Mar 31, 2018
Notes Forming Part of the Financial Statements for the year ended 31st March, 2018
Note 1
SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements have been prepared on historical cost convention and on accrual basis.The financial statements have been prepared in accordance with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 and as per Section 129 and 133 of the Companies Act, 2013.
(b) Property Plant and Equipment
Fixed assets are stated at cost less depreciation. Cost comprises the cost of acquisition and any asset attributable costs of bringing the to the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in Schedule II of the Companies Act, 2013.
(d) Investments
(i) Investments have been categorised as Long Term or Current by the Board of Directors
(ii) Long Term Investments are stated at cost plus brokerage and other relevant charges. A Provision for diminution is made to recognise a decline, other than temporary, if any
(iii) Current Investments are valued at lower of Cost or Market value in accordance with the guidance prescribed by Reserve Bank of India.
(e) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the payment is established. Interest income is accounted on accrual basis. Insurance claim are being accounted on cash basis
(f) Retirement Benefits
The Company has provided gratuity based on the assumption that the employee will retire as at the balance sheet date.
(g) Taxes on Income:
(i) Current Tax:
Provision for Income Tax is determined in accordance with the provisions the Income Tax Act,1961
(ii) Deferred Tax:
Deferred tax is recognised on timing differences being the differences between taxable income and accounting
income that originate in one period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognised when there is present obligation as a result of past event and it is obligation probable that an outflow of resources will be required to settle the obligation.in respect of which a reliable estimate can be made.These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of out flow of resources is remote, no provision or disclosure is made.
2.1 SHARE CAPITAL |
In Rs. thousand |
|
Particulars |
As at |
|
31st March 2018 |
31st March 2017 |
|
Authorised Capital 20,00,000 (Previous Year 20,00,000) Equity Shares of Rs 10 each |
2,00,00 |
2,00,00 |
2,00,00 |
2,00,00 |
|
Issued, Subscribed and Paid-up |
||
17,45,340 (Previous Year 17,45,340) Equity shares of Rs. 10 each fully paid up |
1,74,53 |
1,74,53 |
Forfeited Shares |
3 |
3 |
1,74,56 |
1,74,56 |
a) Reconciliation of the number of shares outstanding
Particulars |
31st March 2018 |
31st March 2017 |
||
No of Shares Amount |
No of Shares Amount |
|||
As at the beginning of the year |
17,45,340 |
174,53 |
5,81,780 |
58,18 |
Add: Shares issued during the year (bonus) |
- |
- |
11,63,560 |
1,16,35 |
As at the end of the year |
17,45,340 |
1,74,53 |
17,45,340 |
1,74,53 |
b) Terms and Right attached to equity shareholders
The Company has only One class of Equity Share having par value of ?10 per share. Each holder of equity share is entitled to one vote per share. 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.The Share holders have all other right as available to equity Shareholders as per the provisions of the Companies Act, 2013, read together with the Memorandum and Articles of Association of the Company, as applicable.
c) Holding Company
In accordance with Section 2(87) (i) of the Companies Act, 2013 Paharpur Cooling Towers Limited is a Holding Company as it is deemed to control the Composition of the Board of Directors.
d) Name of the Shareholder holding more than 5 % Equity Shares
Name of the Shareholder |
31st March 2018 |
31st March 2017 |
||
No of Shares |
ln % |
No of Shares |
ln % |
|
Paharpur Cooling Towers Limited |
7,46,901 |
42.79 |
7,46,901 |
42.79 |
Melvin Powell Vanaspati & Engineering Industries Limited |
1,54,800 |
8.87 |
1,54,800 |
8.87 |
Paharpur Corporation Limited |
1,91,550 |
10.97 |
1,91,550 |
10.97 |
e) During the previous year 2016-17, the Company has issued in the ratio of two bonus equity shares for every one equity share of Rs 10 each by capitalising of Rs. 1,16,35 thousand from General Reserve to Paid up equity share capital.
Mar 31, 2017
(a) Basis of Preparation
The financial statements have been prepared on historical cost convention and on accrual basis. The financial statements have been prepared in accordance with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 and as per Section 129 and 133 of the Companies Act, 2013.
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the cost of acquisition and any asset attributable costs of bringing them to the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in Schedule II of the Companies Act, 2013.
(d) Investments
(i) Investments have been categorized as Long Term or Current by the Board of Directors.
(ii) Long Term Investments are stated at cost plus brokerage and other relevant charges. A Provision for diminution is made to recognize a decline, other than temporary, if any.
(iii ) Current Investments are valued at lower of Cost or Market value in accordance with the guidance prescribed by The Reserve Bank of India.
(e) Revenue Recognition
Dividend Income from Investment is recognized when right to receive the payment is established.
Interest income is accounted on accrual basis. Insurance claims are being accounted on cash basis.
(f) Retirement Benefits
The Company has provided gratuity based on the assumption that the employee will retire as at the balance sheet date.
(g) Taxes on Income
(i) Current Tax
Provision for Income Tax is determined in accordance with the provisions of the Income - tax Act,1961.
(ii) Deferred Tax
Deferred tax is recognized on timing differences being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities
(i) A provision is recognized when there is present obligation as a result of past event and it is obligation probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of out flow of resources is remote, no provision or disclosure is made.
b) Terms and Rights attached to equity shareholders
The Company has only One class of Equity Shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. 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. The Shareholders have all other rights as available to equity Shareholders as per the provisions of the Companies Act, 2013, read together with the Memorandum and Articles of Association of the Company, as applicable.
c) Holding Company
In accordance with Section 2(87)(i) of the Companies Act, 2013, Paharpur Cooling Towers Limited is a Holding Company as it is deemed to control the composition of the Board of Directors.
d) Name of the Shareholder holding more than 5% Equity Shares
Mar 31, 2016
NOTE - 1 â SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on historical cost convention and on accrual basis. The financial statements have been prepared in accordance with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 and as per Section 129 and 133 of the Companies Act, 2013.
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the cost of acquisition and any asset attributable costs of bringing them to the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in Schedule II of the Companies Act, 2013.
(d) Investments
(i) Investments have been categorized as Long Term or Current by the Board of Directors.
(ii) Long Term Investments are stated at cost plus brokerage and other relevant charges. A Provision for diminution is made to recognize a decline, other than temporary, if any.
(iii) Current Investments are valued at lower of Cost or Market value in accordance with the Guidance prescribed by Reserve Bank of India.
(e) Revenue Recognition
Dividend Income from Investment is recognized when right to receive the payment is established. Interest income is accounted on accrual basis. Insurance claim are being accounted on cash basis.
(f) Retirement Benefits
The Company has provided gratuity based on the assumption that the employee will retire as on the balance sheet date.
(g) Taxes on Income:
(i) Current Tax
Provision for Income Tax is determined in accordance with the provisions of the Income tax Act, 1961.
(ii) Deferred Tax
Deferred tax is recognized on timing differences being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognized when there is present obligation as a result of past event and it is obligation probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a possible or present oblication that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of out flow of resources is remote, no provision or disclosure is made.
Mar 31, 2015
(a) Basis of preparation
The financial statements have been prepared on historical cost
convention and on accrual basis. The financial statements have been
prepared in accordance with the Accounting Standards notified by
Companies (Accounting Standards) Rules, 2006 and as per Section 129 and
133 of the Companies Act, 2013.
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the
cost of acquisition and any asset attributable costs of bringing asset
to the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in
Schedule II of the Companies Act, 2013.
(d) Investments
(i) Investments have been categorised as Long Term or Current by the
Board of Directors.
(ii) Long Term Investments are stated at cost plus brokerage and other
relevant charges. A Provision for diminution is made to recognise a
decline, other than temporary, if any.
(iii) Current Investments are valued at lower of Cost or Market value.
(e) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the
payment is established. Interest income is accounted on accrual basis.
Insurance claim are being accounted on cash basis.
(f) Retirement Benefits
The Company has provided gratuity based on the assumption that the
employees will retire as on the balance sheet date.
(g) Taxes on Income:
(i) Current Tax
Provision for Income Tax is determined in accordance with the
provisions the Income Tax Act,1961.
(ii) Deferred Tax
Deferred tax is recognised on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognised when there is present obligation as a
result of past event and it is obligation probable that an outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. These are reviewed at each
Balance Sheet date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a
possible or present oblication that may, but probably will not require
an outflow of resources. When there is a possible obligation in respect
of which the likelihood of out flow of resources is remote, no
provision or disclosure is made.
Mar 31, 2014
(a) Basis of preparation
The financial statements have been prepared on historical cost
convention and on accrual basis. The financial statements have been
prepared in accordance with the Accounting Standards notified by
Companies (Accounting Standards) Rules, 2006 and referred to in Section
211(3C) of the Companies Act, 1956 (which continue to be applicable in
respect of Section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated 13.09.2013 of Ministry of Corporate Affairs.)
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the
cost of acquisition and and attributable costs of bringing asset to the
condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in
Schedule XIV of the Companies Act, 1956.
(d) Investments
(i) Investments have been categorised as Long Term or Current by the
Board of Directors stated at cost plus brokerage and other
relevant charges. A Provision for diminution is made to recognise a
decline, other than temporary, if any.
(iii) Current Investments are valued at lower of Cost or Market value.
(e) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the
payment is established. Insurance claim are being accounted on cash
basis.
(f) Retirement Benefits
The Company does not have any Retirement Benefits specifically laid
down.
(g) Taxes on Income:
(i) Current Tax
Provision for Income Tax is determined in accordance with the
provisions the Income Tax Act,1961.
(ii) Deferred Tax
Deferred tax is recognised on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognised when there is present obligation as a
result of past event and it is obligation probable that an outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. These are reviewed at each
Balance Sheet date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources. When there is a possible obligation in respect
of which the likelihood of out flow of resources is remote, no
provision or disclosure is made.
Mar 31, 2013
(a) Basis of preparation
The financial statements have been prepared on historical cost
convention and on accrual basis. The financial statements have been
prepared in accordance with the Accounting Standards notified by
Companies (Accounting Standards) Rules, 2006 and referred to in Section
211 (3C) of the Companies Act, 1956.
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the
cost of acquisition and any attributable costs of bringing the asset to
the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in
Schedule XIV of the Companies Act, 1956.
(d) Investments
(i) Investments have been categorised as Long Term or Current by the
Board of Directors.
(ii) Long Term Investments are stated at cost plus brokerage and other
relevant charges. A provision for diminution is made to recognise a
decline, other than temporary, if any.
(iii) Current Investments are valued at lower of Cost or Market value.
(e) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the
payment is established. Insurance claim are being accounted on cash
basis.
(f) Retirement Benefits
The Company does not have any Retirement Benefits specifically laid
down.
(g) Taxes on Income:
(i) Current Tax
Provision for Income Tax is determined in accordance with the
provisions the Income Tax Act, 1961.
(ii) Deferred Tax
Deferred tax is recognised on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognised when there is present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. These are reviewed at each Balance Sheet
date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources. When there is a possible obligation in respect
of which the likelihood of out flow of resources is remote, no
provision or disclosure is made.
Mar 31, 2012
(a) Basis of preparation
The financial statements have been prepared on historical cost
convention and on accrual basis. The financial statements have been
prepared in accordance with the Accounting Standards notified by
Companies (Accounting Standards) Rules, 2006 and referred to in Section
211 (3C) of the Companies Act, 1956.
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the
cost of acquisition and any attributable costs of bringing the asset to
the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in
Schedule XIV of the Companies Act, 1956.
(d) Investments
(i) Investments have been categorised as Long Term or Current by the
Board of Directors.
(ii) Long Term Investments are stated at cost plus brokerage and other
relevant charges. A Provision for diminution is made to recognise a
decline, other than temporary, if any.
(iii) Current Investments are valued at lower of Cost or Market value.
(e) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the
payment is established.
(f) Retirement Benefits
The Company does not have any Retirement Benefits specifically laid
down.
(g) Taxes on Income:
(i) Current Tax
Provision for Income Tax is determined in accordance with the
provisions the Income Tax Act, 1961.
(ii) Deferred Tax
Deferred tax is recognised on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognised when there is present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. These are reviewed at each Balance Sheet
date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources. When there is a possible obligation in respect
of which the likelihood of out flow of resources is remote, no
provision or disclosure is made.
Mar 31, 2011
(a) Basis of preparation
The financial statements have been prepared on historical cost
convention and on accrual basis. The financial statements have been
prepared in accordance with the Accounting Standards notified by
Companies (Accounting Standards) Rules, 2006 and referred to in Section
211 (3C) of the Companies Act, 1956.
(b) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the
cost of acquisition and any attributable costs of bringing the asset to
the condition for its intended use.
(c) Depreciation
Depreciation is provided on the written down value method prescribed in
Schedule XIV of the Companies Act, 1956.
(d) Investments
(i ) Investments have been categorised as Long Term or Current by the
Board of Directors.
(ii ) Long Term Investments are stated at cost plus brokerage and other
relevant charges. A Provision for diminution is made to recognise a
decline, other than temporary, if any. (iii ) Current Investments are
valued at lower of Cost or Market value.
(e) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the
payment is established.
(f) Retirement Benefits
The Company does not have any Retirement Benefits specifically laid
down.
(g) Taxes on Income:
( i ) Current Tax
Provision for Income Tax is determined in accordance with the
provisions the Income Tax Act, 1961. ( ii )Deferred Tax
Deferred tax is recognised on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period(s).
(h) Provisions and Contingent Liabilities:
(i) A provision is recognised when there is present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. These are reviewed at each Balance Sheet
date and adjusted to reflect the current best estimate.
(ii) A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources. When there is a possible obligation in respect
of which the likelihood of out flow of resources is remote, no
provision or disclosure is made.
Mar 31, 2010
(a) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost comprises the
cost of acquisition and any attributable costs of bringing the asset to
the condition for its intended use.
(b) Depreciation
Depreciation is provided on the written down value method prescribed in
Schedule XIV of the Companies Act, 1956.
(c) Investments
(I) Investments have been categorised as Long Term or Current by the
Board of Directors.
(ii) Long Term Investments are stated at cost plus brokerage and other
relevant charges. A Provision for diminution is made to recognise a
decline, other than temporary, if any.
(iii) Current Investments are valued at lower of Cost or Market value.
(d) Revenue Recognition
Dividend Income from Investment is recognised when right to receive the
payment is established.
(e) Retirement Benefits
The Company does not have any Retirement Benefits specifically laid
down.
(f) Taxes on Income:
(I) Current Tax
Provision for Income Tax is determined in accordance with the
provisions the Income Tax Act, 1961.
(ii) Deferred Tax
Deferred tax is recognised on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent period(s).
(g) Provisions and Contingent Liabilities:
(I) Aprovision is recognised when there is present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. These are reviewed at each Balance Sheet
date and adjusted to reflect the current best estimate.
(ii) Adisclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources. When there is a possible obligation in respect
of which the likelihood of out flow of resources is remote, no
provision or disclosure is made.