Mar 31, 2015
SYSTEM OF ACCOUNTING :
The Financial Statements are prepared under historical cost convention
and on accrual basis in accordance with the generally accepted
Accounting Principles in India, the Accounting Standards prescribed in
the Companies (Accounting Standard) Rules, 2006 and the relevant
provisions of Companies Act, 2013.
All assets and liabilities have been classified as current and non
current, wherever applicable, as per the normal operating cycle of the
Company as set out in Schedule 111 to the Companies Act, 2013.
FIXED ASSETS :
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for intended use.
DEPRECIATION :
a) Depreciation on tangible fixed assets is accounted on straight line
method based on useful life of assets as prescribed in Schedule II of
the Companies Act, 2013.
b) Intangible assets are amortised over the period of useful life of
the assets as estimated by the management.
INVESTMENTS :
Long term investments are carried at acquisition cost and investments
intended to be held for less than one year are classified as current
investments and are carried at lower of cost and market value. Long
Term investments which will suffer permanent dimunition in their value
will be reduced to their current value.
INVENTORIES :
Traded Goods are valued at Lower of Cost and Net Realizable Value.
FOREIGN CURRENCY TRANSACTIONS :
a) Transactions in foreign currency are recorded at the exchange rate
prevailing at the time of transaction. All trade debtors and creditors
related to foreign currency transaction outstanding at the year end are
translated at exchange rates prevailing at the year end. The resultant
translation differences are recognised in the Profit & Loss Account.
b) In respect of Forward Exchange Contracts, the difference between the
forward rate and the exchange rate on date of transaction has been
recognised as income or expense as the case may be over the life of
contract.
SALES AND OTHER INCOME
a) Sales includes Excise Duty (except on exports) but does not include
VAT/Sales Tax and is recognised at the point of despatch to the buyer.
b) Other Income is accounted for on accrual basis to the extent the
amount is considered recoverable.
TAXES ON INCOME
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets/liabilities on timing differences, being
the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
OTHERS:
a) Premium on import entitlements is accounted for on sale thereof.
b) Liability towards gratuity is funded with Life Insurance Corporation
of India and administered through a separate trust set up by the
Company. The Company's contribution towards the Fund is charged to
Profit & Loss Account. Provision of gratuity for employees not covered
by the scheme is made as per the estimation of the management.
c) Impairment Loss in the value of assets, as specified in Accounting
Standard - 28, is recognised whenever carrying value of such assets
exceeds the market value or value in use , whichever is higher.
MISCELLANEOUS EXPENDITURE
Miscellaneous Expenditure U/s. 35DD of the Income Tax Act, 1961, is
written off over a period of five years.
2. Capital commitments remaining to be executed and not provided for
amounts to Rs. 316.94 lacs ( Rs. 353.77 lacs); advance their against
amounts to Rs. 282.75.03 lacs ( Rs. 238.03 lacs).
3. a) There are no dues to any entity which is covered under small
scale industrial undertaking.
b) There are no suppliers which fall under under the Micro, Small and
Medium Enterprises Development Act, 2006, hence the information
required under the said act is not given.
4. The disclosures pursuant to Section 186(4) of the Companies Act,
2013 in respect of the loans given by the Company is detailed below:
a) Loan of Rs. 40.00 Lacs given to Bharat Roll Industry Pvt. Ltd. for
Working Capital purposes.
b) Loan of f 50.00 Lacs given to WIG Brothers Const. Pvt. Ltd. Pvt.
Ltd. for Working Capital purposes.
Mar 31, 2014
SYSTEM OF ACCOUNTING:
The company follows Mercantile system of accounting and recognises
Income and Expenditure on Accrual basis. The accounts are prepared on
historical cost basis, as a going concern, and are consistent with
generally accepted accounting principles.
FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for intended use.
DEPRECIATION :
a) Depreciation on tangible assets is accounted on straight line method
at or above the rates provided in schedule XIV to the Companies Act,
1956.
b) Intangible assets are amortised over the period of useful life of
the assets as estimated by the management.
INVESTMENTS
Long term investments are carried at acquisition cost and investments
intended to be held for less than one year are classified as current
investments and are carried at lower of cost and market value. Long
Term investments which have sufferred permanent dimunittoo in their
value are reduced to their current value.
INVENTORIES:
a) Raw Material, Stores & Spares At Lower of cost and net realizable
value.However, materials and other items held for and Packing Material
use in the production of inventories are not written down below cost if
the finished producted in which they will be incoporated are expected
to be sold at or above cost. Cost is determined on "Weighted Average
Basis".
b) Finished Goods At Lower of cost and net realizable value. Cost
includes direct materials, labour and manufacturing overheads.
c) Semi Finished Goods At Lower of estimated cost and net realizable
value
d) Traded Goods At Lower of cost and net realizable value.
FOREIGN CURRENCY TRANSACTIONS :
a) Transactions in foreign currency are recorded at the exchange rate
prevailing at the time of transaction. All trade debtors and creditors
related to foreign currency transaction outstanding at the year end are
translated at exchange rates prevailing at the year end. The resultant
translation differences are recognised in the Profit & Loss Account.
b) In respect of Forward Exchange Contracts, the difference between the
forward rate and the exchange rate on date of transaction has been
recognised as income or expense as the case may be over the life of
contract.
SALES AND OTHER INCOME
a) Sales includes Excise Duty (except on exports) but does not include
VAT/Sales Tax and is recognised at the point of despatch to the buyer.
b) Other Income is accounted for on accrual basis to the extent the
amount is considered recoverable. TAXES ON INCOME
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets/liabilities on timing differences, being
the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
OTHERS:
a) Premium on import entitlements is accounted for on sale thereof.
b) Liability towards gratuity is funded with Life Insurance Corporation
of India and administered through a separate trust set up by the
Company. The Company''s contribution towards the Fund is charged to
Profit & Loss Account. Provision of gratuity for employees not covered
by the scheme is made at the undiscounted amount.
c) Impairment Loss in the value of assets, as specified in Accounting
Standard - 28, is recognised whenever carrying value of such assets
exceeds the market value or value in use, whichever is higher.
MISCELLANEOUS EXPENDITURE
Miscellaneous Expenditure U/s. 35DD of the Income Tax Act, 1961, is
written off over a period of five years.
Mar 31, 2013
SYSTEM OF ACCOUNTING :
The company follows Mercantile system of accounting and recognises
Income and Expenditure on Accrual basis. The accounts are prepared on
historical cost basis, as a going concern, and are consistent with
generally accepted accounting principles.
FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for intended use.
DEPRECIATION :
a) Depreciation on tangible assets is accounted on straight line method
at or above the rates provided in schedule XIV to the Companies Act,
1956.
b) Intangible assets are amortised over the period of useful life of
the assets as estimated by the management.
INVESTMENTS :
Long term investments are carried at acquisition cost and investments
intended to be held for less than one year are classified as current
investments and are carried at lower of cost and market value. Long
Term investments which have sufferred permanent dimunition in their
value are reduced to their current value.
INVENTORIES :
a) Raw Material, Stores & Spares At Lower of cost and net realizable
value.However, materials and other Hems held for and Packing Material
use in the production of inventories are not written down below jcost
if the finished producted in which they will be incoporated are
expected to be sold at or above cost.
Cost is determined on "Weighted Average Basis".
b) Finished Goods At Lower of cost and net realizable value. Cost
includes direct materials, labour and manufacturing overheads,
c) Semi Finished Goods At Lower of estimated cost and net realizable
value
FOREIGN CURRENCY TRANSACTIONS :
a) Transactions in foreign currency are recorded at the exchange rate
prevailing at the time of transaction. All trade debtors and creditors
related to foreign currency transaction outstanding at the year end are
translated at exchange rates prevailing at the year end. The resultant
translation differences are recognised in the Profit & Loss Account.
b) In respect of Forward Exchange Contracts, the difference between the
forward rate and the exchange rate on date of transaction has been
recognised as income or expense as the case may be over the life of
contract.
SALES:
Sale of goods is recognised at the point of dispatch to the buyer and
is net of sales tax/ Value added Tax and excise duty, as applicable.
TAXES ON INCOME
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets/liabilities on timing differences, being
the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
OTHERS:
a) Premium on import entitlements is accounted for on safe thereof.
b) Liability towards gratuity is funded with Life Insurance Corporation
of India and administered through a separate trust set up by the
Company. The Company''s contribution towards the Fund is charged to
Profit & Loss Account. Provision of gratuity for employees not covered
by the scheme is made at the undiscounted amount.
c) Impairment Loss in the value of assets, as specified in Accounting
Standard - 28, is recognised whenever carrying vaiue of such assets
exceeds the market value or value in use , whichever is higher.
Mar 31, 2010
SYSTEM OF ACCOUNTING :
The company follows Mercantile system of accounting and recognises
Income and Expenditure on Accrual basis. The accounts are prepared on
historical cost basis, as a going concern, and are consistent with
generally accepted accounting principles.
FIXED ASSETS :
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for intended use.
DEPRECIATION :
Depreciation is accounted on straight line method at or above the rates
provided in schedule XIV to the Companies Act, 1956.
INVESTMENTS :
Long term investments are carried at acquisition cost and investments
intended to be held for less than one year are classified as current
investments and are carried at lower of cost and market value. Long
term investments which have sufferred permanent dimunition in their
value are reduced to their current value.
INVENTORIES :
a) Raw Material, Stores & Spares and Packing Material
At Lower of cost and net realizable value. However, materials and other
items held for use in the production of inventories are not written
down below cost if the finished producted in which they will be
incoporated are expected to be sold at or above cost. Cost is
determined on ÃWeighted Average BasisÃ.
b) Finished Goods
At Lower of cost and net realizable value. Cost includes direct
materials, labour and manufacturing overheads.
c) Semi Finished Goods
At Lower of estimated cost and net realizable value.
FOREIGN CURRENCY TRANSACTIONS :
a) Transactions in foreign currency are recorded at the exchange rate
prevailing at the time of transaction. All trade debtors and creditors
related to foreign currency transaction outstanding at the year end are
translated at exchange rates prevailing at the year end. The resultant
translation differences are recognised in the Profit & Loss Account.
b) In respect of Forward Exchange Contracts, the difference between the
forward rate and the exchange rate on date of transaction has been
recognised as income or expense as the case may be over the life of
contract.
SALES :
Sale of goods is recognised at the point of dispatch to the buyer and
is net of sales tax/ Value added Tax and excise duty, as applicable.
TAXES ON INCOME :
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets/liabilities on timing differences, being
the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
OTHERS :
a) Premium on import duty entitlements is accounted for on sale
thereof.
b) Liability towards gratuity is funded with Life Insurance Corporation
of India and administered through a separate trust set up by the
Company. The CompanyÃs contribution towards the Fund is charged to
Profit & Loss Account. Provision of gratuity for employees not covered
by the scheme is made at the undiscounted amount.
c) Impairment Loss in the value of assets, as specified in Accounting
Standard - 28, is recognised whenever carrying value of such assets
exceeds the market value or value in use, whichever is higher.
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