Mar 31, 2018
1.1 BASIS OF ACCOUNTING:
The financial statements have been prepared under historical cost convention on accrual basis in compliance with applicable Accounting Standards under section 133 of Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014.
1.2. FIXED ASSETS AND DEPRECIATION:
(a) Fixed Assets are stated at cost. Cost includes all costs incurred to bring the assets to their present location and condition.
(b) Depreciation on Fixed Assets is provided on Straight Line Method as per useful life given in Part C of Schedule II to the Companies Act, 2013.
1.3. REVENUE RECOGNITION:
(a) Dividend and Interest Income is accounted for in the year in which it is accrued.
(b) Overdue interest on Loans & Advances is accounted for on actual receipt basis.
1.4. INVESTMENTS:
Investments made by the Company in various shares/securities are primarily meant to be held over long term period and are stated at cost less diminution, if the same is other than temporary in nature. The current investments are stated at lower of cost or quoted/fair value.
1.5. TAXES ON INCOME:
Current Tax is the amount of tax payable on the estimated taxable income for the current year as per the provisions (proposed/enacted) of Income Tax Act, 1961. Deferred Tax Assets and Liabilities are recognized in respect of current year and prospective years. Deferred Tax Asset is recognized on the basis of reasonable/virtual certainty that sufficient future taxable income will be available against which the same can be realized.
1.6. Contingent Liabilities are not provided for are disclosed by way of Notes to the Accounts.
Mar 31, 2016
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES - Year ended 31st March, 2016 1.1 BASIS OF ACCOUNTING:
The financial statements have been prepared under historical cost convention on accrual basis in compliance with applicable Accounting Standards under Section 133 of Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014.
1.2. FIXED ASSETS AND DEPRECIATION:
(a) Fixed Assets are stated at cost. Cost includes all costs incurred to bring the assets to their present location and condition.
(b) Depreciation on Fixed Assets is provided on Straight Line Method as per useful life given in Part C of Schedule II to the Companies Act, 2013.
1.3. REVENUE RECOGNITION:
(a) Dividend Income is accounted for in the year in which it is declared.
(b) Overdue interest on Loans & Advances is accounted for on actual receipt basis.
1.4. INVESTMENTS:
Investments made by the Company in various shares/securities are primarily meant to be held over long term period and are stated at cost less diminution, if the same is other than temporary in nature. The current investments are stated at lower of cost or quoted/fair value.
1.5. TAXES ON INCOME:
Current Tax is the amount of tax payable on the estimated taxable income for the current year as per the provisions (proposed/enacted) of Income Tax Act, 1961. Deferred Tax Assets and Liabilities are recognized in respect of current year and prospective years. Deferred Tax Asset is recognized on the basis of reasonable/ virtual certainty that sufficient future taxable income will be available against which the same can be realized.
1.6. Contingent Liabilities are not provided for are disclosed by way of Notes to the Accounts
E. Rights and preferences attached to Equity Shares :
a. The Company has only one class of Equity Shares having a par value of '' 10/- per share. Each shareholder is entitled to one vote per share.
b. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
Mar 31, 2015
1.1 BASIS OF ACCOUNTING:
The financial statements have been prepared under historical cost
convention on accrual basis in compliance with applicable Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and relevant provisions of the Companies Act, 2013.
1.2. FIXED ASSETS AND DEPRECIATION:
(a) Fixed Assets are stated at cost. Cost includes all costs incurred
to bring the assets to their present location and condition.
(b) Depreciation on Fixed Assets is provided on Straight Line Method as
per useful life given in Part C of Schedule II to the Companies Act,
2013.
1.3. REVENUE RECOGNITION:
(a) Dividend Income is accounted for in the year in which it is
declared.
(b) Overdue interest on Loans & Advances is accounted for on actual
receipt basis.
1.4. INVESTMENTS:
Investments made by the Company in various shares / securities are
primarily meant to be held over long term period and are stated at cost
less diminution, if the same is other than temporary in nature. The
current investments are stated at lower of cost or quoted / fair value.
1.5. TAXES ON INCOME:
Current Tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions (proposed/enacted) of
Income Tax Act, 1961. Deferred Tax Assets and Liabilities are
recognized in respect of current year and prospective years. Deferred
Tax Asset is recognized on the basis of reasonable/virtual certainty
that sufficient future taxable income will be available against which
the same can be realized.
1.6. Contingent Liabilities are not provided for and are disclosed by
way of Notes to the Accounts.
Mar 31, 2014
1.1 BASIS OF ACCOUNTING:
The financial statements have been prepared under historical cost
convention on accrual basis in compliance with applicable Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and relevant provisions of the Companies Act, 1956.
1.2. FIXED ASSETS AND DEPRECIATION:
(a) Fixed Assets are stated at cost. Cost includes all costs incurred
to bring the assets to their present location and condition.
(b) Depreciation on Fixed Assets is calculated on straight-line method.
Depreciation is provided at the rates in force as per Schedule XIV of
the Companies Act, 1956.
1.3. REVENUE RECOGNITION:
(a) Dividend Income is accounted for in the year in which it is
declared.
(b) Overdue interest on Loans & Advances is accounted for on actual
receipt basis.
1.4. INVESTMENTS:
Investments made by the Company in various shares / securities are
primarily meant to be held over long term period and are stated at cost
less diminution, if the same is other than temporary in nature. The
current investments are stated at lower of cost or quoted / fair value.
1.5. TAXES ON INCOME:
Current Tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions (proposed/enacted) of
Income Tax Act, 1961. Deferred Tax Assets and Liabilities are
recognized in respect of current year and prospective years. Deferred
Tax Asset is recognized on the basis of reasonable / virtual certainty
that sufficient future taxable income will be available against which
the same can be realized.
1.6. Contingent Liabilities are not provided for are disclosed by way
of Notes to the Accounts.
Sep 30, 2012
1.1 The financial statements have been prepared under historical cost
convention on accrual basis in compliance with applicable Accounting
Standards notifed by the Companies (Accounting Standards) Rules, 2006
and relevant provisions of the Companies Act, 1956.
1.2 Fixed assets are stated at cost. Cost includes all costs incurred
to bring the assets to their present location and condition.
1.3 a) Depreciation on fixed assets is calculated on straight-line
method. Depreciation is provided at the rates in force as per Schedule
XIV of the Companies Act, 1956.
b) Capital expenditures on lease hold premises are charged on straight
line method (SLM) over the lease period or at the rates specifed in
Schedule XIV of the Companies Act, 1956, whichever period is lower.
c) Leasehold Land is being amortized over the lease period.
1.4 Long Term Investments are stated at cost less diminution. Provision
for diminution in the value of long-term investments is made only if,
such a decline is other than temporary in the opinion of the
management. Current investments are carried at lower of cost and
quoted / fair value.
1.5 Assets & liabilities related to foreign currency transactions are
translated at exchange rate prevailing at the end of the year. All
exchange differences are recognized in the Statement of Proft and Loss
Account.
1.6 Inventories are valued at the lower of cost and net realizable
value. The cost is computed on weighted average basis. Finished Goods,
Semi Finished goods and Process Stock include cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
1.7 The carrying amount of Assets is reviewed at each Balance Sheet
date to assess impairment, if any based on internal/external factors.
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value being higher of value in use and net selling
price. An impairment loss is recognized as an expense in the Statement
of & Loss in the year in which an asset is identifed as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been an improvement in recoverable amount.
1.8 Intangible assets are recognized if future economic benefits are
likely and cost of the asset can be measured reliably. The depreciable
amount of an intangible asset is allocated on a systematic basis over
the useful life of the asset.
1.9 Employees Benefits:
a) Defend Contribution Plan
Employee benefits in the form of Superannuation Fund, Provident Fund
(PF) and ESI considered as defend contribution plan and the
contributions are charged to the Statement of Proof and Loss Account of
the year when the contribution to the respective funds are due.
b) Defend Benefit Plan
Retirement benefits in the form of Gratuity, Leave Encashment and PF
(funded) are considered as defend benefit obligations and are provided
for on the basis of an Actuarial Valuation, using the projected unit
credit method, as at the date of the Balance Sheet.
c) Short term compensated absences are provided based on past
experience of the leave availed. Actuarial gain/ Losses, if any, are
immediately recognized in the Statement of Proft and Loss.
1.10 Current Tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions of Income Tax Act,
1961. Deferred Tax is recognized, for timing differences. However,
deferred tax asset is recognized on the basis of reasonable/virtual
certainty that sufficient future taxable income will be available
against which the same can be realized.
1.11 Provision in respect of present obligation arising out of past
events is made in Accounts when reliable estimates can be made of the
amount of the obligation. Contingent Liabilities (if material) are
disclosed by way of Notes to Accounts. Contingent Assets are not
recognized or disclosed in Financial Statements and are included, if
any, in the Directors'' Report.
1.12 Other Government grants are ded( FLORENCE INVESTECH LIMITED)
Sep 30, 2010
1. The financial statements have been prepared under historical cost
convention on accrual basis in compliance with applicable Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and relevant provisions of the Companies Act, 1956.
2. Fixed assets are stated at cost. Cost includes all costs incurred
to bring the assets to their present location and condition,
3. (a) Depreciation on fixed assets is calculated on straight-line
method (SLM). Depreciation is provided at the rates in force as per
Schedule XIV of the Companies Act, 1956,
(b) Capital expenditures on lease hold premises are charged on
straight-line method (SLM) over the lease period or at the rates
specified in Schedule XIV of the Companies Act, 1956, whichever period
is lower.
(c) Leasehold Land is being amortized over the lease period,
4. Long Term Investments are stated at cost less diminution, Provision
for diminution in the value of long-term investments is made only if,
such a decline is other than temporary in the opinion of the
management. Current investments are carried at lower of cost and
quoted / fair value.
5. Assets & liabilities related to foreign currency transactions are
translated at exchange rate prevailing at the end of the year. All
exchange differences are recognised in the Profit and Loss Account.
6. Inventories are valued at the lower of cost and net realisable
value. The cost is computed on weighted average basis. Finished Goods,
Semi Finished goods and Process Stock include cost of conversion and
other costs incurred in bringing the inventories to their present
location and condition.
7. The carrying amount of Assets are reviewed at each Balance Sheet
date to assess impairment, if any based on internal/external factors.
An asset is treated as Impaired when the carrying cost of asset exceeds
its recoverable value being higher of value in use and net selling
price. An impairment loss is recognised as an expense in the Profit &
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been an improvement in recoverable amount.
8. Intangible assets are recognised if future economic benefits are
likely and cost of the asset can be measured reliably. The depreciable
amount of an intangible asset is allocated on a systematic basis over
the useful life of the asset.
9. Employees Benefits:
(a) Defined Contribution Plan
Employee benefits in the form of Superannuation Fund, Provident Fund
(PF) and ESI considered as defined contribution plan and the
contributions are charged to the Profit and Loss Account of the year
when the contribution to the respective funds are due,
(b) Defined Benefit Plan
Retirement benefits in the form of Gratuity, Leave Encashment and PF
(funded) are considered as defined benefit obligations and are provided
for on the basis of an Actuarial Valuation, using the projected unit
credit method, as at the date of the Balance Sheet,
(c) Short term compensated absences are provided based on past
experience of the leave availed, Actuarial gain / Losses, if any, are
immediately recognized in the Profit and Loss Account.
10. Current Tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions of Income Tax Act,
1961. Deferred Tax is recognized, for timing differences. However,
deferred tax asset is recognized on the basis of reasonable/virtual
certainty that sufficient future taxable income will be available
against which the same can be realised.
11. Provision in respect of present oPIigation arising out of past
events are made in Accounts when reliaPle estimates can Pe made of the
amount of the oPIigation. Contingent Liabilities (if material) are
disclosed by way of Notes to Accounts, Contingent Assets are not
recognized or disclosed in Financial Statements and are included, if
any, in the Directors Report.
Sep 30, 2009
1. Accounts are maintained on accrual basis. Claims/Refunds not
ascertainable with reasonable certainty are accounted for on settlement
basis.
2. Fixed assets are stated at cost.
a) Depreciation on fixed assets is calculated on straight-line method.
Depreciation is provided at the rates in force as per Schedule XIV of
the Companies Act, 1956.
b) Leasehold Land is being amortised over the lease period.
3. 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 in the opinion of the management. Current
investments are carried at lower of cost and quoted / fair value
computed category-wise.
4. Assets & Liabilities related to foreign currency transactions are
translated at exchange rate prevailing at the end of the year. All
exchange differences are recognised in the Profit and Loss Account.
5. Inventories are valued at the lower of cost and net realisable
value. The cost is computed on weighted average basis. Finished Goods
and Process Stock include cost of conversion and other costs incurred
in bringing the inventories to their present location and condition.
6. The carrying amount of Assets are reviewed at each Balance Sheet
date to assess impairment, if any based on internal/external factors.
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value being higher of value in use and net selling
price. An impairment loss is recognised as an expense in the Profit &
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been an improvement in recoverable amount.
7. Intangible assets are recognised if future economic benefits are
likely and cost of the asset can be measured reliably. The depreciable
amount of an intangible asset is allocated on a systematic basis over
the useful life of the asset.
8. Employees Benefits:
a. Defined Contribution Plan
Employee benefits in the form of Superannuation Fund, Provident Fund
(PF) and ESI are considered as defined contribution plan and the
contributions are charged to the Profit and Loss Account of the year
when the contribution to the respective funds are due.
b. Defined Benefit Plan
Retirement benefits in the form of Gratuity, Leave Encashment and PF
(funded) are considered as defined benefit obligations and are provided
for on the basis of an Actuarial Valuation, using the projected unit
credit method, as at the date of the Balance Sheet.
c. Short term compensated absences are provided based on past
experience of the leave availed. Actuarial gain/Losses, if any, are
immediately recognised in the Profit and Loss Account.
9. Current Tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions of Income Tax Act,
1961. Deferred Tax is recognized, for timing differences. However,
deferred tax asset is recognised on the basis of reasonable/virtual
certainty that sufficient future taxable income will be available
against which the same can be realised.
10. Provision in respect of present obligation arising out of past
events are made in Accounts when reliable estimates can be made of the
amount of the obligation. Contingent Liabilities (if material) are
disclosed by way of Notes to Accounts. Contingent Assets are not
recognized or disclosed in Financial Statements and are included, if
any, in the Directors Report.