Mar 31, 2015
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention, on an accrual basis and in accordance with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of Companies Act, 2013.
Accounting policies not specifically referred to otherwise are
consistent and in consonance with accepted accounting principle.
(b) USE OF ESTIMATES :
The preparation of financial statements in conformity with Accounting
Standards requires, the management to make judgments, estimates and
assumptions that affects the reported amounts, at the end of the
reporting period. Although these estimated are based on the
management's best knowledge of current events and actions, uncertainty
about thee assumptions ad estimates could result in the outcome
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
(c) REVENUE RECOGNITION
(a) The company has discontinue the running business of HDPE/PP Woven
Bags, Fabrics and tarpaulin at present.
(b) Other Income in form of interest is recognized on accrual basis
except when realization of such income is uncertain but earned income
from trading of land.
(d) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use, if any.
2. Depreciation has been provided on the basis of useful life of
assets as per Schedule II of Companies Act 2013.
(e) IMPAIRMENT OF ASSETS
Whenever events indicates that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of assets and from its ultimate
disposal. A provision for impairment loss is recognized where it is
probable that the carrying value of an asset exceeds the amount to be
recovered through use or sales of the asset.
(f) INVENTORIES
As running business is discontinue, the old closing stock of Raw
Materials, Stores & Spares and Packing Materials are valued at Cost or
net realizable value whichever is lower. Cost of inventories comprises
of cost of purchase and others cost incurred in brining them to their
respective present location and condition. Cost is determined on a
first in first out basis. If any but no stock at the year end.
Finished Goods and work in progress are valued at Cost or Market Value
whichever is lower. Cost of Finished Goods and work in progress
include direct materials plus labour and manufacturing overheads, if
any.
(g) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized in respect of obligations where, based on
the evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Any contingent asset is not recognized in the Accounts.
(h) RETIREMENT BENEFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(i) INCOME TAX
Income taxes comprises of current and deferred Tax. Current taxes are
measured at the amount expected to be paid to the income tax
authorities in accordance with the Income Tax Act, 1961. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantially enacted at
the balance sheet date. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax
assets can be realized. But current year deferred tax assets (net) has
not provided in books because of uncertainty.
(j) INVESTMENTS
Long-term investment are valued at cost.
(k) RESEARCH AND DEVELOPMENT
No such expenditure incurred during the year.
(l) FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded in reporting currency at
the date of transaction and exchange difference arise from initial
transaction on settlement recorded as income or expenses in the year
in which arise and have no foreign currency contract and also not have
transaction on capital account if any.
(m) CONTINGENT LIABILITIES AND PROVISION
Contingent Liabilities are not provided for in the accounts and are
disclosed separately in Notes to Accounts if any.
(n) BORROWING COST
No such cost has been made during the year.
(o) CSR POLICY
The provision of section 135 of companies Act, 2013, the Corporate
Social Responsibility is not applicable, please
(p) OTHER ACCOUNTING POLICIES
Accounting policies not specifically referred to, are consistent with
the generally accepted accounting practices.
Mar 31, 2014
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention, on an accrual basis and in accordance with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of Companies Act, 1956. Accounting
policies not specifically referred to otherwise are consistent and in
consonance with accepted accounting principle.
(b) REVENUE RECOGNITION
(a) The company has discontinue the running business of HDPE/PP Woven
Bags, Fabrics and tarpaulin at present.
(b) Other Income in form of interest is recognized on accrual basis
except when realization of such income is uncertain.
(c) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use, if any.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956. for
the Assets used only.
(d) IMPAIRMENT OF ASSETS
Whenever events indicates that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of assets and from its ultimate
disposal. A provision for impairment loss is recognized where it is
probable that the carrying value of an asset exceeds the amount to be
recovered through use or sales of the asset.
(e) INVENTORIES
As running business is discontinue , the old closing stock of Raw
Materials, Stores & Spares and Packing Materials are valued at Cost or
net realizable value whichever is lower. Cost of inventories comprises
of cost of purchase and others cost incurred in brining them to their
respective present location and condition. Cost is determined on a
first in first out basis.
Finished Goods and work in progress are valued at Cost or Market Value
whichever is lower. Cost of Finished Goods and work in progress include
direct materials plus labour and manufacturing overheads.
(f) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized in respect of obligations where, based on the
evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Any contingent asset is not recognized in the Accounts.
(g) RETIREMENT BENEFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(h) INCOME TAX
Income taxes comprises of current and deferred Tax. Current taxes are
measured at the amount expected to be paid to the income tax
authorities in accordance with the Income Tax Act, 1961. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantially enacted at
the balance sheet date. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized. But current year deferred tax assets (net) has not
provided in books because of uncertainty.
Mar 31, 2013
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention, on an accrual basis and in accordance with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of Companies Act, 1956. Accounting
policies not specifically referred to otherwise are consistent and in
consonance with accepted accounting principle.
(b) REVENUE RECOGNITION
(a) Revenue from sale of goods to domestic customers is recognized on
dispatch of goods from the factory. Sales are recorded at invoice value
net of sales tax and excise rate difference and sales return.
(b) Other Income is recognized on accrual basis except when realization
of such income is uncertain.
(c) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(d) IMPAIRMENT OF ASSETS
Whenever events indicates that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of assets and from its ultimate
disposal. A provision for impairment loss is recognized where it is
probable that the carrying value of an asset exceeds the amount to be
recovered through use or sales of the asset.
(e) INVENTORIES
Closing stock of Raw Materials, Stores & Spares and Packing Materials
are valued at Cost or net realizable value whichever is lower. Cost of
inventories comprises of cost of purchase and others cost incurred in
brining them to their respective present location and condition. Cost
is determined on a first in first out basis.
Finished Goods and work in progress are valued at Cost or Market Value
whichever is lower. Cost of Finished Goods and work in progress include
direct materials plus labour and manufacturing overheads.
(f) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized in respect of obligations where, based on the
evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Any contingent asset is not recognized in the Accounts.
(g) RETIREMENT BENEFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(h) INCOME TAX
Income taxes comprises of current and deferred Tax. Current taxes are
measured at the amount expected to be paid to the income tax
authorities in accordance with the Income Tax Act, 1961. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantially enacted at
the balance sheet date. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized. But current year deferred tax net assets has not
provided in books because of uncertainty.
Mar 31, 2012
(a) ACCOUNTING CONCEPT : The financial statements have been prepared
under the historical cost convention, on an accrual basis and in
accordance with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of Companies Act, 1956. Accounting policies not specifically referred
to otherwise are consistent and in consonance with accepted accounting
principle.
(b) REVENUE RECOGNITION
(a) Revenue from sale of goods to domestic customers is recognized on
dispatch of goods from the factory. Sales are recorded at invoice
value net of sales tax and excise rate difference and sales return.
(b) Other Income is recognized on accrual basis except when realization
of such income is uncertain.
(c) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(d) IMPAIRMENT OF ASSETS : Whenever events indicates that assets may be
impaired, the assets are subject to a test of recoverability based on
estimates of future cash flows arising from continuing use of assets
and from its ultimate disposal. A provision for impairment loss is
recognized where it is probable that the carrying value of an asset
exceeds the amount to be recovered through use or sales of the asset.
(e) INVENTORIES : Closing stock of Raw Materials, Stores & Spares and
Packing Materials are valued at Cost or net realizable value whichever
is lower. Cost of inventories comprises of cost of purchase and others
cost incurred in brining them to their respective present location and
condition. Cost is determined on a first in first out basis.
Finished Goods and work in progress are valued at Cost or Market Value
whichever is lower. Cost of Finished Goods and work in progress include
direct materials plus labour and manufacturing overheads.
(f) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions are recognized in respect of obligations where, based on the
evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Any contingent asset is not recognized in the Accounts.
(g) RETIREMENT BENIFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(h) INCOME TAX : Income taxes comprises of current and deferred Tax.
Current taxes are measured at the amount expected to be paid to the
income tax authorities in accordance with the Income Tax Act, 1961.
Deferred income tax reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantially enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
Mar 31, 2011
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention, on an accrual basis and in accordance with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of Companies Act, 1956. Accounting
policies not specifically referred to otherwise are consistent and in
consonance with accepted accounting principle.
(b) REVENUE RECOGNITION
(a) Revenue from sale of goods to domestic customers is recognized on
dispatch of goods from the factory. Sales are recorded at invoice value
net of sales tax, rate difference and sales return.
(b) Other Income is recognized on accrual basis except when realization
of such income is uncertain.
(c) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(d) IMPAIRMENT OF ASSETS
Whenever events indicates that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of assets and from its ultimate
disposal. A provision for impairment loss is recognized where it is
probable that the carrying value of an asset exceeds the amount to be
recovered through use or sales of the asset.
(e) INVENTORIES
Closing stock of Raw Materials, Stores & Spares and Packing Materials
are valued at Cost or net realizable value. Cost of inventories
comprises of cost of purchase and others cost incurred in brining them
to their respective present location and condition. Cost is determined
on a first in first out basis.
Finished Goods and work in progress are valued at Cost or Market Value
whichever is lower. Cost of Finished Goods and work in progress include
direct materials plus labour and manufacturing overheads.
(f) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized in respect of obligations where, based on the
evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Any contingent asset is not recognized in the Accounts.
(g) RETIREMENT BENIFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(h) INCOME TAX
Income taxes comprises of current and deferred Tax. Current taxes are
measured at the amount expected to be paid to the income tax
authorities in accordance with the Income Tax Act, 1961. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantially enacted at
the balance sheet date. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
Mar 31, 2010
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention, on an accrual basis and in accordance with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of Companies Act, 1956. Accounting
policies not specifically referred to otherwise are consistent and in
consonance with accepted accounting principle.
(b) REVENUE RECOGNITION
(a) Revenue from sale of goods to domestic customers is recognized on
dispatch of goods from the factory. Sales are recorded at invoice value
net of sales tax, rate difference and sales return.
(b) Other Income is recognized on accrual basis except when realization
of such income is uncertain.
(C) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(d) IMPAIRMENT OF ASSETS
Whenever events indicates that assets may be impaired, the assets are
subject to a test of recoversbility based on estimates of future cash
flows arising from continuing use of assets and from its ultimate
disposal. A provision lor impairment loss is recognized where it is
probable that the carrying value of an asset exceeds the amount to be
recovered through use or sales of the asset.
(e) INVENTORIES
Closing stock of Raw Materials, Stores & Spares and Packing Materials
are valued at Cost or net realizable value. Cost of inventories
comprises of cost of purchase and others cost incurred in brining them
to their respective present location and condition. Cost is determined
on a first in first out basis.
Finished Goods and work in progress are valued at Cost or Market Value
whichever is lower. Cost of Finished Goods and work in progress include
direct materials plus labour and manufacturing overheads.
(f) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized in respect of obligations where, based on the
evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Any contingent asset is not recognized in the Accounts.
(g) RETIREMENT BENIFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(h) INCOME TAX
Income taxes comprises of current and deferred Tax. Current taxes
are.measured at the amount expected to be paid to the income tax
authorities in accordance with the Income Tax Act, 1961. Deferred
income tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of eariier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantially enacted at
the balance sheet date. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
Mar 31, 2009
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention, on an accrual basis and in accordance with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of Companies Act, 1956. Accounting
policies not specifically referred to otherwise are consistent and in
consonance with accepied accounting principle.
(b) REVENUE RECOGNITION
(a) Revenue from sale of goods to domestic customers is recognized on
dispatch of goods from the factory. Sales are recorded at invoice value
net of sales tax, rate difference and sales return.
(b) Other Income is recognized on accrual basis except when realization
of such income is uncertain.
(c) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at iheir historical cost less depreciation
and impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
tilt such assets are ready to be put to use.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(d) IMPAIRMENT OF ASSETS
Whenever events indicates that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of assets and from its ultimate
disposal A provision for impairment loss is recognized where it is
probable that the carrying value of an asset exceeds the amount to be
recovered through use or sales of the asset.
(e) INVENTORIES
Closing stock of Raw Materials, Stores & Spares and Packing Materials
are valued at Cost. Cost includes value of material and cost up to the
factory gate. Cost is-determined on a first in first out basis.
Finished Goods are valued at Cost or Market Value whichever is lower.
Cost includes direct materials plus labour and manufacturing overheads.
(f) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized in respect of obligations where, based on the
evidence available, their existence at the balance sheet date is
considered probable.
Contingent liabilities are shown by way of notes to the Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet o^se is considered not probable
Any contingent asset is not recognized in the Accounts.
(g) RETIREMENT BENIFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
(i) INCOME TAX
Income taxes comprises of current, deferred and fringe benefit tax.
Current and fringe benefit tax are measured at the amoun! expected to
be paid to the income tax authorities in accordance with the Income Tax
Act, 1961. Deferred income tax reflects the impact of current year
timing differences between taxable income and accounting income for the
year and reversal of timing differences of eariier years. Deferred tax
is measured based on the tax rates and the tax laws enacted or
substantially enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized.