Mar 31, 2015
1. Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention on accrual basis except where specified otherwise and in
case of significant uncertainties.
2. Use of Estimates
Estimates and assumptions used in the preparation of the financial
statements are based on management''s evaluation of the relevant facts
and circumstances as on the date of the Financial Statements, which may
differ from the actual results at a subsequent date.
3. Fixed Assets and Depreciation
a) Fixed Assets except freehold land are stated at cost of acquisition
less accumulated depreciation. Cost includes the purchase price and all
other attributable costs incurred for bringing the assets to its
working condition for intended use. Freehold land is valued at cost.
b) Depreciation
Depreciation on Fixed Assets has been provided at the useful lives
provided in Schedule II to the Companies Act, 2013 for SLM method on
the opening written down value of the assets. No depreciation on assets
of Power Division is charged as power division was not functional and
assets in power division remained idle for the whole year. Depreciation
on Fixed Assets of Paper Division is charged for the whole year.
Depreciation on addition to Fixed Assets is charged on pro-rata basis
from date on which asset is put to use. The carrying amount at the
beginning of the year of assets where the remaining useful life is nil
is transferred to balance of Retained Earning under the head Reserves
and Suplus in the Balance Sheet,
4) Impairment of Assets:
Consideration is given at each balance sheet date to determine whether
there is any modification or impairment of the carrying amount of the
fixed assets. If any condition exists, an asset''s recoverable amount is
estimated.
As of March 31,2015 none of the fixed assets were considered impaired.
5. Investment
Long Term investments are valued at cost.
6. Inventories
Stock of Raw Material, Stores and Spares, Consumables and packing
material is valued at cost price. Cost is ascertained using weighted
average method. Stock of finished goods is valued at cost of production
ascertained using weighted average method.
7. Segmental Reporting
The company''s operating business is organised and managed separately
according to the products provided as Paper Division and Power
Division. The company generally accounts for inter segmental sale at
the current market prices.
8. Deferred Tax Liability
Deferred Tax Asset is not recognised in the Balance Sheet due to lack
of reasonable certainty of realising them in view of accumulated
losses.
9. Retirement Benefits
The liability for terminal benefits to employees like gratuity is
recognised in the year of payment and in view of the heavy losses and
due to the skeleton eligible staff strength, no actuarial working is
taken to avoid extra expenditure for it.
10. Foreign Currency Transactions
Foreign currency transactions are accounted at the rates prevailing on
the date of the transaction. The exchange rate differences arising out
of such transactions are dealt with in the Profit and Loss Account,
except in case of long-term loans, where they relate to acquisition of
fixed asset, in which case they are adjusted to the carrying cost of
such assets.
Mar 31, 2014
1. Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention on accrual basis except where specified otherwise and in
case of significant uncertainties.
2. Use of Estimates
Estimates and assumptions used in the preparation of the financial
statements are based on management''s evaluation of the relevant facts
and circumstances as on the date of the Financial Statements, which may
differ from the actual results at a subsequent date.
3. Fixed Assets and Depreciation
a) Fixed Assets except freehold land are stated at cost of acquisition
less accumulated depreciation. Cost includes the purchase price and
all other attributable costs incurred for bringing the assets to its
working condition for intended use. Freehold land is valued at cost.
b) Depreciation
Depreciation on Fixed Assets has been provided at the rate provided in
Schedule XIV to the Companies Act, 1956 for SLM method on the opening
written down value of the assets. No depreciation on assets of Power
Division is charged as power division was not functional and assets in
power division remained idle for the whole year. Depreciation on Fixed
Assets of Paper Division is charged for the whole year. Depreciation on
addition to Fixed Assets is charged on pro- rata basis from date on
which asset is put to use.
4. Interest
In view of the B.I.F.R. registration and pending proceedings for
rehabilitation, the Company has stopped providing, for interest on
outstanding loans of Financial Institutions and Banks from 1st July,
2003. The Company has effected one time settlement of dues with SICOM
LIMITED, State Bank of India, Central Bank of India, MSFC and IREDA,
where it has got rebate in the interest amount already provided for,
which are reversed in the Profit and Loss Account as extra ordinary
Items, in previous years.
5. Investment
Long Term investments are valued at cost.
6. Inventories
Stock of Raw Material, Stores and Spares, Consumables and packing
material is valued at cost price. Cost is ascertained using weighted
average method. Stock of finished goods is valued at cost of production
ascertained using weighted average method.
7. Segmental Reporting
The company''s operating business is organised and managed separately
according to the products provided as Paper Division and Power
Division. The company generally accounts for inter segmental sale at
the current market prices.
8. Deferred Tax Liability
Deferred Tax Asset is not recognised in the Balance Sheet due to lack
of reasonable certainty of realising them in view of accumulated
losses.
9. Retirement Benefits
The liability for terminal benefits to employees like gratuity is
recognised in the year of payment and in view of the heavy losses and
due to the skeleton eligible staff strength, no actuarial working is
taken to avoid extra expenditure for it.
a Terms/rights attached to equity shares.
The company has only one class of equity shares at par value of Rs.
10/- per share. Each holder of equity shares is entitled to one vote
per share. In the event of liquidation of the company, the holders of
equity shers will be entitled to receive remaining assets of the
company, after distribution of all preferantial amount. the
distribution will be in proporation to the number of equity shares held
by the shareholders.
* In absence of any information from the vendors with regard to their
registration under the micro, small and medium Enterprise Development
act 2006, unable to determine, but the payments are released within
credit extended by the vendors and there is no liability towards
interest on delayed payments during the year under the said act. There
is also no amount of outstanding interest in this regard brought
forward from previous year
Mar 31, 2013
1. Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention on accrual basis except where specified otherwise and in
case of significant uncertainties.
2. Use of Estimates
Estimates and assumptions used in the preparation of the financial
statements are based on management''s evaluation of the relevant facts
and circumstances as on the date of the Financial Statements, which may
differ from the actual results at a subsequent date.
3. Fixed Assets and Depreciation
a) Fixed Assets except freehold land are stated at cost of acquisition
less accumulated depreciation. Cost includes the purchase price and all
other attributable costs incurred for bringing the assets to its
working condition for intended use. Freehold land is valued at cost.
b) Depreciation
Depreciation on Fixed Assets has been provided at the rate provided in
Schedule XIV to the Companies Act, 1956 for SLM method on the opening
written down value of the assets. No depreciation on assets of Power
Division is charged as power division was not functional and assets in
power division remained idle for the whole year. Depreciation on Fixed
Assets of Paper Division is charged for the whole year. Depreciation on
addition to Fixed Assets is charged on pro-rata basis from date on
which asset is put to use.
4. Interest
In view of the B.I.F.R. registration and pending proceedings for
rehabilitation, the Company has stopped providing, for interest on
outstanding loans of Financial Institutions and Banks from 1st July,
2003. The Company has effected one time settlement of dues with SICOM
LIMITED, State Bank of India, Central Bank of India, MSFC and IREDA,
where it has got rebate in the interest amount already provided for,
which are reversed in the Profit and Loss Account as extra ordinary
Items, in previous years.
5. Investment
Long Term investments are valued at cost.
6. Inventories
Stock of Raw Material, Stores and Spares, Consumables and packing
material is valued at cost price. Cost is ascertained using weighted
average method. Stock of finished goods is valued at cost of production
ascertained using weighted average method.
7. Segmental Reporting
The company''s operating business is organised and managed separately
according to the products provided as Paper Division and Power
Division. The company generally accounts for inter segmental sale at
the current market prices.
8. Deferred Tax Liability
Deferred Tax Asset is not recognised in the Balance Sheet due to lack
of reasonable certainty of realising them in view of accumulated
losses.
9. Retirement Benefits
The liability for terminal benefits to employees like gratuity is
recognised in the year of payment and in view of the heavy losses and
due to the skeleton eligible staff strength, no actuarial working is
taken to avoid extra expenditure for it.
Mar 31, 2012
1. Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention on accrual basis except where specified otherwise and in
case of significant uncertainties.
2. Use of Estimates
Estimates and assumptions used in the preparation of the financial
statements are based on management's evaluation of the relevant facts
and circumstances as on the date of the Financial Statements, which may
differ from the actual results at a subsequent date.
3. Fixed Assets and Depreciation
a) Fixed Assets except freehold land are stated at cost of acquisition
less accumulated depreciation. Cost includes the purchase price and all
other attributable costs incurred for bringing the assets to its
working condition for intended use. Freehold land is valued at cost.
b) Depreciation
Depreciation on Fixed Assets has been provided at the rate provided in
Schedule XIV to the Companies Act, 1956 for SLM method on the opening
written down value of the assets. Depreciation on assets of Power
Division is charged for the actual days it operated. Depreciation on
Fixed Assets of Paper Division is charged for the whole year.
Depreciation on addition to Fixed Assets is charged on pro-rata basis
from date on which asset is put to use.
4. Interest
In view of the BIFR registration and pending proceedings for
rehabilitation, the Company has stopped providing, for interest on
outstanding loans of Financial Institutions and Banks from 1st July,
2003. In respect of Central Bank of India, the Company has stopped
providing for interest on Cash Credit since 1st November, 2004. The
Company has effected one time settlement of dues with SICOM LIMITED,
State Bank of India, MSFC and IREDA, where it has got rebate in the
interest amount already provided for, which are reversed in the Profit
and Loss Account as extra ordinary Items, in previous years.
5. Investment
Long Term investments are valued at cost.
6. Inventories
Stock of Raw Material, Stores and Spares, Consumables and packing
material is valued at cost price. Cost is ascertained using weighted
average method. Stock of finished goods is valued at cost of production
ascertained using weighted average method.
7. Segmental Reporting
The company's operating business is organised and managed separately
according to the products provided as Paper Division and Power
Division. The company generally accounts for inter segmental sale at
the current market prices.
8. Deferred Tax Liability
Deferred Tax Asset is not recognised in the Balance Sheet due to lack
of reasonable certainty of realising them in view of accumulated
losses.
9. Retirement Benefits
The liability for terminal benefits to employees like gratuity is
recognised in the year of payment and in view of the heavy losses and
due to the skeleton eligible staff strength, no actuarial working is
taken to avoid extra expenditure for it.
Mar 31, 2010
1. Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention on accrual basis except where specified otherwise and in
case of significant uncertainties.
2. Use of Estimates
Estimates and assumptions used in the preparation of the financial
statements are based on managements evaluation of the relevant facts
and circumstances as on the date of the Financial Statements, which may
differ from the actual results at a subsequent date.
3. Fixed Assets and Depreciation
a) Fixed Assets except freehold land are stated at cost of acquisition
less accumulated depreciation. Cost includes the purchase price and all
other attributable costs incurred for bringing the assets to its
working condition for intended use. Freehold land is valued at cost.
b) Depreciation
Depreciation on Fixed Assets has been provided at the rate provided in
Schedule XIV to the Companies Act, 1956 for SLM method on the opening
written down value of the assets. No depreciation on assets of Power
Division is charged as Power Division was not functional and assets in
Power Division were idle during the year. Depreciation on Fixed Assets
of Paper Division is charged for the whole year. Depreciation on
addition to Fixed Assets is charged on pro-rata basis from date on
which asset is put to use. Depreciation on assets sold during the year
is provided for on prorata basis upto the date of sale.
4. Interest
In view of the BIFR registration and pending proceedings for
rehabilitation, the Company has stopped providing, for interest on
outstanding loans of Financial Institutions and Banks from 1st July,
2003. In respect of Central Bank of India, the Company has stopped
providing for interest on Cash Credit since 1st November, 2004. The
Company has effected one time settlement of dues with SICOM LIMITED,
State Bank of India, MSFC and IREDA, where it has got rebate in the
interest amount already provided for, which are reversed in the Profit
and Loss Account as extra ordinary Items.
5. Investment
Long Term investments are valued at cost.
6. Inventories
Stock of Raw Material, Stores and Spares, Consumables and packing
material is valued at cost price. Cost is ascertained using weighted
average method. Stock of finished goods is valued at cost of production
ascertained using weighted average method.
7. Segmental Reporting
The companys operating business is organised and managed separately
according to the products provided as Paper Division and Power
Division. The company generally accounts for inter segmental sale at
the current market prices.
8. Deferred Tax Liability
Deferred Tax Asset is not recognised in the Balance Sheet due to lack
of reasonable certainty of realising them in view of accumulated
losses.
9. Retirement Benefits
The liability for terminal benefits to employees like gratuity is
recognised in the year of payment and in view of the heavy losses and
due to the skeleton eligible staff strength, no actuarial working is
taken to avoid extra expenditure for it.