Mar 31, 2014
1.1 SIGNIFICANT ACCOUNTING POLICIES:
i. Basis of Accounting
The Financial Statement are prepared under historical cost convention
and generally on accrual basis and are in accordance with the
requirement of the Companies Act, 1956.
ii. Fixed Assets
a) Fixed Assets are stated at their original cost which includes
expenditure incurred in the acquisition.
b) Depreciation on fixed assets has been provided on written down value
method and depreciation on windmill has been provided on state line
method as per the rates prescribed in the Schedule XIV to the Companies
Act, 1956. Depreciation on addition/deductions during the year is
provided on pro-rata basis.
iii. Intangible Assets:
a) Expenditure incurred for acquiring Software is stated at acquisition
cost less accumulated amortisation. They are amortised over their
useful life not exceeding five years.
b) Goodwill has been amortised in five years.
iv. Investments
Long term investments are stated at cost. Provision for temporary fall
in market value, if any, is not provided for.
v. Employee Retirement Benefits
1) Post: Employment Employee Benefits
a) Defined Contribution Plans
The Company has Defined Contribution Plan for Post employment benefits
in the form of Provident Fund for all employees which is administered
by Regional Provident Fund Commissioner Provident Fund is classified as
defined contribution plan as the Company has no further obligation
beyond making the contributions. The Company''s contribution to Defined
Contribution Plan is changed to the statement of Profit and Loss as and
when incurred.
b) Defined Benefit Plans
Funded Plan: The Company has defined benefit plan for Post-employment
benefit in the form of Gratuity for all employees which is administered
through Life Insurance Corporation (LIC).
Liability for above defined benefit plan is provided on the basis of
valuation, as at the Balance Sheet date, carried out by an independent
actuary. The actuarial method used for measuring the liability is the
Projected Unit Credit method.
2) Other Long-term Employee Benefit:
Liability for Compensated Absences (unutilized leave benefit) is
provided on the basis of valuation, as at the Balance Sheet date
carried out by an independent actuary. The actuarial valuation method
used for measuring the liability is the Projected Unit Credit method in
respect of past service.
3) Termination benefits are recognized an expense as and when incurred.
4) The actuarial gains and losses arising during the year are
recognized in the statement of Profit and Loss of the year without
resorting to any amortization.
vi. Sales
Sales are net of sales tax, sales returns, claims and discount etc.
vii. Inventories
Goods in trade have been valued "At Cost" or market value whichever is
less.
viii. Taxes on Income
Tax expense for the year comprises of current tax and deferred tax.
Current tax provision has been determined on the basis of reliefs,
deductions available under the Income Tax Act. Deferred Tax is
recognized for all timing differences, subject to the consideration of
prudence, applying the tax rates that are applicable on Balance Sheet
date.
ix. Impairment of Assets
Impairment of assets are assessed at each balance sheet date and loss
is recognised wherever the receivable amount of an assets less than its
carrying amount.
x. Foreign Currency Transaction
a) Foreign currency transactions are recorded at exchange rate
prevailing on the date of transaction.
b) Foreign currency receivable/payables at the year end are translated
at exchange rates applicable as on that date.
c) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted for in the statement of
Profit & Loss.
xi. Provisions. Contingent Liabilities and Assets
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes on accounts. Contingent assets are neither
recognised nor disclosed in the financial statements.
1.2 Related parties disclosures
1. (a) Key Management Personnel:
Shri Sandeep Kasera
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
1.3 Contingent Liabilities not provided for:
i) Bank Guarantees given Rs. 56,81,524.00 (P.Y. Rs.47,46,154.00).
ii) Claim of third party towards rent not acknowledged by Company Rs. -
NIL - (P.Y. Rs. 30,07,038.00).
iii) Sales Tax demand disputed in appeal Rs. 60,73,733/- (P.Y.
59,47,031).
iv) Bills discounted with State Bank of India Rs.- NIL- (P.Y. Rs.
23,02,788/-).
1.4 Payment to Micro, Small & Medium Enterprises are made in accordance
with the agreed credit terms and to the extent ascertained from
available information, there was no amount overdue beyond the period
specified in Micro, Small and Medium Enterprises Development Act, 2006.
1.5 Segment Reporting: The Company operates in two segments namely (i)
Trading and (ii) Wind Power Generation. Since revenue, result and
assets of wind power generation are below the prescribed criteria and
hence the same is not treated as reportable segment.
1.6 Value of Imports calculated on CIF basis: Rs. 7,46,39,576/- (P.Y.
Rs. 32,20,702/-).
1.7 Expenditure in foreign currency:
* Travelling expenses Rs. 4,48,429/- (P.Y. 3,48,767/-).
* Payment of Imported Material Rs. 7,46,39,576/- (P.Y. 32,20,702/-).
* Sales promotion - NIL - (P.Y. Rs. 2,74,963/-).
* Service maintenance & Installation charges Rs. 3,09,930/- (P.Y. -
NIL-).
1.8 The Company had exposure to National Spot Exchange Limited (NSEL)
of Rs. 8,93,23,647/- through M/S. Motilal Oswal Commodities Broker Pvt.
Ltd. NSEL has not been able to discharge its payment obligation from
August 2013 onwards. Economic Office Wing (EOW) of Mumbai Police is
investigating the matter and NSEL Investors Forum of which Company is a
member has also filed writ in Bombay High Court. Based on the
information available with the Company it is decided to write off Rs.
2,23,30,912/- during the year being 25% of the original outstanding
amount during quarter ended 30th September, 2013, which has been shown
under exceptional item. The Company is hopeful for recovery of balance
amount in view of the steps taken by Eow of Mumbai Police, legal case
in the High Court and steps taken by Government.
1.9 Disclosures in accordance with Revised AS - 15 on Emplyee Benefits
(i) The Overall expected rate of return on assets is based on the
expectation of the Average long term rate of return expected on
investments of the Fund during the estimated term of the obligations.
(ii) Following are the Principal Actuarial Assumptions used as at the
balance sheet date.
The estimates of future salary increases considered in actuarial
valuation takes into account inflation, seniority, promotion and other
relevant factors.
1.10 Previous year figures are regrouped, rearranged and reclassified,
wherever necessary to confirm with current year presentation.
Mar 31, 2013
I. Basis of Accounting
The Financial Statement are prepared under historical cost convention
and generally on accrual basis and are in accordance with the
requirement of the Companies Act, 1956.
ii. Fixed Assets
a) Fixed Assets are stated at their original cost which includes
expenditure incurred in the acquisition.
b) Depreciation on fixed assets has been provided on written down value
method and depreciation on windmill has been provided on state line
method as per the rates prescribed in the Schedule XIV to the Companies
Act, 1956. Depreciation on addition / deductions during the year is
provided on pro-rata basis.
iii. Intangible Assets :
a) Expenditure incurred for acquiring Software is stated at acquisition
cost less accumulated amortisation. They are amortised over their
useful life not exceeding five years.
b) Goodwill has not been amortised.
iv. Investments
Long term investments are stated at cost. Provision for temporary fall
in market value, if any, is not provided for.
v. Employee Retirement Benefits
1) Post: Employment Employee Benefits
a) Defined Contribution Plans
The Company has Defined Contribution Plan for Post employment benefits
in the form of Provident Fund for all employees which is administered
by Regional Provident Fund Commissioner Provident Fund is classified as
defined contribution plan as the Company has no further obligation
beyond making the contributions. The Company''s contribution to Defined
Contribution Plan is changed to the statement of Profit and Loss as and
when incurred.
b) Defined Benefit Plans
Funded Plan: The Company has defined benefit plan for Post- employment
benefit in the form of Gratuity for all employees which is administered
through Life Insurance Corporation (LIC).
Liability for above defined benefit plan is provided on the basis of
valuation, as at the Balance Sheet date, carried out by an independent
actuary. The acturial method used for measuring the liability is the
Projected Unit Credit method.
2) Other Long-term Employee Benefit:
Liability for Compensated Absences (unutilized leave benefit) is
provided on the basis of valuation, as at the Balance Sheet date
carried out by an independent actuary. The acturial valuation method
used for measuring the liability is the Projected Unit Credit method in
respect of past service.
3) Termination benefits are recognized an expense as and when incurred.
4) The acturial gains and losses arising during the year are recognized
in the statement of Profit and Loss of the year without resorting to
any amortization.
vi. Sales
Sales are net of sales tax, sales returns, claims and discount etc.
vii. Inventories
Goods in trade have been valued "At Cost" or market value whichever is
less.
viii. Taxes on Income
Tax expense for the year comprises of current tax and deferred tax.
Current tax provision has been determined on the basis of reliefs,
deductions available under the Income Tax Act. Deferred Tax is
recognized for all timing differences, subject to the consideration of
prudence, applying the tax rates that are applicable on Balance Sheet
date.
ix. Impairment of Assets
Impairment of assets are assessed at each balance sheet date and loss
is recognised wherever the receivable amount of an assets less than its
carrying amount.
x. Foreign Currency Transaction
a) Foreign currency transactions are recorded at exchange rate
prevailing on the date of transaction.
b) Foreign currency receivable/payables at the year end an translated
at exchange rates applicable as on that date.
c) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted for in the statement of
Profit & Loss.
xi. Provisions, Contingent Liabilities and Assets
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes on accounts. Contingent assets are neither
recognised nor disclosed in the financial statements.
Mar 31, 2012
I. Basis of Accounting
The Financial Statement are prepared under historical cost convention
and generally on accrual basis and are in accordance with the
requirement of the Companies Act, 1956.
ii. Fixed Assets
a) Fixed Assets are stated at their original cost which includes
expenditure incurred in the acquisition.
b) Depreciation on fixed assets has been provided on written down value
method and depreciation on windmill has been provided on state line
method as per the rates prescribed in the Schedule XIV to the Companies
Act, 1956. Depreciation on addition / deductions during the year is
provided on pro-rata basis.
iii. Intangible Assets :
a) Expenditure incurred for acquiring Software is stated at acquisition
cost less accumulated amortisation. They are amortised over their
useful life not exceeding five years.
b) Goodwill has not been amortised.
iv. Investments
Long term investments are stated at cost. Provision for temporary fall
in market value, if any, is not provided for.
v. Employee Retirement Benefits
1) Post: Employment Employee Benefits
a) Defined Contribution Plans
The Company has Defined Contribution Plan for Post employment benefits
in the form of Provident Fund for all employees which is administered
by Regional Provident Fund Commissioner Provident Fund is classified as
defined contribution plan as the Company has no further obligation
beyond making the contributions. The Company's contribution to Defined
Contribution Plan is changed to the statement of Profit and Loss as and
when incurred.
b) Defined Benefit Plans
Funded Plan: The Company has defined benefit plan for Post-
employment benefit in the form of Gratuity for all employees which is
administered through Life Insurance Corporation (LIC).
Liability for above defined benefit plan is provided on the basis of
valuation, as at the Balance Sheet date, carried out by an independent
actuary. The acturial method used for measuring the liability is the
Projected Unit Credit method.
2)Other Long-term Employee Benefit:
Liability for Compensated Absences (unutilized leave benefit) is
provided on the basis of valuation, as at the Balance Sheet date
carried out by an independent actuary. The acturial valuation method
used for measuring the liability is the Projected Unit Credit method in
respect of past service.
3) Termination benefits are recognized an expense as and when incurred.
4) The acturial gains and losses arising during the year are recognized
in the statement of Profit and Loss of the year without resorting to
any amortization.
vi. Sales
Sales are net of sales tax, sales returns, claims and discount etc.
vii. Inventories
Goods in trade have been valued "At Cost" or market value whichever is
less.
viii. Taxes on Income
Tax expense for the year comprises of current tax and deferred tax.
Current tax provision has been determined on the basis of reliefs,
deductions available under the Income Tax Act. Deferred Tax is
recognized for all timing differences, subject to the consideration of
prudence, applying the tax rates that are applicable on Balance Sheet
date.
ix. Impairment of Assets
Impairment of assets are assessed at each balance sheet date and loss
is recognised wherever the receivable amount of an assets less than its
carrying amount.
x. Foreign Currency Transaction
a) Foreign currency transactions are recorded at exchange rate
prevailing on the date of transaction.
b) Foreign currency receivable/payables at the year end an translated
at exchange rates applicable as on that date.
c) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted for in the statement of
Profit & Loss.
xi. Provisions, Contingent Liabilities and Assets
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes on accounts. Contingent assets are neither
recognised nor disclosed in the financial statements.
Mar 31, 2011
I. Basis of Accounting
The Financial Statement are prepared under historical cost convention
and generally on accrual basis and are in accordance with the
requirement of the Companies Act, 1956.
ii. Fixed Assets
a) Fixed Assets are stated at their original cost which includes
expenditure incurred in the acquisition.
b) Depreciation on fixed assets has been provided on written down value
method and depreciation on windmill has been provided on state line
method as per the rates prescribed in the Schedule XIV to the Companies
Act, 1956. Depreciation on addition / deductions during the year is
provided on pro-rata basis.
iii. Intangible Assets :
a) Expenditure incurred for acquiring Software is stated at acquisition
cost less accumulated amortization. They are amortized over their
useful life not exceeding five years.
b) Goodwill will be amortized over a period of 5 years.
iv. Investments
Long term investments are stated at cost. Provision for temporary fall
in market value, if any, is not provided for.
v. Employee Retirement Benefits
1) Post: Employment Employee Benefits
a) Defined Contribution Plans
The Company has Defined Contribution Plan for Post employment benefits
in the form of Provident Fund for all employees which is administered
by Regional Provident Fund Commissioner Provident Fund is classified as
defined contribution plan as the Company has no further obligation
beyond making the contributions. The Company's contribution to Defined
Contribution Plan is changed to the Profit and Loss Account as and when
incurred.
b) Defined Benefit Plans Funded Plan: The Company has defined benefit
plan for Post-employment benefit in the form of Gratuity for all
employees which is administered through Life Insurance Corporation
(LIC).
Liability for above defined benefit plan is provided on the basis of
valuation, as at the Balance Sheet date, carried out by an independent
actuary. The actuarial method used for measuring the liability is the
Projected Unit Credit method.
Mar 31, 2010
I. Basis of Accounting
The Financial Statement are prepared under historical cost convention
and generally on accrual basis and are in accordance with the
requirement of the Companies Act, 1956.
ii. Fixed Assets
a) Fixed Assets are stated at their original cost which includes
expenditure incurred in the acquisition.
b) Depreciation on fixed assets has been provided on written down value
method and depreciation on windmill has been provided on state line
method as per the rates prescribed in the Schedule XIV to the Companies
Act, 1956. Depreciation on addition / deductions during the year is
provided on pro-rata basis.
iii. Intangible Assets:
a) Expenditure incurred for acquiring Software is stated at acquisition
cost less accumulated amortisation. They are amortised over their
useful life not exceeding five years.
b) Goodwill has not been amortised.
iv. Investments
Long term investments are stated at cost. Provision for temporary fall
in market value, if any, is not provided for.
v. Employee Retirement Benefits
1) Post: Employment Employee Benefits
a) Defined Contribution Plans
The Company has Defined Contribution Plan for Post employment benefits
in the form of Provident Fund for all employees which is administered
by Regional Provident Fund Commissioner Provident Fund is classified as
defined contribution plan as the Company has no further obligation
beyond making the contributions. The Companys contribution to Defined
Contribution Plan is changed to the Profit and Loss Account as and when
incurred.
b) Defined Benefit Plans Funded Plan: The Company has defined benefit
plan for Post-employment benefit in the form of Gratuity for all
employees which is administered through Life Insurance Corporation
(LIC).
Liability for above defined benefit plan is provided on the basis of
valuation, as at the Balance Sheet date, carried out by an independent
actuary. The acturial method used for measuring the liability is the
Projected Unit Credit method.
2) Other Long-term Employee Benefit:
Liability for Compensated Absences (unutilized leave benefit) is
provided on the basis of valuation, as at the Balance Sheet date
carried out by an independent actuary. The acturial valuation method
used for measuring the liability is the Projected Unit Credit method in
respect of past service.
3) Termination benefits are recognized an expense as and when incurred.
4) The acturial gains and losses arising during the year are recognized
in the Profit and Loss Account of the year without resorting to any
amortization.
vi. Sales
Sales are net of sales tax, sales returns, claims and discount etc.
vll. Inventories
Goods in trade have been valued "At Cost" or market value whichever is
less.
viii. Taxes on Income
Tax expense for the year comprises of current tax and deferred tax.
Current tax provision has been determined on the basis of reliefs,
deductions available under the Income Tax Act. Deferred Tax is
recognized for all timing differences, subject to the consideration of
prudence, applying the tax rates that are applicable on Balance Sheet
date.
ix. Impairment of Assets
Impairment of assets are assessed at each balance sheet date and loss
is recognised wherever the receivable amount of an assets less than its
carrying amount.
x. Foreign Currency Transaction
a) Foreign currency transactions are recorded at exchange rate
prevailing on the date of transaction.
b) Foreign currency receivable/payables at the year end an translated
at exchange rates applicable as on that date.
c) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted for in the Profit & Loss
Account.
xi. Provisions, Contingent Liabilities and Assets
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes on accounts. Contingent assets are neither
recognised nor disclosed in the financial statements.
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