Mar 31, 2014
1.1. BASIS OF PREPARATION OF FINANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention, under going concern basis and on an accrual basis of
accounting and in accordance with the generally accepted accounting
standards issued by the Institute of Chartered Accountants of India
(ICAI) and referred to in section 211 (3C) of the Companies Act, 1956
to the extent applicable. The accounting policies applied by the
Company are consis- tent with those applied in the previous year.
1.2. ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with the
generally accepted accounting principles often requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses
during the reporting period. Any difference between the actual results
and estimates are recognized in the period in which the results are
known / materialized.
1.3. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation and impairment losses if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
conditions for its intended use. Depreciation is provided on the
Straight Line Method at old rates for assets acquired up to 30th
November 1993 and at the new rates for assets acquired after that date.
On additions and disposals, depreciation is provided for the period of
use during the year. The rates of depreciation are determined on the
basis of useful life of the assets as estimated by the management,
which are rates specified in Schedule XIV to the Companies Act, 1956.
1.4. IMPAIRMENT
(a) 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 asset''s net selling price and
value in use. In assessing value in use, the estimated future cash
flows are dis- counted to their present value at the weighted average
cost of capital
(b) Depreciation on impairment assets is provided on the revised
carrying amount of the assets over its remaining useful life.
(c) A previously recognized impairment loss is increased or reversed
depending on changes in the circum- stances. However, the carrying
value after reversal is not increased beyond the carrying value that
would have prevailed by charging usual depreciation, if there was no
impairment.
1.5. INVESTMENTS Investments are stated at cost.
1.6. TRANSACTIONS IN FOREIGN CURRENCIES
Current assets and current liabilities are translated at yearend
exchange rates or on actual basis, where they are available at the time
of finalization of accounts.
1.7. INVENTORIES
Inventories are valued at lower of cost or net realizable value.
Finished goods are valued on full absorption cost and includes
material, labour and overheads.
1.8. MISCELLANEOUS EXPENDITURE
Preliminary expenses and public issue related expenses have been fully
written off.
1.9. CONTINGENT LIABLITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
1.10. SALES
Sales are inclusive of all charges, but net of normal trade discount
and returns
1.11. RETIREMENT AND OTHER EMPLOYEE BENEFITS
The Company has made appropriate provision for gratuity cum settlement
benefit for all employees, who have completed eligible number of years
of service under relevant acts.
1.12. CAPITAL SUBSIDY
Subsidy referable to specific fixed assets are deducted from cost of
assets, while subsidies not referable to specific fixed assets are
credited to Capital Reserve Account.
1.13. TAXATION
Tax expenses 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
difference of earlier years.
1.14. PROVISIONS, CONTINGENT LIABLITIES AND CONTINGENT ASSETS
A provision is recognized when an enterprise has a present obligation
as a result of past event. It is probable that an 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 determined based on best 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 estimates.
Contingent liability is disclosed in case of
(a) A present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
(b) A possible obligation, unless the probability of outflow of
resources is remote.
Contingent assets are neither recognized nor disclosed.
Contingent liabilities and contingent assets are reviewed at each
Balance Sheet date.
1.15. EARNINGS PER SHARE
Basic earnings per share is 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. Partly
paid equity share are treated as a fraction of an equity share to the
extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting period. The weighted
average number of equity shares outstanding during the period is
adjusted for events of bonus issue; bonus elements in a right issue to
existing shareholder; share split; and reverse share split
(consolidation of shares)
For the purposes of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of share outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
1.16. SEGMENT REPORTING
The company has only one business segment and geographical segment viz.
manufacturing and selling of readymade garments, hence the enterprise
accounts are representing the segmental accounts. The other business
segment to which the company has just entered into is development of
residential township and no major activity except acquisition of land
and some minor development has been carried out in this segment and the
same is put under the head inventories. No special reporting is
required for the current year in this segment.
1.17. CASH FLOW STATEMENT
Cash flow statement has been prepared under the indirect method.
(b) Rights, preferences and restrictions attaching to each class of
shares including restrictions on the distribution of dividends and the
repayment of capital. The Company has only one class of equity shares
having a par value of Rs.10/- each. Each holder of equity shares is
entitled to one vote per share. The company as and when declares
dividend the same is paid in Indian Rupees. There are no restrictions
on distribution of dividends or repayments of capital.
(c) Shares of each class held by its holding company or its ultimate
holding company (including shares held by it or by subsidiaries or
associates or the holding company or the ultimate holding company in
aggregate) NIL
(e) Shares reserved for issue under options and contracts /commitments
for sale of shares /disinvestments, including the terms and the
amounts-NIL and not applicable
(f) For a period of 5 years immediately preceding the Balance Sheet
date disclose:
Aggregate number and class of shares
Allotted as fully paid up pursuant to contract(s) without payment being
received in cash-NIL
Allotted as fully paid up by way of bonus shares-NIL
Bought back -NIL
(g) Terms of any securities convertible into equity/preference shares
issued along with the earliest date of conversion in descending order
starting from the farthest such date -NIL and not applicable.
Mar 31, 2013
1.1. BASIS OF PREPARATION OF FIANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention, under going concern basis and on an accrual basis of
accounting and in accordance with the generally accepted accounting
standards issued by the Institute of Charted Accountants of India
(ICAI) and referred to in section 211 (3C) of the Companies Act, 1956
to the extent applicable. The accounting policies applied by the
Company are consistent with those applied in the previous year.
1.2. ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with the
generally accepted accounting principles often requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses
during the reporting period. Any difference between the actual results
and estimates are recognized in the period in which the results are
known / materialized.
1.3. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation and impairment losses if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
conditions for its intended use. Depreciation is provided on the
Straight Line Method at old rates for assets acquired up to 30th
November 1993 and at the new rates for assets acquired after that date.
On additions and disposals, depreciation is provided for the period of
use during the year. The rates of depreciation are determined on the
basis of useful life of the assets as estimated by the management,
which are rates specified in Schedule XIV to the Companies Act, 1956.
1.4. IMPAIRMENT
(a) 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 asset''s 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
(b) Depreciation on impairment assets is provided on the revised
carrying amount of the assets over its remaining useful life.
(c) A previously recognized impairment loss is increased or reversed
depending on changes in the circumstances. However, the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation, if there was no
impairment.
1.5. INVESTMENTS Investments are stated at cost.
1.7. INVENTORIES
Inventories are valued at lower of cost or net realizable value.
Finished goods are valued on full absorption cost and includes
material, labour and overheads.
1.8. MISCELLANEOUS EXPENDITURE
Preliminary expenses and public issue related expenses have been fully
written off.
1.9. CONTINGENT LIABLITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
1.10. SALES
Sales are inclusive of all charges, but net of normal trade discount
and returns
1.11. RETIREMENT AND OTHER EMPLOYEE BENEFITS
The Company has made appropriate provision for gratuity cum settlement
benefit for all employees, who have completed eligible number of years
of service under relevant acts.
1.12. CAPITAL SUBSIDY
Subsidy referable to specific fixed assets are deducted from cost of
assets, while subsidies not referable to specific fixed assets are
credited to Capital Reserve Account.
1.13. TAXATION
Tax expenses 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
difference of earlier years.
1.14. PROVISIONS, CONTINGENT LIABLITIES AND CONTINGENT ASSETS
A provision is recognized when an enterprise has a present obligation
as a result of past event. It is probable that an 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 determined based on best 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 estimates.
Contingent liability is disclosed in case of
(a) A present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
(b) A possible obligation, unless the probability of outflow of
resources is remote.
Contingent assets are neither recognized nor disclosed.
Contingent liabilities and contingent assets are reviewed at each
Balance Sheet date.
1.15. EARINIGS PER SHARE
Basic earnings per share is 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. Partly
paid equity share are treated as a fraction of an equity share to the
extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting period. The weighted
average number of equity shares outstanding during the period is
adjusted for events of bonus issue; bonus elements in a right issue to
existing shareholder; share split; and reverse share split
(consolidation of shares)
For the purposes of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of share outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
1.16. SEGMENT REPORTING
The company has only one business segment and geographical segment viz.
manufacturing and selling of readymade garments, hence the enterprise
accounts are representing the segmental accounts. The other business
segment to which the company has just entered into is development of
residential township and no major activity except acquisition of land
and some minor development has been carried out in this segment and the
same is put under the head inventories. No special reporting is
required for the current year in this segment.
1.17. CASHFLOW STATEMENT
Cash flow statement has been prepared under the indirect method.
(e) Shares reserved for issue under options & contracts / commitments
for sale of shares / disinvestment, including the terms and the amounts
- NIL and Not applicable
(f) For period of 5 years immediately preceding the Balance sheet date
disclose:
- Aggregate number and class of shares
- Allotted as fully paid up pursuant to contract(s) without payment
being received in cash - NIL
- Allotted as fully paid up by way of bonus shares - NIL
- Bought back - NIL
(g) Terms of any securities convertible into equity / preference shares
issued along with the earliest date of conversion in descending order
starting from the farthest such date - NIL and Not Applicable
Mar 31, 2012
1. BASIS OF PREPARATION OF FIANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention, under going concern basis and on an accrual basis of
accounting and in accordance with the generally accepted accounting
standards issued by the Institute of Charted Accountants of India
(ICAI) and referred to in section 211 (3C) of the Companies Act, 1956
to the extent applicable. The accounting policies applied by the
Company are consistent with those applied in the previous year.
2. ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with the
generally accepted accounting principles often requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses
during the reporting period. Any difference between the actual results
and estimates are recog- nized in the period in which the results are
known / materialized.
3. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation and impairment losses if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
conditions for its intended use. Depreciation is provided on the
Straight Line Method at old rates for assets acquired up to 30th
November 1993 and at the new rates for assets acquired after that date.
On additions and disposals, depre- ciation is provided for the period
of use during the year. The rates of depreciation are determined on the
basis of useful life of the assets as estimated by the management,
which are rates specified in Schedule XIV to the Companies Act, 1956.
4. IMPAIRMENT
(a) 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 carry-
ing amount of an asset exceeds its recoverable amount. The recoverable
amount is the greater of the asset's 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
(b) Depreciation on impairment assets is provided on the revised
carrying amount of the assets over its remaining useful life.
(c) A previously recognized impairment loss is increased or reversed
depending on changes in the circum- stances. However, the carrying
value after reversal is not increased beyond the carrying value that
would have prevailed by charging usual depreciation, if there was no
impairment.
5. INVESTMENTS Investments are stated at cost.
6. TRANSACTIONS IN FOREIGN CURRENCIES
Current assets and current liabilities are translated at yearend
exchange rates or on actual basis, where they are available at the time
of finalization of accounts.
7. INVENTORIES
Inventories are valued at lower of cost or net realizable value.
Finished goods are valued on full absorption cost and include material,
labour and overheads.
8. MISCELLANEOUS EXPENDITURE
Preliminary expenses and public issue related expenses have been fully
written off.
9. CONTINGENT LIABLITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
10. SALES
Sales are inclusive of all charges, but net of normal trade discount
and returns
11. RETIREMENT AND OTHER EMPLOYEE BENEFITS
The Company has made appropriate provision for gratuity cum settlement
benefit for all employees, who have completed eligible number of years
of service under relevant acts.
12. CAPITAL SUBSIDY
Subsidy referable to specific fixed assets are deducted from cost of
assets, while subsidies not referable to specific fixed assets are
credited to Capital Reserve Account.
13. TAXATION
Tax expenses 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
difference of earlier years.
14. PROVISIONS, CONTINGENT LIABLITIES AND CONTINGENT ASSETS
A provision is recognized when an enterprise has a present obligation
as a result of past event. It is probable that an 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 determined based on best 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 estimates.
Contingent liability is disclosed in case of
(a) A present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
(b) A possible obligation, unless the probability of outflow of
resources is remote.
Contingent assets are neither recognized nor disclosed.
Contingent liabilities and contingent assets are reviewed at each
Balance Sheet date.
15. EARINIGS PER SHARE
Basic earnings per share is 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. Partly
paid equity share are treated as a fraction of an equity share to the
extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting period. The weighted
average number of equity shares outstanding during the period is
adjusted for events of bonus issue; bonus elements in a right issue to
existing shareholder; share split; and reverse share split
(consolidation of shares)
For the purposes of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of share outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
16. SEGMENT REPORTING
The company has only one business segment and geographical segment viz.
manufacturing and selling of readymade garments, hence the enterprise
accounts are representing the segmental accounts. The other busi- ness
segment to which the company has just entered into is development of
residential township and no major activity except acquisition of land
and some minor development has been carried out in this segment and the
same is put under the head inventories. No special reporting is
required for the current year in this segment.
17. CASHFLOW STATEMENT
Cash flow statement has been prepared under the indirect method.
Mar 31, 2011
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention, under going concern basis and on an accrual basis of
accounting and in accordance with the generally accepted accounting
principles, adopted consistently by the company and in compliance with
the accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) and referred to in section 211 (3C) of the
Companies Act, 1956 to the extent applicable. The accounting policies
applied by the company are consistent with those applied in the
previous year.
2. ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with the
generally accepted accounting principles often requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses
during the reporting period. Any difference between the actual results
and estimates are recognized in the period in which the results are
known/materialized.
3. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation and impairment losses if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for its intended use. Depreciation is provided on the
straight line method at old rates for assets acquired up to 30th
November 1993 and at new rates for assets acquired after that date. On
additions and disposals, depreciation is provided for the period of use
during the year. The rates of depreciation are determined on the basis
of useful lives of the assets estimated by the management, which are
rates specified in schedule XIV to the Companies Act, 1956.
4. IMPAIRMENT
(a) 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 assets exceeds its recoverable amount. The
recoverable amount is the greater of the asset's 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.
(b) Depreciation on impairment assets is provided on the revised
carrying amount of the assets over its remaining useful life.
(c) A previously recognized impairment loss is increased or reversed
depending on changes in circumstances. However the carrying value
after reversal is not increased beyond the carrying value that would
have prevailed by charging usual depreciation, if there was no
impairment.
5. INVESTMENT
Investments are stated at cost.
6. TRANSACTION IN FOREIGN CURRENCIES
Current assets and current liabilities are translated at yearend
exchange rates or on actual basis, where they are available at the time
of finalisation of accounts.
7. INVENTORIES
Inventories are valued at lower of cost or net realisable value.
Finished goods are valued on full absorption cost and includes
material, labour and overheads.
8. MISCELLANEOUS EXPENDITURE
Preliminary expenses and public issued expenses have been fully written
off.
9. CONTINGENT LIABILITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
10. SALES
Sales are inclusive of all charges, but net of normal trade discount
and returns.
11. RETIREMENT AND OTHER EMPLOYEES BENEFIT
The company has made appropriate provision for gratuity cum settlement
benefit for all workers of the company. The company has made
appropriate provision for gratuity to other employees, who have
completed eligible number of years of service under the relevant acts.
12. CAPITAL SUBSIDY
Subsidy referable to specific fixed assets are deducted from cost of
assets, while subsidies not referable to specific fixed assets are
credited to capital reserve account.
13. TAXATION
Tax expenses 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
difference of earlier years.
14. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A provision is recognized when an enterprises has a present obligation
as a result of past event. It is probable that an 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 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
estimates.
Contingent liability is disclosed in case of
(a) A present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
(b) A possible obligation, unless the probability of outflow of
resources is remote.
Contingent assets are neither recognized nor disclosed.
Contingent liabilities and contingent assets are reviewed at each
Balance Sheet date.
15. EARNINGS PER SHARES
Basic earnings per shares are calculated by dividing the net profit or
loss for the period attributable to equitable share holders by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period. The
weighted average number of equity shares outstanding during the period
are adjusted for events of bonus issue; bonus elements in a right issue
to existing share holders; share split; and reverse share split
(consolidation of shares).
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equitable shareholders
and the weighted average number of shares outstanding during the period
are adjusted for the effects of all dilative potential equity shares.
16. CASH FLOW STATEMENT
Cash flow statement has been prepared under indirect method.
Mar 31, 2010
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention, under going concern basis and on an accrual basis of
accounting and in accordance with the generally accepted accounting
principles, adopted consistently by the company and in compliance with
the accounting standards issued by the Institute of Chartered
Accountants of India (IC AI) and referred to in section 211 (3C) of the
Companies Act, 1956 to the extent applicable. The accounting policies
applied by the company are consistent with those used in the previous
year.
2. ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with the
generally accepted accounting principles often requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses
during the reporting period. Any difference between the actual results
and estimates are recognized in the period in which the results are
known/materialized.
3. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation and impairment losses if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for its intended use. Depreciation is provided on the
straight line method at old rates for assets acquired up to 30th
November 1993 and at new rates for assets acquired after that date. On
additions and disposals, depreciation is provided for the period of use
during the year. The rates of depreciation are determined on the basis
of useful lives of the assets estimated by the management, which are
rates specified in schedule XIV to the Companies Act, 1956.
4. IMPAIRMENT
(a) 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 assets 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.
(b) Depreciation on impairment assets is provided on the revised
carrying amount of the assets over its remaining useful life.
(c) A previously recognized impairment loss is increased or reversed
depending on changes in circumstances. However the carrying value after
reversal is not increased beyond the carrying value that would have
prevailed by charging usual depreciation, if there was no impairment.
5. INVESTMENT Investments are stated at cost.
6. TRANSACTION IN FOREIGN CURRENCIES
Current assets and current liabilities are translated at yearend
exchange rates or on actual basis, where they are available at the time
of finalization of accounts.
7. INVENTORIES
Inventories are valued at lower of cost or net realizable value.
Finished goods are valued on full absorption cost and includes
material, labour and overheads.
8. MISCELLANEOUS EXPENDITURE
Preliminary expenses and public issue expenses have been fully written
off.
9. CONTINGENT LIABILITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
10. SALES
Sales are inclusive of all charges, but net of normal trade discount
and returns.
11. RETIREMENT AND OTHER EMPLOYEES BENEFIT
The company has made appropriate provision for gratuity cum settlement
benefit for all workers of the company. The company has made
appropriate provision for gratuity to other employees, who have
completed eligible number of years of service under the relevant acts.
12. CAPITAL SIBSIDY
Subsidy referable to specific fixed assets are deducted from cost of
assets, while subsidies not referable to specific fixed assets are
credited to capital reserve account.
13. TAXATION
Tax expenses comprises of current, deferred and fringe benefit tax.
Current income tax and fringe benefit 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 difference of earlier years.
14. PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A provision is recognized when an enterprises has a present obligation
as a result of past event. It is probable that an 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 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
estimates.
Mar 31, 2009
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention, under going concern basis and on an accrual basis of
accounting and in accordance with the generally accepted accounting
principles, adopted consistently by the company and in compliance with
the accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) and referred to in section 211 (3C) of the
Companies Act, 1956 to the extent applicable. The accounting policies
applied by the company are consistent with those used in the previous
year.
2. ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with the
generally accepted accounting principles often requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses
during the reporting period. Any difference between the actual results
and estimates are recognized in the period in which the results are
known/materialized.
3. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation and impairment losses if any. Cost comprises the purchase
price and any attributable cost of bringing the assets to its working
condition for its intended use. Depreciation is provided on the
straight line method at old rates for assets acquired up to 30lh
November 1993 and at new rates for assets acquired after that date. On
additions and disposals, depreciation is provided for the period of use
during the year. The rates of depreciation are determined on the basis
of useful lives of the assets estimated by the management, which are
rates specified in schedule XIV to the Companies Act, 1956.
4. IMPAIRMENT
(a) 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 assets 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.
(b) Depreciation on impairment assets is provided on the revised
carrying amount of the assets over its remaining useful life.
(c) A previously recognized impairment loss is increased or reversed
depending on changes in circumstances. However the carrying value after
reversal is not increased beyond the carrying value that would have
prevailed by charging usual depreciation, if there was no impairment.
5. INVESTMENT
Investments are stated at cost.
6. INVENTORIES
Inventories are valued at lower of cost or net realizable value.
Finished goods are valued on full absorption cost and includes
material, labour and overheads.
7. MISCELLANEOUS EXPENDITURE
Preliminary expenses and public issued expenses have been fully written
off.
8. CONTINGENT LIABILITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
9. SALES
Sales are inclusive of all charges, but net of normal trade discount
and returns.
10. RETIREMENT AND OTHER EMPLOYEES BENEFIT
The company has made appropriate provision for gratuity cum settlement
benefit for all workers of the company. The company has made
appropriate provision for gratuity to other employees, who have
completed eligible number of years of service under the relevant acts.
11. CAPITAL SIBSIDY
Subsidy referable to specific fixed assets are deducted from cost of
assets, while subsidies not referable to specific fixed assets are
credited to capital reserve account.
12. TAXATION
Tax expenses comprises of current, deferred and fringe benefit tax.
Current income tax and fringe benefit 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 difference of earlier years.
13. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A provision is recognized when an enterprises has a present obligation
as a result of past event. It is probable that an 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 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
estimates.
Contingent liability is disclosed in case of
(a) A present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
(b) A possible obligation, unless the probability of outflow of
resources is remote. Contingent assets are neither recognized nor
disclosed.
Contingent liabilities and contingent assets are reviewed at each
Balance Sheet date.
14. EARNINGS PER SHARES
Basic earnings per shares are calculated by dividing the net profit or
loss for the period attributable to equitable share holders by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period. The
weighted average number of equity shares outstanding during the period
are adjusted for events of bonus issue; bonus elements in a right issue
to existing share holders; share split; and reverse share split (
consolidation of shares).
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equitable shareholders
and the weighted average number of shares outstanding during the period
are adjusted for the effects of all dilative potential equity shares.
15. CASH FLOW STATEMENT
Cash flow statement has been prepared under indirect method.
Mar 31, 2000
A. MAJOR ACCOUNTING POLICIES
1. BASIS OF ACCOUNTING
The financial statements of the Company are prepared under historic
cost convention. Income and expenditure are recognised on accrual basis
and are in accordance with the requirements of the Companies Act, 1956
and on the basis of generally accepted accounting principles except in
the case of subsidies, which are accounted as and when, received.
During the year, the company has changed the method of accounting of
Export Bills discounted. Hitherto, the company had been showing the
amounts relating to export bills discounted and outstanding as on 31st
March as part of Secured Loans. However during the year, the company
has treated these as contingent liabilities. This has resulted in the
Secured Loans being understated by Rs.1,12,53,947/- and consequently.
Sundry debtors for export sales have been understated by the same
amount. Interest on Foreign Currency Loan taken from Director has not
been provided during the year. This has resulted in the profits being
overstated by Rs.1,95,795/- and the unsecured loans being understated
by the same amount.
2. FIXED ASSETS
Fixed assets are stated at cost of acquisition less depreciation. All
cost including expenses relating to the acquisition and installation of
the respective fixed assets are capitalised.
3. DEPRECIATION
Depreciation has been provided on Straight Line Method at old rates for
assets acquired up to 30th November, 1993 and at new rates for assets
acquired after that date, in the manner prescribed in Schedule XIV to
the Companies Act, 1956.
4. INVESTMENT
Investments are stated at cost.
5. TRANSACTIONS IN FOREIGN CURRENCIES
Current assets and Current liabilities are translated at year-end
exchange rates or on actual basis where they are available at the time
of Finalisation of accounts.
6. INVENTORIES
Inventories are valued at lower of cost or net realizable value. Work
in process and finished goods are valued on full absorption cost basis
and includes material, labour and overheads.
7. MISCELLANEOUS EXPENDITURE
Preliminary expenses and Public Issue Expenses are written off over a
period of ten years.
8. CONTINGENT LIABILITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
9. SALES
Sales are inclusive of all charges but net of normal trade discounts
and returns.
10. EMPLOYEES BENEFITS
The Company has made provision for gratuity and has taken an insurance
policy with Life Insurance Corporation towards the gratuity payable at
Branch and the premium paid towards the above is charged to Revenue
account.
11. CAPITAL SUBSIDY
Subsidies referable to specific fixed assets are deducted from cost of
assets while subsidies not referable to specific fixed assets are
credited to capital reserve account.
Mar 31, 1999
1. BASIS OF ACCOUNTING
The financial statements of the Company are prepared under historic
cost convention. Income and expenditure are recognised on accrual
basis and are in accordance with the requirements of the Companies Act,
1956 and on the basis of generally accepted accounting principles
except in the case of subsidies which are accounted as and when
received.
2. FIXED ASSETS
Fixed assets are stated at cost of acquisition less depreciation. All
cost including expenses relating to the acquisition and installation of
the respective fixed assets are capitalised.
3. DEPRECIATION
Depreciation has been provided on Straight Line Method at old rates for
assets acquired upto 30th November, 1993 and at new rates for assets
acquired after that date, in the manner prescribed in Schedule XIV to
the Companies Act, 1956.
4. INVESTMENT
Investments are stated at cost.
5. TRANSACTIONS IN FOREIGN CURRENCIES
Current assets and Current liabilities are translated at year end
exchange rates or on actual where they are available at the time of
finalisation of accounts.
6. INVENTORIES
Inventories are valued at lower of cost or net realisable value. Work
in process and finished goods are valued on full absorption cost basis
and includes material, labour and overheads.
7. MISCELLANEOUS EXPENDITURE
Advertisement expenditure incurred on special occasions and for certain
special schemes had been spread proportionately over the period for
which benefit was expected to accrue. This has been completely written
off during the year. Deferred Export Market Development Expenditure
was to be written off over a period of three years and has been fully
written off during the year. Preliminary expenses and Public Issue
Expenses are written off over a period of ten years.
8. CONTINGENT LIABILITIES
Contingent liabilities not provided for, are reflected in the notes on
accounts.
9. SALES
Sales are inclusive of all charges but net of normal trade discounts
and returns.
10. EMPLOYEES BENEFITS
The Company was hitherto following the practice of paying customary
bonus and was not providing for bonus. However, during the year under
reference, the Company has provided Rs. 5,76,192/- towards bonus. This
has resulted in the profits of the Company being understated by Rs.
5,76,192/- and the current liabilities have been overstated by Rs.
5,76,192/-. The Company has made provision for gratuity and has taken
an insurance policy with Life Insurance Corporation of India towards
the gratuity payable at branch and the premium paid towards the above
is charged to Revenue account.
11. CAPITAL SUBSIDY
Subsidies referable to specific fixed assets are deducted from cost of
assets while subsidies not referable to specific fixed assets are
credited to capital reserve account.
Mar 31, 1998
1. BASIS OF ACCOUNTING
The financial statements of the Company are prepared under historic cost convention. Income and expenditure are recognised on accrual basis and are in accordance with the requirements of the Companies Act, 1956 and on the basis of generally accepted accounting principles except in the case of subsidies which are accounted as and when received.
2. FIXED ASSETS
Fixed assets are stated at cost of acquisition less depreciation. All
cost including expenses relating to the acquisition and installation of
the respective fixed assets are capitalised.
3. DEPRECIATION
Depreciation has been provided on Straight Line Method at old rates for
assets acquired upto 30th November, 1993 and at new rates for assets
acquired after that date, in the manner prescribed in Schedule XIV to
the Companies Act, 1956.
4. INVESTMENT
Investments are stated at cost.
5. TRANSACTIONS IN FOREIGN CURRENCIES
Current assets and Current liabilities are translated at year end
exchange rates or on actual where they are available at the time of
finalisation of accounts.
6. INVENTORIES
Inventories are valued at lower of cost or net realisable value. Work
in process and finished goods are valued on full absorption cost basis
and includes material, labour and overheads.
7. MISCELLANEOUS EXPENDITURE
Advertisement expenditure incurred on special occasions and for certain
special schemes are spread proportionately over the period for which
benefit is expected to accrue and hence a part of the advertisement
expenses is deferred expecting that the benefit of the same will be
accrued in future only. Deferred Export Market Development Expenditure is written off over a period of three years. Preliminary expenses and
Public Issue Expenses are written off over a period of ten years.
8. CONTINGENT LIABILITIES
Contingent liabilities not provided for are reflected in the Notes on
accounts.
9. SALES
Sales are inclusive of all charges but net of normal trade discounts
and returns.
10. EMPLOYEES BENEFITS
The Company has not made any provision for bonus for the year concerned
since the Company follows the practice of paying customary bonus each
year. However, bonus is accounted as and when it is paid. The Company
has made provision for gratuity at Head Office and has taken an
insurance policy with Life Insurance Corporation towards the gratuity
payable at Branch and the premium paid towards the above is charged to
Revenue account.
11. CAPITAL SUBSIDY
Subsidies referrable to specific fixed assets are deducted from cost of
assets while subsidies not referable to specific fixed assets are credited to capital reserve account.
Mar 31, 1997
1. BASIS OF ACCOUNTING
The financial statements of the company are prepared under historic cost convention. Income and expenditure are recognised on accrual basis and are in accordance with the requirements of the Companies Act, 1956 and generally accepted accounting principles except in the case of subsidies which are accounted as and when received.
2. FIXED ASSETS
Fixed assets are stated at cost of acquisition less depreciation. All
costs including expenses relating to the acquisition and installation of the respective fixed asset are capitalised.
3. DEPRECIATION
Depreciation has been provided on Straight line method (SLM) at old rates for assets acquired upto 30th November 1993, and at new rates for
assets acquired after 30th November 1993, in the manner prescribed in
schedule XIV to the Companies Act, 1956.
4. INVESTMENTS
Investments are stated at cost.
5. TRANSACTIONS IN FOREIGN CURRENCIES
Current Assets and Current Liabilities are translated at year end
exchange rates or on actual where actual are available at the time of
finalisation of accounts.
6. INVENTORIES
Inventories are valued at lower of cost or net realisable value. Work
in progress and finished goods are valued on full absorption cost basis
and includes material, labour and overheads.
7. MISCELLANEOUS EXPENDITURE
Advertisement expenses incurred in connection with launch of products
for one full year in all areas are amortised over a period of three years, and advertisement expenditure incurred on special occasions and
for certain special schemes are spread proportionately over the period
for which benefit is expected to accrue and hence a part of the
advertisement expenses is deferred expecting that the benefit of the
same will be accrued in future only. Deferred Export Market Development
Expenditure is written off over a period of three years. Preliminary
Expenses and Public Issue Expenses are written off over a period of ten
years.
8. CONTINGENT LIABILITIES
Contingent liabilities not provided for are reflected in the Notes on
Accounts.
9. SALES
Sales are inclusive of all charges but net of normal trade discounts and returns.
10. EMPLOYEES BENEFITS
The company was incorporated only on 8th September 1992 and since none
of the employees have completed the required number of years of service
under the Payment of Gratuity Act, no provision has been made for
gratuity payable. However payments made to Life Insurance Corporation
under group gratuity insurance Scheme paid during the current financial
year have been charged to revenue. The company has not made any provision for bonus for the year concerned since the Company follows the practice of paying customary bonus each year. However, bonus is accounted for as and when it is paid.
11. CAPITAL SUBSIDY
Subsidies referable to specific fixed assets are deducted from cost of
assets while subsidies not referable to specific fixed assets are credited to capital reserve.
Mar 31, 1996
01. BASIS OF ACCOUNTING
The financial statements of the company are prepared under historic cost convention. Income and expenditure are recognised on an accrual
basis and are in accordance with the requirements of The Companies Act
1956 and generally accepted accounting principles except in the case
of subsidies which are accounted as and when received.
02. FIXED ASSETS
Fixed assets are stated at cost of acquisition less depreciation. All
costs including expenses relating to the acquisition and installation
of the respective fixed asset are capitalised.
03. DEPRECIATION
Depreciation has been provided on Straight Line Method(SLM) at old rates for assets acquired upto 30th November 1993, and at new rates for assets acquired after 30th November 1993, in the manner prescribed in schedule XIV to the Companies Act, 1956.
04. INVESTMENTS
Investments are stated at cost.
05. TRANSACTIONS IN FOREIGN CURRENCIES
Current Assets and Current Liabilities are translated at year end
exchange rates or on actuals where actuals are available at the time of finalisation of accounts.
06. INVENTORIES
Inventories are valued at lower of cost or net realisable value. Work in progress and finished good are valued on full absorption cost basis
and include material, labour and overheads.
07. MISCELLANEOUS EXPENDITURE
Advertisement expenses incurred in connection with launch of products
for one full year in all areas are amortised over a period of three years, and advertisement expenditure incurred on special occasions and
for certain special schemes are spread proportionately over the period
for which benefit is expected to accrue and hence a part of the
advertisement expenses is defferred expecting that the benefit of the
same will be accrued in future only. Sampling expenses which are in the nature of advertisement and Export Market Development Expenditure for which export orders are yet to be finalised is defferred. Preliminary Expenses and Public issue Expenses are written off over a period of ten years.
08. CONTINGENT LIABILITIES
Contingent liabilities not provided for are reflected in the Notes on
Accounts.
09. SALES
Sales are inclusive of all charges but net of normal trade discount and returns.
10. EMPLOYEES BENEFITS
The Company was incorporated only on 8th September 1992 and since none
of the employees have completed the required number of years of service under the Payment of Gratuity Act, no provisions has been made for gratuity payable. However payments made to Life Insurance Corporation under group gratuity Insurance scheme paid during the current financial year have been charged to revenue. The Company has not made any provision for bonus for the year concerned since it is in the practice of paying customery bonus each year. However, bonus is accounted for as and when it is paid.
11. CAPITAL SUBSIDY
Subsidies referrable to specific fixed assets are deducted from cost of assets while subsidies not referrable to specific fixed assets are credited to capital reserve.
Mar 31, 1995
01. BASIS OF ACCOUNTING
The financial statements of the company are prepared under historic cost convention. Income and expenditure are recognised on an accrual basis and are in accordance with the requirements of The Companies Act 1956 and generally accepted accounting principles except in the case of
subsidies which are accounted for as and when realised.
02. FIXED ASSETS.
Fixed assets are stated at cost of acquisition less depreciation. All costs including expenses relating to the acquisition and installation of the respective fixed asset are capitalised.
03. DEPRECIATION
Depreciation has been provided on Straight Line Method (SLM) at old rates for assets acquired upto 30th November 1993, at new rates for assets acquired after 30th November 1993, in the manner prescribed in schedule XIV to the Companies Act, 1956.
04. INVESTMENTS.
Investments are stated at cost.
05. TRANSACTIONS IN FOREIGN CURRENCIES.
Current Assets and Current Liabilities are translated at year end exchange rates or on actuals where actuals are available during the time of finalisation of accounts.
06. INVENTORIES
Inventories are valued at lower of cost or net realisable value. Work in progress and finished goods are valued on full absorption cost basis and include material, labour and overheads.
07. MISCELLANEOUS EXPENDITURE
Advertisement expenses incurred in connection with launch of products for one full year in all areas are amortised over a period of three years and advertisement expenditure incurred during the fag end of the current financial year is deferred to next year expecting that benefit of the same will be accrued during the next financial year only. Preliminary expenses and public issue expenditures are written off over
a period of ten years.
08. CONTINGENT LIABILITIES
Contingent liabilities not provided for are reflected in the Notes on Accounts.
09. SALES
Sales are inclusive of all charges but net of normal trade discount, and returns
10. EMPLOYEES BENEFITS
The company was incorporated only on 8th September 1992 and since none of the employees have completed the required number of years of service under the Payment of Gratuity Act and Payment of Bonus Act, no provision has been made for gratuity and bonus to employees. However payments to Life Insurance Corporation under group gratuity Insurance scheme paid during the current financial year have been charged to revenue.
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