Mar 31, 2015
BASIS OF PREPARATION:
The financial statements of the company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with theAccounting standards specified under
section 133ofthe Companies Act.2013, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and the relevant provisions of the Companies
Act, 2013 ("the 2013 Act"), as applicable. The financial statements
have been prepared as a going concern on accrual basis underthe
historical cost convention. TheAccounting policies adopted in the
preparation o the financial statements are consistent with those
followed in the previous year except for change in the accounting
policy for depreciation
USE OF ESTIMATES:
The preparation of financial statements is in conformity with generally
accepted accounting principles require the management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates. Significant estimates used by the management in
the preparation of these financial statements include estimates of the
economic useful lives of fixed assets and provisions for bad and
doubtful debts. Any revision to accounting estimates is recognized
prospectively.
a) Accounting Convention and Revenue Recognition:
The Financial Statements have been prepared on a going concern basis in
accordance with historical cost convention except for such fixed assets
which are revalued.
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured. Revenue from operations includes revenue from sale
of products, services and other operating revenue. Revenue from sale of
products is recognized when all the significant risks and rewards of
ownership of products have been passed to the buyer, usually on
delivery of the products. The revenue from sale of products is net of
discounts, excise duty, value added taxes and sales tax.
Revenue is not recognized on the grounds of prudence, until realized in
respect of liquidated damages, delayed payments as recovery of the
amounts are not certain.
b) CASH FLOW STATEMENT
i) Cash and Cash Equivalents (for the purpose of cash flow statement)
Cash comprises Margin Money, Current Accounts with Banks and cash on
hand. Cash equivalents are short-term balances (with an original
maturity of three months or less from the date of acquisition), highly
liquid investments that are readily convertible into known amounts of
cash and which are subject to insignificant risk of changes in value.
ii) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
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 information.
c) RETIREMENTS BENEFITS:
Gratuity - No provision for gratuity has been made as no employees have
put in qualifying period of service for entitlement of this benefit.
Provident Fund - the company makes monthly contribution to the
Employees Provident Fund and Pension Fund under the provisions of
Employees Provident Fund and Miscellaneous Provisions Act, 1952.
d) FIXED ASSETS:
Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto, inclusive of taxes, freight, and other incidental
expenses related to acquisition, improvements and installation, except
in case of revaluation of Fixed Assets where it is stated at revalued
amount, as contained in AS-10.
e) DEPRECIATION:
Depreciation on Fixed Assets is provided on straight-line method as per
the useful life specified in Schedule II of the Companies Act, 2013.
This is in accordance with the AS-6 and there is no change in the
method of Depreciation during the year.
f) TRANSACTIONS IN FOREIGN EXCHANGE:
Sales / Purchases and revenue incomes / expenses in foreign currency
are booked at the exchange rate prevailing on the date of transaction.
Gain / Loss arising out of fluctuations in exchange based on the rate
on date of realization is accounted for in the Profit and Loss Account
as per AS-11.
g) BORROWING COST:
Borrowing cost relating to acquisition/ construction of qualifying
assets are capitalized until the time all substantial activities
necessary to prepare the qualifying assets for their intended use are
complete. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use/sale. Borrowing costs
that are attributable to the projects are charged to the respective
projects. All other borrowing costs, not eligible for
inventorisation/capitalisation, are charged to revenue.
h) INVENTORIES:
Materials, stores & spares, tools and consumable are valued at cost or
market value, whichever is lower on the basis of first in first out
method reflecting the fairest possible approximation to the cost
incurred in bringing the items of inventory to their present location
and condition.
i) TAXES ON INCOME:
a) Provision for tax for the year comprises current Income Tax and
Deferred Tax and is provided as per the Income Tax Act, 1961.
b) Deferred tax resulting from timing differences between the book and
the tax profits is accounted for, at the current rate of tax, to the
extent that the timing differences are expected to crystallize.
Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in the future;
however where there is unabsorbed depreciation or carried forward loss
under taxation laws, deferred tax assets are recognized only if there
is a virtual certainty of realization of such assets. Deferred tax
assets/ liabilities are reviewed as at each balance sheet date.
j) EARNINGS PER SHARE:
The earnings considered in ascertaining the Earning per Share comprise
of Net Profit after Tax. The number of shares used in computing Basic
Earnings per Share is the Weighted Average number of shares outstanding
during the year, as per AS-20.
k) IMPAIRMENT OF FIXED ASSETS:
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
asset's net sale price or present value as determined above.
I) RELATED PARTY DISCLOSURES :
The Company furnishes the Disclosure of transactions with related
parties, as required by Accounting Standard 18 "Related Party
Disclosure" as specified in the Companies (Accounting Standard) Rules,
2006. Related parties as defined under clause 3 of the Accounting
Standard 18 have been identified on the basis of representation made by
the management and information available with the company.
Mar 31, 2014
I.CORPORATE INFORMATION
CUBEX TUBINGS LIMITED is a manufacturer of seamless solid drawn Tubes,
Rods, Bus bars and Wires of copper and copper based alloys such as
Cupronickel, admiralty Brass, Aluminum Brass etc. Copper because of its
high electrical conductivity and heat transfer characteristics finds
wide application in the form of Tubes, Rods, Strips and Wires. The user
industries are Power plants, Power plants manufacturers, Switchgears,
Refineries, Furnace manufacturers, Sugar plants, Automobile, Electrical
Equipment industries and ship building company.
II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION:
The financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies Accounting
Standards Rules, 2006 and the relevant provisions of the Companies Act,
19S6 (''the Act''). The financial statements have been prepared under
historical cost convention on an accrual basis in accordance with
accounting principles generally accepted in India. The accounting
policies have been consistently applied by the Company and are
consistent with those used in the previous year:
USE OF ESTIMATES:
The preparation of financial statements is in conformity with generally
accepted accounting principles require the management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates. Significant estimates used by the management in
the preparation of these financial statements include estimates of the
economic useful lives of fixed assets and provisions for bad and
doubtful debts. Any revision to accounting estimates is recognized
prospectively.
(a) Accounting Convention and Revenue Recognition:
The Financial Statements have been prepared on a going concern basis in
accordance with historical cost convention except for such fixed assets
which are revalued.
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured. Revenue from operations includes revenue from sale
of products, services and other operating revenue. Revenue from sale of
products is recognized when all the significant risks and rewards of
ownership of products have been passed to the buyer, usually on
delivery of the products. The revenue from sale of products is net of
discounts, excise duty, value added taxes and sales tax.
Revenue is not recognized on the grounds of prudence, until realized in
respect of liquidated damages, delayed payments as recovery of the
amounts are not certain.
(b) Cash Flow Statement: AS-3
i) Cash and Cash Equivalents (for the purpose of cash flow statement)
Cash comprises Margin Money, Current Accounts with Banks and cash on
hand. Cash equivalents are short-term balances (with an original
maturity of three months or less from the date of acquisition), highly
liquid investments that are readily convertible into known amounts of
cash and which are subject to insignificant risk of changes in value.
ii) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
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 information.
(c) Retirements Benefits:
Gratuity - No provision for gratuity has been made as no employees have
put in qualifying period of service for entitlement of this benefit.
Provident Fund - the company makes monthly contribution to the
Employees Provident Fund and Pension Fund under the provisions of
Employees Provident Fund and Miscellaneous Provisions Act, 19S2.
(d) Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto, inclusive of taxes, freight, and other incidental
expenses related to acquisition, improvements and installation, except
in case of revaluation of Fixed Assets where it is stated at revalued
amount, as contained in AS-IO.
(e) Depreciation:
Depreciation on Fixed Assets is provided on straight-line method as per
the rates specified in Schedule XIV of the Companies Act, 19S6. This is
in accordance with the AS-6 and there is no change in the method of
Depreciation during the year.
(f) Transactions in Foreign Exchange:
Sales / Purchases and revenue incomes / expenses in foreign currency
are booked at the exchange rate prevailing on the date of transaction.
Gain / Loss arising out of fluctuations in exchange based on the rate
on date of realization is accounted for in the Profit and Loss Account
as per AS-II.
(g) Borrowing Cost:
Borrowing cost relating to acquisition/ construction of qualifying
assets are capitalized until the time all substantial activities
necessary to prepare the qualifying assets for their intended use are
complete. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use/sale. Borrowing costs
that are attributable to the projects are charged to the respective
projects. All other borrowing costs, not eligible for
inventorisation/capitalisation, are charged to revenue.
(h) Inventories:
Materials, stores & spares, tools and consumable are valued at cost or
market value, whichever is lower on the basis of first in first out
method reflecting the fairest possible approximation to the cost
incurred in bringing the items of inventory to their present location
and condition.
(i) Taxes on Income:
a) Provision for tax for the year comprises current Income Tax and
Deferred Tax and is provided as per the Income Tax Act, 1961.
b) Deferred tax resulting from timing differences between the book and
the tax profits is accounted for, at the current rate of tax, to the
extent that the timing differences are expected to crystallize.
Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in the future;
however where there is unabsorbed depreciation or carried forward loss
under taxation laws, deferred tax assets are recognized only if there
is a virtual certainty of realization of such assets. Deferred tax
assets/ liabilities are reviewed as at each balance sheet date.
(j) Earnings per Share:
The earnings considered in ascertaining the Earning per Share comprise
of Net Profit after Tax. The number of shares used in computing Basic
Earnings Per Share is the Weighted Average number of shares outstanding
during the year, as per AS-20.
(k) Impairment of Assets:
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
asset''s net sale price or present value as determined above.
(l) Related Party Disclosures :
The Company furnishes the Disclosure of transactions with related
parties, as required by Accounting Standard 18 "Related Party
Disclosure" as specified in the Companies (Accounting Standard)
Rules, 2006. Related parties as defined under clause 3 of the
Accounting Standard 18 have been identified on the basis of
representation made by the management and information available with
the company.
Mar 31, 2012
(a) Accounting Convention and Revenue Recognition:
The Financial Statements have been prepared on a going concern basis in
accordance with historical cost convention except for such fixed assets
which are revalued. Both Income and Expenditure are recognized on
accrual basis.
Revenue is not recognized on the grounds of prudence, until realized in
respect of liquidated damages, delayed payments as recovery of the
amounts are not certain.
(b) Cash Flow Statement: AS-3
The Company has prepared Cash Flow Statement as per the AS-3.
(c) Retirements Benefits:
Gratuity - No provision for gratuity has been made as no employees have
put in qualifying period of service for entitlement of this benefit.
Provident Fund -The company makes monthly contribution to the Employees
Provident Fund and Pension Fund under the provisions of Employees
Provident Fund and Miscellaneous Provisions Act, 1952.
(d) Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto, inclusive of taxes, freight, and other incidental
expenses related to acquisition, improvements and installation, except
in case of revaluation of Fixed Assets where it is stated at revalued
amount, as contained in AS-10.
(e) Depreciation:
Depreciation on Fixed Assets is provided on straight-line method as per
the rates specified in Schedule XIV of the Companies Act, 1956. This is
in accordance with the AS-6 and there is no change in the method of
Depreciation during the year.
(f) Transactions in Foreign Exchange:
Sales / Purchases and revenue incomes / expenses in foreign currency
are booked at the exchange rate prevailing on the date of transaction.
Gain / Loss arising out of fluctuations in exchange based on the rate
on date of realization is accounted for in the Profit and Loss Account
as per AS-11.
(g) Borrowing Cost:
Borrowing cost relating to acquisition/construction of qualifying
assets are capitalized until the time all substantial activities
necessary to prepare the qualifying assets for their intended use are
complete. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use/sale. Borrowing cost
that are attributable to the projects are charged to the respective
projects. All other borrowing costs, not eligible for
inventorisation/capitalisation, are charged to revenue.
(h) Inventories:
Materials, stores & spares, tools and consumable are valued at cost or
market value, which ever is lower on the basis of first in first out
method reflecting the fairest possible approximation to the cost
incurred in bringing the items of inventory to their present location
and condition.
(i) Taxes on Income:
a) Provision for tax for the year comprises current Income Tax and
Deferred Tax and is provided as per the Income Tax Act, 1961.
b) Deferred tax resulting from timing differences between the book and
the tax profits is accounted for, at the current rate of tax, to the
extent that the timing differences are expected to crystallize. Deferred
tax assets are recognized only to the extent there is reasonable
certainty that the assets can be realized in the future; however where
there is unabsorbed depreciation or carried forward loss under taxation
laws, deferred tax assets are recognized only if there is a virtual
certainty of realization of such assets. Deferred tax assets/
liabilities are reviewed as at each balance sheet date.
(j) Earnings per Share:
The earnings considered in ascertaining the Earning Pa Share comprise
of Net Profit after Tax. The number of shares used in computing Basic
Earnings Per Share is the Weighted Average number of shares outstanding
during the year, as per AS-20.
(k) Impairment of Assets:
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the asset
and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
asset's net sale price or present value as determined above.
(I) Related Party Disclosures:
The Company as requited by AS-18, furnishes the details of Related
Party Disclosures
Mar 31, 2011
BASIS OF PREPARATION:
The financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies Accounting
Standards Rules, 2006 and the relevant provisions of the Companies Act,
1956 ('the Act'). The financial statements have been prepared under
historical cost convention on an accrual basis in accordance with
accounting principles generally accepted in India. The accounting
policies have been consistently applied by the Company and are
consistent with those used in the previous year:
USE OF ESTIMATES:
The preparation of financial statements is in conformity with generally
accepted accounting principles require the management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates. Significant estimates used by the management in
the preparation of these financial statements include estimates of the
economic useful lives of fixed assets and provisions for bad and
doubtful debts. Any revision to accounting estimates is recognized
prospectively.
(a) Accounting Convention and Revenue Recognition:
The Financial Statements have been prepared on a going concern basis in
accordance with historical cost convention except for such fixed assets
which are revalued. Both Income and Expenditure are recognized on
accrual basis.
Revenue is not recognized on the grounds of prudence, until realized in
respect of liquidated damages, delayed payments as recovery of the
amounts are not certain.
(b) Cash Flow Statement: AS-3
The Company has prepared Cash Flow Statement as per the AS-3.
(c) Retirements Benefits:
No provision for gratuity has been made as no employees have put in
qualifying period of service for entitlement of this benefit.
(d) Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto, inclusive of taxes, freight, and other incidental
expenses related to acquisition, improvements and installation, except
in case of revaluation of Fixed Assets where it is stated at revalued
amount, as contained in AS-10.
(e) Depreciation:
Depreciation on Fixed Assets is provided on straight-line method as per
the rates specified in Schedule XIV of the Companies Act, 1956. This is
in accordance with the AS-6 and there is no change in the method of
Depreciation during the year.
(f) Transactions in Foreign Exchange:
Sales / Purchases and revenue incomes / expenses in foreign currency
are booked at the exchange rate prevailing on the date of transaction.
Gain / Loss arising out of fluctuations in exchange based on the rate
on date of realization is accounted for in the Profit and Loss Account
as per AS-11.
(g) Borrowing Cost:
Borrowing cost relating to acquisition/ construction of qualifying
assets are capitalized until the time all substantial activities
necessary to prepare the qualifying assets for their intended use are
complete. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use/sale. Borrowing cost
that are attributable to the projects are charged to the respective
projects. All other borrowing costs, not eligible for
inventorisation/capitalisation, are charged to revenue.
(h) Inventories:
Materials, stores & spares, tools and consumable are valued at cost or
market value, which ever is lower on the basis of first in first out
method reflecting the fairest possible approximation to the cost
incurred in bringing the items of inventory to their present location
and condition.
(i) Taxes on Income:
a) Provision for tax for the year comprises current Income Tax and
Deferred Tax and is provided as per the Income Tax Act, 1961.
b) Deferred tax resulting from timing differences between the book and
the tax profits is accounted for, at the current rate of tax, to the
extent that the timing differences are expected to crystallize.
Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in the future;
however where there is unabsorbed depreciation or carried forward loss
under taxation laws, deferred tax assets are recognized only if there
is a virtual certainty of realization of such assets. Deferred tax
assets/ liabilities are reviewed as at each balance sheet date.
(j) Earnings per Share:
The earnings considered in ascertaining the Earning Per Share comprise
of Net Profit after Tax. The number of shares used in computing Basic
Earnings Per Share is the Weighted Average number of shares outstanding
during the year, as per AS-20.
(k) Impairment of Assets:
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
asset's net sale price or present value as determined above.
(I) Related Party Disclosures:
The Company as required by AS-18, furnishes the details of Related
Party Disclosures in Schedule 9 of notes forming part of accounts
Mar 31, 2010
General:
(i) These accounts are prepared on the historical cost basis and on the
accounting principles of a going concern.
(ii) Accounting policies not specifically referred to othewise are
consistent and in consonance with generally accepted accounting
principles.
Revenue Recognition:
(i) The Company follows the mercantile system of Accounting and
recognizes income and expenditure on accrual basis.
(ii) Revenue is not recognized on the grounds of prudence, until
realized in respect of liquidated damages, delayed payments as recovery
of the amounts are not certain.
Foreign ExchangeTransaction:
(i) Realised gains & loss in foreign exchange transaction are
recognized in Profit & Loss Account.
Transaction in Foreign Currency will be recorded at the rates of
exchange prevailing on the date of the transaction, Current Assets and
liabilities denominated in foreign currency will be translated at the
rate of exchange as at Balance Sheet date.
Fixed Assets:
(i) Fixed assets are stated at cost less accumulated depreciation. Cost
of acquisitioni of fixed assets is inclusive of freight, duties, taxes
and incidental expenses thereto.
Depreciation & Amortisation:
(i) Depreciation is provided on straight-line method on pro-rata basis
and at the rates and manner specified in the Schedule XIV of the
Companies Act, 1956.
Inventories:
Inventories are valued at cost or market price whichever is Lower.
Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax asset
and liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the Loss profit as per the financial statements.
Deferred tax asset & Liability are measured as per the tax rates/laws
that have been enacted or substantively enacted by the Balance Sheet
date.
Earning per Share:
The earning considered in ascertaining the compoanys earning per share
comprise net profit after tax.The number of shares used in computing
basic earning per share is the weihted average number of shares out
standing during the year.
Gratuity:
No provision for gratuity has been made as no employees have put in
qualifying period of service for entitlement of this benefit.