Mar 31, 2015
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Indian Accounting Standards Rules), 2015 read with Rule
3(2) thereof and the Companies (Accounting Standards) Rules, 2006 (as
amended) and the relevant provisions of the Companies Act, 2013. The
company is a small and medium-sized company (SMC) as defined in the
General Instructions in respect of Accounting Standards notified under
the Companies Act, 2013. Accordingly, the company has complied with the
Accounting Standards as applicable to an SMC. The financial statements
have been prepared on accrual basis under the historical cost
convention. The accounting policies adopted in the preparation of the
financial statements are consistent with those followed in the previous
year. There are no changes in any accounting policies during the year.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
2.3 Revenue recognition
Sale of goods
Sales are recognized on transfer of significant risks and rewards of
ownership to the buyer, which generally coincides with the delivery of
goods to the buyer.
Sale of Services
Revenue from service transactions is recognised as the service is
performed and when no significant uncertainty exists regarding the
amount of the consideration that will be derived from rendering the
service
Other Operating Revenue
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
2.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
2.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
2.6 Other income
Interest income (Other than interest on loans) and dividend is
recognized when the right to receive it is established
2.7 Investments
Long-term investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments includes acquisition charges such as brokerage, fees and
duties.
Quoted Current Investments are carried at lower of cost and net
realizable value.
2.8 Employee benefits
Employee benefits include provident fund, superannuation fund, gratuity
fund, compensated absences, long service awards and post-employment
medical benefits.
2.9 Segment reporting
The company is engaged in only one business segment i.e.
Subcontracting. Even there are no separately identifiable Geographical
Segments. As such information as required under AS-17 on "Segment
Reporting" issued by The Institute of Chartered Accountants of India
are not applicable to the company
2.10 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the
profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) as adjusted for dividend, interest and
other charges to expense or income relating to the dilutive potential
equity shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on the
conversion of all dilutive potential equity shares. Potential equity
shares are deemed to be dilutive only if their conversion to equity
shares would decrease the net profit per share from continuing ordinary
operations. Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless they have been
issued at a later date. The dilutive potential equity shares are
adjusted for the proceeds receivable had the shares been actually
issued at fair value (i.e. average market value of the outstanding
shares). Dilutive potential equity shares are determined independently
for each period presented. The number of equity shares and potentially
dilutive equity shares are adjusted for share splits / reverse share
splits and bonus shares, as appropriate.
2.11 Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax is recognized on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognized for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognized only if there is virtual certainty that there
will be sufficient future taxable income available to realise such
assets. Deferred tax assets are recognized for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realised. Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same governing tax laws
and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
realisability. Current and deferred tax relating to items directly
recognized in equity are recognized in equity and not in the Statement
of Profit and Loss.
2.12 Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events 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. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The company is a small
and medium-sized company (SMC) as defined in the General Instructions
in respect of Accounting Standards notified under the Companies Act,
1956. Accordingly, the company has complied with the Accounting
Standards as applicable to an SMC. The financial statements have been
prepared on accrual basis under the historical cost convention. The
accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year.
There are no changes in any accounting policies during the year.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
2.3 Revenue recognition
Sale of goods
Sales are recognized on transfer of significant risks and rewards of
ownership to the buyer, which generally coincides with the delivery of
goods to the buyer.
Sale of Services
Revenue from service transactions is recognised as the service is
performed and when no significant uncertainty exists regarding the
amount of the consideration that will be derived from rendering the
service
Other Operating Revenue
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
2.4 Other income
Interest income (Other than interest on loans) and dividend is
recognized when the right to receive it is established
2.5 Investments
Long-term investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments includes acquisition charges such as brokerage, fees and
duties."
Quoted Current Investments are carried at lower of cost and net
realizable value.
2.6 Employee benefits
Employee benefits include provident fund, superannuation fund, gratuity
fund, compensated absences, long service awards and post-employment
medical benefits.
2.7 Segment reporting
The company is engaged in only one business segment i.e.
Subcontracting. Even there are no separately identifiable Geogrpahical
Segments. As such information as required under AS-17 on "Segment
Reporting" issued by The Institute of Chartered Accountants of India
are not applicable to the company
2.8 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the
profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) as adjusted for dividend, interest and
other charges to expense or income relating to the dilutive potential
equity shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on the
conversion of all dilutive potential equity shares. Potential equity
shares are deemed to be dilutive only if their conversion to equity
shares would decrease the net profit per share from continuing ordinary
operations. Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless they have been
issued at a later date. The dilutive potential equity shares are
adjusted for the proceeds receivable had the shares been actually
issued at fair value (i.e. average market value of the outstanding
shares). Dilutive potential equity shares are determined independently
for each period presented. The number of equity shares and potentially
dilutive equity shares are adjusted for share splits / reverse share
splits and bonus shares, as appropriate.
2.9 Taxes on income
"Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax is recognized on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognized for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognized only if there is virtual certainty that there
will be sufficient future taxable income available to realise such
assets. Deferred tax assets are recognized for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realised. Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same governing tax laws
and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
realisability.
Current and deferred tax relating to items directly recognized in
equity are recognized in equity and not in the Statement of Profit and
Loss.
2.10 Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events 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. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2013
Basis of Preparation
These Financial Statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards notified u/s 211 (3C) of Companies ( Accounting Standard)
Rules, 2006, as amended and the relevant provisions of the Companies
Act, 1956.
Revenue Recognition
Sale of Goods : Sales are recognised when the substantial risks and
rewards of ownership in the goods are transferred and are recognised
net of discounts, sales tax and excise duties.
Interest: Interest income is recognised on time proportion basis taking
into account the amount outstanding and the rate applicable.
Fixed Assets
All fixed assets are valued at cost less accumulated depreciation.
Depreciation
Depreciation is provided on the straight-line method at amended rates
as per Schedule XIV of the Companies Act, 1956. Depreciation on
cylinders is provided at the rates applicable to other Plant &
Machinery. Cost of the Leased Assets is amortised over the period of
Lease. Depreciation on assets added / dispossed off during the year has
been provided on prorata basis with reference to the month of addition
/ disposal.
Current and Deferred Tax
Tax expenses for the period, comprising Current Tax and Deferred Tax
are included in determination of the net profit or loss for the period.
Current Tax is measured at the amount expected to be paid to the tax
authorities in accordance with the taxation j laws prevailing in India.
Deferred Tax Liability is recognised subject to the consideration of
prudence on timing difference being the difference , between Taxable
Income & Accounting Income that originate in one period and are capable
of reversal in one or more subsequent years. Deferred Tax assets are
recognised and carried forward only to the extent that there is virtual
certaintity that sufficient future taxable income will be available
against which deferred tax assets can be realised.
Deferred Tax assets and liabilities are measured using the tax rates
and tax laws that have been eanacted or substantively enacted by the
Balance Sheet date. At each Balance Sheet date, the company re-assesses
unrecognised assets, if any.
Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed.
Mar 31, 2011
Basis of Accounts
1) The financial statements have been prepared under the historical
cost convention Method and on accrual basis except Leave encashment and
in accordance with accounting standards issued by the Institute of
Chartered Accountants of India
Sales
Sales includes Excise Duty and excludes Sales Tax.
Fixed Assets
All fixed assets are valued at cost less accumulated depreciation.
Depreciation
Depreciation is provided on the straight-line method at amended rates
as per Schedule XIV of the Companies Act, 1956. Depreciation on
cylinders is provided at the rates applicable to other Plant &
Machinery. Cost of the Leased Assets is amortised over the period of
Lease
Investments
Investments are stated at cost.
Inventories
Inventories are valued (FIFO method) as follows.
I) Raw material, Work in progress, stores, tools & spares & stock in
transit at cost
ii) Finished Goods - Own products and bought out at lower of cost or
market value.
iii) Shares - at lower of cost or market value.
Retirement Benefits
Contribution to Provident Fund, Family Pension Fund are provided on
accrual basis
Employee Gratuity has been provided on accrual basis
Leave encashment has been accounted for on cash basis.
Deferred Tax
1 Deferred Tax is recognised subject to the consideration of prudence
on timing difference being the difference between Taxable Income &
Accounting Income that originate in one period and are capable of
reversal in one or more subsequent years.
2.Deferred Tax assets are recognised and carried forward only to the
extent that there is virtual certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
Mar 31, 2010
Basis of Accounts
1)
The financial statements have been prepared under the historical cost
convention Method and on accrual basis except Leave enchasment and in
accordance with accounting standards issued by the Institute of
Chartered Accountants of India
Sales
Sales includes Excise Duty and excludes Sales Tax.
Fixed Assets
All fixed assets are valued at cost less accumulated depreciation.
Depreciation
Depreciation is provided on the straight-line method at amended rates
as per Schedule XIV of the Companies Act, 1956. Depreciation on
cylinders is provided at the rates applicable to other Plant &
Machinery. Cost of the Leased Assets is amortised over the period of
Lease
Investments
Investments are stated at cost.
Inventories
Inventories are valued (FIFO method) as follows.
I) Raw material, Work in progress, stores, tools & spares & stock in
transit at cost
ii) Finished Goods - Own products and bought out at lower of cost or
market value.
iii) Shares - at lower of cost or market value.
Retirement Benefits
Contribution to Provident Fund, Family Pension Fund are provided on
accrual basis
Employee Gratuity has been provided on accrual basis
Leave encashment has been accounted for on cash basis.
Deferred Tax
1 Deferred Tax is recognised subject to the consideration of prudence
on timing difference being the difference between Taxable Income &
Accounting Income that originate in one period and are capable of
reversal in one or more subsequent years.
2.Deferred Tax assets are recognised and carried forward only to the
extent that there is virtual certainty that suffient future taxable
income will be available against which such deferred tax assets can be
realised.
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