Mar 31, 2015
1. Basis Of Preparation Of Financial Statements
The Accompanying financial statements are prepared in accordance with
Indian Generally Accepted Accounting Principles (GAAP) under the
historical cost convention and on the accrual basis. GAAP comprises of
applicable provisions of the Companies Act, 2013 and mandatory
Accounting Standards specified under Section 133 of the Act read with
Rule 7 of Companies (Accounts) Rules, 2014. Accounting policies have
been consistently applied except where a newly issued accounting
standard is initially adopted or revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
2. Revenue Recognition:
Revenue from Sale of goods is recognised at the point of dispatch to
customers inclusive of duties & taxes.
Revenue from Sale of Services is recognized at the point of completion
of service and incomplete services at 31st March, if any, the same is
recognized as accrued revenue.
3. Fixed assets, Depreciation and amortisation:
a. Tangible Assets
Tangible assets are stated at cost less accumulated depreciation and
impairment loss, if any.
Expenditure which are of a Capital nature are Capitalised at cost,
which comprises purchase price (net of rebates and discounts), duties,
levies and any directly attributable cost of bringing the assets to its
working condition for the intended use.
b. Intangible Assets
Intangible asset are stated at cost of acquisition less accumulated
amortisation and impairment losses, if any.
An intangible asset is recognised only if it is probable that the
future economic benefits attributable to the asset will flow to the
enterprise and the cost of such assets can be reliably measured.
Depreciation and Amortisation
(i) Upto 31st March, 2014, Depreciation is provided from the date the
assets have been installed and put to use, on Straight Line Method at
rates specified in Schedule XIV of the Companies Act, 1956.
(ii) With effect from April 1st, 2014, depreciation on assets carried
at historical cost is provided on Straight line method based on useful
life as under:
Category of the Asset No of useful life in years
Factory Building 30
Office Building 60
Wells 5
Plant and Machinery 15
Electrical Installations 10
Furniture and Fixtures 10
Office Equipment 5
Computer and Accessories 3
Vehicles 8
Software 6
(iii) The carrying value of the assets as on April 1st, 2014 is
depreciated over the remaining useful life of the asset determined
based on useful life mentioned in clause (b) supra.
(iv) Where the useful life of the asset is NIL as on April 1st, 2014,
the carrying value as on April 1st, 2014 has been added to the opening
balance of deficit in the Statement of Profit and Loss in accordance
with Schedule II of the Companies Act, 2013.
4. Foreign Currency Translation:
Transactions in Foreign currencies are generally recorded at the
exchange rate prevailing at the time of receipt / payment of money by
the Company. Current Assets and Liabilities in foreign currencies are
translated at the exchange rate prevailing at the Balance Sheet date.
Any resulting loss/gain is charged / taken to the Profit & Loss
Account.
5. Inventories:
Raw materials and consumables are valued at landed cost which includes
freight.
In case of valuation of work-in-process, cost of materials as well as
conversion cost is taken into consideration. Cost is determined using
FIFO (first-in-first out) method.
Finished goods are valued based on retail method as per the 'Accounting
Standard - 2' where a percentage profit margin is reduced from the sale
value to arrive at the cost.
6. Employee Benefits:
i. Benefits in the form of provident fund whether in pursuance of law
or otherwise which are defined contributions is accounted on accrual
basis and charged to Statement of profit and loss.
ii. The company has formed employee superannuation trust to provide
the benefit of superannuation to its employees.
iii. Defined benefit plans
Payment of present liability of future payment of gratuity is being
made to approved gratuity funds, which fully cover the same under cash
accumulation policy of the Life Insurance Corporation of India. The
employee's gratuity is a defined benefit funded plan. The present value
of the obligation under such defined benefit plan is determined based
on the actuarial valuation as at the date of Balance Sheet. The company
has created a group gratuity trust for the same.
Provisions for the liability on account of leave encashment has been
made based on the actuarial valuation as at the date of Balance Sheet.
The company has availed a policy under LIC's employee's group leave
encashment cum life assurance scheme.
7. Income Tax & Deferred Tax:
Income Tax: Tax on income for the current period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of Income Tax Act, 1961, and based on the expected outcome
of assessments / appeals.
Deferred tax: Deferred tax liability is recognized,
subject to the consideration of prudence, on timing differences, being
the difference between taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. The tax effect is calculated on the accumulated
timing differences at the end of an accounting period based on
prevailing enacted or substantially enacted regulations.
Deferred Tax assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of the respective carrying values at each Balance Sheet
date.
8. Borrowing costs:
Interest on borrowings is recognised in the Statement of profit and
loss, except interest incurred on borrowings, specifically raised for
projects that is capitalised to the cost of the assets until such time
as the asset is ready to put to use for its intended purpose, except
where installation is extended beyond reasonable/normal time lines.
9. Provisions, Contingent Liabilities, Contingent Assets and Capital
Commitments:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event,
b) a probable outflow of resources is expected to settle the
obligation; and
c) the amount of the obligation can be reliably estimated.
Contingent liability is disclosed in case of
d) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to settle the
obligation,
e) a present obligation when no reliable estimate is possible; and
f) a possible obligation arising from past events where the probability
of outflow of resources is not remote.
Contingent Assets are not recognized.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date.
Capital Commitments:
g) Capital Commitments: Estimated amount of contracts to be executed on
capital account not provided for Rs. NIL (Previous year NIL)
10. Earnings Per Share
The earnings considered in ascertaining the Company's earnings per
share comprise of the net profit after tax for the year. The number of
shares used in computing basic earnings per share is the weighted
average number of shares outstanding during the year. The number of
shares used in computing diluted earnings per share comprises the
weighted average shares considered for deriving basic earnings per
share, and also the weighted average number of shares, which would have
been issued on conversion of dilutive potential equity shares, if any.
11. Impairment of Assets:
An Asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged to the
statement of profit and loss 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.
12. Cash Flow Statement:
The Company follows in-direct method in the preparation of statement of
cash flows as required under Accounting Standard 3 - "Cash Flow
Statements".
Mar 31, 2014
1. Basis Of Preparation Of Financial Statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention and on accrual basis. GAAP comprises of applicable
provisions of the Companies Act, 1956 and mandatory Accounting
Standards as per The Companies (Accounting Standards) Rules, 2006.
Accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted or revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use. The company maintains its accounts on accrual basis.
2. Revenue Recognition:
Revenue from Sale of goods is recognised at the point of dispatch to
customers, of converted and finished goods and is inclusive of duties &
taxes. Expenses are accounted for on accrual basis and provisions are
made for all known losses and liabilities.
3. Fixed assets, Depreciation and amortisation: a. Tangible Assets
Tangible assets are stated at cost less accumulated depreciation and
impairment loss, if any.
Expenditure which are of a Capital nature are Capitalised at cost,
which comprises purchase price (net of rebates and discounts), duties,
levies and any directly attributable cost of bringing the assets to its
working condition for the intended use.
Depreciation is provided, from the date the assets have been installed
and put to use, on Straight Line Method at rates specified in Schedule
XIV of the Companies Act, 1956.
b. Intangible Assets
Intangible asset are stated at cost of acquisition less accumulated
amortisation and impairment losses, if any.
An intangible asset is recognised only if it is probable that the
future economic benefits attributable to the asset will flow to the
enterprise and the cost of such assets can be reliably measured.
Amortisation is provided, from the date the assets have been installed
and put to use, on Straight Line Method at rates specified in Schedule
XIV of the Companies Act, 1956.
4. Foreign Currency Translation:
Transactions in Foreign currencies are generally recorded at the
exchange rate prevailing at the time of receipt / payment of money by
the Company. Current Assets and Liabilities in foreign currencies are
translated at the exchange rate prevailing at the Balance Sheet date.
Any resulting loss/gain is charged / taken to the Profit & Loss
Account.
5. Inventories:
Raw materials, consumable stores, work in progress & finished goods are
valued at lower of cost and net realizable value. In valuation of
work-in-process and finished goods, cost of materials as well as
conversion cost is taken into consideration. Cost is determined using
FIFO (first-in-first out) method.
In case of finished goods of Forging Division, the valuation is done on
the basis of retail method where a percentage profit margin is reduced
from the sale value to arrive at the cost.
6. Employee Benefits:
i. Benefits in the form of provident fund whether in pursuance of law
or otherwise which are defined contributions is accounted on accrual
basis and charged to Statement of profit and loss.
ii. The company has formed employee superannuation trust to provide the
benefit of superannuation to its employees.
iii. Defined benefit plans:
Payment of present liability of future payment of gratuity is being
made to approved gratuity funds, which fully cover the same under cash
accumulation policy of the Life Insurance Corporation of India. The
employee''s gratuity is a defined benefit funded plan. The present value
of the obligation under such defined benefit plan is determined based
on the actuarial valuation as at the date of Balance Sheet. The company
has created a group gratuity trust for the same.
Provisions for the liability on account of leave encashment has been
made based on the actuarial valuation as at the date of Balance Sheet.
The company has availed a policy under LIC''s employee''s group leave
encashment cum life assurance scheme.
7. Income Tax & Deferred Tax:
Income Tax: Tax on income for the current period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of Income Tax Act, 1961, and based on the expected outcome
of assessments / appeals.
Deferred tax: Deferred tax liability is recognized,
subject to the consideration of prudence, on timing differences, being
the difference between taxable incomes and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. The tax effect is calculated on the accumulated
timing differences at the end of an accounting period based on
prevailing enacted or substantially enacted regulations.
Deferred Tax assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of the respective carrying values at each Balance Sheet
date.
8. Borrowing costs:
Interest on borrowings is recognised in the Statement of profit and
loss, except interest incurred on borrowings, specifically raised for
projects that is capitalised to the cost of the assets until such time
as the asset is ready to put to use for its intended purpose, except
where installation is extended beyond reasonable/normal time lines.
9. Provisions, Contingent Liabilities, Contingent Assets and Capital
Commitments:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event,
b) a probable outflow of resources is expected to settle the
obligation; and
c) the amount of the obligation can be reliably estimated.
Contingent liability is disclosed in case of
d) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to settle the
obligation,
e) a present obligation when no reliable estimate is possible; and
f) a possible obligation arising from past events where the probability
of outflow of resources is not remote.
Contingent Assets are not recognized.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet date.
Capital Commitments:
g) Capital Commitments: Estimated amount of contracts to be executed on
capital account not provided for Rs. NIL (Previous year NIL)
10. Earnings Per Share
The earnings considered in ascertaining the Company''s earnings per
share comprise of the net profit after tax for the year. The number of
shares used in computing basic earnings per share is the weighted
average number of shares outstanding during the year. The number of
shares used in computing diluted earnings per share comprises the
weighted average shares considered for deriving basic earnings per
share, and also the weighted average number of shares, which would have
been issued on conversion of dilutive potential equity shares, if any.
11. Impairment of Assets:
An Asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged to the
statement of profit and loss 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.
12. Cash Flow Statement:
The Company follows in-direct method in the preparation of statement of
cash flows as required under Accounting Standard 3 - "Cash Flow
Statements".
Mar 31, 2012
1. Basis of Preparation of Financial Statement
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in india and the provisions of the Companies Act, 1956.
2. Fixed Assets & Depreciation:
a) Fixed assets are capitalised at acquisition cost including costs
directly attributable to bringing the assets to their working
condition, for the intended use.
b) Certain assets identified as having reached their economic useful
life have been withdrawn from active use. The carrying value of such
assets is charged to the statement of profit and loss. Income on such
assets shall be recognised upon sale or disposal.
c) Depreciation is provided on straight-line method in accordance with
rates prescribed in Schedule XIV to the Companies Act, 1956.
3. impairment of Assets:
An asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged to the
statement of profit and loss 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.
4. Employee Benefits:
i. Defined Contribution plans
The Company makes Provident Fund / Superannuation contributions to the
provident fund authorities/ the Life insurance Corporation of india as
a fixed percentage of the payroll costs which is recognised in the
Statement of profit and loss.
ii. Defined benefit plans
The Company has provided for the liability towards gratuity on the
basis of 15 days salary for each completed year of service in respect
of employees who are on the rolls as at 31 March 2012.
Provision for the liability on account of leave encashment has been
made based on the last drawn salary.
Details of Current Service cost, interest cost, Gross Liability, Past
Service cost, Fair Value of Plan assets and movement of net liability
has not been furnished as actuarial valuation has not been carried out
and no investments have been made towards meeting the aforesaid
liabilities as there are no employees on the rolls since 1 April 2010.
5. Provision for Current Tax and Deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the income-tax Act, 1961.
Deferred tax resulting from timing differences between taxable income
and accounting income is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the balance sheet date.
However, no deferred tax assets are recognised on carry forward of tax
losses and unabsorbed tax depreciation since there is no virtual
certainty in respect of future taxable income. if deferred tax assets
are to be recognised on carry forward of tax losses and unabsorbed tax
depreciation the loss for the period would diminish by Rs. 85.25 Lakhs.
6. Earnings Per Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
7. Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
The Company has received a demand of Rs. 5,66,350 along with interest
thereon vide the order of Assistant Commissioner of Central Excise
towards Service Tax on lease of immovable property. The Company is
contemplating preferring an appeal against the order.
8. Going Concern
in accordance with the resolution passed at the extraordinary general
meeting, the company has entered into an agreement on 29 March 2009
with Smiths & Founders (india) Ltd for leasing of its plant and
machinery. The lease agreement has been renewed for a further period of
11 months with effect from 1 April 2012
Considering the manufacturing facilities are still in use, the
management's assessment of improvement in operations in general, the
accounts of the company have been prepared on a Going Concern basis
although the manufacturing facilities have been leased. the accumulated
loss exceeds the net worth of the company by Rs. 1,60,29,654.
In order to revive the business and enhance the future prospects of the
Company, the Company has submitted a draft rehabilitation scheme to
IDBI Bank (Appointed as operating agency by BIFR on (22 August 2005)
for onward submission before the Board for industrial and Financial
Reconstruction (ÃBIFR'). The draft rehabilitation scheme, inter alia,
envisages amalgamation of Smiths & Founders India Limited with the
Company.
The shareholders have already approved the proposal of amalgamation of
Smiths & Founders india Limited with the Company.
Mar 31, 2011
1. Basis of Preparation of Financial Statement
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956. The
company maintains its accounts on accrual basis.
2. Fixed Assets & Depreciation:
a) Fixed assets (including dies and tools) are capitalised at
acquisition cost including costs directly attributable to bringing the
assets to their working condition, for the intended use.
b) Depreciation on Fixed assets is provided on straight-line method in
accordance with rates prescribed in Schedule XIV to the Companies Act,
1956.
3. Impairment of Assets:
An asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account 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.
4. Employee Benefits:
i. Defined Contribution plans
The Company makes Provident Fund / Superannuation contributions to the
provident fund authorities/ the Life Insurance Corporation of India as
a fixed percentage of the payroll costs which is recognised in the
profit and loss account.
5. Provision for Current and Deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from Ãtiming differencesà between taxable income
and accounting income is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the balance sheet date.
However, no deferred tax assets are recognised on carry forward of tax
losses and unabsorbed tax depreciation since there is no virtual
certainty in respect of future taxable income. If deferred tax assets
are to be recognised on carry forward of
tax losses and unabsorbed tax depreciation the profit for the period
would be increased by Rs.85.25 Lakhs.
6. Earnings Per Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
7. Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
8. Going Concern
The turnover of the company substantially declined during the financial
year 2008-09, due to the economic crises. Since it was not economical
to run the factory at such levels, nor to keep the factory closed and
with a view to curtail the mounting losses, the company leased the
facilities pursuant to the resolution at the extra-ordinary General
meeting of the shareholders on 20 March 2009. In accordance with the
resolution at the extraordinary general meeting, the company entered
into an agreement on 29 March 2009 with Bhagavathi Enterprises Ltd for
leasing of the manufacturing facilities with effect from 1 April 2009
for a period of 11 months. The agreement was further renewed to 11
months on 24 May 2010.
Considering the manufacturing facilities are still in use, the
managementÃs assessment of improvement in operations in general, the
accounts of the company have been prepared on a Going Concern basis
although the manufacturing facilities have been leased. The accumulated
loss exceeds the net worth of the company by Rs. 1,58,71,131.
In order to revive the business and enhance the future prospects of the
Company, the shareholders have approved the proposal of amalgamation of
Shimoga Technologies Limited with Smiths & Founders India Limited and a
draft rehabilitation scheme has been presented to the Board For
Industrial And Financial Reconstruction (ÃBIFRÃ) to this effect on 27
April 2011 for their approval.
Mar 31, 2010
I) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956. The
company maintains its accounts on accrual basis.
ii) Sale of goods is recognised at the point of despatch of finished
and converted goods to customers and is inclusive of duties & taxes.
Income from operating lease is recognised on a straight line basis over
the lease term.
iii) Preliminary, share issue and other deferred revenue expenses are
written off to the extent of one tenth per annum.
iv) Fixed Assets & Depreciation:
a) Fixed assets including Dies and Tools are capitalised at acquisition
cost including directly attributable cost of bringing the assets to
their working condition for the intended use.
b) Depreciation on Fixed assets is provided on straight line method in
accordance with Schedule XIV of the Companies Act, 1956. As in
previous years, based on expert opinion obtained, depreciation on Plant
and Machinery is provided at the rates applicable for continuous
processing plants.
v) Impairment of Assets:
An asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account 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.
vi) Inventories:
Raw materials, work in progress & finished goods are valued at lower of
cost and net realizable value. In valuing of work-in-process and
finished goods, cost of materials as well as conversion cost is taken
into consideration. Finished goods are valued inclusive of excise duty
payable thereon. Cost is determined using FIFO method.
vii) Employee Benefits:
Retirement and Gratuity benefits:
Retirement benefits in the form of Provident Fund and Superannuation
Scheme are defined contribution schemes and the contributions are
charged to the profit and loss account of the year when the
contributions to the respective funds. are due. There are no
obligations other than the contribution payable to the Provident Fund
authorities/The Life Insurance Corporation of India who maintain and
administer the Superannuation Scheme. During the year there were no
employees and as such there is no charge to the profit and loss account
of the year.
Gratuity liability is a defined benefit obligation and is provided on
the basis of an actuarial valuation on projected unit credit method
made at the end of each financial year. The scheme is maintained and
administered by the Life Insurance Corporation of India to Which the
company makes periodic contributions. All the employees of the Company
have resigned at the close of business hours on 31/03/2009. Provision
was therefore made on the basis of the amount due as on 31/03/2009 in
the previous year. Since there are no employees during the year there
is no charge to the profit and loss account.
Leave Encashment payable as per the companys rules and calculated as
per the amount payable towards a policy with LIC has been charged to
the Profit & Loss Account during the previous year. The scheme is
maintained and administered by the Life Insurance Corporation of India
to which the company makes periodic contributions. Since there are no
employees during the year there is no charge to the profit and loss
account.
Short term compensated absences are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered. Long term compensated absences are
provided for based on actuarial valuation made at the end of each
financial year. The actuarial valuation is done as per projected unit
credit method. All the employees of the Company have resigned at the
close of business hours on 31/03/2009. Provision has been made on the
basis of the amount determined by LIC as it is higher than the
amountdue as on 31/03/2009.
Actuarial gains/losses are immediately taken to the profit and loss
account and are not deferred.
viii) 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 takes necessarily
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
ix) Provision for Current and Deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from liming differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is virtual certainty that the asset will be realised in
future.
x) Earnings Per Share: Basic earnings per share are calculated by
dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares
outstanding during the year.
The number of shares used in computing diluted earnings per share
comprises the weighted average shares considered for deriving basic
earnings per share, and also the weighted average number of equity
shares that could have been issued on conversion of all dilutive
potential equity shares.
xi) Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resou.ces.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
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