Mar 31, 2015
1. BASIS OF PREPARATION: -
These financial statements have been prepared on in accordance with the
generally accepted accounting principles in India (Indian GAAP). The
company has prepared these financial statements to comply in all
material aspects, with the accounting Standards notified under section
133 of the companies act,2013 , read together with paragraph 7 of the
companies accounts Rules 2014,the financial statements have been
prepared on an accrual basis and under the historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
2. USE OF ESTIMATES :-
The preparation of Financial Statements requires estimates &
assumptions to be made that affect the reported amount of assets &
liability on the date of financial statements and the reported amount
of revenues & expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known materialized.
3. FIXED ASSETS: -
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses if any. The cost comprises purchase
price, borrowing cost if Capitalization criteria are met and directly
attributable cost of bringing the assets to its working condition for
the intended use.
Subsequent expenditure related to an item of fixed assets is added to
its book value only if it is increases the future benefits from the
exiting assets beyond tits previously assessed standard of performance.
All other expenses on existing fixed assets, including day to day
repair & maintenance expenditure and cost of replacing parts are
charged to the statement of P&L for the period during which such
expenses are incurred.
DEPRECIATION ON TANGIBLE FIXED ASSETS:- Depreciation on fixed assets is
calculated on SLM using the rates arrived at based on the useful as per
Companies Act, 2013. The company has used the following useful lives to
provide deprecation on its fixed assets:-
Till the year ended 31st march 2014 Schedule XIV to the Companies Act
1956, prescribed requirements concerning depreciation of Fixed Assets.
From the Current year Schedule XIV has been replaced by Schedule II to
the Companies Act, 2013. The applicability of Schedule to has resulted
in the following Changes relates to depreciation of Assets, unless
Stated otherwise the impact mentioned in the current year is likely to
hold good for the futures years till the year ended 31st march 2014 ,
depreciation rates prescribed under Schedule XIV were treated as
minimum rates and the company was not allowed to charge depreciation at
lowers rates even if such lower rates were justified by the estimated
useful lives of the assets, Schedule II of the companies Act,2013
prescribes the useful lives of the fixed assets which, in many cases,
are different from the lives prescribe under the erstwhile Schedule
XIV. However Schedule II allows companies to use higher / Lower useful
lives and residual values if such useful lives and residual values can
be technically supported and justification for the difference is
disclosed in the financial statements.
4. REVENUE RECOGNITION: -
(a) Lease income from operating lease shall be recognized in income on
a straight-line basis over the lease period, unless another systematic
basis is more representative of the time pattern in which use benefit
derived from the leased asset is diminished.
(b) Revenue in respect of other income is accounted on accrual basis
except claim received/paid.
5. INVESTMENTS: -
Long term investments are stated at cost. Provision is made to
recognize any diminution in value, other than that of a temporary
nature.
6. EMPLOYEES BENEFITS: -
(A) Contribution to defined schemes such as provident fund,
superannuating/pension benefits, gratuity employee's state insurance
scheme is charged as incurred on accrual basis. These are in accordance
with the respective Act's.
(B) Leave Encashment: -
As per the employment policy of the company the employees avail their
annual Leave and provision for leave encashment is made on the basis of
unveiled leave to the credit of employees.
(C) GRATUITY: -
In accordance with the Payment of Gratuity Act, 1972, the company
provides for gratuity covering all employees. The plan, subject to the
above Act, provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment of an
amount based in the respective employee's salary and the tenure of
employment.
7. BORROWING COSTS :-
Interest and other borrowing costs attributable to qualifying assets
are capitalised. Other interest and borrowing costs are charged to
revenue.
8. EARNING PER SHARE :-
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average of no of equity
shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average no of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
9. PROVISIONS, CONTINGENT LIABILITIES AND CONTIGENT ASSETS:-
A provision is recognised when there is a present obligation as a
result of a past event, that probably requires an outflow of resources
and a reliable estimate can be made to settle the amount of obligation.
Provision is not discounted to its present value and is determined
based on the last estimate required to settle the obligation at the
year end. These are reviewed at each year end and adjusted to reflect
the best current estimate. Contingent liabilities are not recognised
but disclosed in the financial statements. Contingent assets are
neither recognised nor disclosed in the financial statements.
10. TAXATION :-
Income-tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognised, only if there is a virtual
certainty of its realisation, supported by convincing evidence.
Deferred tax assets on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation. At each Balance Sheet date, the carrying amount of
deferred tax assets is reviewed to reassure realisation. Minimum
Alternative Tax credit is recognised as an asset only when and to the
extant there is convincing evidence that the company will pay normal
tax during the specified period.
11. IMPAIRMENT OF ASSETS:-
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
Mar 31, 2014
Not Available.
Mar 31, 2013
1. BASIS OF PREPARATION: -
These financial statements have been prepared on an accrual basis and
under historical cost convention and in compliance, in all material
aspects, with the applicable accounting principles in India, the
applicable accounting standards notified under Section 211 (3C) and the
other relevant provisions of the Companies Act, 1956.All the assets and
liabilities have been classified as current or noncurrent as per the
Company''s normal operating cycle and other criteria set out in Schedule
VI to the Companies Act, 1956. Based on the nature of products and the
time between the acquisition of assets for processing and their
realization in cash and cash equivalent, the Company has ascertained
its operating cycle to be less than 12 months.
2. USE OF ESTIMATES :-
The preparation of Financial Statements requires estimates &
assumptions to be made that affect the reported amount of assets &
liability on the date of financial statements and the reported amount
of revenues & expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known materialized.
3. FIXED ASSETS: -
(A) Fixed assets are stated at cost after reducing accumulated
depreciation until the date of balance sheet. No fixed asset has been
revalued in the financial statement.
(B) Depreciation on fixed assets charged on a proportionate basis for
all assets purchased and sold during the year is provided using
Straight Line Method based on useful lives of assets as estimated.
Depreciation is charged at the rates specified in Schedule XIV of
companies Act, 1956.
(C) Depreciation @100% provided on fixed Assets on value of Rs 5000/-
or less.
4. REVENUE RECOGNITION: -
(a) All revenue is accounted on accrual basis except claim
received/paid.
(b) Lease income from operating lease shall be recognized in income on
a straight-line basis over the lease period, unless another systematic
basis is more representative of the time pattern in which use benefit
derived from the leased asset is diminished Revenue in respect of other
income is accounted on accrual basis except claim received/paid.
5. INVESTMENTS: -
Long- term investments are stated at cost. A provision for diminution
is made to recognize a decline, other than temporary, in the value of
long-term investments. Current investments are carried at the lower of
cost and fair value.
6. VALUATION OF INVENTORIES: -
The Stocks of raw materials, stores and spares and finished goods have
been valued at cost or market price whichever is lower. The cost of
finished goods and process stocks is determined considering material,
labor and related overheads and that of raw materials and stores and
spares at purchases cost or market price whichever is lower
7. FOREIGN EXCHANGE TRANSACTION: -
Foreign exchange transaction are recorded using the exchange rates
prevailing on the dates of the respective transaction exchange
difference arising on foreign exchange transaction settled during the
period are recognized in the profit and loss account except that
exchange differences related to acquisition of fixed assets are
adjusted in carrying amount of the related fixed assets.
8. EMPLOYEES BENEFITS: -
(A) Contribution to defined schemes such as provident fund,
superannuating/pension benefits, gratuity employee''s state insurance
scheme is charged as incurred on accrual basis. These are in accordance
with the respective Act''s.
(B) Leave Encashment: -
As per the employment policy of the company the employees avail their
annual Leave and provision for leave encashment is made on the basis of
unveiled leave to the credit of employees.
(C) GRATUITY: -
In accordance with the Payment of Gratuity Act, 1972, the company
provides for gratuity covering all employees. The plan, subject to the
above Act, provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment of an
amount based in the respective employee''s salary and the tenure of
employment. The company estimates its liability as of each balance
sheet date based on an actuarial valuation.
9 SEGMENT REPORTING
The company is engaged in the business of trading & manufacturing of
milk products which constitutes one single primary segment. Further
there is no reportable secondary segment i.e. geographical segment.
10. BORROWING COSTS :-
Interest and other borrowing costs attributable to qualifying assets
are capitalised. Other interest and borrowing costs are charged to
revenue.
11. CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for the
effect of transactions of non cash nature and any deferrals for
accruals of past or future cash receipts or payments. The cash flow
from operating, investing & financing activities of the company are
segregated based on the available information.
12. PROVISIONS, CONTINGENT LIABILITIES AND CONTIGENT ASSETS:-
A provision is recognised when there is a present obligation as a
result of a past event, that probably requires an outflow of resources
and a reliable estimate can be made to settle the amount of obligation.
Provision is not discounted to its present value and is determined
based on the last estimate required to settle the obligation at the
year end. These are reviewed at each year end and adjusted to reflect
the best current estimate. Contingent liabilities are not recognised
but disclosed in the financial statements. Contingent assets are
neither recognised nor disclosed in the financial statements.
13. TAXATION :-
Income-tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognised, only if there is a virtual
certainty of its realisation, supported by convincing evidence.
Deferred tax assets on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation. At each Balance Sheet date, the carrying amount of
deferred tax assets is reviewed to reassure realisation.
Minimum Alternative Tax credit is recognised as an asset only when and
to the extant there is convincing evidence that the company will pay
normal tax during the specified period.
14. IMPAIRMENT OF ASSETS:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
Mar 31, 2012
A BASIS OF PREPARATION: -
These financial statements have been prepared on an accrual basis and
under historical cost convention and in compliance, in all material
aspects, with the applicable accounting principles in India, the
applicable accounting standards notified under Section 211 (3C) and the
other relevant provisions of the Companies Act, 1956.All the assets and
liabilities have been classified as current or noncurrent as per the
Company's normal operating cycle and other criteria set out in Schedule
VI to the Companies Act, 1956. Based on the nature of products and the
time between the acquisition of assets for processing and their
realization in cash and cash equivalent, the Company has ascertained
its operating cycle to be less than 12 months.
B USE OF ESTIMATES
The preparation of Financial Statements requires estimates &
assumptions to be made that effect the reported amount of assets &
liability on the date of financial statements and the reported amount
of revenues & expenses during the reporting period. Difference between
the actual results and estimates are recognised in the period in which
the results are known materialized
C FIXED ASSETS: -
a. Fixed assets are stated at cost after reducing accumulated
depreciation until the date of balance sheet. No fixed asset has been
revalued in the financial statement.
b. Depreciation on fixed assets charged on a proportionate basis for
all assets purchased and sold during the year is provided using
Straight Line Method based on useful lives of assets as estimated.
Depreciation is charged at the rates specified in Schedule XIV of
companies Act, 1956.
c. The depreciation on leased assets charged of normal depreciation
rates specified in Schedule XIV of companies Act, 1956
D VALUATION OF INVENTORIES: -
The Stocks of raw materials, stores and spares and finished goods have
been valued at cost or market price whichever is lower. The cost of
finished goods and process stocks is determined considering material,
labor and related overheads and that of raw materials and stores and
spares at purchases cost or market price whichever is lower
E REVENUE RECOGNITION: -
(a) All revenue is accounted on accrual basis except claim
received/paid.
(b) Lease income from operating lease shall be recognized in income on
a straight-line basis over the lease period, unless another systematic
basis is more representative of the time pattern in which use benefit
derived from the leased asset is diminished.
F INVESTMENTS: -
Long- term investments are stated at cost. A provision for diminution
is made to recognize a decline, other than temporary, in the value of
long-term investments. Current investments are carried at the lower of
cost and fair value.
G EMPLOYEES BENEFITS: -
Employees benefits include provident fund & gratuity fund, Gratuity,
leave encashment & other retirement benefits is to be provided on
actual payment basis.
H INCOME TAX: -
Income tax comprises the current year provision and net change in the
deferred tax assets or liabilities in the year. Deferred Tax assets or
liabilities are recognized for the future tax on consequences of timing
(temporary) difference between the carrying value of assets and
liabilities and then respective tax basis and operated loss carried
forward.
Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the year in which the
timing difference are expected to be recovered or settled.
I SEGMENT REPORTING
The company is engaged in the business of trading & manufacturing of
milk products which constitutes one single primary segment. Further
there is no reportable secondary segment i.e. geographical segment.
J CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for the
effect of transactions of non cash nature and any deferrals for
accruals of past or future cash receipts or payments. The cash flow
from operating, investing & financing activities of the company are
segregated based on the available information.
K CONTINGENT LIABILITIES
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and its probable that there will be an outflow of resources.
L Borrowing Cost
Interest and other borrowing costs attributable to qualifying assets
are capitalised. Other interest and borrowing costs are charged to
revenue.
M IMPAIRMENT OF ASSETS:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
Mar 31, 2011
1. BASIS OF PREPARATION: -
The financial statements are prepared under historical cost convention
in accordance with accounting standards issued by ICAI and provision of
Companies Act. The different accounting policies related to treatment
of retirement benefits, valuation of fixed assets, according to the
Balance Sheet, are being followed. The company generally follows
mercantile system of accounting on accrual basis.
2. FIXED ASSETS: -
(A) Fixed assets are stated at cost after reducing accumulated
depreciation until the date of balance sheet. No fixed asset has been
revalued in the financial statement.
(B) Depreciation on fixed assets charged on a proportionate basis for
all assets purchased and sold during the year is provided using
Straight Line Method based on useful lives of assets as estimated.
Depreciation is charged at the rates specified in Schedule XIV of
companies Act, 1956.
3. VALUATION OF INVENTORIES:-
The Stocks of raw materials, stores and spares and finished goods have
been valued at cost or market price whichever is lower. The cost of
finished goods and process stocks is determined considering material,
labor and related overheads and that of raw materials ands stores and
spares at purchases cost or marker price whichever is lower.
4. REVENUE RECOGNITION: -
All revenue is accounted on accrual basis except claim received/paid.
5. INVESTMENTS: -
Long- term investments are stated at cost. A provision for diminution
is made to recognize a decline, other than temporary, in the value of
long-term investments. Current investments are carried at the lower of
cost and fair value.
6. EMPLOYEES BENEFITS:-
Contribution to defined schemes such as provident fund,
superannuating/pension benefits, gratuity, Employees state insurance
scheme are charged as incurred on accrual basis. These are in
accordance with the respective Act's.
LEAVE ENCASHMENT: -
As per the employment policy of the company the employees avail there
annual leave and provision for leave encashment is made on the basis of
unveiled leave to the credit of employees.
GRATUITY: -
In accordance with the Payment of Gratuity Act, 1972, the company
provides for gratuity covering all employees. The plan, subject to the
above Act, provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment of an
amount based in the respective employee's salary and the tenure of
employment. The company estimates its liability as of each balance
sheet date based on an actuarial valuation.
7. EARNING PER SHARE: -
In accordance with the accounting standard 20 (AS-20) "Earning Per
Share" issued by the Institute of Chartered Accountants of India, basic
earning per share is computed using the weighted average number of
share outstanding during the period.
8. INCOME TAX:- ' %
Income tax comprises the current year provision and net change in the
deferred tax assets or liabilities in the year. Deferred Tax assets or
liabilities are recognized for the future tax on consequences of timing
(temporary) difference between the carrying value of assets and
liabilities and then respective tax basis and operated loss carried
forward.
Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the year in which the
timing difference are expected to be recovered or settled.
9. DISCONTINUING OPERATIONS:-
The company has not discontinued operations during the Financial Year
under review.
10. INTERIM REPORTING: -
In the interim financial statements, the company informs that the same
accounting policies followed as going Concern.
11. INTANGIBLE ASSETS: -
There are no intangible assets in the company during the financial year
under review.
12. RELATED PARTY DISCLOURES: - Particulars of transactions with
related party The following is a summary of significant related party
transaction: -
13. PARTICULARS OF MANAGERIAL REMUNERATION
No remuneration paid to managerial personnel during the financial year
and Previous Year.
14. CONTINGENT LIABILITIES
1. No provision has been made in the account for doubtful debts and
advances. These all are considered by the management as recoverable.
2. The pending court cases against and for the company is as under:
i. In the matter of M/s Goel Agencies Pvt. Ltd/M/s Fair Deal Agencies,
Ludhiana vs. Company/ Shri Basudev Garg/Smt. Mithlesh Garg for Rs.6,
00,528.15 - Ludhiana.
II. In the matter of Semen Bank Officer/Haryana Live Stock Development
Board, Pehowa, Harayana (Milk Cess) vs. Company for
Rs.14,01,18,799/(Including Interest of Rs 11,74,69,424/- Chandigarh.
III. In the matter of Company vs. Baldev Bhui in the Karkadoma Court
for Rs.l, 30,000/- Delhi.
IV. In the matter of Company vs. Prem Prakash in the Karkadoma Court
for Rs.90, 000 67,000/- Delhi.
V. In the matter of Company vs. Jindal Trading Co. in the Karkadoma
Court for Rs.8400/- Delhi.
VI. In the matter of Company vs Hitkari Industries Ltd in the
Karkadoma Court for Rs.l, 85, 000 123671/- Delhi.
VII. In the matter of Company vs. Indian Feeds & Fodder in the Kamal
Court for Rs 65000/-plus Interest, Kamal VII. In the matter of Company
vs. Paradise Plastopack Pvt ltd in the court of Kurukshetra, Haryana
and Rohini, Delhi for Rs2,75,524/-
Mar 31, 2010
1. BASIS OF PREPARATION: -
The financial statements are prepared under historical cost convention
in accordance with accounting standards issued by ICAI and provision of
Companies Act. The different accounting policies related to treatment
of retirement benefits, valuation of fixed assets, according to the
Balance Sheet, are being followed. The company generally follows
mercantile system of accounting on accrual basis.
2. FIXED ASSETS:
(A) Fixed assets are stated at cost after reducing accumulated
depreciation until the date of balance sheet. No fixed asset has been
revalued in the financial statement.
(B) Depreciation on fixed assets charged on a proportionate basis for
all assets purchased and sold during the year is provided using
Straight Line Method based on useful lives of assets as estimated.
Depreciation is charged at the rates specified in Schedule XIV of
companies Act, 1956,
3. VALUATION OF INVENTORIES: -
The Stocks of raw materials, stores and spares and finished goods have
been valued at cost or market price whichever is lower. The cost of
Finished goods and process slocks is determined considering material,
labor and related overheads and that of raw materials and stores and
spares at purchases cost or marker price whichever is lower.
4. REVENUE RECOGNITION: -
All revenue is accounted on accrual basis except claim received/paid.
5. INVESTMENTS: -
Long- term investments are stated at cost. A provision for diminution
is made to recognize a decline, other than temporary, in the value of
long-term investments. Current investments are carried at the lower of
cost and fair value.
6. EMPLOYEES BENEFITS: -
Contribution to defined schemes such as provident fund,
superannuating/pension benefits, gratuity, Employees state insurance
scheme arc charged as incurred on accrual basis. These are in
accordance with the respective Act's,
LEAVE ENCASHMENT: -
As per the employment policy of the company the employees avail there
annual leave and provision for
leave encashment is made on the basis of unavailed leave to the credit
of employees.
GRATUITY: -
In accordance with the Payment of Gratuity Act, 1972, the company
provides for gratuity covering ail employees. The plan, subject to the
above Act, provides a lump sum payment to vested employees at
retirement, death, incapacitation or termination of employment of an
amount based in the respective employee's salary and the tenure of
employment. The company estimates its liability as of each balance
sheet date based on an actuarial valuation.
7. EARNING PER SHARE: -
In accordance with the accounting standard 20 (AS-20) "Earning Per
Share" issued by the Institute of Chartered Accountants of India, basic
earning per share is computed using the weighted average number of
share outstanding during the period.
Income tax comprises the current year provision and net change in the
deferred tax assets or liabilities in the year. Deferred Tax assets or
liabilities are recognized for the future tax on consequences of timing
(temporary) difference between the carrying value of assets and
liabilities and then respective tax basis and operated loss carried
forward.
Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the year in which the
timing difference are expected to be recovered or settled.
9. DISCONTINUING OPERATIONS: -
The company has not discontinued operations during the Financial Year
under review.
10. INTERIM REPORTING: -
In the interim financial statements, the company informs that the same
accounting policies followed as going Concern.
11. INTANGIBLE ASSETS:-
There are no intangible assets in the company during the financial year
under review.