impairment, depreciation is provided on reversing carrying amount
of the asset over its remaining useful life.
9 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalised till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Leases
Leases where the lesser effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
11 Retirement Benefits
a) In respect of gratuity, the company's contribution to the Group
Insurance Scheme of Life Insurance Corporation of India are charged
against the revenue.
b) Contribution to Provident Fund and other recognised funds is
charged to Profit & Loss account.
12 Taxes on Income
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
Mar 31, 2003
1: Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 ('the Act'). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in which they become known or
materialises.
2. Revenue Recognition
a) Sale of goods is recognised when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5 Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, in the absence of net
realisable value which cannot be quantified since the company is not
operational.
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognised wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets' net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
After impairment, depreciation is provided on reversing carrying amount
of the asset over its remaining useful life.
9 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalised till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Leases
Leases where die lesser effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
11 Retirement Benefits
a) The company accounts for the gratuity payments to Life Insurance
Corporation of India as actuarially determined.
b) Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account.
12 Taxes on Income
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
Mar 31, 2002
1- Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 ('the Act'). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are. recognised in the year in which they become known or
materialises.
2. Revenue Recognition
a) Sale of goods is recognised when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3. Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5. Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6. Inventories
Inventories are valued at lower of cost, in the absence of net
realisable value which cannot be quantified since the company is not
operational.
7. Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognised wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets' net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
9- Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalised till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
10 Leases ,
Leases where the lesser effectively retains substantially all the risks
and benefits of ownership of the leased term, are classified as
operating leases. Operating lease payments are recognised as an expense
in the Profit & Loss account on a straight-line basis over the lease
term.
11. Retirement Benefits
a) The company accounts for the gratuity payments to Life Insurance
Corporation of India as actuarially determined.
b) Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account.
12. Taxes on Income
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income-tax Act. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
Mar 31, 2001
1- Basis of Preparation
The Financial Statements have been prepared on the historical cost
convention. These statements have been prepared in accordance with the
generally accepted accounting principles and the applicable Mandatory
Accounting Standards and relevant requirements of The Companies Act,
1956 ('the Act'). The accounting policies have been consistently
applied by the Company. The preparation required adoption of estimates
and assumptions that can affect the reported amounts of revenue and
expenditure and the assets and liabilities as well as the disclosure of
contingent liabilities. Differences between the actual results and
estimates are recognised in the year in which they become known or
materialises.
2. Revenue Recognition
a) Sale of goods is recognised when the risk and rewards of ownership
are passed on to the customers, which is generally at the point of
dispatch to the customer. Sales includes Excise Duty and are net of
discount.
b) Interest income is accounted on accrual basis.
3 Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
4 Depreciation
Since no operation was carried out during the year and the company is
not expecting to commence the operations in the near future,
depreciation has not been provided for.
5 Investments
Investments are long term and are valued at cost. Provisions for
diminution in value of long term investments is made, if the diminution
is other than temporary.
6 Inventories
Inventories are valued at lower of cost, in the absence of net
realisable value which cannot be quantified since the company is not
operational.
7 Investment Subsidy
Investment Subsidy received from Government of Kerala is treated as
Capital Reserve.
8 Borrowing Costs
Borrowing costs that are attributable to the acquisition of tangible
fixed assets are capitalised till the date of substantial completion of
the activities necessary to prepare the relevant asset for its intended
use.
9 Retirement Benefits
a) The company accounts for the gratuity payments to Life Insurance
Corporation of India as actuarially determined.
b) Contribution to Provident Fund and other recognised funds is charged
to Profit & Loss account.