Mar 31, 2015
1. Foreign Exchange Transactions:
1.1 Initial recognition
Transactions in foreign currencies entered into by the company are
accounted at exchange rates prevailing on the date of the transaction.
Exchange differences arising on foreign exchange transactions settled
during the year are recognized in the Statement of Profit and Loss.
1.2 Measurement of foreign currency items at the Balance Sheet date
Foreign currency monetary items of the Company are restated at the
closing exchange rates. Non-monetary items are recorded at the exchange
rate prevailing on the date of the transaction. Exchange differences
arising out of these transactions are recognized in the Statement of
Profit and Loss.
1.3 Forward exchange contracts
The premium or discount arising at the inception of forward exchange
contract is amortized and recognized as an expense/income over the life
of the contract. Exchange differences on such contracts are recognized
in the Statement of Profit and Loss in the period in which the exchange
rates change. Any Profit or Loss arising on cancellation or renewal of
such forward exchange contract is also recognized as income or expenses
for the period.
2. Provision, Contingent Liabilities and Contingent Assets:
Provisions are recognized when the company has a present obligation as
a result of a past event and 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 based on best estimate required to
settle the obligation at the Balance Sheet date.
Disclosure of contingent liabilities is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is possible obligation or
at present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
3. Revenue Recognition:
Revenue is recognized to the extent that is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured.
Revenue from sale of goods is recognized when significant risks and
rewards of ownership of the goods have been passed to the buyer, which
ordinarily coincides with despatch of goods to customers.
Revenue are recorded at invoice value net of excise duty, sales tax,
returns and trade discounts.
Revenue from rendering of services are recognized on completion of
services.
Benefits on account of entitlement of export incentives are recognized
as and when the right to receive is established. Technical Know-how
and Licensing Fees are recognized as and when the right to receive such
income is established as per terms and conditions of relevant
agreement.
Interest income is recognized using the time proportionate method,
based on rates implicit in the transaction. Dividend income is
recognized when the right to receive is established.
4. Employee Benefits:
Liability on account of short term employee benefit is recognized on an
undiscounted and accrual basis during the period when the employee
renders service/vesting period of the benefit.
Postretirement benefit plans such as gratuity, leave encashment and
provident fund are determined on the basis of actuarial valuation made
by an independent actuary as at the Balance Sheet date. Actuarial gains
and losses are recognized immediately in the Statement of Profit and
Loss.
Periodic contributions towards post retirement defined benefit plan
such as provident fund administered through an Employee's Provident
Fund Trust are charged to the Statement of Profit and Loss.
Gratuity:
Gratuity is calculated on the basis of 26 days basic pay as per the
provision of the Income Tax Act 1961. However the company does not get
the valuation from actuaries as of yet. The valuation is done by the
management.
5. Income Tax:
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the provisions of local Income Tax
Laws as applicable to the financial year.
Deferred income taxes reflects the impact of current year timing
differences between taxable income and accounting income of the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted as the Balance Sheet date.
6. Impairment of Assets:
At each Balance Sheet date, the Company assesses whether there is any
indication exists, the carrying value of such assets is reduced to its
estimated recoverable amount and the amount of such impairment loss is
charged to the Statement of Profit and Loss. If, at the Balance Sheet
date, there is an indication that a previously assessed impairment loss
no longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to a maximum of depreciated
historical cost.
7. Expenditure on Regulatory Approvals:
Expenditure incurred for obtaining regulatory approvals and
registration of products for overseas markets is charged to the
Statement of Profit and Loss.
8. Earnings Per Share:
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net
profit attributable to equity shareholders and the weighted average
number of shares outstanding are adjusted for the effect of all
dilutive potential equity shares form the exercise of options on
unissued share capital. The number of equity shares is the aggregate of
the weighted average number of equity shares and the weighted average
number of equity shares are to be issued on the conversion of all the
dilutive potential equity shares into equity shares.
9. OTHER NOTES TO ACCOUNTS :
1. Excise duty on closing Stock:
The Company follows the practice of not providing for excise duty on
finished goods materials not cleared from the factory premises.
Consequently the said practice has no effect on the profit & Loss
Account for the year.
2. Remuneration to directors:
Remuneration to Executive Director Rs.10,20,000/- & Rs.8,40,000/- who
is in Whole time Employment of the Company.
3. Particular regarding capacity, Production & stocks & material
consumed:
A] Capacity:
The Company does not need Industrial License for production. Hence
figures relating to licensed and installed capacity is not required.
10. In the opinion of the management Fixed Assets, Current Assets,
Loans & Advances are Current Liability and Provisions are net
realizable value in the ordinary course of business.
11. Inventories are values and certified by the management in respect
of quality & value.
12. As regards the Accounting Standard 17 "Segment Reporting" there is
neither more than one business segment nor more than one geographical
segment, segment information as per AS-17 is not required to be
furnished.
13. The Company does not possess information as to which of its
suppliers is small scale industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act 1993, of India cannot be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding due to Small Scale industrial undertaking
cannot be ascertained.
14. The balance of secured and unsecured loans, sundry debtors, sundry
creditors, current liabilities, loans and advances are subject to
confirmation and reconciliation. Adjustments, which may arise on
receipts of confirmation and completion of reconciliation are not
ascertainable at this stage.
15. Previous year figures are re grouped /re-arranged /re-classified
wherever is necessary.
Mar 31, 2014
1. Excise duty on closing Stock: The Company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises. Consequently the said practice has no
effect on the profit & Loss Account for the year.
2. Remuneration to directors: Remuneration to Executive Director
Rs.8,40,000/- & Rs.8,40,000/- who is in Whole time Employment of the
Company.
3. Particular regarding capacity, Production & stocks & material
consumed
A] Capacity:
The Company does not need Industrial License for production. Hence
figures relating to licensed and installed capacity is not required.
B] Production:
As certified by the Executive Director.
4. In the opinion of the management Fixed Assets, Current Assets,
Loans & Advances are Current Liability and Provisions are net
realizable value in the ordinary course of business.
5. Inventories are values and certified by the management in respect
of quality & value.
6. Deferred revenue expenses are preliminary expenses and Public Issue
expenses .These expenses are written of over a period of ten years.
7. The Company has not appointed full time Company Secretary as
required under the Companies Act 1956 , but efforts are being made to
recruit some one , if available within the Company''s norms.
8. Contingent Liability:-The company has given a guarantee against the
loan of Rs.85,00,000/- taken by Samriddhi Foils against which it has
kept security of its factory Land & Building situated at Jawahar..
9. As regards the Accounting Standard 17 "Segment Reporting" there is
neither more than one business segment nor more than one geographical
segment, segment information as per AS-17 is not required to be
furnished.
10. The Company does not possess information as to which of its
suppliers is small scale industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act 1993, of India cannot be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding due to Small Scale industrial undertaking
cannot be ascertained.
11. The balance of secured and unsecured loans, sundry debtors, sundry
creditors, current liabilities, loans and advances are subject to
confirmation and reconciliation. Adjustments, which may arise on
receipts of confirmation and completion of reconciliation are not
ascertainable at this stage.
12. Previous year figures are re grouped /re-arranged /re-classified
wherever is necessary.
Mar 31, 2013
1. Excise duty on closing Stock : The company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises . Consequently the said practice has no
effect on the profit & Loss Account for the year.
2. Remuneration to directors : Remuneration to Executive Director
Rs.8,40,000/
3. Particular regarding capacity, Production & stocks & material
consumed A Capacity:
The Company does not need Industrial License for production. Hence
figures relating to licensed and installed capacity is not required.
4. In the opinion of the management Fixed Assets, Current Assets,
Loans & Advances are Current Liability and Provisions are net
realizable value in the ordinary course of business.
5. Inventories are values and certified by the management in respect
of quality & value.
6. Deferred revenue expenses are preliminary expenses and Public Issue
expenses .These expenses are written of over a period of ten years.
7. The Company has not appointed full time Company Secretary as
required under the Companies Act 1956, but efforts are being made to
recruit some one, if available within the Company''s norms.
8. Contingent Liability:- The company has given a guarantee against
the loan of Rs.85,00,000/- taken by Samriddhi Foils against which it
has kept security of its factory Land & Building situated at Jawahar.
The Company is contingently liable to pay import and inland letter of
credit of Rs.2,14,86,440/-.
9. As regards the Accounting Standard 17 " Segment Reporting" there
is neither more than one business segment nor more than one
geographical segment, segment information as per AS-17 is not required
to be furnished.
10. The Company does not possess information as to which of its
suppliers is small scale industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act 1993, of India cannot be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding due to Small Scale industrial undertaking
cannot be ascertained.
11. The balance of secured and unsecured loans, sundry debtors, sundry
creditors, current liabilities, loans and advances are subject to
confirmation and reconciliation. Adjustments, which may arise on
receipts of confirmation and completion of reconciliation, are not
ascertainable at this stage.
12. Previous year figures are re grouped / re arranged / re classified
wherever is necessary.
Mar 31, 2012
1) Excise Duty on closing stock: The Company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises. Consequently the said practice has no
effect on the Profit & Loss Account for the year.
2) Remuneration to directors: Remuneration to Executive Director
Rs.8,40,000/- & Rs.8,40,000/- who is in Whole-time Employment of the
Company. However the permission of Central Government is yet to be
obtained.
3) Particulars regarding Capacity, Production and Stocks and Material
consumed:
A. Capacity
The Company does not need industrial license for production hence
figures relating to licensed and installed capacity is not required.
4) In the opinion of the management Fixed Assets, Current assets,
Loans & advances and Current Liability and Provisions are at net
realizable value in the ordinary course of business.
5) Inventories are valued and certified by the management in respect
of quality, quantity and value.
6) The Company has not appointed full time Company Secretary as
required under the Company Act of 1956, but efforts are being made to
recruit someone, if available within the Company's norms.
7) Company is contingently liable to pay Import and Inland Letter of
Credit of Rs.1,23,48,725.02
8) As regards the Accounting Standard 17 'Segment Reporting' there is
neither more than one business segment nor more than one geographical
segment, segment information as per AS - 17 is not required to be
disclosed.
9) The company does not possess information as to which of its
suppliers is small scale Industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability, if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act, 1993, of India cannot be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding dues to Small - scale industrial undertaking
cannot be ascertained.
10) The balances of secured and unsecured loans, sundry debtors, sundry
creditors, current liabilities, loans, and advances are subject to
confirmation and reconciliation. Adjustments, which may arise on
receipts of confirmation and completion of reconciliation, are not
ascertainable at this stage.
11) Previous year figures are regrouped / rearranged / reclassified
wherever necessary.
Mar 31, 2011
1) Excise Duty on closing stock: The Company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises. Consequently the said practice has no
effect on the Profit & Loss Account for the year.
2) Remuneration to directors: Remuneration to Executive Director
Rs.4,80,000/- & Rs.4,80,000/- who is in Whole-time Employment of the
Company. However the permission of Central Government is yet to be
obtained.
3) Particulars regarding Capacity, Production and Stocks and Material
consumed:
A. Capacity
The Company does not need industrial license for production hence
figures relating to licensed and installed capacity is not required.
4) In the opinion of the management Fixed Assets, Current assets,
Loans & advances and Current Liability and Provisions are at net
realizable value in the ordinary course of business.
5) Inventories are valued and certified by the management in respect
of quality, quantity and value.
6) Deferred Revenue expenses are Preliminary expenses and Public issue
expenses. These expenses are written off over a period of ten years.
7) Company is contingently liable to pay Import and Inland Letter of
Credit of Rs.89,81,478.09
8) Related Party Disclosures:
(In accordance with Accounting Standard 18 issued by the Institute of
Chartered Accountants of India)
9) As regards the Accounting Standard 17 'Segment Reporting' there is
neither more than one business segment nor more than one geographical
segment, segment information as per AS Ã 17 is not required to be
disclosed.
10) The company does not possess information as to which of its
suppliers is small scale Industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability, if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act, 1993, of India can not be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding dues to Small à scale industrial undertaking
cannot be ascertained.
11) Previous year figures are regrouped / rearranged / reclassified
wherever necessary.
Mar 31, 2010
1. Excise Duty on closing stock: The Company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises. Consequently the said practice has no
effect on the Profit & Loss Account for the year.
2. In the opinion of the management Fixed Assets, Current assets,
Loans & advances and Current Liability and Provisions are at net
realizable value in the ordinary course of business.
3. Inventories are valued and certified by the management in respect
of quality, quantity and value.
4. Deferred Revenue expenses are Preliminary expenses and Public
issue expenses. These expenses are written off over a period of ten
years.
5. The Company has not appointed full time Company Secretary as
required under the Company Act of 1956, but efforts are being made to
recruit someone, if available within the Company's norms.
6. Company is contingently liable to pay Letter of Credit Amount of
Rs.1,36,27,620/-.
7. As regards the Accounting Standard 17 'Segment Reporting' there is
neither more than one business segment nor more than one geographical
segment, segment information as per AS Ã 17 is not required to be
disclosed.
8. The company does not possess information as to which of its
suppliers is small scale Industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability, if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act, 1993, of India can not be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding dues to Small - scale industrial undertaking
cannot be ascertained.
9. Previous year figures are regrouped / rearranged / reclassified
wherever necessary.
Mar 31, 2009
1. Excise Duty on closing stock: The Company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises. Consequently the said practice has no
effect on the Profit & Loss Account for the year.
2 Remuneration to directors: Remuneration to Executive Director
Rs.2,60,000/- & Rs.2,40,000/- who is in Whole-time Employment of the
Company. However the permission of Central Government is yet to be
obtained.
3. Particulars regarding Capacity, Production and Stocks and Material
consumed :
A. Capacity
The Company does not need industrial license for production hence
figure relating to licensed and installed capacity is not required.
4. In the opinion of the management Fixed Assets, Current assets,
Loans & advances and Current Liability and Provisions are at net
realizable value in the ordinary course of business.
5. Inventories are valued and certified by the management in respect
of quality, quantity and value.
6. Deferred Revenue expenses are Preliminary expenses and Public
issue expenses. These expenses are written off over a period often
years.
7. The Company has not appointed full time Company Secretary as
required under the Company Act of 1956, but efforts are being made to
recruit someone, if available within the Companys norms.
8. As regards the Accounting Standard 17 Segment Reporting there
is neither more than one business segment nor more than one
geographical segment, segment information as per AS - 17 is not
required to be disclosed.
9. The company does not possess information as to which of its
suppliers is small scale Industrial undertakings holding permanent
registration certificate issued by the relevant authorities.
Consequently, the liability, if any, of interest which would be payable
on delayed payments under Small Scale and Ancillary Industrial
Undertakings Act, 1993, of India can not be ascertained. However, the
Company has not received any claim in respect of such interest. In view
of the above, outstanding dues to Small - scale industrial undertaking
cannot be ascertained.
10. Previous year figures are regrouped / rearranged / reclassified
wherever necessary.
Mar 31, 2005
1. Excise Duty on closing stock : The Company follows the practice of
not providing for excise duty on finished goods materials not cleared
from the factory premises. Consequently the said practice has no effect
on the Profit & Loss Account for the year.
2. Remuneration to directors : Remuneration to Executive Director
Rs.3,06,000/- who is in Whole-time Employment of the Company. However
the permission of Central Government is yet to be obtained.
3. In the opinion of the management Fixed Assets, Current assets,
Loans & advances are Current Liability and Provisions are at net
realisable value in the ordinary course of business.
4. Inventories are valued and certified by the management in respect
of quality & value.
5. Deferred Revenue expenses are Preliminary expenses and Public
issue expenses. These expenses are written off over a period of ten
years.
6. Previous year figures are regrouped / rearranged / reclassified
wherever necessary.
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