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Accounting Policies of Vogue Textiles Ltd. Company

Mar 31, 2015

1. Accounting Convention:

The Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP to comply with accounting Standards notified under Section 211(3C) of the Companies Act, 1956 ('the 1956 Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ("the 20013 Act") and the relevant provisions of the 1956 Act/ 2013 Act, as applicable. The financial statements have been prepared on accrual basis underthe historical cost convention except revaluation of certain plots of land. The accounting policies adopted in the preparation of the financial statement are consistent with those followed in the previous year.

2. Inventories:

Inventories are valued as under:-

a. Inventory is as per physical verification conducted by the management.

b. Stock of Raw Material, Stores & Spares and Consumables are valued at cost (cost being the last purchase price).

c. Finished goods are valued at cost of production or net realizable value whichever is lower.

d. Work-in-process has been valued at direct cost.

3. Fixed assets:

Fixed Assets are accounted for on historical cost basis less depreciation.

4. Depreciation:

Depreciation on fixed and intangible assets is provided on Straight Line method, at the rates prescribed in Schedule XIV to The Companies Act, 1956 as applicable to single shift units or the life of the assets, whichever is higher. Proportionate depreciation is charged for additions/deletions during the year.

Individually low cost assets (Upto Rs. 5,000) are depreciated in full within a year of acquisition.

5. Foreign Exchange Transactions:

Transactions in foreign currency are recorded at the exchange rates prevailing at the time of the transaction. In the case of liabilities incurred for the acquisition of fixed assets, fluctuations in foreign exchange rates are included in the carrying amount of thefixed assets.

6. Segment Reporting:

The Company is engaged into the manufacturing and export of furnishing fabric and its Made-ups, and as per AS 17, there is no Reportable Segment because there is only one segment in which company is dealing. Whereas the Geographical Segment reporting is concerned the company is into export business and exporting its products to various countries. But whereas the risk and return is concerned that is almost similar for all countries.

The break-ups of export and domestic sales has been given in the profit & loss account. By applying definition of business segment and geographical segment contained in the accounting Standard 17 segment reporting issued by the institute of Chartered Accountant of India, the Company is single segmented.

7. Provision for Current and Deferred Tax:

Provision for current tax is made after taking into consideration benefit admissible under the provision of The Income Tax Act, 1961.

Deferred Tax resulting from "Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The deferred tax are recognized and carried forward only to extent that there is reasonable certainity that the assets will be realized in future.

8. Due to Small Scale Industry:

The Company has requested all its sundry creditors to furnish Small Scale Industries registration certificate but since none of the creditors having outstanding balance at the year end has furnished the same, it is deemed that none of them is a Small Scale Industries undertaking and no such amount is payable as on the balance sheet date.

9. Lease:

The Company has not taken or given any lease during the Financial Year 2013-2014.

10. Contingent Liabilities:

The Company having an income tax demand Rs.6.24 Lakh raised by the department during the assessment year 2004-05 out of which the company has deposited Rs.3.13 Lakh as 50% of the amount and filed an appeal against this order.

Further, assessment of income tax for the assessment year 2012-2013 is pending and sales tax assessment for the financial year 2010-2011 is also pending. We are able to quantify the amount of this contingent liability.

11. Prior Period Items:

There are no other prior items, which are considered material for the purpose of disclosure in accordance with the AS-5. Net Profit or loss forthe period, prior period in accounting policies issued by The Institute of Chartered Accountants of India.

12. Claims are accounted for, in the year in which they are received/finally settled.

13. Debit Notes in respect of deductions made by the Customers are accounted for, in the year in which they are received/intimated.

14. The financial statements have been prepared in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India.


Mar 31, 2014

1. Accounting Convention:

The Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP to comply with accounting Standards notified under Section 211(3C) of the Companies Act, 1956 (''the 1956 Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ("the 20013 Act") and the relevant provisions of the 1956 Act/ 2013 Act, as applicable. The financial statements have been prepared on accrual basis under the historical cost convention except revaluation of certain plots of land. The accounting policies adopted in the preparation of the financial statement are consistent with those followed in the previous year.

2. Inventories:

Inventories are valued as under:-

a. Inventory is as per physical verification conducted by the management.

b. Stock of Raw Material, Stores & Spares and Consumables are valued at cost (cost being the last purchase price).

c. Finished goods are valued at cost of production or net realizable value whichever is lower.

d. Work-in-process has been valued at direct cost.

3. Fixed assets:

Fixed Assets are accounted for on historical cost basis less depreciation.

4. Depreciation:

Depreciation on fixed and intangible assets is provided on Straight Line method, at the rates prescribed in Schedule XIV to The Companies Act, 1956 as applicable to single shift units or the life of the assets, whichever is higher. Proportionate depreciation is charged for additions/deletions during the year.

Individually low cost assets (Upto Rs. 5,000) are depreciated in full within ayear of acquisition.

5. Foreign ExchangeTransactions:

Transactions in foreign currency are recorded at the exchange rates prevailing at the time of the transaction. In the case of liabilities incurred for the acquisition of fixed assets, fluctuations in foreign exchange rates are included in the carrying amount of the fixed assets.

6. Segment Reporting:

The Company is engaged into the manufacturing and export of furnishing fabric and its Made-ups, and as per AS 17, there is no Reportable Segment because there is only one segment in which company is dealing. Whereas the Geographical Segment reporting is concerned the company is into export business and exporting its products to various countries. But whereas the risk and return is concerned that is almost similarfor all countries.

The break-ups of export and domestic sales has been given in the profit & loss account. By applying definition of business segment and geographical segment contained in the accounting Standard 17 segment reporting issued by the institute of Chartered Accountant of I ndia, the Company is single segmented.

7. Provision for Current and Deferred Tax:

Provision for current tax is made after taking into consideration benefit admissible under the provision of The Income Tax Act, 1961.

Deferred Tax resulting from "Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The deferred tax are recognized and carried forward only to extent that there is reasonable certainity that the assets will be realized in future.

8. Due to Small Scale Industry:

The Company has requested all its sundry creditors to furnish Small Scale Industries registration certificate but since none of the creditors having outstanding balance at the year end has furnished the same, it is deemed that none of them is a Small Scale Industries undertaking and no such amount is payable as on the balance sheet date.

9. Lease:

The Company has nottaken or given any lease during the Financial Year 2013-2014.

10. Contingent Liabilities:

The Company having an income tax demand Rs.6.24 Lakh raised by the department during the assessment year 2004-05 out of which the company has deposited Rs.3.13 Lakh as 50% of the amount and filed an appeal against this order.

Further, assessment of income tax for the assessment year 2012-2013 is pending and sales tax assessment for the financial year 2010-2011 is also pending. We are able to quantify the amount of this contingent liability.

11. Prior Period Items:

There are no other prior items, which are considered material for the purpose of disclosure in accordance with the AS-5. Net Profit or loss for the period, prior period in accounting policies issued by The Institute of Chartered Accountants of India.

12. Claims are accounted for, in the year in which they are received/finally settled.

13. Debit Notes in respect of deductions made by the Customers are accounted for, in the year in which they are received/intimated.

14. The financial statements have been prepared in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India.


Mar 31, 2013

1. Accounting Concepts:

The accounts are prepared on historical cost basis as a going concern, following the mercantile system of accounting and recognizing income and expenditure on accrual basis except otherwise stated. Accounting policies not specifically referred to otherwise are consistent and in consonance with (GAAP''S) Generally Accepted Accounting Policies.

2. Inventories:

Inventories are valued as under:-

a. Inventory is as per physical verification conducted by the management.

b. Stock of Raw Material, Stores & Spares and Consumables are valued at cost (cost being the last purchase price).

c. Finished goods are valued at cost of production or net realizable value whichever is lower.

d. Work-in-process has been valued at direct cost.

3. Fixed assets:

Fixed Assets are accounted for on historical cost basis less depreciation.

4. Depreciation:

Depreciation on fixed and intangible assets is provided on Straight Line method, at the rates prescribed in Schedule XIV to The C o m p a n i e s Act. 1956 as applicable to single shift units or the life of the assets, whichever is higher Proportionate depreciation is charged for additions/deletions during the year.

Individually low cost assets (Up to Rs 5.000) are depreciated in full within a year of acquisition

5. Foreign Exchange Transactions:

Transactions in foreign currency are recorded at the exchange rates prevailing at the time to the transaction. In the cast} of liabilities incurred for the acquisition of fixed assets, fluctuations in foreign exchange rates are included in the carrying amount of the taxed assets.

6. Segment Reporting:

The Company is engaged into the manufacturing and export of furnishing tank and its Made-ups. and as per AS 17, there is no Reportable Segment because there is only one segment in which company is dealing. Whereas the Geographical Segment reporting is concerned the company is into export business and exporting its products to various countries. But whereas the ask and return is concerned that is almost similar for all countries

The break-ups of export and domestic sales has been given in the profit & loss account. By applying definition to business segment and geographical segment contained in the accounting Standard 17 segment reporting issued by the institute of Chartered Accountant of India, the Company is single segmented.

7. Provision for Current and Deferred Tax:

Provision for current tax is made after taking into consideration benefit admissible under the provision of The Income Tax Act 1961.

Deterred Tax resulting from ''Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date The deferred tax are recognized and carried forward only to extent that there is reasonable certainty that the assets will be realized in future.

8. Due to Small Scale Industry:

The Company has requested all its sundry creditors to furnish Small Scale Industries registration certificate but since none of the creditors having outstanding balance at the yearend has furnished the same, it is deemed that none to them is a Small Scale Industries undertaking and no such amount is payable as on the balance sheet date.

9. Lease:

The Company has not taken or given any lease during the Financial Year 2012-2013.

10. Contingent Liabilities:

The Company having an income tax demand Rs 6 24 Lakh raised by the department during the assessment year 2004-05 out of which the company has deposited Rs.3.13 Lakh as 50% of the amount and filed an appeared company

Further, assessment of income tax for the assessment year 2011-12 is pending and sales tax Statement for the financial year 2009-2010 is also pending We are able to quantify the amount of this contingent liability.

11. Prior Period Items:

disclosure in accordance with the AS-5 Net Profit or loss for the period, prior pennon in accounting policies issued by The Institute of Chartered Accountants of India ''

12. Claims are accounted for, in the year in which they are received/finally settled Institute of Chartered Accounts india.Pf6Pared accordance swum applicable accounting standards issued by The


Mar 31, 2012

1. Accounting Concepts:

The accounts are prepared on historical cost basis as a going concern, following the mercantile system of accounting and recognizing income and expenditure on accrual basis except otherwise stated. Accounting policies not specifically referred to otherwise are consistent and in consonance with (GAAP'S) Generally Accepted Accounting Policies.

2. Inventories:

Inventories are valued as under: -

a. Inventory is as per physical verification conducted by the management.

b. Stock of Raw Material, Stores & Spares and Consumables are valued at cost (cost being the last purchase price).

c. Finished goods are valued at cost of production or net realizable value whichever is lower.

d. Work-in-process has been valued at direct cost.

3. Fixed assets:

Fixed Assets are accounted for on historical cost basis less depreciation.

4. Depreciation:

Depreciation on fixed and intangible assets is provided on Straight Line method, at the rates prescribed in Schedule XIV to The Companies Act, 1956 as applicable to single shift units or the life of the assets, whichever is higher. Proportionate depreciation is charged for additions/deletions during the year.

Individually low cost assets (Upto Rs. 5,000) are depreciated in full within a year of acquisition.

5. Foreign Exchange Transactions:

Transactions in foreign currency are recorded at the exchange rates prevailing at the time of the transaction. In the case of liabilities incurred for the acquisition of fixed assets, fluctuations in foreign exchange rates are included in the carrying amount of the fixed assets.

6. Segment Reporting:

The Company is engaged into the manufacturing and export of furnishing fabric and its Made-ups, and as per AS - 17, there is no Reportable Segment because there is only one segment in which company is dealing. Whereas the Geographical Segment reporting is concerned the company is into export business and exporting its products to various countries. But whereas the risk and return is concerned that is almost similar for all countries.

The break-ups of export and domestic sales has been given in the profit & loss account. By applying definition of business segment and geographical segment contained in the accounting Standard - 17 segment reporting issued by the institute of Chartered Accountant of India, the Company is single segmented.

7. Provision for Current and Deferred Tax:

Provision for current tax is made after taking into consideration benefit admissible under the provision of The Income Tax Act, 1961.

Deferred Tax resulting from "Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The deferred tax are recognized and carried forward only to extent that there is reasonable certainty that the assets will be realized in future.

8. Due to Small Scale Industry:

The Company has requested all its sundry creditors to furnish Small Scale Industries registration certificate but since none of the creditors having outstanding balance at the year end has furnished the same, it is deemed that none of them is a Small Scale Industries undertaking and no such amount is payable as on the balance sheet date.

9. Lease:

The Company has not taken or given any lease during the Financial Year 2011-2012.

10. Contingent Liabilities:

The Company having an income tax demand Rs. 6.24 Lakh raised by the department during the assessment year 2004-05 out of which the company has deposited Rs. 3.13 Lakh as 50% of the amount and filed an appeal against this order.

Further, assessment of income tax for the assessment year 2010-2011 is pending and sales tax assessment for the financial year 2008-2009 and 2009-2010 is also pending. We are able to quantify the amount of this contingent liability.

11. Prior Period Items:

There are no other prior items, which are considered material for the purpose of disclosure in accordance with the AS-5. Net Profit or loss for the period, prior period in accounting policies issued by The Institute of Chartered Accountants of India.

12. Claims are accounted for, in the year in which they are received/finally settled.

13. Debit Notes in respect of deductions made by the Customers are accounted for, in the year in which they are received/intimated.

14. The financial statements have been prepared in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India.


Mar 31, 2011

1. ACCOUNTING CONCEPTS

The accounts are prepared on historical cost basis as a going concern, following the mercantile system of accounting and recognizing income and expenditure on accrual basis except otherwise stated. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting policies.

2. FIXED ASSETS

Fixed assets are accounted for on historical cost basis less depreciation. Depreciation on fixed assets has been provided on Straight line method at the rates and in the manner prescribed under schedule XIV of the Companies Act, 1956.

3. INVENTORIES

Inventories are valued as under: -

a. Inventory are as per physical verification conducted by the management.

b. Stock of Raw Material, Stores & Spares and Consumables are valued at cost (cost being the last purchase price)

c. Finished goods are valued at cost of production or net realizable value whichever is lower.

d. Work-in-Process has been valued at direct cost.

4. PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made after taking into consideration benefit admissible under the provision of the Income Tax Act, 1961.

Deferred Tax resulting from " Timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been, enacted or substantially enacted as on the Balance Sheet date. The Deferred tax assets are recognized and carried forward only to extent that there is reasonable certainty that the assets will be realized in future.

5. SEGMENT REPORTING

The Company is engaged into the .Manufacturing and Export of Furnishing Fabric and its Made-ups and as per AS . 17 there is no Reportable Segment because there is only one Segment in which company is dealing. Whereas the Geographical Segment reporting is Concerned the company is into export business and exporting its products to various countries. But whereas the return and risk is concerned that is almost similar for all countries.

The breakup of exports and domestic sales has been given in the profit and loss account. By Applying definition of business segment and geographical segment contained in accounting Standard-17 segment reporting issued by the Institute of Chartered Accountants of India, the Company is single segmented.

6. DUES TO SMALL SCALE INDUSTRIES

The company has requested all its sundry creditors to furnish Small Scale Industries registration certificate but since none of the creditors having outstanding balance at the year end has furnished the same, it is deemed that none of them is a Small Scale Industries undertaking and no such amount is payable as on the balance sheet date.

7. LEASE

The company has not taken or given any lease during the Financial Year 2010-2011.

8. CONTINGENT LIABILITIES

The company having an income tax demand of Rs.6.24 lakh raised by the department during the assessment year 2004-05 Out of which the company has deposited 3.13 lakh as 50% of the amount and filed an appeal against this order.

Further, assessment of income tax for the assessment year 2010-2011 is pending and sales tax assessment for the financial year 2008-2009 and 2009-2010 is also pending. We are able to quantify the amount of this contingent liability.

9. PRIOR PERIOD OF ITEMS

There are no other prior items, which is considered material for the purpose of disclosure In accordance with the AS-5. Net profit or loss for the period, prior period in accounting policies issued by the Institute of Chartered Accountants of India.

10. Claims are accounted for, in the year in which they are received/finally settled.

11. Debit notes in respect of deductions made by Customers are accounted for, in the year in which they are received /intimated.

12. The financial statements have been prepared in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.


Mar 31, 2010

1. ACCOUNTING CONCEPTS

The accounts are prepared on historical cost basis as a going concern following the mercantile system of accounting and recognising income and expenditure on accrual basis except otherwise stated. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting policies.

2. FIXED ASSETS

Fixed assets are accounted for on historical cost basis less depreciation. Depreciation on fixed assets has been provided on Straight line method at the rates and in the manner prescribed under schedule XIV of the Companies Act, 1956. During the year no depriciation has been provided on Factory Building.

3. INVENTORIES

Inventories are valued as under: -

a. Inventory are as per physical verification conducted by the management.

b. Stock of Raw Material, Stores & Spares and Consumables are valued at cost (cost being the last purchase price)

c. Finished goods are valued at cost of production or net realisable value whichever is lower.

d. Work-in-Process has been valued at direct cost.

4. PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made after taking into consideration benefit admissable under the provision of the Income Tax Act, 1961.

Deferred Tax resulting from " Timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred tax assets are recognised and carried forward only to extent that there is reasonably certainity that the assets will be realised in future.

5. SEGMENT REPORTING

The Company is engaged into the "Manufacturing and Export of Furnishing Fabric and its Made-ups" and as per AS - 17 there is no Reportable Segment because there is only one Segment in which company is dealing. Whereas the Geographical Segment reporting is Concerned the company is into export business and exporting its products to various countries. But whereas the return and risk is concerned that is almost similar for all countries.

The breakup of exports and domestic sales has been given in the profit and loss account. By Applying defination of business segment and geographical segment contained in accounting Standard - 17 segment reporting issued by the Institute of Chartered Accountants of India, the Company is single segmented.

6. DUE TO SMALL SCALE INDUSTRIES

The company has requested all its sundry creditors to furnish Small Scale Industries Registration Certificate but since none of the creditors having outstanding balance At the year end has furnished the same, it is deemed that none of them is a Small Scale Industries undertaking and no such amount is payable as on the balance sheet date.

7. LEASE

The company has not taken or given any lease during the Financial Year 2009-10.

8. CONTINGENT LIABILITIES

The company having an income tax demand of Rs.6.24 lakh raised by the department during the assessment year 2004-05 Out of which the company has deposited 3.13 lakh as 50% of the amount and filed an appeal against this order.

Further, assessment of income tax for the assessment year 2008-09 and 2009-10 is pending and sales tax assessment for the financial year 2007-08 and 2008-09 is also pending. We are able to quantify the amount of this contingent liability.

9. PRIOR PERIOD OF ITEMS

There is no other prior items, which is considered material for the purpose of disclosure In accordance with the AS-5" net profit or loss for the period, prior period in accounting policies" issued by the Institute of Chartered Accountants of India.

10. Claims are accounted for, in the year in which they are received/finally settled.

11. Debit notes in respect of deductions made by Customers are accounted for, in the year in which they are received/intimated.

12. The financial statements have been prepared in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.

 
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