Mar 31, 2015
A. Basis of Preparation of Financial Statements
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013.
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 2013.
B. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires judgments, estimates and assumptions to be made that affect
the reported amount of assets and liabilities, disclosure of contingent
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
C. Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts less accumulated depreciation and impairment loss, if any. All
costs, including financing costs till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the fixed assets
are capitalized.
D. Cash and cash equivalent (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term (with an original maturity of three months
or less from the data of acquisition), highly liquid investment that
are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
E. Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
F. Depreciation and Amortization
Depreciation is provided on the straight-line method based on the
estimated useful lives of the assets as prescribed in Schedule II of
the Companies Act, 2013. Depreciation on additions to fixed assets is
charged on pro-rata basis in the year of purchase.
G. Earnings per share
As required by Accounting Standard - 20 "Earnings per Share" issued by
the Institute of Chartered Accountants of India, Basic earnings per
share is computed by dividing the profit after tax (including the post
tax effect of exceptional items, if any) by the number of equity shares
outstanding at the end of the year. Diluted earnings per share is
computed by dividing the profit after tax (including the post tax
effect of exceptional items, if any) as adjusted for dividend, interest
and other charges to expense or income relating to the dilutive
potential equity shares, by the weighted average number of equity
shares.
H. Taxes on income Current tax
Current tax is the amount of tax payment on the taxable on the taxable
income for the year as determined in accordance with the provisions of
the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred Tax
In compliance Accounting Standard - 22 issued by the institute of
Chartered Accountants of India, the company has recognized in the
Financial Statements deferred Tax Assets and Liabilities for future Tax
implications attributable to the timing difference that result between
the Profits offered for the income Tax and Profit as per the Financial
Statements.
I. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amounts.
J. Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
K. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Long Term Investments are stated at cost.
Provision for diminution in the value of long-term investments is made
only if such a decline is other than temporary.
L. Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition.
M. Revenue Recognition
(a) Income/Expenditure is generally accounted for on accrual basis,
unless otherwise stated.
(b) Revenue from chartering of Fast Interceptor Craft is on accrual
basis, inclusive of service tax. 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.
N. Service Tax
Service tax input credit is accounted for in the books in the period in
which the underlying service received and when there is no uncertainty
in availing / utilizing the credits.
O. Employee Benefits
Gratuity Liability is accounted as and when due for payment. The Laws
relating to Provident Funds and ESIC are not applicable to the company.
P. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction 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 its intended use. All other
borrowing costs are charged to Profit and Loss account.
Q. Provisions. Contingent Liabilities and Contingent Assets
a) Contingent Liabilities are not provided for and are disclosed by way
of notes to accounts.
b) Claim against the company not acknowledged as debts Rs. 14,52,975/-
(P.Y. Rs. 14,52,975/-) consist of Income Tax Dues for the financial year
2002-03, for which the Company has sought waiver of the penal interest
from the office of Income Tax AppellateTribunal Range 10(1), Mumbai.
c) The Company has not made Compliance of AS-15 issued by the ICAI with
regard to provision for Gratuity amounting to Rs. 16,04,135/- (P.Y. Rs.
11,89,990//-) dues payable to employees as the same is accounted as and
when due for payment. Accordingly the profit of the company to that
extent has been overstated and liability was understated.
R. Material events occurring afterthe Balance Sheet Date are taken
into cognizance.
S. Outstanding Payment to Micro & Small Enterprises:
The Company initiated the process of identifying Micro Small and Medium
Enterprises (MSME) by requesting vendors for confirmation to the
letters circularized by it. As no response have been received up to
now, from the vendors to whom request were made, it is considered that
there are no dues / payments to SME's for the current year.
Accordingly, disclosure as envisaged in Part I of schedule VI of the
Companies Act, 1956 is not applicable which has been relied upon by the
auditors.
T. Previous Year Figures:
Previous year's figures have been regrouped / reclassified wherever
necessary to make them comparable with the current year's
classification / disclosure
Mar 31, 2014
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts less accumulated depreciation and impairment loss, if any. All
costs, including financing costs till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the fixed assets
are capitalized.
D. Cash and cash equivalent (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term (with an original maturity of three months
or less from the data of acquisition), highly liquid investment that
are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
E. Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
F. Depreciation and Amortization
Depreciation is provided using written down value method at the rates
and in the manner specified in Schedule XIV to the Companies Act, 1956.
Depreciation on additions during the year is provided on a pro rata
basis from the date of addition.
G. Earnings per share
As required by Accounting Standard - 20 "Earnings per Share" issued by
the Institute of Chartered Accountants of India, Basic earnings per
share is computed by dividing the profit after tax (including the post
tax effect of exceptional items, if any) by the number of equity shares
outstanding at the end of the year. Diluted earnings per share is
computed by dividing the profit after tax (including the post tax
effect of exceptional items, if any) as adjusted for dividend, interest
and other charges to expense or income relating to the dilutive
potential equity shares, by the weighted average number of equity
shares.
H. Taxes on income Current tax
Current tax is the amount of tax payment on the taxable on the taxable
income for the year as determined in accordance with the provisions of
the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred Tax
In compliance Accounting Standard - 22 issued by the institute of
Chartered Accountants of India, the company has recognized in the
Financial Statements deferred Tax Assets and Liabilities for future Tax
implications attributable to the timing difference that result between
the Profits offered for the income Tax and Profit as per the Financial
Statements.
I. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amounts.
J. Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
K. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Long Term Investments are stated at cost.
Provision for diminution in the value of long-term investments is made
only if such a decline is other than temporary.
L. Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition.
M. Revenue Recognition
(a) Income/Expenditure is generally accounted for on accrual basis,
unless otherwise stated.
(b) Revenue from chartering of Fast Interceptor Craft is on accrual
basis, inclusive of service tax. 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.
N. Service Tax
Service tax input credit is accounted for in the books in the period in
which the underlying service received and when there is no uncertainty
in availing / utilizing the credits.
O. Employee Benefits
Gratuity Liability is accounted as and when due for payment. The Laws
relating to Provident Funds and ESIC are not applicable to the company.
P. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction 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 its intended use. All other
borrowing costs are charged to Profit and Loss account.
Q. Provisions. Contingent Liabilities and Contingent Assets
a) Contingent Liabilities are not provided for and are disclosed by way
of notes to accounts.
b) Claim against the company not acknowledged as debts INR 14,52,975/-
(P.Y. INR 14,52,975/-) consist of Income Tax Dues for the financial
year 2002-03, for which the Company has sought waiver of the penal
interest from the office of Income Tax Appellate Tribunal Range 10 (1),
Mumbai.
c) The Company has not made Compliance of AS-15 issued by the ICAI with
regard to provision for Gratuity amounting to INR11,89,990/- (P.Y. INR
32,25,000/-) dues payable to employees as the same is accounted as and
when due for payment. Accordingly the profit of the company to that
extent has been overstated and liability was understated.
Material events occurring after the Balance Sheet Date are taken into
cognizance.
R. Outstanding Payment to Micro & Small Enterprises:
The Company initiated the process of identifying Micro Small and Medium
Enterprises (MSME) by requesting vendors for confirmation to the
letters circularized by it. As no response have been received up to
now, from the vendors to whom request were made, it is considered that
there are no dues / payments to SME''s for the current year.
Accordingly, disclosure as envisaged in Part I of schedule VI of the
Companies Act, 1956 is not applicable which has been relied upon by the
auditors.
S. Previous Year Figures:
Previous year''s figures have been regrouped / reclassified wherever
necessary to make them comparable with the current year''s
classification / disclosure.
Mar 31, 2013
These financial statements have been prepared in accordance with the
Accounting Standards as prescribed by the Institute of Chartered
Accountants of India and referred to in section 211(3)(c) of the
Companies Act 1956. Significant accounting policies adopted in the
presentation of the accounts are:
A. Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
C. Own Fixed Assets:
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts less accumulated depreciation and impairment loss, if any. All
costs, including financing costs till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the fixed assets
are capitalized.
D. Cash and cash equivalent (for purposes of Cash Flow Statement):
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term (with an original maturity of three months
or less from the data of acquisition), highly liquid investment that
are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
E. Cash flow statement:
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments.
The cash flows from operating, investing and financing activities of
the Company are segregated based on the available information.
F. Depreciation and Amortization:
Depreciation is provided using written down value method at the rates
and in the manner specified in Schedule XIV to the Companies Act, 1956.
Depreciation on additions during the year is provided on a pro rata
basis from the date of addition.
G. Earnings per share:
As required by Accounting Standard  20 "Earnings per Share" issued by
the Institute of Chartered Accountants of India, Basic earnings per
share is computed by dividing the profit after tax (including the post
tax effect of exceptional items, if any) by the number of equity shares
outstanding at the end of the year. Diluted earnings per share is
computed by dividing the profit after tax (including the post tax
effect of exceptional items, if any) as adjusted for dividend, interest
and other charges to expense or income relating to the dilutive
potential equity shares, by the weighted average number of equity
shares.
H. Taxes on income:
Current tax
Current tax is the amount of tax payment on the taxable on the taxable
income for the year as determined in accordance with the provisions of
the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred Tax
In compliance Accounting Standard  22 issued by the institute of
Chartered Accountants of India, the company has recognized in the
Financial Statements deferred Tax Assets and Liabilities for future Tax
implications attributable to the timing difference that result between
the Profits offered for the income Tax and Profit as per the Financial
Statements.
I. Impairment of Assets:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amounts.
J. Foreign Currency Transactions:
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
K. Investments:
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Long Term Investments are stated at cost.
Provision for diminution in the value of long-term investments is made
only if such a decline is other than temporary.
L. Inventories:
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition.
M. Revenue Recognition:
(a) Income/Expenditure is generally accounted for on accrual basis,
unless otherwise stated.
(b) Revenue from chartering of Fast Interceptor Craft is on accrual
basis, inclusive of service tax. 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.
N. Service Tax:
Service tax input credit is accounted for in the books in the period in
which the underlying service received and when there is no uncertainty
in availing / utilizing the credits.
O. Employee Benefits:
Gratuity Liability is accounted as and when due for payment. The Laws
relating to Provident Funds and ESIC are not applicable to the company.
P. Borrowing Costs:
Borrowing costs that are attributable to the acquisition or
construction 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 its intended use. All
other borrowing costs are charged to Profit and Loss account.
Q. Provisions, Contingent Liabilities and Contingent Assets:
a) Contingent Liabilities are not provided for and are disclosed by way
of notes to accounts.
b) Claim against the company not acknowledged as debts Rs. 14,52,975/-
(P.Y. Rs. 14,52,975/-) consist of Income Tax Dues for the financial
year 2002-03, for which the Company has sought waiver of the penal
interest from the office of Income Tax Appellate Tribunal Range 10 (1),
Mumbai.
c) The Company has not made Compliance of AS-15 issued by the ICAI with
regard to provision for Gratuity amounting to Rs.32,25,000/- (P.Y. Rs.
25,75,000/-) dues payable to employees as the same is accounted as and
when due for payment. Accordingly the profit of the company to that
extent has been overstated and liability has been understated.
R. Material events occurring after the Balance Sheet Date are taken
into cognizance.
S. Outstanding Payment to Micro & Small Enterprises:
The Company initiated the process of identifying Micro Small and Medium
Enterprises (MSME) by requesting vendors for confirmation to the
letters circularized by it. As no response have been received up to
now, from the vendors to whom request were made, it is considered that
there are no dues / payments to SME''s for the current year.
Accordingly, disclosure as envisaged in Part I of schedule VI of the
Companies Act, 1956 is not applicable which has been relied upon by the
auditors.
T. Previous Year Figures:
Previous year''s figures have been regrouped / reclassified wherever
necessary to make them comparable with the current year''s
classification / disclosure.
Mar 31, 2012
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/materialized.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts less accumulated depreciation and impairment loss, if any. All
costs, including financing costs till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the fixed assets
are capitalized.
D. Cash and cash equivalent (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term (with an original maturity of three months
or less from the data of acquisition), highly liquid investment that
are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
E. Cash flow statement
Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for the
effects of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flows
from operating, investing and financing activities of the Company are
segregated based on the available information.
F. Depreciation and Amortization
Depreciation is provided using written down value method at the rates
and in the manner specified in Schedule XIV to the Companies Act, 1956.
Depreciation on additions during the year is provided on a pro rata
basis from the date of addition.
G. Earnings per share
As required by Accounting Standard - 20 "Earnings per Share" issued by
the Institute of Chartered Accountants of India, Basic earnings per
share is computed by dividing the profit after tax (including the post
tax effect of exceptional items, if any) by the number of equity shares
outstanding at the end of the year. Diluted earnings per share is
computed by dividing the profit after tax (including the post tax
effect of exceptional items, if any) as adjusted for dividend, interest
and other charges to expense or income relating to the dilutive
potential equity shares, by the weighted average number of equity
shares.
H. Taxes on income Current tax
Current tax is the amount of tax payment on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable
that future economic benefit associated with it will flow to the
Company.
Deferred Tax In compliance Accounting Standard - 22 issued by the
institute of Chartered Accountants of India, the company has recognized
in the Financial Statements deferred Tax Assets and Liabilities for
future Tax implications attributable to the timing difference that
result between the Profits offered for the income Tax and Profit as per
the Financial Statements.
I. Impairment of Assets An asset is treated as impaired when the
carrying cost of asset exceeds its recoverable value. An impairment
loss is charged to the Profit and Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amounts.
J. Foreign Currency Transactions Transactions denominated in foreign
currencies are recorded at the exchange rate prevailing on the date of
the transaction or that approximates the actual rate at the date of the
transaction.
K. Investments Current investments are carried at lower
of cost and quoted/fair value, computed category wise. Long Term
Investments are stated at cost. Provision for diminution in the value
of long-term investments is made only if such a decline is other than
temporary.
L. Inventories Items of inventories are measured at lower
of cost and net realizable value after providing for obsolescence, if
any. Cost of inventories comprises of cost of purchase, cost of
conversion and other costs including manufacturing overheads incurred
in bringing them to their respective present location and condition.
M. Revenue Recognition
(a) Income/Expenditure is generally accounted for on accrual basis,
unless otherwise stated.
(b) Revenue from chartering of Fast Interceptor Craft is on accrual
basis, inclusive of service tax. 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.
N. Service Tax Service tax input credit is accounted for in the books
in the period in which the underlying service received and when there
is no uncertainty in availing/utilizing the credits.
O. Employee Benefits Gratuity Liability is accounted as and when due
for payment.The Laws relating to Provident Funds and ESIC are not
applicable to the company.
P. Borrowing Costs Borrowing costs that are attributable to the
acquisition or construction 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 its
intended use. All other borrowing costs are charged to Profit and Loss
account.
Q. Provisions, Contingent Liabilities and Contingent Assets
a) Contingent Liabilities are not provided for and are disclosed byway
of notes to accounts.
b) Claim against the company not acknowledged as debts Rs. 14,52,975/-
(P.Y. Rs. 14,52,975/-) consist of Income Tax Dues for the financial
year 2002-03, for which the Company has sought waiver of the penal
interest from the office of Income Tax Appellate Tribunal Range 10(1),
Mumbai.
c) The Company has not made Compliance of AS-15 issued by the ICAI with
regard to provision for Gratuity amounting to Rs.25,75,000/- (P.Y. Rs.
19,25,000/-) dues payable to employees as the same is accounted as and
when due for payment. Accordingly the profit of the company to that
extent has been overstated and liability was understated.
R. Material events occurring after the Balance Sheet Date are taken
into cognizance.
S. Outstanding Payment to Micro & Small Enterprises:
The Company initiated the process of identifying Micro Small and Medium
Enterprises (MSME) by requesting vendors for confirmation to the
letters circularized by it. As no response have been received up to
now, from the vendors to whom request were made, it is considered that
there are no dues/payments to SME's for the current year. Accordingly,
disclosure as envisaged in Part I of schedule VI of the Companies Act,
1956 is not applicable which has been relied upon by the auditors.
T. Previous year figures
Till the year ended 31 March, 2011, the company was using pre-revised
Schedule VI to the Companies Act 1956, for the preparation and
presentation of financial statements. During the year ended 31 March
2012, the revised Schedule VI notified under the Companies Act 1956,
has become applicable to the company. The company has classified
previous year figures to confirm this year's classification. The
adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of financial statement.
However, it has significant impact on presentation and disclosure made
in financial statement, particularly presentation of balance sheet.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article