Mar 31, 2021
1 SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of the Companies Act, 2013.
Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for on accrual basis unless otherwise stated.
Fixed assets are stated at cost less accumulate d depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
Depreciation on Fixed Assets (except Land) is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided (except Land) based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. As certified by the Management Depreciation on Development of Land to organic farming is to be provided equally over the period of ten years.
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.
1.5 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.
Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.
The preparation of financial statements, in conformity with generally accepted accounting p rinciples, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.
1- 8 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.
2 NOTES TO THE ACCOUNTS
2- 1 The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2-2 All the investments made by the company are valued at Cost .
2-3 Managerial Remuneration:
2 ^ The inventories (finished) are valued at 90% of their net realizable value and inventories (semi-finished) are - valued at 75% of their estimated net realizable value.
2-6 All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.
Mar 31, 2018
1 SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of Accounting
The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of the Companies Act, 2013.
1.2 Recognition of Income
Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for or accrual basis unless otherwise stated.
1.3 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
1.3(a). Depreciation
Depreciation on Fixed Assets (except Land) is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided (except Land) based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. As certified by the Management Depreciation on Development of Land to organic farming is to be provided equally over the period of ten years.
1.4 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.
1.5 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurrin g after the balance sheet date tc provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.
Basic earnings per share are calcula ted by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.
1.7 Use of estimates
The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.
1.8 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.
Mar 31, 2015
1.1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under Rule 7 of the Companies (Accounts) Rules,
2014 which is similar to provisions and presentational requirements of
the Companies Act, 2013.
1.2 Recognition of Income
Sales represent invoiced Value of goods Sold. Other Income is
recognized and accounted for on accrual basis unless otherwise stated.
1.3 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
1.3(a). Depreciation
Depreciation on Fixed Assets (except Land) is provided to the extent of
depreciable amount on the Written Down Value (WDV) Method.
Depreciation is provided (except Land) based on useful life of the
assets as prescribed in Schedule II to the Companies Act, 2013. As
certified by the Management Depreciation on Development of Land to
organic farming is to be provided equally over the period of ten years.
1.4 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision i s made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
1.5 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
1.6 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
1.7 Use of estimates
The preparation of financial statements, in conformity with generally
accepted ac counting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
1.8 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the yearend are translated
at the rate ruling at the yearend rate.
Mar 31, 2014
The accounts of the Company are prepared under historical cost
convention using the accrual method i) of accounting except
otherwise in accordance with normally accepted accounting principles.
Accounting policies not specifically referred to otherwise are
consistent and in consonance with ii) generally accepted accounting
principles followed by the company.
iii) Fixed assets are stated at their original cost of acqisition and
subsequemt improvement thereon including taxes, freight and other
incidental expenses related to acquisition/construction and
installation of the assets concerned.
iv) The depreciation on Fixed Assets (except land) has been provided on
written down value method as the rate specified in schedule XIV of the
Companies Act,1956. The depreciation of assets, addition/deduction
during the year is charged with reference to the date of addition MedWon
of the assets except development of land to organic farming. As
certified by the managem /dMu epreciation on development of land to
organic farming is to provided equally over the period of ten financial
years.
v) The inventories of agriculture produce(Finished) are valued at 90%
of their net realizable value and Agriculture Produce ( semi finished)
which includes poplar & other wood trees are valued at 75% of their
estimated net realizable value.
vi) Sales are accounted for at thhe time of passage of title of the
goods, which generally coincides with their delivery.
vii) As the company is engaged in growing and selling agriculture
produce, such income is exempt from income tax. Accordingly, there are
no deferred tax/liabilities arising there from.
Mar 31, 2013
I) The accounts of the Company are prepared under historical cost
convention using the accrual method of accounting except otherwise
stated in accordance with normally accepted accounting principles.
ii) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles followed by the company- Fixed assets are stated at their
original cost of acqisition and subsequemt improvement thereon
including taxes, freight and other incidental expenses related to
acquisition/construction and installation of the assets concerned
ivThe depreciation on Fixed Assets (except land) has been provided on
ritten down value method as the rate specified ir schedule XIV of the
Companies Act,1956. The depreciation of assets, addition/deduction
during the year is charged with reference to the date of
addition/deduction of the assets except development of land to organic
farming. As certified by the managemen1 depreciation on development of
land to organic farming is to provided equally over the perood of ten
financial yean
v) The inventories of agriculture produce[Finished) are valued at 90%
of their net realizable value and Agriculture Produce ( sem finished)
which includes poplar & other wood trees are valued at 75% of their
estimated net realizable value
vi Sales are accounted for at thhe time of passage of title of the
goods, which generally coincides with their delivery
vii) As the company is engaged in growing and selling agriculture
produce, such income is exempt from income tax. Accordingly, there are
no deferred tax assets/liabilities arising there from.
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