Mar 31, 2015
A. Basis of Accounting:
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India, on the accrual and
going concern basis under the historical cost convention except
revaluation of certain Fixed Assets. The Company has prepared these
financial statements to comply, in all material aspects, with the
Accounting Standards notified under Section 133 of the Companies Act,
2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the
relevant provisions of the Companies Act, 2013. In accordance with
first proviso to section 129(1) of the Companies Act, 2013, the items
contained in these financial statements are in accordance with the
Accounting Standards as referred to therein.
b. Basis of preparation of financial statements:
All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in the Schedule III to the Companies Act, 2013. For
the above purposes, the Company has determined the operating cycle
based on the nature of products and the time between the acquisition of
inputs for manufacturing and their realisation in cash and cash
equivalents.
c. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Differences between the actual results and estimates are recognised in
the period in which the results are known / materialised.
d. Fixed Assests Tangibles
Tangibles Assets are stated at cost of acquisition less accumulated
depreciation and amortization. All costs relating to the acquisition
and installation of tangible assets are capitalized and include
borrowing costs directly attributable to acquisition of tangible assets
upto the date the asset is put to use.
Intangibles
Goodwill arising on amalgamation is recoded at cost of acquisition less
depreciation.
e. Depreciation Tangibles
Depreciation on tangible assets has been provided on written down value
method on pro rata basis at the rates and in the manner specified in
Schedule XIV of the Companies Act, 1956.
Intangibles
Depreciation on Goodwill has been provided on straight line method
presuming economic benefits for a period of four years.
f. Revenue Recognition
a) Income from Shares & Securities trading is recognized as income or
loss on the date of actual trade and is shown net of brokerage
expenses.
b) The income from sales of goods and other income are accounted on
accrual basis.
c) The amount recognized as sale is exclusive of sales tax/VAT and are
net of returns and excludes freight and other charges and accounted for
at time when the invoices are raised.
g. Investments
Investments are either classified as current or long term based on
Managements intention at the time of purchase. Investments that are
intended to be held for one year or more are classified as long term
investments and investments that are intended to be held for less than
one year are classified as current investments. Long term investments
are carried at cost less provisions made for permanent diminution in
the value, if any. Current investments are valued at the lower of cost
and fair value of each investment individually.
h. Stock in Trade
The Stock of Finished Goods is valued at lower of cost or market value.
i. Taxes on Income
a) Income Âtax expense comprises current tax (i.e. amount of tax for
the period determined in accordance with income tax laws) and deferred
tax charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the period).
b) The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that the assets can be realized in future.
j. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as results of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in Notes to
Accounts, while contingent assets are neither recognized not disclosed
in the financial statements.
k. Cash Flow Statment
Cash flow statements are prepared in accordance with the "Indirect
Method" as explained in the Accounting Standard (AS) 3 Â Cash Flow
Statements as prescribed under section 211 (3C) of the Companies Act
1956.
l. Earning Per Share
Basic Earning per Share is calculated by dividing the net profit after
tax for the year attributable to equity shareholders of the Company by
the weighted average number of shares outstanding during the year.
Mar 31, 2014
1 Basis of preparations
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India. The
company has prepared these financial statements to comply in all
material respect with the accounting standards notified under the
Companies (Accounting Standards) Rules 2006 (as amended) and the
relevant provision of the Companies Act 1956. The financial statements
have been prepared on an accrual basis and under the historical cost
conventions. The accounting policies adopted in the preparation of the
financial statements are consistent with those of the previous year.
2 Fixed Assets Tangibles
Tangible Assets are stated at cost of acquisition less accumulated
depreciation and amortization. All costs relating to the acquisition
and installation of tangible assets are capitalized and include
borrowing costs directly attributable to acquisition of tangible assets
upto the date the asset is put to use.
Intangibles
Goodwill arising on amalgamation is recoded at cost of acquisition less
depreciation.
3 Depreciation Tangibles
Depreciation on tangible assets has been provided on written down value
method on pro rata basis at the rates and in the manner specified in
Schedule XIV of the Companies Act, 1956.
Intangibles
Depreciation on Goodwill has been provided on straight line method
presuming economic benefits for a period of four years.
4 Revenue Recognition
a) Income from Shares & Securities trading is recognized as income or
loss on the date of actual trade and is shown net of brokerage
expenses.
b) The income from sales of goods and other income are accounted on
accrual basis.
c) The amount recognized as sale is exclusive of sales tax/VAT and are
net of returns and excludes freight and other charges and accounted for
at time when the invoices are raised.
5 Investments
Investments are either classified as current or long term based on
Managements intention at the time of purchase. Investments that are
intended to be held for one year or more are classified as long term
investments and investments that are intended to be held for less than
one year are classified as current investments. Long term investments
are carried at cost less provisions made for permanent diminution in
the value, if any. Current investments are valued at the lower of cost
and fair value of each investment individually.
6 Stock in trade
The Stock of Finished Goods is valued at lower of cost or market value.
7 Taxes on Income
a) Income-tax expense comprises current tax (i.e. amount of tax for the
period determined in accordance with income tax laws) and deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the period).
b) The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that the assets can be realized in future.
8 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as results of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in Notes to
Accounts, while contingent assets are neither recognized nor disclosed
in the financial statements.
9 Cash Flow Statement
Cash flow statements are prepared in accordance with the "Indirect
Method" as explained in the Accounting Standard (AS) 3 - Cash Flow
Statements as prescribed under section 211(3C) of the Companies Act
1956.
10 Earning Per Share
Basic Earning per Share is calculated by dividing the net profit after
tax for the year attributable to equity shareholders of the Company by
the weighted average number of shares outstanding during the year.
Mar 31, 2013
1.1 Basis of preparations
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India. The
company has prepared these financial statements to comply in all
material respect with the accounting standards notified under the
Companies (Accounting Standards) Rules 2006 (as amended) and the
relevant provision of the Companies Act 1956. The financial statements
have been prepared on an accrual basis and under the historical cost
conventions. The accounting policies adopted in the preparation of the
financial statements are consistent with those of the previous year.
1.2 Fixed Assets Tangibles
Tangible Assets are stated at cost of acquisition less accumulated
depreciation and amortization. All costs relating to the acquisition
and installation of tangible assets are capitalized and include
borrowing costs directly attributable to acquisition of tangible assets
upto the date the asset is put to use.
Intangibles
Goodwill arising on amalgamation is recoded at cost of acquisition less
depreciation.
1.3 Depreciation Tangibles
Depreciation on tangible assets has been provided on written down value
method on pro rata basis at the rates and in the manner specified in
Schedule XIV of the Companies Act, 1956.
Intangibles
Depreciation on Goodwill has been provided on straight line
methodpresuming economic benefits for a period of four years.
1.4 Revenue Recognition
a) Income from Shares & Securities trading is recognized as income or
loss on the date of actual trade and is shown net of brokerage
expenses.
b) The income from sales of goods and other income are accounted on
accrual basis.
c) The amount recognized as sale is exclusive of sales taxA/AT and are
net of returns and excludes freight and other charges and accounted for
at time when the invoices are raised.
1.5 Investments
Investments are either classified as current or long term based on
Managements intention at the time of purchase. Investments that are
intended to be held for one year or more are classified as long term
investments and investments that are intended to be held for less than
one year are classified as current investments. Long term investments
are carried at cost less provisions made for permanent diminution in
the value, if any. Current investments are valued at the lower of cost
and fair value of each investment individually.
1.6 Stock in trade
The Stock of Finished Goods is valued at lower of cost or market value.
1.7 Taxes on Income
a) Income-tax expense comprises current tax (i.e. amount of tax for the
period determined in accordance with income tax laws) and deferred tax
charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the period).
b) The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that the assets can be realized in future.
1.8 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as results of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in Notes to
Accounts, while contingent assets are neither recognized nor disclosed
in the financial statements.
1.9 Cash Flow Statement
Cash flow statements are prepared in accordance with the "Indirect
Method" as explained in the Accounting Standard (AS) 3 - Cash Flow
Statements as prescribed under section 211 (3C) of the Companies Act
1956.
1.10 Earning PerShare
Basic Earning per Share is calculated by dividing the net profit
aftertax for the year attributable to equity shareholders of the
Company by the weighted average number of shares outstanding during the
year.
Mar 31, 2012
(a) Basis of Preparation of Financial Statements
The Financial Statements are prepared under the historical cost
convention and on accrual basis except those stated at revalued amount
on the going concern basis.
(b) Inventory
Inventory of traded goods are carried at lower of cost and net
realizable value.
(c) Revenue Recognition
Revenue is recognized only when it can be reliability measured and it
is reasonable to except ultimate collection.
(d) Retirement Benefits
The Company follows the policy of accounting for the retirement
benefits only on crystallization of the liability.
(e) Provision for Current and Deferred Tax
Tax expense comprise of current tax (i.e. amount of tax for the period
determined in accordance with applicable taxable laws), and deferred
tax charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period).
Deferred Tax Assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future;
however, where there is unabsorbed depreciation and carry forward loss
under applicable tax laws, deferred tax assets are recognized only if
there is virtually certainty of realization of such assets.
I Key Managerial Personnel and their relatives Mr. Sanjay Dhelia
Mr. O. P. Gupta Mr. S. P. Kalantri
II There were no transaction with related party during the financial
year under audit as well as immediately preceding financial year.
Mar 31, 2011
(a) Basis of Preparation of Financial Statements
The Financial Statements are prepared under the historical cost
convention and on accrual basis except those stated at revalued amount
on the going concern basis.
(b) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for their intended
use.
(c) Depreciation
Depreciation is provided as per WDV method at rates prescribed in the
Schedule XIV of Companies Act, 1956 on prorate basis.
(d) Inventory There are no inventories during the year.
(e) Revenue Recognition
Revenue is recognized only when it can be reliability measured and it
is reasonable to except ultimate collection.
(f) Retirement Benefits
The Company follows the policy of accounting for the same only on
crystallization of the liability.
(g) Provision for Current and Deferred Tax
The provision for tax is based on assessable profit of the Company,
computed in accordance with relevant taxation provision.
Provision for Deferred tax assets or liabilities have not been
recognized on brought forward losses as well in view of uncertainty
about the availability of future income.
(g) Expenses
Material known liabilities are provided for on the basis of available
information / estimates. Material items of prior period expenses,
non-recurring and extra ordinary expenses are disclosed separately.
Mar 31, 2010
(a) SYSTEM OF ACCOUNTING
Financial Statements are prepared on historical cost convention and
accrual basis except those stated at revalued amount on the going
concern.
(c) FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for their intended
use.
(d) DEPRECIATION
Depreciation is provided as per WDV method at rates prescribed in the
Schedule XIV of Companies Act, 1956 on prorate basis.
(e) INVENTORIES
There are no inventories during the year.
(f) TREATMENT OF CONTINGENT LIABILITIES
Contingent Liabilities are disclosed by way of note on the Balance
Sheet; Provision is made in the Accounts for those liabilities which
are likely to materialize after the year and till the finalization of
accounts and having effect on the position stated in the Balance Sheet
as at the year end.
(a) TAXATION
The provision for tax is based on assessable profit of the Company,
computed in accordance with relevant taxation provision.
(h) TIMING OF REVENUE RECOGNITION
In appropriate circumstances, revenue (income) is recognized, when no
significant uncertainty as to measurability or collectibility exists.
However, export benefits / incentives are accounted on accrual basis.
(i) EXPENSES
Material known liabilities are provided for on the basis of available
information / estimates. Material items of prior period expenses,
non-recurring and extra ordinary expenses are disclosed separately.
(j) DEFERRED TAX
Provision for Deferred tax assets or liabilities have not been
recognized on brought forward losses as well as current year losses in
view of uncertainty about the availability of future income.
Mar 31, 2007
(a) SYSTEM OF ACCOUNTING
Financial Statements are prepared on historical cost convention and
accrual basis except those stated at revalued amount on the going
concern.
(c) FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for their intended
use.
(d) DEPRECIATION
Depreciation is provided as per WDV method at rates prescribed in the
Schedule XIV of Companies Act, 1956 on prorate basis.
(e) INVENTORIES
Long Term investments are stated at cost, provision for diminution in
value for long Term investments is made only if, and such a decline is
other than temporary in the opinion of the management.
(f) TREATMENT OF CONTINGENT LIABILITIES
Contingent Liabilities are disclosed by way of note on the Balance
Sheet; Provision is made in the Accounts for those liabilities which
are likely to materialize after the year and till the finaiization of
accounts and having effect on the position stated in the Balance Sheet
as at the year end.
(g) TAXATION
The provision for tax is based on assessable profit of the Company,
computed in accordance with relevant taxation provision.
h) TIMING OF REVENUE RECOGNITION
In appropriate circumstances, revenue (income) is recognized, when no
significant uncertainty as to measurability or collectibility exists.
However, export benefits / incentives are accounted on accrual basis.
(i) EXPENSES
Material known liabilities are provided for on the basis of available
information / estimates. Material items of prior period expenses,
non-recurring and extra ordinary expenses are disclosed separately.
(j) DEFERRED TAX
Provision for Deferred tax assets or liabilities have not been
recognized on brought forward losses as well as current year losses in
view of uncertainty about the availabilitv of future income.
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