Mar 31, 2015
A. Basis of Preparation of Financial Statements
These Financial statements have been prepared in accordance with the
generally accepted accounting principles in India including the
Accounting Standards notified under the relevant provisions of
Companies act' 2013. The financial statements are prepared on accrual
basis under historical cost convention, except for certain financial
instruments which are measured at fair value.
B. Use of Estimates
The preparation of financial statements in conformity with GAAP
requires the management to make estimates and assumptions 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 recognised in the period in which the results
are known/ materialized.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalized.
D. Intangible Assets
Company does not have any Intangible asset.
E. Depreciation and Amortization
Depreciation on fixed assets is provided to the extent of depreciable
amount on Straight Line Method at the rates and in the manner
prescribed in Schedule II of the Companies Act, 2013
F. Impairment of Assets
The Management periodically assesses, using external and internal
sources, whether there is an indication that an asset may be impaired.
An impairment loss is recognized wherever the carrying value of an
asset exceeds its recoverable amount. The recoverable amount is higher
of the asset's net selling price and value in use, which means the
present value of future cash flows expected to arise from the
continuing use of the asset and its eventual disposal. An impairment
loss for an asset is reversed if, and only if, the reversal can be
related objectively to an event occurring after the impairment loss was
recognized. The carrying amount of an asset is increased to its revised
recoverable amount, provided that this amount does not exceed the
carrying amount that would have been determined (net of any accumulated
amortization or depreciation) had no impairment loss been recognized
for the asset in prior years.
G. Foreign Currency Transactions
There is no foreign currency transactions made during the year.
H. Investments
There is no investment made during the year.
I. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, stores and spares, packing materials, trading and
other products are determined on weighted average basis. By-products
are valued at net realisable value.
Items of inventories are valued lower of cost or estimated net
realisable value. Cost is determined as given below: J. Revenue
Recognition Revenue is recognized only when it can be reliably measured
and it is reasonable to expect ultimate collection. Revenue from
operations includes sale of goods but excludes sales tax, service tax,
excise duty and Value Added Tax (VAT).
K. Employee Benefits
- No Provision has been made in respect of liabilities for future
payment of gratuities as on 31st March 2015 as the company follows the
system of accounting such expenses as and when it arises.
- No provision has been made for liabilities in respect of un-availed
leave (if any) of the employee as on 31st March 2015, as the company
follows system of accounting for such expenses as and when it paid.
- Provision has been made for liabilities in respect of Contribution to
Provident Fund if any of the employees as on 31st March 2015.
L. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss account, if any.
M. Financial Derivatives and Commodity Hedging Transactions
There is no financial derivatives and commodity hedging transaction
made during the year.
Mar 31, 2014
A. Basis of Preparation of Financial Statements
The financial statements of Biofil Chemicals and Pharmaceuticals
Limited (the Company), has been prepared in accordance with the
Generally Accepted Accounting Principles in India (Indian GAAP) to
comply with the 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
2013 Act") in terms of General Circular 15/2013 dated September 13,
2013 of the Ministry of Corporate Affairs) 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. The accounting policies adopted in the preparation of the
consolidated financial statements are consistent with those followed in
the previous year.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions 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 recognised in the period
in which the results are known/ materialised.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalised.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortisation / depletion. All costs, including
financing costs till commencement of commercial production, net charges
on foreign exchange contracts and adjustments arising from exchange
rate variations attributable to the intangible assets are capitalized.
E. Depreciation and Amortization
Depreciation on fixed assets is provided to the extent of depreciable
amount on Straight Line Method at the rates and in the manner
prescribed in Schedule XIV to the Companies Act, 1956 over their useful
life.
F. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
There is no foreign currency transactions made during the year.
H. Investments
There is no investment made during the year.
I. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, stores and spares, packing materials, trading and
other products are determined on weighted average basis. By-products
are valued at net realisable value.
Items of inventories are valued lower of cost or estimated net
realisable value.
Cost is determined as given below:
Raw Materials and Packing Materials
a) At Cost net of CENVAT/VAT computed on First-in-First-out method.
b) API produced for captive consumption are valued at cost.
Work-in-process and Finished Goods
At cost including material cost net of CENVAT, labour cost and all
overheads other than selling and distribution overheads. Excise duty is
considered as cost for finished goods wherever applicable.
Stores and Spares
Stores and spare parts are valued at purchase cost computed on
First-in-First-out method.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods but excludes sales tax, service tax, excise duty
and Value Added Tax (VAT).
K. Employee Benefits
* No Provision has been made in respect of liabilities for future
payment of gratuities as on 31st March 2014 as the company follows the
system of accounting such expenses as and when it arises.
* No provision has been made for liabilities in respect of un-availed
leave (if any) of the employee as on 31st March 2014, as the company
follows system of accounting for such expenses as and when it paid.
* Provision has been made for liabilities in respect of Contribution to
Provident Fund and Family Pension Fund if any of the employees as on
31st March 2014.
L. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss account, if any.
M. Financial Derivatives and Commodity Hedging Transactions
There is no financial derivatives and commodity hedging transaction
made during the year.
Mar 31, 2013
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions 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 recognised in the period
in which the results are known/ materialised.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalised.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortisation / depletion. All costs, including
financing costs till commencement of commercial production, net charges
on foreign exchange contracts and adjustments arising from exchange
rate variations attributable to the intangible assets are capitalized.
E. Depreciation and Amortization
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life.
F. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
There is no foreign currency transactions made during the year.
H. Investments
There is no investment made during the year.
I. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, stores and spares, packing materials, trading and
other products are determined on weighted average basis. By-products
are valued at net realisable value.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods, services, sales tax, service tax, excise duty
and Value Added Tax (VAT)
K. Employee Benefits
- No Provision has been made in respect of liabilities for future
payment of gratuities as on 31st March 2013 as the company follows the
system of accounting such expenses as and when it arises.
- No provision has been made for liabilities in respect of un-availed
leave (if any) of the employee as on 31st March 2013, as the company
follows system of accounting for such expenses as and when it paid.
- Provision has been made for liabilities in respect of Contribution to
Provident Fund and Family Pension Fund if any of the employees as on
31st March 2013, as the company follows system of accounting for such
expenses as and when it paid.
L. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss account, if any.
M. Financial Derivatives and Commodity Hedging Transactions
There is no financial derivatives and commodity hedging transaction
made during the year.
Mar 31, 2010
A) The Financial Statement have been prepared under historical cost
convention & on accrual basis of accounting unless otherwise stated and
comply with the Accounting Standards.
b) Depreciation on Fixed Assets has been charged on Straight Line
Method at the rates prescribed under Schedule XIV to the Companies Act,
1956.
c) Inventories is valued on cost or net realizable value and certified
by the management.
d) No provision for gratuity has been made as no employee has put in
the qualifying period for entitlement of this benefit.
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