Mar 31, 2016
Corporate Information
Visagar Polytex Limited (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on BSE Limited and National Stock Exchange of India Limited.
2. Significant Accounting Policies
2.1 Basis for preparation of accounts
"These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Companies (Account) Rules 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year"
2.2 Revenue Recognition
Revenues are recognized and expenses are accounted for on accrual basis with necessary provisions for all known liabilities and losses. Income from Non- Performing Assets is recognized only when it is realized. Interest on deposits and loans is accounted for on the time proportion basis after considering reasonable certainty that the ultimate collection will be made. Dividend income is recognized when right to receipts is established. Profit or loss on sale of securities is accounted on trade date basis.
2.3 Tangible Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon. Fixed Assets are accounted at cost of acquisition inclusive of inward freight, duties taxes and other incidental expenses related to acquisition and installation of Fixed Assets incurred to bring the assets to their working condition for their intended use.
2.4 Intangible Fixed Assets
Internally generated intangible assets are measured at the expenditure incurred for development of the contents of its websites.
2.5 Inventories
Stock is Valued at cost. The closing stock of film produced is valued at Actual Cost by allocating all direct expenses which are related to the production. The fixed expenses under which the allocation was necessary as per the management discretion is allocated to the respective projection to arrive at its Actual cost of production.
The Work - in - Progress is valued accordingly as per the completion of the projection. All expenses which can be related directly are all capitalized and added to the cost.
2.6 Depreciation & Amortizations
Depreciation on Fixed Assets is provided on Written Down Value method based on the useful life of the asset in the manner prescribed in Schedule II to the Companies Act, 2013. Internally generated intangible assets i.e. website content is amortized over a period of five years.
2.7 Investments
Investments made by the Company with a long term prospective in Quoted and Unquoted securities are held as investments and are valued at cost. However, provision for diminution in value is made to recognize a decline, other than temporary, in the value of the investments.
2.8 Foreign Currency Transactions
No Foreign currency transactions are recorded during this Financial Year under review.
2.9 Employees Benefits
All employee benefit obligations payable wholly within twelve months of the rendering the services are classified as Short Term Employee Benefits. Such Benefits are estimated and provided for in the period in which the employee renders the related service. Post Employment Benefits All eligible employees of the Company are entitled to receive benefits under the provident fund and Gratuity is accounted for as and when paid.
2.10 Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income tax Act, 1961. Deferred tax resulting from "timing differenceâ between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.
2.11 Provisions and Contingent Liabilities
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.
Mar 31, 2015
2.1 Basis for preparation of accounts
"These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the Companies (Account)
Rules 2014 and the relevant provisions of the Companies Act, 2013. The
financial statements have been prepared on an accrual basis and under
the historical cost convention. The accounting policies adopted in the
preparation of financial statements are consistent with those of
previous year"
2.2 Revenue Recognition
Revenues are recognized and expenses are accounted for on accrual basis
with necessary provisions for all known liabilities and losses. Income
from Non- Performing Assets is recognized only when it is realized.
Interest on deposits and loans is accounted for on the time proportion
basis after considering reasonable certainty that the ultimate
collection will be made. Dividend income is recognized when right to
receipts is established. Profit or loss on sale of securities is
accounted on trade date basis.
2.3 INVENTORIES
Stock is Valued at cost. The closing stock of goods produced is valued
at Actual Cost by allocating all direct expenses which are related to
the manufacturing. The fixed expenses under which the allocation was
necessary as per the management discretion is allocated to the
respective projection to arrive at its Actual cost of production
The Work - in - Progress is valued accordingly as per the completion of
the projection. All expenses which can be related directly are all
Capitalized and added to the cost.
2.4 Tangible Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation thereon. Fixed Assets are accounted at cost of acquisition
inclusive of inward freight, duties taxes and other incidental expenses
related to acquisition and installation of Fixed Assets incurred to
bring the assets to their working condition for their intended use.
2.5 Intangible Fixed Assets
Internally generated intangible assets are measured at the expenditure
incurred for development of the contents of its websites.
2.6 Depreciation & Amortisation
Depreciation on Fixed Assets is provided on Written Down Value method
based on the useful life of the asset in the manner prescribed in
Schedule II to the Companies Act, 2013. Internally generated intangible
assets i.e. website content is amortised over a period of five years.
2.7 Investments
Investments made by the Company with a long term prospective in Quoted
and Unquoted securities are held as investments and are valued at cost.
However, provision for diminution in value is made to recognize a
decline, other than temporary, in the value of the investments.
2.8 Foreign Currency Transactions
No Foreign currency transactions are recorded during this Financial
Year under review.
2.9 Employees Benefits
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service. Post Employment
Benefits All eligible employees of the Company are entitled to receive
benefits under the provident fund and Gratuity is accounted for as and
when paid.
2.10 Provision for Current and Deferred Tax
Provision for current tax is made after taking into 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 laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
2.11 Provisions and Contingent Liabilities
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 recognised but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Jun 30, 2014
FIXED ASSETS
Fixed Assets are stated at cost of acquisition, inclusive of inward
freight, duties and taxes and incidental expenses related to
acquisition.
DEPRECIATION
Depreciation is calculated on Fixed Assets on straight line method in
accordance with schedule XIV of the Companies Act, 1956.
INVENTORIES
Stock is Valued at cost. The closing stock of goods produced is valued
at Actual Cost by allocating all direct expenses which are related to
the manufacturing. The fixed expenses under which the allocation was
necessary as per the management discretion is allocated to the
respective projection to arrive at its Actual cost of production
The Work - in - Progress is valued accordingly as per the completion of
the projection. All expenses which can be related directly are all
Capitalized and added to the cost.
INVESTMENTS
Investments are valued at cost, any diminution in the value of
investments, if considered permanent, is provided for.
INCOME FROM INVESTMENTS / DEPOSITS
Income from investments / Deposits is credited to revenue in the year
in which it accrues expect Dividend which is accounted for on Cash
basis.
RECOGNITION OF INCOME & EXPENDITURE
All income and expenditure are accounted for on accrual basis.
Jun 30, 2013
FIXED ASSETS
Fixed Assets are stated at cost of acquisition, inclusive of inward
freight, duties and toes and incidental expenses related to
acquisition.
DEPRECIATION
Depreciation is calculated on Fixed Assets on straight line method in
accordance with schedule XIV of the Companies Act, 1956.
INVENTORIES
Stock is Valued at cost. The closing stock of goods produced is valued
at Actual test by allocating all direct expenses which are related to
the manufacturing. The feed expenses under which toe allocation was
necessary as per toe management discretion is allocated to toe
respective projection to arrive at its Actual cost of production
The Work - in - Progress is valued accordingly as per the completion of
toe projection. All expenses which ran be related directly are all
Capitalized and added to toe cost.
INVESTMENTS
Investments are valued at cost, any diminution in the value of
investments, if considered permanent, is provided for. INCOME FROM
INVESTMENTS / DEPOSITS
Income tom investments / Deposits is credited to revenue in the year in
which it accrues expect Dividend which is accounted for on Cash basis.
RECOGNITION OF INCOME & EXPENDITURE
All income and expenditure are accounted for on accrual basis.
RETIRMENT BENEFITS
Provision for Payment of Gratuity Ad, 1972 is not applicable and as
such no provision is made. Leave Encashment, if any, would be accounted
for as and when paid.
Jun 30, 2010
FIXED ASSETS
Fixed Assets are stated at cost of acquisition, inclusive of inward
freight, duties and taxes and incidental expenses related to
acquisition.
DEPRECIATION
Depreciation is calculated on Fixed Assets and the company follows the
Written Down Value method which is in accordance with schedule XIV of
the Companies Act, 1956.
INVENTORIES
Stock is Valued at cost
INVESTMENTS
Investments are valued at cost, any diminution in the value of
investments, if considered permanent is provided for.
INCOME FROM INVESTMENTS/ DEPOSITS
Income from investments / Deposits is credited to revenue in the year
in which it accrues except Dividend which is accounted for on Cash
basis.
RECOGNITION OF INCOME & EXPENDITURE
All income and expenditure are accounted for on accrual basis.
RETIRMENT BENEFITS
Provision for Payment of Gratuity Act, 1972 is not applicable and as
such no provision is made Leave Encashment, if any, would be accounted
for as and when paid.
Jun 30, 2009
FIXED ASSETS
Fixed Assets are stated at cost of acquisition, inclusive of inward
freight, duties and taxes and incidental expenses related to
acquisition.
DEPRECIATION
Depreciation is calculated on Fixed Assets and the company follows the
Written Down Value method which is in accordance with schedule XTV of
the Companies Act, 1956.
INVENTORIES
Stock is Valued at cost.
INVESTMENTS
Investments are valued at cost, any diminution in the value of
investments, if considered permanent, is provided for.
INCOME FROM INVESTMENTS/ DEPOSITS
Income from investments / Deposits is credited to revenue in the year
in which it accrues except Dividend which is accounted for on Cash
basis.
RECOGNITION OF INCOME & EXPENDITURE
All income and expenditure are accounted for on accrual basis.
RETIRMENT BENEFITS
Provision for Payment of Gratuity Act, 1972 is not applicable and as
such no provision is made. Leave Encashment, if any, would be accounted
for as and when paid.