Mar 31, 2015
Background
Chandra Prabhu International Ltd. is a Company registered with
Registrar of Companies, Delhi & Haryana, New Delhi. The Company is a
Public Limited Company whose shares are listed in BSE. Chandra Prabhu
International Ltd. is a well-known name in the trading of Synthetic
Rubber and Coal.
1 Basis of preparation of Financial Statements
These financial statements are prepared under the historical cost
convention on an accrual basis, in accordance with applicable
accounting standards notified under Section 133 of the Companies Act,
2013 read with Rule 7 of the Companies (Accounts) Rules 2014 and the
relevant provisions of the Companies Act, 2013 ("the Act"), as
applicable.
2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period end. Although, these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
3 Fixed Assets
Tangible fixed assets are stated at cost of acquisition including
incidental expenses less depreciation. All costs including financing
costs till the assets are ready to be put to use are adjusted to the
carrying amount of fixed assets.
4 Depreciation
In respect of fixed assets during the year, depredation/ amortisation
is charged on written Down Method as to write off the cost of the
assets over the useful lives and for the assets acquired prior to April
1, 2014, the carrying amount as on April 1, 2014 is depredated over the
remaining usefull life based on an evaluation.
Type of Asset Period
Vehides-Car 8 years
Vehides- Motar Bike 10 years
Plant & Machinery 15 years
Office Equipments 5 years
Furniture & Fixtures 10 years
Computers 3 years
5 Impairment of Assets
Where there is any indication that an asset is impaired, the
recoverable amount, if any, is estimated and impairment loss is
recognized to the extent carrying amount exceeds recoverable amount.
6 Investments
All long-term unquoted investments are valued at cost less provision
for diminiution in value.
7 Inventories.
Traded goods inventories are stated at lower of cost or net realizable
value. Cost is determined on weighted average basis.
Inventory of shares is valued at cost.
8 Foreign Exchange Transaction
Gain/Losses arising out of fluctuation in exchange rates are accounted
for on the basis of payments. Fluctuation in foreign exchange payment
is being credited/charged to the Statement of Profit & Loss.
Premium or discount on foreign exchange contracts outstanding at the
Balance Sheet date are stated at fair values and any gain or losses are
recognised in the statement of Profit & Loss .
9 Revenue Recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and revenue can be reliably
measured.
Sales are recognized when the products are shipped or services
rendered. Central Sales Tax and Value Added Tax are excluded
Dividend from investments is recognized in the Statement of Profit &
Loss on receipt basis
10 Employee Retirement Benefits
1. Provident Fund
The eligible employees of the company are entitiled to receive benefit
under the Proident Fund , a defined contribution Plan in which the
employees and the company make monthly contributions at a specified
percentage of the covered employee's salary (currently 12% of
employees' salary) which is recognised as a expense in the statement of
profit & loss account. The contributions as specified under law are
paid to the Government Provident Fund.
2. Gratuity Fund Scheme
The company has taken group gratuity insurance scheme from UC of India
under defined contribution plan . The company accounts for liability of
future gratuity benefit based on Actuarial valuation on projected unit
credit method carried out for assessing liability as at the reporting
date.Actuarial Gains and losses are recognised
3. Compensated Absenses
The liability of leave encashment and other compensated absences is
recognised on arithmetical basis at the end of the year are charged to
revenue each year.
4. Employee Pension Scheme
Employees contribution to Employees Pension Scheme, a defined
contribution plan is made in accordance with The Employees Pension
Scheme, 1995.
5. Other Employee Benefits
Accidental Insurance Scheme, defined contribution plan is taken from
Aviva Life Insurance
11 Taxation
Current tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognized subject to consideration of prudence in
respect of deferred tax assets on timing differences being the
difference in income and accounting that originates in one period and
capable of reversal in one or more subsequent period.
12 Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
13 Cash Flow Statement
Cash Flows are reported using the Indirect Method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the company are
segregated based on the available infomation.
14 Segment Reporting
Identification of segments
The company identifies primary segments based on the dominant source,
nature of risks and returns and the internal organisation and
management structure. The operating segments are the segments for which
separate financial information is available and for which operating
profit / loss amounts are evaluated regularly by the executive
Management in deciding how to allocate resources and in assessing
performance.
Allocation of common costs:
Common allocable costs are allocated to each segment pro-rata on the
basis of revenue of each segment to the total revenue of the Company.
Unallocated items:
Unallocated items include income and expenses which are not allocated
to any reportable business segment.
Segment Policies:
The Company prepares its segment information in conformity with the
accounting policies adopted for preparing and presenting the Financial
Statements of the Company as a whole.
15 Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present legal obligation as a
result of past events and where it is probable that there will be
outflow of resources to settle the obligation and when a reliable
estimate of the amount of the obligation can be made.
Contingent liabilities are recognized only when there is a possible
obligation arising from past events due to occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of
the Company or where any present obligation cannot be measured in terms
of future outflow of resources or where a reliable estimate of the
obligation cannot be made. Obligations are assessed on an on going
basis and only those
Contingent Assets are not recognized in the Financial Statement.
Mar 31, 2014
Note No. 1 Background
Chandra Prabhu International Ltd. is a Company registered with
Registrar of Companies, Delhi & Haryana, New Delhi. The Company is a
Public Limited Company whose shares are listed in BSE. Chandra Prabhu
International Ltd. is a well- known name in the trading of Synthetic
Rubber & Chemicals and Coal.
1 Basis of preparation of Financial Statements
These financial statements are prepared under the historical cost
convention on an accrual basis, in accordance with applicable
accounting standards issued by Institute of Chartered Accountants of
India and provisions of the Companies Act, 1956.
2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statement and the result of operation during the reporting
period end. Although, these estimates are based upon managements best
knowledge of current events and action actual results could differ from
these estimates.
3 Fixed Assets
Tangible fixed assets are stated at cost of acquisition including
incidental expenses less depreciation. All costs including financing
costs till the assets are ready to be put to use are adjusted to the
carrying amount of fixed assets.
4 Depreciation
Depreciation has been provided on Written Down Value Method in
accordance with the rates prescribed in Schedule
XIV of the Companies Act, 1956
5 Impairment of Assets
Where there is any indication that an asset is impaired, the
recoverable amount, if any, is estimated and impairment loss is
recognized to the extent carrying amount exceeds recoverable amount.
6 Investments
All long-term unquoted investments are valued at cost.
7 Inventories.
Traded goods inventories are stated at lower of cost or net realizable
value.
Inventory of shares is valued at cost.
8 Foreign Exchange Transaction
Gain/Losses arising out of fluctuation in exchange rates are accounted
for on the basis of payments. Fluctuation in foreign exchange
realization is being credited/charged to the Statement of Profit &
Loss.
9 Revenue Recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and revenue can be reliably
measured.
Sales are recognized when the products are shipped or services
rendered. Sales Tax and Value Added Tax are excluded Dividend from
investments is recognized in the Statement of Profit & Loss on receipt
basis.
10 Employee Retirement Benefits
1. Provident Fund
The eligible employees of the company are entitiled to receive benefit
under the Proident Fund , a defined contribution Plan in which the
employees and the company make monthly contributions at a specified
percentage of the covered employee''s salary (currently 12% of
employees'' salary) which is recognised as a expense in the statement
of profit & loss account. The contributions as specified under law are
paid to the Government Provident Fund.
2. Gratuity Fund Scheme
The company has taken group gratuity insurance scheme from LIC of India
under defined contribution plan . The company accounts for liability of
future gratuity benefit based on Actuarial valuation on projected unit
credit method carried out for assessing liability as at the reporting
date. Acturial gains and losses are recognised.
3. Compensated Absenses
The liability of leave encashment and other compensated absences is
recognised on arithmetical basis at the end of the year are charged to
revenue each year.
4. Employee Pension Scheme
Employees contribution to Employees Pension Scheme, a defined
contribution plan is made in accordance with The Employees Pension
Scheme, 1995.
5. Other Employee Benefits
Accidental Insurance Scheme, defined contribution plan is taken from
Aviva Life Insurance
11 Taxation
Current tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognized subject to consideration of prudence in
respect of deferred tax assets on timing differences being the
difference in income and accounting that originates in one period and
capable of reversal in one or more subsequent period.
12 Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
13 Cash Flow Statement
Cash Flows are reported using the Indirect Method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
apst or future cash receipts or payments. The cash flow operating,
investing and financing acitivities of the company are segregated based
on the available information.
14 Segment Reporting
Identification of segments
The company identifies primary segments based on the dominant source,
nature of risks and returns and the internal organisation and
management structure. The operating segments are the segments for which
separate financial information is available and for which operating
profit/loss amount are evaluated regularly by the executive management
in deciding how to allocate resouces and in assessing performance.
Allocation of common costs:
Common allocable costs are allocated to each segment pro-rata on the
basis of revenue of each segment to the total revenue of the Company.
Unallocated items:
Unallocated items include income and expenses which are not allocated
to any reportable business segment.
Segment Policies:
The Company prepares its segment information in conformity with the
accounting policies adopted for preparing and presenting the Financial
Statements of the Company as a whole.
15 Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present legal obligation as a
result of past events and where it is probable that there will be
outflow of resources to settle the obligation and when a reliable
estimate of the amount of the obligation can be made.
Contingent liabilities are recognized only when there is a possible
obligation arising from past events due to occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of
the Company or where any present obligation cannot be measured in terms
of future outflow of resouces or where a reliable estimate of the
obligation cannot be made, obligation are assessed on going basis and
only those having a Contingent Assets are not recognized in the
Financial Statement.
Mar 31, 2013
1 Basis of preparation of Financial Statements
These financial statements arc prepared under the historical cost
convention on an accrual basis, in accordance with applicable
accounting standards issued by Institute of Chartered Accountants of
India and provisions of the Companies Act, 1956.
2 Use of Estimates
The preparalion of financial Statements in conformity with generally
accepted accounting principle requires management to malte estimates
and assumptions that affect the reported amount of assets And
liabilities lad disclosure of continent tabuilies «the date of the
financial statement and the result of operation during the reporting
period end. Although, these estimates are based upon managements best
knowledge of current events and action actual results could
3 Fixed Assets
Tangible fixed assets *fe stated at cost r,f acquisition including
incidental expenses less deprccsatiorv All costs including financing
costs rill the assets ate ready to be put to use art adjusted to the
carrying amount of feed assets,
4 Depreciation
Companies Act, 1956
5 Impairment of Assets
Whoe there k any indication that an asset is impaired, the recoverable
amount, if any. is estimated and impairment less is recognized to the
extent carrying amount exceeds recoverable amount.
6 Investments
All long-term unquoted investments arc valued at cost.
7 Inventories,
Traded goods inventories are stated at lower of cost or net realizable
value. Inventory of shares is valued at cost.
8 Furcign Exchange Transaction
Cain/Losses arising out at fluctuation in exchange rates ate accounted
for on the basis of payments. Fluctuation in foreign exchange
realization is being credited /charged to the Statement of Profit &
.
9 Revenue Recognition
Revenue is recognised to the extent Ait it is probable that the
economic benefits-will flow to the Company and revenue can be reliably
measured.
Sales ate recognized when the products are shipped Of services
rendered. Sales Tax and Value Added Tax are excluded
Dividend from investments is recognised in the Statement of Profit &
Loss on receipt basis
10 Employee Retirement Benefits
1. PfOVsdtR! I ''H''liS
The eligible employees of the company are cnritiled to receive benefit
under the Proident Fund , a defined Curttfibution Plan in which the
employees and the Company nuke monthly enn ttihutions at a specified
percentage of the coveted employee''s salary (currently 2"U of
employees'' salary) which is recognised as a expense in the statement of
profit & loss account. The contributions as specified under law are
paid to the Government Provident Fund.
2. Gratuity fxn
The company has taken group gratuity insurance scheme from LIC of India
Under defined conrribuuon plan . The. company accounts for liability
of future gratuity benefit based on Actuarial valuarion on projected
unit credit method earned out for assessing liability as at the
reporting date- Acturial gains and losses are recognised.
3. GunptflMttd AbttHiei
The liability ofleave encashment and other compensated absences is
recognised on arithmetical basis at the end of the year arc charged to
revenue each year.
4. Eoipkytt PtaSNlt Sib&fft
Employees contribution to Employees: Pension Scheme, a defined
contribution plan is made in accordance srith The Employees Pension
Scheme, 1995-
5. Euplajte JSestftts
Accidental Insurance Scheme, defined contribution plan is taken from
Aviva Life Insurance
11 Tax Jlion
Current ta* is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognized subject to
consideration of prudence in respect of deferred uui assets on timing
difference* being the difference in income and accounting that
originates in (jne period and capable of reversal in one or more
subsequent period,
12 Earning Per Share
Paste earnings per share arc calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the wetted
average number of equity shares outstanding during the period.
Mar 31, 2010
1. Basis of Accounting
i) The financial statements have been prepared on the historical cost
convention in accordance with generally accepted accounting policies
and in accordance with applicable accounting standards.
ii) The company generally follows the Mercantile System of Accounting
and recognizes Income and Expenditure on accrual basis except stated
otherwise.
2. Fixed Assets.
Fixed Assets are stated at cost of acquisition including expenses
directly attributable thereto.
3. Depreciation
Depreciation on fixed assets has been provided on "Written Down Value"
method at the rates and in the manner specified in Schedule XIV of the
Companies Act,1956 as amended. Depreciation is calculated on a
pro-rata basis only in respect of additions to Fixed Assets having a
cost in excess of Rs. 5000/- Assets costing upto Rs. 5000/- are fully
depreciated in the year of purchase.
4. Investments.
All long-term unquoted investments are valued at cost & quoted
investments at their depleted value.
5. Inventories.
Traded goods inventories are stated at lower of cost or net realizable
value. Inventory of shares is valued at cost.
6. Foreign Exchange Transaction. Gains/Losses arising out of
fluctuation in exchange rates are accounted for on the basis of
payments. Fluctuation in foreign exchange realization is being
credited/charged to Profits Loss Account.
7. Revenue Recognition.
a) Sale are recognized when the products are shipped or services
rendered. Sales Tax and Value Added Tax are excluded.
b) Dividend from investments is recognized in the Profit & Loss Account
on receipt basis.
8. Employee Benefits.
Short Term employee benefits:- Short term employee benefits are
recognized as an expense on an undiscounted basis in the P & L Account
of the year in which the related services are rendered.
Post Employed Benefits:-
Employees contribution to the Provident Fund and Employees Pension
Scheme, a defined contribution plan is made in accordance with the
Provident Fund Act, 1952 r.w. The Employees Pension Scheme, 1995.
Long Term Benefits:-
The liability of leave encashment and other compensated absences is
recognized on arithmetical basis at the end of the year are charged to
revenue each year. Gratuity amounting to Rs. 16,250/- has been
provided in the books of account on accrual basis.
9. Taxes on Income.
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognized, subject to
consideration of prudence, on timing differences, being the difference
between taxable income and accounting income that originate in one
period and are capable to reversal in one or more subsequent periods.
Deferred Tax Assets (Net)
The components of Deferred tax liability and assets as
10. A sum of Rs. 27,67,781.60/- being shown as recoverable under
Schedule no. 11 of Current Assets is an amount deposited under protest
as Anti Dumping Duty imposed by the Customs Authority Delhi on
Synthetics Rubber (Styrene Butadiene KHS-68) which is being contested
and the company is hopeful of recovery.