Mar 31, 2015
A) Basis of Preparation of Financial Statements
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under Section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the relevant provisions of the
Companies Act, 2013 ("the 2013 Act")/Companies Act, 1956 ("the Act
1956"), as applicable. These financial statements have been prepared on
an accrual basis and under the historical cost conventions.
b) Use of Estimates
The preparation of financial statements in confirmity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amount of revenue and
expenses during the reporting period. Differences between actual
results and estmates are recognised in the period in which the results
are known / materialised.
c) Revenue Recognition
i) Sales are recognised inclusive of discount and exclusive of VAT, if
any.
ii) Export entitlement in the form of Duty Drawback, DEPB and other
schemes are recognised in the statement of Profit & Loss when the right
to receive credit as per the terms of scheme is established in respect
of exports made and when there is no significant uncertainty regarding
the ultimate collection of relevant export proceeds.
iii) Insurance are accounted for on receipt basis or as acknowledged by
the appropriate authorities.
d) Fixed Assets
Fixed Assets are stated at cost of acquisition/installation less
accumulated depreciation and impairment losses, if any. The cost of
assets comprises of purchase price and directly attributable cost of
bringing the assets to working condition for its intended use.
e) Depreciation
In respect of fixed assets (other than freehold land and capital
work-in-progress) acquired during the year, depreciation/ amortisation
is charged on a straight line basis so as to write off the cost of the
assets over the useful lives and for the assets acquired prior to 1
April, 2014, the carrying amount as on 1 April, 2014 is depreciated
over the remaining useful life based on an evaluation:
f) Investments
The Company does not have any Investment at the end of the year and its
corresponding previous year.
g) Earning Per Share
Basic and Diluted Earnings per shares are calculated by dividing the
net profit attributable to the ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year.
h) Inventories
Inventories are valued at lower of cost and net realizable value and as
certified by the management. Cost of inventories comprises of cost of
purchase and other incidental expenses, determined on FIFO basis. Net
realizable value is the estimated selling price in the ordinary course
of business.
i) Borrowing Cost
Borrowing Costs that are directly attributable to the acquisition or
construction of Qualifying Assets are capitalized as part of cost of
such assets. Other Borrowing Costs are charged as expense in the year
in which these are incurred.
j) Segment Reporting
The company prepares its segment information in conformity with the
accounting policies adopted for preparing and presenting the financial
statements of the company as a whole.
k) Foreign Currency Transaction
i) All transactions in foreign currency are recorded at the rate of
exchange prevailing on the date when the relevant transaction take
place.
ii) Monetary items denominated in foreign currency at the year end are
restated at the year end rates. Any income or expenses on account of
exchange differences either on settlement or on translation is
recognized in the Statement of Profit and Loss except in cases where
they relate to acquisition of fixed assets in which case they are
adjusted to the carrying cost of such assets.
iii) The premium or discount arising at the inception of forward
exchange contract is amortized and recognized as an expenses / income
over the life of the contract.
l) Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value being higher of value in use and net
selling price. An impairment loss is recognized as an expense in the
Profit and Loss Account in the year in which an asset is impaired. The
impairment loss recognized in prior accounting period is reversed if
there has been an improvement in recoverable amount.
m) Taxation
Provision for current tax is made after taking in to consideration
benefits admissible under the provisions of the Income Tax Act, 1961,
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and law that are
enacted or substantively enacted as on the balance sheet date. Deferred
tax assets is recognised and carried forward only to the extent that
there is virtual certainty that the assets will be realised in future.
n) Government Grants
Government grants are recognised only when there is reasonable
assurance that the company will comply with the conditions attached to
them and the grants will be received. Government Grants related to
specific assets are presented in the Balance Sheet by showing the grant
as a deduction from the gross value of the assets concerned in arriving
at their book value.
o) Employee Benefits
i) The company contributes to the employee's provident fund maintained
under the Employees Provident Fund Scheme of the Central Government and
the same is charged to the Profit & Loss Account. The company has no
obligation, other than the contribution payable to the provident fund.
The company also contributes to the employees state insurance fund
maintained under the "Employees State Insurance Scheme" of the Central
Government and same is also charged to the profit & loss account.
ii) Gratuity Liability has been provided on the basis of acturial
valuation. The company does not contributes to any fund for gratuity
for its employees. The cost of providing benefits is determined on the
basis of actuarial valuation at each year end using projected unit
credit method. Actuarial gain and losses is recognized in the period in
which they occur in the statement of profit and loss.
p) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
q) Provision & Contingent Liability
A provision is recognized when there is a present obligation as a
result of past event, that probably requires an outflow of resources
and a reliable estimate can be made to settle the amount of
obligation.These are reviewed at each year end and adjusted to reflect
the best current estimates. Contingent liabilities are not recognised
but disclosed in the financial statements.
Mar 31, 2014
A] Basis of Preparation of Financial Statements
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indiar GAAP), The company has prepared these fmancial statements to
comply in ail material respects with the accounting standards notified
unde the Companies (Accounting Standards) Rules, 2006, (as amended) and
the relevant provisions of the CompaniesAct,1956. These financia
statements have been prepared on an accrual basis and under the
historical cost conventions.
b) Use of Estimates
The preparation of financial statements in confirmity with generaiiy
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amount of revenue and
expenses during the reporting period. Differences between actual
results and estimates are recognised in the period in which the resutts
are known i materialised.
c) Revenue Recognition
i) Sales are recognised inclusive of discount and exclusive of VAT, if
any,
ii) Export entitlement in the form of Duty Drawback, DEPB and other
schemes are recognised in the statement of Profit & Loss when the right
to receive credit as per the terms of scheme is established in respect
of exports made and when there is no significant uncertainty regardirrg
the ultimate collection of relevant export proceeds.
iii) Insurance are accounted for on receipt basis oras acknowledged by
the appropriate authorities, dl Fixed Assets Fixed Assets are stated at
cost of acquisition/installation less accumulated depreciation and
impairment losses, if any. The cost of assets comprises of purchase
price and directly attributable cost of bringing the assets to worthing
condition for its intended use.
Depreciation
Depredation on Fixed Assets is provided on Straight Line method at toe
rates and in the manner Specified in Schedule XIV of the Companies Act.
1956.
f) Investmerrts
The Company does not have any Investment at the end of the year and its
corresponding previous year.
g) Earning Per Share
Basic and Diluted Earnings per shares are calculated by dividing the
net profit attributoble to toe ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year.
h) Inventories
Inventories are valued at lower of cost and net realizable value and as
certified by the management. Cost of inventories comprises of cost of
purchase and other incidental expenses, determined on FIFO basis. Net
realizable value is the estimated selling price in the ordinary course
of business.
i) Borrowing Cost
Borrowing Costs that are directly attributable to the acquisition or
construction of Qualifying Assets are capitalized as part of cost of
such assets. Other Borrowing Costs are charged as expense in the year
in which these are incurred,
J) Segment Reporting
The company prepares its segment information in conformity with the
accounting policies adopted for preparing and presenting toe financial
statements of the company as a whole.
k) Foreign Currency Transaction
i) All transactions in foreign currency are recorded at the rate of
exchange prevailing on the date when the relevant transaction take
place.
>*) Monetary Items denominated in foreign currency at toe year end are
restated at the year end rates. Any income or expenses on account of
exchange differences either on settlement or on translation is
recognized in the Statement of Profit and Loss except in cases where
they relate to acquisition of fixed assets in which case they are
adjusted to the carrying cost of such assets.
iii) The premium or discount arising at the inception of forward
exchange contract is amortized and recognized as an expenses / income
overthe life of the contract. ''
l) Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value being higher of value in use and net
selling price. An impairment loss is recognized as an expense in the
Profit and Loss Account in the year in which an asset is impaired. The
impairment loss recognized in prior accounting period is reversed if
there has been an improvement in recoverable amount.
ml Taxation
Provision for current tax is made after taking in to consideration
benefits admissible under toe provisions of the Income Tax Act, 1961,
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and law that are
enacted or substantively enected as on the balance sheet date. Deferred
tax assets is recognised and carried forward only to the extent that
there is virtuat certainty that toe assets will be realised in future.
n) Govarnment Grants
Government grants are recognised only when there is resonable assurance
that the company will comply with the conditions atteched to them and
the grants will be received. Government Grants related to
spedficassetsare presented in the Balance Sheet by showing the grant as
a deduction from the gross value of the assets concerned in arriving at
their book value.
o) Employee Benefits
(i) The company contributes to the employees provident fund
maintained under the Employees Provident Fund Scheme of the Central
Government and the same is charged to the Profit & Loss Account. The
company has no obligation, other than the contribution payable to the
provident fund. The company also contributes to the employees state
insurance fund maintained under the "Employees State Insurance Scheme"
of the Central Government and same is also charged to the profits loss
account.
(ii) Gratuity Liability has been provided on the basis of acturial
valuation. The company does not contributes to any fund for gratuity
for its employees. The cost of providing benefits is determined on the
basis of actuarial valuation at each year end using projected unit
credit method. Actuarial gain and losses is recognized in the period in
which they occur in the statement of profit and loss.
p) Provision & Contingent Liability
A provision is recognized when there is a present obligation as a
result of past event, that probably requires an outflow of resources
and a reliable estmate can be made to settle the amount of
obligation.These are reviewed at each year end and adjusted to reflect
the best current estmates. Contingent liabilities are not recognised
but disclosed in the financial statements.
Mar 31, 2013
A) Basis of Preparation of Financial Statements
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006,(as amended) and
the relevant provisions of the Companies Act,1956. These financial
statements have been prepared on an accrual basis and under the
historical cost conventions.
b) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amount of revenue and
expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known / materialized.
c) Revenue Recognition
i) Sales are recognized inclusive of discount and exclusive of VAT, if
any.
ii) Export entitlement in the form of Duty Drawback, DEPB and other
schemes are recognized in the statement of Profit & Loss when the right
to receive credit as per the terms of scheme is established in respect
of exports made and when there is no significant uncertainty regarding
the ultimate collection.
iii) Insurance are accounted for on receipt basis or as acknowledged by
the appropriate authorities.
d) Fixed Assets
Fixed Assets are stated at cost of acquisition/installation less
accumulated depreciation and impairment losses, if any. The cost of
assets comprises of purchase price and directly attributable cost of
bringing the assets to working condition for its intended use.
e) Depreciation
Depreciation on Fixed Assets is provided on Straight Line method at the
rates and in the manner Specified in Schedule XIV of the Companies Act,
1956.
f) Investments
The Company does not have any Investment at the end of the year and its
corresponding previous year.
g) Earnings Per Share
Basic and Diluted Earnings per shares are calculated by dividing the
net profit attributable to the equity shareholders by the weighted
average number of equity shares outstanding during the year.
h) Inventories
Inventories are valued at lower of cost and net realizable value and as
certified by the management. Cost of inventories comprises of cost of
purchase and other incidental expenses, determined on FIFO basis. Net
realizable value is the estimated selling price in the ordinary course
of business.
i) Borrowing Cost
Borrowing Costs that are directly attributable to the acquisition or
construction of Qualifying Assets are capitalized as part of cost of
such assets. Other Borrowing Costs are charged as expense in the year
in which these are incurred.
j) Segment Reporting
The company prepares its segment information in conformity with the
accounting policies adopted for preparing and presenting the financial
statements of the company as a whole.
k) Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value being higher of value in use and net
selling price. An impairment loss is recognized as an expense in the
Profit and Loss Account in the year in which an asset is impaired. The
impairment loss recognized in prior accounting period is reversed if
there has been an improvement in recoverable amount.
I) Foreign Currency Transaction
i) All transactions in foreign currency are recorded at the rate of
exchange prevailing on the date when the relevant transaction take
place.
ii) Monetary items denominated in foreign currency at the yearend are
restated at the yearend rates. Any income or expenses on account of
exchange differences either on settlement or on translation is
recognized in the Statement of Profit and Loss except in cases where
they relate to acquisition of fixed assets in which case they are
adjusted to the carrying cost of such assets.
iii) The premium or discount arising at the inception of forward
exchange contract is amortized and recognized as an expenses / income
over the life of the contract.
m) Taxation
Provision for current tax is made after taking in to consideration
benefits admissible under the provisions of the Income Tax Act, 1961,
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and law that are
enacted or substantively enacted as on the balance sheet date. Deferred
tax assets is recognized and carried forward only to the extent that
there is virtual certainty that the assets will be realized in future.
n) Employee Benefits
i) The company contributes to the employee''s provident fund
maintained under the Employees Provident Fund Scheme of the Central
Government and the same is charged to the Profit & Loss Account. The
company has no obligation, other than the contribution payable to the
provident fund. The company also contributes to the employees state
insurance fund maintained under the "Employees State Insurance Scheme"
of the Central Government and same is also charged to the profit & loss
account.
ii) Gratuity Liability has been provided on the basis of actuarial
valuation. The company does not contributes to any fund for gratuity for
its employees. The cost of providing benefits is determined on the
basis of actuarial valuation at each year end using projected unit
credit method .Actuarial gain and losses is recognized in the period in
which they occur in the statement of profit and loss.
0) Provision & Contingent Liability
A provision is recognized when there is a present obligations a result
of past event, that probably requires an outflow of resources and a
reliable estimate can be made to settle the amount of obligation. These
are reviewed at each year end and adjusted to reflect the best current
estimates. Contingent liabilities are not recognized but disclosed in
the financial statements.
Mar 31, 2012
1. General :- The financial statements have been prepared under the
historical cost convention in accordance with the generally accepted
accounting principles in India and the provisions of the Companies Act
1956.
The Company generally follows the mercantile system of accounting and
recognizes significant items of Income and Expenditure on accrual
basis.
Accounting Policies not specifically referred to otherwise be
consistent and in consonance with generally accepted accounting
principles.
2. Revenue Recognition :- The export sales have been recognized on the
date of issuance of Bill of Lading, at an average rate stated in
shipment bill. However it can be recorded at the value calculated
according to current exchange rate. Expenses and Income considered
payables and receivables respectively are accounting for on accrual
basis.
3. Fixed Assets :- Fixed assets are stated at their historical cost
less depreciation till date.
4. Depreciation :- Depreciation has been provided on the basis of
Straight Line Method as per rates prescribed in Schedule XIV of the
Companies Act, 1956.
5. Investments :- Company has no Investments
6. Inventories :-
Raw Material & Packing Material : At Cost
Finished Goods : As Cost or NRV whichever is lower Further Stock traded
is recorded in weight, gross or net, as per receipts from the suppliers
and sales to customers.
7. Retirement Benefits :-
No employee is eligible for gratuity benefits and has no leave
accumulated entitling encashment at the end of the year. Hence no
provision to the above effect was required to be made.
8. Provision for Deferred Tax Assets / (Liability) (AS22):- Deferred
Tax arising on account of timing difference and which are capable of
reversal in one or more subsequent periods, should be recognized using
the tax rate and tax laws that have been enacted or substantively
enacted. Deferred Tax Assets are not recognized unless there is
sufficient assurance with respect to reversal of the same to future
years.
In accordance with Accounting Standard 22, "Accounting for Taxes on
Income" issued by the institute of Chartered Accountants of India, the
company has accounted for deferred tax.
9. Foreign Currency Transactions :- Transactions denominated in
foreign currencies are normally recorded at the average exchange rate
specified in the shipment bill at the time of the transaction.
Any income or expenses on account of exchange difference either on
settlement or on translation is recognized in the Profit and Loss
Account.
However year end balances of Foreign currency account and Debtors are
translated using the rate prevailing at the year end (i.e.31st March)
as per requirement of AS-12
Mar 31, 2011
1. General :- The financial statements have been prepared under the
historical cost convention in accordance with the generally accepted
accounting principles in India and the provisions of the Companies Act
1956.
The Company generally follows the mercantile system of accounting and
recognizes significant items of Income and Expenditure on accrual
basis.
Accounting Policies not specifically referred to otherwise be
consistent and in consonance with generally accepted accounting
principles.
2. Revenue Recognition :- Expenses and Income considered payables and
receivables respectively are accounting for on accrual basis.
3. Fixed Assets :- Fixed assets are stated at their historical cost
less depreciation till date.
4. Depreciation :- Depreciation has been provided on the basis of
Straight Line Method as per rates prescribed in Schedule XIV of the
Companies Act, 1956.
5. Investments :- Company has no Investments
6. Inventories :-
Raw Material & Packing Material : At Cost
Finished Goods : At Cost or NRV
whichever is lower
7. Retirement Benefits :- No employee is eligible for gratuity
benefits and has no leave accumulated entitling encashment at the end
of the year. Hence no provision to the above effect was required to be
made.
8. Provision for Deferred Tax Assets / (Liability) (AS22):- Deferred
Tax arising on account of timing difference and which are capable of
reversal in one or more subsequent periods, should be recognized using
the tax rate and tax laws that have been enacted or substantively
enacted. Deferred Tax Assets are not recognized unless there is
sufficient assurance with respect to reversal of the same to future
years.
In accordance with Accounting Standard 22, "Accounting for Taxes on
Income" issued by the institute of Chartered Accountants of India, the
company has not accounted for deferred tax. The Company has significant
amount of carried forward losses and unabsorbed depreciation under
Income Tax Act 1961.
9. Foreign Currency Transactions :- Transactions denominated in
foreign currencies are normally recorded at the exchange rate
prevailing at the time of the transaction.
Any income or expenses on account of exchange difference either on
settlement or on translation is recognized in the Profit and Loss
Account.
However year end balances of Foreign currency account and Debtors are
translated using the rate prevailing at the year end (i.e.31st March)
as per requirement of AS-11
Mar 31, 2010
1. General: The financial statements have been prepared under the
historical cost convention in accordance with the generally accepted
accounting principles in India and the provisions of the Companies Act,
1956.
The Company generally follows the mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis.
Accounting Policies not specifically referred to otherwise be
consistent and in consonance with generally accepted accounting
principles.
2. Revenue Recognition : Expenses and Income considered payable and
receivable respectively are accounting for on accrual basis.
3. Fixed Assets:
Fixed assets are stated at their original cost of acquisition,
including taxes, freight and other incidental expenses related to
acquisition and installation of the concerned assets less depreciation
till date.
4. Depreciation : Depreciation on fixed assets has been provided on
straight line method on the cost of fixed assets as per the rates,
provided in Schedule XTV of the Companies Act, 1956 Further, in case of
addition, depreciation has been provided on pro-rata basis commencing
from the date on which the asset is commissioned.
5. Investment: The Company has no Investments.
6. Inventories: Inventories are valued as under :-
1. Raw Material, Stores,
Spares, Fuel, Packing Material : At Cost
2. Finished Goods : At Market Price or Net
Realizable Value
7. Retirement Benefits
No employee is eligible for gratuity benefit and has no leave
accumulated entitling encashment at the end of me year. Hence, no
provision to the above effect was required to be made.
8. Provision for Deferred TaxAssets/(Liability) (AS22)
Deferred Tax arising on account of timing difference and which are
capable of reversal in one or more subsequent periods, should be
recognized using the tax rate and tax laws that have been enacted or
substantively unacted. Deferred Tax Assets are not recognized unless
there is sufficient assurance with respect to reversal of the same to
future years.
In accordance with Accounting Standard 22, "Accounting for Taxes on
Income" issued by the institute of Chartered Accountants of India, the
company has not accounted for deferred tax. The Company has significant
amount of carried forward losses and unabsorbed depreciation under
Income Tax Act, 1961.
9. Foreign Currency Transactions:
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction.
Any income or expenses on account of exchange difference either on
settlement or on translation is recognised in the Profit and Loss
Account.
However year end balances of Foreign currency account and Debtors are
translated using the rate prevailing at the year end (i.e.31st March)
as per requirement of AS-11