Mar 31, 2015
I. GENERAL
Financial statements are prepared and presented in accordance with the
Generally Accepted Accounting Principles (GAAP) in India under
historical cost convention on accrual basis and comply all material
aspects with the Accounting Standards and the relevant provisions
prescribed in the Companies Act, 1956, besides the
pronouncements/guidelines of the Institute of Chartered Accountants of
India and the Securities and exchange Board of India.
II. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and reported amount
of revenues and expenses during the reporting period. Although these
estimates are based on the management's best knowledge of current
events and actions, the actual outcome may be different from the
estimates. Difference between actual results and estimates are
recognized in the period in which the results are known or materialize.
III. TANGIBLE ASSETS:
Fixed Assets are stated at cost, less accumulated depreciation. Cost of
acquisition of Fixed Assets is inclusive of freight, duties, taxes,
Incidental Expenses relating to the cost of acquisition, the cost of
installation/erection as applicable.
IV. INVESTMENTS:
Investments are stated at cost, inclusive of all expenses relating to
acquisition. Provision for diminution in the market value of long- term
investments is not made, if in the opinion of the management such
diminution is temporary in Nature.
V. Classification of Assets and Liabilities as Current and
Non-Current:
All assets and liabilities are classified as current and non-current as
per the Company's normal operating cycle and other criteria set out in
Schedule VI to the Companies Act, 1956. Based on the nature of products
and the time between the acquisition of assets for processing and their
realization in cash and cash equivalents, 12 months has been considered
by the Company for the purpose of current - non-current classification
of assets and liabilities.
VI. DEPRECIATION:
Depreciation on fixed assets is provided under written down value
method in accordance with the schedule II of the Companies Act, 1956.
VII. EMPOYEE BENEFITS
Liability for Employee benefits, both short and long term, for present
and past services which are due as per the terms of employment are
recorded in accordance with Accounting Standard AS-15(Revised)"
Employee Benefits" issued by the Institute of Chartered Accountants of
India.
a) Gratuity
Retirement Benefit in the form of Gratuity is considered as Defined
Benefit Obligation and is provided for, on the basis of an actuarial
valuation using the projected unit credit method as at the date of
Balance Sheet.
b) Other Long-Term Benefits
Long-Term Compensated Absences are provided on the basis of an
actuarial Valuation using the projected Unit Credit Method as at the
date of Balance Sheet.
Actuarial gain/losses if any are immediately recognized in the Profit &
Loss Account.
Mar 31, 2014
(Annexed to and forming part of Balance Sheet at and Profit & Loss
Account for the year ended 31 st March
2014)
I 1. ACCOUNTING POLICIES |
I. GENERAL
Financial statements are prepared and presented in accordance with the
Generally Accepted Accounting Principles (GAAP) in India under
historical cost convention on accrual basis and comply all material
aspects with the Accounting Standards and the relevant provisions
prescribed in the Companies Act, 1956, besides the pronouncements/
guidelines of the institute of Chartered Accountants of India and the
Securities and exchange Board of India.
II. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and reported amount
of revenues and expenses during the reporting period. Although these
estimates are based on the management''s best knowledge of current
events and actions, the actual outcome may be different from the
estimates. Difference between actual results and estimates are
recognized in the period in which the results are known or materialize.
III. TANGIBLE ASSETS:
Fixed Assets are stated at cost, less accumulated depreciation. Cost of
acquisition of Fixed Assets is inclusive of freight, duties, taxes,
Incidental Expenses relating to the cost of acquisition, the cost of
installation/erection as applicable.
IV. INVESTMENTS:
Investments are stated at cost, inclusive of all expenses relating to
acquisition. Provision for diminution in the market value of long- term
investments Is not made, if in the opinion of the management such
diminution Is temporary In Nature.
V. Classification of Assets and Liabilities as Current and Non-Current:
Ail assets and liabilities are classified as current and non-current as
per the Company''s normal operating cycle and other criteria set out in
Schedule Vi to the Companies Act, 1956. Based on the nature of products
and the time between the acquisition of assets for processing and their
realization in cash and cash equivalents, 12 months has been considered
by the Company for the purpose of current - non-current classification
of assets and liabilities.
VL DEPRECIATION:
Depreciation on fixed assets is provided underwritten down value method
in accordance with the schedule XiV of the Companies Act, 1956..
VII. EMPOYEE BENEFITS
Liability for Employee benefits, both short and long term, for present
and past services which are due as per the terms of employment are
recorded in accordance with Accounting Standard AS-15(Revised)"
Employee Benefits'' issued by the Institute of Chartered Accountants of
India.
a) Gratuity
Retirement Benefit in the form of Gratuity is considered as Defined
Benefit Obligation and is provided for, on the basis of an actuarial
valuation using the projected unit credit method as at the date of
Balance Sheet
b) Other Long-Term Benefits
Long-Term Compensated Absences are provided on the basis of an
actuarial Valuation using the projected Unit Credit Method as at the
date of Balance Sheet.
Actuarial gain/losses if any are immediately recognized in the Profit &
Loss Account.
Mar 31, 2012
I. GENERAL
Financial statements are prepared on accrual basis under the historical
cost convention and in accordance with Accounting Standards specified
in sub section (3c) of section 211 of the companies Act, 1956.
II. TANGIBLE ASSETS:
Fixed Assets are stated at cost, less accumulated depreciation. Cost of
acquisition of Fixed Assets is inclusive of freight, duties, taxes,
Incidental Expenses relating to the cost of acquisition, the cost of
installation/erection as applicable.
III. INVESTMENTS:
Investments are stated at cost, inclusive of all expenses relating to
acquisition. Provision for diminution in the market value of long-term
investments is not made, if in the opinion of the management such
diminution is temporary in Nature.
IV. DEPRECIATION:
Depreciation on fixed assets is provided under written down value
method in accordance with the schedule XIV of the Companies Act, 1956.
V. EMPOYEE BENEFITS :
Liability for Employee benefits, both short and long term, for present
and past services which are due as per the terms of employment are
recorded in accordance with Accounting Standard AS-15(Revised)
"Employee Benefits" issued by the Institute of Chartered Accountants
of India.
a) Gratuity
Retirement Benefit in the form of Gratuity is considered as Defined
Benefit Obligation and is provided for, on the basis of an actuarial
valuation using the projected unit credit method as at the date of
Balance Sheet.
b) Other Long-Term Benefits
Long-Term Compensated Absences are provided on the basis of an
actuarial Valuation using the projected Unit Credit Method as at the
date of Balance Sheet.
Actuarial gain/losses if any are immediately recognized in the Profit &
Loss Account.
Mar 31, 2011
I. GENERAL
Financial statements are prepared on accrual basis under the historical
cost convention and in accordance with Accounting Standards specified
in sub section (3c) of section 211 of the companies Act, 1956.
II. FIXED ASSETS:
Fixed Assets are stated at cost, less accumulated depreciation. Cost of
acquisition of Fixed Assets is inclusive of freight, duties, taxes,
Incidental Expenses relating to the cost of acquisition, the cost of
installation/erection as applicable.
III. INVESTMENTS:
Investments are stated at cost, inclusive of all expenses relating to
acquisition. Provision for diminution in the market value of long- term
investments is not made, if in the opinion of the management such
diminution is temporary in Nature.
IV. DEPRECIATION:
Depreciation on fixed assets is provided under written down value
method in accordance with the schedule XIV of the Companies Act, 1956.
V. EMPOYEE BENEFITS
Liability for Employee benefits, both short and long term, for present
and past services which are due as per the terms of employment are
recorded in accordance with Accounting Standard AS-15(Revised)
'Employee Benefits' issued by the Institute of Chartered Accountants of
India.
a) Gratuity
Retirement Benefit in the form of Gratuity is considered as Defined
Benefit Obligation and is provided for, on the basis of an actuarial
valuation using the projected unit credit method as at the date of
Balance Sheet.
b) Other Long-Term Benefits
Long-Term Compensated Absences are provided on the basis of an
actuarial Valuation using the projected Unit Credit Method as at the
date of Balance Sheet.
Actuarial gain/losses if any are immediately recognized in the Profit &
Loss Account.
Mar 31, 2010
I. GENERAL
Financial statements are prepared on accrual basis under the historical
cost convention and in accordance with Accounting Standards specified
in sub section (3c) of section 211 of the companies Act, 1956.
II. FIXED ASSETS:
Fixed Assets are stated at cost, less accumulated depreciation. Cost of
acquisition of Fixed Assets is inclusive of freight, duties, taxes,
Incidental Expenses relating to the cost of acquisition, the cost of
installation/erection as applicable.
III. INVESTMENTS:
Investments are stated at cost, inclusive of all expenses relating to
acquisition. Provision for diminution in the market value of long- term
investments is not made, if in the opinion of the management such
diminution is temporary in Nature.
IV. DEPRECIATION:
Depreciation on fixed assets is provided under written down value
method in accordance with the schedule XIV of the Companies Act, 1956.
V. EMPOYEE BENEFITS
Liability for Employee benefits, both short and long term, for present
and past services which are due as per the terms of employment are
recorded in accordance with Accounting Standard AS-15(Revised) "
Employee Benefits" issued by the Institute of Chartered Accountants of
India.
a) Gratuity
Retirement Benefit in the form of Gratuity is considered as Defined
Benefit Obligation and is provided for, on the basis of an actuarial
valuation using the projected unit credit method as at the date of
Balance Sheet.
b) Other Long-Term Benefits
Long-Term Compensated Absences are provided on the basis of an
actuarial Valuation using the projected Unit Credit Method as at the
date of Balance Sheet.
Actuarial gain/losses if any are immediately recognized in the Profit &
Loss Account.