Mar 31, 2015
1. Accounting Standard 1: Disclosure of Significant Accounting
Policies
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by the Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
Mar 31, 2014
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by the Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
2. Accounting Standard 2 - Valuation of Inventory
Raw Material - At cost
Work in Process - At prime cost
Finished Goods - At lower of cost of production or net
realizable Value
Scrap - At realizable value
Stores, spares, tools,
jigs & packing material - At cost
3. Accounting Standard 4 - Contingencies and Events occurring after
Balance Sheet date No such events have occurred.
4. Accounting Standard 5 - Net Profit or Loss for the period, prior
period items and changes in accounting policies: Such items have been
earmarked separately.
5. Accounting Standard 6 - Depreciation
Fixed Assets are depreciated on Straight line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956.
Depreciation is provided on pro - rata basis from the date of addition.
6. Accounting Standard 7 - Accounting for Construction Contracts The
company has not entered into any construction contracts.
7. Accounting Standard 9 - Revenue Recognition:
Sale of goods is recognized on dispatch to customers and it is net of
discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis.
8. Accounting Standard 10 - Accounting for Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
9. Accounting Standard 11 - Accounting for effects of change in
Foreign Exchange Transactions in foreign currency are recorded at
exchange rates prevailing on the date of the transaction. Assets and
Liabilities related to foreign currency transactions, remaining
unsettled at the year end, are stated at the contracted rates, when
covered under forward exchange contracts and at year end rates in other
cases. The premium payable on forward foreign exchange contracts is
amortized over the period of contract. Exchange gains /losses are
recognized in the profit and loss account except for exchange
differences relating to fixed assets, which are adjusted in the cost
of assets.
10. Accounting Standard 12 - Accounting for Government Grants
The company has received Government grants during the year. Capital
subsidy is forming part of reserve & surplus while interest subsidy has
been net off from interest paid.
11. Accounting Standard 13 - Accounting for Investments
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
12.Accounting Standard 14- Accounting for Amalgamations The company has
not undergone any amalgamation.
13. Accounting Standard 15 - Accounting for Retirement Benefits
As per the Company''s policy, provision for gratuity payable on
retirement is done at the end of year and the payment is made
accordingly.
14. Accounting Standard 16 - Borrowing Cost
Borrowing cost incurred during pre-operation period is capitalized and
those incurred in the post operation period is recognized as an
expense.
15. Accounting Standard 22 - Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. The deferred tax for timing difference
between the book and tax profit for the year is accounted using tax
rates and tax laws that have been enacted or substantially enacted at
the Balance Sheet date. Deferred Tax assets arising from the timing
difference are recognized to the extent that there is reasonable
certainty that sufficient future taxable income will be available.
16.Accounting Standard 26 - Intangible Assets The company does not have
any intangible assets
17. Accounting Standard 29 - Provisions, Contingent Liabilities &
Contingent Assets
(Rs. in lacs)
Contingent Liabilities 2014 2013
Bank guarantee 26.82 42.56
Cases in appeal 14.03 20.71
Letter of Credit 19.75 51.21
Cess on royalty - 6.00
Contingent liabilities are generally not provided for in the books of
account and Contingent assets are not recognised.
18. Notes to Quantitative Details
* Sale is inclusive of shortage if any
19. In the opinion of the Board current assets, loans & advances have
value of realization in the ordinary course of business at least equal
to the amount of which they are stated and that provision for known
liabilities is adequate and not in excess of the amount reasonably
necessary.
20. The HDPE division of the company is exempted from entry tax vide
letter no. 1049 dated 19/03/2012 for the period 24/02/2011 to
23/02/2016. Accordingly entry tax has not been levied/ provided for.
21. Name of Small Scale Industrial undertakings to whom the company
owes any sum together with interest outstanding for more than 30 days
* Distinct Polymers
* Varsha Printing Inks Mfg. Co.
* Asiatic Marketing Company
* Ganesh Polygraph
* Lohia Corp Limited
* Gandhar Oil Refinary India Ltd
22. Previous year figures have been regrouped and rearranged wherever
considered necessary.
Mar 31, 2013
1 Accounting Standard 1: Disclosure of Significant Accounting Policies
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by the Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
2. Accounting Standard 2 - Valuation of Inventory
Raw Material - At cost
Work in Process - At prime cost
Finished Goods - At lower of cost of production or net
realizable Value
Scrap - At realizable value
Stores, spares, tools, jigs & packing material - At cost
3. Accounting Standard 4 - Contingencies and Events occurring after
Balance Sheet date No such events have occurred.
4. Accounting Standard 5 - Net Profit or Loss for the period, prior
period items and changes in accounting policies : Such items have been
earmarked separately.
5. Accounting Standard 6 - Depreciation
Fixed Assets are depreciated on Straight line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956.
Depreciation is provided on pro-rata basis from the date of addition.
6. Accounting Standard 7 - Accounting for Construction Contracts The
company has not entered into any construction contracts.
7. Accounting Standard 9 - Revenue Recognition:
Sale of goods is recognized on dispatch to customers and it is net of
discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis.
8. Accounting Standard 10 - Accounting for Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
9. Accounting Standard 11 - Accounting for effects of change in
Foreign Exchange
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates, when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized over
the period of contract. Exchange gains /losses are recognized in the
profit and loss account except for exchange differences relating to
fixed assets, which are adjusted in the cost of assets.
2013 2012
Earning in foreign currency NIL NIL
Expenditure in foreign currency NIL NIL
10 Accounting Standard 12 - Accounting for Government Grants
The company has received Government grants during the year. Capital
subsidy is forming part of reserve & surplus while interest subsidy has
been net off from interest paid.
II Accounting Standard 13 - Accounting for Investments
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
12 Accounting Standard 14- Accounting for Amalgamations The company has
not undergone any amalgamation.
13 Accounting Standard 15 - Accounting for Retirement Benefits
As per the Company''s policy, provision for gratuity payable on
retirement is done at the end of year and the payment is made
accordingly.
14 Accounting Standard 16 - Borrowing Cost
Mar 31, 2012
1.. Accounting Standard 1: Disclosure of Significant Accounting
Policies
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by the Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956
2. Accounting Standard 2 - Valuation of Inventory
Raw Material - At cost
Work in Process - At prime cost
Finished Goods - At lower of cost of production or
net realizable Value
Scrap - At realizable value
Stores, spares, tools, jigs & packing material - At cost.
3. Accounting Standard 4 - Contingencies and Events occurring after
Balance Sheet date No such events have occurred.
4. Accounting Standard 5 - Net Profit or Loss for the period, prior
period items and changes in accounting policies: Earlier year tax of
Rs. 1,11,878 has been debited to Profit and loss account.
5. Accounting Standard 6 - Depreciation
Fixed Assets are depreciated on Straight line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956.
Depreciation is provided on pro-rata basis from the date of addition.
6. Accounting Standard 7 - Accounting for Construction Contracts
The company has not entered into any construction contracts.
7. Accounting Standard 9 - Revenue Recognition:
Sale of goods is recognized on dispatch to customers and it is net of
discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis.
8. Accounting Standard 10 - Accounting for Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
9. Accounting Standard 11 - Accounting for effects of
change in Foreign Exchange
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates, when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized over
the period of contract. Exchange gains /losses are recognized in the
profit and loss account except for exchange differences relating to
fixed assets, which are adjusted in the cost of assets.
2012 2011
Earning in foreign currency NIL NIL
Expenditure in foreign currency NIL NIL
10. Accounting Standard 12 - Accounting for Government Grants No
government grant has been received during the year.
11. Accounting Standard 13 - Accounting for Investments
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
12. Accounting Standard 14- Accounting for Amalgamations The company
has not undergone any amalgamation.
13. Accounting Standard 15 - Accounting for Retirement Benefits
As per the Company''s policy, provision for gratuity payable on
retirement is done at the end of year and the payment is made
accordingly.
14. Accounting Standard 16 - Borrowing Cost
Borrowing cost incurred during pre-operation period is capitalized and
those incurred in the post operation period is recognized as an
expense.
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