Mar 31, 2015
A) Basis of Accounting:
The Company follows the accrual system of accounting except gratuity
and leave encashment i) benefits to employees.
ii) The financial statements are based on historical cost convention.
b) Fixed Assets :
i) Fixed Assets are stated at cost less accumulated depreciation.
ii) Capitalization of construction period expenses :
Direct expenses as well as clearly identifiable indirect expenses,
incurred on project during the period of construction are capitalized
proportionately to respective assets.
c) Depreciation
Depreciation is provided on the fixed assets on straight line method in
the manner specified in schedule II to the Companies Act, 2013.
d) Inventories :
Inventories are valued at lower of the cost and net realizable value.
e) Investments :
Investments are stated at cost.
f) Revenue Recognition:
i) Revenue from sale of goods and steam is recognized when the
substantial risk and rewards of ownership are transferred to the buyer
under the terms of the contract.
ii) Other items of income are accounted as and when right to receive
arises.
g) Provision for Taxation :
Provision for tax is made on both current and deferred taxed. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax liabilities arising on account of timing
difference and which are capable of reversals in subsequent period are
provided using tax rates and tax laws that have been enacted or
subsequently enacted.
Mar 31, 2014
A) Basis of Accounting:
The Company follows the accrual system of accounting except gratuity
and leave encashment
i) benefits to employees.
ii) The financial statements are based on historical cost convention.
b) Fixed Assets :
i) Fixed Assets are stated at cost less accumulated depreciation.
ii) Capitalisation of construction period expenses :
Direct expenses as well as clearly identifiable indirect expenses,
incurred on project during the period of construction are capitalised
proportionately to respective assets.
c) Depreciation
Depreciation is provided on the fixed assets at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on straight
line method.
d) Inventories :
Inventories are valued at lower of the cost and net realisable value.
The cost has been determined as under:
e) Investments :
Investments are stated at cost.
f) Revenue Recognition:
i) Revenue from sale of goods and steam is recognized when the
substantial risk and rewards of ownership are transferred to the buyer
under the terms of the contract.
ii) Interest income is accured at applicable rate.
iii) Other items of income are accounted as and when right to receive
arises.
g) Foreign Currency Transactions :
i) Foreign currency transactions are recorded at the exchange rate
prevailing at the time of transactions.
ii) Current assets and Current liabilites are converted at the
prevailing year end rate.
iii) Exchange Flutuation on account of acquisition of Fixed Assets is
adjusted to carrying cost of Fixed Assets. Other fluctuation difference
is adjusted In the profit and loss account.
h) Provision for Taxation :
Provision for tax is made on both current and deferred taxed. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax liabilites arising on account of timing
difference and which are capable of reversals in subsequent period are
provided using tax rates and tax laws tha have been enacted or
subsequently enacted.
Mar 31, 2012
A) Basis of Accounting:
i) The Company follows the accrual system of accounting except gratuity
and leave encashment benefits to employees.
ii) The financial statements are based on historical cost convention.
b) Fixed Assets :
i) Fixed Assets are stated at cost less accumulated depreciation.
ii) Capitalisation of construction period expenses :
Direct expenses as well as clearly identifiable indirect expenses,
incurred on project during the period of construction are capitalised
proportionately to respective assets.
c) Depreciation
Depreciation is provided on the fixed assets at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on straight
line method.
d) Inventories:
Inventories are valued at lower of the cost and net realisable value.
The cost has been determined as under:
i) Raw Materials - at cost-( FIFO basis.)
ii) Finished Products and Stock-in-process - at Raw Material cost
adding proportionate Ãconversion cost.
iii) Traded goods at cost-( FIFO basis).
e) INVESTMENTS:
Investments are stated at cost.
f) SALES:
Sales comprise of value of sale of goods excluding Sales tax but
including excise duty.
g) FOREIGN CURRENCY TRANSACTIONS :
i) Foreign currency transactions are recorded at the exchange rate
prevailing at the time of transactions.
ii) Current assets and Current liabilites are converted at the
prevailing year end rate
iii) Exchange Flutuation on account of acquisition of Fixed Assets is
adjusted to carrying cost of Fixed Assets. Other fluctuation difference
is adjusted In the profit and loss account.
h) Provision for Taxation :
Provision for tax is made on both current and deferred taxed. Current
tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax liabilities arising on account of timing
difference and which are capable of reversals in subsequent period are
provided using tax rates and tax laws tha have been enacted or
subsequently enacted.
Mar 31, 2011
A) BASIS OF ACCOUNTING:
I) The Company follows the accrual system of accounting except gratuity
and leave encashment benefits to employees.
ii) The financial statements are based on historical cost convention.
B) FIXED ASSETS:
I) Fixed Assets are stated at cost less accumulated depreciation.
Capitalisation of construction period expenses :
Direct expenses as well as clearly identifiable indirect expenses,
incurred on project during the period of construction are capitalised
proportionately to respective assets.
C) DEPRECIATION :
Depreciation is provided on the fixed assets at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on straight
line method.
D) INVENTORIES:
Inventories are valued at lower of the cost and net realisable value.
The cost has been determined as under:
I) Raw Materials - at cost-( FIFO basis.)
II) Finished Products and Stock-in-process - at Raw Material cost
adding proportionate 'conversion cost.
III) Traded goods at cost-( FIFO basis).
E) INVESTMENTS:
Investments are stated at cost.
F) SALES:
Sales comprise of value of sale of goods excluding Sales tax but
including excise duty.
G) FOREIGN CURRENCY TRANSACTIONS :
I) Foreign currency transactions are recorded at the exchange rate
prevailing at the time of transactions.
II) Current assets and Current liabilities are converted at the
prevailing year end rate.
III) Exchange Fluctuation on account of acquisition of Fixed Assets is
adjusted to carrying cost of Fixed Assets. Other fluctuation difference
is adjusted In the profit and loss account.
H) Provision for Taxation:
Mar 31, 2010
A) Basis of Accounting:
I) The Company follows the accrual system of accounting except gratuity
and leave encashment benefits to employees.
ii) The financial statements are based on historical cost convention.
B) FIXED ASSETS:
I) Fixed Assets are stated at cost less accumulated depreciation.
II) Capitalisation of construction period expenses :
Direct expenses as well as clearly identifiable indirect expenses,
incurred on project during the period of construction are capitalised
proportionately to respective assets.
C) DEPRECIATION:
Depreciation is provided on the fixed assets at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on straight
line method.
D) INVENTORIES:
Inventories are valued at lower of the cost and net realisable value.
The cost has been determined as under:
I) Raw Materials - at cost-( FIFO basis.)
II) Finished Products and Stock-in-process - at Raw Material cost
adding proportionate 'conversion cost.
III) Traded goods at cost-( FIFO basis). æ'
E) INVESTMENTS:
Investments are stated at cost.
F) SALES:
Sales comprise of value of sale of goods excluding Sales tax but
including excise duty.
G) FOREIGN CURRENCY TRANSACTIONS :
I) Foreign currency transactions are recorded at the exchange rate
prevailing at the time of transactions.
II) Current assets and Current liabilities are converted at the
prevailing year end rate.
III) Exchange Fluctuation on account of acquisition of Fixed Assets is
adjusted to carrying cost of Fixed Assets. Other fluctuation difference
is adjusted In the profit and loss account.
H) Provision for Taxation :
1) Provision for tax is made on both current and deferred taxed.
Current tax is provided on the taxable income using the applicable tax
rates and tax laws. Deferred tax liabilities arising qp account of
timing difference and which are capable of reversals in subsequent
period are provided using tax rates and tax laws tha have been enacted
or subsequently enacted.
2) As per the agreement for Assignment of Debt executed on 13th July,
2007 between IDBI (Assignor) and Aaskha Holding Pvt Ltd (Assignee).
IDBI has transferred it's rights of the amount receivable from the
company to the assignee, Consequently the amount payable as per Books
of Accounts of the company to the IDBI, have been transferred in the
name of the assignee i.e. Aaskha Holdings Pvt Ltd.