Mar 31, 2015
1) System of Accounting:
The accounts have been prepared on historical cost basis of accounting.
All expenses except commission and incentive on sale and income to the
extent considered payable and receivable respectively unless stated
otherwise are accounted for on accrual basis.
2) Claims Receivable:
During the year fire accident took place causing loss of inventory and
furniture of Rs.32,07,828/- and Rs. 27,40,000/- against which provision
has been made for Insurance Claim receivable of Rs. 23,24,936/- and Rs.
13,42,063/- from Insurance Company disclosed in the note No. R under the
head of "Other Income".
3) Dividend Receipts:
Dividend is accounted on cash basis.
4) Fixed Assets and Depreciation:
I. Fixed Assets: All Fixed Assets are valued at cost (including
Revaluation) less depreciation.
II. Depreciation: Depreciation has been calculated on all the assets
of the Company under straight line method at the rates and in the
manner as specified in Schedule II to the Companies Act, 2013 and
leasehold land is being written off over the lease period.
5) Investments:
I. Unquoted : Investments are valued at cost of acquisition.
6) Inventories:
I. Yam, packing materials, stores & spares and stock of unquoted
shares (Long Term) are valued at cost (FIFO METHOD).
II. Stock in trade, readymade garments and goods in process are valued
at cost or market value whichever is lower.
7) Employees Benefits:
I. The Company has taken Group Gratuity Insurance Policy with Life
Insurance Corporation of India to secure gratuity liability on
retirement of the employees of the Company. The premium payable/refund
receivable if any, is accounted on cash basis.
II. Leave encashment is accounted on accrual basis.
8) Deferred Revenue Expenditure:
Major expenditure on advertisement and publicity are accounted as
deferred revenue expenditure and are being written off over a period of
7 years.
9) Income from Operations:
Income from operations include sale of manufactured/traded goods,
shares, services, warehouse Compensation.
10) Sales:
Sales represent amount billed for goods sold inclusive of Excise Duty
and Sales Tax, but net off trade discounts, returns and allowances.
11) Others:
Other accounting policies not specifically disclosed are in confirmity
with the normally accepted accounting policies.
12) Impairment:
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the carrying
amount of the asset over the recoverable period.
13) Taxation:
Income Tax Expenses comprises of current tax (i.e. amount of tax for
the period determined in accordance with the income tax law), deferred
tax charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period). The
deferred tax charge or credit and the corresponding deferred tax
liabilities or 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 or carried forward loss
under taxation law, deferred tax asset are recognized only if there is
a virtual certainty of realization of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or written
up to reflect the amount that is reasonably/virtually certain (as the
case may be) to be realized.
Mar 31, 2014
1) System of Accounting:
The accounts have been prepared on historical cost basis of accounting.
All expenses except commission and incentive on sale and income to the
extent considered payable and receivable respectively unless stated
otherwise are accounted for on accrual basis.
2) Claims Receivable:
Claims receivable is accounted on cash basis.
3) Dividend Receipts:
Dividend is accounted on cash basis.
4) Fixed Assets and Depreciation:
I. Fixed Assets: All Fixed Assets are valued at cost ( including
Revaluation) less depreciation.
II. Depreciation: Depreciation has been calculated on all the assets of
the Company under straight line method at the rates and in the manner
as specified in Schedule XIV to the Companies Act, 1956 and leasehold
land is being written off over the lease period.
5) Intangible Assets :
Goodwill is fully written off during the year.
6) Investments :
I. Unquoted : Investments are valued at cost of acquisition.
7) Inventories:
I. Yarn, packing materials, stores & spares and stock of unquoted
shares (Long Term) are valued at cost (FIFO METHOD).
II. Stock in trade, readymade garments and goods in process are valued
at cost or market value whichever is lower.
8) Employees Benefits:
I. The Company has taken Group Gratuity Insurance Policy with Life
Insurance Corporation of India to secure gratuity liability on
retirement of the employees of the Company. The premium payable/refund
receivable if any, is accounted on cash basis.
II. Leave encashment is accounted on accrual basis.
9) Deferred Revenue Expenditure:
Major expenditure on advertisement and publicity are accounted as
deferred revenue expenditure and are being written off over a period of
7 years.
10) Income from Operations:
Income from operations include sale of manufactured/traded goods,
shares, services, warehouse Compensation.
11) Sales:
Sales represent amount billed for goods sold inclusive of Excise Duty
and Sales Tax, but net off trade discounts, returns and allowances.
12) Others:
Other accounting policies not specifically disclosed are in confirmity
with the normally accepted accounting policies.
13) Impairment:
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the carrying
amount of the asset over the recoverable period.
14) Taxation :
Income Tax Expenses comprises of current tax (i.e. amount of tax for
the period determined in accordance with the income tax law), deferred
tax charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period). The
deferred tax charge or credit and the corresponding deferred tax
liabilities or 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 or carried forward loss
under taxation law, deferred tax asset are recognized only if there is
a virtual certainty of realization of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or written
up to reflect the amount that is reasonably/virtually certain (as the
case may be) to be realized.
Mar 31, 2013
1) System of Accounting:
The accounts have been prepared on historical cost basis of accounting.
All expenses except commission and incentive on sale and income to the
extent considered payable and receivable respectively unless stated
otherwise are accounted for on accrual basis.
2) Claims Receivable:
Claims receivable is accounted on cash basis.
3) Dividend Receipts:
Dividend is accounted on cash basis.
4) Fixed Assets and Depreciation:
I. Fixed Assets: All Fixed Assets are valued at cost ( including
Revaluation) less depreciation.
II. Depreciation: Depreciation has been calculated on all the assets
of the Company under straight line method at the rates and in the
manner as specified in Schedule XIV to the Companies Act, 1956 and
leasehold land is being written off over the lease period.
5) Investments :
I. Unquoted : Investments are valued at cost of acquisition.
6) Inventories:
I. Yarn, packing materials, stores & spares and stock of unquoted
shares (Long Term) are valued at cost (FIFO METHOD).
II. Stock in trade, readymade garments and goods in process are valued
at cost or market value whichever is lower.
7) Employees Benefits:
I. The Company has taken Group Gratuity Insurance Policy with Life
Insurance Corporation of India to secure gratuity liability on
retirement of the employees of the Company. The premium payable/refund
receivable if any, is accounted on cash basis.
II. Leave encashment is accounted on accrual basis.
8) Deferred Revenue Expenditure:
Major expenditure on advertisement and publicity are accounted as
deferred revenue expenditure and are being written off over a period of
7 years.
9) Income from Operations:
Income from operations include sale of manufactured/traded goods,
shares, services, warehouse Compensation.
10) Sales:
Sales represent amount billed for goods sold inclusive of Excise Duty
and Sales Tax, but net off trade discounts, returns and allowances.
11) Others:
Other accounting policies not specifically disclosed are in confirmity
with the normally accepted accounting policies.
12) Impairment:
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the carrying
amount of the asset over the recoverable period.
13) Taxation :
Income Tax Expenses comprises of current tax (i.e. amount of tax for
the period determined in accordance with the income tax law), deferred
tax charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period) and Fringe
Benefit Tax. The deferred tax charge or credit and the corresponding
deferred tax liabilities or 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 or carried
forward loss under taxation law, deferred tax asset are recognized only
if there is a virtual certainty of realization of such assets. Deferred
tax assets are reviewed as at each balance sheet date and written down
or written up to reflect the amount that is reasonably/virtually
certain (as the case may be) to be realized.
Mar 31, 2012
1) System of Accounting:
The accounts have been prepared on historical cost basis of accounting.
All expenses except commission and incentive on sale and income to the
extent considered payable and receivable respectively unless stated
otherwise are accounted for on accrual basis.
2) Claims Receivable:
Claims receivable is accounted on cash basis.
3) Dividend Receipts:
Dividend is accounted on cash basis.
4) Fixed Assets and Depreciation:
I. Fixed Assets: All Fixed Assets are valued at cost (including
Revaluation) less depreciation.
II. Depreciation: Depreciation has been calculated on all the assets
of the Company under straight line method at the rates and in the
manner as specified in Schedule XIV to the Companies Act, 1956 and
leasehold land is being written off over the lease period.
5) Investments:
I. Quoted : Investments are valued at cost or market value whichever
is lower.
II. Unquoted : Investments are valued at cost of acquisition.
6) Inventories:
I. Yarn, packing materials, stores & spares and stock of unquoted
shares (Long Term) are valued at cost (FIFO METHOD).
II. Stock in trade, readymade garments and goods in process are valued
at cost or market value whichever is lower.
7) Employees Benefits:
I. The Company has taken Group Gratuity Insurance Policy with Life
Insurance Corporation of India to secure gratuity liability on
retirement of the employees of the Company. The premium payable/refund
receivable if any, is accounted on cash basis.
II. Leave encashment is accounted on accrual basis.
8) Deferred Revenue Expenditure:
Major expenditure on advertisement and publicity are accounted as
deferred revenue expenditure and are being written off over a period of
7 years.
9) Income from Operations:
Income from operations include sale of manufactured/traded goods,
shares, services, warehouse, compensation.
10) Sales:
Sales represent amount billed for goods sold inclusive of Excise Duty
and Sales Tax, but net off trade discounts, returns and allowances.
11) Others:
Other accounting policies not specifically disclosed are in conformity
with the normally accepted accounting policies.
Mar 31, 2011
1) System of Accounting:
The accounts have been prepared on historical cost basis of accounting.
All expenses except commission and incentive on sale and income to the
extent considered payable and receivable respectively unless stated
otherwise are accounted for on accrual basis.
2) Claims Receivable:
Claims receivable is accounted on cash basis.
3) Dividend Receipts:
Dividend is accounted on cash basis.
4) Fixed Assets and Depreciation:
I. Fixed Assets: All Fixed Assets are valued at cost ( including
Revaluation) less depreciation.
II. Depreciation: Depreciation has been calculated on all the assets
of the Company under straight line method at the rates and in the
manner as specified in Schedule XIV to the Companies Act, 1956 and
leasehold land is being written off over the lease period.
5) Investments- Quoted/Unquoted:
I. Quoted : Investments are valued at cost or market value which ever
is lower.
II. Unquoted : Investments are valued at cost of acquisition.
6) Inventories:
I. Yarn, packing materials, stores & spares and stock of unquoted
shares (Long Term) are valued at cost (FIFO METHOD).
II. Stock in trade, readymade garments and goods in process are valued
at cost or market value whichever is lower.
7) Employees Benefits:
I. The Company has taken Group Gratuity Insurance Policy with Life
Insurance Corporation of India to secure gratuity liability on
retirement of the employees of the Company. The premium payable/refund
receivable if any, is accounted on cash basis.
II. Leave encashment is accounted on accrual basis.
8) Deferred Revenue Expenditure:
Major expenditure on advertisement and publicity are accounted as
deferred revenue expenditure and are being written off over a period of
7 years.
9) Income from Operations:
Income from operations include sale of manufactured/traded goods,
shares, services, warehouse Compensation.
10) Sales:
Sales represent amount billed for goods sold inclusive of Excise Duty
and Sales Tax, but net off trade discounts, returns and allowances.
11) Others:
Other accounting policies not specifically disclosed are in with the
normally accepted accounting policies.
Mar 31, 2010
1) System of Accounting:
The accounts have been prepared on historical cost basis of accounting.
All expenses except commission and incentive on sale and income to the
extent considered payable and receivable respectively unless stated
otherwise are accounted for on accrual basis.
2) Claims Receivable:
Claims receivable is accounted on cash basis.
3) Dividend Receipts:
Dividend is accounted on cash basis.
4) Fixed Assets and Depreciation:
I. Fixed Assets: All Fixed Assets are valued at cost ( including
Revaluation) less depreciation.
II. Depreciation: Depreciation has been calculated on all the assets
of the Company under straight line method at the rates and in the
manner as specified in Schedule XIV to the Companies Act, 1956 and
leasehold land is being written off over the lease period.
5) Investments- Quoted /Unquoted:
I. Quoted : Investments are valued at cost or market value which ever
is lower.
II. Unquoted : Investments are valued at cost of acquisition.
6) Inventories:
I. Yarn, packing materials, stores & spares and stock of unquoted
shares (Long Term) are valued at cost (FIFO METHOD).
II. Stock in trade, readymade garments and goods in process are valued
at cost or market value whichever is lower.
7) Employees Benefits:
I. The Company has taken Group Gratuity Insurance Policy with Life
Insurance Corporation of India to secure gratuity liability on
retirement of the employees of the Company. The premium payable/refund
receivable if any, is accounted on cash basis.
II. Leave encashment is accounted on accrual basis.
8) Deferred Revenue Expenditure:
Major expenditure on advertisement and publicity are accounted as
deferred revenue expenditure and are being written off over a period of
7 years.
9) Income from Operations:
Income from operations include sale of manufactured/traded goods,
shares, services, warehouse Compensation.
10) Sales:
Sales represent amount billed for goods sold inclusive of Excise Duty
and Sales Tax, but net off trade discounts, returns and allowances.
11) Others:
Other accounting policies not specifically disclosed are in confirmity
with the normally accepted accounting policies.
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