1. A. SYSTEM OF ACCOUNTING
These financial statements have been prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) including the Indian Accounting Standards
notified with the Accounting Standards notified 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 company follows the mercantile system of accounting and
recognize Income and Expenditure on an accrual basis except in case of significant
uncertainties. The Accounting policies applied by the company are consistent with those
used in the previous year. The financial statement are 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, 2013.
B. The accounts of the company have been prepared based on the going concern concept and
the company is operating at a low capacity utilization level.
2. REVENUE RECOGNITION
Revenue from the sale of manufactured products are recognized upon passage of title to the
customer and generally coincides with the delivery and acceptance.
3. FIXED ASSETS AND DEPRECIATION
FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. The cost of an asset comprises
purchase price and any directly attributable cost of bringing the assets to its present
condition or intended use.
The fixed assets includes a sum of Rs. 13515861- capital work in progress during the FY
2012-13 and it has been increased by Rs. 10142000/- during the FY 2015-16. Total amount
Rs. 23657861- shown under this head. However it has not been finalized so far.
Bank Interest Rs. 3469843- paid on term loan and on working capital loan during the year.
DEPRECIATION
Depreciation has been provided on fixed assets as per the guidelines of the Companies Act
2013 on the basis of life of the assets uses at SLM.
4. TECHNICAL KNOW-HOW FEES
No technical know-how fee is paid during the year.
5. Investment Rs. 5.00 lacs has been done in the company Sanskar Ayush Medicare Pvt. Ltd.
during the financial year 2021-22.
6. INVENTORIES
INVENTORIES BASIS OF VALUATION
a. Raw Materials At cost
b. Work - in - progress At cost
c. Finished goods Sales - G.Profit Margin
d. stores and spares At cost
6. SALES
The company has done an export sales of Rs. 2046300- to Nepal country.
8. RESEARCH AND DEVELOPMENT EXPENDITURE
No research and development expenditure is incurred during the year.
9. RETIREMENT BENEFITS
a. Retirement benefits are accounted for as and when paid.
b. Provision of Gratuity has not been made since it is paid as and when due.
c. Provident Fund contributions Rs. 100917/-, ESI Rs. 12826-, TDS Rs. 190520- are payable
as on 31.3.2024.
d. Accounting policies not specifically referred to are consistent with generally accepted
accounting practices.
10. PROPOSED DIVIDEND
No provision has been made for the payment of Dividend.
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