Mar 31, 2015
L .A. SYSTEM OF ACCOUNTING
The company follows the mercantile system of accounting and recognize
Income and Expenditure on an accrual basis except in case of
significant uncertainties. The Accounting policies applied by the
company are consistent with those used in the previous year. The
financial statement are prepared to comply in all material respects
with. the mandatory accounting standards issued by The Institute of
Chartered Accountants of India and the relevant provisions of the
Companies' Act, 2013.
B. The accounts of the company have been prepared based on the going
concern concept and the company is operating at a low capacity
utilization level.
2. REVENUE RECOGNITION
Revenue from the sale of manufactured products are recognised upon
passage of title to the customer and generally coincides with the
delivery and acceptance. .
3. FIXED ASSETS AND DEPRECIATION
FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost
of an asset comprises purchase price and any directly attributable cost
of bringing the assets to its present condition or intended use.
The fixed assets includes a sum of Rs. 13535861- capital work in
progress.
DEPRECIATION
Depreciation has been provided on WDV method at the rates prescribed in
Schedule XIV of the Companies Act, 2013 on usage basis. Additions to
fixed assets during the year are being depreciated on pro-rata basis on
put to use basis at the rates prescribed in the schedule XIV of the
Companies Act, 2013. Depreciation on opening Balance plus addition
from April to Sept, has been taken full rate and on the addition made
from October to March, the depreciation has been charged at half rate
on the basis of life of the assets.
4. TECHNICAL KNOW-HOW FEES
No technical know-how fee is paid during the year.
5. INVESTMENTS
Investment Rs. 11.75 lacs held on a long term basis and are valued at
cost of acquisition since the shares are not quoted in any exchange.
6. INVENTORIES
INVENTORIES BASIS OF VALUATION
a. Raw Materials At cost
b. Work - in - progress At cost
c. Finished goods Sales - G.Profit Margin
d. stores and spares At cost
7. SALES
The company has done an export sales of Rs. 5951252- to Nepal country.
8. RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9. RETIREMENT BENEFITS
a. Retirement benefits are accounted for as and when paid.
b. Provision of Gratuity has not been made since it is paid as and
when due.
c. Provident Fund contributions Rs. 93827/-, ESI Rs. 19300-, Vat Rs.
174556- TDS Rs. 138122- arc payable as on 31.3.2015.
d. Accounting policies not specifically referred to are consistent
with generally accepted accounting practices.
e. A sum of Rs. 708832/- has been deposited to the Commissioner of
Provident Fund as fine towards late deposit of Provident Fund.
10. PROPOSED DIVIDEND
No provision has been made for the payment of Dividend.
11. PROVISION FOR TAXATION
The company have profit of Rs. 807572- as per P&L account on which
Income. Tax works out Rs. 494501 after add - back of depreciation. The
company has deposited a sum of Rs. 708832- as fine on Provident Fund
which will be add in the profit of the company which Income Tax Works
out Rs. 219029- In this way Total Income Tax works out Rs. 713530-
against which the company has deposit Rs. 591149- as Advance Tax & TDS,
Hence a sum of Rs. 122381- has to be paid to Income Tax.
Mar 31, 2014
1 .A The company follows the mercantile system of accounting and
recognises Income and Expenditure on an accrual basis except in case of
significant uncertainties.
B. The accounts of the company have been prepared based on the going
concern concept and the company is operating at a low capacity
utilisation level.
2. REVENUE RECOGNITION
Revenue from the sale of manufactured products are recognised upon
passage of title to the customer and generally coincides with the
delivery and acceptance.
3. FIXED ASSETS AND DEPRECIATION FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost
of an asset comprises purchase price and any directly attributable cost
of bringing the assets to its present condition or intended use.
The fixed assets includes a sum ofRs. 13515861 - work in progress.
DEPRECIATION
a. Depreciation has been provided on WDV method at the rates prescibed
in Schedule of the Companies Act, 1956 as amended vide Notification No.
756[E] dated 16th December 1993.
4. TECHNICAL KNOW-HOW FEES
No technical know-how fee is paid during the year.
5. INVESTMENTS
Investment Rs. 17.65 lacs held on a long term basis and are valued at
cost of acquisition since the shares are not quoted in any exchange and
also to the companies where most of the Directors are common.
6. INVENTORIES BASIS OF VALUATION
INVENTORIES
a. Raw Materials At cost
b. Work - in - progress At cost
c. Finished goods Sales- G.Profit Margin
d. stores and spares At cost
7. SALES
The company has done an export sales ofRs. 5672920/- to Nepal country.
8. RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9. RETIREMENT BENEFITS
a. Retirement benefits are accounted for as and when paid.
b. Provision of Gratuity has not been made since it is paid as and when
due.
C. Provident Fund contributions Rs. 83444/- and ESI Rs. 18926/-, Vat
Rs. 97016-TDS
Rs. 118267 are payable as on 31.3.2014.
d. Accounting policies not specifically referred to are consistent with
generally accepted'' accounting practices.
10. PROPOSED DIVIDEND
No provision has been made for the payment of Dividend.
11. PROVISION FOR TAXATION
The company have profit of Rs. 1196480- as per P&L account during the
year after adjustment and will pay Income Tax as per separate
calculation.
Mar 31, 2013
1 .A The company follows the mercantile system of accounting and
recognises Income and Expenditure on an accrual basis except in case of
significant uncertainties.
B. The accounts of the company have been prepared based on the going
concern concept and the company is operating at a low capacity
utilisation level.
2. REVENUE RECOGNITION
Revenue from the sale of manufacture and traded products are recognised
upon passage of title to the customer and generally coincides with the
delivery and acceptance.
3. FIXED ASSETS AND DEPRECIATION
FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost
of an asset comprises purchase price and any directly attributable cost
of bringing the assets to its present condition or intended use.
The fixed assets includes a sum ofRs. 13515861-work in progress.
DEPRECIATION
a. Depreciation has been provided on straight line method at the rates
prescribed in Schedule of the Companies Act, 1956 as amended vide
Notification No. 756[E] dated 16th December 1993. No depreciation has
been provided on the revaluation cost of the assets.
b. Depreciation on additions is being provided on prorata basis from
the date of such additions.
4. TECHNICAL KNOW-HOW FEES
No technical know-how fee is paid during the year.
5. INVESTMENTS
Investment Rs. 17.65 lacs held on a long term basis and are valued at
cost of acquisition since the shares are not quoted in any exchange and
also to the companies where most of the Directors are common.
Stores and spares purchased are charged to Profit & Loss account in the
year of purchase as the quantum is not material.
7. SALES
The company has done an export sales ofRs. 3496577/- to Nepal country.
8 RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9. RETIREMENT BENEFITS
a. Retirement benefits are accounted for as and when paid.
b. Provision of Gratuity has not been made since it is paid as and
when due.
C. Provider Fund contributions Rs. 149672/- and ESI Rs. 32978/- are
payable as on 31.3.2013.
d. Accounting policies not specifically referred to are consistent
with generally accepted'' accounting practices.
10 PROPOSED DIVIDEND
No provision has been made for the payment of Dividend.
11 PROVISION FOR TAXATION
The company have profit ofRs. 354394- as per P&L account during the
year after adjustment and will pay Income Tax as per separate
calculation..
Mar 31, 2012
1.A The company follows the mercantile system of accounting and
recognises Income and Expenditure on an accrual basis except in case of
significant uncertainties.
B. The accounts of the company have been prepared based on the going
concern concept and the company is operating at a low capacity
utilisation level.
2. REVENUE RECOGNITION
Revenue from the sale of manufacture and traded products are recognised
upon passage of title to the customer and generally coincides with the
delivery and acceptance.
3. FIXED ASSETS AND DEPRECIATION FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost
of an asset comprises purchase price and any directly attributable cost
of bringing the assets to its present condition or intended use.
The fixed assets includes a sum ofRs. 13515861- work in progress during
the FY 2011-12 and Rs. 2154999]-was for the FY 2010-11..
DEPRECIATION
a. Depreciation has been provided on straight line method at the rates
prescribed in Schedule of the Companies Act, 1956 as amended vide
Notification No. 756[E] dated 16th December 1993. No depreciation has
been provided on the revaluation cost of the assets.
b. Depreciation on additions is being provided on prorata basis from
the date of such additions.
4. TECHNICAL KNOW-HOW FEES
No technical know-how fee is paid during the year.
5. INVESTMENTS
Investment Rs, 17.65 lacs held on a long term basis and are valued at
cost of acquisition since the shares are not quoted in any exchange and
also to the companies where most of the Directors are common.
Stores and spares purchased are charged to Profit & Loss account in the
year of purchase as the quantum is not material.
7. SALES
The company has done an export sales ofRs. 5622753/- to Nepal country.
8. RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9. RETIREMENT BENEFITS
a. Retirement benefits are accounted for as and when paid. .
b. Provision of Gratuity has not been made since it is paid as and
when due.
C. Provident Fund contributions Rs. 283036/- and ESI Rs. 15963/- are
payable as on 31.3.2012.
d. Accounting policies not specifically referred to are consistent
with generally accepted' accounting practices.
10. PROPOSED DIVIDEND
No provision has been made for the payment of Dividend.
11. PROVISION FOR TAXATION
The company have profit ofRs. 342057- as per P&L account during the
year after adjustment and will pay Income Tax as per separate
calculation.
Mar 31, 2010
1A SYSTEM OF ACCOUNTING
The company follows the mercantile system of accounting and recognises
income and Expenditure on an accrual basis except in case of
significant uncertainties.
B. The accounts of the company have been prepared based on the going
concern con- cept and the company is operating at a very low capacity
utilisation level.
2 REVENUE RECOGNITION
Revenue from the sale of manufacture and traded products are recognised
upon pas- sage of title to the customer and generally coincides with
the delivery and acceptance.
3. FIXED ASSETS AND DEPRECIATION
FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost
of an asset comprises purchase price and any directly attributable cost
of bringing the assets to its present condition or intended use.
The fixed assets includes a sum of Rs. 17496990- upto last financial
year and Rs. 8053001- during the FY 2009-10 (Total amount Rs.
25549991- shown under the head of work in progress and pending since a
long time for adjustments.
DEPRECIATION
a. Depreciation has been provided on straight line method at the rates
prescribed in Schedule of the Companies Act, 1956 as amended vide
Notification No. 756[E] dated 16th December 1993. No depreciation has
been provided on the revaluation cost of the assets.
b. Depreciation on additions is being provided on prorata basis from
the date of such additions.
4 TECHNICAL KNOW-HOW FEES
No technical know-how fee is paid during the year.
5. INVESTMENTS
Investment Rs. 17.65 lacs held on a long term basis and are valued at
cost of acqui- sition since the shares are not quoted in any exchange
and also to the companies where most of the Directors are common.
6 INVENTORIES
INVENTORIES BASIS OF VALUATION
a. Raw Materials At cost
b. Work - in - progress At cost
c. Finished goods Sales-G.Profit Margin
d. stores and spares At cost
Stores and spares purchased are charged to Profit & Loss account in the
year of purchase as the quantum is not material.
7. SALES
The company has done an export sales of Rs. 2852785/- to the different
countries.
8. RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9. RETIREMENT BENEFITS
a. Retirement benefits are accounted for as and when paid.
b. Provision of old Gratuity Rs. 328062/- has been shown in the
Balance Sheet during the year.
C. Provident Fund contributions Rs. 62103/- and ESI Rs. 15101/- are
payable as on 31.3.2010.
d. Accounting policies not specifically referred to are consistent
with generally accepted accounting practices.
10. PROPOSED DIVIDEND
No provision has been made for the payment of Dividend.
11 PROVISION FOR TAXATION
Since the company have old loss of Rs. 1561037- as per Income Tax
Return but during the year after adjustment, the company will pay
Income Tax as per separate calculation..
TDS Rs. 149137/-, VAT UK Rs, 43081/-VAT UP State Rs. 53679-, and CST
Rs. 75557/ - are payable during the year.
Mar 31, 2009
1 SYSTEM OF ACCOUNTING
The company follows the merchantile system of accounting and recognizes
Income and Expenditure on an accrual basis except in case of
significant uncertainties. B The accounts of the company have been
prepared based on the going concern concept and the company is
operating at a very low capacity utilization level.
2. REVENUE RECOGNITION
Revenue from the sale of manufacture and traded products are recognized
upon passage of title to the customer and generally coincides with the
delivery and acceptance.
3. FIXED ASSETS AND DEPRECIATION FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost
of an asset comprises purchase price and any directly attributable cost
of bringing the assets to its present condition or intended use
The fixed assets includes a sum of Rs. 17496990/- shown under the head
of work in progress and pending sinece a long time for adjustments and
also there is an addition of Rs. 7996405/- during the year, which
included in above figures.
DEPRECIATION
a. Depreciation has been provided on straight line method at the rates
prescribed in Schedule of the companies Act, 1956 as amended vide
Notification No. 756 [E] dated 16th December 1993. No depreciation has
been provided on the revaluation cost of the assets.
b. Depreciation on additions is being provided on prorate basis from
the date of such additions.
4 TECHNICAL KNOW- HOW FEES
No technical know-how fee is paid during the year.
5. INVESTMEN
I nvestment Rs. 17.65 lacs held on a long term basis and are valued at
cost of acquisition since the share are not quoted in any exchange and
also of the companies where most of the directors are common.
6. INVENTORIES
INVENTORIES BASIS OF VALUATION
a. Raw Materials At cost
b Work- in-progress At cost
c Finished goods Sales-G. Profit Margin
d Stores and spares At cost
Store and spares purchased are charged to profit & Loss account in the
year of purchase as the quantum is not material
7 SALES
The company has done an export sales of Rs 6751275/- To the different
countries.
8 RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9 RETIREMENT BENEFITS
a Retirement benefits are accounted for as and when paid
b Provision of old Grativity Rs. 472415/- has been shown in the Balance
sheet & there is no provision during the year.
c. Provident Fund cc ntnbutions Rs. 54205/- and ESI Rs. 13258/- are
payable as on 31 3.2009. d Accounting policies not specifically
referred to are consistent with generally accepted accounting
practices.
10 PROPOSED DIVIDEND
No Dividend declared during the year.
11. PROVISION FOR TAXATION
Since the company have old losses hence no provision for Income tax is
made. However, MAT has to be deposited TDS Rs. 102142/- and VAT Rs.
10765/- are payable during the year.
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