Mar 31, 2015
(a) Basis of Accounting
Financial Statements are prepared under historical cost convention on
accrual basis except those disclosed in notes on accounts in conformity
with accounting principles generally accepted in India and comply with
the provision of Companies Act, 2013 and Accounting Standards issued by
the Institute of Chartered Accountants of India.
(b) Revenue Recognition
Sales are recognized on dispatch of materials to customers.
(c) Employee Benefits
i) Defined Contribution Plan:
Contribution to Provident Fund, which is defined contribution
retirement plan, is charged to the Statement of Profit & Loss in the
period in which the contributions are incurred.
ii) Defined Benefit Plan:
Retirement benefits in the form of Gratuity and leave encashment are
determined on actuarial valuation using projected unit credit method at
the balance sheet date and are charged to Statement of Profit & Loss.
(d) Fixed Assets
(i) Fixed assets are stated at cost of acquisition inclusive of
freight, duties and incidental expenses, etc.
(ii) Depreciation on fixed assets has been charged on Straight Line
Method based on life assigned to each asset in accordance with Schedule
II of the Companies Act, 2013.
(iii) Pursuant to enactment of Companies Act, 2013 the company has
applied the estimated useful life of assets as specified in Schedule II
of the Act, as a result depreciation during the year is lower by Rs.
97,83,274/-
(e) Investments
Investments, if any, are stated at cost.
(f) Inventories
(i) Inventories of Raw Materials, Stores & Consumable are valued at
cost.
(ii) Inventories of Work in Process are valued at lower of cost and net
realizable value.
(iii) Inventories of Finished Goods are valued at cost or market value
whichever is lower.
(iv) Salable dust and scrap are valued at estimated realizable value.
(g) Foreign currency translation
Initial recognition
Foreign currency transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of the
transaction.
Conversion
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date.
Exchange differences
The company accounts for exchange differences arising on
translation/settlement of foreign currency monetary items as below:
(i) Transactions reported in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction or that
approximates the actual rate at the date of transaction.
(ii) Monetary items denominated in foreign currencies at the year end
are restated at year end rates.
(iii) Any income or expenditure on account of foreign exchange
difference either on settlement or on translation is recognized in the
Statement of Profit and Loss.
(h) Contingent Liabilities
Contingent liabilities are not provided for in the books of accounts
and are disclosed by way of note to the accounts.
(i) Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable Income for the period. Deferred Tax is recognized subject to
considering prudence on timing differences being the differences
between taxable Income and Accounting Income that originate in one
period and are capable of reversal in one or more subsequent period.
MAT under the provisions of Income Tax Act, 1961 is recognized as
current tax in the statement of profit and loss. The credit available
under the act in respect of MAT paid is recognized as an asset only
when and to the extent convincing evidence that the Company will pay
normal income tax during the period for which the MAT credit can be
carried forward for set off against the normal tax liability. MAT
credit recognized as an asset is reviewed at each balance sheet date
and written down to the extent the aforesaid convincing evidence no
longer exists.
Mar 31, 2014
(a) Basis of Accounting
Financial Statements are prepared under historical cost convention on
accrual basis except those disclosed in notes on accounts.
(b) Revenue Recognition
Sales are recognized on dispatch of materials to customers.
(c) Employee Benefits
i) Defined Contribution Plan:
Contribution to Provident Fund, which is defined contribution
retirement plan, is charged to the Statement of Profit & Loss in
the period in which the contributions are incurred.
ii) Defined Benefit Plan:
Retirement benefits in the form of Gratuity and leave encashment are
determined on actuarial valuation using projected unit credit method at
the balance sheet date and are charged to Statement of Profit & Loss.
(d) Fixed Assets
(i) Fixed assets are stated at cost of acquisition inclusive of
freight, duties and incidental expenses, etc. (ii) Depreciation on
fixed assets has been charged on Straight Line Method at the rates and
in the manner, prescribed under Schedule XIV of the Companies Act,
1956.
(e) Investments
Investments, if any, are stated at cost.
(f) Inventories
(i) Inventories of Raw Materials, Stores & Consumable are valued at
cost. (ii) Inventories of Work in Process are valued at lower of cost
and net realizable value. (iii) Inventories of Finished Goods are
valued at cost or market value whichever is lower. (iv) Salable dust
and scrap are valued at estimated realizable value.
(g) Foreign currency translation
Initial recognition
Foreign currency transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of the
transaction.
Conversion
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date.
Exchange differences
The company accounts for exchange differences arising on
translation/settlement of foreign currency monetary items as below:
(i) Transactions reported in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction or that
approximates the actual rate at the date of transaction.
(ii) Monetary items denominated in foreign currencies at the year
end are restated at year end rates.
(iii) Any income or expenditure on account of foreign exchange
difference either on settlement or on translation is recognized
in the Statement of Profit and Loss.
(h) Contingent Liabilities
Contingent liabilities are not provided for in the books of accounts
and are disclosed by way of note to the accounts.
(i) Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable Income for the period. Deferred Tax is recognized subject to
considering prudence on timing differences being the differences
between taxable Income and Accounting Income that originate in one
period and are capable of reversal in one or more subsequent period.
Deferred Tax Asset for the current year has been created taking into
account the unabsorbed depreciation and carry forward of losses of
earlier years.
MAT under the provisions of Income Tax Act, 1961 is recognized as
current tax in the statement of profit and loss. The credit available
under the act in respect of MAT paid is recognized as an asset only
when and to the extent convincing evidence that the Company will pay
normal income tax during the period for which the MAT credit can be
carried forward for set off against the normal tax liability. MAT
credit recognized as an asset is reviewed at each balance sheet date
and written down to the extent the aforesaid convincing evidence no
longer exists.
Mar 31, 2013
(a) Basis of Accounting
Financial Statements are prepared under historical cost convention on
accrual basis except those disclosed in notes on accounts.
(b) Revenue Recognition
Sales are recognized on dispatch of materials to customers.
(c) Employee Benefits
i) Defined Contribution Plan:
Contribution to Provident Fund, which is defined contribution
retirement plan, is charged to the Statement of Profit & Loss in the
period in which the contributions are incurred.
ii) Defined Benefit Plan:
Retirement benefits in the form of Gratuity and leave encashment are
determined on actuarial valuation using projected unit credit method at
the balance sheet date and are charged to Statement of Profit & Loss.
(d) Fixed Assets
(i) Fixed assets are stated at cost of acquisition inclusive of
freight, duties and incidental expenses, etc. (ii) Depreciation on
fixed assets has been charged on Straight Line Method at the rates and
in the manner, prescribed under Schedule XIV of the Companies Act,
1956.
(e) Investments
Investments, if any, are stated at cost.
(f) Inventories
(i) Inventories of Raw Materials, Stores & Consumable are valued at
cost. (ii) Inventories of Work in Process are valued at lower of cost
and net realizable value. (iii) Inventories of Finished Goods are
valued at cost or market value whichever is lower. (iv) Salable dust
and scrap are valued at estimated realizable value.
(g) Foreign currency translation
Initial recognition
Foreign currency transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of the
transaction. Conversion
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date.
Exchange differences
The company accounts for exchange differences arising on
translation/settlement of foreign currency monetary items as below:
(i) Transactions reported in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction or that
approximates the actual rate at the date of transaction. (ii) Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. (iii) Any income or expenditure on account of foreign
exchange difference either on settlement or on translation is
recognized in the Statement of Profit and Loss.
(h) Contingent Liabilities
Contingent liabilities are not provided for in the books of accounts
and are disclosed by way of note to the accounts.
(i) Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable Income for the period. Deferred Tax is recognized subject to
considering prudence on timing differences being the differences
between taxable Income and Accounting Income that originate in one
period and are capable of reversal in one or more subsequent period.
Deferred Tax Asset for the current year has been created taking into
account the unabsorbed depreciation and carry forward of losses of
earlier years.
MAT under the provisions of Income Tax Act, 1961 is recognized as
current tax in the statement of profit and loss. The credit available
under the act in respect of MAT paid is recognized as an asset only
when and to the extent convincing evidence that the Company will pay
normal income tax during the period for which the MAT credit can be
carried forward for set off against the normal tax liability. MAT
credit recognized as an asset is reviewed at each balance sheet date
and written down to the extent the aforesaid convincing evidence no
longer exists.
Mar 31, 2012
(a) Basis of Accounting
Financial Statements are prepared under historical cost convention on
accrual basis except those disclosed in notes on accounts.
(b) Revenue Recognition
Sales are recognized on dispatch of materials to customers.
(c) Employee Benefits
i) Defined Contribution Plan:
Contribution to Provident Fund, which is defined contribution
retirement plan, is charged to the Profit & Loss account in the period
in which the contributions are incurred.
ii) Defined Benefit Plan:
Retirement benefits in the form of Gratuity and leave encashment are
determined on actuarial valuation using projected unit credit method at
the balance sheet date and are charged to Profit & Loss account.
(d) Fixed Assets
(i) Fixed assets are stated at cost of acquisition inclusive of
freight, duties and incidental expenses, etc.
(ii) Depreciation of fixed assets has been charged on Straight Line
Method at the rates and in the manner, prescribed under Schedule XIV of
the Companies Act, 1956.
(e) Investments
Investments, if any, are stated at cost.
(f) Inventories
(i) Inventories of Raw Materials, Stores & Consumable are valued at
cost.
(ii) Inventories of Work in Process are valued at lower of cost and net
realizable value.
(iii) Inventories of Finished Goods are valued at cost or market value
whichever is lower.
(iv) Saleable dust and scrap are valued at estimated realizable value.
(g) Foreign currency translation
Initial recognition
Foreign currency transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of the
transaction.
Conversion
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. Exchange differences
The company accounts for exchange differences arising on
translation/settlement of foreign currency monetary items as below:
(i) Transactions reported in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction or that
approximates the actual rate at the date of transaction.
(ii) Monetary items denominated in foreign currencies at the year end
are restated at year end rates.
(iii) Any income or expenditure on account of foreign exchange
difference either on settlement or on translation is recognized in the
profit and loss account
(h) Contingent Liabilities
Contingent liabilities are not provided for in the books of accounts
and are disclosed by way of note to the accounts.
(i) Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable Income for the period. Deferred Tax is recognized subject to
considering prudence on timing differences being the differences
between taxable Income and Accounting Income that originate in one
period and are capable of reversal in one or more subsequent period.
Deferred Tax Asset for the current year has been created taking into
account the unabsorbed depreciation and carry forward of losses of
earlier years.
Mar 31, 2010
(a) Basis of Accounting
Financial Statements are prepared under historical cost convention on
accrual basis except those disclosed in notes on accounts.
(b) Revenue Recognition
Domestic Sales are recognized on dispatch of materials to customers.
(c) Employee Benefits
Contribution to Provident Fund, which is defined contribution
retirement plan, is charged to the Profit & Loss account in the period
in which the contributions are incurred. In respect of Gratuity,
liability is determined on the basis of own valuation at the Balance
Sheet date and is charged to Profit & Loss account.
(d) Fixed Assets
(i) Fixed assets are stated at cost of acquisition inclusive of
freight, duties and incidental expenses, etc.
(ii) Depreciation of fixed assets has been charged on Straight Line
Method at the rates and in the manner, prescribed under Schedule XIV of
the Companies Act, 1956.
(e) Investments
Investments, if any, are stated at cost.
(f) Inventories
(i) Inventories of Raw Materials, Stores & Consumable are valued at
cost. (ii) Inventories of Work in Process are valued at lower of cost
and net realizable value. (iii) Inventories of Finished Goods are
valued at cost or market value whichever is lower. (iv) Salable dust
and scrap are valued at estimated realizable value.
(e) Contingent Liabilities
Contingent liabilities are not provided for in the books of accounts
and are disclosed by way of note to the accounts.
(f) Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable Income for the period. Deferred Tax is recognized subject to
considering prudence on timing differences being the differences
between taxable Income and Accounting Income that originate in one
period and are capable of reversal in one or more subsequent period.
Deferred Tax Asset for the current year has been created taking into
account the unabsorbed depreciation and carry forward of losses of
earlier years.
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