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Accounting Policies of PC Products India Ltd. Company

Mar 31, 2015

1.1. Basis of preparation of financial statements

The financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounting Principles Indian (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013 and the accounting standards issued by the Institute of Chartered Accountants of India, as adopted consistently by the company.

1.2. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the management to make to estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

1.3. Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Sales: Sales comprises of sale of papers, net of trade discounts, however, exclusive of sales tax, which are accounted separately. Sales are recognized on raising invoices and dispatch of goods.

Commission: Commission is accounted as and when the work is completed, bills are raised and right to receive the same is established.

Interest Income: Interest Income is accounted as and when credited by party/ banks to the accounts

All revenues are generally recognized on accrual basis.

1.4. Expenditure Recognition

Expenses are accounted on the accrual basis and provisions for all known losses and liabilities are made.

1.5. Fixed Assets:

Fixed assets were stated at the historical cost which is inclusive of freight, duties installation costs and other incidental expenses incurred up to the installation. However the Company does not hold any fixed assets as on 31.03.2015, as all the fixed assets have been sold during the year 2001-02.

1.6. Going Concern:

All the fixed assets movable and immovable were sold during the year 2001- 02. During this financial year Company has made the Profit of Rs. 2,72,304.25/ - and Company's brought forward losses of earlier years Rs. 1,62,26,749.46 (total loss as on 31st March 2015 is Rs. 1,59,54,445.21) needs to be absorbed. Company's Current good assets exceeded its current liabilities by Rs. 7,98,578.79 and its total liabilities exceeded its total assets by Rs. 1,59,54,445.21. The ability of the Company to continue as a going concern is dependent on the future business plans of the Company and in this case many measures were already taken up by the new management after the takeover. The management's efforts of recovery of receivables are going on and it is reasonably confident about the realization of all the book debts and advances. The management is reasonably confident to continue the business at sustainable levels as there is change in product mix being dealt with and the changes in the management team or approach, however the change will have to transform in to sustainable financials and generation of cash flows have to accrue in future to re-establish the going concern beyond any doubts.

1.7. Accounting for Taxes on Income (AS 22):

The Company, considering accumulated losses and managements perception of virtual uncertainty of making profit in the light of past result and also due to substantial doubt with respect to company's status of going concern, has not created or assumed any Deferred Tax Asset for the previous years and current year as required to be done according to the Accounting Standard 22 issued by Institute of Chartered Accountants of India.

The Advance Tax and Provision for Income Tax are adjusted and only net result is disclosed in the balance sheet.

1.8. Retirement Benefit:

i. The Company is not Covered under Provident fund

ii. The provision for gratuity and leave encashment for the year 2014-15 is made in the books and not provided for

1.9. Investments

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. However Company has no current investments. All other investments are classified as long term investments.

Long-term investments are carried at cost. However, diminution in value is provided to recognize a decline, other than temporary, in the value of the investments.

1.10. Related party Disclosures:

Related party disclosures have been set out below. The related parties as defined by Accounting Standard 18 " Related party Disclosure " issued by the Institute of Chartered Accountants of India, in respect of which the disclosure have been made, have been identified on the basis of disclosures made by the key managerial persons and taken on record by the Board.

The transactions with the following related parties are listed below:

Name of the Party Nature of relationship Description of Amount of transaction transaction

NIL

1.11. Dues to small scale Industrial undertaking

There are no Undertakings, which are SSI, from whom amounts, outstanding for more than 30days where such due or dues exceeds Rs. 1 lakh. The above information has been compiled in respect of parties to the extent to which they could be identified as small scale and ancillary undertakings based on information available with the Company and furnished.

1.12. Expenditure in foreign Currency - Nil

1.13. Remittance in Foreign currency - Nil

1.14. Earnings in Foreign Exchange - Nil

1.15. Contingent Liabilities

The Company does not have any contingent liability.

1.16. Loans and Advances: In the Opinion of Board of Director, current assets, Loans & Advances have the value at which these are stated in the Balance Sheet if realized in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonable necessary

1.17. Debtors and Creditors: Balance of trade debtors and creditors are subject to confirmations from the parties

1.18. Bank and Cash Balances: Ratnakar Bank Balance of Rs. 46,668/- (2012-13 Rs. 46,668/-) and Laxmi Vilas Bank balance Rs. 2,806.79 (2012-13 Rs. 2,806.79) are subject to reconciliation and confirmation from the bank

1.19. Target plus Scheme DEPB Receivable (under Trade Receivables): The

Company had dealt with some of the licenses/ Export Incentives under Target plus Scheme in the earlier financial years. Rs.322.99 Lac DEPB income receivable pertaining to this scheme is outstanding from the year 2006-07 and the balance of receivable is subject to confirmation and reconciliation from the respective parties the details of which are not readily available. Considering the time elapsed and also considering the inadequate documentation pertaining to the transactions the debt is classified as doubtful. The company has not made any provision in the books in consideration of doubfullness of the realisability of this material amount due from the third party as the efforts are on to receive the same and management is reasonably confident of realization of this debt.

1.20. The management of the Company has changed the name of the Company during the financial year as PC Products India Ltd. which was earlier known as Jayavant Industries Ltd.

1.20. Previous Year's Figures: Previous year's figures have been regrouped or rearranged or reclassified wherever necessary.

1.21. Figures in the parenthesis relate to the previous year. Previous years figures have been regrouped and rearranged wherever necessary to conform to current year classification.


Mar 31, 2014

1.1. Basis of preparation of financial statements

The financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounting Principles Indian (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 and the accounting standards issued by the Institute of Chartered Accountants of India, as adopted consistently by the company.

1.2. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the management to make to estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates

1.3. Revenue Recognition

All revenues are generally recognized on accrual basis.

1.4. Fixed Assets:

Fixed assets were stated at the historical cost which is inclusive of freight, duties installation costs and other incidental expenses incurred upto the installation. However Company does not hold any Fixed Assets as on 31.03.2014, as all the fixed assets have been sold during the year 2001-02.

1.5. Going Concern:

All the fixed assets are sold during the year 2001-02. During this financial year Company has made the Profit of Rs.5,41,511.80/- and Company's brought forward losses of earlier years Rs, 1,68,95,261.26 (total loss as on 31st March 2014 is Rs. 1,63,53,749.46) needs to be absorbed. Company's Current liabilities exceeded its current good assets by Rs.32,71,838.46 and its total liabilities exceeded its total assets by Rs. 1,63,53,749.46. The ability of the Company to continue as a going concern is dependent on the future business plans of the Company for which no indications do exist. This factor along with doubtfulness of debt as per Note No 1 15 : Target plus Scheme DEPB Receivable, raises substantial doubt that the Company will be able to continue as a "Going Concern”.

1.6. Accounting for Taxes on Income (AS 22):

The Company, considering accumulated losses and managements perception of virtual uncertainty of making profit in the light of past result and also due to substantial doubt with respect to company's status of going concern, has not created or assumed any Deferred Tax Asset for the previous years and current year as required to be done according to the Accounting Standard 22 issued by Institute of Chartered Accountants of India.

The Advance Tax and Provision for Income Tax are adjusted and only net result is disclosed in the balance sheet

1.7. Dues to small scale Industrial undertaking

There are no Undertakings, which are SSI, from whom amounts, outstanding for more than 30days where such due or dues exceeds Rs. 1 lakhs. The above information has been compiled in respect of parties to the extent to which they could be identified as small scale and ancillary undertakings on the basis of information available with the Company and furnished.

1.8. Expenditure in foreign Currency Nil

1.9. Remittance in Foreign currency Nil

1.10. Earnings in Foreign Exchange Nil

1.11. Contingent Liabilities

Claims for taxes and miscellaneous items not acknowledged by the company NIL

1.12. Loans and Advances: In the Opinion of Board of Director, current assets, Loans & Advances have the value at which these are stated in the Balance Sheet if realized in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonable necessary

1.13. Debtors and Creditors: Balance of trade debtors and creditors are subject to confirmations from the parties

1.14. Bank and cash Balances: Ratnakar Bank Balance of Rs. 46,668/- (2012-13 Rs. 46,668/-) and Laxmi Vilas Bank balance Rs. 2,806.79 (2012-13 Rs. 2,806.79) are subject to reconciliation and confirmation from the bank

1.15. Target plus Scheme DEPB Receivable: The Company had dealt with some of the licenses/ Export Incentives under Target plus Scheme in the earlier financial years. Rs.322.99 Lac DEPB income receivable pertaining to this scheme is outstanding for the last several years and the balance of receivable is subject to confirmation and reconciliation from the respective parties the details of which are not available & traceable . Considering the time elapsed and also considering the inadequate documentation pertaining to the transactions the debt is classified as doubtful. The company has not made any provision in the books in consideration of doubtfulness of the realisability of this material amount due from the third party

1.16. Previous Year's Figures: Previous year's figures have been regrouped or rearranged or reclassified wherever necessary.

1.17. Figures in the parenthesis relate to the previous year. Previous years figures have been regrouped and rearranged wherever necessary to conform to current year classification.


Mar 31, 2013

1.1. Basis of preparation of financial statements

The financial statements are prepared under the historical cost convention in accordance with the Generally Accepted accounting Principles Indian (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 and the accounting standards issued by the Institute of Chartered Accountants of India, as adopted consistently by the company.

1.2. Use of Estimates

The preparation of finacial statements in conformity with generally accepted accounting principles requires the management to make to estimates and assumptions hat affect the reported amounts of assets and liabilities d disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year. Although these estimates are based upon management's best i knowledge of current events and actions, actual results could differ from these estimates

1.3. Revenue Recognition

All revenues are generally recognized on acqrual basis.

1.4. Fixed Assets:

Fixed assets were stated at the historical cost which is inclusive of freight, duties installation costs and other incidental expenses incurred upto the installation. However Company does not hold any Fixed Assets as on 31 3.2013, as all the fixed assets have been sold during the year 2001-02.

1.5. Going Concern:

All the fixed assets are sold during the year 2001-02. During this financial year Company has made the Loss of Rs.76,526.25- and Company's brought forward losses of earlier years Rs. 1,68,18,735.01 (total loss as on 31st March 2013 is Rs. 1,68,95,261.26) needs to be absorbed. Company's Current liabilities exceeded it current good assets by Rs.38, 37,721.26 and its total liabilities exceeded its total assets by Rs.1,68,95,261,26. The ability of the Company to continue as a going concern is dependent on the future business plans of the Company for which 10 indications do exist, This factor along with doubtfulness s of debt as per Note No 1 15 : Target plus Scheme DEPB Receivable, raises substantial doubt that the Company will be able to continue as a "Going Concern".

1.6. Accounting for Taxes on Income (AS 22):

The Company, considering accumulated losses and managements perception of virtual uncertainty of making profit in the light of past result and also due to substantial doubt with respect to company's status of going concern, has not created or assumed any Deferred Tax Asset for the previous years and current year as required to be done according to the Account ng Standard 22 issued by Institute of Chartered Accountants of India.

The Advance Tax and Provision for Income Tax are adjusted and only net result is disclosed in the balance sheet

1.7. Dues to small scale Idustrial undertaking

There are no Undertakings, which are SSI, from whom amount , outstanding for more than 30 days where such due or dues exceeds Rs. 1 lakhs.The above informat on has been compiled in respect of parties to the extent which they could be identified as small scale and ancillary undertakings on the basis of information available with the Company and furnished.

1.8. Expenditure in foreign Currency Nil

1.9. Remittance in Foreign currency Nil

1.10. Earnings in Foreign Exchange Nil

1.11. Contingent Liabilities

Claims for taxes and miscellaneous items not acknowledged by the company NIL

1.12. Loans and Advances In the Opinion of Board of Director, current assets, Loans & Advances have the value at which these are stated in the Balance Sheet if realized in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonable necessary

13. Debtors and Creditors Balance of trade debtors and creditors are subject to confirmations from the parties

1.14. Bank and cash Balances: Ratnakar Bank Balance of Rs. 46,668/- (2011-12 Rs. 46,668/-) and Laxmi Vilas Bank balance Rs. 2,806.79 (2011-12 Rs. 9,548.39) are subject to reconciliation and confirmation from the bank

1.15. Target plus Scheme EPB Receivable: The Company had dealt with some of the licenses/ Export Incentives under Target plus Scheme in the earlier financial years, Rs.3 2.99 Lac DEPB income receivable pertaining to this scheme is outstanding for the last several years and the balance of receivable is subject to confirmation and reconciliation from the respective parties the details of which are not available & traceable. Considering the time elapsed and also considering the inadiquate documentation pertaining to the transactions the debt is classified as doubtful. The company has not made any provision in the books in consideration of doubfullnes of the realisability of this material amount due from the third party

1.16. Previous Year's Figures: Previous year's figures have been regrouped or rearranged or reclassified wherever necessary.

1.17. Figures in the parenthesis relate to the previous year. Previous years figures have been regrouped and rearranged wherever necessary to conform to current year classification.


Mar 31, 2012

1.1. Basis of preparation of financial statements

The financial statements are prepared under the historical cost convention in accordance with the Generally Accepted accounting Principles Indian (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 and the accounting standards issued by the Institute of Chartered Accountants of India, as adopted consistently by the company.

1.2. Use of Estimates

The preparation of finacial statements in conformity with generally accepted accounting principles requires the management to make to estimates and assumptions hat affect the reported amounts of assets and liabilities d disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year. Although these estimates are based upon management's best i knowledge of current events and actions, actual results could differ from these estimates

1.3. Revenue Recognition

All revenues are generally recognized on acqrual basis.

1.4. Fixed Assets:

Fixed assets were stated at the historical cost which is inclusive of freight, duties installation costs and other incidental expenses incurred upto the installation. However Company does not hold any Fixed Assets as on 31 3.2013, as all the fixed assets have been sold during the year 2001-02.

1.5. Going Concern:

All the fixed assets are sold during the year 2001-02. During this financial year Company has made the Loss of Rs.76,526.25- and Company's brought forward losses of earlier years Rs. 1,68,18,735.01 (total loss as on 31st March 2013 is Rs. 1,68,95,261.26) needs to be absorbed. Company's Current liabilities exceeded it current good assets by Rs.38, 37,721.26 and its total liabilities exceeded its total assets by Rs.1,68,95,261,26. The ability of the Company to continue as a going concern is dependent on the future business plans of the Company for which 10 indications do exist, This factor along with doubtfulness s of debt as per Note No 1 15 : Target plus Scheme DEPB Receivable, raises substantial doubt that the Company will be able to continue as a "Going Concern".

1.6. Accounting for Taxes on Income (AS 22):

The Company, considering accumulated losses and managements perception of virtual uncertainty of making profit in the light of past result and also due to substantial doubt with respect to company's status of going concern, has not created or assumed any Deferred Tax Asset for the previous years and current year as required to be done according to the Account ng Standard 22 issued by Institute of Chartered Accountants of India.

The Advance Tax and Provision for Income Tax are adjusted and only net result is disclosed in the balance sheet

1.7. Dues to small scale Idustrial undertaking

There are no Undertakings, which are SSI, from whom amount , outstanding for more than 30 days where such due or dues exceeds Rs. 1 lakhs.The above informat on has been compiled in respect of parties to the extent which they could be identified as small scale and ancillary undertakings on the basis of information available with the Company and furnished.

1.8. Expenditure in foreign Currency Nil

1.9. Remittance in Foreign currency Nil

1.10. Earnings in Foreign Exchange Nil

1.11. Contingent Liabilities

Claims for taxes and miscellaneous items not acknowledged by the company NIL

1.12. Loans and Advances In the Opinion of Board of Director, current assets, Loans & Advances have the value at which these are stated in the Balance Sheet if realized in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonable necessary

13. Debtors and Creditors Balance of trade debtors and creditors are subject to confirmations from the parties

1.14. Bank and cash Balances: Ratnakar Bank Balance of Rs. 46,668/- (2011-12 Rs. 46,668/-) and Laxmi Vilas Bank balance Rs. 2,806.79 (2011-12 Rs. 9,548.39) are subject to reconciliation and confirmation from the bank

1.15. Target plus Scheme EPB Receivable: The Company had dealt with some of the licenses/ Export Incentives under Target plus Scheme in the earlier financial years, Rs.3 2.99 Lac DEPB income receivable pertaining to this scheme is outstanding for the last several years and the balance of receivable is subject to confirmation and reconciliation from the respective parties the details of which are not available & traceable. Considering the time elapsed and also considering the inadiquate documentation pertaining to the transactions the debt is classified as doubtful.

1.16. Previous Year's Figures: Previous year's figures have been regrouped or rearranged or reclassified wherever necessary.

1.17. Figures in the parenthesis relate to the previous year. Previous years figures have been regrouped and rearranged wherever necessary to conform to current year classification.


Mar 31, 2011

A) General: The Company follows historical cost method and mercantile accounting polices are adopted consistently in accordance with generally accepted accounting principles other than those specifically stated.

b) Revenue Recognition: All revenues are generally recognized on accrual basis.

c) Fixed Assets: Fixed assets were stated at the historical cost which is inclusive of freight, duties installation costs and other incidental expenses incurred upto the installation. However Company does not hold any Fixed Assets as on 31.03.2011, as all the fixed assets have been sold during the year 2001-02.

1. Figures in the parenthesis relate to the previous year. Previous years figures have been regrouped and rearranged wherever necessary to conform to current year classification,

2. Going Concern: All the fixed assets are sold during the year 2001-02. During this financial year Company has made the Loss of Rs.9,94,830/- and Company's brought forward losses of earlier years Rs. 1,49,29,756 (total loss as on 31st March 2011 is Rs. 1,59,24,587) needs to be absorbed. This factor raises substantial doubt that the Company will be able to continue as a "Going Concern".

3. Accounting for Taxes on Income (AS 22): The Company, considering accumulated losses and managements perception of virtual uncertainty of making profit in the light of past results have not created or assumed any Deferred Tax Asset or Deferred Tax Liability for the current year as required to be done according to the Accounting Standard 22 issued by Institute of Chartered Accountants of India,

The Advance Tax and Provision for Income Tax are adjusted and only net result is disclosed in the balance sheet

Prior Period and Extra ordinary items: Rs.6,74,840/- of Income Tax payment relates to earlier years' paid during the year.

4. Details of Licensed, installed capacity: (As certified by management)

Licenses Capacity: - -

Installed Capacity: - -

5. Auditors Remuneration:

Current Year Previous Year

Audit Fees 5000 5000 Out of Pocket - -

6. Balance S-heet abstract as required by part IV of Schedule-VI of the Companies Act, lSgfe^given in the Annexure.

7. Dues to small scale Industrial undertaking

There are no Undertakings, which are SSI, from whom amounts, outstanding for more than 3Qdays where such due or dues exceeds Rs. 1 lakhs.

The above information has been compiled in respect of parties to the extent to which they could be identified as small scale and ancillary undertakings on the basis of information available with the Company and furnished.

8. Expenditure in foreign Currency Nil

9. Remittance in Foreign currency Nil

10. Earnings in Foreign Exchange Nil

11. Contingent Liabilities

Claims for taxes and miscellaneous items not acknowledged by the company NIL

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