Mar 31, 2015
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by The Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 2013.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories:
Raw Material - At cost
Work in Process - At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever is
less
Scrap - At Realizable Value
Traded Goods - At lower of cost or net realizable Value
Stores, Spares &
Packing Material - At Cost
Coal - At Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
f) Foreign Currency Transaction:
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates, when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized over
the period of contract. Exchange gains /losses are recognized in the
profit and loss account.
2015 2014
Earning in foreign currency NIL NIL
Expenditure in foreign currency NIL NIL
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets.
However, during the year under audit there is no such expenditure.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided as per the provisions of Schedule - II to the
Companies Act, 2013.
Depreciation is provided on pro-rata basis from the date of addition.
Mar 31, 2014
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by The Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories:
Raw Material - At cost
Work in Process - At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever
is less
Scrap - At Realizable Value
Traded Goods - At lower of cost or net realizable Value
Stores, Spares & - At Cost
Packing Material
Coal - At Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
f) Foreign Currency Transaction:
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates, when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized over
the period of contract. Exchange gains /losses are recognized in the
profit and loss account.
Rs. in Lacs
2014 2013
Earning in foreign currency NIL NIL
Expenditure in foreign currency NIL NIL
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets.
However, during the year under audit there is no such expenditure.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956.
Depreciation is provided on pro-rata basis from the date of addition.
Mar 31, 2013
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by The Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories: Raw Material - At cost
Work in Process -At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever is
less Scrap - At Realizable Value Traded Goods -At lower of cost or net
realizable Value Stores, Spares & Packing Material - At Cost Coal-At
Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount. Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
f) Foreign Currency transaction: Transactions in foreign currency are
recorded at exchange rates prevailing on the date of the transaction.
Assets and Liabilities related to foreign currency transactions,
remaining unsettled at the year end, are stated at the contracted
rates, when covered under forward exchange contracts and at year end
rates in other cases. The premium payable on forward foreign exchange
contracts is amortized over the period of contract. Exchange gains
/losses are recognized in the profit and loss account.
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets.
However, during the year under audit there is no such expenditure.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956. Depreciation is provided on pro-rata basis
from the date of addition.
Mar 31, 2012
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by The Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories:
Raw Material - At cost
Work in Process-At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever is
less Scrap - At Realizable Value
Traded Goods - At lower of cost or net realizable Value Stores, Spares
& Packing Material - At Cost Coal-At Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount. Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
f) Foreign Currency Transaction:
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates, when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized
over the period of contract. Exchange gains /losses are recognized in
the profit and loss account.
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956.Depreciation is provided on pro-rata basis
from the date of addition.
c) Accounting Standard 19 - Lease
The Company has entered into an agreement in the nature of lease/leave
and license as under: Office at Mumbai w.e.f. 31.01.2011 Sugar Unit
w.e.f. 22.08.2006
e) Taxes on Income:
Provision for Income Tax is made in accordance with the Income Tax Act,
1961 Accounting Standard 22-Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. The deferred tax for timing difference
between the book profit and tax profit for the year is accounted using
tax rates and tax laws that have been enacted or substantially enacted
at the Balance Sheet date. Deferred Tax assets arising from the timing
difference are recognized to the extent that there is reasonable
certainty that sufficient future taxable income will be available.
Sep 30, 2011
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by The Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories:
Raw Material - At cost
Work in Process - At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever is
less
Scrap - At Realizable Value
Traded Goods - At lower of cost or net realizable Value
Stores, Spares & Packing Material - At Cost
Coal - At Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount. Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
f) Foreign Currency Transaction:
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates, when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized over
the period of contract. Exchange gains /losses are recognized in the
profit and loss account except for exchange differences relating to
fixed assets, which are adjusted in the cost of assets.
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets. However, during the year under audit there is no such
expenditure.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided for at the rates specified in Schedule - XIV
to the Companies Act, 1956. Depreciation is provided on pro-rata basis
from the date of addition.
Sep 30, 2010
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting standards issued by The Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long-term investments.
Long-term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories:
Raw Material - At cost
Work in Process - At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever is
less
Scrap - At Realizable Value
Traded Goods - At lower of cost or net realizable Value
Stores, Spares & Packing Material - At Cost
Coal - At Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets. However, during the year under audit there is no such
expenditure.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided for at the rates specified in
Schedule - XIV to the Companies Act, 1956.
Depreciation is provided on pro-rata basis from the date of addition.
e) Taxes on Income:
Provision for Income Tax is made in accordance with the Income Tax Act,
1961
Accounting Standard 22 - Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. The deferred tax for timing difference
between the book profit and tax profit for the year is accounted using
tax rates and tax laws that have been enacted or substantially enac ted
at the Balance Sheet date. Deferred Tax assets arising from the timing
difference are recognized to the extent that there is reasonable
certainty that sufficient future taxable income will be available.
Deferred Tax Liability as of 31 st March, 2010 has been considered
since corresponding figures are available as of 31st March only.
Sep 30, 2009
A) Accounting Convention:
The financial statements are prepared under historical cost convention,
on accrual basis, in accordance with the generally accepted accounting
principles in India, the accounting s tandards issued by T he Institute
of Chartered Accountants of India and the provisions of the Companies
Act, 1956.
b) Fixed Assets:
Fixed Assets ar e stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses related to acquisition and
installation of the concerned assets.
c) Investments:
Investments are classified into current and long -term invest ments.
Long -term investments are carried at cost. Current investments are
stated at lower of cost and net realizable value.
d) Inventories:
Raw Material - At cost
Work in Process - At prime cost or market price whichever is less
Finished Goods - At cost of production or market price whichever is
less
Scrap - At Realizable Value
Traded Goods - At lower of cost or net realizable Value
Stores, Spares & Packing Material - At Cost
Coal - At Cost
e) Revenue Recognition:
Sale of goods is recognized on dispatch to customers and is net of
excise duty and discount.
Dividend income is accounted for on receipt.
Interest income is recognized on a time proportion basis. However,
interest on matured FDR is accounted for on receipt.
f) Foreign Currency Transaction:
Transactions in foreign currency are recorded at exchange rates
prevailing on the date of the transaction. Assets and Liabilities
related to foreign currency transactions, remaining unsettled at the
year end, are stated at the contracted rates , when covered under
forward exchange contracts and at year end rates in other cases. The
premium payable on forward foreign exchange contracts is amortized over
the period of contract. Exchange gains /losses are recognized in the
profit and loss account except for exchange differences relating to
fixed assets, which are adjusted in the cost of assets.
Rs. in Lacs
2009 2008
Earning in foreign currency NIL 9.71
Expenditure in foreign currency NIL 0.30
g) Research and Development Expenditure:
Revenue Expenditure on Research and Development is charged to Profit
and Loss Account in the year in which it is incurred. Capital
expenditure incurred on Research and development is shown as addition
to fixed assets. However, during the year under audit there are no
such expenditure.
h) Depreciation:
Fixed Assets are depreciated on Straight Line Value Method.
Depreciation is provided for at the rates specified in
Schedule - XIV to the Companies Act, 1956.
Depreciation is provided on pro-rata basis from the date of addition.
b) Related parties disclosure as per Accounting Standard 18 i) Related
Parties -
Directors Relatives Other associates
Mr. Mehmood Khan Mr. Anis Khan
Mr. Nadeem Khan
Mr.Nadeem Khan Mr. Mehmood Khan
Mr. Anis Khan
Mr. K.M. Nagraj
Mr. G.K.Mishra
Mr. K.G. Mittal
Mrs. Ruchi Sogani
Mr. Radhakrishna Deshraju
Mr. Sanjay Tiwari
c) Accounting Standard 19 - Lease
The Company has entered into an agreement in the nature of lease/leave
and licence as under: Office at Mumbai w.e.f. 26.02.2009 Sugar Unit
w.e.f. 22.08.2006
e) Taxes on Income:
Provision for Income Tax is made in accordance with the Income Tax Act,
1961
Accounting Standard 22 - Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. The deferred tax for timing difference
between the book profit and tax profit for the year is accounted using
tax rates and tax laws that have been enacted or substantially enacted
at the Balance Sheet date. Deferred Tax assets arising from the timing
difference are recognized to the extent that there is reasonable
certainty that sufficient future taxable income will be available.
Deferred Tax Liability as of 31 st March, 2009 has been considered
since corresponding figures are available as of 31st March only.
(Rs. in lacs)
2009 2008
3.Contingent Liability on A/c of
Bank Guarantee NIL NIL
Contingent Liability on A/c of other
liabilities 248.00 NIL
Contingent liabilities are generally not provided in the books of
account.
8 Small Scale Industrial Undertakings
Name of Small Scale Industrial under takings to whom the company owes a
sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days
:- Nil
Deferred Revenue Expenditure _ Preliminary expenses are being amortized
in five equal annual installments.
Repairs and maintenance of Sugar unit is amortised over remaining lease
period of 6 years.
10 In the opinion of the Board current assets, loans & advances have
value of realization in the ordinary course of business at least equal
to the amount of which they are stated and that provision for known
liabilities is adequate and not in excess of the amount reasonably
necessary.
11 Investments/Stock in Trade:
Shares, Debentures and other Securities are accounted under
investments/stock in trade with reference to trade dates.
Rights entitlements are accounted for as investments/stock in trade at
issue price plus acquisition price, if any.
Bonus entitlements are recognized on ex -bonus dates without any
acquisition cost. The cost of investments/stock in trade includes
brokerage but does not include stamp duty, which is charged to revenue.
Valuation of Investments
Investments are valued at cost. Provision for diminution in value of
investment is made if it is considered as permanent.
Valuation of Stock in trade
Stock in trade is valued at cost or market value whichever is lower
taking all the items together.
Determination of Market Value of Investment/Stock in Trade:
Market value of investments/Stock in trade is determined as under:
1. Quoted scripts are taken at the year-end closing market rate.
2. Unquoted shares are valued at cost