Mar 31, 2014
A Basis of preparation of Financial Statements:
a. The Financial Statements have been prepared under the historical
cost convention in which the Accounting Standards specified to be
mandatory by the Institute of Chartered Accountants of India and the
provisions of Companies Act 1956.
b. Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles followed by the Company.
c. Contingent liabilities, if any are taken as certified by the
management and are disclosed separately in the notes to accounts.
B Inventories:
a Finished goods are valued at cost (net of local taxes).
Revenue & Expenses : All income and expenditure items unless otherwise
stated are recognised on accrual b basis.
Material known liabilities are provided for on the basis of available
information / estimates. Material items of prior period expenses, non
recurring and extra ordinary expenses are disclosed separately.
C Sales :
a Sales excludes Sales Tax.
Mar 31, 2012
A. Basis of preparation of Financial Statements:
a. The Financial Statements have been prepared under the historical
cost convention in which the Accounting Standards specified to be
mandatory by the Institute of Chartered Accountants of India and the
provisions of Companies Act 1956.
b. Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles followed by the Company.
c. Contingent liabilities, if any are taken as certified by the
management and are disclosed separately in the notes to accounts.
B. Inventories:
a. Finished goods are valued at cost (net of local taxes).
b. Revenue & Expenses : All income and expenditure items unless
otherwise stated are recognised on accrual basis.
c. Material known liabilities are provided for on the basis of
available information / estimates. Material items of prior period
expenses, non recurring and extra ordinary expenses are disclosed
separately.
C. Sales : a. Sales excludes Sales Tax.
D. No managerial remuneration or sitting fees have been paid to or
provided for any directors of the company.
E. Previous years figures are regrouped and rearranged wherever
necessary as per Schedule VI.
F. Out of the loans and advances given, advance amount of Rs. NIL
(P.Y. Rs. 1,129,547/-) is doubtful of recovery and no provision is made
for those advance.
G. In the opinion of the Board, the Current Assets, Loans and Advances
(Except mentioned in point no 4 above) are approximately of the value
stated, if realised in ordinary course of business. The provision for
all known liabilities is adequate and not in excess of the amounts
reasonably necessary.No personal expenses have been debited to the
Profit and Loss Account.
H. Sundry Debtors, Creditors, Loans, Advances are subject to
confirmationand reconciliation, if any.
I. The Company does not have a full time Company Secretary as
required under Section 383A of the Companies Act,1956. The Company
is taking necessary steps to comply with the same.
J. Debts due by company in which Director is interested:
Mar 31, 2010
A Basis of preparation of Financial Slalements:
a The Financial Slalement have been prepared under the historical cost
convention in which the Accounting Standard specified to be mandatory
by the Institute of Chartered Accountants of India and the provisions
of Companies Act 1956
b Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles followed by the Company
c Contingens liabilities, if any are taken as certified by the
management and are disclosed separately in the notes to accounts.
B Fixed Assets and Depreciation :
a Fixed Assets are stated at cost of acquisition/construction less
accumulateddepreciation.
b Depreciation has been provided in the accounts on straight line at
the rates provided in Schedule XIV of the Companies Act.1956
c Depreciation on addition to fixed assets is calculated prorata from
the date of such addition/put to use.
d The Leasehold Land has been obtained from Maharashtra Industrial
Development Corporation for a term of 95 years The cost of the
Leasehold land has been amortised over the Balance period of the Lease
and is included in Depreciation.
C Inventories
a Raw Materials and packing materials are valued at cost.
b Manufactured speciality chemicals are valued at net realisable value,
other finished goods and semi finished goods have been valued at lower
of cost or net realisable value. Cost is computed on reverse method
i.e. net realisable value less estimated percentage of Profit.
There has been contravention of Accounting Standard 2 (Revised)
"Valuation of lnventories".Quantification of the same is not possible
since the cost of purchase, costs of conversion and other costs cannot
be derived as most of the items in stock consists of opening stock.
The goods lying in the bonded warehouse are valued excluding excise. If
the value of excise is included, the value of inventories will increase
by Rs.5,21,075/-. This also is in contravention of Accounting Standard
2 (Revised) in respect of "Valuation of Inventories".However, the same
will have no impact on profit.
c In respect of trading activities, stock is valued at cost or market
value whichever is lower.
The goods lying in the custom bonded warehouse are valued excluding
custom duty. If the value of duty is included. the alue of inventory
will increase by Rs.85,647/- This also is in contravention of
Accounting Standard 2 (Revised) in respect of "Valuation of
Inventories". However, the same will have no impact on profit.
D Revenue & Expenses: All income and expenditure items unless otherwise
stated are recognised on accrual basis. Material known liabilities are
provided for on the basis of available information / estimates Material
items of prior period expenses, non recurring and extra ordinary
expenses are disclosed separately.
E Sales.
Sales include excise duty and Sales Tax but excludes discounted
commission
F Excise Dury :
Excise duty is accounted for as and when paid on clearance of goods
from the bonded premises.No Provision is mad for excise duty in respect
of Finished goods lying in bonded premises
G Custom Duly:
Custom duty is accounted for as and when paid on clearance of goods
from the bonded premises. No Provision is made for Custom duty in
respect of goods lying in bonded premises.
H Foreign Currency Transaction :
Open transaction of import/export in foreign currency are accounted for
at exchange ratio prevaling at the year end. Gains/losses arising out
of subsequent fluctuation in the rales are accounted for on
realisation.
I Retirement benefits/Encashment of leave :
The company has already made sufficient provision in respect of
gratuity. Management is of opinion that provision it sufficient hence
no further provision is required