Mar 31, 2016
a. The Accounting Convention:
The financial statements are prepared in historical cost convention and as a going concern concept. Accounting policies not referred to specifically are consistent with Generally Accepted Accounting Principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and recognises income and expenditure on accrual basis, except in the circumstances specifically mentioned below:
Sales Return : Breakages & Claims, Goods Returned Back.
c. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost includes freight, taxes and any attributable cost of bringing the asset to its working condition for its intended use.
d. Depreciation:
Depreciation on assets is provided on straight line method, at the rates and in the manner prescribed under Schedule II to the Companies Act, 2013.
e. Inventories:
a. Raw Material, Packing Material, Stores and Spare Parts are valued at cost by following FIFO method.
b. Work in Process is valued at cost.
c. Finished Goods are valued at lower of cost or net realisable value.
f. Retirement Benefits:
Employees Provident Fund is administered by Regional Provident Fund Commissioner to whom remittances are made. Employerâs Contribution is charged to revenue.
Gratuity amount payable to employees is provided based on actuarial Valuation during the Year. The Company has formed a trust for Gratuity purposes and has a Gratuity Fund registered with Life Insurance Corporation of India.
g. Prior period items etc:
There are no material items relating to prior period, non- recurring in nature and extraordinary items.
h. Taxes on Income:
To provide and determine current tax as the amount of tax payable in respect of taxable income for the period. To provide and recognise deferred tax on timing differences between taxable income and accounting income subject to consideration of prudence. Not to recognise deferred tax asset on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that there will be sufficient future taxable income available to realise such assets.
i. Foreign Currency Transactions:
To account for transactions in foreign currency at the exchange rate prevailing on the date of transaction. Gains/losses arising out of fluctuations in the exchange rates are recognised in Profit and Loss Account in the period in which they arise except in respect of fixed assets where exchange variance is adjusted in carrying amount of the respective fixed assets.
Expenditure incurred in foreign currency Rs.9.88 lakh(Foreign Exchange outgo)
Income in foreign currency NIL during the year.
Mar 31, 2015
A. The Accounting Convention:
The financial statements are prepared in historical cost convention
and as a going concern concept. Accounting policies not referred to
specifically are consistent with generally accepted accounting
principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and
recognises income and expenditure on accrual basis, except in the
circumstances specifically mentioned below:
Sales Return: Breakages & Claims, Goods Returned Back and discounts.
c. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost
includes freight, taxes and any attributable cost of bringing the
asset to its working condition for its intended use.
d. Depreciation:
Depreciation on assets is provided on straight line method, at the
rates and in the manner prescribed under Schedule II to the Companies
Act, 2013. Adopted useful life as per schedule II of the companies act
in the current year.
e. Inventories:
a. Raw Material, Packing Material, Stores and Spare Parts are valued
at cost by following FIFO method.
b. Work in Process is valued at cost.
c. Finished Goods are valued at lower of cost or net realisable value.
f. Retirement Benefits:
Employees Provident Fund is administered by Regional Provident Fund
Commissioner to whom remittances are made. Employer's Contribution
is charged to revenue.
Gratuity amount payable to employees is provided based on actuarial
Valuation during the Year. The Company has formed a trust for Gratuity
purposes and has a Gratuity Fund registered with Life Insurance
Corporation of India.
g. Prior period items etc:
There are no material items relating to prior period, non- recurring
in nature and extraordinary items.
h. Taxes on Income:
To provide and determine current tax as the amount of tax payable in
respect of taxable income for the period. To provide and recognise
deferred tax on timing differences between taxable income and
accounting income subject to consideration of prudence. Not to
recognise deferred tax asset on unabsorbed depreciation and carry
forward of losses unless there is virtual certainty that there will be
sufficient future taxable income available to realise such assets.
The Company has adopted AS 22 - Accounting for Taxes on Income. The
accumulated net deferred tax asset on account of timing difference
between book and tax loss has not been recognised due to virtual
uncertainty that there will be future taxable income in near future
available to realise such losses.
i. Foreign Currency Transactions:
To account for transactions in foreign currency at the exchange rate
prevailing on the date of transaction. Gains/losses arising out of
fluctuations in the exchange rates are recognised in Profit and Loss
Account in the period in which they arise except in respect of fixed
assets where exchange variance is adjusted in carrying amount of the
respective fixed assets. There is no significant transactions during
the year.
Mar 31, 2014
A. The Accounting Convention:
The financial statements are prepared in historical cost convention and
as a going concern concept. Accounting policies not referred to
specifically are consistent with Generally Accepted Accounting
Principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and
recognises income and expenditure on accrual basis, except in the
circumstances specifically mentioned below:
Sales Return : Breakages & Claims, Goods Returned Back.
c. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost
includes freight, taxes and any attributable cost of bringing the asset
to its working condition for its intended use.
d. Depreciation:
Depreciation on assets is provided on straight line method, at the
rates and in the manner prescribed under Schedule XIV to the Companies
Act, 1956.
e. Inventories:
a. Raw Material, Packing Material, Stores and Spare Parts are valued
at cost by following FIFO method.
b. Work in Process is valued at cost.
c. Finished Goods are valued at lower of cost or net realisable value.
f. Retirement Benefits:
Employees Provident Fund is administered by Regional Provident Fund
Commissioner to whom remittances are made. Employer''s Contribution is
charged to revenue.
Gratuity amount payable to employees is provided based on actuarial
Valuation during the Year. The Company has formed a trust for Gratuity
purposes and has a Gratuity Fund registered with Life Insurance
Corporation of India.
g. Prior period items etc:
There are no material items relating to prior period, non- recurring in
nature and extraordinary items.
h. Taxes on Income:
To provide and determine current tax as the amount of tax payable in
respect of taxable income for the period. To provide and recognise
deferred tax on timing differences between taxable income and
accounting income subject to consideration of prudence. Not to
recognise deferred tax asset on unabsorbed depreciation and carry
forward of losses unless there is virtual certainty that there will be
sufficient future taxable income available to realise such assets.
i. Foreign Currency Transactions:
To account for transactions in foreign currency at the exchange rate
prevailing on the date of transaction. Gains/losses arising out of
fluctuations in the exchange rates are recognised in Profit and Loss
Account in the period in which they arise except in respect of fixed
assets where exchange variance is adjusted in carrying amount of the
respective fixed assets.
Mar 31, 2013
A. The Accounting Convention:
The financial statements are prepared in historical cost convention and
as a going concern. Accounting policies not referred to specifically
are consistent with generally accepted accounting principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and
recognises income and expenditure on accrual basis, except in the
circumstances specifically mentioned below:
Sales Return : Breakages & Claims, Goods Returned Back.
c. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost
includes freight, taxes and any attributable cost of bringing the asset
to its working condition for its intended use.
d. Depreciation:
Depreciation on assets is provided on straight line method, at the
rates and in the manner prescribed under Schedule XIV to the Companies
Act, 1956.
e. Inventories:
a. Raw Material, Packing Material, Stores and Spare Parts are valued
at cost by following FIFO method.
b. Work in Process is valued at cost.
c. Finished Goods are valued at lower of cost or net realisable value.
f. Retirement Benefits:
Employees Provident Fund is administered by Regional Provident Fund
Commissioner to whom remittances are made. Employer''s Contribution is
charged to revenue.
Gratuity amount payable to employees is provided based on actuarial
Valuation during the Year.
g. Prior period items etc:
There are no material items relating to prior period, non- recurring in
nature and extraordinary items.
h. Taxes on Income:
To provide and determine current tax as the amount of tax payable in
respect of taxable income for the period. To provide and recognise
deferred tax on timing differences between taxable income and
accounting income subject to consideration of prudence. Not to
recognise deferred tax asset on unabsorbed depreciation and carry
forward of losses unless there is virtual certainty that there will be
sufficient future taxable income available to realise such assets.
i. Foreign Currency Transactions:
To account for transactions in foreign currency at the exchange rate
prevailing on the date of transaction. Gains/losses arising out of
fluctuations in the exchange rates are recognised in Profit and Loss in
the period in which they arise except in respect of fixed assets where
exchange variance is adjusted in carrying amount of the respective
fixed assets.
Mar 31, 2012
A. The Accounting Convention:
The financial statements are prepared in historical cost convention and
as a going concern. Accounting policies not referred to specifically
are consistent with generally accepted accounting principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and
recognises income and expenditure on accrual basis, except in the
circumstances specifically mentioned below:
Sales Return : Breakages & Claims, Goods Returned Back.
c. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost
includes freight, taxes and any attributable cost of bringing the asset
to its working condition for its intended use.
d. Depreciation:
Depreciation on assets is provided on straight line method, at the
rates and in the manner prescribed under Schedule XIV to the Companies
Act, 1956.
e. Inventories:
a. Raw Material, Packing Material, Stores and Spare Parts are valued
at cost by following FIFO method.
b. Work in Process is valued at cost.
c. Finished Goods are valued at lower of cost or net realisable value.
f. Retirement Benefits:
Employees Provident Fund is administered by Regional Provident Fund
Commissioner to whom remittances are made. Employer's Contribution is
charged to revenue.
Gratuity amount payable to employees is provided based on actuarial
Valuation during the Year.
g. Prior period items etc:
There are no material items relating to prior period, non- recurring in
nature and extraordinary items.
h. Taxes on Income:
To provide and determine current tax as the amount of tax payable in
respect of taxable income for the period. To provide and recognise
deferred tax on timing differences between taxable income and
accounting income subject to consideration of prudence. Not to
recognise deferred tax asset on unabsorbed depreciation and carry
forward of losses unless there is virtual certainty that there will be
sufficient future taxable income available to realise such assets.
i. Foreign Currency Transactions:
To account for transactions in foreign currency at the exchange rate
prevailing on the date of transaction. Gains/losses arising out of
fluctuations in the exchange rates are recognised in Profit and Loss in
the period in which they arise except in respect of fixed assets where
exchange variance is adjusted in carrying amount of the respective fixed assets.
Mar 31, 2010
A. The Accounting Convention:
The financial statements are prepared in historical cost convention and
as a going concern. Accounting policies not referred specifically are
consistent with generally accepted accounting principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and
recognizes income and expenditure on accrual basis, except in the
circumstances specifically mentioned below:
Sales Return: Breakages & Claims, Goods Returned Back.
c. Sales:
During the year Company manufactured the goods on Job Work basis.
Further company also manufactured Masalas on sale basis.
d. Purchases:
Purchases have been accounted on receipt basis and the liabilities
thereon have also been provided.
e. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost
includes freight, taxes and any attributable cost of bringing the asset
to its working condition for its intended use. State Subsidy of Rs.20
Lakhs has been adjusted against plant and machinery.
f. Depreciation:
Depreciation on assets is provided on straight-line method, at the
rates and in the manner prescribed under Schedule XIV to the Companies
Act, 1956.
g. Inventories:
a. Raw Material, Packing Material, Stores & Spares are valued at cost
by following FIFO method.
b. Work in Process is valued at cost.
c. Finished goods are valued at lower of cost or net realizable value.
h. Retirement benefits:
Employees Provident Fund is administered by the Regional Provident Fund
Commissioner to whom remittances are made. Employers contribution is
charged to revenue.
Gratuity amount payable to employees is provided on estimated basis in
accordance with Payment of Gratuity Act, 1972.
i. Prior period items etc:
There are no Material items relating to prior period, non-recurring in
nature and extraordinary items.
j. Taxes on Income
To provide and determine current tax as the amount of tax payable in
respect of taxable income for the period. To provide and recognize
deferred tax on timing differences between taxable income and
accounting income subject to consideration of prudence. Not to
recognize Deferred tax assets on unabsorbed depreciation and carry
forward of losses unless there is virtual certainty that there will be
sufficient future taxable income available to realize such assets.
k. Foreign Currency Transaction
To account for transactions in foreign currency at the exchange rate
prevailing on the date of transactions. Gains/losses arising out of
fluctuations in the exchange rates are recognized in Profit and Loss in
the period in which they arise except in respect of fixed assets where
exchange variance is adjusted in carrying amount of the respective
fixed asset. No Foreign Currency Transactions were done during the
year.
Mar 31, 2009
A. The Accounting Convention:
The financial statements are prepared in historical cost convention and
as a going concern. Accounting policies not referred specifically are
consistent with generally accepted accounting principles.
b. Revenue Recognition:
The Company generally follows the mercantile system of accounting and
recognizes income and expenditure on accrual basis, except in the
circumstances specifically mentioned below: Sales Return: Breakages &
Claims, Goods Returned Back.
c. Sales:
During the year Company manufactured Ayurvedic Products on Job Work
basis. Further company claimed Job Work Charges from M/s.Pochiraju
Industries Limited (PIL) till the date of agreement.
Hence, there are no sales for the Financial Year in the books of
account of the Company.
d. Purchases:
During the year there was no purchase of Raw material and Packing
material.
e. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost
includes freight, taxes and any attributable cost of bringing the asset
to its working condition for its intended use.
f. Depreciation:
Depreciation on assets is provided on straight-line method, at the
rates and in the manner prescribed under Schedule XIV to the Companies
Act, 1956.
f. Inventories:
a. During the year there was no purchase of Raw materials, Packing
Materials, Stores & Spares stocks thereof.
b. There is no Work in Process during the year.
c. Finished goods are valued at lower of cost or net realizable value.
There is no finished goods as on closing of the accounting year.
g. Retirement benefits:
Employees Provident Fund is administered by the Regional Provident Fund
Commissioner to whom remittances are made. Employers contribution is
charged to revenue.
Gratuity amount payable to employees is provided on estimated basis in
accordance with Payment of Gratuity Act, 1972.
All contingent liabilities not provided for in the estimated basis in
accordance with Payment of Gratuity Act, 1972.
h. Prior period items etc:
There are no Material items relating to prior period, non-recurring in
nature and extraordinary items.
i. Taxes on Income
To provide and determine current tax as the amount of tax payable in
respect of taxable income for the period. To provide and recognize
deferred tax on timing differences between taxable income and
accounting income subject to consideration of prudence. Not to
recognize Deferred tax assets on unabsorbed depreciation and carry
forward of losses unless there is virtual certainty that à there will
be sufficient future taxable income available to realize such assets.
j. Foreign Currency Transaction
To account for transactions in foreign currency at the exchange rate
prevailing on the date of transactions. Gains/losses arising out of
fluctuations in the exchange rates are recognized in Profit and Loss in
the period in which they arise except in respect of fixed assets where
exchange variance is adjusted in carrying amount of the respective
fixed asset. No Foreign Currency Transactions were done during the
year.