Mar 31, 2015
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared on an accrual basis and
under historical cost convention and in compliance with all material
aspects with the applicable accounting principles in India, the
applicable accounting standards issued by The Institute of Chartered
Accountants of India and referred to Section 129 & 133 of the Companies
Act, 2013.
All the Assets and Liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in Schedule III to the Companies Act, 2013. The
Company has ascertained its operating cycle to be 12 months for the
purpose of current, non-current classification of assets and
liabilities.
1.2 USE OF ESTIMATES
The preparation of financial statements require judgments, estimates
and assumptions to be made that affect the reported amount of assets
and liabilities including contingent liabilities on the date of
financial statements and the reported amount of revenues and expenses
during the reporting period. Difference between actual results and
estimates are recognized in the period in which the results are
known/materialized.
1.3 INVENTORIES
Inventories are stated at lower of cost or net realizable value. Cost
is determined using FIFO method and comprises of the purchase price
including duties and taxes, freight inward and other expenditure
directly attributable to the acquisition, but excluding the trade
discount and other rebates.
1.4 REVENUE RECOGNITION
In compliance with the requirement of accrual system of accounting
following standards have been set out and are being followed over years
:
a) Sale is recognized when the ownership and control has been
transferred to the prospective buyer provided there is no significant
uncertainty in collection of the amount of consideration.
b) In case of benefit of DEPB, income is recognized after obtaining the
license from the concerned authorities.
c) Revenue from interest is recognized on time/proportion basis taking
into account the amount outstanding and the rate applicable.
d) Income from Investments/Other Income is recognized on accrual basis.
e) Having regard to the size of operations and nature and complexities
of Company's business, in manage- ment's opinion the above are the
reasonable standards of applying the accrual system of accounting
required by the law.
1.5. FIXED ASSETS AND DEPRECIATION
a) Fixed Assets are stated at cost or revalued amounts, as the case may
be, less accumulated depreciation and impairment losses, if any. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
b) Depreciation on Fixed Assets is provided on historical cost and
where revaluation of assets has been made, on revalued amount as per
Written down Value Method. Depreciation for the current year is
provided based on useful life of the assets as prescribed in Schedule
II to the Companies Act, 2013.
1.6. FOREIGN CURRENCY TRANSACTIONS
a) 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
on the date of transaction.
b) Conversion: Foreign currency assets (debtors) are translated at the
rates of exchange prevailing on the date of the transaction.
c) Exchange Differences: Exchange difference arising on the settlement
of monetary items at rates different from those at which they were
initially recorded during the year, or reported in previous financial
statements, are recognized as income or as expense in the year in which
they arise.
1.7. INVESTMENT
Current Investments are stated at lower of cost and fair value.
Long-term Investments intended to be held for more than a year are
classified as non-current investments, and are carried at cost.
However, provision for diminution in value, other than temporary, has
been recognized, wherever necessary.
1.8. EARNINGS PER SHARE
Basic & Diluted earnings per share are calculated by dividing the net
profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
period as per Accounting Standard-20 issued by The Institute of
Chartered Accountants of India.
1.9. TAXATION & DEFERRED TAX
Tax expense comprises both current and deferred taxes. Current tax is
measured at the amount expected to be paid to the taxation authorities,
using the applicable tax rates and tax laws. Deferred tax is recognized
for all the timing differences subject to the consideration of prudence
in respect of deferred tax assets and measured using the tax rates and
tax laws enacted by the balance sheet date. Unrecognized deferred tax
assets of earlier years are reassessed and recognized to the extent
that it has become reasonably certain that future taxable income will
be available against which such deferred tax assets can be realized.
1.10. IMPAIRMENT OF ASSETS (AS-28)
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 asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. An impairment loss recognized in prior
accounting periods is reversed if there has been a change in the
estimate of the recoverable amount.
1.11 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provisions are recognized for present obligation as a result of past
events where it is probable that outflow of resources will be required
to settle the obligation, and in respect of which a reliable estimate
can be made at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities not provided for are disclosed in the notes to
the Financial Statements. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2014
1.1. Basis of Preparation of Financial Statements:
The financial statements have been prepared on accrual basis and under
historical cost convention and in compliance with all the material
aspects of the applicable accounting principles in India, the
applicable accounting standards notified under section 211(3C) and
other relevant provisions of the Companies Act,1956.
All the Assets and Liabilities have been classified as current or
non-current as per the company''s normal operating cycle and other
criteria set out in Schedule VI to the Companies Act, 1956.The Company
has ascertained its operating cycle to be 12 months for the purpose of
current, non-current classification of assets and liabilities.
1.2. Revenue Recognition : In compliance with the requirement of
accrual system of accounting following standards have been set out and
are being followed over years :
a) Sale is recognized when the ownership and control has been
transferred to the prospective buyer provided there is no significant
uncertainty in collection of the amount of consideration.
b) In case of benefit of DEPB, income is recognized after obtaining the
license from the concerned authorities.
c) Revenue from interest is recognized on time proportion basis taking
into account the amount outstanding and the rate applicable.
Having regard to the size of operations and nature and complexities of
company''s business, in management''s opinion the above are the
reasonable standards of applying the accrual system of accounting
required by the law.
1.3. Inventories/Work-in-Progress : Inventories are stated at lower of
cost or net realizable value. Cost is determined using FIFO method and
comprises of the purchase price including duties and taxes and other
expenditure directly attributable to the acquisition, but excluding the
trade discount and other rebates.
1.4. Fixed Assets And Depreciation:
a) Fixed assets are stated at cost or revalued amounts, as the case may
be, less accumulated depreciation and impairment losses, if any. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
b) Depreciation has been provided on historical cost and where
revaluation of assets has been made on written up cost in the manner
and as per Written Down Value Method at the rates prescribed in the
Schedule XIV of the Companies Act, 1956. Proportionate depreciation is
charged for additions/ deletions during the year on the basis of no. of
days of use of the asset.
1.5. Foreign Currency Transactions:
a) 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
on the date of transaction.
b) Conversion: Foreign currency assets (debtors) are translated at the
rates of exchange prevailing on the date of the transaction.
c) Exchange Differences: Exchange difference arising on the settlement
of monetary items at rates different from those at which they were
initially recorded during the year, or reported in previous financial
statements, are recognized as income or as expense in the year in which
they arise.
1.6. Investment:
Current Investments are stated at lower of cost and fair value.
Long-term Investments intended to be held for more than a year are
classified as non-current investments, and are carried at cost.
However, provision for diminution in value, other than temporary, has
been recognized, wherever necessary.
1.7. Earnings per share: Basic and diluted earnings per share are
calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the number of equity shares
outstanding, there being no potential equity shares in the capital
structure of the company.
1.8. Taxation : Tax expense comprises both current and deferred taxes.
Current tax is measured at the amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
Deferred tax is recognized for all the timing differences subject to
the consideration of prudence in respect of deferred tax assets and
measured using the tax rates and tax laws enacted by the balance sheet
date. Unrecognized deferred tax assets of earlier years are reassessed
and recognized to the extent that it has become reasonably certain that
future taxable income will be available against which such deferred tax
assets can be realized.
1.9. Impairment of Assets (AS-28) :
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 asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. An impairment loss recognized in prior
accounting periods is reversed if there has been a change in the
estimate of the recoverable amount.
1.10. Provisions, Contingent Liabilities & Contingent Assets :
Provisions are recognized for present obligation as a result of past
events where it is probable that outflow of resources will be required
to settle the obligation, and in respect of which a reliable estimate
can be made at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities not provided for are disclosed in the notes to
the Financial Statements. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2013
1.1. Basis of Preparation of Financial Statements: The financial
statements have been prepared on accrual basis and under historical
cost convention and in compliance with all the material aspects of the
applicable accounting principles in India, the applicable accounting
standards notified under section 211 (3C) and other relevant provisions
of the Companies Act, 1956.
AHthe Assets and Liabilities have been classified as current or
non-current as per the company''s normal operating cycle and other
criteria set out in Schedule VI to the Companies Act, 1956.The Company
has ascertained its operating cycle to be 12 months for the purpose of
current, non-current classification of assets and liabilities.
1.2. Revenue Recognition : In compliance with the requirement of
accrual system of accounting following standards have been set out and
are being followed over years :
a) Sale is recognized when the ownership and control has been
transferred to the prospective buyer provided there is no significant
uncertainty in collection of the amount of consideration.
b) In case of benefit of DEPB, income is recognized after obtaining the
license from the concerned authorities.
c) Revenue from interest is recognized on time proportion basis taking
into account the amount outstanding and the rate applicable.
Having regard to the size of operations and nature and complexities of
company''s business, in management''s opinion the above are the
reasonable standards of applying the accrual system of accounting
required by the law.
1.3 Inventories/Work-in-Progress : Inventories are stated at lower of
cost or net realizable value. Cost is determined using FIFO method and
comprises of the purchase price including duties and taxes and other
expenditure directly attributable to the acquisition, but excluding the
trade discount and other rebates.
1.4. Fixed Assets And Depreciation:
a) Fixed assets are stated at cost or revalued amounts, as the case may
be,
less accumulated depreciation and impairment losses, if any. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
b) Depreciation has been provided on historical cost and where
revaluation of assets has been made on written up cost in the manner
and as per Written Down Value Method at the rates prescribed in the
Schedule XIV of the Companies Act, 1956. Proportionate depreciation is
charged for additions/ deletions during the year on the basis of no. of
days of use of the asset.
1.5. Foreign Currency Transactions:
a) 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
on the date of transaction.
b) Conversion: Foreign currency assets (debtors) are translated at the
rates of exchange prevailing on the date of the transaction.
c) Exchange Differences: Exchange difference arising on the settlement
of monetary items at rates different from those at which they were
initially recorded during the year, or reported in previous financial
statements, are recognized as income or as expense in the year in which
they arise.
1.6. Investment:
Current Investments are stated at lower of cost and fair value.
Long-term Investments intended to be held for more than a year are
classified as non- current investments, and are carried at cost.
However, provision for diminution in value, other than temporary, has
been recognized, wherever necessary.
1.7. Earnings per share: Basic and diluted earnings per share are
calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the number of equity shares
outstanding, there being no potential equity shares in the capital
structure of the company.
1.8. Taxation : Tax expense comprises both current and deferred taxes.
Current tax is measured at the amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
Deferred tax is recognized for all the timing differences subject to
the consideration of prudence in respect of deferred tax assets and
measured using the tax rates and tax laws enacted by the balance sheet
date. Unrecognized deferred tax assets of earlier years are reassessed
and recognized to the extent that it has become reasonably certain that
future taxable income will be available against which such deferred tax
assets can be realized.
1.9. Impairment of Assets (AS-28):
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 asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. An impairment loss recognized in prior
accounting periods is reversed if there has been a change in the
estimate of the recoverable amount.
1.10. Provisions, Contingent Liabilities & Contingent Assets :
Provisions are recognized for present obligation as a result of past
events where it is probable that outflow of resources will be required
to settle the obligation, and in respect of which a reliable estimate
can be made at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities not provided for are disclosed in the notes to
the Financial Statements. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2012
1.1. Basis of Preparation : The financial statements are prepared under
historical cost convention and following fundamental accounting
assumptions namely going concern, consistency and accrual so as to
comply with the mandatory accounting standards issued by The Institute
of Chartered Accountants of India. The accounting policies have been
consistently applied by the company and are consistent with those used
in the previous year.
1.2. Revenue Recognition : In compliance with the requirement of
accrual system of accounting following standards have been set out and
are being followed over years :
a) Sale is recognized when the ownership and control has been
transferred to the prospective buyer provided there is no significant
uncertainty in collection of the amount of consideration.
b) In case of benefit of DEPB, income is recognized after obtaining the
license from the concerned authorities.
c) Revenue from interest is recognized on time proportion basis taking
into account the amount outstanding and the rate applicable.
d) Dividend income is recognized when right to receive such income is
established.
Having regard to the size of operations and nature and complexities of
company''s business, in management''s opinion the above are the
reasonable standards of applying the accrual system of accounting
required by the law.
1.3. Inventories/Work-in-Progress : Inventories are stated at lower of
cost or net realizable value. Cost is determined using FIFO method and
comprises of the purchase price including duties and taxes and other
expenditure directly attributable to the acquisition, but excluding the
trade discount and other rebates.
1.4. Fixed Assets And Depreciation :
a) Fixed assets are stated at cost or revalued amounts, as the case may
be, less accumulated depreciation and impairment losses, if any. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.
b) Depreciation has been provided on historical cost and where
revaluation of assets has been made on written up cost in the manner
and as per Written Down Value Method at the rates prescribed in the
Schedule XIV of the Companies Act, 1956. Proportionate depreciation is
charged for additions/ deletions during the year on the basis of no. of
days of use of the asset.
1.5. Foreign Currency Transactions:
a) 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
on the date of transaction.
b) Conversion : Foreign currency assets (debtors) are translated at the
rates of exchange prevailing on the date of the transaction.
c) Exchange Differences : Exchange difference arising on the settlement
of monetary items at rates different from those at which they were
initially recorded during the year, or reported in previous financial
statements, are recognized as income or as expense in the year in which
they arise.
d) Forward contract other than those entered into to hedge foreign
currency risk on unexecuted firm commitment or of highly probable
forecast transactions are treated as foreign currency transactions and
accounted accordingly. Exchange difference arising on such contracts is
recognized in the period in which they arise.
1.6. Derivative Instruments :
Derivative financial instruments such as forward exchange contracts are
used to hedge its risks associated with foreign currency fluctuations
related to the underlying transactions. In respect of Forward Exchange
contracts with underlying transactions, the premium or discount arising
at the inception of the contract is amortized as expense or income over
the life of the contract.
Other derivative contracts outstanding at the balance sheet date are
marked to market and resulting loss, if any, is provided for in the
financial statements. Any profit or losses arising on cancellation of
derivative instruments are recognized as income or expense for the
period.
1.7. Investment: Investments intended to be held for more than a year
are classified as non- current investments and carried at cost.
However, provision for diminution in value, other than temporary, will
be recognized wherever necessary.
1.8. Earnings per share : Basic and diluted earning per share are
calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the number of equity shares
outstanding, there being no potential equity shares in the capital
structure of the company.
1.9. Taxation : Tax expense comprises both current and deferred taxes.
Current tax is measured at the amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
Deferred tax is recognized for all the timing differences subject to
the consideration of prudence in respect of deferred tax assets and
measured using the tax rates and tax laws enacted by the balance sheet
date. Unrecognized deferred tax assets of earlier years are reassessed
and recognized to the extent that it has become reasonably certain that
future taxable income will be available against which such deferred tax
assets can be realized.
1.10. Impairment of Assets (AS-28): The management has carried out an
impairment test as perAS-28, Impairment of Assets, issued by the
Institute of Chartered Accounts of India on all its fixed assets. As
there was no impairment, no provision has been made.
1.11. Provisions : Provisions are recognized for present obligation as
a result of past events where it is probable that outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
As per Accounting Standard 15 "Employee benefits", the disclosure
as defined in the Accounting Standard are given below :
Provident fund and Pension fund are defined contribution schemes and
the contributions thereto are charged to Profit & Loss Account for the
year when the contributions to the respective funds are paid/ due. ''
Group Gratuity Fund is defined contribution scheme. In case of Defined
Benefit Plans, the cost o providing the benefit is determined using the
Projected Unit Credit Method with actuarial valuatior being carried out
at each Balance Sheet date.
Mar 31, 2010
1. Basis of Preparation: The financial statements are prepared under
historical cost convention and following fundamental accounting
assumptions namely going concern, consistency and accrual so as to
comply with the mandatory accounting standards issued by The Institute
of Chartered Accountants of India. The accounting policies have been
consistently applied by the company and are consistent with those used
in the previous year.
2. Revenue Recognition : In compliance with the requirement of accrual
system of accounting following standards have been set out and are
being followed over years :
a) Sale is recognized when the ownership and control has been
transferred to the prospective buyer provided there is no significant
uncertainty in collection of the amount of consideration.
b) In case of benefit of DEPB, income is recognized after obtaining the
license from the concerned authorities.
c) Revenue from interest is recognized on time proportion basis taking
into account the amount outstanding and the rate applicable.
d) Dividend income is recognized when right to receive such income is
established.
Having regard to the size of operations and nature and complexities of
companys business, in managements opinion the above are the
reasonable standards of applying the accrual system of accounting
required by the law.
3. Inventories/Work-in-Proqress : Inventories are stated at lower of
cost or net realizable value. Cost is determined using FIFO method and
comprises of the purchase price including duties and taxes and other
expenditure directly attributable to the acquisition, but excluding the
trade discount and other rebates.
4. Fixed Assets And Depreciation:
a) Fixed assets are stated at cost or revalued amounts, as the case may
be, less accumulated depreciation and impairment losses, if any. Cost
comprises the purchase price and any attrib- utable cost of bringing
the asset to its working condition for its intended use.
b) Depreciation has been provided on historical cost and where
revaluation of assets has been made on written up cost in the manner
and as per Written Down Value Method at the rate prescribed in the
Schedule XIV of the Companies Act, 1956. Proportionate depreciation is
charged for additions/ deletions during the year on the basis of no. of
days of use of the asset.
5. Foreign Currency Transactions:
a) 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
on the date of transaction.
b) Conversion: Foreign currency assets (debtors) are translated at the
rates of exchange prevail- ing on the date of the transaction.
c) Exchange Differences: Exchange difference arising on the settlement
of monetary items at rates different from those at which they were
initially recorded during the year, or reported in previous financial
statements, are recognized as income or as expense in the year in which
they arise.
d) Forward contract other than those entered into to hedge foreign
currency risk on unexecuted firm commitment or of highly probable
forecast transactions are treated as foreign currency transactions and
accounted accordingly. Exchange difference arising on such contracts is
recognized in the period in which they arise.
6. Derivative Instruments:
Derivative financial instruments such as forward exchange contracts are
used to hedge its risks associated with foreign currency fluctuations
related to the underlying transactions. In respect of Forward Exchange
contracts with underlying transactions, the premium or discount arising
at the inception of the contract is amortized as expense or income over
the life of the contract.
Other derivative contracts outstanding at the balance sheet date are
marked to market and resulting loss, if any, is provided for in the
financial statements. Any profit or losses arising on cancellation of
derivative instruments are recognized as income or expense for the
period.
7. Investment: Investments intended to be held for more than a year
are classified as long term investments and carried at cost. However,
provision for diminution in value, other than tempo- rary, will be
recognized wherever necessary.
8. Retirement Benefit : Provident fund and Pension fund are defined
contribution schemes and the contributions thereto are charged to
Profit & Loss Account for the year when the contribu- tions to the
respective funds are paid/due.
Group Gratuity Fund is defined contribution scheme. In case of Defined
Benefit Plans, the cost of providing the benefit is determined using
the Projected Unit Credit Method with actuarial valuation being carried
out at each Balance Sheet date.
9. Earnings per share: Basic and diluted earning per share are
calculated by dividing the net profit or loss for the period
attributable to equity shareholders by the number of equity shares
outstanding, there being no potential equity shares in the capital
structure of the company.
10. Taxation : Tax expense comprises both current and deferred taxes.
Current tax is measured at the amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
Deferred tax is recognized for all the timing differences subject to
the consideration of prudence in respect of deferred tax assets and
measured using the tax rates and tax laws enacted by the balance sheet
date. Unrecognized deferred tax assets of earlier years are reassessed
and recognized to the extent that it has become reasonably certain that
future taxable income will be available against which such deferred tax
assets can be realized.
11. Impairment of Assets (AS-28) : The management has carried out an
impairment test as per AS-28, Impairment of Assets, issued by the
Institute of Chartered Accounts of India on all its fixed assets. As
there was no impairment, no provision has been made.
12. Provisions : Provisions are recognized for present obligation as a
result of past events where it is probable that outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.