Mar 31, 2015
(a) BASIS OF PRESENTATION OF FINANCIAL STATEMENTS:
The financial statements are prepared in accordance with generally
accepted accounting principles in India under the historical cost
convention and on accrual basis of accounting. These financial
statement have been prepared to comply in all material aspects with the
mandatory and applicable Accounting Standards as prescribed by the
Companies (Accounting Standards) Rules, 2006, as amended and relevant
provisions of the Companies Act, 2013(to the extent notified).
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 Revised Schedule III to the Companies Act, 2013. Based
on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the company has ascertained its operating cycle as twelve
months for the purpose of current non-current classification of assets
and liabilities.
(b) USE OF ESTIMATES :
The presentation of Financial Statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
results are known/materialized.
(c) REVENUE RECOGNITION :
The company recognizes sale of products when they are invoiced to
customers. Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
(d) FIXED ASSETS :
Fixed assets are stated at cost less accumulated depreciation. Cost for
this purpose includes purchase price, non refundable taxes or levies
and other directly attributable costs of bringing the assets to its
working condition for its intended use.
(e) DEPRECIATION :
Depreciation is provided on Straight Line method at the rates specified
II to the Companies Act, 2013. Depreciation is provided for on a
pro-rata basis on the assets acquired, sold or disposed off during the
year.
(F) TAXES ON INCOME :
(i) Current tax is determined as the amount of tax payable in respect
of taxable income for the year.
(ii) Deferred tax is provided on all timing differences which are
recognized during the period.
Deferred Tax Asset is recognized only if there is a reasonable
certainty on the realisability of the assets.
Mar 31, 2014
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXED ASSETS AND DEPRECIATION.
Fixed Assets are value at cost less depreciation. The depreciation has
been calculated at the rates provided as per Companies Act, 1956 on
single shift and if the Asset is purchased during the year depreciation
is provided on the days of utilisation in that year.
2. CHANGE IN SIGNIFICANT ACCOUNTING POLICIES
(i) INVENTORY
Company has converted its Investments into Stock in Trade. Company
relies on its own valuations systems. Records have been verified and
certified by management.
Mar 31, 2013
A. Accounting Conventions:
The company''s financial statements have been prepared in accordance
with the historical cot convention on accural basis of accounting, as
applicable to going concern in accordance with generally accepted
accounting principle in india, mandatory accounting standards
prescribed in the companies (Accounting Standards) Rules 2006 issued by
Central Government in consultation with the provisions of companies
act, 1956 to the extent applicable. The financial statements are
presented in Indian rupees.
All assets and liabilities have been classification as current or non
current as per company''s normal operating cycle and other criteria set
out in the Revised Schedule VI of Companeis Act, 1956. Based on the
nature of business, the company has ascertained its operating cycle as
12 months for the purpose of current or non current classification of
Assets and liabilities.
B. Revenue Recognition:
1. Sales Revenue is recognized on dispatch of goods, net of freight,
insurance and VAT.
2. Interest income is recognised on time proportion basis.
C. Fixed Assets:
Fixed assets are stated at cost of acquisition and inclusive of inward
freight, duties & taxes & incidential expenses related to acquisition
net of capital subsidy relating to specific fixed assets.
Capital work in progress/Intangible assets under development includes
cost of assets at site, advances made for acquisition of capital assets
and pre operative expenditure pending allocation to fixed assets.
D. Inventory Valuation:
Inventories are valued at cost or net realizable price whichever is
lower except scrap at net realisable value. The cost formula used for
valuation of inventories are:-
1. In respect of raw material and stores and spares have been valued
at Purchase Price, inclusive of Frieght.
2. In respect of work in process is valued at cost of raw material
plus conversion cost.
3. Finished goods are valued at Selling Price less estimated margin of
Profits.
E. Depreciation:
Depreciation has been provided on provided on Straight line Method in
Accordance with and in the manner specified in Schedule XVI to the
Companies Act, 1956.
F. Taxes on Income:
Provision for Tax is made for both current and deferred taxes.
Provisions for current income tax is made on the current tax rates
based on assessable income. The Company provides for deferred tax based
on the tax effect of timing differences resulting from the recognition
of items in the financial statements and in estimating its current tax
provision.
G. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result so past
event and it is probable that there will be outflow of resources.
Contingent liability, which are considered significant and material by
the company, are disclosed in the Notes to Accounts. Contingent Assets
are neither recognised nor disclosed in financial statements.
H. Investments:
1. Long term investments are considered ''at Cost'' on individual
investment basis, unless there is a decline other than temporary in
value thereof, in which case adequate provision is made against such
diminution in the value of investments.
2. Current investments are valued at lower of cost or market value.
I. Borrowing Cost:
Borrwoing cost that are directly attributable to acquisition or
construction of qualifying assets or treated as part of cost of capital
assets. Other borrowing cost or treated as expenses for the period in
which they are incurred.
J. Earning Per Share:
Basic earning 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. Earning
considered in ascertaining the Company''s earnings per share is the net
profit for the period after deducting preferences dividends and any
attributable tax thereto for the period.
K. Cash and Cash Equivalent:
In the cash flow statement, cash and cash equivalent includes cash in
hand, demand deposits with banks, other short-term highly liquid
investments with original maturities of three months or less.
Detail of transactions entered into with the related parties during the
year as required by Accounting Standard (AS)-18 on ''Related Party
Disclosure'' issued by the Institute of Chartered Accountants of India
are as under:
Transactions with the related parties: NI
Mar 31, 2012
A. Accounting Conventions:
The company''s financial statements have been prepared in accordance
with the historical cot convention on accural basis of accounting, as
applicable to going concern in accordance with generally accepted
accounting principle in india, mandatory accounting standards
prescribed in the companies (Accounting Standards) Rules 2006 issued by
Central Government in consultation with the provisions of companies
act, 1956 to the extent applicable. The financial statements are
presented in Indian rupees.
All assets and liabilities have been classification as current or non
current as per company''s normal operating cycle and other criteria set
out in the Revised Schedule VI of Companeis Act, 1956. Based on the
nature of business, the company has ascertained its operating cycle as
12 months for the purpose of current or non current classification of
Assets and liabilities.
B. Revenue Recognition:
1. Sales Revenue is recognized on dispatch of goods, net of freight,
insurance and VAT.
2. Interest income is recognised on time proportion basis.
C. Fixed Assets:
Fixed assets are stated at cost of acquisition and inclusive of inward
freight, duties & taxes & incidential expenses related to acquisition
net of capital subsidy relating to specific fixed assets.
Capital work in progress/Intangible assets under development includes
cost of assets at site, advances made for acquisition of capital assets
and pre operative expenditure pending allocation to fixed assets.
D. Inventory Valuation:
Inventories are valued at cost or net realizable price whichever is
lower except scrap at net realisable value. The cost formula used for
valuation of inventories are:-
1. In respect of raw material and stores and spares have been valued
at Purchase Price, inclusive of Frieght.
2. In respect of work in process is valued at cost of raw material
plus conversion cost.
3. Finished goods are valued at Selling Price less estimated margin of
Profits.
E. Depreciation:
Depreciation has been provided on provided on Straight line Method in
Accordance with and in the manner specified in Schedule XVI to the
Companies Act, 1956.
F. Taxes on Income:
Provision for Tax is made for both current and deferred taxes.
Provisions for current income tax is made on the current tax rates
based on assessable income. The Company provides for deferred tax based
on the tax effect of timing differences resulting from the recognition
of items in the financial statements and in estimating its current tax
provision.
G. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result so past
event and it is probable that there will be outflow of resources.
Contingent liability, which are considered significant and material by
the company, are disclosed in the Notes to Accounts. Contingent Assets
are neither recognised nor disclosed in financial statements.
H. Investments:
1. Long term investments are considered ''at Cost'' on individual
investment basis, unless there is a decline other than temporary in
value thereof, in which case adequate provision is made against such
diminution in the value of investments.
2. Current investments are valued at lower of cost or market value.
I. Borrowing Cost:
Borrwoing cost that are directly attributable to acquisition or
construction of qualifying assets or treated as part of cost of capital
assets. Other borrowing cost or treated as expenses for the period in
which they are incurred.
J. Earning Per Share:
Basic earning 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. Earning
considered in ascertaining the Company''s earnings per share is the net
profit for the period after deducting preferences dividends and any
attributable tax thereto for the period.
K. Cash and Cash Equivalent:
In the cash flow statement, cash and cash equivalent includes cash in
hand, demand deposits with banks, other short-term highly liquid
investments with original maturities of three months or less.
Detail of transactions entered into with the related parties during the
year as required by Accounting Standard (AS)-18 on ''Related Party
Disclosure'' issued by the Institute of Chartered Accountants of India
are as under:
Transactions with the related parties: NIL
Mar 31, 2011
A. Accounting Conventions:
The company''s financial statements have been prepared in accordance
with the historical cot convention on accural basis of accounting, as
applicable to going concern in accordance with generally accepted
accounting principle in india, mandatory accounting standards
prescribed in the companies (Accounting Standards) Rules 2006 issued by
Central Government in consultation with the provisions of companies
act, 1956 to the extent applicable. The financial statements are
presented in Indian rupees.
All assets and liabilities have been classification as current or non
current as per company''s normal operating cycle and other criteria set
out in the Revised Schedule VI of Companeis Act, 1956. Based on the
nature of business, the company has ascertained its operating cycle as
12 months for the purpose of current or non current classification of
Assets and liabilities.
B. Revenue Recognition:
1. Sales Revenue is recognized on dispatch of goods, net of freight,
insurance and VAT.
2. Interest income is recognised on time proportion basis.
C. Fixed Assets:
Fixed assets are stated at cost of acquisition and inclusive of inward
freight, duties & taxes & incidential expenses related to acquisition
net of capital subsidy relating to specific fixed assets.
Capital work in progress/Intangible assets under development includes
cost of assets at site, advances made for acquisition of capital assets
and pre operative expenditure pending allocation to fixed assets.
D. Inventory Valuation:
Inventories are valued at cost or net realizable price whichever is
lower except scrap at net realisable value. The cost formula used for
valuation of inventories are:-
1. In respect of raw material and stores and spares have been valued
at Purchase Price, inclusive of Frieght.
2. In respect of work in process is valued at cost of raw material
plus conversion cost.
3. Finished goods are valued at Selling Price less estimated margin of
Profits.
E. Depreciation:
Depreciation has been provided on provided on Straight line Method in
Accordance with and in the manner specified in Schedule XVI to the
Companies Act, 1956.
F. Taxes on Income:
Provision for Tax is made for both current and deferred taxes.
Provisions for current income tax is made on the current tax rates
based on assessable income. The Company provides for deferred tax based
on the tax effect of timing differences resulting from the recognition
of items in the financial statements and in estimating its current tax
provision.
G. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result so past
event and it is probable that there will be outflow of resources.
Contingent liability, which are considered significant and material by
the company, are disclosed in the Notes to Accounts. Contingent Assets
are neither recognised nor disclosed in financial statements.
H. Investments:
1. Long term investments are considered ''at Cost'' on individual
investment basis, unless there is a decline other than temporary in
value thereof, in which case adequate provision is made against such
diminution in the value of investments.
2. Current investments are valued at lower of cost or market value.
I. Borrowing Cost:
Borrwoing cost that are directly attributable to acquisition or
construction of qualifying assets or treated as part of cost of capital
assets. Other borrowing cost or treated as expenses for the period in
which they are incurred.
J. Earning Per Share:
Basic earning 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. Earning
considered in ascertaining the Company''s earnings per share is the net
profit for the period after deducting preferences dividends and any
attributable tax thereto for the period.
K. Cash and Cash Equivalent:
In the cash flow statement, cash and cash equivalent includes cash in
hand, demand deposits with banks, other short-term highly liquid
investments with original maturities of three months or less.
Detail of transactions entered into with the related parties during the
year as required by Accounting Standard (AS)-18 on ''Related Party
Disclosure'' issued by the Institute of Chartered Accountants of India
are as under:
Transactions with the related parties: NIL
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