Mar 31, 2014
1.1 Accounting System
These financial statements have been prepared on going concern
assumptions under the historical cost convention on an accrual basis
and in conformity with the relevant accounting standards as notified
under the Companies (Accounting Standards) Rules , 2006 and the
Companies Act, 1956.
1.2 Fixed Assets
Fixed Assets are stated at cost ( or revalued amounts, as the case may
be), less accumulated depreciation and impairment, if any. The cost of
acquisition comprises purchase price inclusive of duties (net of
Cenvat), taxes, incidental expenses, erection/commissioning/trial run
expenses and interest etc, up to the date the assets are ready for
intended use. Capital Work-in-Progress comprises of the cost of fixed
assets that are not yet ready for their intended use at the reporting
date.
1.3 Inventories
Raw Materials and Stores and Spares - Valued at cost.
Finished Goods - Valued at cost or realisable price whichever is lower.
Materials-in-process - Valued at a percentage of cost or realisable
price whichever is lower.
1.4 Depreciation and Amortization
Depreciation is provided on Straight Line Method in accordance with the
provision of Schedule XIV to the Companies Act,1956 effecting writing
off upto ninety-five percent of original cost of individual Fixed
Assets.
1.5 Sales
Gross Sales include Excise Duty and Central Sales Tax but does not
include Value Added Tax.
Export sales are accounted for on the basis of actual Rupee
realisation.
1.6 Import of Raw Materials
Import of Raw Materials are accounted for on the basis of actual rupee
payments.
1.7 Borrowing Cost
Borrowing costs attributable to acquisition of fixed assets and capital
work in progress, are treated as part of cost of such assets and
capitalised upto the stage of commercial production. All other
borrowing costs are charged to revenue.
1.8 Employees'' benefits
a) Short term benefits like Salaries, Wages , Contribution to Provident
Fund and Pension Scheme and other non- monetary benefits are recognised
on actual basis; pending final calculation of Allocable Surplus for the
current year as required under the Payment of Bonus Act,1965, provision
for bonus is calculated on the basis of last year.
b) The Company''s Rules do not provide for either accumulation or
compensation for leave of its employees.
c) Long-term employee benefits are recognised as an expense in the
Profit & Loss Account for the year in which the employee has rendered
services.The expense is recognised at the present value of the amount
payable as per Actuarial valuation. Actuarial gains and losses in
respect of such benefits are recognised in the Profit and Loss A/c.
1.9 Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.
(b) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account; exchange difference relating to acquisition of fixed assets
are adjusted to the carrying cost of such assets.
1.10 Tax
(a) Current Tax payable for the year is computed as per provisions of
Income Tax Act,1961.
(b) Deferred Tax, being tax on difference between profit considered for
income tax purpose and profit as per the financial Statement , is
recognised as per requirement of Accounting Standard 22.
1.11 Proposed Dividend
Dividend proposed by the Board of Directors is provided for in the
books of account pending approval at the Annual General Meeting.
Mar 31, 2013
1.1 Accounting System
These financial statements have been prepared on going concern
assumptions under the historical cost convention on an accrual basis
and in conformity with the relevant accounting standards as notified
under the Companies (Accounting Standards) Rules , 2006 and the
Companies Act, 1956.
1.2 Fixed assets
Fixed Assets are stated at cost ( or revalued amounts, as the case may
be), less accumulated depreciation and impairment , if any. The cost of
acquisition comprises purchase price inclusive of duties (net of Cenvat
), taxes, incidental ''expenses, erection/commissioning/trial run
expenses and interest etc, up to the date the assets are ready for
intended use. Capital Work-in-Progress comprises of the Cost of fixed
assets that are not yet ready for their intended use at the reporting
date.
1.3 Inventories
Raw Materials and Stores and Spares - Valued at cost.
Finished Goods - Valued at cost or realisable price whichever is lower.
Materials-in-process - Valued at a percentage of cost or realisable
price whichever is lower.
1.4 Depreciation and Amortization
Depreciation is provided on Straight Line Method in accordance with the
provision of Schedule XIV to the Companies Act,1956 effecting writing
off upto ninety-five percent of original cost of individual Fixed
Assets.
1.5 Sales
Gross Sales include Excise Duty and Central Sales Tax but does not
include Value Added Tax. Export sales are accounted for on the basis
of actual Rupee realisation.
1.6 Import of Raw Materials
Import of Raw Materials are accounted for on the basis of actual rupee
payments.
1.7 Borrowing Cost
Borrowing costs attributable to acquisition of fixed assets and capital
work in progress, are treated as part of cost of such assets and
Capitalised upto the stage of commercial production. All other
borrowing costs are charged to revenue.
1.8 Employees'' benefits
a) Short term benefits like Salaries, Wages , Contribution to Provident
Fund and Pension Scheme and other non- monetary benefits are recognised
on actual basis; pending final calculation of Allocable Surplus for the
current year as required under the Payment of Bonus Act,1965, provision
for bonus is calculated on the basis of last year.
b) The Company''s Rules do not provide for either accumulation or
compensation for leave of its employees.
c) Long-term employee benefits are recognised as an expense in the
Profit & Loss Account for the year in which the employee has rendered
services.The expense is recognised at the present value of the amount
payable as per Actuarial valuations. Actuarial gains and losses in
respect of such benefits are recognised in the Profit and Loss A/c.
1.9 Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.
(b) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account; exchange difference relating to acquisition of fixed assets
are adjusted to the carrying cost of such assets.
1.10 Tax
(a) Current Tax payable for the year is computed as per provision of
I.T.Act.
(b) Deferred Tax, being tax on difference between profit considered for
income tax purpose and profit as per the financial Statement , is
recognised as per requirement of Accounting Standard 22.
1.11 Proposed Dividend
Dividend proposed by the Board of Directors is provided for in the
books of account pending approval at the Annual General Meeting.
Mar 31, 2012
1.1 Accounting System
These financial statements have been prepared on going concern
assumptions under the historical cost convention on an accrual basis
and in conformity with the relevant accounting standards as notified
under the Companies (Accounting Standards) Rules , 2006 and the
Companies Act, 1956.
1.2 Fixed assets
Fixed Assets are stated at cost ( or revalued amounts, as the case may
be), less accumulated depreciation and impairment , if any. The cost of
acquisition comprises purchase price inclusive of duties (net of Cenvat
), taxes, incidental expenses, erection / commissioning / trial run
expenses and interest etc, up to the date the assets are ready for
intended use. Capital Work-in-Progress comprises of the Cost of fixed
assets that are not yet ready for their intended use at the reporting
date.
1.3 Inventories
Raw Materials and Stores and Spares - Valued at cost.
Finished Goods - Valued at cost or realisable price whichever is lower.
Materials-in-process - Valued at a percentage of cost or realisable
price whichever is lower.
1.4 Depreciation and Amortization
Depreciation is provided on Straight Line Method in accordance with the
provision of Schedule XIV to the Companies Act,1956 effecting writing
off upto ninety-five percent of original cost of individual Fixed
Assets.
1.5 Sales
Gross Sales include Excise Duty and Central Sales Tax but does not
include Value Added Tax.
Export sales are accounted for on the basis of actual Rupee
realisation.
1.6 Import of Raw Materials
Import of Raw Materials are accounted for on the basis of actual rupee
payments.
1.7 Borrowing Cost
Borrowing costs attributable to acquisition of fixed assets and capital
work in progress, are treated as part of cost of such assets and
Capitalised upto the stage of commercial production. All other
borrowing costs are charged to revenue.
1.8 Employees' benefits
a) Short term benefits like Salaries, Wages , Contribution to Provident
Fund and Pension Scheme and other non- monetary benefits are recognised
on actual basis; pending final calculation of Allocable Surplus for the
current year as required under the Payment of Bonus Act,1965 ,
provision for bonus is calculated on the basis of last year.
b) The Company's Rules do not provide for either accumulation or
compensation for leave of its employees.
c) Long-term employee benefits are recognised as an expense in the
Profit & Loss Account for the year in which the employee has rendered
services.The expense is recognised at the present value of the amount
payable as per Actuarial valuations. Actuarial gains and losses in
respect of such benefits are recognised in the Profit and Loss A/c.
1.9 Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.
(b) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account; exchange difference relating to acquisition of fixed assets
are adjusted to the carrying cost of such assets.
1.10 Tax
(a) Current Tax payable for the year is computed as per provision of
I.T. Act.
(b) Deferred Tax, being tax on difference between profit considered for
income tax purpose and profit as per the financial Statement , is
recognised as per requirement of Accounting Standard 22.
1.11 Proposed Dividend
Dividend proposed by the Board of Directors is provided for in the
books of account pending approval at the Annual General Meeting.
Mar 31, 2011
1) Accounting System
These financial statements have been prepared on going concern
assumptions under the historical cost convention on an accrual basis
and in conformity with the relevant accounting standards as notified
under the Companies (Accounting Standards) Rules, 2006 and the
Companies Act, 1956.
2) Fixed Assets
Fixed Assets are stated at cost (or revalued amounts,
as the case may be), less accumulated depreciation and impairment,
if any. The cost of acquisition comprises purchase price inclusive
of duties (net of Cenvat), taxes, incidental expenses, erection/
commissioning/trial run expenses and interest etc. up to the date
the assets are ready for intended use.
3) Inventories
Raw Materials and Stores and Spares - Valued at cost.
Finished Goods - Valued at cost or Realisable price whichever is lower.
Materials-in-process - Valued at a percentage of cost or realisable
price whichever is lower.
4) Depreciation
Depreciation is provided on Straight Line Method in accordance with
the provision of Schedule XIV to the Companies Act, 1956 effecting
writing off upto ninety-five percent of original cost of individual
Fixed Assets.
5) Sales
Gross Sales include Excise Duty and Central Sales Tax but does not
include Value Added Tax. Export sales are accounted for on the basis
of actual rupee realisation.
6) Import of Raw Materials
Import of Raw Materials are accounted for on the basis of actual
rupee payments.
7) Borrowing Cost
Borrowing cost attributable to acquisition of fixed assets and
capital work in progress, are treated as part of cost of such assets
and Capitalised upto the stage of commercial production. All other
borrowing costs are charged to revenue.
8) Employees' benefits
a) Short term benefits like Salaries, Wages, Contribution to Provident
Fund and Pension Scheme and other nonmonetary benefits are recognised
on actual basis; pending final calculation of Allocable Surplus for the
current year as required under the Payment of Bonus Act 1965, provision
for bonus is calculated on the basis of last year.
b) The Company's rules do not provide for either accumulation or
compensation for leave of its employees.
c) Long-term employee benefits are recognised as an expense in the
Profit & Loss Acount for the year in which the employee has rendered
services. The expense is recognised at the present value of the amount
payable as per Actuarial valuations. Actuarial gains and losses in
respect of such benefits are recognised in the Profit and Loss A/c.
9) Foreign Currency Transactions
a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.
b) 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.
Dec 31, 2009
1) Accounting System
The Company follows the concept of mercantile system of accounting in
preparation of the accounts.
2) Fixed Assets
All Fixed Assets are stated at cost.
3) Inventories
Raw Materials and Stores and Spares - Valued at cost.
Finished Goods - Valued at cost or Realisable price whichever is lower.
Materials-in-process - Valued at a percentage of cost or realisable
price whichever is lower.
4) Depreciation
Depreciation is provided on Straight Line Method in accordance with the
provision of Schedule XIV to the Companies Act, 1956 as amended.
5) Sales
Gross Sales include Excise Duty and Central Sales Tax but does not
include Value Added Tax. Export sales are accounted for on the basis
of actual Rupee realisation.
6) Import of Raw Materials
Import of Raw Materials are accounted for on the basis of actual rupee
payments.
7) Borrowing Cost
Borrowing cost attributable to acquisition of fixed assets and capital
work in progress, are treated as part of cost of such assets and
Capitalised upto the stage of commercial production. All other
borrowing costs are charged to revenue.
8) AS-15 (Employees benefits)
The Company has recognised AS-15 (Employees benefits) as revised and
accordingly:
a) Paid/Provided for short term benefits like Salaries, Wages and
Contribution to Provident Fund and Pension Scheme (as per the
Employees Provident Funds and Miscellaneous Provision Act, 1952 as
amended); pending final calculation of Allocable Surplus for the
current year as required under the payment of Bonus Act, 1965,
provision for bonus has been calculated on the basis of last year;
other non-monetary benefits have been provided for on actual basis
b) The Companys Rules do not provide for either accumulation or
compensation for leave of its employees.
c) Long-term employee benefits are recognised as an expense in the
Profit & Loss Acount for the year in which the employee has rendered
services. The expense is recognised at the present value of the amount
payable as per Actuarial valuations. Actuarial gains and losses in
respect of such benefits are recognised in the Profit and Loss A/c. 9)
Foreign Currency Transactions
a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of transaction.
b) 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
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