Mar 31, 2015
A) Basis of preparation of Financial Statements
a) Method of Accounting
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India, including the
Accounting Standards notified under the relevant provisions of the
Companies Act, 2013.
GAAP comprises mandatory Accounting standard as Prescribed under
section 133 of the Companies Act, 2013. read with rule 7 of companies
(Accounts) rules, 2014.
The Company maintains its accounts on accrual basis except insurance
claims and claims on Parent Birds, Commercial Birds & Hatching eggs,
sale of manure and gunny bags which are accounted on cash basis.
B) Valuation of Inventories
i) Inventories of stores, medicines, feeds etc. are valued at cost and
is determined using first in first out basis.
ii) Hatching eggs are valued at estimated cost or net realizable value
whichever is less.
iii) Pure Line Birds & Grand Parent are valued at initial purchase
price plus estimated cost of growing and overheads of birds live on
balance sheet date.
iv) Parent Stock of Birds and commercial birds are valued at purchase
price plus the estimated cost of growing and overheads.
v) Manure and Gunny Bags accounted for on actual sale basis.
C) Fixed Assets
i) Fixed Assets are stated at cost of acquisition less accumulated
depreciation and impairment loss, if any, where cost is inclusive of
duties, taxes, incidental expenses erection / commissioning expenses
and preliminary and pre-operative expenses till date of commencement of
production and all necessary expenses to bring the asset to its working
condition.
ii) Capital Work in Progress comprises the cost of Fixed Asset that are
yet not ready for their intended use at the Balance Sheet date.
D) Depreciation
Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013.
E) Revenue Recognition
i) Revenues from sale of goods are recognized when risks and rewards of
ownership of goods are passed on to the customers, which are generally
on dispatch of goods and are recorded net of taxes and duties.
ii) Income from services are recognized on prorata basis i.e. as and
when service are rendered.
F) Investment
Investment are classified as Current Investments and Long Term
Investments based on intention of the management at the time of
purchase. Current investments are stated at the lower of the cost and
fair value and long term investments are stated at cost.
G) Retirement / Post Retirement Benefits
The Company Provides retirement benefits in the form of gratuity and
leave encashment. The Company has worked out the liability towards
gratuity based on actuarial valuation through LIC and estimated the
liabilitytowards Leave Encashment and has provided entire liabilities
during the year.
H) Borrowing Cost
Borrowing cost that are directly attributable to the acquisition,
Construction or production of the qualifying assets are capitalized as
part of the cost of such assets. A qualifying assets is one that
necessarily take substantial period of time to get ready for intended
use. All other borrowing cost are charged to the statement of profit
and loss account.
I) Operating Lease
Lease arrangements where risks and rewards incidental to the ownership
of an asset substantially vest with lessor are classified as operating
lease. Rental income on assets given and rental expense on assets
obtained under operating lease arrangements are recognized in the
statement of profit and loss for the year as per the terms and
conditions of the respective lease agreement.
J) Earning Per Share
Basic & Diluted earning per equity share are recorded in accordance
with AS-20 "Earnings Per Share".
Earnings per equity share are calculated by dividing Net profit
attributable to the equity shareholder by weighted average number of
equity shares outstanding during the year.
K) Taxes on income
1) Tax expenses for a year comprises of current tax and Deferred tax.
2) Tax on income for the current year is determined on the basis of the
taxable income and tax Credits computed in accordance with the
provision of Income Tax Act,1961, and based in Expected outcome of
Assessments/ Appeals.
3) Deferred Tax is recognized on timing difference between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
balance sheet date. Deferred tax assets are recognized and carried
forward to the extent there is reasonable certainty that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
4) Minimum alternate Tax (MAT) credit is recognized as an asset only
when and to the extent there is convincing evidence that the company
will pay income tax higher than the computed under MAT, during the
period under which MAT is permitted to be set off under applicable
laws.
5) In the year in which MAT credit become eligible to be recognized as
an asset in accordance with recommendation contained in the guidance
Note issued by the Chartered Accountants of India (ICAI), the said
asset is created by way of a credit to the statement of profit and loss
account shown as MAT credit entitlement. The company reviews the same
at each Balance sheet date and writes down the carrying Amount of MAT
credit entitlement to the extent there is longer convincing evidence to
the effect that company will pay Income tax higher than MAT during the
specified period.
L) Research and Development
Revenue expenditure on research and development is charged to Statement
of Profit and loss for the year.
M) Contingent Liability
Liabilities which are material and whose future outcome can not
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
N) Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(b) Any income or expense on account of exchange difference either on
settlement or on translation is recognized in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
Mar 31, 2014
A) Basis of preparation of Financial Statements
a) Method of Accounting
The Company maintains its accounts on accrual basis except insurance
claims and claims on Parent Birds, Commercial Birds & Hatching eggs,
sale of manure and gunny bags which are accounted on cash basis.
b) Classification under Companies Act,1956
The Company is a Non -Small and Medium sized Company (Non SMC) as
defined in the general instructions in respect of accounting standards
as notified by the Companies(Accounting Standards) Rules,2006.
B) Valuation of Inventories
i) Inventories of stores, medicines, feeds etc. are valued at cost and
is determined using first in first out basis.
ii) Hatching eggs are valued at estimated cost or net realizable value
whichever is less.
iii) Pure Line Birds & Grand Parent are valued at initial purchase
price plus estimated cost of growing and overheads of birds live on
balance sheet date.
iv) Parent Stock of Birds are valued at purchase price plus the
estimated cost of growing and overheads.
v) Manure and Gunny Bags accounted for on actual sale basis.
C) Fixed Assets
i) Fixed Assets are stated at cost of acquisition less accumulated
depreciation and impairment loss, if any, where cost is inclusive of
duties, taxes, incidental expenses erection / commissioning expenses
and preliminary and pre-operative expenses till date of commencement of
production and all necessary expenses to bring the asset to its working
condition.
ii) Capital Work in Progress comprises the cost of Fixed Asset that are
yet not ready for their intended use at the Balance Sheet date.
D) Depreciation
Depreciation on Fixed Assets has been charged on Straight Line Method
on the rates prescribed in Schedule-XIV of the Companies Act, 1956 on
prorata basis.
E) Revenue Recognition
i) Revenues from sale of goods are recognized when risks and rewards of
ownership of goods are passed on to the customers, which are generally
on dispatch of goods and are recorded net of taxes and duties.
ii) Income from services are recognized on prorata basis i.e. as and
when service are rendered.
F) Investment
Investment are classified as Current Investments and Long Term
Investments based on intention of the management at the time of
purchase. Current investments are stated at the lower of the cost and
fair value and long term investments are stated at cost.
G) Retirement / Post Retirement Benefits
The Company Provides retirement benefits in the form of gratuity and
leave encashment. The Company has worked out the liability towards
gratuity based on acturial valuation through LIC and estimated the
liability towards Leave Encashment and has provided entire liabilities
during the year.
H) Borrowing Cost
Borrowing cost that are directly attributable to the acquisition,
Construction or production of the qualifying assets are capitalized as
part of the cost of such assets. A qualifying asset is one that
necessarily take substantial period of time to get ready for intended
use. All other borrowing cost are charged to the statement of profit
and loss account.
I) Operating Lease
Lease arrangements where risks and rewards incidental to the ownership
of an asset substantially vest with lessor are classified as operating
lease. Rental income on assets given and rental expense on assets
obtained under operating lease arrangements are recognized in the
statement of profit and loss for the year as per the terms and
conditions of the respective lease agreement.
J) Earning Per Share
Basic & Diluted earning per equity share are recorded in accordance
with AS-20 "Earnings Per Share". Earnings per equity share are
calculated by dividing Net profit attributable to the equity
shareholder by weighted average number of equity shares outstanding
during the year.
K) Taxes on income
1) Tax expenses for a year comprised of current tax and Deferred tax.
2) Tax on income for the current year is determined on the basis of the
taxable income and tax Credits computed in accordance with the
provision of Income Tax Act,1961, and based in Expected outcome of
Assessments/ Appeals.
3) Deferred Tax is recognized on timing difference between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
balance sheet date. Deferred tax assets are recognized and carried
forward to the extent there is reasonable certainty that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
4) Minimum alternate Tax (MAT) credit is recognized as an asset only
when and to the extent there is convincing evidence that the company
will pay income tax higher than the computed under MAT, during the
period under which MAT is permitted to be set off under applicable
laws.
5) In the year in which MAT credit become eligible to be recognized as
an asset in accordance with recommendation contained in the guidance
Note issued by the Institute of Chartered Accountants of India (ICAI),
the said asset is created by way of a credit to the statement of profit
and loss account shown as MAT credit entitlement. The company reviews
the same at each Balance sheet date and writes down the carrying Amount
of MAT credit entitlement to the extent there is longer convincing
evidence to the effect that company will pay Income tax higher than MAT
during the specified period.
L) Research and Development
Revenue expenditure on research and development is charged to Statement
of Profit and loss for the year.
M) Contingent Liability
Liabilities which are material and whose future outcome can not
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
N) Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(b) Any income or expense on account of exchange difference either on
settlement or on translation is recognized in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
Mar 31, 2013
A) Basis of preparation of Financial Statements
a) Method of Accounting
The Company maintains its accounts on accrual basis except insurance
claims and claims on Parent Birds, Commercial Birds & Hatching eggs,
sale of manure and gunny bags which are accounted on cash basis.
b) Classification under Companies Act.1956
The Company is a Non -Small and Medium sized Company (Non SMC) as
defined in the general instructions in respect of accounting standards
as notified by the Companies(Accounting Standards) Rules,2006.
B) Valuation of Inventories
i) Inventories of stores, medicines, feeds etc. are valued at cost and
is determined using first in first out basis.
ii) Hatching eggs are valued at estimated cost or net realizable value
whichever is less.
iii) Pure Line Birds & Grand Parent are valued at initial purchase
price plus estimated cost of growing and overheads of birds live on
balance sheet date.
iv) Parent Stock of Birds are valued at purchase price plus the
estimated cost of growing and overheads.
v) Manure and Gunny Bags accounted for on actual sale basis.
C) Fixed Assets
i) Fixed Assets are stated at cost of acquisition less accumulated
depreciation and impairment loss, if any. Where Cost is inclusive of
duties, taxes, incidental expenses erection / commissioning expenses
and preliminary and pre-operative expenses till date of commencement of
production and all necessary expenses to bring the asset to its working
condition.
ii) Capital Work in Progress comprises the cost of Fixed Asset that are
yet not ready for their intended use at the Balance Sheet date.
D) Depreciation
Depreciation on Fixed Assets has been charged on Straight Line Method
on the rates prescribed in Schedule-XIV of the Companies Act, 1956 on
prorata basis.
E) Revenue Recognition
i) Revenues from sale of goods are recognized when risks and rewards of
ownership of goods are passed on to the customers, which are generally
on dispatch of goods and are recorded net of taxes and duties.
ii) Income from services are recognized on prorata basis i.e. as and
when service are rendered.
F) Investment
Investment are classified as Current Investments and Long Term
Investments based on intention of the management at the time of
purchase. Current investments are stated at the lower of the cost and
fair value and long term investments are stated at cost.
G) Retirement / Post Retirement Benefits
The company provides retirement benefits in the form of gratuity and
leave encashment. The company has worked out the liability towards
gratuity based on actuarial valuation through LIC and estimated the
liability towards Leave Encashment and has provided entire liabilities
during the year.
H) Borrowing Cost
Borrowing cost that are directly attributable to the acquisition,
Construction or production of the qualifying assets are capitalized as
part of the cost of such assets. A qualifying assets is one that
necessarily take substantial period of time to get ready for intended
use. All other borrowing cost are charged to the statement of profit
and loss account.
I) Operating lease
Lease arrangements where risks and rewards incidental to the ownership
of an asset substantially vest with lessor are classified as operating
lease. Rental income on assets given and rental expense on assets
obtained under operating lease arrangements are recognized in the
statement of profit and loss for the year as per the terms and
conditions of the respective lease agreement
J) Earning Per Share
Basic & Diluted earning per equity share are recorded in accordance
with AS-20 "Earnings Per Share". Earnings per equity share are
calculated by dividing Net profit attributable to the equity
shareholder by weighted average number of equity shares outstanding
during the year.
K) Taxes on income
1) Tax expenses for a year comprises of current tax and Deferred tax
2) Tax on income for the current year is determined on the basis of the
taxable income and tax Credits computed in accordance with the
provision of Income Tax Act,1961, and based in Expected outcome of
Assessments/Appeals.
3) Differed Tax is recognized on timing difference between the
accounting income and the taxable income for the year, and quantified
using the tax rates and laws enacted or substantively enacted as on the
balance sheet date. Deferred tax assets are recognized and carried
forward to the extent there is reasonable certainty that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
4) Minimum alternate Tax (MAT) credit is recognized as an asset only
when and to the extent there is convincing evidence that the company
will pay income tax higher than the computed under MAT, during the
period under which MAT is permitted to be set off under applicable
laws.
5) In the year in which MAT credit become eligible to be recognized as
an asset in accordance with recommendation contained in the guidance
Note issued by the Chartered Accountants of India (ICAI), the said
asset is created by way of a credit to the statement of profit and loss
account shown as MAT credit entitlement. The company reviews the same
at each Balance sheet date and writes down the carrying Amount of MAT
credit entitlement to the extent there is longer convincing evidence to
the effect that company will paylncome tax higherthan MATduring the
specified period.
L) Research and Development
Revenue expenditure on research and development is charged to Statement
of Profit and loss for the year.
M) Contingent Liability
Liabilities which are material and whose future outcome can not
ascertained with reasonablecertainty are treated as contingent and
disclosed by way of notes to the accounts.
Mar 31, 2012
A) Method of Accounting:
The Company maintains its accounts on accrual basis except insurance
claims and claims on Parent & Commercial Birds & Hatching eggs, sale of
manure and gunny bags which are accounted on cash basis.
B) Fixed Assets :
Fixed Assets are stated at cost of acquisition inclusive of duties,
taxes, incidental expenses erection/ commissioning expenses and
preliminary and pre-operative expenses till the date of commencement of
production.
C) Investment: Investment are stated at cost.
D) Valuation of Inventories :
i) Inventories of stores, medicines, feeds etc. are valued at cost and
is determined using first in first out basis.
ii) Hatching eggs are valued at estimated cost or net realizable value
whichever is less.
iii) Parent Stock of Birds are valued at purchase price plus the
estimated cost of growing and overheads.
iv) Manure and Gunny Bags accounted for on actual sale basis.
E) Depreciation:
Depreciation on Fixed Assets has been charged on Straight Line Method
on the rates prescribed in Schedule-XIV of the Companies Act, 1956 on
prorate basis.
F) Research and Development Expenditure :
Revenue expenditure is charged to Profit and Loss Account and capital
expenditure is added to the cost of Fixed Assets under relevant heads.
G) Retirement / Post Retirement Benefits
The company provides retirement benefits in the form of gratuity and
leave encashment. The company has worked out the liability towards
Gratuity based on actuarial valuation through LIC and estimated the
liability towards Leave Encashment and has provided during the year
entire liabilities.
H) Taxation:
(i) The provision for current tax is based on assessable profit of the
company computed in accordance with the Income Tax Act 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted as of the Balance Sheet Date.
I) Contingent Liability :
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
Previous year figures have been regrouped or rearranged wherever
necessary and also reclassified to meet the requirements of
classification of assets and liabilities and heads of Profit & Loss
Account of the Revised Schedule VI.
Last year short term loans and advances adjusted for Rs. 50000/- for
matching the revised pot balance of cash and cash equivalents.
Mar 31, 2011
A) Method of Accounting:
The Company maintains its accounts on accrual basis except insurance
claims and claims on Parent & Commercial Birds & Hatching eggs, sale of
manure and gunny bags which are accounted on cash basis.
B) Fixed Assets :
Fixed Assets are stated at cost of acquisition inclusive of duties,
taxes, incidental expenses erection / commissioning expenses and
preliminary and pre-operative expenses till the date of commencement of
production.
C) Investment : Investment are stated at cost.
D) Valuation of Inventories :
I) Inventories of stores, medicines, feeds etc. are valued at cost and
is determined using first in first out basis.
ii) Hatching eggs are valued at estimated cost or net realisable value
whichever is less.
iii) Parent Stock of Birds are valued at purchase price plus the
estimated cost of growing and overheads.
iv) Manure and Gunny Bags accounted for on actual sale basis.
E) Depreciation :
Depreciation on Fixed Assets has been charged on Straight Line Method
on the rates prescribed in Schedule- XIV of the Companies Act, 1956 on
prorata basis.
F) Research and Development Expenditure :
Revenue expenditure is charged to Profit and Loss Account and capital
expenditure is added to the cost of Fixed Assets under relevant heads.
G) Retirement / Post Retirement Benefits
The company provides retirement benefits in the form of gratuity and
leave encashment. The company has worked out the liability towards
Gratuity based on acturial valuation through the LIC and estimated the
liability towards Leave ensashment and has provided during the year
entire liabilities.
H) Taxation :
(i) The provision for current tax is based on assessable profit of the
company computed in accordance with the Income Tax Act 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted as of the Balance Sheet Date.
I) Contingent Liability :
Liabilities which are material and whose future outcome can not be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
Mar 31, 2010
A) Method of Accounting:
The Company maintains its accounts on accrual basis except insurance
claims and claims on Parent & Commercial Birds & Hatching eggs, sale of
manure and gunny bags which are accounted on cash basis.
B) Fixed Assets :
Fixed Assets are stated at cost of acquisition inclusive of duties,
taxes, incidental expenses erection / commissioning expenses and
preliminary and pre-operative expenses till the date of commencement of
production.
C) Investment : Investment are stated at cost.
D) Valuation of Inventories :
i) Inventories of stores, medicines, feeds etc. are valued at cost and
is determined using first in first out basis.
ii) Hatching eggs are valued at estimated cost or net realisable value
whichever is less.
iii) Pure Line Birds & Grand Parent are valued at initial purchase
price plus estimated cost of growing and overheads of birds live on
balance sheet date.
iv) Parent Stock of Birds are valued at purchase price plus the
estimated cost of growing and overheads.
v) Manure and Gunny Bags accounted for on actual sale basis.
E) Depreciation :
Depreciation on Fixed Assets has been charged on Straight Line Method
on the rates prescribed in Schedule- XIV of the Companies Act, 1956 on
prorata basis.
F) Research and Development Expenditure :
Revenue expenditure is charged to Profit and Loss Account and capital
expenditure is added to the cost of Fixed Assets under relevant heads.
G) Retirement / Post Retirement Benefits
The company provides retirement benefits in the form of gratuity and
leave encashment. As per Managements view, the liability as on
31.03.2010 is not a substantial liability on account of Employees
Turnover, hence not provided.
H) Taxation :
(i) The provision for current tax is based on assessable profit of the
company computed in accordance with the Income Tax Act 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted as of the Balance Sheet Date.
I) Contingent Liability :
Liabilities which are material and whose future outcome can not be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
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