24-11-2012, 06:33 PM
RELIANCE FRESH LIMITED
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Dividend:
Your directors have not recommended any dividend on equity
shares for the year under review.
Subsidiary Company:
The audited statements of accounts all the subsidiaries, namely
Reliance F&B Services Limited, Retail Concepts & Services
(India) Limited, Delight Proteins Limited, Reliance Petro
Marketing Limited and LPG Infrastructure (India) Limited,
together with the Reports of the Board of Directors and Auditors
for the year ended 31st March, 2010 are attached as required
under Section 212 of the Companies Act, 1956.
Directors:
Shri Gunender Kapur resigned from the office of Director of the
Company with effect from March 31, 2010. The Board wishes
to place on record the valuable contribution made by him during
his tenure as Director of the Company.
Shri Madhavan Ganesan retires by rotation and being eligible,
offers himself for re-appointment at the ensuing Annual General
Meeting.
Directors' Responsibility Statement:
Pursuant to the requirement under Section 217(2AA) of the
Companies Act, 1956 with respect to Directors' Responsibility
Statement, it is hereby confirmed that:
(i) in the preparation of the accounts for the year ended March
31, 2010, the applicable accounting standards have been
followed and there are no material departures from the
same;
(ii) the Directors have selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at
the end of the financial year and of the loss of the Company
for the year under review;
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 1956 for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
(iv) the Directors have prepared the accounts for the year ended
March 31, 2010 on a 'going concern' basis.
SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting
principles in India, Companies (Accounting Standards) Rules 2006 and the provisions of the Companies Act, 1956.
Use of Estimates
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of the
assets and 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.
Fixed Assets
Fixed Assets are stated at cost net of CENVAT/ Value Added Tax less accumulated depreciation and impairment loss, if any. All
costs attributable to Fixed Assets are capitalised. Capital Work-in-progress is stated at the amount incurred up to the date of
Balance Sheet. Improvement cost on Lease premises up to the date of commercial operation is capitalised as “Leasehold
Improvements”.
Depreciation
Depreciation on Fixed Assets is provided on Straight Line Method at the rates and in the manner prescribed in Schedule XIV to
the Companies Act, 1956 over their useful life except, leasehold improvements are amortised over the lower of estimated useful
life or lease period; fire alarm system, signage and access control system are depreciated over the estimated useful life of five
years and baskets are depreciated over the estimated useful life of three years.
Impairment of Assets
An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to
the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior
accounting period is reversed if there has been a change in the estimate of recoverable amount.