Mar 31, 2015
1. General Information :
Dhanalaxmi Roto Spinners limited is mainly engaged in trading activity
in the line of textiles, paper, cotton seed and wood pulp market. The
company is trying to improve on small beginning made in last couple of
years in commodity trading and exports.
The company is a public listed company listed on the Bombay Stock
Exchange.
i. Basis of preparation of financial statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 2013, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
ii. Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted principles 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
result and estimates are recognized in the period in which the results
are known/materialized.
iii. Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses. Subsequent expenditure
relating to an item of fixed asset are added to its book value only if
they increase the future benefits from the existing asset beyond its
previously assessed standard of performance Intangible assets are
stated at cost of acquisition, net of accumulated amortization and
accumulated impairment loss if any. Intangible assets are amortised on
straight line basis over their estimated useful lives.
iv. Capital Work-in-progress
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
v. Depreciation:
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule II of the Companies Act,
2013.
vi. Impairment:
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capita
vii. Foreign Currency Transactions:
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximate the actual rate at the date of the transaction. Monetary
items denoted in foreign currencies at the year end are restated at
year end rates.
Non monetary items are carried at cost.
viii. Investments:
Quoted Investments:
Investments are valued at cost. No provision is made for the temporary
decrease in the value of the long term investments
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained)
ix. Inventories:
Inventories are valued at lower of cost and net realizable value
whichever is lower.
x. Revenue Recognition :
Revenue from sale of goods and services rendered is recognized upon
passage of title and rendering of services.
xi. Dividend:
Income from Dividend is recognized as and when received.
xii. Financial Derivatives and Commodity Hedging Transactions:
In respect of derivative contracts, premium paid gain/losses on
settlement and losses on restatement are recognized in the Profit and
Loss account.
xiii. Employee Benefits :
a) Short term employee benefits :
Employee Benefits such as salaries, allowances, and non-monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post- employment benefits :
No provision has been made towards retirement benefits as in the
opinion of the board; none of the employees are eligible for the same.
xiv. Taxation :
Tax expense comprises of current and deferred. Current Tax is measured
at the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act, 1961. Provision for current tax is made
on the basis of Taxable Income of the Current Accounting Year in
accordance with Income Tax Act, 1961.
Mar 31, 2014
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants ol India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
2.2 Use of Estimates: .
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that alfect the reported amount of assets and
liabilities on the date ot the financial statements and the reported
amount ol revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognized In
the period in which the results are known/materlalized.
2.3 Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation.
Cost is Inclusive of freight, installation cost, duties, taxes and
other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard ol performance
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss il any. Intangible assets
are amortised on straight line basis over their estimated useful lives.
2.4 Capital Work-in-Progress :
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
2.5 Impairment :
The carrying amount of assets is reviewed at each balance sheet date
for any indication of Impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital
Mar 31, 2013
1.1 Basis of preparation of Financial Statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
1.2 Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles 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 result and estimates are recognized in
the period in which the results are known/materialized.
1.3 Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss if any. Intangible assets
are amortized on straight line basis over their estimated useful lives.
1.4 Capital Work-in-Progress :
Capital Work-in-Progress is carried at cost, comprising direct cost and
related incidental expenses.
1.5 Impairment:
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
1.6 Depreciation:
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
1.7 Inventories:
Inventories are valued at lower of cost and net realizable value
whichever is lower.
1.8 Foreign Currency Transactions:
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximate the actual are at the date of the transaction.
Monetary items denoted in foreign currencies at the yearend are
restated at year end rates.
Non monetary items are carried at cost.
1.9 Investments: Quoted Investments:
Investments are valued at cost. No provision is made for the temporary
decrease in the value of the long term investments
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained)
1.10 Revenue Recognition :
Revenue from sale of goods and services rendered is recognized upon
passage of title and rendering of services.
1.11 Dividend:
Income from Dividend is recognized as and when received.
1.12 Financial Derivatives and Commodity Hedging transactions :
In respect of derivative contracts premium paid gain/losses on
settlement and losses on restatement are recognized in the statement of
profit and loss.
1.13 Employee Benefits :
a) Short term employee benefits :
Employee Benefits such as salaries, allowances, and non-monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post- employment benefits :
No provision has been made towards retirement benefits as in the
opinion of the board; none of the employees are eligible for the same.
1.14 Taxation :
Tax expense comprises of current, and deferred. Current Tax is measured
at the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act, 1961. Provision for current tax is made
on the basis of Taxable Income of the Current Accounting Year in
accordance with Income Tax Act, 1961.
Deferred Tax is recognized for all the timing differences. The Company
is providing and recognizing deferred tax on timing differences between
taxable income and accounting income subject to consideration of
prudence.
Current tax assets and current tax liabilities are offset when there is
a legally enforceable right to set off the recognized amounts and there
is an intention to settle the asset and liability on a net basis.
Deferred tax assets and deferred tax liability are offset when there is
legally enforceable right to set off assets against liabilities
representing current tax and where the deferred tax assets and the
deferred tax liabilities relate to taxes on income levied by the same
governing taxation laws.
1.15 Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
1.16 Earnings per share:
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2012
1.1 Basis of preparation of Financial Statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis.These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company. All
Assets and Liabilities have been classified as current or non current
as per the Company's normal operating cycle and other certain set out
in Schedule VI to the Company's Act, 1956.
1.2 Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles 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 result and estimates are recognized in
the period in which the results are known/materialized.
1.3 Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss if any. Intangible assets
are amortised on straight line basis over their estimated useful lives.
1.4 Capital Work-in-Progress :
Capital Work-in-Progress is carried at cost, comprising direct cost and
related incidental expenses.
1.5 Impairment:
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount.The recoverable amount is the
greater of the assets net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their
present value at the weighted average cost of capital.
1.6 Depreciation:
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
1.7 Inventories:
Inventories are valued at lower of cost and net realizable value
whichever is lower.
1.8 Foreign Currency Transactions:
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximate the actual rate at the date of the transaction.
Monetary items denoted in foreign currencies at the year end are
restated at year end rates.
Non monetary items are carried at cost.
1.9 Investments:
Quoted Investments:
Investments are valued at cost. No provision is made for the temporary
decrease in the value of the long term investments
Unquoted Investments: In the opinion of the management investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained)
1.10 Revenue Recognition :
Revenue from sale of goods and services rendered is recognized upon
passage of title and rendering of services.
1.11 Dividend:
Income from Dividend is recognized as and when received.
1.12 Employee Benefits :
a) Short term employee benefits :
Employee Benefits such as salaries, allowances, and non-monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post- employment benefits :
No provision has been made towards retirement benefits as in the
opinion of the board; none of the employees are eligible for the same.
1.13 Taxation :
Tax expenses comprises of current, and deferred. Current Tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961. Provision for current
tax is made on the basis of Taxable Income of the Current Accounting
Year in accordance with Income Tax Act, 1961.
Deferred Tax is recognized for all the timing differences. The Company
is providing and recognizing deferred tax on timing differences between
taxable income and accounting income subject to consideration of
prudence.
Current tax assets and current tax liabilities are offset when there is
a legally enforceable right to set off the recognized amounts and there
is an intention to settle the asset and liability on a net basis.
Deferred tax assets and deferred tax liability are offset when there is
legally enforceable right to set off assets against liabilities
representing current tax and where the deferred tax assets and the
deferred tax liabilities relate to taxes on income levied by the same
governing taxation laws.
1.14 Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
1.15 Earnings per share:
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2011
1) Basis of preparation of financial statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company,
2) Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles 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 result and estimates are recognized in the period in
which the results are known/ materialized.
3) Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
4) Capital Work-in-Progress
Capital Work-in-Progress is carried at cost, comprising direct cost and
related incidental expenses.
5) Depreciation:
Depreciation has been provided on straight line method on pro- rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
6) Impairment:
The carrying amount of assets is reviewed at each balance sheet date
lor any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital,
7) Revenue Recognition:
Revenue from sale of goods and services rendered is recognized upon
passage of title and rendering of services.
8) Inventories:
Inventories are valued at lower of cost and net realizable value which
ever is lower.
9) Dividend:
Income from Dividend is recognized as and when received.
10) Investments:
Quoted Investments: Investments are valued at cost. No provision is
made for the temporary decrease in the value of the long term
investments
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained)
11) Employee Benefits :
a) Short term employee benefits :
Employee Benefits such as salaries, allowances, and non- monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post- employment benefits :
No provision has been made towards retirement benefits as in the
opinion of the board; none of the employees are eligible for the same.
12) Taxation:
Tax expenses comprises of current, and deferred. Current Income Tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961
Provision for current tax is made on the basis of Taxable Income of the
Current Accounting Year in accordance with Income Tax Act. 1961. The
Company is providing and recognizing deferred tax on timing differences
between taxable income and accounting income subject to consideration
of prudence,
13) Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any
14) Earnings per Share:
In determining Earnings per share, the company considers the net profit
after tax and includes the past tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2010
1) Basis of preparation of financial statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
2) Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles 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 result and estimates are recognized in the period in
which the results are known/materialized.
3) Fixed Assets :
æ All Fixed Assets are stated at cost of acquisition, less accumulated
- depreciation. Cost is inclusive of freight, installation cost,
duties,taxes and other direct incidental expenses.
4) Capital Work-in-Progress:
Capital Work-in-Progress is carried at cost comprising direct cost and
(related incidental expenses).
5) Depreciation:
Depreciation on fixed assets (other than land and livestock where no
depreciation has been provided) is provided on straight line method at
the rates and in the manner specified in Schedule XIV of the Companies
Act, 1956.
6) Impairment:
The carrying amount of assets is reviewed at eacl" balance sheet date
for any indication of impairment based on internal external factors. An
impairment loss is recognized wherever the carrying, amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value .in use, the estimatedfuture cash flows are discounted
to their present value at the weighted average cost of capital.
7) Revenu Recognition :
Revenue from sale of goods and services rendered is recognized upon
passage of title and rendering of services.
8) Inventories:
Inventories are valued at lower of cost and net realizable value which
ever is lower.
9) Dividend:
Income from Dividend is recognized as and when received.
10) Investments:
Quoted Investments:
Investments are valued at cost. No provision is made for the temporary
decrease in the value of the long term investments
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained)
11) Employee Benefits :
a) Short term employee benefits :
Employee Benefits such as salaries, allowances, and non-monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post- employment benefits :
No provision has been made towards retirement benefits as in the
opinion of the board; none of the employees are eligible for the same.
12) Taxation :
Tax expenses comprises of current, and deferred. Current Income Tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Provision for Current Tax is made on the basis of Taxable Income of the
Current Accounting Year in accordance with Income Tax Act, 1961. The
company is providing and recognizing deferred tax on timing diffrences
between Taxable Income and accounting Income subject to consideration
of prudence.
13) Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
14) Earnings per share:
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
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