Mar 31, 2015
1A. General Corporate Information
Divya Jyoti Industries Limited (the Company) is a Public Limited
Company incorporated under the provisions of Company Act, 1956. Its
shares are listed on two stock exchanges in India. The company is
engaged in Solvent Extraction & Refinery of Soya Oil.
a Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the notified accounting standards by the Companies
(Accounting Standard) Rule, 2006 and relevant provisions of the
Companies Act,1956. The financial statements are prepared on historical
cost convention on an accrual basis, to the extend applicable. The
Accounting Policies have been consistently applied by the Company.
b Use of Estimates
The preparation of financial statements is in conformity with the
generally accepted accounting principles (GAAP) requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the year in
which the results are known / materialized.
c Revenue Recognition
Sales are recognized at the time of dispatch of goods from factory and
are recorded including excise duty but exclusive of sales tax and trade
discount wherever applicable. Dividend income is recognized when right
to receive is established. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable.
goods lying at factory. Sales tax / Value added tax paid is charged to
Profit and Loss Account.
e Investment
Long Term Investments are stated at cost.
f Inventories
Inventories are stated at Lower of Cost and Net Realizable Value using
FIFO method. The cost of finished goods and Stock in Process comprising
of Raw Material, Direct labour, other direst cost and related
production overhead up to the relevant stage of completion. By Products
and waste are value at Net realizable value.
g Borrowing Cost
Borrowing costs that are attributable to the acquisition or
constructions of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue in the period in which they are
incurred.
h Tangible Fixed Assets
Tangible Assets are stated at acquisition cost, net of accumulated
depreciation and accumulated impairment Loss. Tangible Assets not
ready for the intended use from the date of date of Balance Sheet are
disclosed as 'Capital Work in Progress.
Losses and/or Gains arising from disposal of tangible assets, which are
carried at cost, are recognized in the Statement of Profit and Loss.
Depreciation is provided on based on life assigned to each asset in
accordance with Schedule II of the Companies Act, 2013, with the
exception of assets depreciated , based on technical evaluation.
Depreciation on assets added/disposed off during the year has been
provided on prorata Basis, with reference to the month of
addition/disposal.
i Taxation
Income Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provision of the Income-tax Act, 1961.
Advance tax and provision for current income tax are presented in the
balance sheet after off- setting advance tax paid and income tax
provision. Tax Expenses for the period comprising of Current Tax and
Deferred tax is measured as per the present taxation laws of the
country. MAT
Minimum alternative tax (MAT) is recognized as an asset in the balance
sheet when it is probable that the future economic benefit associated
with it will flow to the Group and the asset can be measured reliably.
Deferred Tax
In accordance with Accounting Standated -22 on "Accounting for Taxes on
Income". the deferred tax for timing differences is accounted for using
the tax rate and laws that have been enacted on substantially enacted
by the Balance Sheet
j Earning per share
The Company reports basic and diluted earnings per equity share in
accordance with Accounting Standard 20 Â "Earnings per share". Basic
earnings per equity share is computed by dividing net profit after tax
by the weighted average number of equity shares outstanding during the
year, adjusted for events such as bonus shares and any other conversion
of equity share. The Company does not have any diluted equity share,
hence Basic and Dilutive earning per share is same.
k Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transactions or that
approximate the actual rate at the date of transaction. Any income or
expenses on account of exchange difference on settlement is recognized
in the Profit & Loss Account, if it is related to revenue account and
if related to fixed Assets and liabilities, the same is adjusted to the
acquisition cost of such assets and depreciated over its remaining
useful life.
l Provisions And Contingent Liabilities And Contingent Assets
Provisions involving degree of estimation in measurement are recognized
when there is a present obligation as a result of past results and it
is probable that there will be an outflow of resources.
Contingent liabilities are disclosed, unless the possibility of an
outflow of resource embodying the economic benefit is remote.
Contingent assets are neither recognized nor disclosed in the financial
statements.
Provisions, contingent liabilities, contingent assets are reviewed at
each balance sheet date.
m Cash and Cash Equivalents
Cash and Cash Equivalents for the purpose of cash flow statements
comprise cash at bank and Cash in hand and Balances in Deposit accounts
with banks having original maturities of 12 months or less.
n Employee Benefits
Defined Contribution Plan: Company's contributions paid/payable during
the year to provident fund, employee state insurance scheme are
recognized during the period in which the employee renders the related
services. Defined Benefit Plan: Liability in respect of Employees'
Group Gratuity Fund Scheme are funded by Life Insurance Corporation of
India.
o Impairment
Assessment for impairment is done at each Balance Sheet date. Wherever
events or changes in circumstances indicate the carrying cost of asset
exceeds its recoverable value, an impairment loss is charged to Profit
& Loss Account in the year in which an asset is identified as impaired.
p Revenue recognition
Revenue from sales of goods is recognized when the substantial risk and
rewards of ownership in the goods are transfer to the buyer. Sales are
recognized net off Trade discounts, rebates, Sales Tax and Excise Duty
q Cash Flow Statement
The Cash Flow Statement has been prepared under the "Indirect Method"
as set out in Accounting Standard- 3 on "Cash Flow Statement"
Mar 31, 2014
(a) Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the notified accounting standards by the Companies
(Accounting Standard) Rule, 2006 and relevant provisions of the
Companies Act,1956. The financial statements are prepared on historical
cost convention on an accrual basis. The Accounting Policies have been
consistently applied by the Company.
(b) Use of Estimates
The preparation of financial statements is in comformity with the
generaly accepted accounting principles (GAAP) requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period. Difference
btween the actual results and estimates are recognized in the year in
which the results are known / materialised.
(c) Revenue Recognition
Sales are recognised at the time of dispatch of goods from factory and
are recorded including excise duty but exclusive of sales tax and trade
discount wherever applicable. Dividend income is recognized when right
to receive payment is established. Interest income is recognized on
time proportion basis taking into account the amount outstanding and
interest rate applicable.
(d) Excise Duty
Excise duty is accounted on the basis of both, payments made in respect
of goods cleared as also provision made for goods lying at factory.
Sales tax / Value added tax paid is charged to Profit and Loss Account.
(e) Investment
Long-term Investments are stated at cost.
(f) Inventories
Cost of inventories comprise of cost of purchase, labour cost. Raw
Material, Stores & Spares and Packing Materials are vaued at cost using
FIFO method. Finished Goods and Stock in Process are vaued at Net
Realisable Value.
(g) Borrowing Cost
Borrowing costs that are attributable to the acquisition or
constructions of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to the statement of Profit and Loss in the
period in which they are incurred.
(h) Tangible Fixed Assets
(i) Leasehold Land is stated at Cost.
(ii) All Fixed Assets are stated at cost less depreciation, wherever
applicable. Cost comprises acquisition costs and any other attributing
cost of bringing the assets to its working condition for its intended
use but excluding taxes and duties there on, wherever applicable.
(iii) Depreciation has been calculated on straight line method at the
rates an manner specified under the Schedule XIV of the Companies Act,
1956.
(i) Taxation
(i) Income Tax: Provision for current tax is made after taking into
consideration benefits admissible under the provision of the Income-tax
Act, 1961. Advance tax and provision for current income tax are
presented in the balance sheet after off-setting advance tax paid and
income tax provision.
(ii) MAT: Minimum alternative tax (MAT) is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Group and the asset can be measured
reliably.
(iii)Deferred Tax: In accordance with Accounting Standared -22 on
"Accounting for Taxes on Income". the deferred tax for timing
differences is accounted for using the tax rate and laws that have been
enacted on substantially enacted by the Balance Sheet date.
(j) Earning per share
The Company reports basic and diluted earnings per equity share in
accordance with Accounting Standard 20 Â "Earning per share". Basic
earning per equity share is computed by dividing net profit after tax
by the weighted average number of equity shares outstanding during the
year. The Company does not have any diluted equity share, hence Basic
and Dilutive earning per share is same.
(k) Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transactions or that
approximate the actual rate at the date of transaction. Any income or
expenses on account of exchange difference on settlement is recognised
in statement of the Profit & Loss Account.
(l) Provisions And Contingent Liabilities And Contingent Assets
(i) Provisions involving degree of estimation in measurement are
recognised when there is a present obligation as a result of past
results and it is probable that there will be an outflow of resources.
(ii) Contingent liabilities are disclosed, unless the possibility of an
outflow of resource embodying the economic benefit is remote.
(iii) Contingent assets are neither recognized nor disclosed in the
financial statements.
(iv) Provisions, contingent liabilities, contingent assets are reviewed
at each Balance Sheet date.
(m) Cash and Cash Equivalents
Cash and Cash Equivalents for the purpose of cash flow statements
comprise cash at bank and Cash in hand and balances in deposit accounts
with banks having original maturities of 12 months or less.
(n) Employee Benefits
(i) Defined Contribution Plan: The Company makes specified monthly
contribution towards Provident Fund and Employees State Insurance
Scheme. The Company''s Contributions is recognised as an expenses in the
statement of Profit & Loss during the period in which the employee
renders the related services.
(ii) Defined Benefit Plan: The Liability in respect of Employees'' Group
Gratuity Fund Scheme is calculated using the Projected Unit Credit
Method. Actuarial Gain and Loss is charged to the Statement of Profit &
Loss.
(o) Impairment
Wherever events or changes in circumstances indicate the carrying cost
of asset exceeds its recoverable value, an impairment loss is charged
to Profit & Loss Account in the year in which an asset is identifyied
as imapired.
(p) Cash Flow Statement
The Cash Flow Statement has been prepared under the "Indirect Method"
as set out in Accounting Standard- 3 Cash Flow Statement.
Mar 31, 2013
(a) Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the notified accounting standards by the Companies
(Accounting Standard) Rule, 2006 and relevant provisions of the
Companies Act,1956. The financial statements are prepared on historical
cost convention on an accrual basis. The Accounting Policies have been
consistently applied by the Company.
(b) Use of Estimates
The preparation of financial statements is in comformity with the
generaly accepted accounting principles (GAAP) requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the year in
which the results are known / materialised.
(c) Revenue Recognition
Sales are recognised at the time of dispatch of goods from factory and
are recorded including excise duty but exclusive of sales tax and trade
discount wherever applicable. Dividend income is recognized when right
to receive is established. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable. payments made in respect of goods cleared as also
provision made for goods lying at factory. Sales tax / Value added tax
paid is charged to Profit and Loss Account.
(e ) Investment
Long Term Investments are stated at cost.
(f) Inventories
Cost of inventories comprise of cost of purchase, labour cost. Raw
Material, Stores & Spares and Packing Materials are valued at cost
using FIFO method. Finished Goods and Stock in Process are valued at
Net Realisable Value.
(g) Borrowing Cost
Borrowing costs that are attributable to the acquisition or
constructions of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue in the period in which they are
incurred.
(h) Tangible Fixed Assets
(i) Leasehold Land is stated at Cost.
(ii) All Fixed Assets are stated at cost less depreciation, wherever
applicable. Cost comprises acquisition costs and any other attributing
cost of bringing the assets to its working condition for its intended
use but excluding taxes and duties there on, wherever applicable.
(iii) Depreciation has been calculated on straight line method at the
rates an manner specified under the Schedule XIV of the Companies Act,
1956.
(i) Taxation
(i) Income Tax Provision for current tax is made after taking into
consideration benefits admissible under the provision of the Income-tax
Act, 1961.
(ii) Advance tax and provision for current income tax are presented in
the balance sheet after off-setting advance tax paid and income tax
provision.
(iii) MAT Minimum alternative tax (MAT) is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Group and the asset can be measured
reliably.
(iv) Deferred Tax In accordance with Accounting Standard -22 on
"Accounting for Taxes on Income". the deferred tax for timing
differences is accounted for using the tax rate and laws that have been
enacted on substantially enacted by the Balance Sheet date.
Earning per share
The Company reports basic and diluted earnings per equity share in
accordance with Accounting Standard 20 Â "Earning per share". Basic
earning per equity share is computed by dividing net profit after tax
by the weighted average number of equity shares outstanding during the
year. The Company does not have any diluted equity share, hence Basic
and Diluted earning per share is same.
(k)Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transactions or that
approximate the actual rate at the date of transaction. Any income or
expenses on account of exchange difference on settlement is recognised
in the Profit & Loss Account.
(l) Provisions And Contingent Liabilities And Contingent Assets
(i) Provisions involving degree of estimation in measurement are
recognised when there is a present obligation as a result of past
results and it is probable that there will be an outflow of resources.
(ii) Contingent liabilities are disclosed, unless the possibility of an
outflow of resource embodying the economic benefit is remote. (iii)
Contingent assets are neither recognized nor disclosed in the financial
statements. (iv) Provisions, contingent liabilities, contingent assets
are reviewed at each balance sheet date.
(m)Cash and Cash Equivalents
Cash and Cash Equivalents for the purpose of cash flow statements
comprise cash at bank and Cash in hand and Balances in Deposit accounts
with banks having original maturities of 12 months or less.
(n)Employee Benefits
(i) Defined Contribution Plan: Company''s contributions paid/payable
during the year to provident fund, employee state insurance scheme are
recognised during the period in which the employee renders the related
services. (ii) Defined Benefit Plan: Liability in respect of
Employees'' Group Gratuity Fund Scheme are funded by Life Insurance
Corporation of India.
(o)Impairment
Wherever events or changes in circumstances indicate the carrying cost
of asset exceeds its recoverable value, an impairment loss is charged
to Profit & Loss Account in the year in which an asset is identified as
impaired.
(p) Cash Flow Statement
Cash Flow Statement has been prepared under the "Indirect Method" as
set out in Accounting Standard- 3 Cash Flow Statement.
Mar 31, 2010
1. Accounting Convention
The financial statement has been prepared and presented under
historical cost convention on the accrual basis of accounting in
accordance with the accounting principal generally accepted in India
("GAAP") and comply with the mandatory accounting standard ("AS")
issued by the Institute of Chartered Accountants of India to the
content applicable and with the relevant provision of the Companies Act
1956.
2. Fixed Assets
a. Fixed assets are carried at cost of acquisition or construction
less accumulated depreciation. The cost of fixed assets includes taxes,
duties, freight and other incidental expenses related to the
acquisition and installation of the respective assets.
b. Advances paid towards the acquisition of the fixed assets
outstanding at Balance Sheet date are disclosed under capital work in
progress.
3. Depreciation
a. Depreciation on fixed assets is provided on "Straight Line Method".
b. Depreciation is provided at the rates and in the manner specified
in schedule XIV of the Companies Act 1956.
4. Inventories
a. Inventories are valued on FIFO basis, as fallows:
Raw material - At cost price
Finished goods - At market price
Stores & Spares - At cost price
Packing material - At cost price
b. Inventories comprise of raw material, stores & spares, consumable
and finished goods.
5. Investment
Investments are carried at cost.
6. Foreign Currency Transactions
Foreign Currency Transactions are recorded using the exchange rates
prevailing on the date of the respective transactions. Exchange
difference arising on foreign currency transactions settled during the
year is recognized in Profit and Loss Account.
7. Revenue Recognition
Revenue from sale of goods is recognized at the point of dispatch of
goods.
8. Employee Benefits
a. Contribution to provident fund is charged against revenue.
b. Gratuity liabilities are accounted for on accrual basis.
9. Taxation
Tax expenses are the aggregate of current tax and deferred tax charged
or credited in statement of profit & loss for the period.
a. Current tax
The current charge for Income Tax is calculated in accordance with the
relevant tax regulations applicable to the company.
b. Deferred tax
Deferred tax charge on credit reflects the tax effect of timing
differences between book profit and tax profit for the period. The
deferred tax charge on credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted on substantively enacted by the Balance Sheet date.
10. Impairment of Assets
At every balance sheet, the company determines whether the provisions
should be made for the impairment loss on fixed assets by considering
the indications that the carrying amount of the assets exceeds the
recoverable amount as per recognition and measurement principles laid
down in AS-28 "Impairment of Assets". No impairment of assets is
identified during the review carried out in the current year.
11. Cash Flows
Cash Flows are reported using the indirect method, whereby profit
before tax in adjusted for the effects of transactions of a non-cash
nature and any deferred or accruals of part or future cash receipts or
payments. The cash flows from regular revenue generating, financing and
investing activities of the company are segregated.
12. Earning per share
The earning considered in ascertaining the companys Basic EPS is the
attributable Net Profit or Loss to the equity shareholders as per AS-20
"Earnings Per Share". The number of shares used in computing Basic EPS
is the weighted average number of shares outstanding during the period.
13. Provisions & Contingent Liabilities
The company creates a provision when there is a present obligation as a
result of past events that probably requires an outflow of resources
and reliable estimates can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
requires an outflow of resources.