Mar 31, 2015
1. BASIS OF ACCOUNTING:
a) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, including the Accounting Standards specified
(Except AS-15) under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. The Financial Statements are prepared
as per Schedule III of The Companies Act 2013 in consensus with section
129 of the Act.
b) The accounts are maintained on accrual basis, except for certain
employee benefits like Gratuity, leave encashment and income on
investment which are accounted on actual basis.
2. USE OF ESTIMATES:
The preparation of Financial Statements, in conformity with the
Generally Accepted Accounting Practices (GAAP) in India, required the
management to make estimates and assumptions that affect the reported
amounts of assets, liabilities as on the date of the financial
statements. Actual result may differ from the estimates.
3. REVENUE RECOGNITION:
Sale of goods is recognized when the risk and reward of ownership are
passed on to the customers. Sales are disclosed net of sales tax after
deducting the applicable trade discount and rejections if any.
4. a) FIXED ASSETS:
Fixed assets are stated at cost of acquisition or construction
including all the acquisition and installation related expenses.
Individual assets costing less than Rs, 5000 are depreciated at the
rate of 100%.
b) DEPRECIATION:
Depreciation is provided on straight line method, at the rates and
manner prescribed under schedule II of the Companies Act, 2013.
5. INVENTORIES:
Raw Materials, Consumable stores and spares are valued at lower of cost
or market value after providing for obsolescence and depletion in value
wherever applicable.
6. RETIREMENT BENEFITS:
a) Contributions to PF/EPF are accounted on accrual basis.
b) Gratuity and leave encashment are accounted on cash basis.
7. FOREIGN CURRENCY TRANSACTION:
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates. The
exchange difference arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise, except in case of the liabilities for the
acquisition of fixed assets, where such exchange difference is adjusted
in the carrying cost of fixed assets. This is not applicable to the
Company.
8. INVESTMENT:
Long term investments are stated at cost, less provisions for other
than temporary diminution in value. Current investments comprising
investments in mutual fund and shares are stated at the lower of cost
or market value, determined on portfolio basis.
9 . TAXES ON INCOME:
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax expense or benefit is recognized on timing differences
being the difference between taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax asset in respect of unabsorbed depreciation and carry
forward of losses are recognized only to the extent that there is
virtual certainty that sufficient taxable income will be available to
realize these assets. All other deferred tax assets are recognized only
to the extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
10 . IMPAIRMENT OF ASSETS:
As at each Balance Sheet date, the Company reviews the carrying amount
of its Fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment loss. Recoverable amount is higher
of an asset's net selling price and value in use. Reversal of
impairment of loss is recognized immediately as income in the Profit &
Loss account.
Mar 31, 2014
1. BASIS OF ACCOUNTING:
a) The financial statements are prepared on the historical cost in
accordance with the generally accepted accounting principles and
presentation requirement as per schedule VI of the Companies Act, 1956
and the accounting standards referred to in Section 211 (3C) of the
Companies Act, 1956 except for AS-15.
b) The accounts are maintained on accrual basis, except for certain
employee benefits like Gratuity, leave encashment and income on
investment which are accounted on actual basis.
2. USE OF ESTIMATES:
The preparation of Financial Statements, in conformity with the
Generally Accepted Accounting Practices (GAAP) in India, required the
management to make estimates and assumptions that affect the reported
amounts of assets, liabilities as on the date of the financial
statements. Actual result may differ from the estimates.
3. REVENUE RECOGNITION:
Generally revenue on sales is recognized on dispatch of goods from the
factory. In respect of consignment sales, revenue is recognized at the
time of receipt of confirmation of sale from the Consignee. The Company
has not made any sales during the current year.
4. a) FIXED ASSETS:
Fixed assets are stated at cost of acquisition or construction
including all the acquisition and installation related expenses.
Individual assets costing less than '' 5000 are depreciated at the rate
of 100%.
b) DEPRECIATION:
Depreciation is provided on straight line method, at the rates and
manner prescribed under schedule XIV of the Companies Act, 1956.
5. INVENTORIES:
Raw Materials, Consumable stores and spares are valued at lower of cost
or market value after providing for obsolescence and depletion in value
wherever applicable.
6. RETIREMENT BENEFITS:
a) Contributions to PF/EPF are accounted on accrual basis.
b) Gratuity and leave encashment are accounted on cash basis.
7. FOREIGN CURRENCY TRANSACTION:
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates. The
exchange difference arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise, except in case of the liabilities for the
acquisition of fixed assets, where such exchange difference is adjusted
in the carrying cost of fixed assets. This is not applicable to the
Company.
8. INVESTMENT:
Long term investments are stated at cost , less provisions for other
than temporary diminution in value. Current investments comprising
investments in mutual fund and shares are stated at the lower of cost
and market value, determined on portfolio basis.
9. TAXES ON INCOME:
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax expense or benefit is recognized on timing differences
being the difference between taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax asset in respect of unabsorbed depreciation and carry
forward of losses are recognized only to the extent that there is
virtual certainty that sufficient taxable income will be available to
realize these assets. All other deferred tax assets are recognized only
to the extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
10. IMPAIRMENT OF ASSETS:
As at each Balance Sheet date, the Company reviews the carrying amount
of its Fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment loss. Recoverable amount is higher
of an asset''s net selling price and value in use. Reversal of
impairment of loss is recognized immediately as income in the Profit &
Loss account.
Mar 31, 2013
1. BASIS OF ACCOUNTING:
a) The financial statements are prepared on the historical cost in
accordance with the generally accepted accounting principles and
presentation requirement as per schedule VI of the Companies Act, 1956
and the accounting standards referred to in Section 211 (3C) of the
Companies Act, 1956 except for AS-15.
b) The accounts are maintained on accrual basis, except for certain
employee benefits like Gratuity, leave encashment and income on
investment which are accounted on actual basis.
2. USE OF ESTIMATES:
The preparation of Financial Statements, in conformity with the
Generally Accepted Accounting Practices (GAAP) in India, required the
management to make estimates and assumptions that affect the reported
amounts of assets, liabilities as on the date of the financial
statements. Actual result may differ from the estimates.
3. REVENUE RECOGNITION:
Revenue on sales is recognized on dispatch of goods from the factory.
In respect of consignment sales, revenue is recognized at the time of
receipt of confirmation of sale from the Consignee.
4. a) FIXED ASSETS:
Fixed assets are stated at cost of acquisition or construction
including all the acquisition and installation related expenses.
Individual assets costing less than Rs. 5000 are depreciated at the
rate of 100%.
b) DEPRECIATION:
Depreciation is provided on straight line method, at the rates and
manner prescribed under schedule XIV of the Companies Act, 1956.
5. INVENTORIES:
Raw Materials, Consumable stores and spares are valued at lower of cost
or market value after providing for obsolescence and depletion in value
wherever applicable.
6. RETIREMENT BENEFITS:
a) Contributions to PF/EPF are accounted on accrual basis.
b) Gratuity and leave encashment are accounted on cash basis.
7. FOREIGN CURRENCY TRANSACTION:
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates. The
exchange difference arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise, except in case of the liabilities for the
acquisition of fixed assets, where such exchange difference is adjusted
in the carrying cost of fixed assets.
8. INVESTMENT:
Long term investments are stated at cost, less provisions for other
than temporary diminution in value. Current investments comprising
investments in mutual fund and shares are stated at the lower of cost
and market value, determined on portfolio basis.
9. TAXES ON INCOME:
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred Tax expense or benefit is recognized on timing differences
being the difference between taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax asset in respect unabsorbed depreciation and carry forward
of losses are recognized only to the extent that there is virtual
certainty that sufficient taxable income will be available to realize
these assets. All other deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
10. IMPAIRMENT OF ASSETS :
As at each Balance Sheet date, the company reviews the carrying amount
of its fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment loss. Recoverable amount is higher
of an asset''s net selling price and value in use. Reversal of
impairment of loss is recognized immediately as income in the profit
and loss account.
Mar 31, 2012
1. BASIS OF ACCOUNTING:
a) The financial statements are prepared on the historical cost in
accordance with the generally accepted accounting principles and
presentation requirement as per schedule VI of the Companies Act, 1956
and the accounting standards referred to in Section 211 (3C) of the
Companies Act, 1956 except for AS-15.
b) The accounts are maintained on accrual basis, except for certain
employee benefits like Gratuity, leave encashment and income on
investment which are accounted on actual basis.
2. USE OF ESTIMATES:
The preparation of Financial Statements, in conformity with the
Generally Accepted Accounting Practices (GAAP) in India, required the
management to make estimates and assumptions that affect the reported
amounts of assets, liabilities as on the date of the financial
statements. Actual result may differ from the estimates.
3. REVENUE RECOGNITION:
Revenue on sales is recognized on dispatch of goods from the factory.
In respect of consignment sales, revenue is recognized at the time of
receipt of confirmation of sale from the Consignee.
4. a) FIXED ASSETS:
Fixed assets are stated at cost of acquisition or construction
including all the acquisition and installation related expenses.
Individual assets costing less than Rs. 5000 are depreciated at the
rate of 100%.
b) DEPRECIATION:
Depreciation is provided on straight line method, at the rates and
manner prescribed under schedule XIV of the Companies Act, 1956.
5. INVENTORIES:
Raw Materials, Consumable stores and spares are valued at lower of cost
or market value after providing for obsolescence and depletion in value
wherever applicable.
6. RETIREMENT BENEFITS:
a) Contribution to PF/EPF are accounted on accrual basis.
b) Gratuity and leave encashment are accounted on cash basis.
7. FOREIGN CURRENCY TRANSACTION:
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates. The
exchange difference arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise, except in case of the liabilities for the
acquisition of fixed assets, where such exchange difference is adjusted
in the carrying cost of fixed assets.
8. INVESTMENT:
Long term investments are stated at cost, less provisions for other
than temporary diminution in value. Current investments comprising
investments in mutual fund and shares are stated at the lower of cost
and market value, determined on portfolio basis.
9. TAXES ON INCOME:
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred Tax expense or benefit is recognized on timing differences
being the difference between taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax asset in respect unabsorbed depreciation and carry forward
of losses are recognized only to the extent that there is virtual
certainty that sufficient taxable income will be available to realize
these assets. All other deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
10. IMPAIRMENT OF ASSETS:
As at each Balance Sheet date, the company reviews the carrying amount
of its fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment loss. Recoverable amount is higher
of an asset's net selling price and value in use. Reversal of
impairment of loss is recognized immediately as income in the profit
and loss account.
Mar 31, 2010
1. BASIS OF ACCOUNTING:
a) The financial statements are prepared on the historical cost in
accordance with the generally accepted accounting principles and
presentation requirement as per schedule VI of the Companies Act, 1956
and the accounting standards referred to in Section 211 (3C) of the
Companies Act, 1956 except for AS-15.
b) The accounts are maintained on accrual basis, except for certain
employee benefits like Gratuity, leave encashment and income on
investment which are accounted on actual basis.
2. USE OF ESTIMATES:
The preparation of Financial Statements, in conformity with the
Generally Accepted Accounting Practices (GAAP) in India, required the
management to make estimates and assumptions that affect the reported
amounts of assets, liabilities as on the date of the financial
statements. Actual result may differ from the estimates.
3. REVENUE RECOGNITION:
Revenue on sales is recognised on despatch of goods from the factory.
In respect of consignment sales, revenue is recognised at the time of
receipt of confirmation of sale from the Consignee.
4. A) FIXED ASSETS:
Fixed assets are stated at cost of acquisition or construction
including all the acquisition and installation related expenses.
Individual assets costing less than Rs. 5000 are depreciated at the
rate of 100%.
B) DEPRECIATION:
Depreciation is provided on straight line method, at the rates and
manner prescribed under schedule XIV of the Companies Act, 1956.
5. INVENTORIES:
Raw materials, Consumable stores and spares are valued at lower of cost
or market value after providing for obsolescence and depletion in value
wherever applicable. However, finished goods are valued at market
value.
6. RETIREMENT BENEFITS:
a) Contribution to PF/EPF are accounted on accrual basis.
b) Gratuity and leave encashment are accounted on cash basis.
7. FOREIGN CURRENCYTRANSACTION:
Transactions in foreign currencies are recorded at the exchange
rat&prevailing on the date of the transaction. Foreign currency
monetary assets and liabilities are translated at year end exchange
rates. The exchange difference arising on settlement of transactions
and translation of monetary items are recognized as income or expense
in the year in which they arise, except in case of the liabilities for
the acquisition of fixed assets, where such exchange difference is
adjusted in the carrying cost of fixed assets. :<
8. INVESTMENT:
I Long term investments are stated at cost, less provisions for other
than temporary diminution in value. Current investments comprising
investments in mutual fund and shares are stated at the tower of cost
and market value, determined on portfolio basis.
9. TAXE5QN INCOME:
Tax on income for the current period is determined on the basis of
taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act 1961. !
Deferred Tax expense or benefit is recognized on timing differences
being the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax asset in respect unabsorbed depreciation and carry forward
of losses are recognized only to the I extent that there is virtual
certainty that sufficient taxable income will be available to realize
these assets. All other deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
10. IMPAIRMENT OF ASSETS:
As at each Balance Sheet date, the company reviews the carrying amount
of its fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment loss. Recoverable amount is higher
of an assets net selling price and value in use. Reversal of
impairment of loss is recognized immediately as income in the profit
and loss account.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article