Mar 31, 2015
A. Use of estimates
The preparation of Financial Statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current event and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future period.
b. Fixed assets
Fixed assets are carried at the cost of acquisition or construction
less accumulated depreciation. The cost of fixed assets includes
non-refundable taxes, duties, freight and other incidental expenses
related to the acquisition and installation of the respective assets.
c. Depreciation
Depreciation on fixed asset is provided on the Written Down Value (WDV)
Method. Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013.
d. Revenue recognition
Having regards to the size, nature and level of operation of the
business, the company is applying accrual basis of accounting for
recognition of income earned and expenses incurred in the normal course
of business.
e. Inventories
Inventories include Cotton Fabrics and valuation of them has been made
at cost.
f. Taxes on Income
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. Deferred income tax reflect the
current period timing differences between taxable income and accounting
income for the period and reversal of timing differences of earlier
years/period.
Deferred tax assets are recognised only to the extent that there is a
reasonable certainty that sufficient future income will be available
except that deferred tax assets, in case there are unabsorbed
depreciation or losses, are recognised if there is virtual certainty
that sufficient future taxable income will be available to realize the
same.
Deferred tax assets and liabilities are measured using the tax rates
and tax law that have been enacted or substantively enacted by the
Balance Sheet date.
g. Provisions
A provision is recognized when the company has a present obligation as
a result of past event, it is probable that an outflow of resource
embodying economic benefits will be require to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
reporting date. These estimates are review at the end of each
reporting date and adjusted to reflect the current best estimates.
h. Earnings Per Share
Basic Earnings per Share has been calculated by dividing the net profit
or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period.
Diluted Earnings per share has been computed by dividing the net profit
after tax by the weighted average no. of equity shares considered for
deriving basic earning per share and also the weighted average no. of
equity shares that could have been issued upon conversion of all
dilutive potential equity shares.
Mar 31, 2014
A. Changes In accounting policy
The revised Schedule VI notified under the Companies Act, 1956, has
become applicable to the company, for preparation and presentation of
its financial statements. The adoption of revised Schedule VI does not
Impact recognition and measurement principles followed for preparation
of Financial statements. However, It only impact on the presentation
and disclosures made in the financial statements. The company has also
reclassified previous year''s figure In accordance with the requirements
applicable for the current year.
b. Revenue recognition
Having regard to the size, nature and level of operation of the
business, the company is applying accrual basis of accounting for
recognition of Income earned and expenses incurred in the normal course
of business,
C. Fixed assets:
Fixed Assets are valued at cost of purchase and/or construction as
Increased by necessary expenditure Incurred to make them ready for use
In the business,
d. Inventories
Inventories Include Investments In shares of other companies. The
company classifies such Investments as Inventory and valuation of them
has been made at lower of cost or market value. However, unquoted
investments are stated at cost.
e. Depreciation
The company charged depreciation on its fixed assets on WDV method as
per rates prescribed under Schedule XIV of the Companies Act, 1956.
f. Taxes on income
Current taxes on Income have been provided by the Company In accordance
with the relevant provisions of the Income Tax Act. 1961. Deferred
Taxes has been recognised on timing differences between accounting
Income and taxable income subject to consideration of prudence.
Mar 31, 2013
A. Changes in accounting poficy
From the year ended 31st March 2012, the revised Schedule VI notified
under the Companies Act, 1956, has become applicable to the company,
for preparation and presentation of its financial statements. The
adoption of revised Schedule VI does not impact recognition and
measurement principles foftowed for preparation of financial
statements. However, it only impact on the presentation and disctosures
made in the financial statements. The company has also reclassified
previous year''s figure in accordance with the requirements applicable
for the current year.
b. Revenue recognition
Having regard to the size, nature and level of operation of the
business, the company is applying accrual basis of accounting for
recognition of income earned and expenses incurred in the normal course
of business.
c. Fixed assets:
Fixed Assets are valued at cost of purchase and/or construction as
increased by necessary expenditure incurred to make them ready for use
in the business.
d. Inventories
Inventories include investments in shares a bonds of other companies.
The company classifies such investments & bonds as inventory and
valuation of them has been made at tower of cost or market value.
However, unquoted investments are stated at cost.
e. Depreciation
The company charged depreciation on its fixed assets on WDV method as
per rates prescribed under Schedule XIV of the Companies Act, 1956.
f. Taxes on income
Current taxes on income have been provided by the Company in accordance
with the relevant provisions of the Income Tax Act, 1961. Deferred
Taxes has been recognised on timing differences between accounting
income and taxable income subject to consideration of prudence.
Mar 31, 2012
Not Available.
Mar 31, 2011
Not Available.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article