Mar 31, 2015
1. BASIS OF ACCOUNTING PREPARATION:
These financial statements have been prepared under historical cost
convention from books of accounts maintained on an accrual basis
(unless otherwise stated hereinafter) in conformity with accounting
principles generally accepted in India and comply with the Accounting
Standards issued by the Institute of Chartered Accountants of India and
referred to Sec 129 & 133 of the Companies Act, 2013, of India. The
accounting policies applied by the company are consistent with those
used in previous year.
2. USE OF ESTIMATES:
The preparation of financial statements requires the management of the
company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the year. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
3. FIXED ASSETS:TANGIBLE ASSETS Own Fixed Assets
Fixed Assets are stated at historical cost of acquisition less
accumulated depreciation. Cost includes related expenditure incurred
for bringing the asset to its working condition for its intended use.
Leased Fixed Assets
Leased Fixed Assets: Operating Leases: Rentals are expensed with
reference to lease terms and other considerations.
4. DEPRICIATION
Depreciation on fixed assets has been provided on Straight Line Method
based on life assigned to each asset in accordance with Schedule II of
The Companies Act, 2013. Depreciation on assets acquired and put to use
during the year is provided on pro-rata basis. Depreciation on assets
sold during the year has not been provided for in the books of
accounts.
5. INVENTORIES:
a. Raw materials are stated at cost or net realizable value whichever
is lower. Cost includes expenses for procuring the same and is computed
on First In First Out basis.
b. Stock of finished goods and materials in process have been valued
at cost or net realizable value whichever is lower. The cost includes
direct cost and attributable overheads.
c. Packing materials, stores and spares are stated at cost or net
realizable value whichever is lower. Cost is computed on First in
first out basis.
6. INVESTMENTS:
Long term investments are stated at cost less provision for other than
temporary diminution in value.
7. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE:
Events occurring after the Balance sheet date have been considered in
the preparation of financial statements.
8. REVENUE RECOGNITION:
Sales are recorded net of returns, trade discounts, rebates and sales
taxes. Lease Rent Income is recognized on the basis of terms of
agreement.
9. RETIREMENT BENEFITS:
i. The Company makes the contributions to Provident Fund at the
prescribed rates and accounts the same on basis of actual liability. .
ii. The Present value of the defined benefit obligation and the
related current service cost were measured for Gratuity with actuarial
valuation being carried out at the year end.
iii. Leave encashment are not ascertained actuarially but provided for
at the gross undiscounted amount payable, the effect of which on
accounts is not material.
10. TAXATION:
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. The Company provides for Income Tax on
estimated taxable income and based on expected outcome of
assessments/appeals, in accordance with the provisions of the Income
Tax Act, 1961 and rules framed there under. Deferred income tax reflect
the current period timing differences between taxable income and
accounting income for the period and reversal of timing differences of
earlier years/period. Deferred tax assets are recognized only to the
extent that there is a reasonable certainty that sufficient future
income will be available except that deferred tax assets, in case there
are unabsorbed depreciation or losses, are recognized if there is
virtual certainty that sufficient future taxable income will be
available to realize the same. Deferred tax assets and liabilities are
measured using the tax rates and tax law that have been enacted or
substantively enacted by the Balance Sheet date.
Mar 31, 2013
1. BASIS OF ACCOUNTING PREPARATION:
The financial statements are prepared on mercantile basis, under the
historical cost convention in accordance with the generally accepted
accounting principles in India and as per the requirements of the
Companies Act, 1956.
2. USE OF ESTIMATES:
The preparation of financial statements requires the management of the
company to make estimates and assumptions that effect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the year.
3. FIXED ASSETS: Own Fixed Assets
Fixed Assets are stated at historical cost of acquisition less
accumulated depreciation. Cost includes related expenditure incurred
for bringing the asset to its working condition for its intended use.
Leased Fixed Assets
Operating Leases: Rentals are expensed with reference to lease terms
and other considerations.
4. DEPRICIATION
Depreciation on fixed assets has been provided on Straight Line Method
at the rates prescribed in Schedule XIV of The Companies Act, 1956.
Depreciation on assets acquired and put to use during the year is
provided on pro-rata basis.
5. INVENTORIES:
a. Raw materials are stated at cost or net realizable value whichever
is lower. Cost includes expenses for procuring the same and is computed
on First In First Out basis.
b. Stock of finished goods and materials in process have been valued
at cost or net realizable value ________whichever is lower. The cost
includes direct cost and attributable overheads.________________
c. Packing materials, stores and spares are stated at cost or net
realizable value whichever is lower. Cost is computed on First in
first out basis.
6. INVESTMENTS:
Long term investments are stated at cost less provision for other than
temporary diminution in value.
7. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE:
Events occurring after the Balance sheet date have been considered in
the preparation of financial statements.
8. REVENUE RECOGNITION:
Sales are recorded net of returns, trade discounts, rebates and sales
taxes. Lease Rent Income is recognised on the basis of terms of
agreement.
9. RETIREMENT BENEFITS:
i. The Company makes the contributions to Provident Fund at the
prescribed rates and accounts the same on basis of actual liability.
ii. The Present value of the defined benefit obligation and the
related current service cost were measured for Gratuity with actuarial
valuation being carried out at the year end.
iii. Leave encashment are not ascertained actuarially but provided for
at the gross undiscounted amount payable, the effect of which on
accounts is not material.
10. BUSINESS SEGMENT AND OPERATIONS:
In the context of Accounting Standard - 17 on "Segment Reporting"
issued by The Institute of Chartered Accountants of India, management
considers its operations to constitute primary segments namely
"MANUFACTURING OF DIFFERENT TYPES OF FLOURS. The Plastic Unit of the
Company has been leased out and business is discontinued.
11. TAXATION:
The Company provides for Income Tax on estimated taxable income and
based on expected outcome of assessments/appeals, in accordance with
the provisions of the Income Tax Act, 1961 and rules framed there
under.
Consequent to the issuance of the Accounting Standard 22 - "Accounting
for Taxes on Income" by the Institute of Chartered Accountants of India
which states that deferred tax should be recognised based on timing
differences between the accounting income and the estimated taxable
income for the year and quantify the same using the tax rates and laws
enacted or substantively enacted as at the Balance Sheet date. Deferred
tax assets are recognised and carried forward to the extent there is a
virtual certainity that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
Mar 31, 2012
1. BASIS OF ACCOUNTING PREPARATION: The financial statements are
prepared on mercantile basis, under the historical cost convention in
accordance with the generally accepted accounting principles in India
and as per the requirements of the Companies Act, 1956.
2. USE OF ESTIMATES: The preparation of financial statements requires
the management of the company to make estimates and assumptions that
effect the reported balances of assets and liabilities and disclosures
relating to the contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the year.
3. FIXED ASSETS: Own Fixed Assets
Fixed Assets are stated at historical cost of acquisition less
accumulated depreciation. Cost includes related expenditure incurred
for bringing the asset to its working condition for its intended use.
Leased Fixed Assets
Operating Leases: Rentals are expensed with reference to lease terms
and other considerations.
4. DEPRECIATION Depreciation on fixed assets has been provided on
Straight Line Method at the rates prescribed in Schedule XIV of The
Companies Act, 1956. Depreciation on assets acquired and put to use
during the year is provided on pro-rata basis.
5. INVENTORIES:
a. Raw materials are stated at cost or net realizable value whichever
is lower. Cost includes expenses for procuring the same and is computed
on First In First Out basis.
b. Stock of finished goods and materials in process have been valued
at cost or net realizable value whichever is lower. The cost includes
direct cost and attributable overheads.
c. Packing materials, stores and spares are stated at cost or net
realizable value whichever is lower. Cost is computed on First in
first out basis.
6. INVESTMENTS:
Long term investments are stated at cost less provision for other than
temporary diminution in value.
7. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE:
Events occurring after the Balance sheet date have been considered in
the preparation of financial statements.
8. REVENUE RECOGNITION:
Sales are recorded net of returns, trade discounts, rebates and sales
taxes. Lease Rent Income is recognised on the basis of terms of
agreement.
9. RETIREMENT BENEFITS:
i. The Company makes the contributions to Provident Fund at the
prescribed rates and accounts the same on basis of actual liability.
ii. The Present value of the defined benefit obligation and the
related current service cost were measured for Gratuity with actuarial
valuation being carried out at the year end.
iii. Leave encashment are not ascertained actuarially but provided for
at the gross undiscounted amount payable, the effect of which on
accounts is not material.
10. BUSINESS SEGMENT AND OPERATIONS:
In the context of Accounting Standard-17 on "Segment Reporting"
issued by The Institute of Chartered Accountants of India, management
considers its operations to constitute primary segments namely
"MANUFACTURING OF DIFFERENT TYPES OF FLOURS. The Plastic Unit of the
Company has been leased out and business is discontinued.
11. TAXATION:
The Company provides for Income Tax on estimated taxable income and
based on expected outcome of assessments/appeals, in accordance with
the provisions of the Income Tax Act, 1961 and rules framed there
under.
Consequent to the issuance of the Accounting Standard 22-"Accounting
for Taxes on Income" by the Institute of Chartered Accountants of India
which states that deferred tax should be recognised based on timing
differences between the accounting income and the estimated taxable
income for the year and quantify the same using the tax rates and laws
enacted or substantively enacted as at the Balance Sheet date. Deferred
tax assets are recognised and carried forward to the extent there is a
virtual certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
Mar 31, 2011
(1) Basis of Accounting Preparation :
The financial statements are prepared on mercantile basis, under the
historical cost convention in accordance with the generally accepted
accounting principles in India and as per the requirements of the
Companies Act, 1956.
(2) Use of Estimates :
The preparation of financial statements requires the management of the
company to make estimates and assumptions that effect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the year, Example of
such estimates include provisions for doubtful debts, employee
benefits, provision for income taxes, accounting for contract costs
expected to be incurred to complete software development and the useful
lives of fixed assets.
(3) Fixed Assets and Depreciation :
Fixed Assets are stated at historical cost of acquisition less
accumulated depreciation. Cost includes related expenditure incurred
for bringing the asset to its working condition for its intended use.
Depreciation on fixed assets has been provided on Straight Line Method
at the rates prescribed in Schedule XIV of The Companies Act, 1956.
Depreciation on assets acquired and put to use during the year is
provided on pro-rata basis.
(4) Impairment of Assets :
Impairment loss is charged to the Profit & Loss account in the period
in which, assets is identified as impaired. The impairment loss
recognised in the prior accounting periods is revised if there has been
a change in the estimate of recoverable amount.
(5) Inventories :
1) Raw materials are stated at cost or net realizable value whichever
is lower. Cost includes expenses for procuring the same and is
computed on First In First Out basis.
2) Stock of finished goods and materials in process have been valued at
cost or net realizable value whichever is lower. The cost includes
direct cost and attributable overheads.
3) Packing materials, stores and spares are stated at cost or net
realizable value whichever is lower. Cost is computed on First in first
out basis.
(6) Investments :
Long term investments are stated at cost less provision for other than
temporary diminution in value.
(7) Events occurring after the Balance Sheet Date :
Events occurring after the Balance sheet date have been considered in
the preparation of financial statements.
(8) Revenue Recognition :
Sales are recorded net of returns, trade discounts, rebates and sales
taxes. Lease Rent Income is recognised on the basis of terms of
agreement.
(9) Retirement Benefits :
The Company makes the contributions to Provident Fund at the prescribed
rates and accounts the same on basis of actual liability.
The Present value of the defined benefit obligation and the related
current service cost were measured for Gratuity with actuarial
valuation being carried out at the year end which was Rs. 31,910/- the
necessary effect of the same given.
Leave encashment are not ascertained actuarially but provided for at
the gross undiscounted amount payable, the effect of which on accounts
is not material.
(10) Borrowing Costs :
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
(11) Business Segment and Operations :
In the context of Accounting Standard - 17 on "Segment Reporting"
issued by The Institute of Chartered Accountants of India, management
considers its operations to constitute primary segments namely
"MANUFACTURING OF DIFFERENT TYPES OF FLOURS. The Plastic Unit of the
Company has been leased out and business is discontinued.
(12) In respect of the Plastic unit, the company has Lease arrangements
which are in respect of Operating leases mainly for the factory
premises (including office & godown). Generally, these lease
arrangements are for a period less than a year and are renewable by
mutual consent, on mutually agreeable/predetermined terms. The
aggregate Lease rentals are credited to the Profit and Loss Account.
(13) Taxation :
The Company provides for Income Tax on estimated taxable income and
based on expected outcome of assessments/appeals, in accordance with
the provisions of the Income Tax Act, 1961 and rules framed thereunder.
Consequent to the issuance of the Accounting Standard 22 - "Accounting
for Taxes on Income" by the Institute of Chartered Accountants of India
which states that deferred tax should be recognised based on timing
differences between the accounting income and the estimated taxable
income for the year and quantify the same using the tax rates and laws
enacted or substantively enacted as at the Balance Sheet date. Deferred
tax assets are recognised and carried forward to the extent there is a
virtual certainity that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
Mar 31, 2010
(1) Basis of Accounting Preparation :
The financial statements are prepared on mercantile basis, under the
historical cost convention in accordance with the generally accepted
accounting principles in India and as per the requirements of the
Companies Act, 1956.
(2) Use of Estimates :
The preparation of financial statements requires the management of the
Company to make estimates and assumptions that effect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the year, Example of
such estimates include provisions for doubtful debts, employee
benefits, provision for income taxes, accounting for contract costs
expected to be incurred to complete software development and the useful
lives of fixed assets.
(3) Fixed Assets and Depreciation :
Fixed Assets are stated at historical cost of acquisition less
accumulated depreciation. Cost includes related expenditure incurred
for bringing the asset to its working condition for its intended use.
Depreciation on fixed assets has been provided on Straight Line Method
at the rates prescribed in Schedule XIV of The Companies Act, 1956.
Depreciation on assets acquired and put to use during the year is
provided on pro-rata basis.
(4) Impairment of Assets :
Impairment loss is charged to the Profit & Loss account in the period
in which, assets is identified as impaired. The impairment loss
recognised in the prior accounting periods is revised if there has been
a change in the estimate of recoverable amount.
(5) Inventories :
1) Raw materials are stated at cost or net realizable value whichever
is lower. Cost includes expenses for procuring the same and is
computed on First In First Out basis.
2) Stock of finished goods and materials in process have been valued at
cost or net realizable value whichever is lower. The cost includes
direct cost and attributable overheads.
3) Packing materials, stores and spares are stated at cost or net
realizable value whichever is lower. Cost is computed on First in first
out basis.
(6) Investments :
Long term investments are stated at cost less provision for other than
temporary diminution in value.
(7) Events occurring after the Balance Sheet Date :
Events occurring after the Balance sheet date have been considered in
the preparation of financial statements.
(8) Revenue Recognition :
Sales are recorded not of returns, trade discounts, rebates and sales
taxes. Lease Rent Income is recognised on the basis of terms of
agreement.
(9) Retirement Benefits :
The Company makes the contributions to Provident Fund at the prescribed
rates and accounts the same on basis oi actual liability,
The Present value of the defined benefit obligation and the related
current service cost were measured for Gratuity with actuarial
valuation being carried out at the year end which was Rs. 78,691/- the
necessary effect of the same given.
Leave encashment are not ascertained actuarially but provided for at
the gross undiscounted amount payable, the effect of which on accounts
is not material.
(10) Borrowing Costs :
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
(11) Business Segment and Operations :
in the context of Accounting Standard - 17 on "Segment Reporting"
issued by The Institute of Chartered Accountants of India, management
considers its operations to constitute primary segments namely
"MANUFACTURING OF DIFFERENT TYPES OF FLOURS". The Plastic Unit of the
Company has been leased out and business is discontinued.
(12) In respect of the Plastic unit, the Company has Lease arrangements
which are in respect of Operating leases mainly for the factory
premises (including office & godown). Generally, these lease
arrangements are for a period less than a year and are renewable by
mutual consent, on mutually agreeable/predetermined terms. The
aggregate Lease rentals are credited to the Profit and Loss Account.
(13) Taxation :
The Company provides for Income Tax on estimated taxable income and
based on expected outcome of assessments/appeals, in accordance with
the provisions of the Income Tax Act, 1961 and rules framed thereunder,
Consequent to the issuance of the Accounting Standard 22 -"Accounting
for Taxes on Income" by the Institute of Chartered Accountants of India
which states that deferred tax should be recognised based on timing
differences between the accounting income and the estimated taxable
income for the year and quantify the same using the tax rates and laws
enacted or substantively enacted as at the Balance Sheet date. Deferred
tax assets are recognised and carried forward to the extent there is a
virtual certainity that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
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