Mar 31, 2016
1. SYSTEM OF ACCOUNTING
The accounts are prepared on accrual basis under historical cost convention and to comply in all material aspects with applicable accounting standards in India, issued by the institute of chartered accountants of India and the relevant provisions of the companies act, 2013.
2. INVENTORIES
The practice of the company is to value closing stock at lower of cost or net realizable value.
3. INVESTMENTS
Long term investments are carried at cost price
4. FIXED ASSETS
FIXED Assets are stated at cost of acquisition less depreciation as per Companies Act 2013.
5. DEPRECIATION
On Assets acquired and put to, is provided on Written Down Value Method.
6. REVENUE RECOGNITION Revenue is recognized on accrual basis.
7. PROVISIONS, CONTINGENT LIABILITY & CONTIGENT ASSETS
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events in the Notes. Contingent Assets are neither recognized not disclosed in the financial statements.
8. BORROWING COST
Borrowing costs that are attributable to the acquisition/construction of qualifying assets are capitalized as part of cost of such assets. A quality asset is an asset that requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.
9. TAXES ON NCOME ,
Provision for tax on income for the year (i.e. Current tax) is made after considering the various Deductions/relieves admissible under the income Tax Act 1961 as per the normal provisions of the act. Deferred tax assets are not recognized as per the conservative approach.
10. IMPAIRMENT OF ASSETS
The company assess at each Balance sheet date whether there is any indication that an asset mat be impaired. It any such indication exists, the company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than the carrying amount, the carrying amount is reduced to the recoverable amount. The reduction is treated as an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount.
11. The company has accounted for Interest Income of Rs. 3,85,000.00 & Discount Received of Rs. 19,232.00 relating to prior period.
12. The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount considered reasonably necessary. These amount are subject to confirmation.
13. Gross deprecation for the year Rs. 14,805.00 (Prev. Yr. Rs. 70,914.00).
14. No Commission on Sales has been paid or is payable as at date.
15. Disclosure of Segment reporting as per Accounting Standard (As-17) issued by the Institute of Chartered Accountants of India is as follows
c) Notes:
The Company is organized into four main business segments, namely:
i) Cotton Trading
ii) Iron Products Trading
iii) Interest Income
iv) Trading of shares
Segments have been identified and reported considering the distinct nature of products and differing risks and returns accruing there from, the organization structure, and the internal financial reporting systems.
Segment Revenue in each of the above business segments primarily includes domestic and export sales, export incentives and other miscellaneous income. It also includes Inter Segment transfers priced at cost plus a predetermined rate of profit.
Mar 31, 2015
1. SYSTEM OF ACCOUNTING
The accounts are prepared on accrual basis under historical cost
convention and to comply in alt material aspects with applicable
accounting standards in India, issued by the institute of chartered
accountants of India and the relevant provisions of the companies act,
1956 & 2013.
2. INVENTORIES
The practice of the company is to value closing stock at lower of cost
or net realizable value.
3. INVESTMENTS
Long term investments are carried at cost price
4. FIXED ASSETS
FIXED Assets are stated at cost of acquisition less depreciation as per
Companies Act 1956. 5. DEPRECIATION
On Assets acquired and put to, is provided on Written Down Value
Method.
6. REVENUE RECOGNITION Revenue is recognized on accrual basis.
7. PROVISIONS, CONTINGENT LIABILITY & CONTIGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events in the Notes. Contingent Assets are neither recognized not
disclosed in the financial statements.
8. BORROWING COST
Borrowing costs that are attributable to the acquisition/construction
of qualifying assets are capitalized as part of cost of such assets. A
quality asset is an asset that requires a substantial period of time to
get ready for its intended use. All other borrowing costs are
recognized as an expense in the period in which they are incurred.
9. TAXES ON NCOME
Provision for tax on income for the year (i.e. Current tax) is made
after considering the various Deductions/relieves admissible under the
income Tax Act 1961 as per the normal provisions of the act. Deferred
tax assets are not recognized as per the conservative approach.
10. IMPAIRMENT OF ASSETS
The company assess at each Balance sheet date whether there is any
indication that an asset mat be impaired. It any such indication
exists, the company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or the recoverable amount of the
cash generating unit to which the asset belongs is less than the
carrying amount, the carrying amount is reduced to the recoverable
amount. The reduction is treated as an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount.