Mar 31, 2016
A. CORPORATE INFORMATION
Pincon Spirit Limited (referred to as "PSL" or "the Company") (CIN No: L67120WB1978PLC031561) is a Public Company domiciled in
India and Incorporated under the provisions of the Companies Act, 1956. Its shares are listed on The Calcutta Stock Exchange
Limited & BSE Limited in India. The Company is engaged in carrying on the Business of Blending, Bottling & Wholesale Distribution
of Indian Made Foreign Liquor ("IMFL"), Indian Made Indian Liquor ("IMIL") & Refining, Packaging, & Wholesale Distribution of
Fast Moving Consumer Goods ("FMCG")
B. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Preparation of the Financial Statements
The Financial Statements have been prepared in compliance with the Generally Accepted Accounting Principles in India ("Indian
GAAP") and the Accounting Standards notified under relevant provisions of the Companies Act, 2013.
These Financial Statements have been prepared on accrual basis under historical cost convention and are presented in Indian
Rupees, rounded off to the nearest Rupee.
b. Use of Estimates
The preparation of the Financial Statements in conformity with the Indian GAAP requires Management of the Company to make
estimates, judgments and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of
contingent liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the
reporting period. Any difference between the actual results and estimates are recognized in the period in which the results are
known / materialized.
c. Fixed Assets
i. Tangible Assets
Tangible Assets are stated at cost, net of taxes, discounts plus revaluations, if any, less accumulated depreciation & impairment
loss, if any.
The Cost includes the purchase price plus other attributable costs for bringing the assets to its working condition for intended
use.
Any subsequent expenditure relating to the Tangible Assets which increase the future benefits are added to the book value of the
tangible assets.
Expenditure relating Tangible Assets that are not ready for their intended use are disclosed under Capital Work-in-Progress.
ii. Intangible Assets
Initial recognition of Intangible Assets are at cost less accumulated amortization and accumulated impairment loss, if any.
Internally generated Intangible Assets, excluding capitalized development costs, are not capitalized and expenditure is reflected
in the Statement of Profit & Loss for the year in which the expenditure is incurred. Amortization of Intangible Assets are done
on a straight-line basis over the estimated useful economic life.
d. Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the less or are classified as
operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis
over the period of lease.
e. Depreciation & Amortization
In Tangible Fixed Assets (other than freehold land & capital work-in-progress), acquired during the year, depreciation /
amortization is charged on Written Down Method so as to write off the cost of the Assets over the useful lives and in regard to
the Tangible Assets acquired prior to April 1, 2014, the carrying amount as on April 1, 2014 is depreciated over the remaining
useful life as prescribed in Schedule II of the Companies Act, 2013.
f. Impairment
In case an asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is
charged to the Profit and Loss Statement 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.
g. Investments
Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non-Current investments are
stated at cost. Provision for diminution in the value of Non-Current investments is made only if such a decline is other than
temporary.
h. Inventories
Items of inventories are measured at lower of cost and net realizable value after providing for obsolescence, if any. Cost of
inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in
bringing them to their respective present location and condition.
i. Employee Benefits
There is no employee who is in receipt of remuneration in excess of the limits specified.
j. Revenue Recognition
Revenue is recognized only when risks and rewards incidental to ownership are transferred to the customer, it can be reliably
measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of goods, tax, excise duty,
adjusted for discounts (net).
Dividend income, if any, is recognized when right to receive payment is established.
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest rate
applicable.
k. Borrowing Costs
Borrowing costs consist of interest and other ancillary costs than an entity incurs in connection with borrowing of funds,
Ancillary costs incurred in connection with the arrangement of borrowings are amortized over the tenure of borrowing.
l. Foreign Currency Transactions
The Company has foreign currency transactions during the period under review.
m. Cash and Cash Equivalents
Cash and Cash Equivalents include cash in hand, demand deposits with banks, other short-term highly liquid investments with
original maturities of three months or less.
n. Conservation of Energy & Technology absorption
In view of the activities of the Company, the matters related to conservation of Energy & Technology are not applicable to the
Company.
o. Due to Micro/ Small Industrial Enterprises
The Company has not received any information from any of the suppliers of their being a micro/ small scale industrial enterprise,
hence the amount due to such units outstanding as at the year ended 31.03.2016 is not ascertainable.
p. Income Tax
Provision is made for Income Tax on a yearly basis under the tax payable method based on tax liability as computed after taking
credit for allowances, expenses. In case of matters under appeal due to disallowance or otherwise, full provision is made when
the liabilities are accepted. Deferred Tax is recognized on timing differences between taxable income and accounting income
subject to a consideration of prudence.
q. Earnings per Share (EPS)
Basic EPS is arrived at based on Net Profit after Taxation available to equity shareholders to the weighted average number of
equity shares outstanding during the year. The Diluted EPS is calculated on the same basis as Basic EPS, after adjusting for the
effects of potential dilutive equity shares unless impact is anti-dilutive.
r. Provisions
A provision is recognized when an enterprise has a present obligation as a result of a 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,
other than employee benefits, are not discounted to their present value and are determined based on management estimate required
to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the
current management estimates.
s. Contingent Liabilities/Assets
No provision is made for liabilities which are contingent in nature. Provision is made for those contingencies which are likely
to materialize into liabilities after the year end till the date of finalization of accounts and have material effect on the
position stated in the Balance Sheet.
Mar 31, 2015
A. CORPORATE INFORMATION
Pincon Spirit Limited (referred to as "PSL" or "the Company") (CIN No:
L67120WB1978PLC031561) is a public company domiciled in India and
incorporated under the provisions of the Companies Act, 1956. Its
shares are listed on The Calcutta Stock Exchange Limited & BSE Limited
in India. The company is engaged in carrying on the Business of
Blending, Bottling & Wholesale Distributions of Indian Made Foreign
Liquor ("IMFL"), Indian Made Indian Liquor ("IMIL") & Refining,
Packaging & Wholesale Distributions of Fast Moving Consumer Goods
("FMCG").
a. Basis of Preparation of the Financial Statements
The financial statements have been prepared in compliance with the
Generally Accepted Accounting Principles in India ("Indian GAAP") and
the Accounting Standards notified under relevant provisions of the
Companies Act, 2013.
These financial statements have been prepared on accrual basis under
historical cost convention and are presented in Indian Rupees, rounded
off to the nearest Rupee.
b. Use of Estimates
The preparation of the financial statements in conformity with the
Indian GAAP requires Management of the Company to make estimates,
judgments and assumptions to be made that affect the reported amount of
assets and liabilities, disclosure of contingent liabilities as on the
date of the financial statements and the reported amount of revenues
and expenses during the reporting period. Any difference between the
actual results and estimates are recognised in the period in which the
results are known / materialised.
c. Fixed Assets
i. Tangible Assets
Tangible Assets are stated at cost, net of taxes, discounts plus
revaluations, if any, less accumulated depreciation & impairment loss,
if any.
The Cost includes the purchase price plus other attributable costs for
bringing the assets to its working condition for intended use.
Any subsequent expenditure relating to the Tangible Assets which
increase the future benefits are added to the book value of the
tangible assets.
Expenditure relating Tangible Assets that are not ready for their
intended use are disclosed under Capital Work-in-Progress.
ii. Intangible Assets
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortization / depletion and impairment loss, if
any. The cost comprises purchase price, borrowing costs, and any cost
directly attributable to bringing the asset to its working condition
for the intended use and net charges on foreign exchange contracts and
adjustments arising from exchange rate variations attributable to the
intangible assets.
d. Leases
The Company has no assets under Operating Lease or Financial Lease.
e. Depreciation & Amortisation
In Tangible Fixed Assets (other than freehold land & capital
work-in-progress), acquired during the year, depreciation /
amortization is charged on Written Down Method so as to write off the
cost of the Assets over the useful lives and in regard to the Tangible
Assets acquired prior to April 1, 2014, the carrying amount as on April
1, 2014 is depreciated over the remaining useful life as prescribed in
Schedule II of the Companies Act, 2013.
f. Impairment
In case an asset is treated as impaired when the carrying cost of asset
exceeds its recoverable value, an impairment loss is charged to the
Profit and Loss Statement in the year in which an asset is identified
as impaired. The impairment loss recognised in prior accounting period
is reversed if there has been a change in the estimate of recoverable
amount.
g. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category-wise. Non-Current investments are stated at cost.
Provision for diminution in the value of Non-Current investments is
made only if such a decline is other than temporary.
h. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition.
i. Employee Benefits
There is no employee who is in receipt of remuneration in excess of the
limits specified.
j. Revenue Recognition
Revenue is recognised only when risks and rewards incidental to
ownership are transferred to the customer, it can be reliably measured
and it is reasonable to expect ultimate collection. Revenue from
operations includes sale of goods, tax, excise duty, adjusted for
discounts (net).
Dividend income, if any, is recognised when right to receive payment is
established.
Interest income is recognised on a time proportion basis taking into
account the amount outstanding and the interest rate applicable.
k. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised 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 Statement in the
period in which they are incurred.
l. Foreign Currency Transactions
The Company has no foreign currency transactions during the period
under review.
m. Cash and Cash Equivalents
Cash and Cash Equivalents include cash in hand, demand deposits with
banks, other short-term highly liquid investments with original
maturities of three months or less.
n. Conservation of Energy & Technology absorption
In view of the activities of the Company the matters related to
conservation of Energy & Technology are not applicable to the Company.
o. Due to Micro/ Small Industrial Enterprises
The Company has not received any information from any of the suppliers
of their being a micro/ small scale industrial enterprise, hence the
amount due to such units outstanding as at the year ended 31.03.2015 is
not ascertainable.
p. Income Tax
Provision is made for Income Tax on a yearly basis under the tax
payable method based on tax liability as computed after taking credit
for allowances, expenses. In case of matters under appeal due to
disallowance or otherwise, full provision is made when the liabilities
are accepted. Deferred Tax is recognized on timing differences between
taxable income and accounting income subject to a consideration of
prudence.
q. Earnings per Share (EPS)
Basic EPS is arrived at based on Net Profit after Taxation available to
equity shareholders to the weighted average number of equity shares
outstanding during the year. The Diluted EPS is calculated on the same
basis as Basic EPS, after adjusting for the effects of potential
dilutive equity shares unless impact is anti-dilutive.
r. Provisions
A provision is recognised when an enterprise has a present obligation
as a result of a 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, other than employee
benefits, are not discounted to their present value and are determined
based on management estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current management estimates.
s. Contingent Liabilities/Assets
No provision is made for liabilities which are contingent in nature.
Provision is made for those contingencies which are likely to
materialize into liabilities after the year end till the date of
finalization of accounts and have material effect on the position
stated in the Balance Sheet.
Mar 31, 2014
A. Basis for preparation of Accounts:
The Financial Statements are prepared on the basis of historical cost
convention, adopting mercantile system of accounting and recognizing
income and expenditure on accrual basis unless there are any specified
remarks otherwise against any item. These financial statements have
been prepared to comply in all material aspects with the accounting
standards issued by Institute of Charted Accountant of India and
relevant provisions of the Companies Act, 1956.
B. Fixed Assets
i. Fixed assets are stated at their original cost of acquisition and
subsequent improvements thereto including taxes, duties, freight and
other incidental expenses related to acquisition and installation of
the assets concerned, except amounts adjusted on revaluation and
amalgamation. Interest on borrowings attributable to qualifying assets
are capitalised and included in the cost of fixed assets as
appropriate.
ii. The costs of Fixed Assets acquired in amalgamations are determined
at their fair values, on the date of acquisition or nearer thereto, or
as approved under the schemes of amalgamation.
iii. Assets held for disposal are stated at their net book value or
estimated net realisable value, whichever is lower.
iv. Intangible assets are stated at the consideration paid for
acquisition less accumulated amortization and impairment losses if any.
C. Depreciation :
Depreciation on fixed assets has been provided on written down value at
the rates specified in Schedule XiV of the Companies Act, 1956, as
amended vide Notification GSR 756(E) dated 16th December, 1993, maximum
upto 95% of the original cost of the asset.
D. Impairment
Impairment loss, if any, is provided to the extent the carrying amounts
of assets exceed their recoverable amount.
Recoverable amount is higher of the net selling price of an asset and
its value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of its useful life.
E. Inventories
Inventories are valued at lower of cost and net realisable value. The
costs are, in general, ascertained under Weighted Average Method.
Excise/ Customs duty payable on stocks in bond is added to the cost.
Due allowance is made for obsolete and slow moving items.
F. Cash and Cash Equivalents
Cash and Cash Equivalents include cash in hand, demand deposits with
banks, other short-term highly liquid investments with original
maturities of three months or less.
G. Revenue Recognition
Sales are recognised when goods are dispatched from distilleries/
warehouses of the Company in accordance with the terms of sale except
where such terms provide otherwise, where sales are recognised based on
such terms. Gross Sales are inclusive of excise duty but are net of
trade discounts and sales tax, where applicable.
H. Investments :
Investments are stated at cost and are long term in nature.
I. Particulars of Employees
There is no employee who is in receipt of remuneration in excess of the
limits specified.
J. Conservation of Energy & Technology absorption
In view of the Trading activities of the Company the matters related to
conservation of Energy & Technology are not applicable to the Company
K. Due to Micro/ Small Industrial Enterprises
The Company has not received any information from any of the suppliers
of their being a micro/ small scale industrial enterprise, hence the
amount due to such units outstanding as at the year ended 31.03.2014 is
not ascertainable.
L. Income Tax
Provision is made for Income Tax on a yearly basis under the tax
payable method based on tax liability as computed after taking credit
for allowances, expenses. In case of matters under appeal due to
disallowance or otherwise, full provision is made when the liabilities
are accepted. Deferred tax is recognized on timing differences between
taxable income and accounting income subject to a consideration of
prudence.
M. Earnings per Share (EPS)
Basic EPS is arrived at based on Net Profit after Taxation available to
equity shareholders to the weighted average number of equity shares
outstanding during the year. The Diluted EPS is calculated on the same
basis as Basic EPS, after adjusting for the effects of potential
dilutive equity shares unless impact is anti- dilutive.
N. Provisions
A provision is recognised when an enterprise has a present obligation
as a result of a 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, other than employee
benefits, are not discounted to their present value and are determined
based on management estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current management estimates.
O. Contingent Liabilities/Assets
No provision is made for liabilities which are contingent in nature.
Provision is made for those contingencies which are likely to
materialize into liabilities after the year end till the date of
finalization of accounts and have material effect on the position
stated in the Balance Sheet.
Contingent liabilities are not recognised in the financial statements.
A contingent asset is neither recognised nor disclosed in the financial
statements
P. Share issue expenses
Share issue expenses incurred are adjusted to the Securities Premium
Account as permitted by Section 78(2) of the Companies Act, 1956.
Q. Expenditure
Expenses are net of taxes recoverable, where applicable.
R. General
The Company has a policy of authorizing expenditure based on reasonable
checks and balances. The policy is intended to ensure that expenses are
authorized on the basis of contractual obligations or accepted business
practices having regard to the company''s business need and exigencies.
In terms of these observations we have not come across any expenses
charged to the Revenue Account of the Company, which, in our opinion
and according to explanations given to us could be regarded as personal
expenses.
Mar 31, 2013
A. General
The Financial Statements are prepared on the basis of historical cost
convention, adopting mercantile system of accounting and recognizing
income and expenditure on accrual basis unless there are any specified
remarks otherwise against any item.
b. Fixed Assets
Fixed Assets are stated at cost less depreciation as per the written
down value method
c. Contingent Liability
No provision is made for liabilities which are contingent in nature.
Provision is made tor those contingencies which are likely to
materialize into liabilities after the year end till the date of
finalization of accounts and have material effect on the position
stated in the Balance Sheet.
d. Revenue Recognition
Revenue is recognized on accrual basis, when significant certainty as
to its determination or realization exists.
e. Inventories
Inventories are valued at lower of cost or market price whichever is
lower.
Mar 31, 2012
A) General
The Financial Statements are prepared on the basis of historical cost
convention, adopting mercantile system of accounting and recognizing
income and expenditure on accrual basis unless there are any specified
remarks otherwise against any item.
b) Fixed Assets
Fixed Assets are stated at cost less depreciation as per the written
down value method
c) Contingent Liability
No provision is made for liabilities which are contingent in nature.
Provision is made for those contingencies which are likely to
materialize into liabilities after the year end till the date of
finalization of accounts and have material effect on the position
stated in the Balance Sheet.
d) Revenue Recognition
Revenue is recognized on accrual basis, when significant certainty as
to its determination or realization exists.
e) Inventories
Inventories are valued at lower of cost or market price whichever is
lower.
Mar 31, 2011
1.General
The Financial Statements are prepared on the basis of historical cost
convention, adopting mercantile system of accounting and recognizing
income and expenditure on accrual basis unless there are any specified
remarks otherwise against any item.
2. Fixed Assets
Fixed Assets are stated at cost less depreciation as per the written
down value method.
3. Contingent Liability
No provision is made for liabilities which are contingent in nature.
Provision is made for those contingencies which are likely to
materialize into liabilities after the year end till the date of
finalization of accounts and have material effect on the position
stated in the Balance Sheet.
4. Revenue Recognition
Revenue is recognized on accrual basis, when significant certainty as
to its determination or realization exists.
5. Inventories
Inventories are valued at cost or market price, whichever is lower.
2. Parti culars of Employees
There is no employee who is in receipt of remuneration in excess of the
limits specified.
3. Conservation of Energy & Technology absorption
In view of the Trading activities of the Company the matters related to
Conservation of Energy & Technology absorption are not applicable to
the company.
4. Due to Micro/ Small Industrial Enterprises
The Company has not received any information from any of the suppliers
of their being a micro/ small scale industrial enterprise, hence the
amount due to such units outstanding as at the year ended 31.03.2011 is
not ascertainable.
5. Income Tax
Provision is made for Income Tax on a yearly basis under the tax
payable method based on tax liability as computed after taking credit
for allowances, expenses. In case of matters under appeal due to
disallowance or otherwise, full provision is made when the liabilities
are accepted.
6. Directors Remuneration and Commission
The Directors during the year under review have waived their sitting
fees for attending the meeting of the Board.
7. General
The Company has a policy of authorizing expenditure based on reasonable
checks and balances. The policy is intended to ensure that expenses are
authorized on the basis of contractual obligations or accepted business
practices having regard to the company''s business need and exigencies.
In terms of these observations we have not come across any expenses
charged to the Revenue Account of the Company, which, in our opinion
and according to explanations given to us could be regarded as personal
expenses.
Previous Year figures have been re-arranged and are grouped wherever
necessary.