Mar 31, 2016
1. Significant Accounting Policies :
i) Basis of preparation of financial statements: The financial statements are prepared under the historical cost convention on the accrual basis of accounting, unless otherwise stated, in accordance with the generally accepted accounting principles in India, the provisions of the Companies Act 2013 and the applicable accounting standards.
ii) Use of estimates: The preparation of financial statements requires estimates and assumptions. Differences between the estimates and actual results are recognized in the period in which the same are known.
iii) Fixed assets: Fixed assets are capitalized inclusive of legal and/or installation expenses. Pre-operative expenses (including interest charges) up to the date of start of commercial production are capitalized over the items of fixed assets.
iv) Depreciation: Depreciation on fixed assets is provided at the rates detetermined in accordance with the provisions of the Companies Act, 2013. Depreciation on tangible assets is provided on the straight line method as prescribed in Schedule II to the Companies Act, 2013 over the remaining useful life of the assets.
v) Impairment of assets : An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the net selling price and value in use.
vi) Inventories valuation:
(a) Stocks of raw-materials, packing materials, stores & spares are valued at cost.
(b) Stock of work-in progress is valued at cost.
(c) Finished goods are valued at lower of cost and net realizable value.
vii) Foreign exchange transactions: Foreign exchange transactions are recorded at the exchange rate prevailing on the date of transaction. Exchange differences in respect of foreign currency transactions are dealt with in the profit & loss account, except in respect of capital assets. All foreign currency assets & liabilities, if any, as at the Balance Sheet date are restated at the applicable exchange rates prevailing on that date.
viii) Sales & contract receipt:
a) Revenue from contracts for supply/commissioning of Bio-gas plants and equipments is recognized by adding the aggregate cost and proportionate margin using the percentage completion method. Percentage of completion is determined as a proportion of cost incurred-to-date to the total estimated contract cost.
b) Sales include products consumed internally for manufacture of capital assets, adjusted on cost basis, but exclude inter-unit transfers on revenue account.
ix) Insurance claims: Insurance claims for loss of assets or goods are accounted at the time of lodging of the claim with the insurer at the cost of assets/ goods lost. Any shortfall in the claim recovery is accounted for at the time of final settlement of the claim.
x) Excise duty and Cenvat credits: Sales and purchases (including those of capital goods) are stated inclusive of excise duty.
xi) Value Added Tax (VAT) and input credits: Sales are stated exclusive of VAT. Purchases (including those of capital goods) are stated inclusive of VAT except to the extent such input tax is eligible for set-off. Reduction in set-off, if any, under the provisions of VAT laws is debited to VAT paid account.
xii) Expenditures are shown net of recoveries.
xiii) Retirement benefits:
(a) Contributions to provident fund, family pension fund are made to Government Provident fund authorities and are recognized as expense in the year they are incurred.
(b) Provision for leave encashment is made on the basis of actuarial valuation made at the end of each year/period.
(c) Provision for gratuity liability is made on the basis of actuarial valuation made at the end of each year/ period
(d) For superannuation benefit, the Company makes defined contributions as per companyâs policy and recognizes such contributions as expense in the year they are incurred.
Rights, preferences and restrictions attached to shares
The Company has only one class of Equity shares. Each Share has a paid up value of Rs.10/-. Every shareholder is entitled to one vote per share. Each share is entitled to dividend at the rate as may be declared by the Board and approved by the shareholders at the Annual General Meeting.
Mar 31, 2015
I) Basis of preparation of financial statements :The financial
statements are prepared under the historical cost convention on the
accrual basis of accounting, unless otherwise stated, in accordance
with the generally accepted accounting principles in India, the
provisions of the Companies Act 2013 and the applicable accounting
standards.
ii) Use of estimates :The preparation of financial statements requires
estimates and assumptions. Differences between the estimates and actual
results are recognized in the period in which the same are known.
iii) Fixed assets : Fixed assets are capitalised inclusive of legal
and/or installation expenses. Pre-operative expenses (including
interest charges) upto the date of start of commercial production are
capitalised over the items of fixed assets.
iv) Depreciation : Depreciation on fixed assets is provided at the
rates detetermined in accordance with the provisions of the Companies
Act, 2013. Depreciation on tangible assets is provided on the straight
line method as prescribed in Schedule II to the Companies Act, 2013
over the remaining useful life of the assets.
v) Impairment of assets : An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is the greater of the net selling price and value in
use.
vi) Inventories valuation:
(a) Stocks of raw-materials, packing materials, stores & spares are
valued at cost.
(b) Stock of work-in progress is valued at cost.
(c) Finished goods are valued at lower of cost and net realisable
value.
vii) Foreign exchange transactions: Foreign exchange transactions are
recorded at the exchange rate prevailing on the date of transaction.
Exchange differences in respect of foreign currency transactions are
dealt with in the profit & loss account, except in respect of capital
assets. All foreign currency assets & liabilities, if any, as at the
Balance Sheet date are restated at the applicable exchange rates
prevailing on that date.
viii) Sales & contract receipt:
a) Revenue from contracts for supply/commissioning of Bio-gas plants
and equipments is recognized by adding the aggregate cost and
proportionate margin using the percentage completion method. Percentage
of completion is determined as a proportion of cost incurred-to-date to
the total estimated contract cost.
b) Sales include products consumed internally for manufacture of
capital assets, adjusted on cost basis, but exclude inter-unit
transfers on revenue account.
ix) Insurance claims: Insurance claims for loss of assets or goods are
accounted at the time of lodging of the claim with the insurer at the
cost of assets/ goods lost. Any shortfall in the claim recovery is
accounted for at the time of final settlement of the claim.
x) Excise duty and Cenvat credits: Sales and purchases (including those
of capital goods) are stated inclusive of excise duty.
xi) Value Added Tax (VAT) and input credits: Sales are stated exclusive
of VAT. Purchases (including those of capital goods) are stated
inclusive of VAT except to the extent such input tax is eligible for
set-off. Reduction in set- off, if any, under the provisions of VAT
laws is debited to VAT paid account.
xii) Expenditures are shown net of recoveries.
xiii) Retirement benefits:
(a) Contributions to provident fund, family pension fund are made to
Government Provident fund authorities and are recognized as expense in
the year they are incurred.
(b) Provision for leave encashment is made on the basis of actuarial
valuation made at the end of each year/ period.
(c) Provision for gratuity liability is made on the basis of actuarial
valuation made at the end of each year/period
(d) For superannuation benefit, the Company makes defined contributions
as per company's policy and recognizes such contributions as expense in
the year they are incurred.
Mar 31, 2014
I) Basis of preparation of financial statements : The financial
statements are prepared under the historical cost convention on the
accrual basis of accounting, unless otherwise stated, in accordance
with the generally accepted accounting principles in India, the
provisions of the Companies Act 1956 and the applicable accounting
standards.
ii) Use of estimates : The preparation of financial statements requires
estimates and assumptions. Differences between the estimates and actual
results are recognized in the period in which the same are known.
iii) Fixed assets : Fixed assets are capitalised inclusive of legal
and/or installation expenses. Preoperative expenses (including interest
charges) upto the date of start of commercial production are
capitalised over the items of fixed assets.
iv) Depreciation : Depreciation on fixed assets is provided on straight
line basis at the rates and in the manner prescribed in Schedule XIV to
the Companies Act, 1956. Depreciation on additions is provided on
pro-rata basis for the period for which the assets are put to use.
Assets costing less than Rs.5000/- are fully depreciated in the year of
purchase. Lease-hold land is not amortised.
v) Impairment of assets : An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is the greater of the net selling price and value in
use.
vi) Inventories valuation :
(a) Stocks of raw-materials, packing materials, stores & spares are
valued at cost.
(b) Stock of work-in progress is valued at cost.
(c) Finished goods are valued at lower of cost and net realisable
value.
vii) Foreign exchange transactions : Foreign exchange transactions are
recorded at the exchange rate prevailing on the date of transaction.
All exchange differences in respect of foreign currency transactions
are dealt with in the profit & loss account. All foreign currency
assets & liabilities, if any, as at the Balance Sheet date are restated
at the applicable exchange rates prevailing on that date.
viii) Sales & contract receipt:
a) Revenue from contracts for supply/commissioning of Bio-gas plants
and equipments is recognized by adding the aggregate cost and
proportionate margin using the percentage completion method. Percentage
of completion is determined as a proportion of cost incurred-to-date to
the total estimated contract cost.
b) Sales include products consumed internally for manufacture of
capital assets, adjusted on cost basis, but exclude inter-unit
transfers on revenue account.
ix) Insurance claims : Insurance claims for loss of assets or goods are
accounted at the time of lodging of the claim with the insurer at the
cost of assets/ goods lost. Any shortfall in the claim recovery is
accounted for at the time of final settlement of the claim.
x) Excise duty and Cenvat credits : Sales and purchases (including
those of capital goods) are stated inclusive of excise duty.
xi) Value Added Tax (VAT) and input credits : Sales are stated
exclusive of VAT. Purchases (including those of capital goods) are
stated inclusive of VAT except to the extent such input tax is eligible
for set-off. Reduction in set-off, if any, under the provisions of VAT
laws is debited to VAT paid account.
xii) Expenditures are shown net of recoveries.
xiii) Retirement benefits :
(a) Contributions to provident fund, family pension fund are made to
Government Provident fund authorities and are recognized as expense in
the year they are incurred.
(b) Provision for leave encashment is made on the basis of actuarial
valuation made at the end of each year/period.
(c) Provision for gratuity liability is made on the basis of actuarial
valuation made at the end of each year/period.
(d) For superannuation benefit, the Company makes defined contributions
as per company''s policy and recognizes such contributions as expense in
the year they are incurred.
Mar 31, 2013
I) Basis of preparation of financial statements : The financial
statements are prepared under the historical cost convention on the
accrual basis of accounting, unless otherwise stated, in accordance
with the Generally Accepted Accounting Principles in India, the
provisions of the Companies Act 1956 and the applicable Accounting
standards.
ii) Use of estimates : The preparation of financial statements requires
estimates and assumptions. Differences between the estimates and actual
results are recognized in the period in which the same are known.
iii) Fixed assets : Fixed assets are capitalised inclusive of legal
and/or installation expenses. Preoperative expenses (including interest
charges) upto the date of start of commercial production are
capitalised over the items of fixed assets.
iv) Depreciation : Depreciation on fixed assets is provided on straight
line basis at the rates and in the manner prescribed in Schedule XIV to
the Companies Act, 1956. Depreciation on additions is provided on
pro-rata basis for the period for which the assets are put to use.
Assets costing less than Rs.5000/- are fully depreciated in the year of
purchase. Lease-hold land is not amortised.
v) Impairment of assets : An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is the greater of the net selling price and value in
use.
vi) Inventories valuation :
(a) Stocks of raw-materials, packing materials, stores & spares are
valued at cost.
(b) Stock of work-in progress is valued at cost.
(c) Finished goods are valued at lower of cost and net realisable
value.
vii) Foreign exchange transactions : Foreign exchange transactions are
recorded at the exchange rate prevailing on the date of transaction.
All exchange differences in respect of foreign currency transactions
are dealt with in the profit & loss account. All foreign currency
assets & liabilities, if any, as at the Balance Sheet date are restated
at the applicable exchange rates prevailing on that date.
viii) Sales & contract receipt :
a) Revenue from contracts for supply/commissioning of Bio-gas plants
and equipments is recognized by adding the aggregate cost and
proportionate margin using the percentage completion method. Percentage
of completion is determined as a proportion of cost incurred-to-date to
the total estimated contract cost.
b) Sales include products consumed internally for manufacture of
capital assets, adjusted on cost basis, but exclude inter-unit
transfers on revenue account.
ix) Insurance claims : Insurance claims for loss of assets or goods are
accounted at the time of lodging of the claim with the insurer at the
cost of assets/ goods lost. Any shortfall in the claim recovery is
accounted for at the time of final settlement of the claim.
x) Excise duty and Cenvat credits : Sales and purchases (including
those of capital goods) are stated inclusive of excise duty.
xi) Value Added Tax (VAT) and input credits: Sales are stated exclusive
of VAT. Purchases (including those of capital goods) are stated
inclusive of VAT except to the extent such input tax is eligible for
set-off. Reduction in set-off, if any, under the provisions of VAT laws
is debited to VAT paid account.
xii) Expenditures are shown net of recoveries.
xiii) Retirement benefits :
(a) Contributions to provident fund, family pension fund are made to
Government Provident fund authorities and are recognized as expense in
the year they are incurred.
(b) Provision for leave encashment is made on the basis of actuarial
valuation made at the end of each year/period.
(c) Provision for gratuity liability is made on the basis of actuarial
valuation made at the end of each year/period.
(d) For superannuation benefit, the Company makes defined contributions
as per company''s policy and recognizes such contributions as expense in
the year they are incurred.
Mar 31, 2012
I) Basis of preparation of financial statements :
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting, unless otherwise stated,
in accordance with the generally accepted accounting principles in India,
the provisions of the Companies Act 1956 and the applicable accounting
standards. During the year ended 31st March 2012, the revised Schedule
VI notified under the Companies Act 1956 became applicable to the
company for preparation and presentation of the Financial Statements.
The revised Schedule VI does not impact recognition and measurement
principles followed in the preparation of the Financial Statements.
However, it prescribes significant changes in presentation and
disclosures of information in the Financial Statements. Previous year
figures have been reclassified accordingly.
II) Use of Estimates :
The preparation of financial statements requires estimates and
assumptions. Differences between the estimates and actual
results are recognized in the period in which the same are known.
III) Fixed Assets :
Fixed assets are capitalised inclusive of legal and/or installation
expenses. Preoperative expenses (including interest charges) upto the
date of start of commercial production are capitalised over the items
of fixed assets.
IV) Depreciation :
Depreciation on fixed assets is provided on straight line basis at the
rates and in the manner prescribed in Schedule XIV to the Companies Act,
1956. Depreciation on additions is provided on pro-rata basis for the
period for which the assets are put to use. Assets costing less than Rs.
5000/- are fully depreciated in the year of purchase. Lease-hold land
is not amortised.
V) Impairment of Assets :
An impairment loss is recognized whenever the carrying amount of an asset
exceeds its recoverable amount. The recoverable amount is the greater of
the net selling price and value in use.
VI) Inventory valuation:
a) Stocks of raw-materials, packing materials, stores & spares are
valued at cost.
b) Stock of work-in progress is valued at cost.
c) Finished goods are valued at lower of cost and net realisable value.
VII) Foreign exchange transactions : Foreign exchange transactions are
recorded at the exchange rate prevailing on the date of transaction.
All exchange differences in respect of foreign currency transactions
are dealt with in the profit & loss account. All foreign currency
assets & liabilities, if any, as at the Balance Sheet date are restated
at the applicable exchange rates prevailing on that date.
VIII) Sales & contract receipt :
a) Revenue from contracts for supply/commissioning of Bio-gas plants
and equipments is recognized by adding the aggregate cost and
proportionate margin using the percentage completion method. Percentage
of completion is determined as a proportion of cost incurred-to-date to
the total estimated contract cost.
b) Sales include products consumed internally for manufacture of
capital assets, adjusted on cost basis, but exclude inter-unit
transfers on revenue account.
IX) Insurance claims : Insurance claims for loss of assets or goods are
accounted at the time of lodging of the claim with the insurer at the
cost of assets/ goods lost. Any shortfall in the claim recovery is
accounted for at the time of final settlement of the claim.
X) Excise duty and Cenvat credits : Sales and purchases (including
those of capital goods) are stated inclusive of excise duty.
XI) Value Added Tax (VAT) and input credits : Sales are stated
exclusive of VAT. Purchases (including those of capital goods) are
stated inclusive of VAT except to the extent such input tax is eligible
for set-off. Reduction in set-off, if any, under the provisions of VAT
laws is debited to VAT paid account.
XII) Expenditures are shown net of recoveries.
XIII) Retirement benefits:
(a) Contributions to provident fund, family pension fund are made to
Government Provident fund authorities and are recognized as expense in
the year they are incurred.
(b) Provision for leave encashment is made on the basis of actuarial
valuation made at the end of each year/period.
(c) Provision for gratuity liability is made on the basis of actuarial
valuation made at the end of each year/period.
(d) For superannuation benefit, the Company makes defined contributions
as per company's policy and recognizes such contributions as expense in
the year they are incurred.
Rights, preferences and restrictions attached to shares
The Company has only one class of Equity shares. Each Share has a paid
up value of Rs.10/-. Every shareholder is entitled to one vote per
share. Each share is entitled to dividend at the rate as may be
declared by the Board and approved by the shareholders at the Annual
General Meeting.
Vehicle loan from bank is repayable by way of 36 equated monthly
instalments ending July 2014. No repayment date is stipulated for
Directors' deposits. However it is agreed by the Directors that the
deposits shall not be repayable before 1st April 2013.
Mar 31, 2010
I) Basis of preparation of financial statements : The financial
statements are prepared under the historical cost convention on the
accrual basis of accounting, unless otherwise stated, in accordance
with the generally accepted accounting principles in India, the
provisions of the Companies Act 1956 and the applicable accounting
standards.
II) Use of Estimates : The preparation of financial statements requires
estimates and assumptions. Differences between the estimates and actual
results are recognized in the period in which the same are known.
III) Fixed Assets : Fixed assets are capitalised inclusive of legal
and/or installation expenses. Preoperative expenses (including interest
charges) upto the date of start of commercial production are
capitalised over the items of fixed assets.
IV) Depreciation : Depreciation on fixed assets is provided on straight
line basis at the rates and in the manner prescribed in Schedule XIV to
the Companies Act, 1956. Depreciation on additions is provided on
pro-rata basis for the period for which the assets are put to use.
Assets costing less than Rs.5000/- are fully depreciated in the year of
purchase. Lease-hold land is not amortised.
V) Impairment of Assets : An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is the greater of the net selling price and value in
use.
VI) Inventory valuation:
a) Stocks of raw-materials, packing materials, stores & spares are
valued at cost
b) Stock of work-in progress is valued at cost
c) Finished goods are valued at lower of cost and net realisable value.
VII) Foreign exchange transactions: Foreign exchange transactions are
recorded at the exchange rate prevailing on the date of transaction.
All exchange differences in respect of foreign currency transactions
are dealt with in the profit & loss account. All foreign currency
assets & liabilities, if any, as at the Balance Sheet date are restated
at the applicable exchange rates prevailing on that date.
VIII) Sales & contract receipt:
a) Revenue from contracts for supply/commissioning of Bio-gas plants
and equipments is recognized by adding the aggregate cost and
proportionate margin using the percentage completion method. Percentage
of completion is determined as a proportion of cost incurred-to-date to
the total estimated contract cost.
b) Sales include products consumed internally for manufacture of
capital assets, adjusted on cost basis, but exclude inter-unit
transfers on revenue account.
IX) Insurance claims: Insurance claims for loss of assets or goods are
accounted at the time of lodging of the claim with the insurer at the
cost of assets/ goods lost. Any shortfall in the claim recovery is
accounted for at the time of final settlement of the claim.
X) Excise duty and Cenvat credits: Sales and purchases (other than
those of capital goods) are stated inclusive of excise duty. Cenvat
credits are accounted as other income. Cenvat credits relating to
capital goods are reduced from the value of the capital goods.
XI) Value Added Tax (VAT) and input credits: Sales are stated exclusive
of VAT. Purchases (including those of capital goods) are stated
inclusive of VAT except to the extent such input tax is eligible for
set-off. Reduction in set-off, if any, under the provisions of VAT laws
is debited to VAT paid account.
XII) Expenditures are shown net of recoveries.
XIII) Retirement benefits:
(a) Contributions to provident fund, family pension fund are made to
Government Provident fund authorities and are recognized as expense in
the year they are incurred.
(b) Provision for leave encashment is made on the basis of actuarial
valuation made at the end of each year/period.
(c) Provision for gratuity liability is made on the basis of actuarial
valuation made at the end of each year/period
(d) For superannuation benefit, the Company makes defined contributions
as per companys policy and recognizes such contributions as expense in
the year they are incurred.
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