Mar 31, 2016
a) As at 31st March, 2016 Air Water Inc., Osaka, Japan as the Holding Company holds 33,38,858 shares (51% of shares) (previous year 33,38,858) No other Associate or related parties of Air Water Inc. hold any shares in the Company.
b) Details of Shareholders holding more than 5% shares in the company :
C) From Sumitomo Mitsui Banking Corporation
Repayable in 10 HY installments of Rs. 1,10,00,000 each starting September 2017 and ending March 2022
D) From WBFC :
Repaid in full during the year
E) Car Loan from Banks:
i) Rs. 2.72 Lacs, repayable in monthly EM Is of Rs. 0.16 Lacs each (including interest), maturing August 2017
ii) Rs. 1.81 Lacs, repayable in monthly EM Is of Rs. 0.40 Lacs each (including interest), by November 2016
F) From Barclays Bank Pic
i) USD 1.6 Million, repayable in single installment maturing in October 2016
ii) USD 5.37 Million, repayable in single installment maturing in April 2016 with option to roll over
G) From Kotak Mahindra Bank
i) USD 2.2 Million, repayable in semi-annual installment of USD 2,80,773 each maturing by March 2017
ii) USD 0.8 Million, repayable in semi-annual installment of USD 94,227 each maturing by March 2020
There has been no default in repayment of loan or interest in respect of any of the above loans.
21. Significant accounting policies
a) Accounting Convention
The accompanying financial statements has been prepared as a going concern and in accordance with historical cost convention and on accrual basis using Generally Accepted Accounting Principles, Accounting Standards notified under Section 133 of the Companies Act, 2013 and relevant provisions thereof.
b) Fixed Assets
Tangible assets are stated at cost less accumulated depreciation and net of impairment, if any. Pre-operation expenses including trial run expenses (net of revenue) are capitalized. Borrowing costs during the period of construction is added to the cost of eligible tangible assets. Major improvements in production facilities are capitalized.
Intangible assets are stated at cost less accumulated amortization and net of impairments, if any.
Intangible assets having finite useful lives are amortized on a straight-line basis over their estimated useful lives.
c) Depreciation
Depreciation on tangible assets, after retaining residual value at 5% of original cost, is provided on straight line method over the useful life of assets estimated by the Management. Depreciation for assets created - sold - disposed off during a period is proportionately charged. Intangible assets are amortized over their estimated useful lives using straight line method.
1 Useful lives of assets are estimated based on internal assessment and technical evaluation. The Management believes that the useful lives as given above best represents the period over which the Management expects to use these assets. Hence, the useful lives for these assets are different from the useful lives as prescribed under Part C of the Schedule II of Companies Act, 2013.
Depreciation and amortization methods, useful lives and residual values are reviewed at periodical intervals.
d) Investments Investments are stated at cost.
e) Inventories
i) Raw Material and Trading Goods are valued at cost.
ii) Finished Goods are valued at lower of cost or net reliable value.
iii) Stores and spares are valued at cost using the weighted average cost formula.
iv) Quoted shares and securities are valued at lower of cost or market value.
f) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction. Year-end balance of foreign currency monetary item is translated at the year-end rates. Exchange differences arising on settlement of monetary items or on reporting of monetary items at rates different from those at which they were initially recorded during the period or reported in previous financial statements are recognized as income or expense in the period in which they arise. The Company has elected to account for exchange differences arising on reporting of long-term foreign currency monetary items in accordance with Companies (Accounting Standards) Amendment Rules, 2009 pertaining to Accounting Standard
11 (AS-11) notified by Government of India on 31st March, 2009 (as amended on 29th December, 2011). Accordingly, the effect of exchange differences on foreign currency loans of the Company is accounted by transfer to âForeign Currency Monetary Item Translation Difference Accountâ to be amortized over the balance period of the long-term monetary items.
g) Retirement Benefit
The accrued liability for gratuity payable to employees (eligible under Companyâs gratuity policy) has been calculated on the basis of actuarial valuation and provision is carried after adjusting deposits with group gratuity funds in force, if any. In respect of Provident Fund, the contribution is paid to the fund administered by the Government and is charged to revenue.
h) Borrowing Cost
Interest and other cost in connection with the borrowing of the fund to the extent related - attributed to the acquisition - construction of qualifying fixed assets are capitalized up to the date when such assets are ready for its intended use and other borrowing costs are charged to Profit and Loss Account.
i) Revenue Recognition
Revenue from the sale of products is recognized on transfer of significant risks and rewards of ownership to customer, j) Provisions
A provision is recognized when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best judgment required to settle the obligation at the balance sheet date. The estimate and associated assumptions are reviewed at each balance sheet date and adjusted to current estimates, k) Deferred Tax
Deferred tax expense or benefit is recognized on timing differences being the difference between taxable incomes and accounting income that originate in one period and is likely to reverse in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantially by the balance sheet date.
In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty that future taxable income will be available to realize such assets.
Mar 31, 2015
A) Accounting Convention
The accompanying financial statements has been prepared as a going
concern and in accordance with historical cost convention and on
accrual basis using Generally Accepted Accounting Principles.
Accounting standards notified under Section 211(3C) of the Companies
Act, 1956 and relevant provisions thereof.
b) Fixed Assets
Tangible assets are stated at cost less accumulated depreciation and
net of impairment, if any.
Pre-operation expenses including trial run expenses (net of revenue)
are capitalized. Borrowing costs during the period of construction is
added to the cost of eligible tangible assets. Major improvements in
production facilities are capitalized.
Intangible assets are stated at cost less accumulated amortization and
net of impairments, if any. Intangible assets having finite useful
lives are amortized on a straightine basis over their estimated
useful lives.
c) Depreciation
Depreciation on tangible assets, after retaining residual value at 5%
of original cost, is provided on straight line method over the useful
life of assets estimated by the Management. Depreciation for assets
created / sold / disposed off during a period is proportionately
charged. Intangible assets are amortized over their estimated useful
lives using straight line method.
The Management estimates useful lives for fixed assets as follows1 :
Buildings / Civil Construction 5 to 30 years
Computers / Networks 6 years
Electrical Installations (except
motors / plants) « 10 years
Furniture, Fixtures, Fittings 10 years
Motor Vehicles 8 to 10 years
Office Equipment (other than
computers) 5 years
Plant and Machineries (including
cryogenic vessels) 25 years
Useful lives of assets are estimated based on internal assessment and
technical evaluation, the Management believes that the useful lives as
given above best represents the period over which the Management
expects to use these assets. Hence, the useful lives for these assets
are different from the useful lives as prescribed under Part C of the
Schedule II of Companies Act, 2013.
Depreciation and amortization methods, useful lives and residual values
are reviewed at periodical intervals (Refer to Note 9)
d) Investments
Investments are stated at cost.
e) Inventories
i) Raw Material and Trading Goods are valued at cost.
ii) Finished Goods are valued at lower of cost or net relisable value.
iii)stores and spares are valued at cost using the weighted average
cost formula.
iv) Quoted shares and securities are valued at lower of cost or market
value.
f) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange
prevailing on the date of transaction. Year end balance of foreign
currency monetary item is translated at the year end rates. Exchange
differences arising on settlement of monetary items or on reporting of
monetary items at rates different from those at which they were
initially recorded during the period or reported in previous financial
statements are recognised as income or expense in the period in which
they arise. The Company has elected to account for exchange differences
arising on reporting of long-term foreign currency monetary items in
accordance with Companies (Accounting standards) Amendment Rules, 2009
pertaining to Accounting standard 11 (AS-11) notified by Government of
India on 31st March, 2009 (as amended on 29th December, 2011).
Accordingly, the effect of exchange differences on foreign currency
loans of the Company is accounted by transfer to "Foreign Currency
Monetary Item Translation Difference Account" to be amortized over the
balance period of the long-term monetary items.
g) Retirement Benefit
The accrued liability for gratuity payable to employees (eligible under
Company's gratuity policy) has been calculated on the basis of
actuarial valuation and provision is carried after adjusting deposits
with group gratuity funds in force, if any. In respect of Provident
Fund, the contribution is paid to the fund administered by the
Government and is charged to revenue.
h) Borrowing Cost
Interest and other cost in connection with the borrowing of the fund to
the extent related / attributed to the acquisition / construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing costs are charged to
Profit and Loss Account.
i) Revenue Recognition
Revenue from the sale of products is recognized on transfer of
significant risks and rewards of ownership to customer.
j) Provisions
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best judgment required to
settle the obligation at the balance sheet date. The estimate and
associated assumptions are reviewed at each balance sheet date and
adjusted to current estimates.
k) Deferred Tax
Deferred tax expense or benefit is recognized on timing differences
being the difference between taxable incomes and accounting income that
originate in one period and is likely to reverse in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively by the balance sheet date.
In the event of unabsorbed depreciation and carry forward of losses,
deferred tax assets are recognized only to the extent that there is
virtual certainty that future taxable income will be available to
realize such assets."
Mar 31, 2014
A) Accounting Convention
The accompanying financial statements has been prepared as a going
concern and in accordance with historical cost convention and on
accrual basis using Generally Accepted Accounting Principles.
Accounting Standards notified under Section 211(3C) of the Companies
Act, 1956 and relevant provisions thereof.
b) Fixed Assets
Tangible assets are stated at cost less accumulated depreciation and
net of impairment, if any. Pre-operation expenses including trial run
expenses (net of revenue) are capitalized. Borrowing costs during the
period of construction is added to the cost of eligible tangible
assets. Major improvements in production facilities are capitalized.
Intangible assets are stated at cost less accumulated amortization and
net of impairments, if any. Intangible assets having finite useful
lives are amortized on a straight-line basis over their estimated
useful lives.
c) Depreciation
In respect of Kalyani Plant & Other Assets
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956 of assets acquired upto
31.03.1992 and from 01.04.1994 onwards. For assets acquired between
01.04.1992 to 31.03.1994 depreciation had been provided on straight
line method as per Schedule XIV of the Companies Act, 1956.
In respect of Uluberia & Visakhapatnam Plant Depreciation has been
provided on straight line method as per Schedule XIV of the Companies
Act, 1956.
d) Investments Investments are stated at cost.
e) Inventories
i) Raw Material and Trading Goods are valued at cost.
ii) Finished Goods are valued at lower of cost or net relisable value.
iii) Stores and spares are valued at cost using the weighted average
cost formula.
iv) Quoted shares and securities are valued at lower of cost or market
value.
f) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange
prevailing on the date of transaction. Year end balance of foreign
currency monetary item is translated at the year end rates. Exchange
differences arising on settlement of monetary items or on reporting of
monetary items at rates different from those at which they were
initially recorded during the period or reported in previous financial
statements are recognised as income or expense in the period in which
they arise. The Company has elected to account for exchange differences
arising on reporting of long-term foreign currency monetary items in
accordance with Companies (Accounting Standards) Amendment Rules, 2009
pertaining to Accounting Standard 11 (AS-11) notified by Government of
India on 31st March, 2009 (as amended on 29th December, 2011).
Accordingly, the effect of exchange differences on foreign currency
loans of the Company is accounted by transfer to "Foreign Currency
Monetary Item Translation Difference Account" to be amortized over the
balance period of the long-term monetary items.
g) Retirement Benefit
The accrued liability for gratuity payable to employees (eligible under
Payment of Gratuity Act) has been calculated on the basis of an
actuarial valuation made by LIC and the amount is deposited under the
LIC Group Gratuity Scheme. In respect of Provident Fund, the
contribution is paid to the fund administered by the Government and is
charged to revenue.
h) Borrowing Cost
Interest and other cost in connection with the borrowing of the fund to
the extent related / attributed to the acquisition / construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing costs are charged to
Profit and Loss Account.
i) Revenue Recognition
Revenue from the sale of products is recognized on transfer of
significant risks and rewards of ownership to customer.
j) Provisions
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best judgment required to
settle the obligation at the balance sheet date. The estimate and
associated assumptions are reviewed at each balance sheet date and
adjusted to current estimates.
k) Deferred Tax
Deferred tax expense or benefit is recognized on timing differences
being the difference between taxable incomes and accounting income that
originate in one period and is likely to reverse in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively by the balance sheet date. In the event of unabsorbed
depreciation and carry forward of losses, deferred tax assets are
recognized only to the extent that there is virtual certainty that
future taxable income will be available to realize such assets."
Mar 31, 2013
A) Accounting Convention
The accompanying financial statements had been prepared in accordance
with historical cost convention and as a going concern.
b) Fixed Assets
Fixed Assets are stated at cost less depreciation.
c) Depreciation
In respect of Kalyani Plant
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956 of assets acquired upto
31.03.1992 and from 01.04.1994 onwards. For assets acquired between
01.04.1992 to 31.03.1994 depreciation had been provided on straight
line method as per Schedule XIV of the Companies Act, 1956.
In respect of Uluberia & Visakhapatnam Plant
Depreciation has been provided on straight line method as per Schedule
XIV of the Companies Act, 1956.
d) Investments Investments are stated at cost.
e) Inventories
i) Raw Material and Trading Goods are valued at cost.
ii) Finished Goods are valued at lower of cost or net relisable value.
iii) Stores and spares are valued at cost using the weighted average
cost formula.
iv) Quoted shares and securities are valued at lower of cost or market
value.
v) Unquoted shares are valued at cost.
f) Foreign Exchange Transaction
Transactions in foreign currency are accounted for at the equivalent
rupee value on the date of credit by the bank.
g) Retirement Benefit
The accrued liability for gratuity payable to employees has been
calculated on the basis of an actuarial valuation made by LIC and the
amount is deposited under the LIC Group Gratuity Scheme. In respect of
Provident Fund, the contribution is paid to the fund administered by
the Government and is charged to revenue.
h) Borrowing Cost
Interest and other cost in connection with the borrowing of the fund to
the extent related / attributed to the acquisition / construction of
qualifying fixed assets are capitalized up to the state when such
assets are ready for its intended use and other borrowing costs are
charged to Profit and Loss Account.
i) Revenue Recognition
Revenue from the sale of products are recognized on despatch of goods
to customer which corresponds to transfer of significant risks and
rewards of ownership,
j) Provisions
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to current management estimates.
Mar 31, 2012
A) Accounting Convention
The accompanying financial statements had been prepared in accordance
with historical cost convention and as a going concern.
b) Fixed Assets
Fixed Assets are stated at cost less depreciation.
c) Depreciation
In respect of Kalyani Plant
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956 of assets acquired upto
31.03.1992 and from 01.04.1994 onwards. For assets acquired between
01.04.1992 to 31.03.1994 depreciation had been provided on straight
line method as per Schedule XIV of the Companies Act, 1956.
In respect of Uluberia & Visakhapatnam Plant
Depreciation has been provided on straight line method as per Schedule
XIV of the Companies Act, 1956.
d) Investments Investments are stated at cost.
e) Inventories
i) Raw Material and Trading Goods are valued at cost.
ii) Finished Goods are valued at lower of cost or net relisable value.
iii) Stores and spares are valued at cost using the weighted average
cost formula.
iv) Quoted shares and securities are valued at lower of cost or market
value.
v) Unquoted shares are valued at cost.
f) Foreign Exchange Transaction
Transactions in foreign currency are accounted for at the equivalent
rupee value on the date of credit by the bank.
g) Retirement Benefit
The accrued liability for gratuity payable to employees has been
calculated on the basis of an actuarial valuation made by LIC and the
amount is deposited under the LIC Group Gratuity Scheme. In respect of
Providend Fund, the contribution is paid to the fund administered by
the Government and is charged to revenue.
h) Borrowing Cost
Interest and other cost in connection with the borrowing of the fund to
the extent related / attributed to the acquisition / construction of
qualifying fixed assets are capitalized up to the state when such
assets are ready for its intended use and other borrowing costs are
charged to Profit and Loss Account.
i) Revenue Recognition
Revenue from the sale of products are recognized on despatch of goods
to customer which corresponds to transfer of significant risks and
rewards of ownership.
j) Provisions
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to current management estimates.
Mar 31, 2010
(a) Accounting Convention :
The accompanying financial statements have been prepared in accordance
with historical cost convention and as a going concern.
(b) Fixed Assets :
Fixed Assets are stated at cost less depreciation. No Assets acquired
on hire purchase.
(c) Depreciation :
In respect of Kalyani Plant
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956 of assets acquired upto
31.03.1992 and from 01.04.1994 onwards, for assets acquired between
01.04.1992 to 31.03.1994 depreciation had been provided on straight
line method as per Schedule XIV of the Companies Act, 1956.
In respect of Uluberia & Visakhapatnam Plant
Depreciation has been provided on straight line method as per Schedule
XIV of the Companies Act, 1956.
(d) Investments:
Investments are stated at cost.
(e) Inventories:
(i) Raw Materials & Trading Goods are valued at cost.
(ii) Finished goods are valued at lower of cost or net realisable
value.
(iii) Stores and spares are valued at cost using the weighted average
cost formula.
(iv) Quoted Shares and Securities are valued at lower of cost or market
value.
(v) Unquoted shares are valued at cost.
(f) Foreign Exchange Transaction :
Transactions in foreign currency are accounted for at the equivalent
rupee value on the date of Credit by the bank.
(g) Retirement Benefit:
The accrued liability for gratuity payable to employees has been
calculated on the basis of an actuarial valuation and provided in
accounts. In respect of Provident Fund, the contribution is paid to the
Fund administered by the Government and is charged to revenue.
(h) Borrowing Cost:
Interest and other cost in connection with the borrowing of the fund to
the extent related / attributed to the acquisition / construction of
qualifying fixed assets are capitalised up to the state when such
assets are ready for its intended use and other borrowing costs are
charged to Profit and Loss Account.
(i) Revenue Recognition :
Revenue from the sale of products are recognised on despatch of goods
to customer which corresponds to transfer of significant risks and
rewards of ownership and are net of sales tax and trade discount.
(j) Provisions:
A provision is recognised when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to current management estimates.