Mar 31, 2014
(a) Corporate Information
Brief Business Activity  Trading in Garment Fabric, Granite and stone.
Place of Business  400, 4th Floor, B Wing, ''Sangeeta Ellipse'' Sahakar
Road, Vile Parle (East) Mumbai- 400057
(b) Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies
(Accounting Standards) Rules 2006, (as amended) and the relevant
provisions of the Companies Act,1956 ("the Act"). The financial
statements have been prepared under the historical cost convention on
an accrual basis in accordance with accounting principles generally
accepted in India. The accounting policies have been consistently
applied by the Company and are consistent with those used in previous
year.
(c) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
(d) Revenue recognition
Revenue from sale of goods is recognized when significant risk and
rewards of ownership are transferred to the customers. Sales are net of
sales return and trade discount. Revenue from services is recognized as
and when services are rendered and related costs are incurred, in
accordance with the terms of the specific contracts. All other income
is accounted on accrual basis.Dividend income is accounted on cash
basis.
(e) Fixed Assets
(i) Tangible fixed assets
Tangible fixed assets are stated at cost, less accumulated depreciation
and impairment losses, if any. Cost comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price. Borrowing costs directly attributable
to acquisition of fixed assets which take substantial period of time to
get ready for its intended use are also included to the extent they
relate to the period till such assets are ready to be put to use.
(ii) Intangible fixed assets
Intangible assets acquired separately are measured on initial
recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated
impairment losses, if any. Intangible assets are amortized on a basis
which is estimated to be the useful life of the asset.
(f) Depreciation
Depreciation has been provided on Written down Value Method at the
rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956 on pro-rata basis from the date assets have been put to use.
(g) Impairment of assets
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized in accordance with Accounting
Standard-28 "Impairment of Assets", for the amount by which the asset''s
carrying amount exceeds its recoverable amount as on the carrying date.
The recoverable amount is higher of the asset''s fair value less costs
to sell vis-Ã -vis value in at the lowest levels for which there are
separately identifiable cash flows.
(h) Investments
Long term investments are stated at cost. Provision for diminution in
the value of long term investments is made only if such decline is of a
permanent nature.
Current investments are carried individually, at the lower of cost and
fair value. Costs of investments include acquisition charges such as
brokerage, fees and duties.
(i) Inventories
Inventories are valued at cost or net realizable value whichever is
lower.
(j) Taxation
Provision for current tax is made as per the provisions of the
Income-tax Act, 1961.
Deferred tax for the year is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is a reasonable
certainty that the assets can be realized in future, however when there
is unabsorbed depreciation or carry forward loss under taxation laws,
deferred tax assets are recognized only if there is a virtual certainty
of realization of such assets.
(k) Provision, 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 recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
(l) Retirement Benefits
Liabilities in respect of bonus, gratuity, retirement benefit & leave
encashment is being accounted for on cash basis.
(m) Earnings per share
The earnings considered in ascertaining the company''s EPS comprise of
the net profit after tax as per Accounting Standard 20 on "Earnings Per
Share", issued by the Institute of Chartered Accountants of India. The
number of shares used in computing basic EPS is the weighted average
number of shares outstanding during the period. The diluted EPS is
calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive equity shares is anti-dilutive.
(n) Cash flow statement
Cash flows are reported using the indirect method, whereby profit
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 segregated based
on the available information.
( c) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10 per share.Each holder of equity shares is entitled to one vote
per share. The Company decleres and pays dividend in Indian Rupees.
The dividend proposed by the Board of directors is subject to the
approval of the shareholders in ensuing Annual General Meeting. In
event of liquidation of the Company,the holders of equity shares would
be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The Distribution will be in
proportion to the number of equity shares held by the shareholders.
17. Balances of Debtors, Loans and Advances, Secured Loans, Sundry
Creditors & Others are subject to confirmation and reconciliation and
consequential adjustments, if any.
Mar 31, 2013
1. Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies
(Accounting Standards) Rules 2006, (as amended) and the relevant
provisions of the Companies Act,1956 ("the Act"). The financial
statements have been prepared under the historical cost convention on
an accrual basis in accordance with accounting principles generally
accepted in India. The accounting policies have been consistently
applied by the Company and are consistent with those used in previous
year.
2. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
3. Revenue recognition
Revenue from sale of goods is recognized when significant risk and
rewards of ownership are transferred to the customers. Sales are net of
sales return and trade discount. Revenue from services is recognized as
and when services are rendered and related costs are incurred, in
accordance with the terms of the specific contracts.
All other income is accounted on accrual basis. Dividend income is
accounted on cash basis.
4. Fixed Assets
(i) Tangible fixed assets
Tangible fixed assets are stated at cost, less accumulated depreciation
and impairment losses, if any. Cost comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price. Borrowing costs directly attributable
to acquisition of fixed assets which take substantial period of time to
get ready for its intended use are also included to the extent they
relate to the period till such assets are ready to be put to use.
(ii) Intangible fixed assets
Intangible assets acquired separately are measured on initial
recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated
impairment losses, if any. Intangible assets are amortized on a basis
which is estimated to be the useful life of the asset.
5. Depreciation
Depreciation has been provided on Written down Value Method at the
rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956 on pro-rata basis from the date assets have been put to use.
6. Impairment of assets
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized in accordance with Accounting
Standard-28 "Impairment of Assets", for the amount by which the
asset''s carrying amount exceeds its recoverable amount as on the
carrying date. The recoverable amount is higher of the asset''s fair
value less costs to sell vis-a-vis value in at the lowest levels for
which there are separately identifiable cash flows.
7. Investments
Long term investments are stated at cost. Provision for diminution in
the value of long term investments is made only if such decline is of a
permanent nature.
Current investments are carried individually, at the lower of cost and
fair value. Costs of investments include acquisition charges such as
brokerage, fees and duties.
8. Inventories
Inventories are valued at cost or net realizable value whichever is
lower.
9. Taxation
Provision for current tax is made as per the provisions of the
Income-tax Act, 1961.
Deferred tax for the year is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is a reasonable
certainty that the assets can be realized in future, however when there
is unabsorbed depreciation or carry forward loss under taxation laws,
deferred tax assets are recognized only if there is a virtual certainty
of realization of such assets.
10. Provision, 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 recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
(l) Retirement Benefits
Liabilities in respect of bonus, gratuity, retirement benefit & leave
encashment is being accounted for on cash basis.
(m) Earnings per share
The earnings considered in ascertaining the company''s EPS comprise of
the net profit after tax as per Accounting Standard 20 on "Earnings
Per Share", issued by the Institute of Chartered Accountants of
India.
The number of shares used in computing basic EPS is the weighted
average number of shares outstanding during the period. The diluted EPS
is calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive equity shares is anti-dilutive.
(n) Cash flow statement
Cash flows are reported using the indirect method, whereby profit
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 segregated based
on the available information.
Mar 31, 2012
1. Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies
(Accounting Standards) Rules 2006, (as amended) and the relevant
provisions of the Companies Act,1956 ("the Act"). The financial
statements have been prepared under the historical cost convention on
an accrual basis in accordance with accounting principles generally
accepted in India. The accounting policies have been consistently
applied by the Company and are consistent with those used in previous
year.
2. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of currentevents and actions, actual results could differ
from these estimates.
3. Revenue recognition
Revenue from sale of goods is recognized when significant risk and
rewards of ownership are transferred to the customers. Sales are net of
sales return and trade discount. Revenue from services is recognized as
and when services are rendered and related costs are incurred, in
accordance with the terms of the specific contracts.
All other income is accounted on accrual basis.Dividend income is
accounted on cash basis.
4. Fixed Assets
(i) Tangible fixed assets
Tangible fixed assets are stated at cost, less accumulated depreciation
and impairment losses, if any. Cost comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price. Borrowing costs directly attributable
to acquisition of fixed assets which take substantial period of time to
get ready for its intended use are also included to the extent they
relate to the period till such assets are ready to be put to use.
(ii) Intangible fixed assets
Intangible assets acquired separately are measured on initial
recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated
impairment losses, if any. Intangible assets are amortized on a basis
which is estimated to be the useful life of the asset.
5. Depreciation
Depreciation has been provided on Straight Line Method at the rates and
in the manner prescribed in Schedule XIV of the Companies Act, 1956 on
pro-rata basis from the date assets have been put to use.
6. Impairment of assets
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized in accordance with Accounting
Standard-28 "Impairment of Assets", for the amount by which the
asset''s carrying amount exceeds its recoverable amount as on the
carrying date. The recoverable amount is higher of the asset''s fair
value less costs to sell vis-a-vis value in at the lowest levels for
which there are separately identifiable cash flows.
7. Investments
Long term investments are stated at cost. Provision for diminution in
the value of long term investments is made only if such decline is of a
permanent nature.
Current investments are carried individually, at the lower of cost and
fair value. Costs of investments include acquisition charges such as
brokerage, fees and duties.
8. Inventories
Inventories are valued at cost or net realizable value whichever is
lower.
9. Taxation
Provision for current tax is made as per the provisions of the
Income-tax Act, 1961.
Deferred tax for the year is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is a reasonable
certainty that the assets can be realized in future, however when there
is unabsorbed depreciation or carry forward loss under taxation laws,
deferred tax assets are recognized only if there is a virtual certainty
of realization of such assets.
10. Provision, 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 recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2010
A) Accounting Convention and concepts:-
The financial statements are prepared under the historical cost
convention, in accordance with the Indian Generally Accepted Accounting
Principles (IGAAAP) comprising the mandatory accounting standards
issued by the Institute of Chartered Accountants of India and the
provisions of the Companies Act, 1956, on accrual basis, as adopted
consistently by the Company.
B) Fixed Assets:-
All Fixed assets are stated at cost of acquisition less accumulated
depreciation.
C) Depreciation:-
Depreciation on fixed assets are provided on written down value method
under section 205 (2) (a) of companies Act 1956, at the rate and in the
manner specified in Schedule - XIV of the said Act.
D) Investment:-
Investments are valued at Cost of acquisition or book value.
E) Stock In Trade:-
Current investment in shares etc., Acquired in the ordinary course of
business are stated as stock in trade. Stock in trade is valued at
cost or market value whichever is lower.
F) Revenue Recognition:-
Revenue is recognized when there is a reasonable certainly of its
ultimate realization/collection,
i) Dividend Income:-Dividend Income is accounted for when declared,
ii) Sales are accounted on the sale getting concluded which is on
accrual basis.
iii) Other Income: - Other income is accounted on accrual basis.
G) Contingent Liability:-
Contingent liabilities, if any, are disclosed by way of note on the
Balance Sheet.
H) Taxes on Income:-
Tax expense comprise both current tax and deferred tax at the
applicable enacted or substantively enacted rates, Current tax
represents the amount of income tax payable/recoverable in respect of
the taxable income/loss for the reporting period. Deferred tax
represents the effect of timing difference between taxable income and
accounting income for the reporting periods that originate in one
period and are capable of reversal in one or more subsequent periods.