Mar 31, 2014
GENERAL:
A The financial statements have been prepared in accordance with
generally accepted accounting principles in India (Indian GAAP) under
the historical cost convention on an accrual basis in compliance with
All material aspect of the Accounting Standard (AS) Notified by
Companies Accounting Standard Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956. The accounting policies have
been consistently applied by the Company and are consistent with those
used in the previous year
B All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956.
1.2 FIXED ASSETS:
Fixed Assets and additions thereto are capitalized & disclosed at cost
inclusive of freight, duties, taxes and all incidental expenses related
thereto and borrowing cost upto its use.
1.3 DEPRECIATION:
A Depreciation on assets is provided on written down value method
applying the rates specified in Schedule XIV to the Companies Act,
1956.
B Depreciation on additions to fixed assets is provided on pro-rata
basis from the date of assets put to use.
C Depreciation on deletion / sale / dispose of assets has been
calculated on pro-rata basis up to the
date of deletion / sale / disposal.
1.4 INVENTORIES:
Inventories at the year end are valued as under:
a) Raw material at cost.
b) Finished goods at cost or market value whichever is less.
c) Stores and tools, if significant & material at cost.
1.5 RETIREMENTBENEFIT:
Retirement benefit, gratuity payments for which no provisions made and
the same is accounted on payment basis, if any.
1.6 REVENUE RECOGNITION:
SALES & OTHER INCOME:
Revenue from sales of goods is recognized upon passage of title to the
customer which generally coincides with their delivery of goods. Other
Income recognized on accrual basis on substantial completion of work.
1.7 BORROWING COST:
i) Borrowing cost that are attributable to the acquisition of
qualifying assets are capitalized as a part of the cost of such fixed
assets up to the date when such assets are ready for its intended use.
ii) All other borrowing cost not attributed to any assets is charged to
revenue.
iii) Amount of borrowing cost capitalized as per AS-16 during the year
was NIL.
1.8 SEGMENT REPORTING:
The Company is basically operating in one segment i.e. mining
materials. Hence, no segment wise disclosure as per AS-17 is provided.
1.9 DEFERRED TAX:
As per AS-22 issued by ICAI, the Company has not credited any Deferred
lax assets as availability of future taxable profit to realize deferred
tax assets cannot be estimated with virtual certainty. Since Deferred
Tax Assets exceeds Deferred Tax Liabilities, no provision has been made
for Deferred Tax Liabilities.
1.10 IMPAIRMENT OF ASSETS fAS-281:
An Asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
1.11 Investments are generally shown at cost. However there is no
investment at the end of the year
1.13 SUBSIDY.
(a) As per AS-12 total subsidy amount of Rs. 60 lacs is taken as
deferred income in proportion of depreciation over the estimated useful
life of assets i.e. 15 years for plant and machinery and 30 years for
building. This method is consistently followed since many years.
Mar 31, 2013
1. SIGNIFICANT ACCOUNTING POLICIES
GENERAL :
A The financial statements have been prepared in accordance with
generally accepted accounting principles in India (Indian GAAP) under
the historical cost convention on an accrual basis in compliance with
All material aspect of the Accounting Standard (AS) Notified by
Companies Accounting Standard Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956. The accounting policies have
been consistently applied by the Company and are consistent with those
used in the previous year.
B All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956.
1.2 FIXED ASSETS :
Fixed Assets and additions thereto are capitalized & disclosed at cost
inclusive of freight, duties, taxes and all incidental expenses related
thereto and borrowing cost upto its use.
1.3 DEPRECIATION :
A Depreciation on assets is provided on written down value method
applying the rates specified in Schedule XIV to the Companies Act,
1956. B Depreciation on additions to fixed assets is provided on
pro-rata basis from the date of assets put to use. C Depreciation on
deletion / sale / dispose of assets has been calculated on pro-rata
basis up to the date of deletion / sale / disposal.
1.4 INVENTORIES :
Inventories at the year end are valued as under:
a) Raw material at cost.
b) Finished goods at cost or market value whichever is less.
c) Stores and tools, if significant & material at cost.
1.5 RETIREMENT BENEFIT :
Retirement benefit, gratuity payments for which no provisions made and
the same is accounted on payment basis, if any.
1.6 REVENUE RECOGNITION : SALES & OTHER INCOME :
Revenue from sales of goods is recognized upon passage of title to the
customer, which generally coincides with their delivery of goods. Other
Income recognized on accrual basis on substantial completion of work.
1.7 BORROWING COST :
i) Borrowing cost that are attributable to the acquisition of
qualifying assets are capitalized as a part of the cost of such fixed
assets up to the date when such assets are ready for its intended use.
ii) All other borrowing cost not attributed to any assets is charged to
revenue.
iii) Amount of borrowing cost capitalized as per AS-16 during the year
was NIL.
1.8 SEGMENT REPORTING :
The Company is basically operating in one segment i.e. mining
materials. Hence, no segment wise disclosure as per AS-17 is provided.
1.9 DEFERRED TAX :
As per AS-22 issued by ICAI, the Company has not credited any Deferred
Tax assets as availability of future taxable profit to realize deferred
tax assets cannot be estimated with virtual certainty. Since Deferred
Tax Assets exceeds Deferred Tax Liabilities, no provision has been made
for Deferred Tax Liabilities.
1.10 IMPAIRMENT OF ASSETS (AS-28) :
An Asset is to be treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
1.11 Investments are generally shown at cost. However, there is no
investment at the end of the year.
1.13 SUBSIDY:
(a) As per AS-12 total subsidy amount of Rs. 60 lacs is taken as
deferred income in proportion of depreciation over the estimated useful
life of assets i.e. 15 years for plant and machinery and 30 years for
building. This method is consistently followed since many years.
Mar 31, 2011
1.1 GENERAL :
A The accounts are prepared under the historical cost convention &
accrual basis, -ccounts are made in accordance with the generally
accepted accounting principle and the provisions of the Companies Act,
1956 as adopted earlier and consistently followed by the Company. The
provision for retirement liabilities has not been made. The same was
required to be made under confirmation with AS-15. The accounts confirm
in all material aspects with Accounting Standards except AS-15 & AS-26
issued by the Institute of Chartered Accountants of India. Howevei; the
following cases are accounted on cash basis. :
Expenses related : Retirement benefit, gratuity paid are accounted on
payment basis, if any. This is required to be provided as per AS-15,
has not been provided.
B Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principle.
2.2 FIXED ASSETS :
Fixed Assets and additions thereto are capitalized & disclosed at cost
inclusive of freight, duties, taxes and all incidental expenses related
thereto and borrowing cost upto its use. The assets sold for which
balance was written off.
2:3 DEPRECIATION :
A Depreciation on assets is provided on written down value method
applying the rates specified in Schedule XIV to the Companies Act,
1956.
B Depreciation on additions to fixed assets is provided on pro-rata
basis from the date of assets put to use.
C Depreciation on deletion / sale / dispose of assets has been
calculated on pro-rata basis up to the date of deletion / sale /
disposal.
2:4 CURRENT ASSETS:
Inventories :
Inventories at the year end are valued as under:
a) Raw material at cost.
b) Finished goods at cost or market value whichever is less.
c) Stores and tools, if significant & material at cost.
Advances :
Advances are stated at cost.
2:5 RETIREMENT BENEFIT :
Retirement benefit, gratuity payments for which no provisions made and
the same is accounte on payment basis, if any.
2:6 REVENUE RECOGNITION :
SALES & OTHER INCOME :
Revenue from sales of goods is recognized upon passage of title to the
customer whicr generally coincides with their delivery of goods. Other
Income recognized on accrual basis 01 substantial completion of work.
2:7 BORROWING COST :
i) Borrowing cost that are attributable to the acquisition of
qualifying assets are capitalize as a part of the cost of such fixed
assets up to the date when such assets are ready for it intended use.
ii) All other borrowing cost not attributed to any assets is charged to
revenue,
iii) Amount of borrowing cost capitalized as per AS-16 during the year
was NIL.
2:8 SEGMENT REPORTING :
The Company is basically operating in one segment i.e. mining
materials. Hence, no segmen wise disclosure as per AS-17 is provided.
2:9 DEFERRED TAX :
As per AS-22 issued by ICAI, the Company has not credited any Deferred
Tax assets as availabilit of future taxable profit to realize deferred
tax assets cannot be estimated with virtual certainty Since Deferred
Tax Assets exceeds Deferred Tax Liabilities, no provision has been made
foi Deferred Tax Liabilities.
2:10 Impairment of Assets :
An Asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value An impairment loss is charged to the
profit and loss account in the year in which an asset i identified as
impaired. The impairment loss recognized in prior accounting period is
reversed i there has been a change in the estimate of recoverable
amount.
2:11 Investments are generally shown at cost. Howevef there is no
investment at the end of the year
2:13 SUBSIDY:
(a) As per AS-12 total subsidy amount of Rs. 60 lacs is taken as
deferred income in proportion of depreciation over the estimated useful
life of assets i.e. 15 years for plant and machinery and 30 years for
building. This method is consistently followed since many years.
Mar 31, 2010
1 The financial statements have been prepared on assumption that the
company is a going concern.
2.1 GENERAL :
A The accounts are prepared under the historical cost convention &
accrual basis. Accounts are
made in accordance with the generally accepted accounting principle and
the provisions of the Companies Act, 1956 as adopted earlier and
consistently followed by the Company. Provision for retirement
liabilities has not been made. The same was required to be made under
confirmation with AS-15. The accounts confirm in all material aspects
with Accounting Standards except AS-15 & AS-26 issued by the Institute
of Chartered Accountants of India. However, the following cases are
accounted on cash basis. :
Expenses related : Retirement benefit, gratuity paid are accounted on
payment basis, if any. This is required to be provided as per AS-15,
has not been provided.
B Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principle.
2.2 FIXED ASSETS :
Fixed Assets and additions thereto are capitalized & disclosed at cost
inclusive of freight, duties, taxes and all incidental expenses related
thereto and borrowing cost upto its use. The assets sold for which
balance was written off.
2:3 DEPRECIATION :
A Depreciation on assets is provided on written down value method
applying the rates specified in Schedule XIV to the Companies Act,
1956. B Depreciation on additions to fixed assets is provided on
pro-rata basis from the dat of assets put to use. C Depreciation on
deletion / sale / dispose of assets has been calculated on pro-rata
basis up to the date of deletion / sale / disposal.
2:4 CURRENT ASSETS :
Inventories :
Inventories at the year end are valued as under:
a) Raw material at cost.
b Finished goods at cost or market value whichever is less.
c) Stores and tools, if significant & material at cost.
Advances :
Advances are stated at cost.
2:5 RETIREMENT BENEFIT :
Retirement benefit, gratuity payments for which no provisions made and
the same is accounted on payment basis, if any
2:6 REVENUE RECOGNITION :
SALES & OTHER INCOME:
Revenue from sales of goods is recognized upon passage of title to the
customer, which generally coincides with their delivery of goods. Other
Income recognized on accrual basis on substantial completion of work.
2:7 BORROWING COST:
i) Borrowing cost that are attributable to the acquisition of
qualifying assets are capitalized as a part of the cost of such fixed
assets up to the date when such assets are ready for its
ii) AlfoTh ed borrowing cost not attributed to any assets is charged to
revenue. iii) Amount of borrowing cost capitalized as per AS-16 during
the year was NIL.
2:8 SEGMENT REPORTING :
The Company is basically operating in one segment i.e. mining
materials. Hence, no segment wise disclosure as per AS -17 is provided.
2:9 DEFERRED TAX :
As per AS-22 issued by ICAI,the Company has not credited any Deferred
Tax assets as availability . of future taxable profit to realize
deferred tax assets cannot be estimated with virtual certainty Since
Deferred Tax Assets exceeds Deferred Tax Liabilities, no provision has
been made for
2:10 Impairment of Assets:
An Asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
2:11 Investments are generally shown at cost. However, there is no
investment at the end of the
2:12 SUBSIDY:
(a) As per AS-12 total subsidy amount of Rs. 60 lacs is taken as
deferred income in proportion of depreciation over the estimated useful
life of assets i.e. 15 years for plant and machinery and 30 years for
building. This method is consistently followed since many years.
3: PROVISIONS. CONTINGENT LIABILITIES & CONTINGENT A SSETS ( AS-29) :
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events & it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recoqnized nor disclosed in the
financial statements.
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