Mar 31, 2015
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These financial statements have been prepared to comply with Generally
Accepted Accounting Principles in India (Indian GAAP), including the
Accounting Standards notified under section 133 of the Companies Act,
2013 ("the Act") read with rule 7 to the Companies (Accounts) Rules,
2014, the provision of the Act ( to the extent notified ) and
guidelines issued by the securities and Exchange Board of India (SEBI).
The accompanying financial statement have been prepared under the
historical cost convention, going concern and on the accrual basis of
accounting comply with the accounting standards issued by the Institute
of Chartered Accountants of India to the extent applicable
1.2 ACCOUNTING ESTIMATES
The preparation of the financial statements in accordance with
generally accepted accounting principles often requires that Company
officials makes estimates & assumption that affect the reported amount
of Assets & Liabilities and disclosure of contingent Assets and
liabilities as on the date of financial statement & the reported
amounts of revenue & expenses. During the reported period Company
officials believes that the estimates used in the preparation of the
financial statement are prudent & reasonable, actual results could
differ from these estimates.
1.3 FIXED ASSETS
Land, Factory Building and Plant & Machinery are stated at re-valued
amount less depreciation on cost of acquisition and other fixed assets
are stated at cost less accumulated depreciation and impairment losses,
if any. Direct costs are capitalized until such assets are ready for
use.
1.4 DEPRECIATION
Depreciation on fixed assets has been provided on the Straight Âlime
method over the useful life of the assets as prescribed in Schedule II
to the Companies Act, 2013. .Depreciation for assets Purchased / sold
during a period is proportionately charged.
In the case of re-valued assets, depreciation has been charge on the
original cost of asset.
1.5 INVENTORIES
Inventories which comprise raw materials , work-in-progress, finished
goods, packing materials, stores and spares are valued at cost or net
realizable value, whichever is lower. The cost in respect of the
various items of inventory is computed as under.
* Raw material- cost includes direct expenses and is determined on the
basis of weighted average method.
* Packing material- cost includes direct expenses and is determined on
the basis of weighted average method.
* Work in progress ÂIncludes cost of conversion and other costs
incurred to bring the inventories in their present condition.
* Finished goods- cost includes raw material cost other overheads
incurred to bring the goods to their present location and condition.
Cost of finished goods also includes taxes, wherever applicable.
1.6 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operation
includes sale of goods, service, adjusted for discount Interest Income
is recognized on time proportion basis taking into account the amount
outstanding and rate applicable.
1.7 TAXES ON INCOME
Tax expenses comprises of Current tax and deferred tax. Current Tax
Provision, if any, has been made on the basis of reliefs and deduction
available under the Income- Tax Act, 1961. Deferred tax resulting from
"timing difference" between taxable and accounting income is accounted
for using the tax rates and laws that are enacted or substantively
enacted as on the Balance Sheet date. The deferred tax assets is
recognised and carried forward only to the extent that there is a
reasonable certainty that the assets can be realised in future.
However, where there is unabsorbed depreciation or carry forward losses
under taxation laws, deferred tax assets are recognized only if there
is virtual certainty of realisation of such assets. Deferred tax assets
are reviewed as at each Balance Sheet date.
1.8 EMPLOYEE BENEFIT
* Short Term Employee Benefits
Short term employee benefits are recognized in the period during which
the service have been rendered.
* Long Term Employee Benefits
(a) Provident Fund & Employees state Insurance Scheme :
As per the Employees' Provident Fund and Miscellaneous Provisions Act,
1952 all eligible employees of the company are entitled to received
benefits under the provident fund & family pension fund which is a
defined contribution plan. These contributions are made to the fund
administrated and managed by the Government of India. In addition ,some
employees of the company are covered under Employees' State Insurance
Act, 1948, which are also defined contribution schemes recognized and
administrated by Government if India.
The Company's contributions to these schemes are recognized as expenses
in profit and loss account during the period in which the employee
renders the related service. The company has no further obligation
under these plans beyond its monthly contribution.
(b) Gratuity.
The Company has provided for Gratuity in accordance with the AS-15 "
Employee Benefits", the company has obtained group Gratuity Insurance
Policy from LIC of I n d i a and Contribution are made to LIC's
Recognized Group Gratuity Fund Scheme based on amount demanded by LIC
of India to cover its Gratuity liability and making annual payment of
the liability as calculated by them .
1.9. CONSISTENCY
These Financial statements have been prepared on basis consistent with
previous years and accounting policies not specifically referred hereto
are consistent with generally accepted accounting principles.
1.10. IMPAIRMENT OF ASSETS:
In accordance with the Accounting Standard (As-28 ) in " Impairment of
Assets " issued by The Institute of Chartered accountants of India ,
during the year the company has reassessed its fixed assets and is of
the view that no further impairment / reversal is considered to be
necessary in view of its expected realizable .
1.11. SEGMENTAL REPORTING:
Being the company having only one line of operation and in accordance
with the provision of AS- 17, the company has only one reportable
segments consisting of manufacturing business of IMFL business. Hence
Segmental reports are not furnished.
1.12. BORROWING COST
Borrowing Costs directly attributed to acquisition of fixed assets are
capitalized as a part of the cost of assets up to the date asset is put
to use. if any Other Borrowing Costs are charged to the profit and loss
account in the year in which they incurred.
1.13. PROVISION AND CONTINGENT LIABILITIES
* Contingent Liabilities are not recognised and are disclosed in notes.
* Provisions involving substantial degree of estimation in measurement
are recognized when the present obligation resulting from past events
gives rise to probability of outflow of resources embodying economic
benefits on settlement.
1.14. CASH AND CASHS EQUIVALENTS
Cash and cash equivalents comprise cash ,bank balance & fixed deposit
with banks, which original maturity period of less than 12 months.
Mar 31, 2014
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accompanying financial statement have been prepared under the
historical cost convention, going concern and on the accrual basis of
accounting in accordance with the provisions of the Companies Act, 1956
& comply with the accounting standards issued by the Institute of
Chartered Accountants of India to the extent applicable.
All assets and liabilities have been classified as current or
non-current as per the criteria set out in the Revised Schedule VI to
Companies Act, 1956.
1.2 ACCOUNTING ESTIMATES
The preparation of the financial statements in accordance with
generally accepted accounting principles often requires that Company
officials makes estimates & assumption that affect the reported amount
of Assets & Liabilities and disclosure of contingent Assets and
liabilities as on the date of financial statement & the reported
amounts of revenue & expenses. During the reported period Company
officials believes that the estimates used in the preparation of the
financial statement are prudent & reasonable, actual results could
differ from these estimates.
1.3 FIXED ASSETS
Land, Factory Building and Plant & Machinery are stated at revalued
amount less depreciation on cost of acquisition and other fixed assets
are stated at cost less accumulated depreciation and impairment losses,
if any
1.4 DEPRECIATION
Depreciation on fixed assets have been provided on straight-line method
and on prorata basis at the rates and in the manner prescribed under
Schedule XIV of the Companies Act, 1956.
In the case of revalued assets, depreciation has been charge on the
original cost of asset.
1.5 INVENTORIES
Inventories are valued at cost or net realizable value, whichever is
lower. The cost in respect of thevarious items of inventory is computed
as under.
- Raw material- cost includes direct expenses and is determined on the
basis of weighted average method.
- Packing material- cost includes direct expenses and is determined on
the basis of weighted average method.
- Work in progress ÂIncludes cost of conversion and other costs
incurred to bring the inventories in their present condition.
- Finished goods- cost includes raw material cost other overheads
incurred to bring the goods to their present location and condition.
Cost of finished goods also includes taxes, wherever applicable.
1.6 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operation
includes sale of goods, service, adjusted for discount Interest Income
is recognized on time proportion basis taking into account the amount
outstanding and rate applicable.
1.7 TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognised, subject to
the consideration of prudence in respect of deferred tax
assets/liability, on timing differences, being the differences between
taxable incomes and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods.
1.8 EMPLOYEE BENEFIT
- Short Term Employee Benefits
Short term employee benefits are recognized in the period during which
the service have been rendered.
- Long Term Employee Benefits
(a) Provident Fund & Employees state Insurance Scheme :
As per the Employees'' Provident Fund and Miscellaneous Provisions Act,
1952 all eligible employees of the company are entitled to received
benefits under the provident fund & family pension fund which is a
defined contribution plan. These contributions are made to the fund
administrated and managed by the Government of India. In addition ,some
employees of the company are covered under Employees'' State Insurance
Act, 1948, which are also defined contribution schemes recognized and
administrated by Government if India.
The Company''s contributions to these schemes are recognized as expenses
in profit and loss account during the period in which the employee
renders the related service. The company has no further obligation
under these plans beyond its monthly contribution.
(b) Gratuity.
The Company has provided for Gratuity in accordance with the AS-15 "
Employee Benefits", the company has obtained group Gratuity Insurance
Policy from LIC of India and Contribution are made to LIC''s Recognized
Group Gratuity Fund Scheme based on amount demanded by LIC of India to
cover its Gratuity liability and making annual payment of the liability
as calculated by them .
1.9. CONSISTENCY
These Financial statements have been prepared on basis consistent with
previous years and accounting policies not specifically referred hereto
are consistent with generally accepted accounting principles.
1.10. IMPAIRMENT OF ASSETS:
In accordance with the Accounting Standard (As-28 ) in " Impairment of
Assets " issued by The Institute of Chartered accountants of India ,
during the year the company has reassessed its fixed assets and is of
the view that no further impairment / reversal is considered to be
necessary in view of its expected realizable .
1.11. SEGMENTAL REPORTING:
Being the company having only one line of operation and in accordance
with the provision of AS- 17, the company has only one reportable
segments consisting of manufacturing business of IMFL business. Hence
Segmental reports are not furnished.
1.12. INVESTMENTS
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. Provision for diminution in the value of long term
investments is made only if such a decline is other than temporary.
1.13. BORROWING COST
Borrowing Costs directly attributed to acquisition of fixed assets are
capitalized as a part of the cost of assets up to the date asset is put
to use. if any Other Borrowing Costs are charged to the profit and loss
account in the year in which they incurred.
1.14. PROVISION AND CONTINGENT LIABILITIES
- Contingent Liabilities are not recognised and are disclosed in notes.
- Provisions involving substantial degree of estimation in
measurement are recognized when the present obligation resulting from
past events gives rise to probability of outflow of resources embodying
economic benefits on settlement.
2.3 Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity shares is entitled to one vote
per share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
Term loans are secured by hypothecation of vehicles comprised of :
[1] Loan of 447500/- taken from HDFC Bank Ltd.during the financial year
2011-12 and carries interest @ 13.11% on reducing balance .The loan
repayable in 48 equal monthly installments of Rs. 11900/- along with
interest from the date of loan. Last installment is due in December,
2015.
[2] Loan of 1250000/- taken from Bank of Maharashtra during the
financial year 2012-13 and carries interest @ 10.55% on reducing
balance . The loan repayable in 84 equal monthly installments of Rs.
21500/- along with interest from the date of loan. Last installment is
due in October 2020.
The Company has provided for Gratuity in accordance with the AS-15 "
Employee Benefits",the company has obtained group Gratuity Insurance
Policy from LIC of India and Contribution are made to LIC''s Recognised
Group Gratuity Fund Scheme based on amount demanded by LIC of India to
cover its Gratuity liability and making annual payment of the liability
as calculated by them .
Contribution are made to Government Provident fund, ESIC whch cover
regular employee of the company. While both the employees and the
company make predetermined contibution to the provdent fund and ESIC as
per the provision of said act.
Mar 31, 2013
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accompanying financial statement have been prepared under the
historical cost convention, going concern and on the accrual basis of
accounting in accordance with the provisions of the Companies Act,
1956 & comply with the accounting standards issued by the Institute of
Chartered Accountants of India to the extent applicable.
All assets and liabilities h ave been classified as current or
non''current as per the criteria set out in the Revised Schedule VI to
Companies Act, 1956.
1.2 ACCOUNTING ESTIMATES
The preparation of the financial statements in accordance with
generally accepted accounting principles often requires that Company
officials makes estimates & assumption that affect the reported amount
of Assets & Liabilities and disclosure of contingent Assets and
liabilities as on the date of financial statement & the reported
amounts of revenue & expenses. During the reported period Company
officials believes that the estimates used in the preparation of the
financial statement are prudent & reasonable, actual results could
differ from these estimates.
1.3 FIXED ASSETS
Land, Factory Building and Plant & Machinery are stated at revalued
amount less depreciation on cost of acquisition and other fixed assets
are stated at cost less accumulated depreciation and impairment losses,
if any
1.4 DEPRECIATION
Depreciation on fixed assets have been provided on straight-line method
and on prorata basis at the rates and in the manner prescribed under
Schedule XIV of the Companies Act, 1956.
In the case of revalued assets, depreciation has been charge on the
original cost of asset.
1.5 INVENTORIES
Inventories are valued at cost or net realizable value, whichever is
lower. The cost in respect of the various items of inventory is
computed as under.
Raw material- cost includes direct expenses and is determined on the
basis of weighted average method.
Packing material- cost includes direct expenses and is determined on
the basis of weighted average method.
Work in progress -Includes cost of conversion and other costs incurred
to bring the inventories in their present condition.
Finished goods- cost includes raw material cost other overheads
incurred to bring the goods to their present location and condition.
Cost of finished goods also includes taxes, wherever applicable.
1.6 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operation
includes sale of goods, service, adjusted for discount Interest Income
is recognized on time proportion basis taking into account the amount
outstanding and rate applicable.
1.7 TAXES ON INCOME
Current tax is determined a» the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognised, subject to
the consideration of prudence in respect of deferred tax
assets/liability, on timing differences, being the differences between
taxable incomes and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods.
1.8 EMPLOYEE BENEFIT
Short Term Employee Benefits
Short term employee benefits are recognized in the period during which
the service have been rendered.
Long Term Employee Benefits
(a) Provident Fund & Employees state Insurance Scheme :
As per the Employees'' Provident Fund and Miscellaneous Provisions Act,
1952 all eligible employees of the company are entitled to received
benefits under the provident fund & family pension fund which is a
defined co tribution plan. These contributions are made to the fund
administrated and managed by the Government of India. In addition ,some
employees of the company are covered under Employees'' State Insurance
Act, 1948, which are also defined contribution schemes recognized and
administrated by Government if India.
The Company''s contributions to these schemes are recognized as expenses
in profit and loss account during the period in which the employee
renders the related service. The company has no further obligation
under these plans beyond its monthly contribution.
(b) Gratuity.
The Company has provided for Gratuity in accordance with the AS-15 "
Employee Benefits", the company has obtained group Gratuity Insurance
Policy from LIC of India and Contribution are made to LIC''s Recognized
Group Gratuity Fund Scheme based on amount demanded by LIC of India to
cover its Gratuity liability and making annual payment of the liability
as calculated by them .
1.9. CONSISTENCY
These Financial statements have been prepared on basis consistent with
previous years and accounting policies not specifically referred hereto
are consistent with generally accepted accounting principles.
1.10. IMPAIRMENT OF ASSETS:
In accordance with the Accounting Standard (As-28) in" Impairment of
Assets " issued by The Institute of Chartered accountants of India ,
during the year the company has reassessed its fixed assets and is of
the view that no further impairment / reversal is considered to be
necessary in view of its expected realizable .
1.11. SEGMENTAL REPORTING:
Being the company having only one line of operation and in accordance
with the provision of AS-17, the company has only one reportable
segments consisting of manufacturing business of IMFL business. Hence
Segmental reports are not furnished.
1.12. INVESTMENTS
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. Provision for diminution in the value of long term
investments is made only if such a decline is other than temporary.
1.13. BORROWING COST
Borrowing Costs directly attributed to acquisition of fixed assets are
capitalized as a part of the cost of assets up to the date asset is put
to use. if any Other Borrowing Costs are charged to the profit and loss
account in the year in which they incurred.
1.14. PROVISION AND CONTINGENT LIABILITIES
Contingent Liabilities are not recognised and are disclosed in notes.
Provisions involving substantial degree of estimation in measurement
are recognized when the present obligation resulting from past events
gives rise to probability of outflow of resources embodying economic
benefits on settlement.
Mar 31, 2012
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accompanying financial statement have been prepared under the
historical cost convention, going concern and on the accrual basis of
accounting in accordance with the provisions of the Companies Act, 1956
& comply with the accounting standards issued by the Institute of
Chartered Accountants of India to the extent applicable.
1.2 ACCOUNTING ESTIMATES
The preparation of the financial statements in accordance with
generally accepted accounting principles often requires that Company
officials makes estimates & assumption that affect the reported amount
of Assets & Liabilities and disclosure of contingent Assets and
liabilities as on the date of financial statement & the reported
amounts of revenue & expenses. During the reported period Company
officials believes that the estimates used in the preparation of the
financial statement are prudent & reasonable, actual results could
differ from these estimates.
1.3 FIXED ASSETS
Land, Factory Building and Plant & Machinery are stated at revalued
amount less depreciation on cost of acquisition and other fixed assets
are stated at cost less accumulated depreciation and impairment
losses', if any.
1.4 DEPRECIATION
Depreciation on fixed assets have been provided on straight-line method
and on prorata basis at the rates and in the manner prescribed under
Schedule XIV of the Companies Act, 1956.
In Case of revalued assets, depreciation has been charge on the
original cost of that asset.
1.5 INVENTORIES
Inventories are valued at cost or net realizable value, whichever is
lower. The cost in respect of the various items of inventory is
computed as under.
- Raw material cost includes direct expenses and is determined on the
basis of weighted average method.
- Work in Progress includes cost of conversion and other costs
incurred in brining the inventories to their present condition.
- In case of finished goods cost includes raw material cost and other
overheads incurred to bring the goods to their present location and
condition.
1.6 REVENUE RECOGNITION
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operation
includes sale of goods, service etc. Interest Income is recognized on
time proportion basis taking into account the amount outstanding and
rate applicable.
1.7 TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognised, subject to
the consideration of prudence in respect of deferred tax assets/
liability, on timing differences, being the differences between taxable
incomes and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
1.8 RETIREMENT BENEFITS
Company has provided Retirement benefits in form ofProvident Fund &
Gratuity etc. to its all employees which is a defined contribution
plan. These contributions are made to the fund administrated and
managed by Government of India
1.9. Consistency:
These Financial statements have been prepared on basis consistent with
previous years and accounting policies not specifically referred hereto
are consistent with generally accepted accounting principles.
1.10. IMPAIRMENT OF ASSETS:
In accordance with the Accounting Standard (As-28) in " Impairment of
Assets " issued by The Institute of Chartered accountants of India,
during the year the company has reassessed its fixed assets and is of
the view that no further impairment / reversal is considered to be
necessary in view of its expected realizable ,
1.11. SEGMENTAL REPORTING:
The company has indentified " Indian made foreign Liquor as the only
primary business segment and in accordance with the provision of
AS-17,.Hence Segmental reports are not furnished.
1.12. INTANGIBLE ASSETS
Intangible assets are recognized on the basis of recognition criteria
as set out in Accounting Standard (As) -26 'Intangible Assets'
issued by the Institute of Chartered Accountants of India
Mar 31, 2010
1. Basis of preparation of Accounts : The accounts nave been prepared
in accordance with historical cost convention, applicable accounting
standard issued by the Institute of Chartered Accountant of India and
relevant provisions of the companies Act 1956. following accrual method
of accounting except for Gratuity which is being accounted for on
payment basis.
2. Fixed Assets:
(a) Land, Factory Building and Plant & Machinery are stated at the
revalued amount less depreciation on cost of acquisiton.
(b) Other assets are recorded at cost of acquisition less accumulated
depreciation.
3. Investments: Long Term investment are valued at cost. Provision for
diminution in the value of long term investment is made, only if such
decline is other than temporary in value in the opinion of the
management
4. Depreciation:
(a) Depredation is provided using the Straight Line Method at the rates
specified in schedule XIV of the Companies Act, 1956.
(b) Depreciation on additions during the year is provided on pro-rata
basis from the date of addition.
(c) In case of revalued assets, depreciation has been charged on the
original cost of that assets.
5 Inventories: Inventories are valued as under and taken as certified
by the management.
Raw Material At cost
Finished Goods At cost or net realization value which ever is less
Work-in-Process At estimated cost at percentage of completion
The company has adopted FIFO method
6. (a) Revenue Recognition: Sales of Goods are recognised as of the
date of dispatch. Sales figures are net of rebate, discount, claims etc
(b) Income from investment will be accounted for on accruals basis.
7. Deferred tax is recognized on timing differences being the
difference between taxable income and accounting income that originated
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets & liabilities have been computed on the
timing difference applying the enacted tax rates.
8. Goods in transit indicates goods with appropriate authority.
9. Intangible assets: Intangible assets are recognized on the basis of
recognition criteria as set out in Accounting Standard (AS) - 26
Intangible Assets issued by the institute of Chartered Accountants of
India.
10. Impairment of Assets: In accordance with the account statement
(AS-28) in "Improvement of Assets" issued by ICAL During the year the
Company reassessed its fixed assets and is of the view that no
impairment / reversal is considered to be necessary in view of its
value realizable.
11. Consistency :These financial statement have been prepared in the
basis of consistent with previous years and accounting policies not
specifically referred here to are consistent with generally accepted
accounting principal.
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