Mar 31, 2015
1. Basis of preparation of Financial Statements
The Financial Statements have been drawn on historical cost convention
in accordance with the Generally Accepted accounting Principles and
applicable accounting standards.
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 revenue and expenses during the reporting period. The
estimates used in the preparation of the financial statements are
prudent and reasonable. Difference between the actual and the estimate
are recognized in the period in which the results are known/
materialize.
2. Fixed Assets
Fixed Assets are stated at historical cost. The cost of the fixed asset
includes freight, installation charges, taxes and duties, applicable
borrowing cost and other incidental expenses incurred in bringing the
asset to its present location and condition. Modifications that enhance
the operating performance or extend the useful life of the asset are
capitalized when there is certainty of deriving future economic
benefits from use of such assets.
Till the period ended March 31, 2014, depreciation was provided on the
basis of Schedule XIV to the Companies Act, 1956. During the current
year, Schedule XIV has been replaced by Schedule II to the Companies
Act, 2013. The applicability of Schedule II has resulted in charges
related to depreciation of certain Fixed Assets.
3. Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds it recoverable value. An impairment loss is charged off when
the 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.
4. Depreciation
Depreciation on fixed assets is provided under straight line method at
the rates specified in Schedule II of the companies' act 2013.
Depreciation on additions and deletions are provided on pro rata basis.
Assets costing less than Rs.5,000 are written off in the year of
purchase.
5. Inventory
a) Inventories are stated at lower of cost or net realizable value and
as per Accounting Standard -2 on "Valuation of Inventories"
b) The cost formula used for the purpose of valuation is Weighted
Average Rate method and includes direct cost incurred in bringing the
items of inventory to their present location and condition.
c) Inventories are taken, verified, certified and valued by the
Management.
d) Obsolete and non moving items of inventory have been adequately
provided for.
6. Revenue Recognition
a) Revenue is recognized only when it can be reliably measured and when
it is reasonable to expect ultimate collection. Revenue from operations
includes sale of goods, income generated by own windmills and 40% of
income generated by windmills are sold to subsidiary company by
overriding title.
b) Sales are recorded net of trade discounts, rebates and Value Added
Tax if any and are recorded at the realized foreign currency rates.
Making charges are recognized at point of sale.
c) Interest received on fixed deposits made for margin purposes towards
supply of raw materials by suppliers is netted off against the cost of
purchases. Interest on bank deposits and other interest bearing loans
is accounted on accrual basis.
7. Employee Benefits
Provident fund, Superannuation fund and Employee's State Insurance
Corporation (ESIC) are the defined contribution schemes offered by the
Company. The Contributions to these schemes are charged to the
statement of profit and loss of the year in which contribution to such
schemes becomes due.
8. Foreign Currency Transactions
a) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the time of the transaction if any.
All monetary assets and monetary liabilities in foreign currencies are
translated at the relevant rates of exchange prevailing at the year
end. Exchange difference arising on actual payments/realizations and
year end restatement are dealt in the profit and loss account. Non
monetary foreign currency items are carried at cost if any.
b) In respect of forward contracts, the forward premium or discount is
recognized as income or expenses over the life of contract in the
statement of profit and loss and the exchange different between the
exchange rate prevailing at the year end and the date of the inception
of the forward exchange contract is recognized as income or expenses in
the statement of profit and loss.
9. Borrowing Cost
a) Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
b) All the fixed assets of the Company excluding the fixed and current
assets of Wind Mills Division are charged to Banks who are providing
working capital of the company.
c) The Company has filed a writ through the Association of SEZ Owners
and Units, Chennai challenging the applicability of retrospective
amendment to the Income Tax Act levying Minimum Alternate Tax on
Profits earned by SEZ units. The writ has been admitted by the High
court of Madras and decision is awaited. Hence, the company has not
provided for Minimum Alternate Tax on SEZ profits
10. Investments
Investments are classified as long as long-term Investments and current
Investments. Investments that are readily realizable and intended to
be held for not more than one year, from the date of acquisition, are
classified as current investments. All other investments are classified
as long term investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. Long term investments are carried
at cost. However, provision for diminution in value is made to
recognize a decline other than temporary in the value of the
investments. On disposal of an investment, the different between its
carrying amount and net disposal proceeds is charged or credited to the
statement of profit and loss.
11. Taxes on income
Provision for income tax is made on the basis of estimated taxable
income for the year at the current rates. Tax expense comprises both
current tax and deferred tax at the applicable rates. Current tax
represents the amount of Income tax payable/ recoverable in respect of
the taxable income/loss for the reporting period.
Deferred tax represents the effect of timing difference between taxable
income and accounting income for the reporting year that originate in
one year and are capable of reversal in one or more subsequent year.
12. Contingent liabilities
A contingent liability is possible obligation that arises from past
events whose existence will be confirmed by the occurrence or non
occurrence of one or more uncertain future events beyond the control of
the Company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability in the financial statements, but are disclosed in
the notes.
A contingent liability is possible obligation that arises from past
events whose existence will be confirmed by the occurrence or non
occurrence of one or more uncertain future events beyond the control of
the Company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability in the financial statements, but are disclosed in
the notes.
13. Provisions
A provision is recognized when the Company has a present obligation as
a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined on best estimate required to settle
the obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimate.
Provision / Write off of doubtful and unrecoverable book debts and
advances have been made, wherever found necessary by the management.
14. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable by the weighted average of number of
equity shares outstanding during the year.
15. Cash Flow Statement
The Cash flow statement is prepared by the indirect method set out in
the accounting standard 3 on cash flow statement. Cash and Cash
Equivalent for the purpose of cash flow statement comprise cash at bank
& cash in hand.
Mar 31, 2014
A) BASIS OF ACCOUNTING
1. The financial statements are prepared under the historical cost
convention and on accrual basis except otherwise stated herein and in
conformity with the accounting principles generally accepted in India.
The financial statements are prepared to comply in all material
respects with the accounting standards notified under the Companies
(Accounting Standards) Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956.
2. USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires the management to make
judgments, estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities, at the end of the reporting period. Estimates
and underlying assumptions are reviewed on an ongoing basis. Although
these estimates are based on the management''s best knowledge of
currents events and actions, uncertainty about these assumptions and
estimates could result in the outcomes requiring a material adjustment
to the carrying amounts of assets and liabilities in future periods.
3. TAXES ON INCOME
Income Tax payable in respect of taxable income for the period is
charged to the Profit and Loss account as ''Current tax''. Tax
effects arising out of timing difference in accounting income and
taxable income are identified as "Deferred Tax asset/ liability" by
applying tax rates that have been enacted or substantially enacted as
on the balance sheet date. The carrying amount of deferred tax asset/
liability is reviewed at the balance sheet date subject to assessment
based on the principle of prudence.
4. BORROWING COST
All borrowing costs have been charged to revenue accounts.
B) FIXED ASSETS AND DEPRECIATION
1. Fixed Assets are stated at historical cost plus installation and
incidental expenses and less accumulated depreciation.
2. Depreciation on fixed assets has been provided under Straight Line
Method except for Windmills, on which, Written Down Value method is
provided and in accordance with Schedule XIV to the Companies Act 1956.
3. Lease charges written off on 1/5th basis in respect of Land allotted
to us in MEPZ, Chennai.
C) EMPLOYEES RETIREMENT BENEFITS
Company''s contribution to Provident Fund and Provision for Gratuity
has been charged to the Profit & Loss Account.
D) INVENTORIES
1. Inventories are stated at lower of cost or net realizable value and
as per Accounting Standard -2 on "Valuation of Inventories"
2. The cost formula used for the purpose of valuation is Weighted
Average Rate method and includes direct cost incurred in bringing the
items of inventory to their present location and condition.
3. Inventories are taken, verified, certified and valued by the
Management.
4. Obsolete and non moving items of inventory have been adequately
provided for.
E) REVENUE RECOGNITION
1. Revenue is recognized only when it can be reliably measured and when
it is reasonable to expect ultimate collection. Revenue from operations
includes sale of goods, income generated by own windmills and 40% of
income generated by windmills sold to subsidiary company by overriding
title.
2. Sales are recorded net of trade discounts, rebates and value added
tax if any and are recorded at the realized foreign currency rates.
Making charges are recognized at point of sale.
3. Interest received on fixed deposits made for margin purposes towards
supply of raw materials by suppliers is netted off against the cost of
purchases. Interest on bank deposits and other interest bearing loans
is accounted on accrual basis.
II. BALANCE SHEET
1. SECURED LOAN
a. All the fixed assets of the Company excluding the fixed and current
assets of Wind Mills Division are charged to Banks who are providing
working capital of the company.
2. The Company has filed a writ through the Association of SEZ Owners
and Units, Chennai challenging the applicability of retrospective
amendment to the Income Tax Act levying Minimum Alternate Tax on
Profits earned by SEZ units. The writ has been admitted by the High
court of Madras and decision is awaited. Hence, the company has not
provided for Minimum Alternate Tax on SEZ profits.
3. FOREIGN CURRENCY TRANSACTIONS
a. For its import and export transactions the company is exposed to
foreign exchange transactions, the company hedges its foreign exchange
transactions against its own imports and exports and also by way of
forward contracts with banks.
b. Completed foreign exchange transactions are recorded at the actual
exchange rate paid. Pending foreign exchange transactions as on 31st
March, 2014 are recorded at notional rates. The notional rates have
been converted into prevailing rates on 31st March 2014 and the
difference is recorded as purchase rate differences. Premium paid on
forward contracts is recognized over the life of the contracts.
c. Premium in respect of forward foreign exchange contract is charged
to the Profit and Loss account. Premium in respect of foreign exchange
option contracts is charged to the profit and loss account as and when
the contracts are entered in to but the gain on such option contracts,
is recognized only on maturity / cancellation of such option contracts.
4. MICRO AND SMALL ENTERPRISES DUES
Based on the information / Documents available with the Company amounts
due to micro and small enterprises is NIL.
5. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable by the weighted average of number of
equity shares outstanding during the year.
6. CONTINGENT LIABILITES
A contingent liability is possible obligation that arises from past
events whose existence will be confirmed by the occurrence or non
occurrence of one or more uncertain future events beyond the control of
the Company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability in the financial statements, but are disclosed in
the notes.
7. PROVISIONS
A provision is recognized when the Company has a present obligation as
a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined on best estimate required to settle
the obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimate.
Provision / Write off of doubtful and unrecoverable book debts and
advances have been made, wherever found necessary by the management.
8. INVESTMENTS
Long term investments are stated at cost after deducting the provisions
if any made for permanent diminution in values. Current investments are
stated at lower of the cost and fair market value, whichever is less.
9. CASH FLOW STATEMENT
The Cash flow statement is prepared by the indirect method set out in
the accounting standard 3 on cash flow statement. Cash and Cash
Equivalent for the purpose of cash flow statement comprise cash at bank
& cash in hand.
Mar 31, 2013
1. The financial statements are prepared under the historical cost
convention and on accrual basis except otherwise stated herein and in
conformity with the accounting principles generally accepted in India.
The financial statements are prepared to comply in all material
respects with the accounting standards notified under the Companies
(Accounting Standards) Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956.
2. USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires the management to make
judgments, estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities, at the end of the reporting period. Estimates
and underlying assumptions are reviewed on an ongoing basis. Although
these estimates are based on the management''s best knowledge of
currents events and actions, uncertainty about these assumptions and
estimates could result in the outcomes requiring a material adjustment
to the carrying amounts of assets and liabilities in future periods.
3. TAXES ON INCOME
Income Tax payable in respect of taxable income for the period is
charged to the Profit and Loss account as ''Current tax''. Tax effects
arising out of timing difference in accounting income and taxable
income are identified as "Deferred Tax asset/ liability" by applying
tax rates that have been enacted or substantially enacted as on the
balance sheet date. The carrying amount of deferred tax asset/
liability is reviewed at the balance sheet date subject to assessment
based on the principle of prudence.
4. BORROWING COST
All borrowing costs have been charged to revenue accounts.
B) FIXED ASSETS AND DEPRECIATION
1. Fixed Assets are stated at historical cost plus installation and
incidental expenses and less accumulated depreciation.
2. Depreciation on fixed assets has been provided under Straight Line
Method except for Windmills, on which, Written Down Value method is
provided and in accordance with Schedule XIV to the Companies Act 1956.
3. Lease charges written off on 1/5th basis in respect of Land
allotted to us in MEPZ, Chennai.
4. During the year Windmills of Rs.30,62,46,301/- (cost) having
Written Down Value of Rs.12,65,25,277/-were transferred to Subsidiary
Companies for converting them under group captive scheme to augment
revenues. This transfer has resulted in a Book Loss on sale of assets
of Rs.7,70,25,277/-
C) EMPLOYEES RETIREMENT BENEFITS
Company''s contribution to Provident Fund and Provision for Gratuity has
been charged to the Profit & Loss Account.
D)INVENTORIES
1. Inventories are stated at lower of cost or net realizable value and
as per Accounting Standard -2 on "Valuation of Inventories"
2. The cost formula used for the purpose of valuation is Weighted
Average Rate method and includes direct cost incurred in bringing the
items of inventory to their present location and condition.
3. Inventories are taken, verified, certified and valued by the
Management.
4. Obsolete and non moving items of inventory have been adequately
provided for.
E) REVENUE RECOGNITION
1. Revenue is recognized only when it can be reliably measured and
when it is reasonable to expect ultimate collection. Revenue from
operations includes sale of goods, income generated by own windmills
and 40% of income generated by windmills sold to subsidiary company by
overriding title.
2. Sales are recorded net of trade discounts, rebates and value added
tax if any and are recorded at the realized foreign currency rates.
Making charges are recognized at point of sale.
3. Interest received on fixed deposits made for margin purposes
towards supply of raw materials by suppliers is netted off against the
cost of purchases. Interest on bank deposits and other interest bearing
loans is accounted on accrual basis.
II. BALANCE SHEET
1. SECURED LOAN
a. All the fixed assets of the Company excluding the fixed and current
assets of Wind Mills Division are charged to Banks who are providing
working capital of the company.
2. The Company has filed a writ through the Association of SEZ Owners
and Units, Chennai challenging the applicability of retrospective
amendment to the Income Tax Act levying Minimum Alternate Tax on
Profits earned by SEZ units. The writ has been admitted by the High
court of Madras and decision is awaited. Hence, the company has not
provided for Minimum Alternate Tax on SEZ profits.
3. FOREIGN CURRENCY TRANSACTIONS
a. For its import and export transactions the company is exposed to
foreign exchange transactions, the company hedges its foreign exchange
transactions against its own imports and exports and also by way of
forward contracts with banks.
b. Completed foreign exchange transactions are recorded at the actual
exchange rate paid. Pending foreign exchange transactions as on 31st
March, 2013 are recorded at notional rates. The notional rates have
been converted into prevailing rates on 31st March 2013 and the
difference is recorded as purchase rate differences. Premium paid on
forward contracts is recognized over the life of the contracts.
c. Premium in respect of forward foreign exchange contract is charged
to the Profit and Loss account. Premium in respect of foreign exchange
option contracts is charged to the profit and loss account as and when
the contracts are entered in to but the gain on such option contracts,
is recognized only on maturity / cancellation of such option contracts.
4. MICRO AND SMALL ENTERPRISES DUES
Based on the information / Documents available with the Company amounts
due to micro and small enterprises is NIL.
5. EARNINGS PER SHARE
Basic earning per share is calculated by dividing the net profit or
loss for the period attributable by the weighted average of number of
equity shares outstanding during the year.
6. CONTINGENT LIABILITES
A contingent liability is possible obligation that arises from past
events whose existence will be confirmed by the occurrence or non
occurrence of one or more uncertain future events beyond the control of
the Company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability in the financial statements, but are disclosed in
the notes.
7. PROVISIONS
A provision is recognized when the Company has a present obligation as
a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined on best estimate required to settle
the obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimate.
Provision / Write off of doubtful and unrecoverable book debts and
advances have been made, wherever found necessary by the management.
8. INVESTMENTS
Long term investments are stated at cost after deducting the provisions
if any made for permanent diminution in values. Current investments are
stated at lower of the cost and fair market value, whichever is less.
9. CASH FLOW STATEMENT
The Cash flow statement is prepared by the indirect method set out in
the accounting standard 3 on cash flow statement. Cash and Cash
Equivalent for the purpose of cash flow statement comprise cash at bank
& cash in hand.
Mar 31, 2012
A) BASIS OF ACCOUNTING
1. The financial statements are prepared under the historical cost
convention and on accrual basis except otherwise stated herein and in
conformity with the accounting principles generally accepted in India.
2. TAXES ON INCOME
Income Tax payable in respect of taxable income for the period is
charged to the Profit and Loss account as 'Current tax'. Tax effects
arising out of timing difference in accounting income and taxable
income are identified as "Deferred Tax asset/ liability" by
applying tax rates that have been enacted or substantially enacted as
on the balance sheet date. The carrying amount of deferred tax asset/
liability is reviewed at the balance sheet date subject to assessment
based on the principle of prudence.
3. BORROWING COST
All borrowing costs have been charged to revenue accounts.
B) FIXED ASSETS AND DEPRECIATION
1. Fixed Assets are stated at historical cost plus installation and
incidental expenses and less accumulated depreciation.
2. Depreciation on fixed assets has been provided under Straight Line
Method except for Windmills, on which, Written Down Value method is
provided and in accordance with Schedule XIV to the Companies Act 1956.
3. Lease charges written off on 1 /5th basis in respect of Land
allotted to us in MEPZ, Chennai.
4. During the year Fixed assets of Rs.11,49,06,608/- having Written
Down Value of Rs.59,709,709/- were scrapped resulting in Loss on sale
of assets of Rs.5,47,07,114/-
5. During the previous year Depreciation on windmills has been changed
from Straight Line Method to Written Down Value method. Consequent to
this change in method of depreciation, an additional amount of
Rs.100,993,718/-has been provided as depreciation related to prior
years.
C) EMPLOYEES RETIREMENT BENEFITS
Company's contribution to Provident Fund and Provision for Gratuity
has been charged to the Profit & Loss Account.
D) INVENTORIES
1. Inventories are stated at lower of cost or net realizable value and
as per Accounting Standard -2 on "Valuation of Inventories"
2. Inventories are taken, verified, certified and valued by the
Management
Mar 31, 2011
A) BASIS OF ACCOUNTING
1. The financial statements are prepared under the historical cost
convention and on accrual basis except otherwise stated herein and in
conformity with the accounting principles generally accepted in India.
2. TAXES ON INCOME
Income Tax payable in respect of taxable income for the period is
charged to the Profit and Loss account as Current tax. Tax effects
arising out of timing difference in accounting income and taxable
income are identified as "Deferred Tax asset/ liability" by applying
tax rates that have been enacted or substantially enacted as on the
balance sheet date. The carrying amount of deferred tax asset/
liability is reviewed at the balance sheet date subject to assessment
based on the principle of prudence.
3. BORROWING COST
All borrowing costs have been charged to revenue accounts.
B) FIXED ASSETS AND DEPRECIATION
1. Fixed Assets are stated at historical cost plus installation and
incidental expenses and less accumulated depreciation.
2. Depreciation on fixed assets has been provided under Straight Line
Method except for Windmills, on which, Written Down Value method is
provided and in accordance with Schedule XIV to the Companies Act 1956.
3. Lease charges written off on 1/5th basis in respect of Land
allotted to us in MEPZ, Chennai.
4. During the year Fixed assets of Rs. 117,718,226.05/- were scrapped
resulting in Loss on sale of assets of Rs. 12,893,408/
5. During the year Depreciation on windmills has been changed from
Straight Line Method to Written Down Value method. Consequent to this
change in method of depreciation, an additional amount of Rs.
100,993,718/-has been provided as depreciation related to previous
years.
C) EMPLOYEES RETIREMENT BENEFITS
Companys contribution to Provident Fund and Provision for Gratuity has
been charged to the Profit & Loss Account.
D) INVESTMENTS
Investments are Long term investments hence stated at cost.
E) INVENTORIES
1. Inventories are stated at lower of cost or net realizable value and
as per Accounting Standard -2 on "Valuation of Inventories"
2. Inventories are taken, verified, certified and valued by the
Management
II. BALANCE SHEET
1. SECURED LOAN
a. Cash Credit facilities from banks is secured by hypothecation of
stocks and book debts and guaranteed by the Promoter Directors.
b. Term Loan obtained from Syndicate bank for installation of Wind
Mills are secured exclusively to Syndicate Bank by hypothecation of
Wind Mill Assets (Fixed and Current) and guaranteed by Promoter
Directors.
c. All the fixed assets of the Company excluding the fixed and current
assets of Wind Mills Division are charged to Banks who are providing
working capital of the company.
Mar 31, 2010
1.The financial statements are prepared under the historical cost
convention and on accrual basis except otherwise stated herein and in
conformity with the accounting principles generally accepted in India.
2.TAXES ON INCOME
Income Tax payable in respect of taxable income for the period is
charged to the Profit and Loss account as Current tax.Tax effects
arising out of timing difference in accounting income and taxable
income are identified as "Deferred Tax asset/liability"by applying tax
rates that have been enacted or substantially enacted as on the balance
sheet date.The carrying amount of deferred tax asset/liability is
reviewed at the balance sheet date subject to assessment based on the
principle of prudence.
3.BORROWING COST
All borrowing costs have been changed to revenue accounts.
B)FIXED ASSETS AND DEPRECIATION
1.Fixed Assets are stated at historical cost plus installation and
incidental expenses and less accumulated depreciation.
2.Depreciation on fixed assets has been provided under Straight Line
Method and in accordance with Schedule XIV to the Companies Act 1956.
3.Lease charges written off on 1/5 th basis in respect of Land allotted
to us in MEPZ,Chennai.
4.During the year fixed assets of Rs.19,945,872 were scrapped resulting
in loss on sale of assets of Rs.13,157,026/-
C)EMPLOYEES RETIREMENT BENEFITS
Companys contribution to Provident Fund and Provision for Gratuity has
been charged to the Profit &Loss Account.
D)INVESTMENTS
Investments are Long term investments hence stated at cost.No provision
has been made for appreciation or diminution in the value of
investments.The aggregate amount of QUOTED INVESTEMENTS is as follows
Name No.of shares Cost Market value (31.03.10) PNB Gilts Ltd.,10,000
300.000/-239.500/-
E)INVENTORIES
1.Inventories are stated at lower of cost or net realizable value and
as per Accounting Standard -2 on "Valuation of Inventories"
2.Inventories are taken,verified,certified and valued by the Management
II.BALANCE SHEET
1.SECURED LOAN
a.Cash Credit facilities from banks is secured by hypothecation of
stocks and book debts and guaranteed by the Promoter Directors.
b.Term Loan obtained from Syndicate bank for installation of Wind Mills
are secured exclusively to Syndicate Bank by hypothecation of Wind Mill
Assets (Fixed and Current)and guaranteed by Promoter Directors.
c.All the fixed assets of the Company excluding the fixed and current
assets of Wind Mills Division are charged to Banks who are providing
working capital of the company.