Mar 31, 2015
(A) METHOD OF ACCOUNTING :
(i) These financial statements have been prepared under historical cost
convention from books of accounts maintained on an accrual basis
(unless otherwise stated hereinafter) in conformity with accounting
principles generally accepted in India and comply with the Accounting
Standards issued by the Institute Of Chartered Accountants Of India and
referred to Section 129 and Section 133 of The Companies Act, 2013 of
India. The Accounting policies applied by the company are consistent
with those used in previous year.
(ii) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
except specified below
(a) Liability of Sales Tax, Income tax for pending assessments.
(b) Employees Benefit in respect of Gratuity, Leave Encashment and
Bonus.
(B) FIXED ASSETS :
(i) Tangible Fixed Assets acquired by the company are reported at
acquisition value, with deduction for accumulated depreciation [ other
than "freehold land " where no depreciation is charged]. The
acquisition value includes purchase price, inward freight, duties,
taxes and incidental expenses related to acquisition and installation
and allocable pre-operative expenditure.
(ii) Intangible Fixed Assets: there is no intangible fixed assets.
(iii) There is no Capital work in progress during the year under audit.
(C) DEPRECIATION :
Depreciation has been provided based on life assigned to each asset in
accordance with Schedule II of The Companies Act, 2013
(D) INVESTMENTS :
All the investments are current investments and valued at purchase
cost.
(E) INVENTORIES :
The cost of various categories of Inventory is determined as follows.
1. Raw material and packing material : At Cost including local taxes
(Net of setoff)
Or Net realizable value, whichever is lower
2. Stock in Process : At Cost or Net realizable Value, whichever is
lower
3. Stock of Finished Goods : At Cost or Net realizable Value,
whichever is lower
4. Consumable stores and spares : At Cost or Net realizable Value,
whichever is lower
5. Scrap : At Net realizable Value
Cost of raw material and packing material are determined in using FIFO
method. Cost of Finished goods and stock in process include cost of raw
material and packing materials, cost of conversion and other cost
incurred in bringing inventories to the present location and condition.
Accounting policy for inventory applied to the extent applicable to
present business operation of the company.
(F) REVENUE RECOGNITION :
(i) SALES - Sales are exclusive of all the duty, forwarding charges.
(ii) Dividend income are realized on cash basis. (iii) Interest Income
from Bank Fixed Deposit accounted on receipt basis.
(G) RETIREMENT BENEFITS :
Gratuity, other ex-gratia benefits and leave encashment are accounted
on cash basis. Provisions for Provident Fund, Super annotation, pension
and ESIC are not applicable to the company as number of employees are
below statutory limit.
(H) TAXATION :
Current Tax provision not done by the company. Management is arranging
to file all income tax pending returns and at that time current tax
provision will be workout.
Deferred tax assets arising on account of brought forward business
losses including unabsorbed depreciation are recognized only when there
is virtual certainty supported by convincing evidence that such assets
will be realized. Deferred tax assets arising on temporary timing
difference are recognized only if there is reasonable certainty of
realization.
(I) Value Added Tax(VAT) :
VAT payable of finished goods is accounted net of setoff i.e. VAT
payable on finished goods less VAT paid on inputs.
(J) PROVISIONS & CONTINGENCIES :
A provision is recognized when the Company has a present legal or
constructive obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the
obligations, in respect of which reliable estimate can be made. These
are reviewed at each balance sheet and adjusted to reflect the current
best estimate. Contingent liabilities are not recognized but are
disclosed in the notes to the Financial Statements to the extent of
details available, if any. A contingent Assets is neither recognized
nor disclosed.
(K) PROVISION FOR BAD AND DOUBTFUL DEBTS :
Provision for bad and doubtful debt has been made as per management's
option and their decision, if any.
(L) CASH FLOW STATEMENT :
Cash Flow are reported using the indirect method, whereby profit (loss)
before tax is adjusted for the effect of transactions of a non-cash
nature and any income due to writing-off liabilities of the company and
any expenses due to provision for bad debts have been considered as
extra ordinary item.
Cash and Cash equivalents presented in the Cash flow statement consist
of cash on hand and balance with banks including dormant bank accounts
and No lien bank accounts [ read with Notes no 26] .
(M) IMPAIRMENT OF ASSETS :
Impairment losses, if any, are recognized in accordance with the
Accounting Standard 28 issued in this regard by the Institute Of
Chartered Accountants Of India.
(N) BORROWING COST :
Borrowing cost attributable to acquisition, construction or production
of qualifying assets are capitalized as part of the cost of that
assets, till the assets is ready for use. Other Borrowing costs are
recognized as an expense in the period in which these are incurred.
(O) PRELIMINARY EXPENSES :
Preliminary expenses and Share issue expenses have been amortized over
a period of years as defined in section 35D of Income Tax Act, 1961.
(P) EARNING PER SHARE :
The Basic and Diluted Earnings Per Share ( EPS) is computed by dividing
the net profit after tax for the year by weighted average number of
equity shares outstanding during the year.
Mar 31, 2014
(A) METHOD OF ACCOUNTING :
(i) The Financial Statements have been prepared to comply in all
material respects with the Notified Accounting Standards by The
Companies Accounting Standard Rules, 2006 and the relevant provisions
of the Companies Act, 1956. The accounts are prepared on historical
cost basis and on the principles of a going concern.
(ii) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
except specified below
(a) Liability of Sales Tax, Income tax for pending assessments.
(b) Employees Benefit in respect of Gratuity, Leave Encashment and
Bonus.
(B) USE OF ESTIMATES :
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reporting period. Difference
between the actual result and estimates are recognised in the period in
which the results are known / materialised.
(C) FIXED ASSETS :
(i) Tangible Fixed Assets acquired by the company are reported at
acquisition value, with deduction for accumulated depreciation [ other
than "freehold land " where no depreciation is charged]. The
acquisition value includes purchase price, inward freight, duties,
taxes and incidental expenses related to acquisition and installation
and allocable pre-operative expenditure.
(ii) Intangible Fixed Assets: there is no intangible fixed assets.
(iii) There is no Capital work in progress during the year under audit.
(D) DEPRECIATION :
Depreciation has been provided on the assets in accordance with Section
205(2) of the Companies Act, 1956 on written down value method at the
rates prescribed under Schedule XIV to the Companies Act, 1956.
Depreciation on Plant & Machinery at Naroda unit has been provided for
normal Wear & tear though it has been inoperative throughout the year.
(E) INVESTMENTS :
All the investments are current investments and valued at purchase
cost.
(F) INVENTORIES :
Raw Materials and finished goods are valued at cost or net realizable
value whichever is lower.
(G) REVENUE RECOGNITION :
(i) SALES - Sales are exclusive of all the duty, forwarding charges.
(ii) Dividend income are realized on cash basis. (iii) Commodities
settlement income/charges recognize on settlement of dues.(iv) Interest
Income from Bank Fixed Deposit accounted on cash basis. (v) Rent Income
is accounted on accrual basis.
(H) RETIREMENT BENEFITS :
Gratuity, other ex-gratia benefits and leave encashment are accounted
on cash basis. Provisions for Provident Fund, Super annuation, pension
and ESIC are not applicable to the company as number of employees are
below statutory limit.
(I) TAXATION :
Current Tax provision not done by the company. Management is arranging
to file all income tax pending returns and at that time current tax
provision will be workout.
Deferred tax assets arising on account of brought forward business
losses including unabsorbed depreciation are recognised only when there
is virtual certainty supported by convincing evidence that
such assets will be realised. Deferred tax assets arising on temporary
timing difference are recognised only if there is reasonable certainty
of realisation.
(J) PROVISIONS &CONTINGENCIES :
A provision is recognized when the Company has a present legal or
constructive obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the
obligations, in respect of which reliable estimate can be made. These
are reviewed at each balance sheet and adjusted to reflect the current
best estimate. Contingent liabilities are not recognised but are
disclosed in the notes to the Financial Statements to the extent of
details available. A contingent Assets is neither recognised nor
disclosed.
(K) PROVISION FOR BAD AND DOUBTFUL DEBTS :
Provision for bad and doubtful debt has been made as per management''s
option and their decision, if any.
(L) CASH FLOW STATEMENT :
Cash Flow are reported using the indirect method, whereby profit (loss)
before tax is adjusted for the effect of transactions of a non-cash
nature and any income due to writing-off liabilities of the company and
any expenses due to provision for bad debts have been considered as
extra ordinary item.
Cash and Cash equivalents presented in the Cash flow statement consist
of cash on hand and demand deposits with bank and balance with dormant
bank accounts [ read with Notes no 26] .
(M) IMPAIRMENT OF ASSETS :
Impairment loss is charged to the profit and loss account in the period
in which, an asset is identified as impaired, when the carrying value
of the asset exceeds its recoverable value. The impairment loss
recognized in the prior accounting periods is reversed if there has
been a change in the estimate of recoverable amount.
(N) BORROWING COST :
Borrowing cost attributable to acquisition, construction or production
of qualifying assets are capitalized as part of the cost of that
assets, till the assets is ready for use. Other Borrowing costs are
recognized as an expense in the period in which these are incurred.
(O) PRELIMINARY EXPENSES :
Preliminary expenses and Share issue expenses have been amortized over
a period of years as defined in section 35D of Income Tax Act, 1961.
(P) EARNING PER SHARE :
The Basic and Diluted Earning Per Share ( EPS) is computed by dividing
the net profit after tax for the year by weighted average number of
equity shares outstanding during the year.
Mar 31, 2013
(A) METHOD OF ACCOUNTING :
i) The accounts are prepared on historical cost basis and on the
principles of a going concern.
ii) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
except specified below
(a) Liability of Sales Tax, Income tax for pending assessments.
(b) Employees Benefit in respect of Gratuity, Leave Encashment and
Bonus.
(B) FIXED ASSETS :
(i) Tangible Fixed Assets acquired by the company are reported at
acquisition value, with deduction for accumulated depreciation [ other
than "freehold land " where no depreciation is charged]. The
acquisition value includes purchase price, inward freight, duties,
taxes and incidental expenses related to acquisition and installation
and allocable pre-operative expenditure.
(ii) Intangible Fixed Assets: there is no intangible fixed assets.
(iii) There is no Capital work in progress during the year under audit.
(C) DEPRECIATION :
Depreciation has been provided on the assets at written down value
method at the rates prescribed under Schedule XIV to the Companies Act,
1956. Depreciation on Plant & Machinery at Naroda unit has been
provided for normal Wear & tear though it has been inoperative
throughout the year.
(D) INVESTMENTS :
All the investments are current investments and valued at purchase
cost.
(E) INVENTORIES :
There are no closing stock of Finished Goods, Raw Material and any WIP
at year end.
(F) REVENUE RECOGNITION :
i. Revenue / Income and Cost / Expenditure are accounted for on
accrual basis
ii. Vatav / Kasar income are recognised due to writing off long
outstanding dormant accounts under managements'' decision.
iii. Rent Income recognised on accrual basis.
iv. Interest Income others accounted on basis of TDS credited in our
account on basis of form 26AS though respective deposits with Uttar
Gujarat Vij Co. Ltd have been transferred to other parties on transfer
of plants in previous years.
(G) RETIREMENT BENEFITS :
1) The company has terminated its permanent staff due to close down of
manufacturing activities of the company and decided to appoint one or
two assistant on retainership salary basis. Gratuity and other ex-
gratia benefits are not accounted at this stage.
2) Company has no Leave encashment scheme as a part of retirement
benefits scheme. The employees of the company are entitled to en cash
their un availed leave accrued during course of their employment in
accordance with the company''s rules and regulations. The same are
accounted in the books of accounts as and when claimed.
(H) TAXATION :
Current Tax provision not done by the company. Management is arranging
to file all income tax pending returns and at that time current tax
provision will be workout.
Deferred tax assets arising on account of brought forward business
losses including unabsorbed depreciation are recognised only when there
is virtual certainty supported by convincing evidence that such assets
will be realised. Deferred tax assets arising on temporary timing
difference are recognised only if there is reasonable certainty of
realisation.
(I) PROVISIONS & CONTINGENCIES :
A provision is recognized when the Company has a present legal or
constructive obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the
obligations, in respect of which reliable estimate can be made. These
are reviewed at each balance sheet and adjusted to reflect the current
best estimate. Contingent liabilities are not recognised but are
disclosed in the notes to the Financial Statements to the extent of
details available. A contingent Assets is neither recognised nor
disclosed.
(J) PROVISION FOR BAD AND DOUBTFUL DEBTS :
Provision for bad and doubtful debt has been made as per management''s
option and their decision, if any.
(K) CASH FLOW STATEMENT :
Cash Flow are reported using the indirect method, whereby profit (loss)
before tax is adjusted for the effect of transactions of a non-cash
nature and any income due to writing-off liabilities of the company and
any expenses due to provision for bad debts have been considered as
extra ordinary item.
Cash and Cash equivalents presented in the Cash flow statement consist
of cash on hand and demand deposits with bank and balance with dormant
bank accounts [ read with Notes no 5].
Mar 31, 2010
(A) METHOD OF ACCOUNTING
i) The Financial Statement are prepared under historical cost
convention and on
accrual basis.
ii) The company generally follows mercantile system of accounting and
recognizes
significant items of income and expenditure on accrual basis except
specified below
(a) Liability of Sales Tax, Income tax for pending assessments.
(b) Employees Benefit in respect of Gratuity Leave Encashment and
Bonus.
(B) FIXED ASSETS
Fixed Assets are accounted at cost inclusive of inward freight, duties,
taxes and incidental expenses related to acquisition and installation
and allocable pre-operative expenditure.
(C) DEPRECIATION
Depreciation has been provided on the assets at written down value
method at the rates prescribed under Schedule XIV to the Companies Act,
1956. Depreciation on Plant & Machinery at Naroda unit has been
provided for normal Wear & tear though it has been inoperative
throughout the year.
(D) INVESTMENTS
All the investments are current investments and valued at purchase
cost.
(E) INVENTORIES
There are no closing stock of Finished Goods. Raw Material and any WIP
at year end.
(F) REVENUE RECOGNITION
i. Vatav / Kasar income are recognised on settlement of Account due to
earlier years
differences. ii. Other Income is accounted on receipt of payment
relating to Sale of Fixed Assets in
earlier year.
(G) RETIREMENT BENEFITS
1) Gratuity and other ex-gratia benefits are accounted on cash basis
and hence no provision for accrued gratuity has been made.
2) Company has no Leave encashment scheme as a part of retirement
benefits scheme. The employees of the company are entitled to en cash
their un availed leave accrued during course of their employment in
accordance with the companys rales and regulations. The same are
accounted in the books of accounts as and when claimed.
(H) TAXATION
Deferred tax assets arising on account of brought forward business
losses including unabsorbed depreciation are recognised only when there
is virtual certainty supported by convincing evidence that such assets
will be realised. Deferred tax assets arising on temporary timing
difference are recognised only if there is reasonable certainty of
realisation.
(I) CONTINGENT LIABILITIES
All contingent liabilities are disclosed to the extent of details
available.
(J) PROVISION FOR BAD AND DOUBTFUL DEBTS
Provision for bad and doubtful debt has been made as per managements
option and their decision, if any.
Mar 31, 2009
(A) METHOD OF ACCOUNTING
i) The Financial Statement are prepared under historical cost
convention and on accrual basis.
ii) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
except specified below
(a) Liability of Sales Tax, Income tax for pending assessments.
(b) Employees Benefit in respect of Gratuity, Leave Encashment and
Bonus.
(B) FIXED ASSETS
Fixed Assets are accounted at cost inclusive of inward freight, duties,
taxes and incidental expenses related to acquisition and installation
and allocable pre-operative expenditure.
(C) DEPRECIATION
Depreciation has been provided on the assets at written down value
method at the rates prescribed under Schedule XIV to the Companies Act,
1956. Depreciation on Plants Machinery at Naroda unit has been provided
for normal Wear & tear though it has been inoperative throughout the
year.
(D) INVESTMENTS
All the investments are current investments and valued at purchase
cost.
(E) INVENTORIES
There are no closing stock of Finished Goods, Raw Material and any Wl P
at year end.
(F) REVENUE RECOGNITION
i. Vatav / Kasar income are recognised on settlement of Account.
ii. Income from Jobwork / Processing are recognised on raise of Debit
Note.
iii. Interest Income is accounted on Accrual Basis.
iv. Brokerage Income is accounted on raise of Debit note.
(G) RETIREMENT BENEFITS
1) Gratuity and other ex-gratia benefits are accounted on cash basis
and hence no provision for accrued gratuity has been made.
2) Company has no Leave encashment scheme as a part of retirement
benefits scheme. The employees of the company are entitled to en cash
their un availed leave accrued during course of their employment in
accordance with the companys rules and regulations. The same are
accounted in the books of accounts as and when claimed.
(H) TAXATION
Deferred tax assets arising on account of brought forward business
losses including unabsorbed depreciation are recognised only when there
is virtual certainty supported by convincing evidence that such assets
will be realised. Deferred tax assets arising on temporary timing
difference are recognised only if there is reasonable certainty of
realisation.
(I) CONTINGENT LIABILITIES
All contingent liabilities are disclosed to the extent of details
available.
(J) PROVISION FOR BADAND DOUBTFULDEBTS
Provision for bad and doubtful debt has been made as per managements
option and their Ãdecision, if any.
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