Mar 31, 2018
1 SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of Accounting
The financial statements are prepared under the historical cost convention on the concept of a going conceri accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under
7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of Companies Act, 2013.
1.2 Recognition of Income
Sales represent invoiced Value of goods Sold Other Income is recognised and accounted for on accrual basis un otherwise stated.
1.3 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purcl price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs rela to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to extent they relate to the period till such assets are ready to be put to use.
1.3(a). Depreciation
Depreciation on Fixed Assets (except Land) is provided to the extent of depreciable amount on the Written Down V (WDV) Method Depreciation is provided (Except Land) based on useful life of the assets as prescribed in Schedule II to Companies Act, 2013. As certified by the Management Depreciation on Development of Land to organic farming is ti provided equally over the period of ten years.
1.4 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it beco probable that there will be outflow of resources for settling the obligation.
1.5 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additi information materially affecting the determination of the amounts of assets or liabilities relating to conditions existin the balance sheet date.
1.6 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to ec shareholders by the weighted average number of equity shares outstanding during the year/ period.
1.7 Use of estimates
The preparation of financial statements, in conformity with generally accepted accounting principles, requ management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recogn prospectively in current and future periods.
1.8 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the y end rate.
Mar 31, 2016
SIGNIFICANT ACCOUNTING POLICIES
1.1
Basis of Accounting
The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of the Companies Act, 2013.
1.2
Recognition of Income
Sales represents invoiced Value of goods Sold. Other Income is recognized and accounted for on accrual basis unless otherwise stated.
1.3
Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
1.3(a). Depreciation
Depreciation on Fixed Assets (except Land) is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided (Except Land) based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. As certified by the Management Depreciation on Development of Land to organic farming is to be provided equally over the period of ten years.
1.4 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.
1.5 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.
1.6 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period
1.7 Use of estimates
The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.
1-8 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the yearend are translated at the rate ruling at the yearend rate.
Mar 31, 2015
1.1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under Rule 7 of the Companies (Accounts) Rules,
2014 which is similar to provisions and presentational requirements of
the Companies Act, 2013.
1.2 Recognition of Income
Sales represent invoiced Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
1.3 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use. 1.3(a). Depreciation
Depreciation on Fixed Assets (except Land) is provided to the extent of
depreciable amount on the Written Down Value (WDV) Method. Depreciation
is provided (Except Land) based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013. As certified by
the Management Depreciation on Development of Land to organic farming
is to be provided equally over the period of ten years.
1.4 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
1.5 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
1.6 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
1.7 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
1.8 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year end rate.
Mar 31, 2014
I) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles followed by the company.
ii) Fixed assets are stated at their original cost of acquisition and
subsequent improvement thereon including taxes
Freight and other incidental expenses related to
acquisition/construction and installation of the assets concerned.
The depreciation on Fixed Assets (except land) has been provided on
written down value method as the rate v) specified inSchedule XIV of
the Companies Act,1956. The depreciation of assets, addition/deduction
during the year is charged withReference to the date of
addition/deduction of the assets.
The inventories of agriculture produce(Finished) are valued at 90% of
their net realizable value and Agriculture
v) Produce
(Semi-finished) which includes poplar & other wood trees are valued at
75% of their net realizable value.
vi) Sales are accounted for at the time of passage of title of the
goods, which generally coincides with their delivery.
As the company is engaged in growing and selling agriculture produce,
such income is exempt from income tax.
vii) Accordingly, there are no deferred tax assets/liabilities arising
there from.
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