Mar 31, 2015
1.1 GENERAL
I) The Financial statements have generally, been prepared in accordance
with applicable Accounting Standards on the historical cost Convention
on accrual basis.
II) Accounting Policies, not specifically referred to otherwise, are in
consonance with generally accepted accounting policies.
1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS (AS -1):
The Company generally follows mercantile system of accounting except
otherwise herein stated.
1.3 FIXED ASSETS (AS-10)
Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. Cost comprises of Purchase price and all
other cost attributable to bringing the assets to its working condition
for its intended use. As per the requirement of Sch.ll of Companies Act
2013, Residual value of 5% of Gross Amount of the assets is must to be
kept. To adher the provision, the Company has reinstated the Residual
value of certain fixed assets. Due this reinstatement, Profit & Loss
account is increased by Rs. 14,83,928/- and Assets has been increased
with the same amount.
1.4 DEPRECIATION (AS-6)
Depreciation has been provided in accordance with the provision of
schedule II of the Companies Act 2013, on Straight Line method, except
Wind Mill Unit, on which Depreciation has been provided as per Written
Down Value Method. Remaining useful life of the assets is as confirmed
by the management. Depreciation on assets exist as on 31.03.2014 is
computed based on remaining useful life of asset confirmed by the
management.
1.5 INVESTMENTS (AS-13)
Investments are stated at Cost. Investment in Share & Securities are
considered as long term and valued at cost. No provision for shortfall
in value at the end of the year is provided for
1.6 INVENTORIES (AS-2)
a). Raw Materials At Cost.
b). Stores & Spares At Cost
c). WIP At average cost (including all overheads)
c). Power Unit At Cost
Cost of Inventories is ascertained under FIFO Basis.
1.7 REVENUE AND EXPENDITURE RECOGNITION (AS-9)
Expenses and incomes, not specifically referred to otherwise consider
payable and receivable respectively accounted for on accrual basis
except claims, Claims in respect of materials purchased and sold and
Rebate & Discount etc. which are accounted on cash basis.
1.8 IMPAIRMENT OF ASSETS (AS-28)
An assets is treated as impairment when the carrying cost of the assets
exceeds its recoverable amount. An impairment loss is charged to the
Profit & Loss Account in the year in which an assets is identified as
impaired.
1.9 RETIREMENT BENEFIT (AS-15)
aII the Retirement Benefits to the employees are being made on the
payment basis.
1.10 INCOME TAX (AS-22)
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961. Tax expenses for the year, comprising Current Tax and
Deferred Tax is included in determining the Net Profit for the year.
Deferred Tax Assets and Liabilities are recognised for the Future Tax
consequences of temporary difference between the carrying value of
assets and liabilities in their respective tax base, and operating loss
carry forward. The Deferred Tax Assets are recognised subject to
managements judgements that realisation is more likely than not.
Deferred Tax Assets and Liabilities are measured using the enacted tax
rates expected to apply to taxable income in the year in which the
temporary difference are expected to be reviewed or settled.
1.11 BORROWING COSTS
Borrowing costs include interest, amortisation of ancillary costs
incurred and exchange differences arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost. Costs in connection with the borrowing of funds to the
extent not directly related to the acquisition of qualifying assets are
charged to the Statement of Profit and Loss over the tenure of the
loan. Borrowing costs, allocated to and utilised for qualifying assets,
pertaining to the period from commencement of activities relating to
construction / development of the qualifying asset upto the date of
capitalisation of such asset is added to the cost of the assets.
Capitalisation of borrowing costs is suspended and charged to the
Statement of Profit and Loss during extended periods when active
development activity on the qualifying assets is interrupted.
Mar 31, 2014
1.1 GENERAL :
I) The Financial statements have generally, been prepared in accordance
with applicable Accounting Standards on the historical cost Convention
on accrual basis.
II) Accounting Policies, not specifically referred to otherwise, are in
consonance with generally accepted accounting policies.
1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS (AS -1):
The Company generally follows mercantile system of accounting except
otherwise herein stated.
1.3 FIXED ASSETS (AS-10):
Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. Cost comprises of Purchase price and all
other cost attributable to bringing the assets to its working condition
for its intended use
1.4 DEPRECIATION (AS-6) :
Depreciation has been provided at the rates and in accordance with the
provision of schedule XIV of the Companies Act 1956, on Straight Line
method, except Wind Mill Unit, on which Depreciation has been provided
as per Written Down Value Method of Companies Act, 1956
1.5 INVESTMENTS (AS-13) :
Investments are stated at Cost. Investment in Share & Securities are
considered as long term and valued at cost. No provision for shortfall
in value at the end of the year is provided for.
1.6 INVENTORIES (AS-2):
a). Raw Materials : At Cost.
b). Stores & Spares : At Cost
b). Power Unit : At Cost
Cost of Inventories is ascertained under FIFO Basis.
1.7 REVENUE AND EXPENDITURE RECOGNITION (AS-9) :
Expenses and incomes, not specifically referred to otherwise consider
payable and receivable respectively accounted for on accrual basis
except claims, Claims in respect of materials purchased and sold and
Rebate & Discount etc. which are accounted on cash basis.
1.8 IMPAIRMENT OF ASSETS (AS-28) :
An assets is treated as impairment when the carrying cost of the assets
exceeds its recoverable amount. An impairment loss is charged to the
Profit & Loss Account in the year in which an assets is identified as
impaired.
1.9 RETIREMENT BENEFIT (AS-15):
All the Retirement Benefits to the employees are being made on the
payment basis.
1.10 INCOME TAX (AS-22):
Current tax is the amount of tax payable on the taxable income for the
year as determined in accodance with the provisions of the Income Tax
Act, 1961. Tax expenses for the year, comprising Current Tax and
Deferred Tax is included in determining the Net Profit for the year.
Deferred Tax Assets and Liabilities are recognised for the Future Tax
consequences of temporary difference between the carrying value of
assets and liabilities in their respective tax base, and operating loss
carry forward. The Deferred Tax Assets are recognised subject to
managements judgements that realisation is more likely than not.
Deferred Tax Assets and Liabilities are measured using the enacted tax
rates expected to apply to taxable income in the year in which the
temporary difference are expected to be reviewed or settled.
1.11 BORROWING COSTS :
Borrowing costs include interest, amortisation of ancillary costs
incurred and exchange differences arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost. Costs in connection with the borrowing of funds to the
extent not directly related to the acquisition of qualifying assets are
charged to the Statement of Profit and Loss over the tenure of the
loan. Borrowing costs, allocated to and utilised for qualifying assets,
pertaining to the period from commencement of activities relating to
construction / development of the qualifying asset upto the date of
capitalisation of such asset is added to the cost of the assets.
Capitalisation of borrowing costs is suspended and charged to the
Statement of Profit and Loss during extended periods when active
development activity on the qualifying assets is interrupted.
Mar 31, 2013
1.1 GENERAL:
I) The Financial statements have generally, been prepared in accordance
with applicable Accounting Standards on the historical cost Convention
on accrual basis.
II) Accounting Policies, not specifically referred to otherwise, are in
consonance with generally accepted accounting policies.
1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS (AS -1):
The Company generally follows mercantile system of accounting except
otherwise herein stated.
1.3 FIXED ASSETS (AS-10):
Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. Cost comprises of Purchase price and all
other cost attributable to bringing the assets to its working condition
for its intended use
1.4 DEPRECIATION (AS-6):
Depreciation has been provided at the rates and in accordance with the
provision of schedule XIV of the Companies Act 1956, on Straight Line
method, except Wind Mill Unit, on which Depreciation has been provided
as per Written Down Value Method of Companies Act, 1956
1.5 INVESTMENTS (AS-13):
Investments are stated at Cost. Investments Share & Securities are
considered as long term and valued at cost. No provision for shortfall
in value at the end of the year is provided for.
1.6 INVENTORIES (AS-2):
a). Raw Materials : At Cost.
b). Stores & Spares : At Cost
b). Power Unit : At Cost
Cost of Inventories is ascertained under FIFO Basis.
1.7 REVENUE AND EXPENDITURE RECOGNITION (AS-9) :
Expenses and incomes, not specifically referred to otherwise consider
payable and receivable respectively accounted for on accrual basis
except claims, Claims in respect of materials purchased and sold and
Rebate & Discount etc. which are accounted on cash basis.
1.8 IMPAIRMENT OF ASSETS (AS-28) :
An assets is treated as impairment when the carrying cost of the assets
exceeds its recoverable amount. An impairment loss is charged to the
Profit & Loss Account in the year in which an assets is identified as
impaired.
1.9 RETIREMENT BENEFIT (AS-15):
All the Retirement Benefits to the employees are being made on the
payment basis.
1.10 INCOME TAX (AS-22):
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961. Tax Expenses for the year, comprising Current Tax and
Deferred Tax is-- included in determining the Net Profit for the year.
Deferred Tax Assets and Liabilities are recognised for the Future Tax
consequences of temporary difference between the carrying value of
assets and liabilities in their , respective tax base, and operating
loss carry forward. The Deferred Tax Assets are recognised subject to ''
managements judgements that realisation is more likely than not.
Deferred Tax Assets and Liabilities are measured using the enacted tax
rates expected to apply to taxable income in the year in which the
temporary difference are expected to be reviewed or settled.
1.11 BORROWING COSTS :
Borrowing costs include interest, amortisation of ancillary costs
incurred and exchange differences arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost. Costs in connection with thejsorrowing of funds to the
extent not directly related to the acquisition of qualifying assets are
charged to the Statement of Profit and Loss over the tenure of the
loan. Borrowing costs, allocated to and utilised for qualifying assets,
pertaining to the period from commencement of activities relating to
construction / > development of the qualifying asset upto the date of
capitalisation of such asset is added to the cost of the assets.
Capitalisation of borrowing costs is suspended and charged to the
Statement of Profit and Loss during extended periods when active
development activity on the qualifying assets is interrupted.
i. The Company has Two class of shares referred to as equity shares
having face value of Rs. 10/- each and Non- Convertible Redeemable
Preferance Shares having face value of Rs. 10/- each. Each holder of
equity share is entitled to one vote per share
ii. The holder of equity shares are entitled to dividends, if any
proposed by the Board of Directors and approved by share holder at the
Annual General Meeting.
iii. In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive ap/''of the remaining assets of the
Company, after distribution of all preferential amounts,. However. No
such~preferential amounts exists currently. The distribution will be in
proportion to the numbers of equity shares held by the Share holders.
iv. Non-convertible Redeemable Pref. shares does not carried any
votting rights
(a) Reconciliation of the number of shares and amount outstanding at
the beginning and at the end of the reporting period: Provision for
Deferred Tax Liabilities/ Assets (net) amounting to Rs. 4,41,719/- is
based on accounting standard for deferred tax (AS-22) being "Timing
differences" between books and taxable profit which will be
adjusted/reversed in future when these expenditure would be accounted
for on accrual basis or allowed for tax purposes. The major component
of deferred tax assets and liability arising out timing difference as
above.
The details of status of suppliers whether MSME or Otherwise are not
available to the company, hence due/ payable to creditors are not
separately given as required under the Companies Act. The information
regarding the suppliers, whether they are registered with the authority
specified under the Micro, Small & Medium Enterprises Development Act,
2006 is not available with the auditee. Hence we are unable to
calculate the amount of interest paid or payable to them U/s.23 of that
Act.
Mar 31, 2011
1 GENERAL:
I) The Financial statements have generally, been prepared on the
historical cost Convention.
II) Accounting Policies, not specifically referred to otherwise, are in
consonance with generally accepted accounting policies.
2 BASIC OF ACCOUNTING (AS-1) :
The Company generally follows mercantile system of accounting except
otherwise herein stated.
3 FIXED ASSETS (AS-10) :
Fixed Asset are stated at cost of acquisition or Construction less
accumulated depreciation. Cost Comprises of Purchase price and all
other Cost attributable to bringing the Assets to its working Condition
for its intended Use.
4 DEPRECIATION (AS-6):
Depreciation has been provided at the rates and in accordance with the
provisions of schedule XIV of the Companies Act., 1956, on Straight
Line Method, Except the WINDMILL UNIT, on which Depreciation has been
provided as per Written Down Value Method of Companies Act, 1956.
5 INVESTMENTS (AS-13)
Investments are stated at cost. Investment in share & securities are
considered as long term and valued at cost. No provision for shortfall
in value at the end of the year is provided for.
6 REVENUE AND EXPENDITURE RECOGNITION (AS-9) :
Expenses and incomes, not specifically referred to otherwise consider
payable and receivable respectively accounted for on accrual basis
except claims, Claims in respect of materials purchased and sold and
Rebate & Discount etc which are accounted on cash basis.
7 IMPAIRMENT OF ASSETS
An assets is treated as impairment when the carrying cost of the assets
exceeds its recoverable amount. An impairment loss is charged to the
Profit & Loss Account in the year in which an assets is identified as
impaired.
8 RETIREMENT BENEFIT (AS-15):
All the Retirement Benefits to the employees are being made on the
payment basis. The Company is member of Recognised Provident Fund
scheme established by Govt. of Gujarat. The Company is contributing the
eligible amount under the scheme every month.
9 INCOME TAX (AS -22):
Tax Expenses for the year, comprising Current Tax and Deferred Tax is
included in determining the Net Profit for the year. Deferred Tax
Assets and Liabilities are recognised for the Future tax consequences
of temporary difference between the carrying value of assets and
Liabilities in their respective Tax Base, and operating Loss Carry
Forward. The Deferred Tax Assets are recognised subject to managements
judgment that realisation is more likely than not. Deferred Tax Assets
and Liabilities are measured using the enacted Tax Rates expected to
apply to Taxable income in the year in which the temporary difference
are expected to be reviewed. or settled.
Mar 31, 2010
1 GENERAL:
I) The Financial statements have generally, been prepared on the
historical cost Convention.
II) Accounting Policies, not specifically referred to otherwise, are In
consonnance with generally accepted accounting policies.
2 BASIC OF ACCOUNTING :
The Company generally follows mercantile system of accounting except
otherwise herein stated.
3 FIXED ASSETS :
Fixed asset are stated at cost of acquisition less accumulated
depreciatlon.Depreciatton has been provided at the rates and in
accordance with the provisions of schedule XIV of the Companies Act.,
1956, on straight line method, except the WINDMILL UNIT, on which
Depreciation has been provided as per Written Down Value Method of
Companies Act, 1956.
4 INVESTMENTS Investments are stated at cost.
5 INVENTORIES :
Inventories are stated on Cost or Market Value which ever is lower.
Power Unit kept as deposit with G.E.B. are valued at cost or Market
Value whichever is lower.
6 REVENUE AND EXPENDITURE RECOGNITION :
Revenue are recognised and expenditure is accounted for on accrual
basis except claims, Claims In respect of materials purchased and sold
and Rebate & Discount etc which are accounted on cash basis.
7 RETIREMENT BENEFIT
All the retirement benefits to the employees are being made on the
payment basis.
Mar 31, 2009
1 GENERAL:
I) The Financial statements have generally, been prepared on the
historical cost Convention.
II) Accounting Policies, not specifically referred to otherwise, are in
consonnance with generally accepted accounting policies.
2 BASIC OF ACCOUNTING :
The Company generally follows mercantile system of accounting except
otherwise herein stated.
3 FIXED ASSETS :
Fixed asset are stated at cost of acquisition less accumulated
depreciation.Depreciation has been provided at the rates and in
accordance with the provisions of schedule XIV of the Companies Act.,
1956, on straight line method, except the WINDMILL UNIT, on which
Depreciation has been provided as per Written Down Value Method of
Companies Act, 1956.
4 INVESTMENTS Investments are stated at cost.
5 INVENTORIES :
Inventories are stated on Cost or Market Value which ever is lower.
Power Unit kept as deposit with G.E.B. are valued at cost or Market
Value whichever is lower.
6 REVENUE AND EXPENDITURE RECOGNITION :
Revenue are recognised and expenditure is accounted for on accrual
basis except claims, Claims in respect of materials purchased and sold
and Rebate & Discount etc which are accounted on cash basis.
7 RETIREMENT BENEFIT
All the retirement benefits to the employees are being made on the
payment basis.