Mar 31, 2014
I) Basis of Accounting:
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956 and
wherever applicable as per the provisions of the Companies Act, 2013.
ii) Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made based on the current working that affect the
reported amount of assets and liabilities (including contingent
liabilities) on the date of financial statements and the reported
amount of revenues and expenses for the reporting period. Difference
between the actual and the estimates, if any, are accounted for in the
period in which such differences are known/materialized.
iii) Fixed Assets:
Fixed assets are stated at its purchase price including direct
expenses, finance cost till it is put to use net of recoverable taxes.
If the fixed assets are revalued then they are stated at revalued
amount. Accumulated depreciation, impairment loss, if any, is reduced
from the fixed assets and shown under the net asset value on the
reporting date. The cost including additions, improvements, renewals,
revalued amount and accumulated depreciation of assets which are sold
and/or discarded and/or impaired, are removed from the fixed assets and
any profit or loss resulting there from is included in the Statement of
Profit & Loss and the residual value of the revalued amount is
withdrawn from such reserves created for the purpose.
iv) Depreciation and Amortization:
Depreciation is provided on assets according to Written down Value
method at the rates prescribed in the Companies Act, 1956. Depreciation
of the assets added / disposed off / impaired during the year is
provided on pro-rata basis.
v) Impairment of Assets:
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognized as an expense in the Statement of Profit & Loss in
the year in which an asset is identified as impaired. In case of
impaired revalued assets, the impaired loss on the residual value is
withdrawn from such reserves created for the purpose. The impairment
loss recognized in earlier accounting period is reversed if there has
been an improvement in recoverable amount.
vi) Foreign Currency Transactions:
a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.
b) Year-end balance of assets and liabilities in foreign currencies are
translated at the year-end rates and difference between year-end
balance and such restated balance are dealt in under Exchange rate
difference in the profit and loss statement.
c) The difference arising out of the actual settlement on realization /
payment are dealt with in the Statement of Profit & Loss under Exchange
Rate Difference arising on such transactions.
vii) Related Party Disclosure:
In accordance with the requirements of Accounting Standards (AS) - 18
on Related Party Disclosures, the names of the related parties where
control exists and/or with whom transactions have taken place during
the year and descriptions of relationships, as identified and certified
by the management, are:
Key Management Personnel
1. Key Managerial Person
* Mr. Rajeev Garg
* Mr.Harshwardhan M. Koshal
* Mr. Sudhir Kumar Agarwal
* Mr. Neeraj Khetarpal
* Mrs. Manisha Agarwal
2. Subsidiary
* Apron Estates Limited
* Deby Exim Limited
* Phoebe Infotech Limited
As informed by the management there was no related party transactions
made during the year.
viii) Investments:
Investments wherever readily realizable and intended to be held not
more than one year from the date of such investments are made, are
qualified as current investments. Current investments are carried at
lower of cost and quoted/fair value, computed category-wise. Long-term
investments are stated at cost. Provision for diminution in the value
of long-term investments is made only if such a decline is other than
temporary.
ix) Inventories:
Items of inventories such as raw materials and Stock-in-Trade, Finished
Goods are measured at lower of cost or net realizable value after
providing for obsolescence if any. Work-in-progress is valued at
estimated cost and stocks & spare parts, dyes & chemicals, packing
materials etc. are valued at cost. Cost of inventories comprises of
cost of purchase, cost of conversion and other costs including
manufacturing overheads incurred in bringing them in their present
condition. Cost of raw materials, stock in process, stock in trade and
finished goods are determined on average cost basis.
x) Revenue Recognition:
Revenue is recognized only when it can be definitely measured and it is
reasonable to expect final collection. Revenue from operations
includes sale of goods after adjustment of discounts (net) and return
of goods. Export benefit entitlement to the Company under Drawback,
DEPB, DFIA is recognized in the year of export on accrual basis
wherever it is ascertainable with reasonable accuracy. Dividend income
is recognized on actual receipt basis. Interest income is recognized on
time proportion basis taking into account the amount outstanding and
rate applicable.
xi) Employee Benefits:
a) Short-term Employee Benefits
Short-term Employee Benefits (i.e. benefits payable within one year)
are recognized in the period in which employee services are rendered.
b) Post-employment Benefits Defined Contribution Plans
Contributions towards provident funds are recognized as expense.
Provident fund contributions in respect of certain employees are made
to Trust administered by the Company, the interest rate payable to the
members of the Trust is not lower than the rate of interest declared
annually by the Central Government under the Employees'' Provident Funds
and Miscellaneous Provisions Act, 1952 and shortfall if any, is made
good by the Company. The remaining provident fund contributions are
made to government administered provident fund towards which the
Company has no further obligations beyond its monthly contributions.
xii) Borrowing Cost:
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as
part of the cost of that asset. Other borrowing costs are recognized as
an expense in the period in which they are incurred. Capitalization of
borrowing costs ceases when the qualifying asset is ready for intended
use.
xiii) Deferred Taxation:
Deferred Taxation is provided using the liability method in respect of
taxation effect arising from material timing difference between the
accounting and tax treatment of Income & Expenditure based on tax rates
prevailing at the time of Balance Sheet date. Deferred Taxation so
provided is reviewed at each Balance Sheet date for necessary
adjustments.
xiv) Earning per Share:
Basic earning per share is calculated by dividing the net Profit for
the year attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year.
Diluted earning per share is calculated by dividing the net profit
attributable to equity shareholders by weighted average number of
equity shares outstanding during the year after adjusting for the
effects of dilutive options.
xv) Events occurring after Balance Sheet Date:
Events occurring after the balance sheet date have been considered in
the preparation of financial statements.
xvi) Contingent Liabilities:
Unprovided liabilities of contingent nature are disclosed in the
accounts by way of notes giving nature and quantum of such liabilities.
xvii) Research & Development Expenditure:
a) Capital Expenditure is included in Fixed Assets & Capital
Work-in-Progress and depreciation is provided at the respective
applicable rates.
b) Revenue Expenditure is charged in the year in which they are
incurred.
xviii) Cash Flow Statement:
The Company adopts the Indirect Method in preparation of Cash Flow
Statement. For the purpose of Cash Flow Statement Cash & Cash
equivalents consists of Cash on Hand, Cash at Bank.
Mar 31, 2013
1. Basis of preparation of Financial statements :
(i) The financial statements have been prepared under the historical
cost convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company. There is no change in the accounting
policies as compared to the preceding year.
(ii) The Company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis, if determinable.
2. (i) Fixed Assets:
Fixed Assets are stated at their original cost less accumulated
depreciation. Cost includes duties, taxes and expenses incidental to
acquisition and installation.
(ii) Depreciation:
In respect of Fixed Assets, depreciation is provided Block wise on
Straight Line Method in accordance with the provisions of schedule XIV
of the Companies Act, 1956.
3. Inventory:
Inventory of closing stocks held by the concern is valued at lower of
the cost price or net realizable value. Cost is determined on FIFO
Method. Cost comprises all cost of conversion and other costs incurred
in bringing the inventories to their present location & condition.
4. Cash Flow Statement:
(a) The statement has been prepared under indirect method except in
case of dividends, sale / purchase of investments and taxes which have
been considered on the basis of actual movement of case, with
corresponding adjustments in assets and liabilities as set out in the
Accounting Standard (AS) 3 issued by ICAI.
(b) Cash and Cash equivalents represent cash and bank balances only.
5. Foreign Currency Transactions
Foreign currency transactions have been translated at exchange rate
prevailing on the date of transaction. At the balance sheet date,
monetary assets and liabilities denominated in foreign currency are
reported using the closing rates.
Exchange differences arises on foreign currency transaction are
recognized as income or expense in the profit & loss account.
6. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
7. Revenue Recognition :
(i) The company recognizes sale of product when they are invoiced to
customer excluding sales tax / Vat and trade discount.
(ii) Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
8. Retirement Benefits
There is no amount of gratuity liability or leave encashment or any
other retirement benefits for which the company may be made liable to
pay. Hence no provision for the same has been made as on the date of
Balance sheet.
9. Impairment of Asset
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, the company subjects such assets
to a test of recoverability, based on discounted cash flows expected
from use or disposal thereof. If the assets are impaired, the company
recognizes an impairment loss as a difference between the carrying
value and fair value net of cost of sale in accordance with AS-28
"Impairment of Assets", issued by the Institute of Chartered
Accountants Of India. None of the company''s fixed assets are
considered for impairment as on the balance sheet date.
10. Prior Period Expenses
Prior Period expenses, if any significant, are charged to prior period
ex-pense Account. Similarly extraordinary items, if any significant,
are shown separately in the accounts statements.
11. Borrowing Costs:
(i) Borrowing costs are recognized as an expense in the period in which
they are incurred.
(ii) The concern does not have any qualifying asset from the viewpoint
of capitalization of borrowing costs. Hence no borrowing cost is
capitalized.
12. Intangible Assets:
(i) The concern does not have an intangible asset from which any
probable future economic benefit will flow to it.
(ii) Expenditure on an intangible item other than in (i) above is
rec-ognized as an expense when it is incurred.
13. Taxation:
a) Current Tax:
Tax on income for the current period is determined on the basis of
taxable income and applicable tax rate computed in accordance with the
provisions of the Income Tax Act, 1961.
b) Deferred Tax:
i. The company has accounted for deferred tax in accordance with the
Accounting Standard 22 "Accounting for taxes on income" issued by
Council of ICAI. Accordingly, deferred tax for the year is recognized
on timing difference, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
ii. Deferred Tax assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantively enacted by
the Balance Sheet date.
iii. Deferred Tax assets are recognized and carried forward only if
there is a reasonable/virtual certainty of its realization.
14. Related Party Disclosure:
In accordance with the requirements of Accounting Standards (AS) - 18
on Related Party Disclosures, the names of the related parties where
control exists and/or with whom transactions have taken place during
the year and descriptions of relationships, as identified and certified
by the management, are:
I. Key Management Personnel
- Mr. Rajeev Garg (Managing Director & Executive)
- Mr.Harshwardhan M. Koshal (Non Executive & Independent)
- Mr. Sudhir Kumar Agarwal (Non Executive & Non Independent)
- Mr. Neeraj Khetarpal (Non Executive & Independent)
II. As informed by the management there was no related party
transactions made during the year.
15. Other Accounting Policies
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles.
Mar 31, 2012
1. Basis of preparation of Financial statements :
(i) The financial statements have been prepared under the historical
cost convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company. There is no change in the accounting
policies as compared to the preceding year.
iii) The Company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis, if determinable.
2. (i) Fixed Assets:
Fixed Assets are stated at their original cost less accumulated
depreciation. Cost includes duties, taxes and expenses incidental to
acquisition and installation.
(ii) Depreciation:
In respect of Fixed Assets, depreciation is provided Block wise on
Straight Line Method in accordance with the provisions of schedule XIV
of the Companies Act, 1956,
3. Inventory:
Inventory of closing stocks held by the concern is valued at lower of
the cost price or net realizable value. Cost is determined on FIFO
Method. Cost comprises all cost of conversion and other costs incurred
in bringing the inventories to their present location & condition.
5. Foreign Currency Transactions
Foreign currency transactions have been translated at exchange rate
prevailing on the date of transaction. At the balance sheet monetary
assets and liabilities denominated in foreign currency are reported
using the closing raExchange differences arises on foreign currency
transaction are recognized as income or expense in the profit is !oss
acuo.ini
6. Provisions. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosec in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
7. Revenue Recognition :
(i) The company recognizes sale of product when they are invoiced to
customer excluding sales tax,' Vat and trade discount (iij Revenue in
icspect of other income is recognized when no significant uncertainty
as to its determination or realization exists
8. Retirement Benefits
There is no amount of gratuity liability or leave encashment or any
other retirement benefits for which the company may be rruae liable to
pay Hence no provision for the same has been made as on the date of
Balance sheet.
9. Impairment of Asset
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, tne company subjects such assets
to a test of recoverability. based on discounted cash flows expected
from use or disposal thereof, if the assets are impaired, the company
recognizes an impairment loss as a difference between the carrying
value and fair value net of cost of sale in accordance with AS-28
"Impairment of Assets", issued by the Institute of Chartered
Accountants Of India. None of the company's fixed assets are considered
for impairment as on the balance sheet date.
10. Prior Period Expenses
Prior Period expenses, if any significant, are charged to prior period
expense Account. Similarly extraordinary items, if any significant, are
shown separately in the accounts statements.
11. Borrowing Costs:
(i) Borrowing costs are recognized as an expense in the period in which
they are incurred.
(ii) The concern does not have any qualifying asset from the viewpoint
of capitalization of borrowing costs. Hence no boiown cost is
capitalized.
12. Intangible Assets:
(i) The concern does not have an intangible asset from which any
probable future economic benefit will flow to it.
(ii) Expenditure on an intangible item other than in (i) above is
recognized as an expense when it is incurred.
13. Taxation:
a) Current Tax:
Tax on income for the current period is determined on the basis of
taxable income a accordance witn the provisions of the Income Tax
Act, 1961,
b) Deferred Tax:
i. The company has accounted for deferred tax in accordance with the
Accounting Standard 22 "Accounting for taxes on income" issued by
Council of ICAI. Accordingly, deferred tax for the year is recognized
on timing difference, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
ii. Deferred Tax assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantively enacted by
the Balance Sheet date.
iii. Deferred Tax assets are recognized and carried forward only if
there is a reasonable/virtual certainty of its realization
14. Related Party Disclosure:
In accordance with the requirements of Accounting Standards (AS) - 18
on Related Party Disclosures, the names of the related parties where
control exists and/or with whom transactions have taken place during
the year and descriptions of relationships, as identified and certified
by the management, are:
I. Key Management Personnel
- Mr. Rajeev Garg (Managing Director & Executive)
- Mr.Harshwardhan M. Koshal (Non Executive & Independent)
- Mr. Sudhir Kumar Agarwal (Non Executive & Non Independent)
- Mr. Neeraj Khetarpal (Non Executive & Independent)
M As informed by the management there was no related party transactions
made during the year.
Other Accounting Policies
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles.
Mar 31, 2010
I. Basis of preparation of Financial statements:
(i) The financial statements have been prepared under the historical
cost convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company. There is no change in the accounting
policies as compared to the preceding year.
(ii) The Company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis, if determinable.
2 (i) Fixed Assets:
Fixed Assets are stated at their original cost less depreciation. Cost
includes duties, taxes and expenses incidental to acquisition and
installation.
(ii) Depreciation:
In respect of Fixed Assets, depreciation is provided Block wise on
Straight Line Method in accordance with the provisions of schedule XIV
of the Companies Act, 1956. The assets purchased up to 30th September
of the year are charges for year depreciation and those purchased
after 30th September are charged half year depreciation.
3. Inventory:
Inventory of closing stocks held by the concern is valued at lower of
the cost price or net realizable value. Cost is determined on
FIFO Method. Cost comprises all cost of conversion and other costs
incurred in bringing the inventories to their present location &
condition.
4 Cash Flow Statement:
a) The statement has been prepared under indirect method except in case
of dividends, sale / purchase of investments and taxes which have been
considered on the basis of actual movement of case, with corresponding
adjustments in assets and liabilities as set out in the according
standard 3 issued by ICAI.
b) Cash and Cash equivalents represent cash and bank balances only.
5. Foreign Currency Transactions
Foreign currency transactions have been translated at exchange rate
prevailing on the date of transaction. At the balance sheet date,
monetary assets and liabilities denominated in foreign currency are
reported using the closing rates.
Exchange differences arises on foreign currency transaction are
recognized as income or expense in the profit & loss account.
6. Provisions and Contingencies
The company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
7. Revenue Recognition :
(i) The company recognizes sale of product when they are invoiced to
customer excluding sale tax / Vat and trade discount.
(ii) Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
8. Retirement Benefits
There is no amount of gratuity liability or leave encashment or any
other retirement benefits for which the company may be made liable to
pay. Hence no provision for the same has been made as on the date of
Balance Sheet.
9. Impairment of Asset
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, the company subjects such assets
to a test of recoverability, based on discounted cash flows expected
from use or disposal thereof. If the assets are impaired, the company
recognizes an impairment loss as a difference between the carrying
value and fair value net of cost of sale in accordance with AS-28
"Impairment of Assets", issued by the Institute of Chartered
Accountants Of India. None of the company's fixed assets are considered
for impairment as on the balance sheet date.
10. Prior Period expenses, if any significant, are charged to prior
period expense Account. Similarly extraordinary items, if any signifi-
cant, are shown separately in the accounts statements.
11. Borrowing Costs:
(i) Borrowing costs are recognized as an expense in the period in which
they are incurred.
(ii) The concern does not have any qualifying asset from the viewpoint
of capitalization of borrowing costs. Hence no borrowing cost is
capitalized.
12. Intangible Assets:
(i) The concern does not have an intangible asset from which any
probable future economic benefit will flow to it.
(ii) Expenditure on an intangible item other than in (i) above is
recognized as an expense when it is incurred.
13. Other Accounting Policies
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles.