Mar 31, 2015
Nature of Operations:
National Oxygen Limited was incorporated on 23rd December 1974 and is
engaged in manufacturing of Industrial Gases and Wind Energy generation
Basis of Preparation :
The financial statements have been prepared to comply in all material
respects with the accounting principles generally accepted in India,
including mandatory Accounting Standards notified under Section 133 of
the Companies Act, 2013 and the relevant provisions thereof under the
historical cost convention and on an accrual basis. The accounting
policies, in all material respects, have been consistently applied by
the Company and are consistent with those used in the previous year .
All Assets and Liabilities have been classified as current or
noncurrent as per the company's normal operating cycle and other
criteria specified in Schedule III to the Companies Act, 2013. The
company has presently determined 12 months as the normal Operating
cycle for the purpose of classification of current and noncurrent
Assets and Liabilities.
A RECOGNITION OF INCOME & EXPENDITURE:
The company follows the Mercantile system of accounting and
recognizes Income and Expenditure on accrual basis, except those with significant uncertainties.
B FIXED ASSETS:
a) Fixed Assets are stated at cost net of Canvas & Value added tax,
depreciation and impairment. Cost of acquisition includes duties,
taxes, incidental expenses, erection / commissioning expenses and
interest etc. upto the date the asset is ready for its intended use.
b) The Carrying amount of assets are reviewed at each balance sheet
date to determine if there is any indication of impairment based on
external/internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount which
represents the greater of the net selling price and 'Value in use' of
the assets. The estimated future cash flows considered for determining
the value in use, are discounted to their present value at the weighted
average cost of capital. Based on the review, the management concluded
that there was no indication of any impairment as at the Balance Sheet
date.
C DEPRECIATION:
a) With effect from 1st April 2014, the company has computed
depreciation with reference to the useful life / revised remaining
useful life of the assets as specified by and in the manner prescribed
in Schedule II of the Companies Act 2013 under Straight Line Method. As
permitted by the transitional provisions of Schedule II, the Company
has decided to adjust the impact of change in useful life arising on
its first application amounting to Rs.58,01,324 (Net of Deferred Tax
Rs.27,86,868) against the opening Retained Earnings. On Additions /
sales the depreciation is prorated to the month of Addition / Sale.
b) Lease hold Land is amortized over the lease period.
c) In case of Impairment, if any, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D INVESTMENTS:
a) Quoted / Unquoted Long term Investments are stated at cost unless
there is a decline, other than temporary, in the value thereof, which
is duly provided for in the Accounts.
b) Current quoted investments are stated at lower of cost or market
value on individual investment basis.
E INVENTORIES:
a) Finished Goods  At cost (Computed on Annual Weighted Average) or
net realizable value whichever is lower
b) Raw Materials/Stores & Spare Parts  At Cost (Computed on FIFO
basis) or net realizable value whichever is lower
F FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions are recorded on the basis of exchange
rate prevailing at the date of the transaction. Foreign currency
monetary items are reported at the yearend closing rates. Non monetary
items which are carried at historical cost are reported using the
exchange rate prevailing at the date of the transaction.
The exchange differences arising on settlement / year end restatement
of monetary items are recognized in the Profit & Loss Account in the
period in which they arise.
G EMPLOYEE BENEFITS:
Defined Benefits Plans: Gratuity liability is provided for based on
actuarial valuation made at the end of each financial year using the
projected unit credit method . Actuarial gain and losses are recognized
immediately in the statement of Profit & Loss Account as income or
expenses.
Defined Contribution plans : Company's contribution to Provident Fund
is charged to the Profit & Loss Account of the year when the
contribution to the said fund is due. The Company has no obligations
other than the contributions payable to the said Fund.
H SALES : Sales is net of discounts and rebate allowed to the
customers.
I BORROWING COSTS :Borrowing costs relating to acquisition/construction
of qualifying assets are capitalized until the time all substantial
activities necessary to prepare the qualifying assets for their
intended use are complete. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to revenue.
J TAXES ON INCOME :
a) Current Income Ta x is provided as per the provisions of the Income
tax Act 1961.
b) Deferred Tax arising on account of 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
periods, are recognized at the income tax rates enacted or
substantively enacted as on the Balance Sheet date. Deferred Tax Asset
is recognized and carried forward only to the extent that there is
virtual certainty that the assets will be realized in subsequent
periods.
K PROVISIONS:
A provision is recognized when an enterprise has a present obligation
as a result of past event 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.
L CONTINGENT LIABILITIES:
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of "Notes" to the accounts.
Mar 31, 2014
A RECOGNITION OF INCOME & EXPENDITURE: The company follows the
Mercantile system of accounting and recognizes Income and Expenditure
on accrual basis, except those with significant uncertainties.
B FIXED ASSETS:
a) Fixed Assets are stated at cost net of Cenvat & Value added tax,
depreciation and impairment. Cost of acquisition includes duties,
taxes, incidental expenses, erection / commissioning expenses and
interest etc.upto the date the asset is ready for its intended use.
b) The Carrying amount of assets are reviewed at each balance sheet
date to determine if there is any indication of impairment based on
external/internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount which
represents the greater of the net selling price and ''Value in use'' of
the assets. The estimated future cash flows considered for determining
the value in use, are discounted to their present value at the weighted
average cost of capital. Based on the review, the management concluded
that there was no indication of any impairment as at the Balance Sheet
date.
C DEPRECIATION:
a) Depreciation is being provided on Straight Line Method as per the
rates and the manner specified in Schedule XIV of the Companies Act,
1956. On Addition/Sales Depreciation is being provided on Pro-rata
basis. Assets individually costing upto Rs.5000/- are fully charged off
in the year of addition.
b) Lease hold Land is amortized over the lease period.
c) In case of Impairment, if any, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D INVESTMENTS:
a) Quoted / Unquoted Long term Investments are stated at cost unless
there is a decline, other than temporary, in the value thereof, which
is duly provided for in the Accounts.
b) Current quoted investments are stated at lower of cost or market
value on individual investment basis.
E INVENTORIES:
a) Finished Goods - At cost (Computed on Annual Weighted Average) or
net realisable value which ever is lower
b) Raw Materials/Stores & Spare Parts - At Cost (Computed on FIFO
basis) or net realisable value which ever is lower
F FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions are recorded on the basis of exchange
rate prevailing at the date of the transaction. Foreign currency
monetary items are reported at the year end closing rates. Non monetary
items which are carried at historical cost are reported using the
exchange rate prevailing at the date of the transaction.
The exchange differences arising on settlement / year end restatement
of monetary items are recognized in the Profit & Loss Account in the
period in which they arise.
G EMPLOYEE BENEFITS:
Defined Benefits Plans: Gratuity liability is provided for based on
actuarial valuation made at the end of each financial year using the
projected unit credit method . Actuarial gain and losses are recognized
immediately in the statement of Profit & Loss Account as income or
expenses.
Defined Contribution plans : Company''s contribution to Provident Fund
is charged to the Profit & Loss Account of the year when the
contribution to the said fund is due. The Company has no obligations
other than the contributions payable to the said Fund.
H SALES: Sales is net of discounts and rebate allowed to the customers.
I BORROWING COSTS: Borrowing costs relating to acquisition/construction
of qualifying assets are capitalised until the time all substantial
activities necessary to prepare the qualifying assets for their
intended use are complete. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to revenue.
J TAXES ON INCOME :
a) Current Income Tax is provided as per the provisions of the Income
tax Act 1961.
b) Deferred Tax arising on account of 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
periods, are recognised at the income tax rates enacted or
substantively enacted as on the Balance Sheet date. Deferred Tax Asset
is recognised and carried forward only to the extent that there is
virtual certainty that the assets will be realised in subsequent
periods.
K PROVISIONS:
A provision is recognized when an enterprise has a present obligation
as a result of past event 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.
L CONTINGENT LIABILITIES: Liabilities which are material and whose
future outcome cannot be ascertained with reasonable certainty are
treated as contingent and disclosed by way of "Notes " to the accounts.
C. The company has only one class of equity shares having par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividend in Indian Rupees. The
dividend proposed by the Board of directors is subject to the approval
of the share holders in the ensuing Annual General Meeting.
D. For the year ended 31st March, 2014, the Board of Directors of the
Company have recommended dividend of Rs. Nil (Previous year '' Re.1 per
share) to equity shareholders aggregating to Rs.Nil (Previous year
480,2,271). Together with the Corporate Dividend Distribution Tax of
Rs.Nil (Previous year 8,16,146 ), the total payout will be '' Rs.Nil
(Previous year Rs.56,18,417) .
32 Disclosure required by Accounting Standard (AS) 15 (Revised) on
"Employee Benefits":
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service is entitled to Gratuity on
terms not less favourable than the provisions of The Payment of
Gratuity Act, 1972.
The estimates of future salary increases considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
* The Management has relied on the overall actuarial valuation
conducted by the actuary.
Mar 31, 2012
Nature of Operations:
National Oxygen Limited was incorporated on 23rd December 1974 and is
engaged in manufacturing of Industrial Gases and Wind Energy
generation.
Basis of Preparation:
The financial statements have been prepared to comply in all material
respects with the accounting principles generally accepted in India,
including mandatory Accounting Standards notified under the Companies
(Accounting Standard) Rules, 2006 (as amended) under the historical
cost convention and on an accrual basis. The accounting policies, in
all material respects, have been consistently applied by the Company
and are consistent with those used . in the previous year except for
changes in the presentation and disclosures of the financial statements
in accordance with the Revised Schedule-VI.
A RECOGNITION OF INCOME & EXPENDITURE: The company follows the
Mercantile system of accounting and recognizes Income and Expenditure
on accrual basis, except those with significant uncertainties.
B FIXED ASSETS:
a) Fixed Assets are stated at cost net of cenvat & Value added tax,
depreciation and . impairment. Cost of acquisition includes duties,
taxes, incidental expenses, erection / commissioning expenses and
interest etc. upto the date the asset is ready for its intended use.
b) The Carrying amount of assets are reviewed at each balance sheet
date to determine if there is any indication of impairment based on
external/internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount which
represents the greater ofthe net selling price ' and 'Value in use'
of the assets. The estimated future cash flows considered for
determining the value in use, are discounted to their present value at
the weighted average cost of capital. Based on the review, the
management concluded that there was no indication of any impairment as
at the Balance Sheet date.
C DEPRECIATION:
a) Depreciation is being provided on Straight Line Method as per the
rates and the manner specified in Schedule XIV of the Companies Act,
1956. On Addition/Sales Depreciation is being provided on Pro-rata
basis. Assets individually costing upto Rs.5000/- are fully charged
off in the year of addition.
b) Lease hold Land is amortized over*the lease period. '
c) In case of Impairment, if any, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D INVESTMENTS:
a) Quoted / Unquoted Long term Investments are stated at cost unless
there is a decline, other than temporary, in the value thereof, which
is duly provided for in the Accounts.
b), Current quoted investments are stated at lower of cost or market
value on individual investment basis.
E INVENTORIES: .
a) Finished Goods-At cost (Computed on Annual Weighted Average) or net
realisable value which ever is lower
b) Raw Materials/Stores & Spare Parts - At Cost (Computed on FIFO
basis) or net realisable value which ever is lower
F FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions are recorded on the basis of exchange
rate prevailing at the date of the transaction. Foreign currency
monetary items are reported at the year end closing rates. Non monetary
items which are carried at historical cost are reported using the
exchange rate prevailing at the date of the transaction.
The exchange differences arising on settlement / year end restatement
of monetary items are recognized in the Profit & Loss Account in the
period in which they arise.
G EMPLOYEE BENEFITS:
Defined Benefits Plans: Gratuity liability is provided for based on
actuarial valuation made at the end of each financial year using the
projected unit credit method._ Actuarial gain and losses are recognized
immediately in the statement of Profit & Loss Account as income or
expenses.
Defined Contribution plans : Company's contribution to Provident Fund
is charged to the , Profit & Loss Account of the year when the
contribution to the said fund is due. The Company has njo obligations
other than the contributions payable to the said Fund.
H SALES: Sales is net of discounts and rebate allowed to the customers.
I BORROWING COSTS :Borrowing costs relating to acquisition/construction
of qualifying assets are capitalised until the time all substantial
activities necessary to prepare the qualifying assets for their
intended use are complete. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to revenue.
J TAXES ON INCOME :
a) Current Income Tax is provided as per the provisions of the Income
tax Act 1961.
b) Deferred Tax arising on account of 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
periods, are recognised at the income tax rates enacted or
substantively enacted as on the Balance Sheet date. Deferred Tax Asset
is recognised and carried forward only to the extent that there is
virtual certainty that the assets will be realised in subsequent
periods. ' ,
K PROVISIONS:
A provision is recognized when an enterprise has a present obligation
as a result of past event 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. .
L CONTINGENT LIABILITIES:
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of
Mar 31, 2010
A RECOGNITION OF INCOME & EXPENDITURE: The company follows the
Mercantile system of accounting and recognizes Income and Expenditure
on accrual basis, except those with significant uncertainties.
B FIXED ASSETS:
b> Fixed Assets are stated at cost net of cenvat & Value added tax,
depreciation and impairment. Cost of acquisition includes duties,
taxes, incidental expenses, erection / commissioning expenses and
interest etc.upto the date the asset is ready for its intended use.
b) The Carrying amount of assets are reviewed at each balance sheet
date to determine if there is any indication of impairment based on
external/internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount which
represents the greater of the net selling price and Value in use of
the assets. The estimated future cash flows considered for determining
the value in use, are discounted to their present value at the weighted
average cost of capital. Based on the review, the management concluded
that there was no indication of any impairment as at the Balance Sheet
date.
C DEPRECIATION:
a) Depreciation is being provided on Straight Line Method as per the
rates and the manner specified in Schedule XIV of the Companies Act,
1956. On Addition/Sales Depreciation is being provided on Pro-rata
basis. Assets individually costing upto Rs.5000/- are fully charged off
in the year of addition.
b) Lease Hold Land is amortized over the lease period.
c) In case of Impairment, if any,depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D INVESTMENTS:
a) Quoted / Unquoted Long Term Investments are stated at cost unless
there is a decline, otherthan temporary, in the value thereof, which is
duly provided for in the Accounts.
b) Current quoted investments are stated at lower of cost or market
value on individual investment basis.
E INVENTORIES:
a) Finished Goods - At cost (Computed on Annual Weighted Average) or
net realisable value which ever is lower
b) Raw Materials/Stores & Spare Parts -At Cost (Computed on FIFO basis)
or net realisable value which ever is lower
F FOREIGN CURRENCYTRANSACTIONS:
Foreign currency transactions are recorded on the basis of exchange
rate prevailing at the date of the transaction. Foreign currency
monetary items are reported at the year end closing rates. Non monetary
items which are carried at historical cost are reported using the
exchange rate prevailing at the date of the transaction.
The exchange rate differences arising on settlement / year end
restatement of monetary items are recognized in the Profit & Loss
Account in the period in which they arise.
G EMPLOYEE BENEFITS:
Defined Benefits Plans: Gratuity liability is provided for based on
actuarial valuation made at the end of each financial year using the
projected unit credit method . Actuarial gain and losses are recognized
immediately in the statement of Profit & Loss Account as income or
expenses.
Defined Contribution plans : Companys contribution to Provident Fund
is charged to the Profit & Loss Account of the year when the
contribution to the said fund is due. The Company has no obligations
other than the contributions payable to the said Fund.
H SALES: Sales is net of discounts and rebate allowed to the customers.
I BORROWING COSTS :Borrowing costs relating to acquisition/construction
of qualifying assets are capitalised until the time all substantial
activities necessary to prepare the qualifying assets for their
intended use are complete. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to revenue.
J TAXES ON INCOME:
a) Current Income Tax is provided as per the provisions of the Income
tax Act 1961.
b) Deferred Tax arising on account of 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
periods, are recognised at the income tax rates enacted or
substantively enacted as on the Balance Sheet date. Deferred Tax Asset
is recognised and carried forward only to the extent that there is
virtual certainty that the assets will be realised in subsequent
periods.
K PROVISIONS:
A provision is recognized when an enterprise has a present obligation
as a result of past event 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.
L CONTINGENT LIABILITIES: Liabilities which are material and whose
future outcome cannot be ascertained with reasonable certainty are
treated as contingent and disclosed by way of "Notes" to the accounts.
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