Mar 31, 2014
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
* The 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 under Section 211 3(C) [ Companies (Accounting Standards ) Rules,2006, as amended ] and the other relevant provisions of the Companies Act, 1956.
B. FIXED ASSETS
* Fixed Assets are valued at cost less depreciation.
* Depreciation has been provided on Written down Value method at the rates prescribed in Schedule XIV of the Companies Act, 1956.
* Closing Stock is taken as certified by the Management. The same is valued at cost or Net Realizable Value whichever is less.
E. RETIREMENT BENEFITS
* As certified by the management, the company has no liability under the Provident Fund & Super Annuation Fund Act as the said acts do not apply to the company.
* It is explained to us that the company does not provide for any leave encashment and any liability arising thereon shall be paid and dealt with in the books of accounts at the actual time of payment.
F. REVENUE RECOGNITION
* Sales are accounted Inclusive of taxes.
* Long Investments are carried at cost less provision for permanent diminution if any in the value of such investment.
H. BORROWING COSTS
* Borrowing costs are charged to the Profit and Loss A/c in the year in which they are incurred.
I. CONTINGENT LIABILITIES
* As certified by the Management, there is no contingent liability on the company and all known and estimated liabilities have been provided for in the books of accounts.
J. APPLICABILITY OF AS-22
* In compliance with the Accounting Standard 22 (AS-22) "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, company has
created Deferred Tax Liability of Rs.4,38,104/- in the current year.
K. APPLICABILITY OF AS - 18
* In accordance with the requirements of Accounting Standard -18 (AS - 18) "Related Party Transactions" issued by the Institute of Chartered Accountants of India, the following company is considered as Related Party as defined in AS -18:
Name of Party 2012-13 Relationship Nature of Transaction
Snehal B. Patel 12,00,000 Director Remuneration
Menezes Olga Vincentpaul 2,31,000 Director Remuneration
Naishdh B. Patel 12,00,000 Director Remuneration
Rupaganiben S. Patel 4,80,000 Wife of Director Salary
Anjanaben S. Patel 2,50,000 Wife of Director Salary
Maruti Nutritious Fodd Pvt Ltd 48,44,89,847 Sister Concern Sales
Maruti Nutritious Fodd Pvt Ltd 24,42,234 Sister Concern Labour Packing Income L. FOREIGN CURRENCY TRANSACTIONS
* There are no such foreign currency transactions during the year.
M. C I F VALUE OF IMPORT RAW MATERIALS
N. EXPENDITURE IN FOREIGN CURRENCY
O. EARNING PER SHARE
* The Earning per Share (AS-20) has been computed as under :
(a) Profit after tax Rs. 24,10,634/-
(b) No. of Equity Share shares
(c) Nominal value of share Rs. 10 per share
(d) EPS Rs. 0.46/-