Mar 31, 2015
A. USE OF ESTIMATES
The Preparation of the financial statements in conformity with
accounting standard requires the Management to make estimates and
assumptions that affect the reported accounts of assets and
liabilities, disclosure of contingent liabilities as at the date of the
financial statement and the reported amount of income and expenses
during the reporting period, like useful lives of fixed assets,
provision for doubtful debts/ advances, provision for diminution in
value of investments, provision for employee benefits, provision for
warranties/ discounts, allowances for certain uncertainties, provision
for taxation, provision for contingencies etc. Actual results could
differ from those estimates. Changes in estimates are reflected in the
financial statements in the period in which changes are made and, if
material, their effects are disclosed in the financial statements.
B. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements have been prepared on a going concern basis
under the historical cost convention, on accrual basis unless
specifically stated herein below and in accordance with the applicable
Accounting standards (AS) issued by the Institute of Chartered
Accountants of India and relevant provisions ofthe Companies Act, 2013.
C. REVENUE RECOGNITION
Sales are recognized on completion of sale of goods (Export Sales are
recognized on the basis of Shipping Bills prepared) and are net of
trade discounts, rebates and inclusive of excise duty but excludes
taxes on sales.
Export incentives are recognized as and when export sale is accounted
for. Profit/ Loss on sale of DEPB license is recognized in the year of
sale.
D. FIXED ASSETS
a) All fixed assets are stated at cost, net of MODVAT/CENVAT less
accumulated depreciation. Cost comprises cost of acquisition and all
expenses incurred which are directly attributable, including cost of
borrowings and exchange fluctuation, for bringing the assets into
working condition for its intended use.
b) Cost of assets not ready to put to use before year end are shown as
'Capital Work in Progress/lntangible Assets Under Development'.
E. DEPRECIATION
Depreciation on the Tangible Assets and Computer Software are provided
on Straight Line Method as per useful life ofthe assets and in the
manner as prescribed in Schedule II to The Companies Act, 2013. However
having regard to materiality of assets upto Rs. 5000/- are fully
depreciated in the year of purchase. Leasehold lands are amortised over
the lease period.
F. INVESTMENTS
a) Investments are carried at cost. However, provision for diminution
in value is made to recognize any decline, other than temporary, in the
value of investments except investment in unquoted & subsidiary
companies.
b) Investments that are readily realizable and intended to hold for not
more than a year are classified as Current Investments. All other
investments are classified as Non Current Investments.
G. INVENTORIES
Raw Material and Stores & Spares are valued at cost. Cost of raw
material is determined by First in First Out (FIFO) method except
cotton, which is valued at weighted average cost.
Finished and Semi Finished goods produced and purchased, are valued at
lower of cost or net realizable value. The identification of Semi
Finished goods is done on the basis of location ofthe goods.
H. BORROWING COST
Borrowing costs that are directly attributable to the acquisition or
construction of fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalized.
Other borrowing costs are recognized as expense in the year in which
they are incurred.
I. RETIREMENT AND OTHER EMPLOYEE BENEFITS
The provision for gratuity liability and earned leaves are made in
accordance with the actuarial valuation on projected unit credit
actuarial method at the end of the year. The provisions for medical
leaves are made on basis of leaves accrued to employees. Employer's
Contribution to Employees Provident Fund are charged to Statement of
Profit and Loss.
J. RESEARCH AND DEVELOPMENT COSTS
Research & Development expenses of revenue nature are charged to
Statement of Profit and Loss and those of capital nature are
capitalized as Tangible/intangible assets.
K. DEFERRED REVENUE EXPENDITURE
The expenses related to Preliminary and capital issue expenses are
fully charged in the year in which these are incurred.
L. FOREIGN CURRENCY TRANSACTIONS
a) Transactions denominated in foreign currency are recorded at the
exchange rate prevailing at the time of the transactions.
b) Monetary items denominated in foreign currencies at the year end are
restated at the yearend rates. In case of monetary items which are
covered by forward exchange contracts, the difference between the year
end rate and the rate on the date of contract is recognized as exchange
difference and the premium paid on forward contracts is recognized over
the life of the contract.
c) Non monetary foreign currency items are carried at cost.
d) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Statement of profit
and loss except in cases where they relate to acquisition of fixed
assets, in which case they are adjusted to the carrying cost of such
assets.
M. IMPAIRMENT OF ASSETS
The carrying amounts of all the assets are reviewed at each balance
sheet date. If there is any indication of impairment, based on internal
/external factors, an impairment loss is recognized wherever the
carrying amount of an asset exceeds its recoverable amount.
N. TAXATION
a) Provision for current income tax is made in accordance with the
applicable provisions of the Income Tax Act, 1961.
b) Liability for deferred tax is provided while deferred tax asset is
recognized only if there is virtual certainty of their realization in
future in terms of Accounting Standard on "Deferred Tax Accounting"
(AS-22) issued by the Institute of Chartered Accountants of India.
O. GOVERNMENT GRANTS
Capital grants are accounted for and deducted from the respective
assets in the year of receipt. Non specific Capital Subsidy in the
nature of promoters'contribution is credited to Capital Reserve.
The interest subsidy under TUF scheme is considered on accrual basis
and deducted from the interest expenditure.
P. OPERATING LEASE
Lease payments are recognized as an expense in the Statement of Profit
and Loss according to the terms and conditions ofthe respective
agreement.
Mar 31, 2014
A. USE OF ESTIMATES:
The Preparation ofthe financial statements in conformity with
accounting standard requires the Management to make estimates and
assumptions that affect the reported accounts of assets and
liabilities, disclosure of contingent liabilities as at the date of the
financial statement and the reported amount of income and expenses
during the reporting period , like useful lives of fixed assets,
provision for doubtful debts/advances, provision for diminution in
value of investments, provision for employee benefits, provision for
warranties/ discounts, allowances for certain uncertainties, provision
for taxation, provision for contingencies etc. Actual results could
differ from those estimates. Changes in estimates are reflected in the
financial statements in the period in which changes are made and, if
material, their effects are disclosed in the financial statements.
B. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS:
The Financial Statements have been prepared on a going concern basis
under the historical cost convention, on accrual basis unless
specifically stated herein below and in accordance with the applicable
Accounting standards (AS) issued by the Institute of Chartered
Accountants of lndia and relevant provisions ofthe Companies Act, 1956.
C. REVENUE RECOGNITION:
Sales are recognized on completion of sale of goods (Export Sales are
recognized on the basis of Shipping Bills prepared) and are net of
trade discounts, rebates and inclusive of excise duty but excludes
taxes on sales.
Export incentives are recognized as and when export sale is accounted
for. Profit/ Loss on sale of DEPB license is recognized in the year of
sale.
D. FIXED ASSETS:
a) All fixed assets are stated at cost, net of MODVAT/CENVAT less
accumulated depreciation. Cost comprises cost of acquisition and all
expenses incurred which are directly attributable, including cost of
borrowings and exchange fluctuation, for bringing the assets into
working condition for its intended use.
b) Cost of assets not ready to put to use before year end are shown as
''Capital Work in Progress''/'' Intangible Assets Under Development''.
E. DEPRECIATION:
Depreciation on the Tangible Assets and computer software are provided
on Straight Line Method at the rates and in the manner as prescribed in
Schedule XIV to The Companies Act, 1956. Leasehold lands are amortised
over the lease period. Brand & Trade Mark are being amortised over a
period often years.
F. INVESTMENTS:
a) Investments are carried at cost. However, provision for diminution
in value is made to recognize any decline, other than temporary, in the
value of investments except investment in unquoted & subsidiary
companies.
b) Investments that are readily realizable and intended to hold for not
more than a year are classified as Current Investments. All other
investments are classified as Non Current Investments.
G. INVENTORIES:
Raw Material and Stores & Spares are valued at cost. Cost of raw
material is determined by First in First Out (FIFO) method except
cotton, which is valued at weighted average cost.
Finished and Semi Finished goods produced and purchased, are valued at
lower of cost or net realizable value. The identification of Semi
Finished goods is done on the basis of location ofthe goods.
H BORROWING COST:
Borrowing costs that are directly attributable to the acquisition or
construction of fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalized.
Other borrowing costs are recognized as expense in the year in which
they are incurred.
I. RETIREMENT AND OTHER EMPLOYEE BENEFITS:
The provision for gratuity liability and earned leaves are made in
accordance with the actuarial valuation on projected unit credit
actuarial method atthe end ofthe year. The provisions for medical
leaves are made on basis of leaves accrued to employees. Employers
contribution to Employees Provident Fund are charged to Statement of
Profit and Loss.
J. RESEARCH AND DEVELOPMENT COSTS:
Research & Development expenses of revenue nature are charged to
Statement of Profit and Loss and those of capital nature are
capitalized as Tangible/intangible assets.
K. DEFERRED REVENUE EXPENDITURE:
The expenses related to Preliminary and capital issue expenses are
fully charged in the year in which these are incurred.
L. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currency are recorded at the
exchange rate prevailing at the time ofthe transactions.
b) Monetary items denominated in foreign currencies at the year end are
restated at the year end rates. In case of monetary items which are
covered by forward exchange contracts, the difference between the year
end rate and the rate on the date of contract is recognized as exchange
difference and the premium paid on forward contracts is recognized over
the life of the contract.
c) Non monetary foreign currency items are carried at cost.
d) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Statement of profit
and loss except in cases where they relate to acquisition of fixed
assets, in which case they are adjusted to the carrying cost of such
assets.
M. IMPAIRMENT OF ASSETS:
The carrying amounts of all the assets are reviewed at each balance
sheet date. If there is any indication of impairment, based on internal
/ external factors, an impairment loss is recognized wherever the
carrying amount of an asset exceeds its recoverable amount.
N. TAXATION:
a) Provision for current income tax is made in accordance with the
applicable provisions ofthe Income Tax Act, 1961.
b) Liability for deferred tax is provided while deferred tax asset is
recognized only if there is virtual certainty of their realization in
future in terms of Accounting Standard on "Deferred Tax Accounting"
(AS-22) issued by the Institute of Chartered Accountants of India.
O. GOVERNMENT GRANTS:
Capital grants are accounted for and deducted from the respective
assets in the year of receipt. Non specific Capital Subsidy in the
nature of promoters'' contribution is credited to Capital Reserve.
The interest subsidy under TUF scheme have been considered on accrual
basis and deducted from the interest expenditure.
P. OPERATING LEASE:
Lease payments are recognized as an expense in the Statement of Profit
and Loss according to the terms and conditions ofthe respective
agreement.
Mar 31, 2012
A. USEOFESTIMATES:
The Preparation of the financial statements in conformity with
accounting standard requires the Management to make estimates and
assumptions that affect the reported accounts of assets and
liabilities, disclosure of contingent liabilities as at the date of the
financial statement and the reported amount of income and expenses
during the reporting period , like useful lives of fixed assets,
provision for doubtful debts/advances, provision for diminution in
value of investments, provision for employee benefits, provision for
warranties/ discounts, allowances for certain uncertainties, provision
for taxation, provision for contingencies etc. Actual results could
differ from those estimates. Changes in estimates are reflected in the
financial statements in the period in which changes are made and, if
material, their effects are disclosed in the financial statements.
B. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS:
The Financial Statements have been prepared on a going concern basis
under the historical cost convention, on accrual basis unless
specifically stated herein below and in accordance with the applicable
Accounting standards (AS) issued by the Institute of Chartered
Accountants of India and relevant provisions of the Companies Act, 1956.
C. REVENUERECOGNITION:
Sales are recognized on completion of sale of goods (Export Sales are
recognized on the basis of Shipping Bills prepared) and are net of
trade discounts, rebates and inclusive of excise duty but excludes
taxes on sales.
Export incentives are recognized as and when export sale is accounted
for. Profit/ Loss on sale of DEPB license is recognized in the year of
sale.
D. FIXEDASSETS:
a) All fixed assets are stated at cost, net of MODVAT/CENVAT less
accumulated depreciation. Cost comprises cost of acquisition and all
expenses incurred which are directly attributable, including cost of
borrowings and exchange fluctuation, for bringing the assets into
working condition for its intended use.
b) Cost of assets not ready to put to use before year end are shown as
'Capital Work in Progress'.
E. DEPRECIATION:
Depreciation on the Tangible Assets and computer software are provided
on Straight Line Method at the rates and in the manner as prescribed in
Schedule XIV to The Companies Act, 1956. Leasehold lands are amortised
over the lease period. Brand & Trade Mark are being amortised over a
period often years.
F. INVESTMENTS:
a) Investments are carried at cost. However, provision for diminution
in value is made to recognize any decline, other than temporary, in the
value of investments except investment in unquoted & subsidiary
companies.
b) Investments that are readily realizable and intended to hold for not
more than a year are classified as Current investments. All other
investments are classified as Non Current Investments.
G. INVENTORIES:
Raw Material and Stores & Spares are valued at cost. Cost of raw
material is determined by First in First Out (FIFO) method except
cotton, which is valued at weighted average cost.
Finished and Semi Finished goods produced and purchased, are valued at
lower of cost or net realizable value. The identification of Semi
Finished goods is done on the basis of location of the goods.
H BORROWINGCOST:
Borrowing costs that are directly attributable to the acquisition or
construction of fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalized.
Other borrowing costs are recognized as expense in the year in which
they are incurred.
I. RETIREMENT ANDOTHER EMPLOYEE BENEFITS:
The provision for gratuity liability and earned leaves are made in
accordance with the actuarial valuation on projected unit credit
actuarial method at the end of the year. The provisions for medical
leaves are made on basis of leaves accrued to employees. Employer's
Contribution to Employees Provident Fund are charged to Statement of
Profit and Loss.
J. RESEARCH AND DEVELOPMENT COSTS:
Research & Development expenses of revenue nature are charged to
Statement of Profit and Loss and those of capital nature are
capitalized as Tangible/intangible assets.
K. DEFERRED REVENUE EXPENDITURE:
The expenses related to Preliminary and capital issue expenses are
fully charged in the year in which these are incurred.
L. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currency are recorded at the
exchange rate prevailing at the time of the transactions.
b) Monetary items denominated in foreign currencies at the year end are
restated at the yearend rates. In case of monetary items which are
covered by forward exchange contracts, the difference between the year
end rate and the rate on the date of contract is recognized as exchange
difference and the premium paid on forward contracts is recognized over
the life of the contract.
c) Non monetary foreign currency items are carried at cost.
d) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Statement of profit
and loss except in cases where they relate to acquisition of fixed
assets, in which case they are adjusted to the carrying cost of such
assets.
M. IMPAIRMENT OF ASSETS:
The carrying amounts of all the assets are reviewed at each balance
sheet date. If there is any indication of impairment, based on internal
/external factors, an impairment loss is recognized wherever the
carrying amount of an asset exceeds its recoverable amount.
N. TAXATION:
a) Provision for current income tax is made in accordance with the
applicable provisions of the Income Tax Act, 1961.
b) Liability for deferred tax is provided while deferred tax asset is
recognized only if there is virtual certainty of their realization in
future in terms of Accounting Standard on "Deferred Tax Accounting"
(AS-22) issued by the Institute of Chartered Accountants of India.
O. GOVERNMENT GRANTS:
Capital grants are accounted for and deducted from the respective
assets in the year of receipt.
The interest subsidy under TUF scheme have been considered on accrual
basis and deducted from the interest expenditure.
P. OPERATING LEASE:
Lease payments are recognized as an expense in the Statement of Profit
and Loss according to the terms and conditions of the respective
agreement.
Mar 31, 2010
BASIS FOR PREPARATION OF ACCOUNTS:
The Financial Statements are prepared on a going concern basis under
the historical cost convention, on accrual basis unless specifically
stated herein below and in accordance with the applicable Accounting
standards (AS) issued by the Institute of Chartered Accountants of
India.
REVENUE RECOGNITION:
Sales are recognized on completion of sale of goods (Export Sales are
recognized on the basis of Shipping Bills prepared) and are net of
trade discounts, rebates and inclusive of excise duty & exchange
fluctuation but excludes taxes on sales.
FIXED ASSETS:
a) All fixed assets are stated at cost, net of MODVAT/CENVAT less
accumulated depreciation. Cost comprises cost of acquisition and all
expenses incurred which are directly attributable, including cost of
borrowings and exchange fluctuation, for bringing the assets into
working condition for its intended use.
b) Cost of assets not ready to put to use before year end and advances
paid for acquisition or construction of Capital Assets are shown as
Capital Work in Progress.
DEPRECIATION:
Depreciation on the fixed assets is provided on Straight Line Method
atthe rates and in the manner prescribed in
ScheduleXIVtoTheCompaniesAct,1956
INVESTMENTS:
a) Investments are carried at cost. However, provision for diminution
in value is made to recognize any decline, other than temporary, in the
value of investments.
b) Investments that are readily realizable and intended to hold for not
more than a year are classified as Current investments. All other
investments are classified as Long Term Investment.
INVENTORIES:
Raw Materials and stores & spares are valued at cost. Cost of raw
material is determined by using the First in First out (FIFO) method
except for cotton, which is valued at weighted average cost.
Finished and Semi Finished goods produced and purchased, are valued at
lower of cost or net realizable value. The identification of Semi
Finished goods is done on the basis of location of the goods.
BORROWING COST:
Borrowing costs that are directly attributable to the acquisition or
construction of fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalized.
Other borrowing costs are recognized as expense in the year in which
they are incurred.
RETIREMENT AND OTHER EMPLOYEE BENEFITS:
The provision for gratuity Liability and earned leaves is made in
accordance with the actuarial valuation on projected unit credit
actuarial method atthe end of the year. The provisions for medical
leaves are made on basis of leaves accrued to employees.
RESEARCH AND DEVELOPMENT COSTS:
Research & Development expenses of revenue nature are charged to Profit
and Loss Account and those of capital nature are capitalized as Fixed
Assets.
MISCELLANEOUS EXPENDITURE:
Preliminary expenses and capital issue expenses are amortised over a
period often years.
Deferred revenue expenditure includes product research & development,
design development, sampling expenses and human resource development
expenses and are written off over a period of five years.
FOREIGN CURRENCYTRANSACTIONS:
a) Transactions denominated in foreign currency are generally recorded
at the exchange rate prevailing at the time of the transactions.
b) Monetary items denominated in foreign currencies atthe year end are
restated at the year end rates. In case of monetary items which are
covered by forward exchange contracts, the difference between the year
end rate and the rate on the date of contract is recognized as exchange
difference and the premium paid on forward contracts is recognized
overthe life of the contract.
c) Non monetary foreign currency items are carried at cost.
d) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account except in cases where they relate to acquisition of fixed
assets, in which case they are adjusted to the carrying cost of such
assets.
IMPAIRMENT OF ASSETS:
The carrying amounts of assets are reviewed at each balance sheet date.
If there is any indication of impairment, based on internal / external
factors, an impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount.
TAXATION:
a) Provision for current income tax is made in accordance with the
provisions of the Income Tax Act, 1961.
b) Liability for deferred tax is provided while deferred tax asset is
recognized only if there is virtual certainty of their realization in
future in terms of Accounting Standard on "Deferred Tax Accounting"
(AS-22) issued bythe Institute ofChartered Accountants of India.
OPERATING LEASE:
Lease payments are recognized as an expense in the Profit and Loss
Account according to the terms and conditions of the respective
agreement.
Jun 30, 2009
- BASIS FOR PREPARATION OF ACCOUNTS:
The Financial Statements are prepared on a going concern basis under
the historical cost convention, on accrual basis unless specifically
stated hereinbelow and in accordance with applicable Accounting
standards (AS) issued by the Institute of Chartered Accountants of
India.
- REVENUE RECOGNITION:
Sales are recognized on completion of sale of goods and are net of
trade discounts, rebates and inclusive of excise duty & exchange
fluctuation but excludes tax.
- FTXED ASSETS:
a) All fixed assets are stated at cost, net of MODVAT/CENVAT less
accumulated depreciation. Cost of fixed assets include cost of
acquisition and all expenses incurred which are directly attributable,
including cost of borrowings and exchange fluctuation, for bringing the
assets into working condition for its intended use.
b) Cost of assets not ready to put to use before year end and advances
paid for acquisition or construction of Capital Assets are being shown
as Capital Work in Progress.
- DEPRECIATION:
Depreciation on the fixed assets has been provided on Straight Line
Method at the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956
- INVESTMENTS:
a) Investments are carried at cost. However, provision for diminution
in value is made to recognize any decline, other than temporary, in the
value of investments.
b) Investments that are readily realizable and intended to hold for not
more than a year are classified as Current investments. All other
investments are classified as Long Term Investment.
- INVENTORIES:
Raw Materials and stores & spares are valued at cost. Cost of raw
material is determined by using the First in First out (FIFO) method
except for cotton, which is valued at weighted average cost.
Finished and Semi Finished goods produced & purchased, are valued at
lower of cost or net realizable value. The identification of Semi
Finished goods is being done on the basis of location of the goods.
- BORROWING COST:
Borrowing cost, directly attributable to acquisition or construction of
those fixed assets, which necessarily take a substantial period of time
to get ready for their intended use, is capitalized and other borrowing
cost is charged to revenue.
- TERMINAL BENEFITS:
The provision for gratuity liability is made in accordance with the
actuarial valuation at the end of the year. The provision for earned
leave/medical leaves has been made on the basis of leaves accrued to
the employees.
- RESEARCH AND DEVELOPMENT:
Research & Development expenses of revenue nature are charged to Profit
and Loss Account and those of capital nature are capitalized as Fixed
Assets.
- MISCELLANEOUS EXPENDITURE:
Preliminary expenses & capital issue expenses are amortised over a
period of ten years.
Deferred revenue expenditure includes product research & development,
design development, sampling expenses and human resource development
expenses and are written off over a period of five years.
- FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currencies are generally
recorded at the exchange rate prevailing at the time of the
transactions.
b) Monetary items denominated in foreign currencies at the year end are
restated at the year end rates. In case of monetary items which are
covered by forward exchange contracts, the difference between the year
end rate and the rate on the date of contract is recognized as exchange
difference and the premium paid on forward contracts is recognized over
the life of the contract.
c) Non monetary foreign currency items are carried at cost.
d) Any income or expense on account of exchange difference either on
settlement or translation is recognised in the profit and loss account
except in cases where they relate to acquisition of fixed assets, in
which case they are adjusted to the carrying cost of such assets.
- IMPAIRMENT OF ASSETS:
Carrying amount of Assets are reviewed at each balance sheet date. If
there is any indication of impairment, based on internal / external
factors, an impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount.
- TAXATION:
a) Provision for current income tax and fringe benefit tax are made in
accordance with the provisions of the Income Tax Act, 1961.
b) Liability for deferred tax is provided while deferred tax asset is
recognized only if there is virtual certainty of their realization in
future in terms of Accounting Standard on "Deferred Tax Accounting"
(AS-22) issued by the Institute of Chartered Accountants of India
- OPERATING LEASE:
Lease payments are recognized as an expense in the Profit and Loss
Account according to the terms and conditions of the respective
agreement.