Mar 31, 2015
1. FIXED ASSETS
Fixed assets are stated at the values, at which they are acquired, less
accumulated depreciation. The value at which fixed assets are acquired
includes all related expenses up to the date of putting them to use.
Depreciation is provided as specified in SCHEDULE II to the Companies
Act, 2013. Depreciation is provided on prorate basis from the day on
which the assets have been put to use and up to the day on which assets
have been disposed off.
2. INVESTMENTS
There are no Investments
3. INVENTORIES ;
a) Inventory of raw materials is valued at Cost of Purchase and include
all expenses incurred in bringing the materials to their present
location and condition.
b) Work in progress and finished goods include conversion cost in
addition to the landed cost of raw materials.
c) Finished goods are valued at cost or net realizable value whichever
is less on FIFO basis.
4. REVENUE RECOGNITION
a) The Company recognizes income and expenditure on accrual basis.
Revenue from Sale of Goods is recognized when goods are dispatched.
Sales include Excise duty, freight, insurance, etc., recovered and are
net of sales returns.
b) Income from rent is recognized as per the terms and over the period
as stated in rental agreements on accrual basis.
c) Commission and other incomes are recognized on accrual basis.
d) Interest is recognized using the Time-Proportion method, based on
the rates implicit in the transaction.
e) The revenue and expenditure are accounted on a going concern basis.
5. FOREIGN EXCHANGE TRANSACTIONS
Foreign currency transactions during the year are translated at the
exchange rates prevailing on the respective date of inward or outward
remittances.
Assets and Liabilities outstanding in foreign currency as on the date
of the Balance Sheet are translated at exchange rates prevailing on the
last day of the relevant financial year. Differences rising out of such
transactions are charged to the respective revenue accounts.
The net gain/loss arising on revenue account during the year in respect
of foreign exchange transactions are reckoned in the Statement of
Profit and Loss.
6. LEASES
Operating leases rent paid during the year charged to Profit and Loss
account, operating lease agreement terminates by one month notice
period.
7. RETIREMENT BENEFITS
In accordance with the Payment of Gratuity Act, 1972 the Company
provides for gratuity, covering all employees. The company estimates
its liability on actuarial valuation basis as of each year-end, and is
charged to Profit and Loss Account in accordance with AS-15 (revised).
As per the policy of the company there are no Long Term Compensated
Absences applicable to the employees of the company.
Employees receive benefits from a provident fund, which is defined
contribution plan. Both the employee and the company make monthly
contributions to the Regional Provident Fund equal to a specified
percentage of the covered employee's salary. The company has no further
obligations under the plan beyond its monthly contributions.
8. PROVISION FOR TAXATION
Provision for Current Income Tax is made in accordance with the
provisions of Income Tax Act, 1961.
Deferred tax assets and liabilities are measured using substantially
enacted tax rates as on the Balance Sheet date. Provision for Deferred
Tax Liability is provided on timing differences. The effect of deferred
tax assets and liabilities of a change in tax rates is recognised in
the income statement.
9. CASH FLOW STATEMENTS
The Cash flow statement is prepared under the indirect method as per
AS- 3 "Cash Flow Statements"
10. SEGMENT REPORTING
The entire operations of the company relate to one segment viz
Extraction of Oil.
11. EARNINGS PER SHARE
The company reports basic and diluted earnings per share in accordance
with the AS-20- "Earnings per Share"
12. IMPAIRMENT OF ASSETS
All assets other than inventories and deferred tax asset, are reviewed
for impairment, wherever events or changes in circumstances indicate
that the carrying amount may not be recoverable. Assets whose carrying
value exceeds their recoverable amount are written down to the
recoverable amount.
13. PROVISIONS AND CONTINGENCIES
The company creates a provision when there is 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 obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made
14. BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to the profit and loss account. Interests
on borrowed funds for the projects are capitalized with the cost of the
project as a direct cost.
15. INTANGIBLE ASSETS
There are no intangible assets.
Mar 31, 2014
1. FIXED ASSETS
Fixed assets are stated at the values, at which they are acquired, less
accumulated depreciation. The value at which fixed assets areacquired
includes all related expenses up to the date of putting them to use.
Depreciation is provided on Straight Line method at the rates specified
in SCHEDULE XIV to the Companies Act, 1956. Depreciation is provided
on prorate basis from the day on which the assets have been put to use
and up to the day on which assets have been disposed off.
2. INVESTMENTS
There are no Investments
3. INVENTORIES
a) Inventory of raw materials is valued at Cost of Purchase and include
all expenses incurred in bringing the materials to their present
location and condition.
b) Work in progress and finished goods include conversion cost in
addition to the landed cost of raw materials.
c) Finished goods are valued at cost or net realizable value whichever
is less.
4. REVENUE RECOGNITION
a) The Company recognizes income and expenditure on accrual basis.
Revenue from Sale of Goods is recognized when goods are dispatched.
Sales include Excise duty, freight, insurance, etc., recovered and are
net of sales returns.
b) Income from rent is recognized as per the terms and over the period
as stated in rental agreements on accrual basis.
c) Commission and other incomes are recognized on accrual basis.
d) Interest is recognized using the Time-Proportion method, based on
the rates implicit in the transaction.
e) The revenue and expenditure are accounted on a going concern basis.
5. FOREIGN EXCHANGE TRANSACTIONS
Foreign currency transactions during the year are translated at the
exchange rates prevailing on the respective date of inward or outward
remittances.
Assets and Liabilities outstanding in foreign currency as on the date
of the Balance Sheet are translated at exchange rates prevailing on the
last day of the relevant financial year. Differences rising out of such
transactions are charged to the respective revenue accounts.
The net gain/loss arising on revenue account during the year in respect
of foreign exchange transactions are reckoned in the Statement of
Profit and Loss.
6. LEASES
There is no finance lease transaction for the year.
7. RETIREMENT BENEFITS
In accordance with the Payment of Gratuity Act, 1972 the Company
provides for gratuity, covering all employees. The company estimates
its liability on actuarial valuation basis as of each year end, and is
charged to Profit and Loss Account in accordance with AS-15 (revised).
As per the policy of the company there are no Long Term Compensated
Absences applicable to the employees of the company.
Employees receive benefits from a provident fund, which is defined
contribution plan. Both the employee and the company make monthly
contributions to the Regional Provident Fund equal to a specified
percentage of the covered employee''s salary. The company has no further
obligations under the plan beyond its monthly contributions.
8. PROVISION FOR TAXATION
Provision for Current Income Tax is made in accordance with the
provisions of Income Tax Act, 1961.
Deferred tax assets and liabilities are measured using substantially
enacted tax rates as on the Balance Sheet date. Provision for Deferred
Tax Liability is provided on timing differences. The effect of deferred
tax assets and liabilities of a change in tax rates is recognised in
the income statement.
9. CASH FLOW STATEMENTS
The Cash flow statement is prepared under the indirect method as per
AS- 3 ''Cash Flow Statements''
10. SEGMENT REPORTING
The entire operations of the company relate to one segment viz
Extraction of Oil.
11. EARNINGS PER SHARE
The company reports basic and diluted earnings per share in accordance
with the AS-20- ''Earnings per Share''
12. IMPAIRMENT OF ASSETS
All assets other than inventories and deferred tax asset, arerevie wed
for impairment, wherever events or changes in cir- cumstances indicate
that the carrying amount may not be re- cover able. Assets whose
carrying value exceeds their recover- able amount are written down to
the recoverable amount.
13. PROVISIONS AND CONTINGENCIES
The company creates a provision when there is 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 obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made
14. BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are changed to the profit and loss account. Interests
on borrowed funds for the projects are capitalized with the cost of the
project as a direct cost.
15. INTANGIBLE ASSETS
There are no intangible assets.
Mar 31, 2013
1. FIXED ASSETS
Fixed assets are stated at the values, at which they are acquired, less
accumulated depreciation. The value at which fixed assets are acquired
includes all related expenses up to the date of putting them to use.
Depreciation is provided on Straight Line method at the rates specified
in SCHEDULE XIV to the Companies Act, 1956. Depreciation is provided
on prorate basis from the day on which the assets have been put to use
and up to the day on which assets have been disposed off.
2. INVESTMENTS
There are no Investments
3. INVENTORIES
a) Inventory of raw materials is valued at Cost of Purchase and include
all expenses incurred in bringing the materials to their present
location and condition.
b) Work in progress and finished goods include conversion cost in
addition to the landed cost of raw materials.
c) Finished goods are valued at cost or net realizable value whichever
is less.
4. REVENUE RECOGNITION
a) The Company recognizes income and expenditure on accrual basis.
Revenue from Sale of Goods is recognized when goods are dispatched.
Sales include Excise duty, freight, insurance, etc., recovered and are
net of sales returns.
b) Income from rent is recognized as per the terms and over the period
as stated in rental agreements on accrual basis.
c) Commission and other incomes are recognized on accrual basis.
d) Interest is recognized using the Time-Proportion method, based on
the rates implicit in the transaction.
e) The revenue and expenditure are accounted on a going concern basis.
5. FOREIGN EXCHANGE TRANSACTIONS
Foreign currency transactions during the year are translated at the
exchange rates prevailing on the respective date of inward or outward
remittances.
Assets and Liabilities outstanding in foreign currency as on the date
of the Balance Sheet are translated at exchange rates prevailing on the
last day of the relevant financial year. Differences rising out of such
transactions are charged to the respective revenue accounts.
The net gain/loss arising on revenue account during the year in respect
of foreign exchange transactions are reckoned in the Profit and Loss
Account.
6. LEASES
There is no finance lease transaction for the year.
7. RETIREMENT BENEFITS
In accordance with the Payment of Gratuity Act, 1972 the Company
provides for gratuity, covering all employees. The company estimates
its liability on actuarial valuation basis as of each year end, and is
charged to Profit and Loss Account in accordance with AS-15 (revised).
As per the policy of the company there are no Long Term Compensated
Absences applicable to the employees of the company.
Employees receive benefits from a provident fund, which is defined
contribution plan. Both the employee and the company make monthly
contributions to the Regional Provident Fund equal to a specified
percentage of the covered employee''s salary, the company has no further
obligations under the plan beyond its monthly contributions.
8. PROVISION FOR TAXATION
Provision for Current Income Tax is made in accordance with the
provisions of Income Tax Act, 1961.
Deferred tax assets and liabilities are measured using substantially
enacted tax rates as on the Balance Sheet date. Provision for Deferred
Tax Liability is provided on timing differences. The effect of deferred
tax assets and liabilities of a change in tax rates is recognised in
the income statement.
9. CASH FLOW STATEMENTS
The Cash flow statement is prepared under the indirect method as per
AS- 3 "Cash Flow Statements"
10. SEGMENT REPORTING
The entire operations of the company relate to one segment viz
Extraction or Oil.
11. EARNINGS PER SHARE
The company reports basic and diluted earnings per share in accordance
with the AS-20- "Earnings per Share"
12. IMPAIRMENT OF ASSETS
All assets other than inventories and deferred tax asset, arerevie wed
for impairment, wherever events or changes in circumstances indicate
that the carrying amount may not be recover able. Assets whose carrying
value exceeds their recoverable amount are written down to the
recoverable amount.
13. PROVISIONS AND CONTINGENCIES
The company creates a provision when there is 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 obligation.
Adisclosure for a contingent liability is made when there is a possible
obligatiorvor a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made
(i) Contribution to Provident Fund is made to the Regional Provident
Fund Commissioner.
(ii) Provision made for Gratuity during the year Rs.64,263/- has yet to
be funded.
14. BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are changed to the profit and loss account. Interests
on borrowed funds for the projects are capitalized with the cost of the
project as a direct cost.
15. INTANGIBLE ASSETS
There are no intangible assets.
Mar 31, 2011
I. Accounting Policies/Compliance of Accounting Standards issued by
the institute of Chartered Accountants of India.
1) A.S. 1: Disclosure on accounting policies
The accounts are maintained on accrual basis as a going concern.
2) A.S. 2: Valuation of Inventories
Inventories are valued at lower of Cost or net realizable value. Cost is
ascertained on weighted average basis in accordance with the method
of valuation prescribed by the Institute of Chartered Accountants of
India. Raw materials are valued at Cost of Purchase and include all
expenses incurred in bringing the materials to their present location
and condition. Work-in-progress and finished goods include conversion
costs in addition to the landed cost of raw materials.
3) A.S. 3 Cash Flow Statements
The Cash flow statement annexed.
4) A.S. 4 Events occurring after the Balance Sheet Date
Not Applicable
5) A.S.5 Net Profit or loss for the period, prior period items and
changes in accounting policies.
Not Applicable
6) A.S. 6: Depreciation Accounting
Depreciation is provided under straight-line method as per Amended
Schedule XIV of the Companies Act, 1956.
7) A.S. 7 Construction Contracts
This accounting Standard is not applicable
8) A.S. 8 Research and Development
This Accounting Standard is withdrawn
9) A.S. 9: Revenue Recognition
The revenue and expenditure are accounted on a going concern basis.
10) A.S. 10: Accounting for Fixed Assets
The gross blocks of fixed assets are shown at the cost of acquisition,
which include taxes duties and other identifiable direct expenses
incurred upto the date the asset is put into use.
11) A.S. 11: Accounting for effects in Foreign Exchange
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of the transactions.
12) A.S. 12: Accounting for Government Grants
The Company has not received any grants
13) A.S. 13 Accounting for Investments
The company has no investments
14) A.S. 14 Accounting for amalgamation
Druing the year there was no amalgamation
15) A.S. 15: Accounting for retirement benefits
(i) Contribution to Provident Fund is made to the Regional Provident
Fund Commissioner.
(ii) Provision made for Gratuity during the year Rs. 1,30,707/- has yet
to be funded.
16) A.S. 16: Borrowing Costs
The Borrowing Costs have been treated in accordance with the
Accounting Standard on borrowing cost issued by The Institute of
Chartered Accountants of India
17) A.S. 17: Segment Reporting
The Company operates in only one segment, viz. Extraction of Oil.
Hence the Accounting Standard on Segment reporting is not applicable
18) A.S. 18: Related party Disclosures
a) List of Related Parties
1. Mailam India Limited-(MIL)
2. Pondicherry Extraction Industries Limited- (PEIPL)
3. Smt. Jasodabai Kothari (Individual) (Mother of Sri J K Kothari
& Mother in Law of Smt. Kamala J Kothari)
b) Key Management Personnel
Name of the related Party Nature of relation ship Directorship
1. Sri. J.K. Kothari Managing Director MIL/PEIPL
2. Sri. M. Sivagurunathan Director MIL
3. Smt. Kamala J. Kothari Director PEIPL
19) A.S. 19: Leases
The Company has no Hire Purchases Loans hence A.S.19 is not
applicable to this Company.
21) A.S. 21: Consolidated financial statements
Not Applicable
22) A.S. 22: Accounting for Taxes
In line with the accounting policy deferred tax liability of
Rs.24,29,267/- arising out of timing differences has not been recognized
in books of accounts in view of the carry forward losses and will be
recognized only if there will be sufficient taxable income available to
realize such losses.
23) A.S.23: Accounting for investments in associates in consolidated
financial statements
Not Applicable
24) A.S. 24: Discontinuing Operations
During the Year the company has not discontinued any of its operations
25) A.S. 25: Interim Financial Reporting
Quarterly financial results are published in accordance with the
guidelines given by SEBI. The recognition and measurement principles
as laid down in the Standard are followed with respect to such results.
The quarterly results are also subjected to a limited review by the
auditors as required by SEBI.
26) A.S. 26: Accounting for intangible assets -
There is no intangible assets hence, not applicable
27) A.S. 27: Financial Reporting of interests in Joint Venture -
Not Applicable
28) A.S. 28: Impairment of assets
There is no impairment of assets during the year.
29) A.S. 29: Provisions, Contingent Liabilities and Contingent Assets
Provision for Income-tax has been made as detailed below:
Income-tax (MAT) - Rs. Nil
Mar 31, 2010
I. Accounting Policies/Compliance of Accounting Standards issued by
the Institute of Chartered Accountants of India.
1) A.S. 1: Disclosure on accounting policies
The financial statements are prepared under the historical cost
convention in accordance with Indian Generally Accepted Accounting
Principles (GAAP), and all income and expenditure having a material
bearing on the financial statements are recognized on accrual basis as
a going concern. The financial statements comply with the applicable
mandatory Accounting Standards.
2) A.S. 2: Valuation of Inventories
Inventories are valued at lower of Cost or net realizable value. Cost
is ascertained on weighted average basis in accordance with the method
of valuation prescribed by the Institute of Chartered Accountants of
India. Raw materials are valued at Cost of Purchase and include all
expenses incurred in bringing the materials to their present location
and condition. Work-in-progress and finished goods include conversion
costs in addition to the landed cost of raw materials.
3) A.S. 3 Cash Flow Statements
The Cash flow statement annexed herewith is prepared as per Accounting
Standard 3
4) A.S. 4 Events occurring after the Balance Sheet Date à Not
Applicable
5) A.S.5 Net Profit or loss for the period, prior period items and
changes in accounting policies. - Not Applicable
6) A.S. 6: Depreciation Accounting
Depreciation is provided under straight-line method as per Amended
Schedule XIV of the Companies Act, 1956.
7) A.S. 7 Construction Contracts
This accounting Standard is not applicable
8) A.S. 8 Research and Development
This Accounting Standard is withdrawn
9) A.S. 9: Revenue Recognition
The revenue and expenditure are accounted on a going concern basis.
10) A.S. 10: Accounting for Fixed Assets
The gross blocks of fixed assets are shown at the cost of acquisition,
which include taxes duties and other identifiable direct expenses
incurred upto the date the asset is put into use.
11) A.S. 11: Accounting for effects in Foreign Exchange
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of the transactions. Any Loss/gain on settlement
is recognized in the Profit and Loss account.
12) A.S. 12: Accounting for Government Grants
The Company has not received any grants
13) A.S. 13 Accounting for Investments
The company has no investments
14) A.S. 14 Accounting for amalgamation
Druing the year there was no amalgamation
15) A.S. 15: Accounting for retirement benefits
(i) Contribution to Provident Fund is made to the Regional Provident
Fund Commissioner.
(ii) Provision made for Gratuity during the year Rs. 61,385/- has yet
to be funded.
16) A.S. 16: Borrowing Costs
The Borrowing Costs have been treated in accordance with the Accounting
Standard on borrowing cost issued by The Institute of Chartered
Accountants of India