Mar 31, 2016
1.01. System of Accounting :
Financial Statements have been prepared in accordance with the historical cost convention following accrual system of Accounting, Accepted Accounting Principles, Accounting Standards issued by I.C.A.I and relevant provisions of the Companies Act, 2013.
1.02. Revenue Recognition :
Sales : Sales are recognized in the accounts on passing the title of the goods.
Rental Income : Rental Income have been shown in the accounts as per the terms of Agreements with the tenants.
Other Income / Expenses : Other Income including sale of services and expenses are accounted for on accrual basis.
1.03. Investment :
Investments are stated at cost including the share stamp charges.
1.04. Fixed Assets :
Fixed Assets are stated at cost including direct expenses related thereto net of depreciation.
1.05. Depreciation:
The Company is providing depreciation on assets on straight line method based on useful life of assets as specified under Schedule II to the Companies Act, 2013 on pro-rata basis with effect from 1st April, 2014. Depreciation on properties on leasehold land has been charged on proportionate basis over the remaining period of Lease.
Depreciation on Silver Idol has been provided with effect from 1st April, 2015 on straight line method based on useful life specified under Schedule II to the Companies Act, 2013 for the furniture & fixture, the silver idol being in the nature of part of furniture & fixture and depreciation for the period up to 31st March, 2015 has been charged to the Statement of Profit & Loss as prior period expenses.
1.06. Amortization of Goodwill :
Goodwill acquired on amalgamation has been amortized over a period of 5 (five) years with effect from 1st April, 2015 in accordance with provisions of Accounting Standard- 14.
1.07. Inventories :
Real Estate - Valued at lower of cost including other attributable expenses or market realizable value.
Shares - Valued at lower of cost or market value in case of quoted shares and at lower of cost or book
value in case of unquoted shares.
Finished Goods - Finished goods has been valued at lower of cost or market realizable value.
Work-in-Progress - Work - in - progress has been valued at cost incurred up to the stage of completion.
Raw/ Packing Material - Valued at cost.
1.08. Employee Benefits :
I. Short Term Employee Benefits - All employee benefits payable within twelve months of rendering the service are recognized in the period in which the employee renders the related service.
Mar 31, 2015
1.01. System of Accounting :
Financial Statements have been prepared in accordance with the
historical cost convention following accrual system of Accounting,
Accepted Accounting Principles, Accounting Standards issued by I.C.A.I
and relevant provisions of the Companies Act, 2013.
1.02. Revenue Recognition :
Sales : Sales are recognised in the accounts on passing the
title of the goods.
Rental Income : Rental Income have been shown in the accounts as per
the terms of Agreements with the tenants.
Other Income
/ Expenses : Other Income including sale of services and expenses are
accounted for on accrual basis.
1.03. Investment :
Investments are stated at cost including the share stamp charges.
1.04. Fixed Assets :
Fixed Assets are stated at cost including direct expenses related
thereto net of depreciation.
1.05. Depreciation :
The Company is providing depreciation on assets on straight line method
based on useful lives of assets as specified under Schedule II to the
Companies Act, 2013 on pro-rata basis with effect from 1st April
2014.No depreciation has been provided on the Silver Idol as no useful
life for silver has been prescribed under Schedule II to the Companies
Act, 2013. Silver being a precious metal and generally subject to
appreciation, management considers no need for provision of
depreciation on the same. Depreciation on properties on leasehold land
has been charged on proportionate basis over the remaining period of
Lease as under: Building at 225C, A. J. C. Bose Road, Kolkata  5 Years
Building at 50, Chowringhee Road, Kolkata  1.5 years
1.06. Inventories :
Real Estate - Valued at lower of cost including other attributable
expenses or market realisable value.
Shares - Valued at lower of cost or market value in case of
quoted shares and at lower of cost or book value in
case of unquoted shares.
Finished Goods - Finished goods has been valued at lower of cost or
market realisable value.
Work-in-
Progress - Work-in-progress has been valued at cost incurred up
to the stage of completion.
Raw/ Packing
Material - Valued at cost.
1.07. Amortisation of Pre-Operative and Deferred Revenue Expenses :
The pre-operative expenses are being amortised by 10 equal
installments. The deferred revenue expenses are being amortised by 5
equal installments.
1.08. Employee Benefits :
I. Short Term Employee Benefits - All employee benefits payable within
twelve months of rendering the service are recognised in the period in
which the employee renders the related service.
II. Post Employment Benefits - Defined Contribution Plans :
a) Gratuity Plans :
Gratuity is payable to all eligible employees of the Company on death,
permanent disablement and resignation in terms of the provisions of the
Payment of Gratuity Act, 1972 or as per the Company's Scheme, whichever
is more beneficial. Benefit would be paid at the time of separation
based on the last drawn basic salary.
b) Leave Encashment :
Eligible employees can carry forward and encash leave up to death,
permanent disablement and resignation subject to maximum accumulation
allowed as applicable to the concerned division of the Company or
individual employee, highest being up to 88 days.
Leave over and above accumulation allowed is liable to be encashed in
the next year based on gross salary drawn in the last year.
III. Termination Benefits :
Termination Benefits are charged to the statement of Profit and Loss in
the year in which they are incurred.
Mar 31, 2014
1.01. System of Accounting :
Financial Statements have been prepared in accordance with the
historical cost convention following accrual system of Accounting,
Accepted Accounting Principles, Accounting Standards issued by I.C.A.I
and relevant provisions of the Companies Act, 1956.
1.02. Revenue Recognition :
Sales : Sales are recognised in the accounts on passing the title of
the goods.
Rental Income : Rental Income have been shown in the accounts as per
the terms of Agreements with the tenants.
Other Income / Expenses : Other Income including sale of services and
expenses are accounted for on accrual basis.
1.03. Investment :
Investments are stated at cost including the share stamp charges.
1.04. Fixed Assets :
Fixed Assets are stated at cost including direct expenses related
thereto net of depreciation.
1.05. Depreciation :
The Company is providing depreciation on assets including assets
acquired in amalgamation on written down value method on pro-rata basis
as per the rates prescribed under Schedule XIV to the Companies Act,
1956. No depreciation has been provided on Silver Idol as rate of
depreciation has not been prescribed in Schedule XIV to the Companies
Act, 1956. Depreciation on Building on Leasehold Land (Shown under the
head Non-Current Investments) has been charged on proportionate basis
over the period of Lease.
1.06. Inventories :
Real Estate - Valued at lower of cost including other attributable
expenses or market realisable value.
Shares - Valued at lower of cost or market value in case of quoted
shares and at lower of cost or book value in case of unquoted shares.
Finished Goods - Finished goods has been valued at lower of cost or
market realisable value.
Work-in-Progress - Work-in-progress has been valued at cost incurred up
to the stage of completion.
Raw/ Packing Material - Valued at cost.
1.07. Amortisation of Deferred Revenue Expenses :
The deferred revenue expenses are being amortised by 5 equal
installments.
1.08. Employee Benefits :
I. Short Term Employee Benefits - All employee benefits payable within
twelve months of rendering the service are recognised in the period in
which the employee renders the related service.
II. Post Employment Benefits - Defined Contribution Plans :
a) Gratuity Plans :
Gratuity is payable to all eligible employees of the Company on death,
permanent disablement and resignation in terms of the provisions of the
Payment of Gratuity Act, 1972 or as per the Company''s Scheme, whichever
is more beneficial. Benefit would be paid at the time of separation
based on the last drawn basic salary.
b) Leave Encashment :
Eligible employees can carry forward and encash leave up to death,
permanent disablement and resignation subject to maximum accumulation
allowed up to 88 days or as per terms of employment with the individual
employee.
In case of employees of Kolkata and Ranchi Division, the leave over and
above accumulation allowed is liable to be lapsed. Benefits would be
paid only at the time of separation based on the last drawn gross
salary.
In case of employees of Howrah Division, accumulated leave in excess of
42 days or as per terms of employment with the individual employee are
encashed in the next year based on gross salary drawn in the last year.
III. Termination Benefits :
Termination Benefits are charged to the statement of Profit and Loss in
the year in which they are incurred.
2.3.1 Loan of " 19,96,889/- (Previous year " 37,50,000/-) from United
Bank of India is Secured by assignment of rent receivable from the
lender Bank itself and personal guarantee of a Director of the Company
up to " 37,50,000/-. The loan is repayable in 84 installments. The last
installment is payable on 20th March, 2020.
2.3.3 Loans from entities other than banks includes :
(a) " 44,44,187/- (Previous year " 23,76,550/-) from Reliance Capital
Ltd. is secured by hypothecation of certain machineries financed by
them. Loans are repayable in equated monthly installments. Last
installment is payable on 10th January, 2017.
(b) " 3,42,68,074/- (Previous year " 4,92,12,799/-) from L&T Finance
Ltd. is secured by mortgage of immovable properties of the Company
situated at NH- 6, Salap More, Howrah, portion of premises Nos. 50,
Chowringhee Road, Kolkata and 225C, A. J. C. Bose Road, Kolkata,
hypothecation of raw materials, work-in-progress, finished goods,
movable properties such as plant and machinery, equipments etc., book
debts and personal guarantee of two Directors of the Company up to "
6,00,00,000/-. Last installment is payable on 5th September, 2016.
(c) " 1,34,05,840/- (Previous year " NIL) from Magma Fincorp Ltd. is
secured by pledge of 8,25,000 equity shares of the Company held by
Directors/ Promoters and personal guarantee of Director/ Promoters of
the Company. The loan is repayable in equated monthly installments.
Last installment is payable on 7th August, 2017.
2.28 Estimated amount of contracts remaining to be executed on capital
account is "11,22,76,870/- (Previous Year " 26,52,688/-) against which
" 49,72,360/-(Previous Year " 4,63,149/-) has been paid as advance.
2.29 Contingent Liabilities not provided for:
(a) Additional Excise Duty amounting to " 26,98,597/- (Previous Year "
26,98,597/-) demanded by the Excise Authorities has not been provided
in the Books of Account although an amount of " 20,46,303/- (Previous
Year " 20,46,303/-) has been deposited with the Central Excise
Authorities as per High Court Order. The matter is subjudiced pending
decision by the Central Excise Tribunal, neither adjustment for the
amount deposited nor provision for additional Excise Duty has been
made.
(b) Interest and penalty of " 82,23,782/- (Previous Year " 58,53,873/-)
of Kolkata Municipal Corporation taxes of premises no. 50, Chowringhee
Road, Kolkata, the valuation of which has been disputed by the Company
and the matter is pending before Hon''ble High Court at Calcutta.
(c) Interest and penalty of " 4,83,525/- (Previous Year " 3,07,698/-)
of Kolkata Municipal Corporation taxes of premises no. 225C, A. J. C.
Bose Road, Kolkata, which has been disputed with Kolkata Municipal
Corporation as the Company has paid certain amount in waiver scheme and
decision of the same is pending.
2.30 (a) One of the tenants of the Company namely M/s Income Tax
Appellate Tribunal is not paying Service Tax on Rent since the same has
came in to effect. The Company is liable to collect a sum of "
46,84,664/- (Previous Year " 39,43,202/-) from said M/s Income Tax
Appellate Tribunal towards Service Tax on Rent for the period
01.06.2007 to 31.03.2014 and remit the same to the Government account.
The Company has duly provided the said Service Tax liability in its
books of account. The Company has filed a writ petition before the
Hon''ble High Court at Calcutta for recovery of Service Tax on Rent from
M/s Income Tax Appellate Tribunal. The matter is subjudiced pending
decision by the Hon''ble High Court at Calcutta.
(b) Annual Value of one property of the Company situated at 50,
Chowringhee Road, Kolkata was revised by the Kolkata Municipal
Corporation with retrospective effect from 1st July, 2006 on
15.06.2010. The Company has disputed the said valuation by filing a
writ petition before the Hon''ble High Court at Calcutta praying for a
fresh valuation. The Company is not paying municipal tax and liability
on this account of " 1,25,42,889/- (Previous Year " 1,06,00,390/-) up
to 31.03.2014 has been duly provided in the books of account. The
matter is subjudiced, pending decision by the Hon''ble High Court at
Calcutta.
Mar 31, 2013
1.01. System of Accounting :
Financial Statements have been prepared in accordance with the
historical cost convention following accrual system of Accounting,
Accepted Accounting Principles, Accounting Standards issued by I.C.A.I
and relevant provisions of the Companies Act, 1956.
1.02. Revenue Recognition :
Sales : Sales are recognised in the accounts on passing the title of
the goods.
Rental Income : Rental Income have been shown in the accounts as per
the terms of Agreements with the tenants.
Other Income / Expenses : Other Income including sale of services and
expenses are accounted for on accrual basis.
1.03. Investment :
Investments are stated at cost including the share stamp charges.
1.04. Fixed Assets :
Fixed Assets are stated at cost including direct expenses related
thereto net of depreciation.
1.05. Depreciation :
The Company is providing depreciation on assets including assets
acquired in amalgamation on written down value method on pro-rata basis
as per the rates prescribed under Schedule XIV to the Companies Act,
1956. No depreciation has been provided on Silver Idol as rate of
depreciation has not been prescribed in Schedule XIV to the Companies
Act, 1956. Depreciation on Building on Leasehold Land (Shown under the
head Non-Current Investments) has been charged on proportionate basis
over the period of Lease.
1.06. Inventories :
Real Estate - Valued at lower of cost including other attributable
expenses or market realisable value.
Shares - Valued at lower of cost or market value in case of quoted
Shares otherwise at cost or book value wherever applicable.
Finished Goods - Finished goods has been valued at lower of cost or
market realisable value.
Work-in-Progress - Work-in-progress has been valued at cost incurred up
to the stage of completion.
Raw/ Packing Material - Valued at cost.
1.07. Amortisation of Deferred Revenue Expenses :
The deferred revenue expenses are being amortised by 5 equal
installments.
1.08. Employee Benefits :
I. Short Term Employee Benefits - All employee benefits payable within
twelve months of rendering the service are recognised in the period in
which the employee renders the related service.
II. Post Employment Benefits - Defined Contribution Plans :
a) Gratuity Plans :
Gratuity is payable to all eligible employees of the Company on death,
permanent '' disablement and resignation in terms of the provisions of
the Payment of Gratuity Act, 1972 or as per the Company''s Scheme,
whichever is more beneficial. Benefit would be paid at the time of
separation based on the last drawn basic salary.
-b) Leave Encashment:
Eligible employees can carry forward and encash leave up to death,
permanent disablement and resignation subject to maximum accumulation
allowed up to 88 days or as per terms of employment with the individual
employee.
In case of employees of Real Estate Division, the leave over and above
accumulation allowed is liable to be lapsed. Benefits would be paid
only at the time of separation based on the last drawn gross salary.
In case of employees of Packaged Drinking Water Division, accumulated
leave in excess of 42 days or as per terms of employment with the
individual employee are encashed in the next year based on gross salary
drawn in the last year.
III. Termination Benefits :
Termination Benefits are charged to the statement of Profit and Loss in
the year in which they are incurred.
Mar 31, 2012
1.01. System of Accounting :
Financial Statements have been prepared in accordance with the
historical cost convention following accrual system of Accounting'
Accepted Accounting Principles' Accounting Standards issued by I.C.A.I
and relevant provisions of the Companies Act' 1956.
1.02. Revenue Recognition :
Sales : Sales are recognised in the accounts on passing the title of
the goods.
Rental Income : Rental Income have been shown in the accounts as per
The terms of Agreements with the tenants.
Other Income / Expenses : Other Income including sale of services and
expenses are accounted for on accrual basis.
1.03. Investment :
Investments are stated at cost including the share stamp charges.
1.04. Fixed Assets :
Fixed Assets are stated at cost including direct expenses related
thereto net of depreciation.
1.05. Depreciation :
The Company is providing depreciation on assets including assets
acquired in amalgamation on written down value method on pro-rata basis
as per the rates prescribed under Schedule XIV to the Companies Act'
1956. No depreciation has been provided on Silver Idol as rate of
depreciation has not been prescribed in Schedule XIV to the Companies
Act' 1956. Depreciation on Building on Leasehold Land (Shown under the
head Investments) has been charged on proportionate basis over the
period of Lease.
1.06. Inventories :
Real Estate - Valued at lower of costlncluding other attributable
expenses or market realisable value.
Shares - Valued at lower of cost or market value in case of quoted
Shares otherwise at cost or book value wherever applicable.
Finished Goods - Finished goods has been valued at lower of cost or
market
realisable value.
Work-in-Progress - Work-in-progress has been valued at cost incurred up
to the
stage of completion.
Raw/ Packing Material - Valued at cost.
1.07. Amortisation of Deferred Revenue Expenses :
The deferred revenue expenses are beind' amortised by 5 equal
installments.
1.08. Employee Benefits :
I. Short Term Employee Benefits - All employee benefits payable within
twelve months of rendering the service are recognised in the period in
which the employee renders the related service.
II. Post Employment Benefits - Defined Contribution Plans :
a) Gratuity Plans :
Gratuity is payable to all eligible employees of the Company on death'
permanent disablement and resignation in terms of the provisions of the
Payment of Gratuity Act or as per the Company's Scheme' whichever is
more beneficial. Benefit would be paid at the time of separation based
on the last drawn basic salary.
b) Leave Encashment :
Eligible employees can carry forward and encash leave up to death'
permanent disablement and resignation subject to maximum accumulation
allowed up to 88 days or as per terms of employment with the individual
employee.
In case of employees of Real Estate Division' the leave over and'above
acpumulation allowed is liable to be lapsed. Benefits would be paid
ohly'at the'time'of separation based on the last drawn gross salary.
In case of employees of Packaged Drinking Water Division' accumulated
leave in excess of 42 days or as per terms of employment with the
individual employee are encashed in the next year based on gross salary
drawn in the last year.
III. Termination Benefits :
Termination Benefits are charged to the statement of Profit and Loss in
the year in which they are incurred.
Mar 31, 2010
1.01. System of Accounts:
Financial Statements have been prepared in accordance with the
thistorical cost convernlion following accrual system of Accounting
Principlos, Accounting Stanrdards issued I.C.A.I and relenvant
provisions of the Companies Act, 1956.
1.02 Revenue Recognition :
Sales : Sales are recognized in the accounts
on passing title of the goods.
Rental Income : Rental Income have been shown in the
accounts as per the terms of Agreements
with the tenants.
Other Income/ Expenses : Other Income including sale of sevires
and expenses are accounted for on
accrual basis.
1.03. Investments :
Investments are stated at cost including the share stamp charges.
1.04. Fixed Assete :
Fixed Asseis are stated at cost including direct expenses related
thereto of depreciation.
1.05. Depreciation :
The Company is providing depreciation on assets including assets
acquired in amalgamation on writen down value method on pro-rala basis
as per the rates prescribed under Schedule XIV to the Companies Act,
1956. No depreciation has been provided on Silver [do] as rate of
depreciation has not been prescribed in Schedule XIV to the Companies
Act, 1956. Depreciation on Building on Leasehold Land (Shown under the
head Investments ) has been charged on proportionate basis over the
period of Lease.
1.06. Inventories
Real Estate - Valued at lower of cost including other
attributable expernses or market
realizable value.
Shares - Valued at lower of cost or market value
in case of quoted Shares otherwise at
cost or book value wherever applicable.
Finished Goods - Finished goods has been valued at lower
of cost or market realisable value.
Work in Progress - Work in progress has been valued at cost
incurred up to the stage of completion.
Raw/Packing Materail - Valued at cost.
1.07 Amortisation of Deferred Revenue Expenses :
The deferred revenue expenses are being amorlised by 5 equal
installments .
1.08. Employee Benefits :
I. Short Term employee benefits:- All employee benefits payable with in
twelve months of rendering the service are recognized in the peroid in
which the employee renders the related service.
II. Post Employment Benefits:-
Defined Contribution pians:
a) Gratuity Plans:
Gratuity is payable to all eligible employees of the Company on death,
permanent disablement and refignation in terms of the provisions of the
Payment of Gratuity Act or as per the Companys Scheme, whichever is
more beneficial. Benefit would at the time of separalion based on the
last drawn basic salary.
b) Leave Encashment :
Eligible employees can carry forward and encash leave up to death,
permanent disablement and resignation subject to maximum accumulation
allowed up to 88 days or as per terms of employment with the individual
employee. The leave over and above accumulation allowed is liable to be
lapsed. Benefits would be paid only at the time of separation based on
the last drawn gross salary.
III. Termination Benefits :
Termination Benefits are changed to the Profit and Loss Account In the
year in which they are incurred.
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