Mar 31, 2015
1.1 GENERAL
The accompanying financial statements have been prepared on historical
cost conventions and in accordance with the generally accepted
accounting principles.
1.2 FIXED ASSETS
Fixed assets are stated at cost.
1.3 DEPRECIATION
Depreciation is charged under Straight Line basis at the rates
prescribed under Schedule XIV to the Companies Act, 1956. Depreciation
on fixed assets added/disposed off during the year is provided on
pro-rata basis.
1.4 INVENTORIES
Stock of raw material, work in progress, finished goods and consumables
are valued at cost or net realizable value whichever is lower.
1.5 REVENUE RECOGNITION
(i) Duty Drawback claim are accounted on accrual basis.
(ii) The Company is entitled for import licence in respect of export
made under DFIA (Duty Free Import Authorisation) basis. The import
licence sold is accounted on net of Sales Tax.
1.6 BORROWING COST
Borrowing costs are recognized as an expense in the period in which
they are incurred. No borrowing has been made for the acquisition of
fixed asset. Borrowing cost, in respect of borrowing made for the
purpose of acquisition of fixed asset if any will be capitalized until
all the substantial activities necessary to prepare such assets for
their intended use are complete.
1.7 RETIREMENT BENEFITS
(A) Leave Salary: The Company's policy is to settle the claim of the
employee's in respect of encashment of leave benefit at the time of
retirement by the respective employees.
(B) Gratuity: Provision for accrued liability of gratuity is made on
the basis of going concern (not actuarially) determined and in terms of
the payment of Gratuity Act, 1972.
(C) Pension/ Superannuating fund: Employers Contribution to pension /
superannuating fund shall be in accordance with the scheme of the
company.
1.8 FOREIGN CURRENCY TRANSACTION
Transactions in foreign currency are recorded at the rate of exchange
at the time of relevant transaction. Exchange differences are
accounted on actual realization/settlement.
1.9 SEGMENT REPORTING
The company is engaged in the manufacturing and exporting of leather
garments. Hence there is no secondary segment to be reported.
1.10. TAXES ON INCOME
Provision for Income Tax is made for both current and deferred taxes.
Provision for current Income Tax is made on the assessable income at
the tax rates applicable to the relevant assessment years. Deferred
Tax is accounted for by computing the tax effect of the timing
difference, which arise during the year and reversed out in the
subsequent periods. Deferred Tax is calculated at currently applicable
tax rates. Deferred Tax assets are recognized only if there is virtual
certainty that they will be realized.
1.11. Income Tax demand amounting to Rs.4,04,363/- for the Assessment
Year 2001-02 has been paid in full and an appeal is pending before the
Commissioner of Income Tax (Appeals) III, Chennai.
1.12. Export Sales have been taken as Net Realisation Value for the
year.
1.13 a) No dues to MSME undertakings to whom the Company owes any sum
outstanding for more than 30 days.
b) No dues either principal or interest remaining unpaid to any
supplier under the Micro Small and Medium Enterprise Development Act,
2006. Similarly no payments have been made to the suppliers beyond the
appointed day without adding interest. No interest accrued and
remaining unpaid during the year.
c) No amount is paid/payable by the Company under Sec.44A of the
Companies Act, 1956 (cess on Turnover). Since the rules specifying the
manner in which the cess shall be paid has not been notified yet by the
Central Govt.
Mar 31, 2014
1.1 GENERAL
The accompanying financial statements have been prepared on historical
cost conventions and in accordance with the generally accepted
accounting principles.
1.2 FIXED ASSETS
Fixed assets are stated at cost. During the financial Year 2013-14 the
Company has sold surplus land at Pallavaram amounting to Rs.371.19.
1.3 DEPRECIATION
Depreciation is charged under Straight Line basis at the rates
prescribed under Schedule XIV to the Companies Act, 1956. Depreciation
on fixed assets added/disposed off during the year is provided on
pro-rata basis.
1.4 INVENTORIES
Stock of raw material, work in progress, finished goods and consumables
are valued at cost or net realizable value whichever is lower.
1.5 REVENUE RECOGNITION
i) Duty Drawback claim are accounted on accrual basis.
(ii) The Company is entitled for import licence in respect of export
made under DFIA (Duty Free Import Authorisation) basis. The import
licence sold is accounted on net of Sales Tax.
1.6 BORROWING COST
Borrowing costs are recognized as an expense in the period in which
they are incurred. No borrowing has been made for the acquisition of
fixed asset. Borrowing cost,in respect of borrowing made for the
purpose of acquisition of fixed asset if any will be capitalized until
all the substantial activities necessary to prepare such assets for
their intended use are complete.
1.7 RETIREMENT BENEFITS
(A) Leave Salary: The Company''s policy is to settle the claim of the
employee''s in respect of encashment of leave benefit at the time of
retirement by the respective employees.
(B) Gratuity: Provision for accrued liability of gratuity is made on
the basis of going concern (not actuarialy) determined and in terms of
the payment of Gratuity Act, 1972.
(C) Pension/ Superannuating fund: Employers Contribution to pension /
superannuating fund shall be in accordance with the scheme of the
company.
1.8 FOREIGN CURRENCY TRANSACTION
Transactions in foreign currency are recorded at the rate of exchange
at the time of relevant transaction. Exchange differences are accounted
on actual realization/settlement.
1.9 SEGMENT REPORTING
The company is engaged in the manufacturing and exporting of leather
garments. Hence there is no secondary segment to be reported.
10. TAXES ON INCOME
Provision for Income Tax is made for both current and deferred taxes.
Provision for current Income Tax is made on the assessable income at
the tax rates applicable to the relevant assessment years. Deferred Tax
is accounted for by computing the tax effect of the timing difference,
which arise during the year and reversed out in the subsequent periods.
Deferred Tax is calculated at currently applicable tax rates. Deferred
Tax assets are recognized only if there is virtual certainty that they
will be realized.
1.11. Income Tax demand amounting to Rs.4,04,363/- for the Assessment
Year 2001-02 has been paid in full and an appeal is pending before the
Commissioner of Income Tax (Appeals) III, Chennai.
1.12. Export Sales have been taken as Net Realisation Value for the
year.
1.13 a)No dues to MSME undertakings to whom the Company owes any sum
outstanding for more than 30 days.
b) No dues either principal or interest remaining unpaid to any
supplier under the Micro Small and Medium Enterprise Development Act,
2006. Similarly no payments have been made to the suppliers beyond the
appointed day without adding interest. No interest accrued and
remaining unpaid during the year.
c)No amount is paid/payable by the Company under Sec.44A of the
Companies Act, 1956 (cess on Turnover). Since the rules specifying the
manner in which the cess shall be paid has not been notified yet by the
Central Govt.
Mar 31, 2013
1.1 GENERAL
The accompanying financial statements have been prepared on historical
cost conventions and in accordance with the generally accepted
accounting principles.
1.2 FIXED ASSETS
Fixed assets are stated at cost
1.3 DEPRECIATION
Depreciation is charged under Straight Line basis at the rates
prescribed under Schedule XIV to the Companies Act, 1956. Depreciation
on fixed assets added/disposed off during the year is provided on
pro-rata basis.
1.4 INVENTORIES
Stock of raw material, work in progress, finished goods and consumables
are valued at cost or net realizable value whichever is lower. 1.5
REVENUE RECOGNITION i) Duty Drawback claim are accounted on accrual
basis.
(ii) The Company is entitled for import license in respect of export
made under DFIA (Duty Free Import Authorization) basis. The import
license sold is accounted on net of Sales Tax.
1.6 BORROWING COST
Borrowing costs are recognized as an expense in the period in which
they are incurred. No borrowing has been made for the acquisition of
fixed asset. Borrowing cost, in respect of borrowing made for the
purpose of acquisition of fixed asset if any will be capitalized until
all the substantial activities necessary to prepare such assets for
their intended use are complete.
1.7 RETIREMENT BENEFITS
(A) Leave Salary: The Company''s policy is to settle the claim of the
employee''s in respect of encashment of leave benefit at the time of
retirement by the respective employees.
(B) Gratuity: Provision for accrued liability of gratuity is made on
the basis of going concern (not actuarially) determined and in terms of
the payment of Gratuity Act, 1972.
(C) Pension/ Superannuating fund: Employers Contribution to pension /
superannuating fund shall be in accordance with the scheme of the
company.
1.8 FOREIGN CURRENCY TRANSACTION
Transactions in foreign currency are recorded at the rate of exchange
at the time of relevant transaction. Exchange differences are accounted
on actual realization/settlement.
1.9 SEGMENT REPORTING
The company is engaged in the manufacturing and exporting of leather
garments.
Hence there is no secondary segment to be reported. 1.10. TAXES ON
INCOME
Provision for Income Tax is made for both current and deferred taxes.
Provision for current Income Tax is made on the assessable income at
the tax rates applicable to the relevant assessment years. Deferred Tax
is accounted for by computing the tax effect of the timing difference,
which arise during the year and reversed out in the subsequent periods.
Deferred Tax is calculated at currently applicable tax rates. Deferred
Tax assets are recognized only if there is virtual certainty that they
will be
1.11. Income Tax demand amounting to Rs.4,04,363/- for the Assessment
Year 2001-02 has been paid in full and an appeal is pending before the
Commissioner of Income Tax (Appeals) III, Chennai.
1.12. Export Sales have been taken as Net Realisation Value for the
year. 1.13 a)No dues to MSME undertakings to whom the Company owes any
sum
outstanding for more than 30 days. b) No dues either principal or
interest remaining unpaid to any supplier under the Micro Small and
Medium Enterprise Development Act, 2006. Similarly no payments have
been made to the suppliers beyond the appointed day without adding
interest. No interest accrued and remaining unpaid during the year.
c)No amount is paid/payable by the Company under Sec.44A of the
Companies Act, 1956 (cess on Turnover). Since the rules specifying the
manner in which the cess shall be paid has not been notified yet by the
Central Govt.
Mar 31, 2012
1.1 GENERAL
The accompanying financial statements have been prepared on historical
cost conventions and in accordance with the generally accepted
accounting principles.
1.2 FIXED ASSETS
Fixed assets are stated at cost
1.3 DEPRECIATION
Depreciation is charged under Straight Line basis at the rates
prescribed under Schedule XIV to the Companies Act,
1956. Depreciation on fixed assets added/disposed off during the year
is provided on pro-rata basis.
1.4 INVENTORIES
Stock of raw material, work in progress, finished goods and consumables
are valued at cost or market price whichever is lower.
1.5 REVENUE RECOGNITION
i) Duty Drawback claims are accounted on accrual basis.
(ii) The Company is entitled for import licence in respect of export
made under DFIA (Duty Free Import Authorisation) basis. The import
licence sold is accounted on net of Sales Tax.
1.6 BORROWING COST
Borrowing costs are recognized as an expense in the period in which
they are incurred. No borrowing has been made for the acquisition of
fixed asset. Borrowing cost, in respect of borrowing made for the
purpose of acquisition of fixed asset if any will be capitalized until
all the substantial activities necessary to prepare such assets for
their intended use are complete.
1.7 RETIREMENT BENEFITS
(A) Leave Salary: The Company's policy is to settle the claim of the
employee's in respect of encashment of leave benefit at the time of
retirement by the respective employees.
(B) Gratuity: Provision for accrued liability of gratuity is made on
the basis of going concern (not actuarially) determined and in terms of
the payment of Gratuity Act, 1972.
(C) Pension/ Superannuating fund: Employers Contribution to pension /
superannuating fund shall be in accordance with the scheme of the
company.
1.8 FOREIGN CURRENCY TRANSACTION
Transactions in foreign currency are recorded at the rate of exchange
at the time of relevant transaction. Exchange differences are
accounted on actual realization/settlement.
1.9 SEGMENT REPORTING
The company is engaged in the manufacturing and exporting of leather
garments. Hence there is no secondary segment to be reported.
1.10. TAXES ON INCOME
Provision for Income Tax is made for both current and deferred taxes.
Provision for current Income Tax is made on the assessable income at
the tax rates applicable to the relevant assessment years. Deferred Tax
is accounted for by computing the tax effect of the timing difference,
which arise during the year and reversed out in the subsequent periods.
Deferred Tax is calculated at currently applicable tax rates. Deferred
Tax assets are recognized only if there is virtual certainty that they
will be realized.
1.11. Income Tax demand amounting to Rs. 4,04,363/- for the Assessment
Year 2001-02 has been paid in full and an appeal is pending before the
Commissioner of Income Tax (Appeals) III, Chennai.
1.12. Export Sales have been taken as Net Realisation Value for the
year.
1.13 a) No dues to MSME undertakings to whom the Company owes any sum
outstanding for more than 30 days.
b) No dues either principal or interest remaining unpaid to any
supplier under the Micro Small and Medium
Enterprise Development Act, 2006. Similarly no payments have been made
to the suppliers beyond the appointed day without adding interest. No
interest accrued and remaining unpaid during the year.
c) No amount is paid/payable by the Company under Sec. 44A of the
Companies Act, 1956 (cess on Turnover). Since the rules specifying the
manner in which the cess shall be paid has not been notified yet by the
Central Govt.
Mar 31, 2010
1. GENERAL
The accompanying financial statements have been prepared on historical
cost conventions and in accordance with the generally accepted
accounting principles.
2. FIXED ASSETS
Fixed assets are stated at cost
3. DEPRECIATION
Depreciation is charged under Straight Line basis at the rates
prescribed under Schedule XIV to the Companies Act, 1956. Depreciation
on fixed assets added/ disposed off during the year is provided on
pro-rata basis.
4. INVENTORIES
Stock of raw material, work in progress, finished goods and consumables
are valued at cost or market price whichever is lower.
5. REVENUE RECOGNITION
i) Duty Drawback claims are accounted on accrual basis.
(ii) The Company is entitled for import licence in respect of export
made under DFIA (Duty Free Import Authorisation) basis. The import
licence sold is accounted on net of Sales Tax.
6. BORROWING COST
Borrowing costs are recognized as an expense in the period in which
they are incurred. No borrowing has been made for the acquisition of
fixed asset. Borrowing cost, in respect of borrowing made for the
purpose of acquisition of fixed asset if any will be capitalized until
all the substantial activities necessary to prepare such assets for
their intended use are complete.
7. RETIREMENT BENEFITS
(A) Leave Salary: The Companys policy is to settle the claim of the
employees in respect of encashment of leave benefit at the time of
retirement by the respective employees.
(B) Gratuity: Provision for accrued liability of gratuity is made on
the basis of going concern (not actuarially) determined and in terms of
the payment of Gratuity Act, 1972.
(C) Pension/ Superannuating fund: Employers Contribution to pension /
superannuating fund shall be in accordance with the scheme of the
company.
8. FOREIGN CURRENCY TRANSACTION
Transactions in foreign currency are recorded at the rate of exchange
at the time of relevant transaction. Exchange differences are accounted
on actual realization/ settlement.
9. SEGMENT REPORTING
The company is engaged in the manufacturing and exporting of leather
garments. Hence there is no secondary segment to be reported.
10. TAXES ON INCOME
Provision for Income Tax is made for both current and deferred taxes.
Provision for current Income Tax is made on the assessable income at
the tax rates applicable to the relevant assessment years. Deferred Tax
is accounted for by computing the tax effect of the timing difference,
which arise during the year and reversed out in the subsequent periods.
Deferred Tax is calculated at currently applicable tax rates. Deferred
Tax assets are recognized only if there is virtual certainty that they
will be realized.
11. Income Tax demand amounting to Rs.4,04,363/- for the Assessment
Year 2001-02 has been paid in full and appeal pending before the
Commissioner of Income Tax (Appeals) III, Chennai.
12. Export Sales have been taken as Net Realisation Value for part of
the year.
13. a) No dues to MSME undertakings to whom the Company owes any sum
outstanding for more than 30 days.
b) No dues either principal or interest remaining unpaid to any
supplier under the Micro Small and Medium Enterprise Development Act,
2006. Similarly no payments have been made to the suppliers beyond the
appointed day without adding interest. No interest accrued and
remaining unpaid during the year.
c) No amount is paid/payable by the Company under Sec.44A of the
Companies Act, 1956 (cess on Turnover). Since the rules specifying the
manner in which the cess shall be paid has not been notified yet by the
Central Govt.