Mar 31, 2015
Basis of Preparation of Financial statement.
The financial statements of Transglobe Foods Limied have been prepared
and presented in accodance with Generally Accepted Accounting
Principles (GAAP) on the historical cost convention on the accrual
basis. GAAP comprises accounting standards notified by Central
Government of India under the relevant provision of Companies Act, 2013
Use of Estimates
The preparation of financial statements is in conformity with Generally
Accepted Accounting Principles (GAAP) in India requires management to
make estimates and assumption that affect the reported amounts of
assets and liabilities and the disclosures of contingent liabilities on
the date of the financial statements and reported amounts of income and
expenses during the period.
Revenue Recognition:
The Company follows the mercantile system of Accounting and recognizes
income and expenditure on accrual basis
Investments:
Investments are stated at cost i.e., cost of acquisition, inclusive of
expenses incidental to acquisition wherever applicable.
Fixed Assets & Depreciation
Fixed Assets are stated at cost less Depreciation. Depreciation on
Fixed Assets is provided to the extent of depreciable amount on the
Straight Line Method. Depreciation is provided based on useful life of
the assets as prescribed in Schedule II to the Companies Act, 2013.
Depreciation on addition / deletions is calculated on pro- rata with
respect to date of addition / deletions.
Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax asset
and liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred tax
asset & liability are measured as per the tax rates/laws that have been
enacted or substantively enacted by the Balance Sheet date.
Earnings per Share:
The earning considered in ascertaining the company's earnings per share
comprises net profit after tax. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the year.
Impairment of Assets :
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognised wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
value in use. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital
Gratuity:
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit
Under the Micro Small and Medium Enterprises Development Act ,2006,
certain disclourses are required to be made relating to Micro,Small and
Medium Enterprises. The company is in the process of compling relevant
information from its suppliers about their coverage under the Act .
Since the revelant information is not presently available, no
disclosures have been made in the accounts.
Mar 31, 2014
A. System of Accounting :
I. The financial statements have been prepared to comply in all
material respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on an accrual basis. The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
II. The Company is a Small and Medium Sized Company (SMC) as defined in
the General Instructions in respect of Accounting Standards notified
under the Companies Act, 1956. Accordingly, the Company has complied
with the Accounting Standards as applicable to a Small and Medium Sized
Company.
III. The Company, generally, follows the mercantile system of
accounting and recognizes income and expenditure on accrual basis
except those with significant uncertainties.
IV. The company has suspended manufacturing activities during the year
2003-04 and there are no intentions to resume the manufacturing
activities. In spite of this facts the accounts have been prepared on
the basis of going concern.
B. Fixed Assets :
Fixed assets are stated at cost less accumulated Depreciation . However
depreciation has been provided on written down value method as
prescribed in schedule XIV to the companies Act, 1956.
C. Revenue Recognition :
Revenue from Sales is recognized when all significant risks and rewards
of the ownership have been transferred to buyer.
Revenue from Services rendered is recognized on accrual basis as per
contractual arrangement with the parties.
D. Income Tax :
Tax expense comprises both current and deferred taxes. Current income-
tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for 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 at
the balance sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised Deferred tax assets are recognised on carry forward of
unabsorbed depreciation and tax losses only if there is virtual
certainty that such deferred tax assets can be realised against future
taxable profits. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
E. Provisions :
A provision is recognised when an enterprise has a present obligation
as a result of past events; 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. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Contingent Liability is not recognized in the financial
statements but is disclosed.
Mar 31, 2013
A. System of Accounting :
I. The financial statements have been prepared to comply in all
material respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on an accrual basis. The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
II. The Company is a Small and Medium Sized Company (SMC) as defined
in the General Instructions in respect of Accounting Standards notified
under the Companies Act, 1956. Accordingly, the Company has complied
with the Accounting Standards as applicable to a Small and Medium Sized
Company.
III. The Company, generally, follows the mercantile system of
accounting and recognizes income and expenditure on accrual basis
except those with significant uncertainties.
IV. The company has suspended manufacturing activities during the year
2003-04 and there are no intentions to resume the manufacturing
activities. In spite of this facts the accounts have been prepared on
the basis of going concern.
B. Fixed Assets :
Fixed assets are stated at cost less accumulated Depreciation . However
depreciation has been provided on written down value method as
prescribed in schedule XIV to the companies Act, 1956.
C. Revenue Recognition :
Revenue from Sales is recognized when all significant risks and rewards
of the ownership have been transferred to buyer.
Revenue from Services rendered is recognized on accrual basis as per
contractual arrangement with the parties.
D. Income Tax :
Tax expense comprises both current and deferred taxes. Current income-
tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for 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 at
the balance sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised Deferred tax assets are recognised on carry forward of
unabsorbed depreciation and tax losses only if there is virtual
certainty that such deferred tax assets can be realised against future
taxable profits. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
E. Provisions :
A provision is recognised when an enterprise has a present obligation
as a result of past events; 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. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Contingent Liability is not recognized in the financial
statements but is disclosed.
Mar 31, 2012
1) GENERAL:
i. The financial statement have generally been prepared on the
historical cost conversion
ii. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) Basis of Accounting:
The Company follow the Mercantile system of accounting and recognizes
income and expenditure on accrual basis.
3) Fixed Assets:
Fixed assets are stated at cost of less accumulated depreciation. No
depreciation has been provided during the year under consideration as
no business activity was taken the year.
4) Investment: Investments are stated at cost.
5) Revenue Recognition:
Sales are stated net of trade discount, rebates and sales tax.
6) Miscellaneous Expenditure:
Expenses capitalized towards Public Issue, Product launching, Post
issue expense and other Expenses are amortized at flat rate @10 % on
reducing balance.
7) Deferred Tax
The deferred tax is recognized for all temporary difference subject to
the consideration of prudence and at currently available rates.
Deferred Tax assets are recognized only if virtual certainty that they
will be realized.
Mar 31, 2011
1) GENERAL:
i. The financial statement have generally been prepared on the
historical cost conversion
ii. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) Basis of Accounting:
The Company follow the Mercantile system of accounting and recognizes
income and expenditure on accrual basis.
3) Fixed Assets:
Fixed assets are stated at cost of less accumulated depreciation. No
depreciation has been provided during the year under consideration as
no business activity was taken the year.
4) Investment: Investments are stated at cost.
5) Revenue Recognition:
Sales are stated net of trade discount, rebates and sales tax.
6) Miscellaneous Expenditure:
Expenses capitalized towards Public Issue, Product launching, Post
issue expense and other Expenses are amortized at flat rate @10 % on
reducing balance.
7) Deferred Tax
The deferred tax is recognized for all temporary difference subject to
the consideration of prudence and at currently available rates.
Deferred Tax assets are recognized only if virtual certainty that they
will be realized.
Mar 31, 2010
1) GENERAL:
i. The financial statement have generally been prepared on the
historical cost conversion
ii. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) Basis of Accounting:
The Company follow the Mercantile system of accounting and recognizes
income and expenditure on accrual basis.
3) Fixed Assets:
Fixed assets are stated at cost of less accumulated depreciation. No
depreciation has been provided during the year under consideration as
no business activity was taken the year.
4) Investment: Investments are stated at cost.
5) Revenue Recognition:
Sales are stated net of trade discount, rebates and sales tax.
6) Miscellaneous Expenditure:
Expenses capitalized towards Public Issue, Product launching, Post
issue expense and other Expenses are amortized at flat rate @10 % on
reducing balance.
7) Deferred Tax
The deferred tax is recognized for all temporary difference subject to
the consideration of prudence and at currently available rates.
Deferred Tax assets are recognized only if virtual certainty that they
will be realized.