Mar 31, 2018
1 Significant Accounting Policies:
i. Basis of Accounting:
The financial statements are prepared under historical cost convention on an accrual basis.
ii. Inventories
Inventories are valued as under:
Raw Material and Packing Material : At cost or net realisable value, whichever is lower Work-In-Process : At cost or net realisable value, whichever is lower
Finished goods : At cost or net realisable value, whichever is lower
Stores & spares : At cost
By products/Scrap : At Net Realisable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in First out basis.
Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated depreciation.
Depreciation has been provided for by the straight line method at the rates specified in revised Schedule II of the Companies Act, 2013.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been provided for. The Company does not follow the procedure of amortizing its leasehold assets over the period of the lease.
Captital Subsidy has been reduced from the Cost of the Plant & Machinery. Hence the depreciation on addition to Fixed Assets made during the year has been calculated at the cost of new assets less the subsidy received.
iv. Revenue Recognition :
Sales are recognised when the goods are invoiced or despatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax.
Export sales are recognised on the date of Shipping bill.
Duty Drawback is accounted in the year in which it is received.
Interest Income has been recognised on the basis of the amount received from the Banks.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognised in Profit and Loss Account.
Adjustmenmt in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.
Mar 31, 2016
i. Basis of Accounting:
The financial statements are prepared under historical cost convention on an accrual basis.
ii. Inventories
Inventories are valued as under:
Raw Material and Packing Material : At cost or net realizable value, whichever is lower Work-In-Process : At cost or net realizable value, whichever is lower
Finished goods : At cost or net realizable value, whichever is lower
Stores & spares : At cost
By products/Scrap : At Net Realizable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in First out basis.
Cost of Finished goods and work-in-process include costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated depreciation.
Depreciation has been provided for by the straight line method at the rates specified in revised Schedule II of the Companies Act, 2013.
The difference in the Opening Written Down Balances of the Assets held as on 01 st April 2014 as per the old method of Depreciation and now prescribed Method of Depreciation, has been adjusted from the retained earnings of the Company for the Year ended on 31/03/2015.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been provided for. The Company does not follow the procedure of amortizing its leasehold assets over the period of the lease.
iv. Revenue Recognition :
Sales are recognized when the goods are invoiced or dispatched to the customers and are recorded exclusive of excise duty and net of trade discount and sales tax.
Export sales are recognized on the date of Shipping bill.
Duty Drawback is accounted in the year in which it is received.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transaction. All foreign currency assets and liabilities (except those towards fixed assets) are translated at year end exchange rate and related exchange gain/loss is recognized in Profit and Loss Account.
Adjustment in respect of liabilities incurred for acquisition of fixed assets are adjusted in the carrying amount of fixed assets.
II) The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-
1) Due to the complexities of business the value of the Inventory has been considered as has been verified, valued and certified by the Management.
2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2016 are recorded at realizable value. The Management has been able to produce some confirmations of balances due from Debtors as well as the Balances Payable to the Creditors. However the value of these Debtors and Creditors for the Balance Sheet purpose has been take as certified by the Management.
Mar 31, 2015
I. Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis.
ii. Inventories
Inventories are valued as under:
Raw Material and Packing Material : At cost or net realisable value,
whichever is lower
Work-In-Process : At cost or net realisable value,
whichever is lower
Finished goods : At cost or net realisable value,
whichever is lower
Stores & spares : At cost
By products/Scrap : At Net Realisable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in
First out basis.
Cost of Finished goods and work-in-process include costs of conversion
and other costs incurred in bringing the inventories to their present
location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated
depreciation.
Depreciation has been provided for by the straight line method at the
rates specified in revised Schedule II of the Companies Act, 2013.
The difference in the Opening Written Down Balances of the Assets held
as on 01st April 2014 as per the old method of Depreciation and now
prescribed Method of Depreciation, has been adjusted from the retained
earnings of the Company.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been
provided for. The Company does not not follow the procedure of
amortizing its leasehold assets over the period of the lease.
iv. Revenue Recognition :
Sales are recognised when the goods are invoiced or despatched to the
customers and are recorded exclusive of excise duty and net of trade
discount and sales tax.
Export sales are recognised on the date of Shipping bill.
Duty Drawback is accounted in the year in which it is received.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. All foreign currency
assets and liabilities (except those towards fixed assets) are
translated at year end exchange rate and related exchange gain/loss is
recognised in Profit and Loss Account.
Adjustmenmt in respect of liabilities incurred for acquisition of fixed
assets are adjusted in the carrying amount of fixed assets.
Mar 31, 2014
I. Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis.
ii. Inventories
Inventories are valued as under :
Raw Material and Packing Material : At cost or net realisable value,
whichever is lower Work-In-Process : At cost or net realisable value,
whichever is lower Finished goods : At cost or net realisable value,
whichever is lower Stores & spares : At cost By products/Scrap : At Net
Realisable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in
First out basis.
Cost of Finished goods and work-in-process include costs of conversion
and other costs incurred in bringing the inventories to their present
location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated
depreciation.
Depreciation has been provided for by the straight line method at the
rates specified in ScheduleXIV of the Companies Act, 1956.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been
provided for. The Company does not not follow the procedure of
amortizing its leasehold assets over the period of the lease.
iv. Revenue Recognition :
Sales are recognised when the goods are invoiced or despatched to the
customers and are recorded exclusive of excise duty and net of trade
discount and sales tax. Export sales are recognised on the date of
Shipping bill. Duty Drawback is accounted in the year in which it is
received.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. All foreign currency assets
and liabilities (except those towards fixed assets) are translated at
year end exchange rate and related exchange gain/loss is recognised in
Profit and Loss Account.
Adjustment in respect of liabilities incurred for acquisition of fixed
assets are adjusted in the carrying amount of fixed assets.
II). The following are the observations during the course of Audit
under review and brought to the notice of the members of the Company :-
1) Due to the complexities of business the value of the Inventory has
been considered as has been verifed, valued and certified by the
Management.
2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2014 are
subject to confirmation. No confirmations of balances have been obtained
from the parties and hence the value of these Debtors and Creditors for
the balance sheet purpose has been take as certified by the Management.
Installed capacity is as certified by the Management and not verifed by
the auditors. It denotes estimated production of a product, if the
entire plant & machinery is operated on triple shift basis during the
year and is exclusively utilised for its production. However, the plant
and machinery is common for the production of various dye-intermediates
and hence the installed capacity may vary depending upon the product
mix adopted by the company.
Mar 31, 2013
I. Basis of Accounting:
The fnancial statements are prepared under historical cost convention
on an accrual basis.
ii. Inventories
Inventories are valued as under:
Raw Material and Packing Material : At cost or net realisable value,
whichever is lower
Work-In-Process : At cost or net realisable value, whichever is lower
Finished goods : At cost or net realisable value, whichever is lower
Stores & spares : At cost
By products/Scrap : At Net Realisable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in
First out basis. Cost of Finished goods and work-in-process include
costs of conversion and other costs incurred in bringing the
inventories to their present location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated
depreciation. Depreciation has been provided for by the straight line
method at the rates specifed in ScheduleXIV of the Companies Act, 1956.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been
provided for. The Company does not not follow the procedure of
amortizing its leasehold assets over the period of the lease.
iv. Revenue Recognition :
Sales are recognised when the goods are invoiced or despatched to the
customers and are recorded exclusive of excise duty and net of trade
discount and sales tax. Export sales are recognised on the date of
Shipping bill. Duty Drawback is accounted in the year in which it is
received.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. All foreign currency assets
and liabilities (except those towards fxed assets) are translated at
year end exchange rate and related exchange gain/loss is recognised in
Proft and Loss Account. Adjustmenmt in respect of liabilities incurred
for acquisition of fxed assets are adjusted in the carrying amount of
fxed assets.
vii The following are the observations during the course of Audit under
review and brought to the notice of the members of the Company :-
1) Due to the complexities of business the value of the Inventory has
been considered as has been verifed, valued and certifed by the
Management.
2) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2013 are
subject to confrmation. No confrmations of balances have been obtained
from the parties and hence the value of these Debtors and Creditors for
the balance sheet purpose has been take as certifed by the Management.
3) The Company has not been following the Guidelines issued by the
Institute of Chartered Accountants of India on Accounting for Excise
Duty and Cenvat.
4) The Company has not deducted Employees Contribution of Provident
Fund from the salaries of its employees for the period of 6 months i.e
from the 1/4/12 to 30/09/12 and has also not provided for its Liaility
towards the Employers Contribution for Provident Fund for the same
period. The provision required
Mar 31, 2011
I. Basis of Accounting :
The financial statements are prepared under historical cost convention
on an accrual basis. ii. Inventories
Inventories are valued as under :
Raw Material and
Packing Material : At cost or net realisable value, whichever is lower
Work-In-Process : At cost or net realisable value, whichever is lower
Finished goods : At cost or net realisable value, whichever is lower
Stores & spares : At cost
By products/Scrap : At Net Realisable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in
First out basis.
Cost of Finished goods and work-in-process include costs of conversion
and other costs incurred in bringing the inventories to their present
location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated
depreciation.
Depreciation has been provided for by the straight line method at the
rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been
provided for. The Company does not not follow the procedure of
amortizing its leasehold assets over the period of the lease.
iv. Revenue Recognition :
Sales are recognised when the goods are invoiced or despatched to the
customers and are recorded exclusive of excise duty and net of trade
discount and sales tax. Export sales are recognised on the date of
Shipping bill. Duty Drawback is accounted in the year in which it is
received.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. All foreign currency assets
and liabilities (except those towards fixed assets) are translated at
year end exchange rate and related exchange gain/loss is recognised in
Profit and Loss Account. Adjustmenmt in respect of liabilities
incurred for acquisition of fixed assets are adjusted in the carrying
amount of fixed assets.
vii The following are the observations during the course of Audit under
review and brought to the notice of the members of the Company :-
a) Balances of Sundry Debtors and Sundry Creditors as on 31/03/2011 are
subject to confirmation. No confirmations of balances have been
obtained from the parties and hence the value of these Debtors and
Creditors for the balance sheet purpose has been take as certified by
the Management.
b) The Company has not been following the Guidelines issued by the
Institute of Chartered Accountants of India on Accounting for Excise
Duty and Cenvat. The Company records the Purchases inclusive of Excise
Duty and Credits the Purchase Account for the Excise Duty Payable on
its Sales. All the Payments made by the Company towards the Excise Duty
are debited to the Profit & Loss Account. However the Excise Duty on
Export Sales (Refundable) is recorded as an Asset but no corresponding
liability for the same is recognised.
Mar 31, 2010
I. Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis.
ii. Inventories
Inventories are valued as under:
Material and Packing Material : At cost or net realisable
value, whichever is lower
Work-In-Process : At cost or net realisable
value, whichever is lower
Finished goods : At cost or net realisable
value, whichever is lower
Stores & spares : At cost
By products/Scrap : At Net Realisable Value
Fuel : At cost
Cost of Raw Material and Packing Material is determined on First in
First out basis.
Cost of Finished goods and work-in-process include costs of conversion
and other costs incurred in bringing the inventories to their present
location and condition.
iii. Fixed Assets and Depreciation :
Fixed assets are stated at historical cost less accumulated
depreciation.
Depreciation has been provided for by the straight line method at the
rates specified in ScheduleXIV of the Companies Act, 1956.
Depreciation on additions during the year is charged on pro rata basis.
The amortization of the value of the Leasehold Premises has not been
provided for. The Company does not not follow the procedure of
amortizing its leasehold assets over the period of the lease.
iv. Revenue Recognition : Sales are recognised when the goods are
invoiced or despatched to the customers and are recorded exclusive of
excise duty and net of trade discount and sales tax. Export sales are
recognised on the date of Shipping bill. Duty Drawback is accounted in
the year in which it is received.
v. Long Term investments are valued at cost.
vi. Foreign currency Transactions
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. All foreign currency assets
and liabilities (except those towards fixed assets) are translated at
year end exchange rate and related exchange gain/loss is recognised in
Profit and Loss Account.
Adjustmenmt in respect of liabilities incurred for acquisition of fixed
assets are adjusted in the carrying amount of fixed assets.
vii The following are the observations during the course of Audit under
review and brought to the notice of the management:-
Balances of Sundry Debtors and Sundry Creditors as on 31/03/2010 are
subject to confirmation. No confirmations of balances have been
provided from the parties and hence the value of these Debtors and
Creditors for the balance sheet purpose has been taken as certified by
the Management.
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