Accounting Policies of Olympic Oil Industries Ltd. Company

Mar 31, 2024

1. Summary of Significant Accounting Policies

1.1 Basis of Preparation Compliance with Ind AS

The Standalone Financial Statements have been prepared in accordance with Indian Accounting Standards (hereinafter referred to as the “Ind-AS”) as notified by the Ministry of Corporate Affairs, pursuant to section 133 of the Companies Act 2013 (The Companies (Indian Accounting Standards) Rules, 2015) and comply in all material aspects with their provisions.

Historical Cost Conventions and Fair Value

These financial statements have been prepared on a historical cost basis, except for some assets and liabilities which have been measured at fair value, as specifically disclosed.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. Reporting Presentation Currency

All amounts in the standalone financial statements and notes thereon have been presented in Indian Rupees (INR) (reporting and primarily functional currency of the company) and rounded off to the nearest Lacs with two decimals, unless otherwise stated.

1.2 Classification of Assets and Liabilities

All assets and liabilities are classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in Ind-AS 1 notified under the Companies (Indian Accounting Standards) Rules, 2015. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, twelve months has been considered by the Company for the purpose of current/ non-current classification of assets and liabilities. However certain liabilities such as trade payables and some accruals for employee and other operating costs are part of the working capital used in the Company''s normal operating cycle, accordingly classified as current liabilities even if they are due to be settled more than twelve months after the reporting period.

1.3 Accounting Estimates & Judgements and key sources of estimation uncertainty

Due to the nature of the Company''s operations, critical accounting estimates and judgements principally relate to the:

• Tangible fixed assets (estimate useful life);

• Intangible fixed assets (estimate useful life)

• Impairment testing (if and when applicable)

• Provision inventories (obsoleteness / lower net realizable value)

• Provision for doubtful debts

• Provision for employees'' post employment benefits (actuarial assumptions)

In preparing the financial statements in conformity with the accounting principles generally accepted in India, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the period in which the same is determined. The management of the Company makes assumptions about the estimated useful lives, depreciation methods or residual values of items of property, plant and equipment, based on past experience and information currently available. In addition, the management assesses annually whether any indications of impairment of intangible assets and tangible assets. The management of the Company believe that on balance sheet date no impairment indications were existing.

The management of the Company believe that the inventory balances on hand could be sold to the third parties at the disclosed value taking into consideration the condition of inventories held and current conditions in the market.

Furthermore, the management believe that the net carrying amount of trade receivables is recoverable based on their past experience in the market and their assessment of the credit worthiness of debtors at 31st March 2024. Such estimates are inherently imprecise and there may be additional information about one or more debtors that the management are not aware of, which could significantly affect their estimations.

The provisions for defined benefit plans have been calculated by a local (external) actuarial expert. The basic assumptions are related to the mortality, discount rate and expected developments with regards to the salaries. Management believes that the mortality tables used are general acceptable mortality tables the countries involved. The discount rates have been determined by reference to market yields at the end of the reporting period based on the expected duration of the obligation. The future salary increases have been estimated by using the expected inflation plus an additional mark-up based on historical experience and management expectations.

1.4 Inventories

Inventories are valued item wise at the lower of cost and net realizable value. Cost is ascertained on a ''weighted average'' basis. Cost includes direct materials, labour, freight inwards, other direct cost, a proportion of manufacturing overheads based on normal operating capacity, net of refundable duties, levies and taxes wherever applicable.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

Assessment of net realisable value is made at each reporting date. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances, the amount so written-down is adjusted in terms of policy as stated above.

Appropriate adjustments are made to the carrying value of damaged, slow moving and obsolete inventories based on management''s current best estimate.

The cost of production (including cost of conversion) of joint products is allocated on the joint products based on rational and consistent basis i.e. relative realisable values at the separation point, when the products become separately identifiable.

By-products are valued at estimated net realizable value.

1.5 Property, Plant and Equipment

Recognition and measurement: Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.

Expenditure during construction / erection period is included under capital work-in-progress and is allocated to the respective property, plant and equipment on completion of construction / erection

1.6 Intangible Assets

Intangible Assets are stated at cost less accumulated amortization.

1.7 Impairment of Assets

Fixed Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the books for the item of fixed assets carried at cost. However in the opinion of the management, no provision is required for impairment of asset in the current year

1.8 Depreciation

i) Depreciation on property, plant and equipment: Depreciation on fixed assets has been provided on W.D.V. Method at the rates and in the manner specified in schedule II of the Companies Act, 2013. The details of estimated life for each category of asset are as under:

The cost and related accumulated depreciation are eliminated from the financial statements, upon sale and disposition of the assets and the resultant gains or losses are recognized in the statement of profit and loss.

1.9 Investments and other financial assets

Financial assets are initially measured on trade date at fair value, plus transaction costs. All recognized financial assets are subsequently measured in their entirety at either amortized cost or at fair value.

(a) Classification

The Investments and other financial assets has been classified as per Company''s business model for managing the financial assets and the contractual terms of the cash flows.

(b) Measurement

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.

(b.1)Debt Instruments

Subsequent measurement of debt instruments depends on the Company''s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company''s classifies its debt instruments: Amortised Cost:

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is included in profit and loss using the effective interest rate method.

Fair value through other comprehensive income (FVOCI):

Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest income from these financial assets is included in profit and loss using the effective interest rate method.

Fair value through profit or loss:

Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net in the statement of profit and loss within other gains/(losses) in the period in which it arises.

(b.2)Equity/Mutual Fund instruments

The Company subsequently measures all equity investments at fair value. Where the Company''s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognised in profit or loss when the Company''s right to receive payments is established.

Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gain/ (losses) in the statement of profit and loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

• Investment in equity shares of subsidiaries, Partnership Firm and associates: On the transition date, the Company has opted to carry investments in Equity shares of subsidiaries and associates at their deemed cost, i.e. previous GAAP carrying amount.

(c) Impairment of financial assets

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Note 28 details how the Company determines whether there has been a significant increase in credit risk.

For trade receivables, the company applies the simplified approach permitted by IndAS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

1.10 Cash and Cash Equivalents

Cash and cash equivalents comprise cash at bank and in hand, short-term deposits and highly liquid investments with an original maturity of three months or less which are readily convertible in cash and subject to insignificant risk of change in value.

For the purposes of the Statement of Cash Flow, cash and cash equivalents is as defined above, net of outstanding bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings in current liabilities.

1.11 Trade Receivables

Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expect to be collected within a period of 12 months or less from the reporting date, they are classified as current assets otherwise as noncurrent assets.

Trade receivables are measured at their transaction price unless it contains a significant financing component. Loss allowance for expected life time credit loss is recognized on initial recognition.

1.12 Borrowings.

Borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interestbearing borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the statement of profit or loss over the period of the borrowings using the effective interest method.

1.13 Employee Benefits

(i) Short Term Employee Benefits

All employee benefits payable within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages etc. and the expected cost of bonus, ex-gratia, incentives are recognized in the period during which the employee renders the related service.

(ii) Post-Employment Benefits

(a) Defined Contribution Plans

State Government Provident Fund Scheme is a defined contribution plan. The contribution paid/payable under the scheme is recognized in the profit & loss account during the period during which the employee renders the related service.

(b) Defined Benefit Plans Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employee''s. The plan provides for a lump -sum payment to vested employee''s at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The company has obtained group gratuity policy with Life Insurance Corporation. The Company accounts for the liability for gratuity benefits payable in future based on an independent actuarial valuation, carried our as at the year end.

(c) The obligation for leave encashment is provided for and paid on yearly basis.

1.14 Derivative Financial Instruments

The Company uses derivative financial instruments i.e. Forward Contracts to hedge its risks associated with foreign exchange fluctuations. These derivative financial instruments are used as risk management tools only and not for speculative purposes. The fair values of these derivative financial instruments are recognized as assets or liabilities at the balance sheet date and gain/ loss is recognised in statement of profit and loss.

1.15 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are inclusive of excise duty and net of returns, trade allowances, rebates, and value added taxes.

1.16 Other Income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset''s net carrying amount on initial recognition.

Dividend income is recognized in the income statement on the date the entity''s right to receive payments is established. Company has elected to present gains or losses arising from fair value adjustments of financial instruments, gains or losses on disposal of property, plant and equipment, gain or losses from disposal/redemption of investments and regular foreign currency transactions and translations as a separate line item “other gains/(losses) - net” on the face of the statement of profit and loss as permitted in para 85 of Ind AS 1.

1.17 Export Benefits

Export incentives in the form of Duty Draw back benefit/MEIS License is accounted for on accrual basis and treated as income from operations.

1.18 Income Taxes

The income tax expense is the tax payable on the current period''s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity/Mutual Funds. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

1.19 Foreign currency transactions and translation

The functional currency of the company is Indian rupee . Foreign currency transactions are recorded at exchange rates prevailing on the date of transaction. Monetary assets and liabilities in foreign currencies as at the Balance Sheet date are translated at exchange rate prevailing at the year end. Exchange differences arising on actual payments / realisations and year end translations including on forward contracts are dealt with in Profit and Loss.

1.20 Borrowing Costs

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Transaction cost in respect of long-term borrowings are amortised over the tenure of respective loans using effective interest method. All other borrowing costs are recognised in the statement of profit and loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

Other borrowing costs are expensed in the period in which they are incurred.

1.21 Leases

Company as a lessee

The Company recognizes a Right-of Use (RoU) asset at cost and corresponding lease liability, except for leases with term of less than twelve months (short term) and low-value assets in accordance with Ind AS 116 ''Leases''. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

a. the contract involves the use of an identified asset

b. the Company has substantially all of the economic benefits from use of the asset through the period of the lease and the Company has the right to direct the use of the asset.

The cost of the right-of-use assets comprises the amount of the initial measurement of the lease liability, any lease payments made at or before the inception date of the lease plus any initial direct costs etc. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and accumulated impairment losses, if any. The right-of-use asset is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use assets. The estimated useful life of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs. For lease liabilities at the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate is readily determined, if that rate is not readily determined, the lease payments are discounted using the incremental borrowing rate. For short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the lease term. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. The Company has used a single discount rate to a portfolio of leases with similar characteristics.

Company as a lessor

At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The Company recognises lease income as and when due as per terms of agreements. The respective leased assets are included in the financial statements based on their nature. The Company did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard

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Mar 31, 2015

1.SIGNIFICANT ACCOUNTING COMPANY OVERVIEW:

Olympic Oil Industries Limited (''OOIL'' or ''The Company'') is a BSE listed, public limited company incorporated and domiciled in India and has its registered office at Mumbai, Maharashtra, India.

The company is engaged in trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri-Commodities, Laptops, Computers, Invertors, Polymers and Coal etc.

2.BASIS OF PREPARATION:

The financial statements of the company have been prepared on accrual basis under the historical cost convention and on going concern basis in accordance with the Generally Accepted Accounting Principles in India (''Indian GAAP'') to comply with the Accounting Standards specified under section 133 of The Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of The Companies Act, 2013 (''the Act'') / The Companies Act, 1956, as applicable.

3.USE OF ESTIMATES

The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/materialised.

4.REVENUE RECOGNITION:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs Authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and are net of VAT.

e) Other items of income and expenditure have been recognised on accrual basis.

5.FIXED ASSETS:

Fixed Assets have been stated at cost less depreciation.

6.DEPRECIATION:

Depreciation has been provided on written down value basis, at the rate determined with reference to the useful lives specified in Schedule II of the Companies Act, 2013. The impact of the change in useful life of fixed assets has been considered in accordance with the provision of Schedule II.

7.INVENTORIES:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower, in compliance with Accounting Standard 2.

8.FOREIGN CURRENCIES TRANSACTIONS:

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement. Monetary assets and liabilities, denominated in foreign currency, and pending settlement as on the last day of the Financial year have been stated at the conversion rate as at the close of the year or, in case of assets/liabilities where the company''s forex exposure has been crystallized owing to an underlying forward exchange contract, at the rate so contracted. The resultant loss/gain arising from such re-statement has been recognized as income/expense for the year.

9.VALUE ADDED TAX AND ENTRY TAX:

Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to the statement of profit and loss account.

10.PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent liabilities are disclosed by way of notes and are not recognized in the Financial Statements.

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Mar 31, 2014

1. Nature of Operation:

The company is engaged in importing,exporting and trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri Commodities, Laptops, Computers, Invertors, Polymers and Coal etc.

2. Basis of Preparation:

a) The financial statements have been prepared to comply with all the material aspects in respect of the Accounting Standards notified by Companies Accounting Standard Rules, 2006 and the relevant provisions of the Companies Act,1956.

b) Financial Statements are based on historical cost and are prepared on accrual basis

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

3. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations during the reporting period ended. Although these estimates are based upon management''s best knowledge of current events and action, actual results could differ from these estimates.

4. Revenue Recognition:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs Authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Sales and Purchases include effect of exchange fluctuation.

d) Other items of income and expenditure have been recognized on accrual basis.

e) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and are net of VAT.

5. Fixed Assets:

Fixed Assets have been stated at cost less depreciation.

6. Depreciation:

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items:

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions:

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement.

10. Value Added Tax and Entry Tax:

Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to the statement of profit and loss account.

11. Provision, Contingent Liabilities and Contingent Assets (AS-29)

Provisions involving substantial degree of estimates in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

12. Employee Benefits :

1) Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit & loss account of the year in which the related service is rendered.

2) Post employment and other long term employee benefits are recognized as an expense in the statement of Profit & Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains & losses in respect of post employment and other long term benefits are charged to the statement of Profit & Loss Account.

13. Provision for Current & Deferred Tax :

Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.

Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, Current Tax is determined at the amount of Tax payable in respect of estimated Taxable Income for the year.

Deferred Tax resulting from ‘Timing Difference'' between book and taxable profit for the year is accounted for using the Tax rates and Laws that have been enacted as on the Balance Sheet date.

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Mar 31, 2013

1. Nature of Operation:

The company is engaged in importing, exporting and trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri Commodities, Laptops, Computers, Inverters and Coal etc.

2. Basis of Preparation:

a) The financial statements have been prepared to comply with all the material aspects in respect of the Accounting Standards notified by Companies Accounting Standard Rules,2006 and the relevant provisions of the Companies Act,1956

b) Financial Statements are based on historical cost and are prepared on accrual basis.

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous* year.

3. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations during the reporting period ended. Although these estimates are based upon management''s best knowledge of current events and action, actual results could differ from these estimates.

4. Revenue Recognition:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs Authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and is net of VAT.

5. Fixed Assets:

Fixed Assets have been stated at cost less depreciation.

6. Depreciation :

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items:

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions:

a) Initial Recognition : Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences : Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement. Monetary assets and liabilities, denominated in foreign currency, and pending settlement as on the last day of the Financial Year have been stated at the conversion rate as at the close of the year or, in case of assets/liabilities where the company''s forex exposure has been crystallized owing to an underlying forward exchange contract, at the rate so contracted. The resultant loss/gain arising from such re-statement has been recognized as income/expense for the year.

10.Value Added Tax and Entry Tax : Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to the statement of profit and loss account.

11. Provision, Contingent Liabilities and Contingent Assets (AS-29)

Provisions involving substantial degree of estimates in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

12.Employee Benefits:

1) Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit & loss account of the year in which the related service is rendered.

2) Post-employment and other long term employee benefits are recognized as an expense in the statement of Profit & Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains & losses in respect of post-employment and other long term benefits are charged to the statement of Profit & Loss Account.

13.Provision for Current & Deferred Tax:

Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.

Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, Current Tax is determined at the amount of Tax payable in respect of estimated Taxable Income for the year.

Deferred Tax resulting from ''Timing Difference'' between book and taxable profit for the year is accounted for using the Tax rates and Laws that have been enacted as on the Balance Sheet date.

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Mar 31, 2012

1. Nature of Operation :

The company engaged in importing and exporting and trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminium Foil, Agri Commodities, Laptops, Computers, Invertors and Coal etc.

2. Basis of Preparation:

a) The financial statement have been prepared to comply with all the material aspects in respect with the Notified Accounting Standard by Companies Accounting Standard Rules, 2006 and the relevant provisions of the Companies Act,1956

b) Financial Statement based on historical cost and are prepared on accrual basis

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

3. Use of Estimates

The preparation of financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of financial statement and the result of the operation during the reporting period ended. Although these estimates are based upon management's best knowledge of current events and action, actual result could differ from these estimates.

4. Revenue Recognition :

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and is net of VAT.

5. Fixed Assets :

Fixed Assets have been stated at cost less depreciation.

6. Depreciation :

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories :

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items :

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions :

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement.

10. Value Added Tax and Entry Tax : Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to profit and loss account.

11. Provision, contingent liabilities and Contingent Assets (AS-29) :

Provision involving substantial degree of estimates in measurement are recognised when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

12. Employee Benefits :

1) Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit & loss account of the year in which the related service is rendered.

2) Post employment and other long term employee benefits are recognized as an expense in the statement of Profit & Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains & losses in respect of post employment and other long term benefits are charged to the statement of Profit & Loss Account.

13. Provision for Current & Deferred Tax :

Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.

Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, Current Tax is determined at the amount of Tax payable in respect of estimated Taxable Income for the year.

Deferred Tax resulting from 'Timing Difference' between book and taxable profit for the year is accounted for using the Tax rates and Laws that have been enacted as on the Balance Sheet date.

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Mar 31, 2011

1. Nature of Operation:

The company engaged in importing and exporting and trading of Rapeseed Meal, Yellow Peas and Paper.

2. Basis of Preparation:

a) The financial statements have been prepared to comply with all the material aspects in respect with the Notified Accounting Standard by Companies Accounting Standard Rules,2006 and the relevant provisions of the Companies Act, 1956

b) Financial Statements are based on historical cost and are prepared on accrual basis

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

3. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of financial statements and the results of the operations during the reporting period ended. Although these estimates are based upon management's best knowledge of current events and action, actual results could differ from these estimates.

4. Revenue Recognition:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods.

5. Fixed Assets:

Fixed Assets have been stated at cost less depreciation.

6. Depreciation:

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items:

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions:

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement.

10. Value Added Tax and Entry Tax: Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to profit and loss account.

11. Provision, contingent liabilities and Contingent Assets (AS-29)

Provisions involving substantial degree of estimates in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2010

1.1. ACCRUAL BASIS

All Expenses and income are recognized on accrual basis.

2. Loans, Advances and Sundry Creditors are subject to confirmation by the parties.

3. The company had assigned the liability in respect of Deferred Special Capital incentives of Rs. 4,20,690/-. to M/s. Matushri Oil Industries Limited, a company in which directors are interested as directors pursuant to memorandum of understanding dated 05/03/2004 which is subject to confirmation from Government of Maharashtra.

4. In view of the applicability of Accounting Standard - 22 on "Accounting For Taxes on Income" during the year issued by the Institute of Chartered Accountants of India, company does not have current tax as well as deferred tax liability due to carried forward losses and unabsorbed depreciation. Deferred tax asset is not recognized in view of uncertainty of future taxable profits.

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Mar 31, 2009

1.1. ACCRUAL BASIS

All Expenses and income are recognized on accrual basis.

2. Loans, Advances and Sundry Creditors are subject to confirmation by the parties.

3. The company had assigned the liability in respect of Deferred Special Capital incentives of Rs. 4,20,690/-. to M/s. Matushri Oil Industries Limited, a company in which directors are interested as directors pursuant to memorandum of understanding dated 05/03/2004 which is subject to confirmation from Government of Maharashtra.

4. In view of the applicability of Accounting Standard - 22 on "Accounting For Taxes on Income" during the year issued by the Institute of Chartered Accountants of India, company does not have current tax as well as deferred tax liability due to carried forward losses and unabsorbed depreciation. Deferred tax asset is not recognized in view of uncertainty of future taxable profits

5. The company has mainly investing activity on shares / securities. Hence income from them and assets and liabilities are considered as one segment. Therefore, disclosure of segments reporting pursuant to AS-17 issued by the ICAI is not required.