Mar 31, 2015
L. Corporate information
M/s Bharat Textiles and Proofing Industries Ltd is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company is engaged in manufacturing and
trading of processed canvas, Tarpaulin, HDPE and chemically processing
canvas on Job work basis. The Company caters to both domestic and
international market.
2 Basis of preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India and
the provision of the Companies Act, 1956. The financial statements have
been prepared on an accrual basis and at historical cost. Accounting
policies not specifically referred to otherwise are consistent with and
are in consonance with generally accepted accounting principles.
2A, Use of estimates:
The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialised
B. Tangible fixed assets
Own fixed assets are stated at Cost less accumulated depreciation and
impairment loss, if any. The Cost comprises original cost of
acquisition inclusive of Inward freight, attributable borrowing cost,
duties and expenditure incurred in acquisition,
construction/installation.
C. Tangible assets and depreciation
Depreciation on tangible assets is provided on Straight line method at
the rates and in the manner specified in Schedule II of the Companies
Act 20l3.On addition / deductions made during the year the depreciation
has been calculated on a pro-rata basis. '
D Foreign currency transaction
Trade transactions denominated in foreign currencies are recorded at
the exchange rate prevailing on the date of transaction. The difference
in the rate between the transaction date and realization/ payment date
is transferred to foreign exchange fluctuation a/c. The year end
balance of Trade payable/receivable is converted into Indian Rupees at
the closing rates. The resultant difference is accounted as profit/loss
on foreign exchange fluctuation a/c.
E Borrowing cost
The Borrowing costs attributable to acquisition of fixed assets are
capitalized.The other borrowing costs are recognized as an expense in
the year in which they are incurred.
F Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other cost
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
stores and spares, power and fuel material and other products are
determined on FIFO method. The work in progress is determined at
estimated cost and the finished goods are valued at lower of cost or
estimated realizable value.
G. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it's
reasonable to expect ultimate collection. Revenue from operation
includes Sale of goods and services. Sale of goods is recognized when
significant risk and rewards of ownership of goods have been passed to
the buyer. Sale of services is recognized on completion of services and
transfer of significant risk and rewards to customer. Interest income
is recognized on time proportion basis taking into account the amount
outstanding and rate applicable.
H Retirement benefits
The Company offers its employee's defined contribution plans in the
form of Provident fund and family pension fund. The provident fund,
family pension fund covers substantially for all regular employees.
Contribution to provident Fund and Pension Fund are charged to profit
and loss account in the year of accrual.
Leave Salary is determined and provided in the accounts at the end of
each year. However the Company does not have a system of carrying
forward the benefits of leave credit of each employee.
The provision for Gratuity liability to employee is recognized at the
present value of the amount payable determined using actuarial
valuation technique.
I Deferred Taxation
In accordance with Accounting Standard (AS 22) "Accounting for Taxes on
Income" issued by Institute of Chartered Accountants of India, Deferred
Tax resulting from timing differences between book and tax profit is
accounted for at the current rate of tax to the extent that the timing
difference ire expected to crystallize. Deferred Tax Assets are
recognized only when there is virtual certainty of sufficient future
profits available to realize such assets.
L. Provisions. Contingent liabilities and Contingent Assets
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 outflow of resources.
Contingent liabilities are not' recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2014
Corporate information
M/s Bharat Textiles and Proofing Industries Ltd is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956.The Company is engaged in manufacturing and trading
of processed canvas,Tarpaulin, HDPE and chemically processing canvas on
Job work basis. The Company caters to both domestic and international
market.
Basis of preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India and
the provision of the Companies Act, 1956. The financial statements have
been prepared on an accrual basis and at historical cost. Accounting
policies not specifically referred to otherwise are consistent with and
are in consonance with generally accepted accounting principles.
A. Use of estimates: The preparation of financial statements requires
estimates and assumption to be made that affect the reported amount of
assets and liabilities on the date of the financial statements and the
reported amount of revenues and expenses during the reporting period.
Difference between the actual results and estimates are recognized in
the period in which the results are known / materialised
B. Tangible fixed assets Own fixed assets are stated at Cost less
accumulated depreciation and impairment loss, if any.The Cost comprises
original cost of acquisition inclusive of Inward freight, attributable
borrowing cost, duties and expenditure incurred in acquisition,
construction/ installation.
C. Tangible assets and depreciation Depreciation on tangible assets is
provided on Straight line method at the rates and in the manner
specified in Schedule XIV of the Companies Act 1956.On addition /
deductions made during the year the depreciation has been calculated on
a pro-rata basis.
D. Foreign currency transaction Trade transactions denominated in
foreign currencies are recorded at the exchange rate prevailing on the
date of transaction.The difference in the rate between the transaction
date and realization/ payment date is transferred to foreign exchange
fluctuation a/c. The year end balance of Trade payable/receivable is
converted into Indian Rupees at the closing rates. The resultant
difference is accounted as profit/loss on foreign exchange fluctuation
a/c.
E. Borrowing cost The Company has no Borrowing costs attributable to
acquisition of fixed assets. The other borrowing costs are recognized
as an expense in the year in which they are incurred
F. Inventories Items of inventories are measured at lower of cost and
net realizable value after providing for obsolescence, if any. Cost of
inventories comprises of cost of purchase, cost of conversion and other
cost including manufacturing overheads incurred in bringing them to
their respective present location and condition. Cost of raw materials,
stores and spares, power and fuel material and other products are
determined on FIFO method.The work in progress is determined at
estimated cost and the finished goods are valued at lower of cost or
estimated realizable value.
G. Revenue Recognition Revenue is recognized only when it can be
reliably measured and it''s reasonable to expect ultimate collection.
Revenue from operation includes Sale of goods and services. Sale of
goods is recognized when significant risk and rewards of ownership of
goods have been passed to the buyer. Sale of services is recognized on
completion of services and transfer of significant risk and rewards to
customer. Interest income is recognized on time proportion basis taking
into account the amount outstanding and rate applicable.
H. Retirement benefits The Company offers its employee''s defined
contribution plans in the form of Provident fund and family pension
fund.The provident fund, family pension fund covers substantially for
all regular employees. Contribution to provident Fund and Pension Fund
are charged to profit and loss account in the year of accrual. Leave
Salary is determined and provided in the accounts at the end of each
year. However the Company does not have a system of carrying forward
the benefits of leave credit of each employee. The provision for
Gratuity liability to employee is recognized at the present value of
the amount payable determined using actuarial valuation technique.
I. Deferred Taxation In accordance with Accounting Standard (AS 22)
"Accounting for Taxes on Income" issued by Institute of Chartered
Accountants of India, Deferred Tax resulting from timing differences
between book and tax profit is accounted for at the current rate of tax
to the extent that the timing difference are expected to crystallize.
Deferred Tax Assets are recognized only when there is virtual certainty
of sufficient future profits available to realize such assets.
J. Provisions, Contingent liabilities and Contingent Assets 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 outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2013
Basis of preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India and
the provision of the Companies Act, 1 956. The financial statements
have been prepared on an accrual basis and at historical cost.
Accounting policies not specifically referred to otherwise are
consistent with and are in consonance with generally accepted
accounting principles.
A. Use of estimates:
The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialised
B. Tangible fixed assets
Own fixed assets are stated at Cost less accumulated depreciation and
impairment loss, if any. The Cost comprises original cost of
acquisition inclusive of Inward freight, attributable borrowing cost,
duties and expenditure incurred in acquisition, construction/
installation.
C. Tangible assets and depreciation
Depreciation on tangible assets is provided on Straight line method at
the rates and in the manner specified in Schedule XIV of the Companies
Act 1956.On addition / deductions made during the year the depreciation
has been calculated on a pro-rata basis.
D Foreign currency transaction
Trade transactions denominated in foreign currencies are recorded at
the exchange rate prevailing on the date of transaction. The difference
in the rate between the transaction date and realization/ payment date
is transferred to foreign exchange fluctuation a/c. The yearend balance
of Trade payable/receivable is converted into Indian Rupees at the
closing rates. The resultant difference is accounted as profit/loss on
foreign exchange fluctuation a/c.
E. Borrowing cost
The Company has no Borrowing costs attributable to acquisition of fixed
assets. The other borrowing costs are recognized as an expense in the
year in which they are incurred.
F Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other cost
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
stores and spares, power and fuel material and other products are
determined on FIFO method. The work in progress is determined at
estimated cost and the finished goods are valued at lower of cost or
estimated realizable value.
G. Revenue Recognition.
Revenue is recognized only when it can be reliably measured and it''s
reasonable to expect ultimate collection. Revenue from operation
includes Sale of goods and services. Sale of goods is recognized when
significant risk and rewards of ownership of goods have been passed to
the buyer. Sale of services is recognized on completion of services and
transfer of significant risk and rewards to customer. Interest income
is recognized on time proportion basis taking into account the amount
outstanding and rate applicable.
H. Retirement benefits
The Company offers its employee''s defined contribution plans in the
form of Provident fund and family pension fund. The provident fund,
family pension fund covers substantially for all regular employees.
Contribution to provident Fund and Pension Fund are charged to profit
and loss account in the year of accrual.
Leave Salary is determined and provided in the accounts at the end of
each year. However the Company does not have a system of carrying
forward the benefits of leave credit of each employee.
The provision for Gratuity liability to employee is recognized at the
present value of the amount payable determined using actuarial
valuation technique.
I Deferred Taxation
In accordance with Accounting Standard (AS 22) "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India,
Deferred Tax resulting from timing differences between book and tax
profit is accounted for at the current rate of tax to the extent that
the timing difference are expected to crystallize. Deferred Tax Assets
are recognized only when there is virtual certainty of sufficient
future profits available to realize such assets.
J. Provisions, Contingent liabilities and Contingent Assets
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 outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2012
A. Use of estimates:
The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses du ring the reporting period.
Difference between the actual results and estimates are recognized in
the period in which the results are known /materialized
B. Tangible fixed assets
Own fixed assets are stated at Cost less accumulate! depreciation and
impairment loss, if any. The Col comprises original cost of acquisition
inclusive of Inward freight, attributable borrowing cost, duties and
expenditure incurred in acquisition, construction/installation.
C. Tangible assets and depreciation
Depreciation on tangible assets is provided on Straight line method at
the rates and in the manner steadied in Schedule XIV of the Companies
Act 1956.On addition / deductions made during the vear the depreciation
has been calculated on a pro-rata basis.
D. Foreign currency transaction
Trade transactions denominated in foreign currencies are recorded at
the exchange rate prevailing on the date of transaction. The difference
in the rate between the transaction date and realization/ payment date
is transferred to foreign exchange fluctuation a/c. The year end
balance of Trade payable/receivable are converted into Indian Rupees at
the closing rates. The resultant difference is accounted as profit/loss
on foreign exchange fluctuation a/c.
E. Borrowing cost
The Company has no Borrowing costs attributable to acquisition of fixed
assets. The other borrowing costs are recognized as an expense in the
year in which they are incurred
F. Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other cost
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
stores and spares, power and fuel material and other products are
determined on FIFO method. The work in progress is determined at
estimated cost and the finished goods are valued at lower of cost or
estimated realizable value.
G. Revenue Recognition
Revenue is recognized only when it can be reliably measured and its
reasonable to expect ultimate collection. Revenue from operation
includes Sale of goods and services. Sale of goods is recognized when
significant risk and rewards of ownership of goods have been passed to
the buyer. Sale of services is recognized on completion of services a
nd transfer of significant risk are rewards to customer. Interest
income is recognized on time proportion basis taking into account the
amount outstanding and rate applicable.
H. Retirement benefits
The Company offers its employees defined contribution plans in the
form of Provident fund and family pension fund. The provident fund,
family pension fund covers substantially for all regular employees.
Contribution to provident Fund and Pension Fund are charged to profit
and loss account in the year of accrual.
Leave Salary is determined and provided in the accounts at the end of
each year. However the Company does not have a system of carrying
forward the benefits of leave credit of each employee.
The provision for Gratuity liability to employee is recognized at the
present value of the amount payable determined using actuarial valuation
technique.
I. Deferred Taxation
In accordance with Accounting Standard (AS 22) "Acounting for Taxes on
Income" issued by Instit ute of Chartered Accountants of India,
Deferred Tax resulting from timing differences beto/een book and tax
profit is accounted for at the arrent rate of tax to the extent that
the timing difference are expected to crystallize. Deferred Tax Assets
are recognized only when there is virtual certainty of sufficient
future profits available to realize such assets.
J. Provisions. Contingent liabilities and Contingent Assets
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 out flowo resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2011
(a) GENERAL
(i) Accounting policies not specifically referred to otherwise are
consistent with earlier years and are in consonance with generally
accepted accounting principles. The accounts have been prepared on the
basis of historical cost.
(ii) Expense and Income to the extent considered payable and receivable
respectively are accounted for on accrual basis.
(b) REVENUE RECOGNITION
(i) Sale of goods is recognised on delivery to customers. Sales
turnover are stated at net of trade discounts and rebates granted
during the ordinary course of the business.
(ii) In appropriate circumstances revenue is recognised when no
significant uncertainty as to determination or realisation exists.
(c) FIXED ASSETS
(i) Fixed assets are stated at their original cost of acquisition
inclusive of Inward freight, duties and expenditure incurred in
acquisition, construction/installation.
(ii) Assets below Rs.5000/- are written off in the year of Purchase.
(d) DEPRECIATION
(i) Depreciation on assets is provided on Straight line method at the
rates and in the manner specified in Schedule XIV of the Companies Act
1956.
(ii) On addition / deductions made during the year the depreciation has
been calculated on a pro-rata basis.
(e) INVENTORIES METHOD OF VALUATION
(1) Raw materials - at cost
(2) Work in progress - at estimated cost.
(3) Finished goods - at lower of cost or Estimated realisable value.
(4) Stores & Spares - at cost.
(f) FOREIGN CURRENCY TRANSACTION
All payments and receipts made in foreign currency are converted into
rupees at the rate prevailing on the date of transaction. The
difference in the rate between the transaction date and realisation
date is transferred to foreign exchange fluctuation a/c.The year end
balance of Sundry debtors/creditors are converted into Indian Rupees at
the closing rates. The resultant difference is accounted as foreign
exchange fluctuation a/c.
(g) BORROWING COST :The Company has no Borrowing costs attributable to
acquisition of assets. The other borrowing costs are recognized as an
expense in the year in which they are incurred.
(h) DEFERRED TAXATION
In accordance with Accounting Standard (AS 22) "Accounting for Taxes on
Income" issued by Institute of Chartered Accountants of India, Deferred
Tax resulting from timing differences between book and tax profit is
accounted for at the current rate of tax to the extent that the timing
difference are expected to crystalise. Deferred Tax Assets are
recognized only when there is virtual certainty of sufficient future
profits available to realize such assets.
(i) RETIREMENT BENEFITS
The Company contribution to provident Fund and Pension Fund are charged
to profit and loss account in the year of accrual. The liability in
respect of leave encashment is recognized on accrual basis.
(j) CONTINGENT LIABILITIES
Contingent liabilities are determined on the basis of available
information and are disclosed by way of notes to the accounts.