Mar 31, 2014
1. BASIS OF ACCOUNTING:
The Accounts of the Company are prepared under historical cost
convention on accrual basis on going concern concept and complied with
mandatory Accounting Standards issued by ICAI. Accounting Policies have
been consistently applied by the company and are consistent with those
used in previous year.
2. FIXED ASSESTS AND DEPRECIATION:
A) Fixed assets are stated at historical cost.
B) The company has provided depreciation under WDV method in accordance
with rates specified in schedule XIV of the companies Act, 1956.
3. INVESTMENTS:
Long Term investments are stated at cost and provision for diminution
in value, thereof is made, wherever such a diminution is other than
temporary.
4. REVENUE RECOGNITION:
Company recognizes sale of goods upon passing of title of goods to the
customers which generally coincides with their delivery.
5. VALUATION OF INVENTORIES:
Inventory of Finished Goods (Traded Goods) are valued at Cost (FIFU
Basis) or Net realizable Value, whichever is lower.
?. RETIREMENT BENEFITS:
The management of the company has decided to provide for Gratuity
liability on cash basis, since the company has got limited number of
employees and its impact on profitability of the company shall not be
material.
7. TAXATION:
Income tax has been provided as per the provisions of The Income lax
Act, 1961.
8. CONTINGENT LIABILITIES:
There are no Contingent liabilities.
Mar 31, 2013
1. BASIS OF ACCOUNTING:
The Accounts of the Company are prepared under historical cost
convention on accrual basis on going concern concept and complied with
mandatory Accounting Standards issued by ICAI. Accounting Policies have
been consistently applied by the company and are consistent with those
used in previous year.
2. FIXED ASSESTS AND DEPRECIATION:
A) Fixed assets are stated at historical cost.
B) The company has provided depreciation under WDV method in accordance
with rates specified in schedule XIV of the companies Act, 1956.
3. INVESTMENTS:
Long Term investments are stated at cost and provision for diminution
in value, thereof is made, wherever such a diminution is other than
temporary.
4. REVENUE RECOGNITION:
Company recognizes sale of goods upon passing of title of goods to the
customers which generally coincides with their delivery.
5. VALUATION OF INVENTORIES:
Inventory of Finished Goods (Traded Goods) are valued at Cost (FIFO
Basis) or Net realizable Value, whichever is lower.
6. RETIREMENT BENEFITS:
The management of the company has decided to provide for Gratuity
liability on cash basis, since the company has got limited number of
employees and its impact on profitability of the company shall not be
material.
7. TAXATION:
Income tax has been provided as per the provisions of The Income Tax
Act, 1961.
8. CONTINGENT LIABILITIES:
There are no Contingent liabilities.
Mar 31, 2012
1. BASIS OF ACCOUNTING:
The Accounts of the Company are prepared under historical cost
convention on accrual basis on going concern concept and complied with
mandatory Accounting Standards issued by ICAI. Accounting Policies
have been consistently applied by the company and are consistent with
those used in previous year.
2. FIXED ASSESTS AND DEPRECIATION:
A) Fixed assets are stated at historical cost.
B) The company has provided depreciation under WDV method in accordance
with rates specified in schedule XIV of the companies Act' 1956.
3. INVESTMENTS:
Long Term investments are stated at cost and provision for diminution
in value' thereof is made' wherever such a diminution is other than
temporary.
4. REVENUE RECOGNITION:
Cqmpany recognizes sale of goods upon passing of title of goods to the
customers which generally coincides with theirdelivery.
5. VALUATION OF INVENTORIES:
There is no inventory of Finished Goods (Traded Goods) at the end of
year.
6. RETIREMENT BENEFITS:
The management of the company has decided to provide for Gratuity
liability on cash basis' since the company hss got limited number of
employees and its impact on profitability of the company shall not be
material.
7. TAXATION:
A} Income tax has been provided as per the provisions of The Income Tax
Act' 1961.
B) Deferred tax asset/liability as per AS-22 has not been provided in
view of the facts that it is a notional entry'
8. CONTINGENTL1ABILITIES: There are no Contingent liabilities.
9. PREOPERATIVE EXPENSES:
The policy of writing off of 1/10 preoperative expenses have been
changed and all the remaining Pre-Operative Expenses at the beginning
of current year have been charged to Profit & Loss Account
Mar 31, 2010
A. Basis of preparation:
The financial statements are prepared and presented in accordance with
the Indian Generally Accepted Accounting Principles (GAAP) under the
historical cost convention on accrual basis. GAAP comprises accounting
standards notified by the Central Government under section 211(3C) of
the Companies Act 1956, and other pronouncements of Institute of
Chartered Accountants of India, the provisions of the Companies Act,
1956 and guidelines issued by Securities and Exchange Board of India.
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities on the date of financial
statements and reported amounts of revenues and expenses for the year.
Actual results could differ from these estimates. Any revision of
estimates is recognized prospectively in the current and future
periods.
B. Pre - Operative Expenses:
Expenses incurred including administrative expenses before the
commencement of the project were transferred to Pre - Operative
Expenses to be allocated later on. Since the company has commenced
commercial activity during the current year 1/10th of the Pre-operative
expenses have been charged to Profit and Loss account.
C. Fixed Assets:
a. Fixed Assets are stated at cost. No Depreciation has been provided
as the assets have not been put to commercial use.
b. Factory Building has been obtained on Lease, which is not yet
registered. Amount shown under the head Factory Building in Schedule C
pertains to expenditure incurred by the Company for carrying out the
modifications thereto.
c. Amount of Lease Deposit has been shown as Current Asset pending
registration.
D. Revenue Recognition
Revenue from sale of goods is recognized when significant risks and
rewards from ownership of the product are passed on to customers.
Income from sales is stated exclusive of returns, taxes and trade
discounts. Income from other activities is recognized on time
proportion basis.
E. Provisions and Liabilities
Provisions are created when there is a present or obligation as a
result of past event that requires an outflow of resources and can be
estimated with reasonable accuracy.
F. Earnings per share
Due to accumulated losses the Earnings per share have not been reported
for earlier year. The EPS for the year is Rs.1.46.
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