Mar 31, 2016
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 statement have been prepared to comply in all material aspects with the Accounting Standards notified under Section 2H 3(C) [ Companies (Accounting Standards ) Rules,200%s amended ] and the other relevant provisions of the Companies Act, P56.
B. FIXED ASSETS
- Fixed Assets are valued at cost the preciation as certified by management.
C. DEPRECIATION
Depreciation has been required on fixed assets on write down value method in accordance with the useful life specified in Schedule II to the Act,
D. INVENTORY
- Closing Stock is taken as certified by the age anent. 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 Annotation Fund Act as the set do not apply to the company.
- It is explained to us that the company shot provide for any leave encashment and any liability arising thereon shall be paid dealt with in the books of accounts at the actual time payment.
F. REVENUE RECOGNITION
- Sales are accounted elusive of taxes.
G. INVESTMENTS
- Long Investments are carried cost less provision 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 contingent liability on the company and all known and estimated labialise have been provided for in the books of accounts.
J. APPLICABILITY OF AS-22
- In compliance with the Accounting Standa22 (AS-22) Accounting for Taxes on Incomeâ issued by the Institute of Charged: Accountants of India, company has created Deferred Tax Liability of4R8-,I4/- in the current year.
K. APPLICABILITY OF AS - 18
- In accordance with the requirements Accounting Standard -B (AS - 8)
Related Party Transactionsâ â issued by Institute of Chartered Accountants of India, the following company is considered Related Party as defined in AS -B:
L. FOREIGN CURRENCY TRANSACTIONS
- There are no such foreign currency transactions during the year.
M. C I F VALUE OF IMPORT RAW MATERIALS
- NIL
N. EXPENDITURE IN FOREIGN CURRENCY
- NIL
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.
C. DEPRECIATION
* Depreciation has been provided on Written down Value method at the
rates prescribed in Schedule XIV of the Companies Act, 1956.
D. INVENTORY
* 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.
G. INVESTMENTS
* 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
* NIL
N. EXPENDITURE IN FOREIGN CURRENCY
* NIL
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/-
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