Mar 31, 2015
A Accounting Convention / Method of Accounting.
The Financial Statements are prepared under Historical Cost Convention
in accordance with generally accepted accounting principles and
provisions of Companies Act 1956 Accounts are kept on accrual basis and
according to the double entry system.
B Revenue Recognition
Revenue from the sale of products is recognised on transfer of all
significant risks and rewards of ownership to the buyer which coincides
with despatch of products to customers. Interest income is recognised
on time proportion basis. Dividend income on investment is accounted
for when received.
C Use of Estimates
The preparation and presentation of financial statements requires
estimates and assumptions to be made that affact the reported amount of
assets and liabilities on the date of financial statements and the
reported amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognised in
the period in which the results are known / materialised.
D Fixed Assets and Depreciation
i Fixed Assets are stated at cost less depreciation , cost being
comprised of cost of acquisition and expenditure directly attributable
for commissioning of the assets.
ii Depreciation is charged over the estimated useful life of the fixed
assets as prescribed in Schedule II of the Companies Act,2013.
E Investments
Long Term Investments are stated at cost less permanent diminution in
value, if any.
F Current Assets
a Stocks
Raw Material, Traded Items and Finished Goods are valued at lower of
cost or net realisable value. Cost of finished goods includes cost of
material and cost of conversion. Cost is determined on monthly
weighted average basis, b Book Debts, Advances & Deposits
Balances considered irrecoverable are written- off and those considered
doubtful are provided for.
G Employee / Retirement Benefits
Retirement Benefits to employees are provided for by payments to
Gratuity and Provident Fund.
The gratuity liability is determined on the basis laid down under
Employees Approved Gratuity Fund Scheme which takes into account the
sum that would have been payable as gratuity to all the eligible
employees on the last day of the financial year.
Liability arising on account of accrued leave salary payable is
provided in the accounts. The same is worked out on the basis of the
amount that would have been payable as leave encashment to all the
eligible employees on the last day of the financial year. (Refer Note
27 (2))
H Foreign Currency Transactions
Monetary items denominated in foreign currency as at the Balance Sheet
date are converted at exchange rates prevailing on that date. Exchange
differences are recognised in the Statement of Profit & Loss.
I Borrowing Costs.
Borrowing costs directly attributable to acquisition or construction of
fixed assets which take substantial period of time to get ready for
their intended use are treated as capital expenditure in accrodance
with Accounting Standard 16 on "Borrowing Costs".
Other borrowing cost are charged to the statement of profit and loss.
J Leases.
Lease rentals for operating leases are charged to statement of profit
and loss on accrual basis in accordance with the respective lease
agreement.
K Taxation
a Current Year Charges
Provision for tax is based on the amount of tax payable in respect of
taxable income as determined under Income Tax Act 1961.
b Deferred Tax
The Deferred Tax resulting from timing difference between the book and
taxable profit for the year is accounted for,using the tax rates and
laws that have been substantially enacted as of the balance sheet date.
Deferred tax assets arising from timing difference are recognised to
the extent there is reasonable certainty that these would be realised
in future.
L Contingent Liabilities and Provisions.
Contingent Liabilities are disclosed after a careful evaluation of the
facts and legal aspects of the matter involved, in line with the
provisions of Accounting Standard (AS) 29. Provisions are recognised
when the company has present obligation (legal/constructive) and on
management judgement as a result of past event, for which it is
probable that a cash outflow may be required and realiable estimate can
be made of the amount of the obligation.
A disclosure for contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be accrued
/ realised.
Mar 31, 2014
A Accounting Convention / Method of Accounting.
The Financial Statements are prepared under Historical Cost Convention
in accordance with generally accepted accounting principles and
provisions of Companies Act 1956.
Accounts are kept on accrual basis and according to the double entry
system.
B Revenue Recognition
Revenue from the sale of products is recognised on transfer of all
significant risks and rewards of ownership to the buyer which coincides
with despatch of products to customers.
Interest income is recognised on time proportion basis. Dividend income
on investment is accounted for when received.
C Use of Estimates
The preparation and presentation of financial statements requires
estimates and assumptions to be made that affact the reported amount of
assets and liabilities on the date of financial statements and the
reported amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognised in
the period in which the results are known / materialised
D Fixed Assets
i Fixed Assets are stated at cost less depreciation , cost being
comprised of cost of acquisition and expenditure directly attributable
for commissioning of the assets .
ii Depreciation is provided on Written Down Value Method and at the
rate and in the manner specified in Schedule XIV of the Companies Act
1956.
E Investments
Long Term Investments are stated at cost less permanent diminution in
value, if any.
F Current Assets
a Stocks
Raw Material , Traded Items and Finished Goods are valued at lower of
cost or net realisable value. Cost of finished goods includes cost of
material and cost of conversion. Cost is determined on monthly
weighted average basis.
b Book Debts, Advances & Deposits
Balances considered irrecoverable are written- off and those considered
doubtful are provided for.
G Employee / Retirement Benefits
Retirement Benefits to employees are provided for by payments to
Gratuity and Provident Fund.
The gratuity liability is determined on the basis laid down under
Employees Approved Gratuity Fund Scheme which takes into account the
sum that would have been payable as gratuity to all the eligible
employees on the last day of the financial year.
Liability arising on account of accrued leave salary payable is
provided in the accounts.The same is worked out on the basis of the
amount that would have been payable as leave encashment to all the
eligible employees on the last day of the financial year. (Refer Note
27 (2))
H Foreign Currency Transactions
Monetary items denominated in foreign currency as at the Balance Sheet
date are converted at exchange rates prevailing on that date. Exchange
differences are recognised in the Statement of Profit & Loss.
I Borrowing Costs.
Borrowing costs directly attributable to acquisition or construction of
fixed assets which take substantial period of time to get ready for
their intended use are treated as capital expenditure in accrodance
with Accounting Standard 16 on "Borrowing Costs" .
Other borrowing cost are charged to the statement of profit and loss.
J Leases.
Lease rentals for operating leases are charged to statement of profit
and loss on accrual basis in accordance with the respective lease
agreement.
K Taxation
a Current Year Charges
Provision for tax is based on the amount of tax payable in respect of
taxable income as determined under Income Tax Act 1961.
b Deferred Tax
The Deferred Tax resulting from timing difference between the book and
taxable profit for the year is accounted for,using the tax rates and
laws that have been substantially enacted as of the balance sheet date.
Deferred tax assets arising from timing difference are recognised to
the extent there is reasonable certainty that these would be realised
in future.
L Contingent Liabilities and Provisions.
Contingent Liabilities are disclosed after a careful evaluation of the
facts and legal aspects of the matter involved , in line with the
provisions of Accounting Standard (AS) 29.
Provisions are recognised when the company has present obligation
(legal/constructive) and on management judgement as a result of past
event, for which it is probable that a cash outflow may be required and
realiable estimate can be made of the amount of the obligation.
A disclosure for contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be accrued
/ realised.
a. Secured by hypothecation of all current assets of the company both
present and future.
b. The above credit facility is further secured by equitable mortgage
of the following :- - Land and Building situated on Gat No 473 at Post
Mahiravani, Trimbak Road, Nashik owned by the company.
- Residential Flats at Dhumraketav Building, Near Camel House, Dwarka,
Nashik owned by the company.
- Plot at Gat No 168/1A (P) along with Building thereon at Survey No
1341 on Mumbai Agra Highway, Nandgaon Tal. Dist. Dhule owned by Shri.K
B Sarda.
c. The above credit facility is secured by personal guarantee of Shri
K B Sarda.
d. Rate of Interest : 13.25% p.a.
Note:-
In past the company used to manufacture and sell ''Bidis''
The Bidi''s manufactured by the company were sold to Traders /
Exporters, who used to export them to various countries. Bidi''s sold to
some such Traders / Exporters were exported by them to USA.
As per the prevailing law in USA, the responsibility of depositing the
amount in Escrow Deposit Fund (On account of sales of tobacco products
in that country) was of the manufacturer of tobacco products.
Accordingly , on the basis of demand raised against the company for
non-fulfillment of this requirement - a sum of Rs.201.46 Lacs is
provided for in the books of the company upto 31st March 2014. (31st
March 2013 - Rs 183.70 Lacs)
During the current year no any fresh demand was made against the
company. The current year figure of appearing in Statement of Profit
and Loss Rs.17.76 Lacs represents foreign exchange loss on restatement
of outstanding liability of escrow fund demand provision already made
in earlier years (Previous year : Loss Rs.10.92 Lacs)
Mar 31, 2013
A Accounting Convention / Method of Accounting.
The Financial Statements are prepared under Historical Cost Convention
in accordance with generally accepted accounting principles and
provisions of Companies Act 1956
Accounts are kept on accrual basis and according to the double entry
system.
Sales are recognized on dispatch of goods to customers.
Dividend Income on Investments is accounted for when received.
B Fixed Assets
i Fixed Assets are stated at cost less depreciation , cost being
comprised of cost of acquisition and expenditure directly attributable
for commissioning of the assets .
ii Depreciation is provided on Written Down Value Method and at the
rate and in the manner specified in Schedule XIV of the Companies Act
1956.
C Investments
Long Term Investments are stated at cost .
D Current Assets a Stocks
Raw Material , Traded Items and Finished Goods are valued at lower of
cost or net realizable value. Cost of finished goods includes cost of
material and cost of conversion. Cost is determined on monthly weighted
average basis.
b Book Debts, Advances & Deposits
Balances considered irrecoverable are written- off and those considered
doubtful are provided for.
E Employee / Retirement Benefits
Retirement Benefits to employees are provided for by payments to
Gratuity and Provident Fund.
The gratuity liability is determined on the basis laid down under
Employees Approved Gratuity Fund Scheme which takes into account the
sum that would have been payable as gratuity to all the eligible
employees on the last day of the financial year.
Liability arising on account of accrued leave salary payable is
provided in the accounts. The same is worked out on the basis of the
amount that would have been payable as leave encashment to all the
eligible employees on the last day of the financial year. (Refer Note
28 (2))
F Foreign Currency Transactions
Monetary items denominated in foreign currency as at the Balance Sheet
date are converted at exchange rates prevailing on that date. Exchange
differences are recognized in the Statement of Profit & Loss.
G Borrowing Costs.
Borrowing costs directly attributable to acquisition or construction of
fixed assets which take substantial period of time to get ready for
their intended use are treated as capital expenditure in accordance
with Accounting Standard 16 on "Borrowing Costs" .
Other borrowing cost are charged to the statement of profit and loss.
H Leases.
Lease rentals for operating leases are charged to statement of profit
and loss on accrual basis in accordance with the respective lease
agreement.
I Taxation
a Current Year Charges
Provision for tax is based on the amount of tax payable in respect of
taxable income as determined under Income Tax Act 1961.
b Deferred Tax
The Deferred Tax resulting from timing difference between the book and
taxable profit for the year is accounted for, using the tax rates and
laws that have been substantially enacted as of the balance sheet date.
Deferred tax assets arising from timing difference are recognized to
the extent there is reasonable certainty that these would be realized
in future.
J Contingent Liabilities and Provisions.
Contingent Liabilities are disclosed after a careful evaluation of the
facts and legal aspects of the matter involved , in line with the
provisions of Accounting Standard (AS) 29.
Provisions are recognized when the company has present obligation
(legal/constructive) and on management judgment as a result of past
event, for which it is probable that a cash outflow may be required and
reliable estimate can be made of the amount of the obligation.
A disclosure for contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not
require an outflow of resources. When there is a possible obligation or
at present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.
Contingent assets are not recognized in the financial statements since
this may result in the recognition of income that may never be accrued
/ realized.
Mar 31, 2012
A Accounting Convention / Method of Accounting.
The Financial Statements are prepared under Historical Cost Convention
in accordance with generally accepted accounting principles and
provisions of Companies Act 1956 Accounts are kept on accrual basis and
according to the double entry system.
Sales are recognized on despatch of goods to customers.
Dividend Income on Investments is accounted for when received.
B Fixed Assets
i Fixed Assets are stated at cost less depreciation , cost being
comprised of cost of acquisition and expenditure directly attributable
for commissioning of the assets.
ii Depreciation is provided on Written Down Value Method and at the
rate and in the manner specified in Schedule XIV of the Companies Act
1956.
C Investments
Long Term Investments are stated at cost. .
D CurrentAssets
a Stocks
Raw Material, Traded Items and Finished Goods are valued at lower of
monthly weighted average cost and net realizable value. Cost of
finished goods include cost of material, costof conversion, labour, b
Book Debts, Advances & Deposits Balances considered irrecoverable are
written- off and those considered doubtful are provided for.
E Employee/Retirement Benefits
Retirement Benefits to employees are provided for by payments to
Gratuity and Provident Fund.
The gratuity liability is determined on the basis laid down under
Employees Approved Gratuity Fund Scheme which takes into account the
sum that would have been payable as gratuity to all the eligible
employees on the last day of the financial year.
F Foreign Currency Transactions
Monetary items denominated in foreign currency as at the Balance Sheet
date are converted at exchange rates prevailing on that date. Exchange
differences are recognised in the Statement of Profit & Loss.
G Taxation
a Current Year Charges
Provision for tax is based on the amount of tax payable in respect of
taxable income as determined under Income Tax. b Deferred Tax
The Deferred Tax resulting from timing difference between the book and
taxable profit for the year is accounted for, using the tax rates and
laws that have been substantially enacted as of the balance sheet date.
Deferred tax assets arising from timing difference are recognised to
the extent there is reasonable certainty that these would be realised
in future.
H Contingent Liabilities
Contingent Liabilities are disclosed in the accounts by way of note.
"The company has not received any intimation from its suppliers
regarding their status under the Micro , Small and Medium Enterprises
Development Act, 2006 and hence disclosures , if any, relating to
amounts unpaid as at the year end as required under the said Act have
not been furnished."
Mar 31, 2011
A Accounting Convention / Method of Accounting.
The Financial Statements are prepared under Historical Cost Convention
in accordance with generally accepted accounting principles and
provisions of Companies Act 1956 Accounts are kept on accrual basis and
according to the double entry system.
Sales are recognised on despatch of goods to customers.
Dividend Income on Investments is accounted forwhen received.
B Fixed Assets
i Fixed Assets are stated at cost less depreciation , cost being
comprised of cost of acquisition and expenditure directly attributable
for commissioning of the assets.
ii Depreciation is provided on Written Down Value Method and at the
rate and in the manner specified in Schedule XIV of the Companies Act
1956.
C Investments
Long Term Investments are stated at cost.
D CurrentAssets
a. Stocks
Raw Material , Traded Items and Finished Goods are valued at lower of
monthly weighted average cost and net realisable value.Cost of finished
goods include cost of material,cost of conversion,labour.
b. Book Debts, Advances & Deposits Balances considered irrecoverable
are written- off and those considered doubtful are provided for.
E Employee/Retirement Benefits
Retirement Benefits to employees are provided for by payments to
Gratuity and Provident Fund. The gratuity liability is determined on
the basis laid down under Employees Approved Gratuity Fund Scheme which
takes into account the sum that would have been payable as gratuity to
all the eligible employees on the last day of the financial year.
Liability arising on account of accrued leave salary payable is
provided in the accounts.The same is worked out on the basis of the
amount that would have been payable as leave encashment to all the
eligible employees on the last day of the financial year.
F Foreign Currency Transactions
Monetary items denominated in foreign currency as at the Balance Sheet
date are converted at exchange rates prevailing on that date.Exchange
differences are recognised in the Profit & LossAccount.
G Taxation
a Current Year Charges Provision for tax is based on the amount of tax
payable in respect of taxable income as determined under Income
TaxAct1961. b Deferred Tax The Deferred Tax resulting from timing
difference between the book and taxable profit for the year is
accounted for, using the tax rates and laws that have been
substantially enacted as of the balance sheet date. Deferred tax
assets arising from timing difference are recognised to the extent
there is reasonable certainty that these would be realised in future.
H Contingent Liabilities
Contingent Liabilities are disclosed in the accounts by way of note.
Mar 31, 2010
A. Accounting Convention / Method of Accounting.
The Financial Statements are prepared under Historical Cost Convention
in accordance with generally accepted accounting principles and
provisions of Companies Act 1956
Accounts are kept on accrual basis and according to the double entry
system. Sales are recognised on despatch of goods to customers.
Dividend Income on Investments is accounted for when received.
B. Fixed Assets
i Fixed Assets are stated at cost less depreciation, cost being
comprised of cost of acquisition and expenditure directly attributable
for commissioning of the assets.
ii Depreciation is provided on Written Down Value Method and at the
rate and in the manner specified in Schedule XIV of the Companies Act
1956.
C. investments
Long Term Investments are stated at cost.
D. Current Assets
a. Stocks
Raw Material , Traded Items and Finished Goods are valued at lower of
monthly weighted average cost and net realisable value. Cost of
finished goods include cost of materialist of conversion, labour.
b. Book Debts, Advances & Deposits
Balances considered irrecoverable are written-off and -ose considered
doubtful are provided for.
E. Employee / Retirement Benefits
Retirement Benefits to employees are provided for by payments to
Gratuity and Provident Fund. The gratuity liability is determined on the
basis laid down under Employees Approved Gratuity Fund Scheme which takes
into accountthe sum that would have been payable as gratuity to all the
eligible employees on the last day of the financial year.Liability
arising on account of accrued leave salary payable is provided in the
accounts. the same is worked out on the basis of the amount that would
have been payable as leave encashment to all the eligible employees on
the last day of the financial year.
F. Foreign Currency Transactions
Monetary items denominated in foreign currency as at the Balance Sheet
date are converted at exchange rates prevailing on that date.Exchange
differences are recognised inthe Profit & Loss Account.
G. Taxation
a. Current Year Charges
Provision for tax is based on the amount of tax payable in respect of
taxable income as determined under Income Tax Act 1961.
Fringe Benefit Tax provision is made on the basis of liability for the
year as ascertained by the Management underthe provisions of Income Tax
Act,1961.
b. Deferred Tax
The Deferred Tax resulting from timing difference between the book and
taxable profits for the year is accounted for,usingthe tax rates and
laws that have been substantially enacted as of the balance sheet date.
Deferred tax assets arising from timing difference are recognised to
the extentthere is reasonable certainty That these would be realised in
future.
H. Contingent Liabilities
Contingent Liabilities are disclosed inthe accounts by way of note.