Mar 31, 2015
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting following
generally accepted accounting principles in India (GAAP) and comply
with the accounting standards prescribed by the Companies (Accounting
Standard) Rules, 2006 and the relevant provisions of the Companies Act,
2013 to the extent applicable.
1.2 FIXED ASSETS AND DEPRECIATION
i) Depreciation on fixed assets have been calculated as per Part C of
Schedule II of the Companies Act, 2013
ii) Depreciation on the amount of revaluation of fixed assets is
adjusted against fixed assets revaluation reserve created at the time
of revaluation.
1.3 INVENTORIES
Inventories are valued as under:
Stores & Spares - At cost.
Finished Goods and Work in Progress -At cost or market value, whichever
is less.
1.4 INVESTMENTS
Investments that are readily realisable and are intended to be held for
not more than one year from the date, on which investments are made,
are classified as current investments. All other investments are
classified as long term investments. Long term investments and Current
investments are stated at cost, unless there is a permanent decline in
value thereof.
1.5 RECOGNITION OF INCOME AND EXPENDITURE
Sales are accounted inclusive of Excise Duty but excluding Sales Tax.
Items of income and expenditure are accounted for on accrual basis. Due
to uncertainly as regards to ultimate collection on account of claims
for escalation and minimum off take guarantee, the revenue recognition
is postponed as per AS-9 issued by the ICAI till bills are raised for
such claims on settlement with the customers. Cenvat Credit on
purchases is adjusted from the Excise Duty payable during the year.
Preliminary Expenses are written off over a number of years as deferred
revenue expenditure.
1.6 EMPLOYEE BENEFITS
Retirement benefits are provided in the accounts on accrual basis.
Annual contribution towards Gratuity liability is funded with Life
Insurance Corporation of India in accordance with the Gratuity scheme
of LIC.
Short term employee benefits are recognized as expense as per company's
scheme
1.7 TAXATION
Provision is made for Income Tax liability, which is likely to arise on
the results of the year at the current rate of tax in accordance with
the provisions of the Income Tax Act, 1961.
The difference that result between the profit offered for income taxes
and the profit as per the financial statements are identified and
thereafter a deferred tax asset or a deferred tax liability is recorded
for timing difference namely that originate in one accounting period
and reverse in another, based on the tax effect of the aggregate amount
being considered. The tax effect is calculated on the accumulated
timing difference at the end of. the accounting period based on
the prevailing enacted or subsequently enacted regulations. Deferred tax
assets are recognized only if there is reasonable certainity that they
will be realised and are reviewed for the appropriateness of their
respective carrying value at each balance sheet date.
1.8 SEGMENT REPORTING
The accounting policies adopted for segment reporting are in line with
the accounting policies of the company. Revenue and expenses are
identified to segments on the basis of their relationship to the
operatinq activities of the company.
1.9 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable hat there will be outflow of resources.
Contingent liabilities are not recognized but are disclosed in notes.
Contingent assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2014
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting following
generally accepted accounting principles in India (GAAP) and comply
with the accounting standards prescribed by the Companies (Accounting
Standard) Rules, 2006 and the relevant provisions of the Companies Act,
1956 to the extent applicable.
2. FIXED ASSETS AND DEPRECIATION
(i) Depreciation on fixed assets was provided on straight line method
at the rates and in the manner prescribed in Schedule - XIV to the
Companies Act (as amended), 1956 upto the year 31 st March 1996 and
after that the depreciation on fixed assets is charged on written down
value method at the rates prescribed in Schedule- XIV of the Companies
Act, 1956 on residual value of the assets as on 1st April 1996.
(ii) Depreciation on the amount of revaluation of fixed assets is
adjusted against fixed assets revaluation reserve created at the time
of revaluation.
3. INVENTORIES
Inventories are valued as under :
Stores & Spares - At cost.
Finished Goods and Work in Progress - At cost or market value,
whichever is less.
4. INVESTMENTS
Investments that are readily realisable and are intended to be held for
not more than one year from the date, on which investments are made,
are classified as current investments. All other investments are
classified as long term investments. Long term investments and Current
investments are stated at cost, unless there is a permanent decline in
value thereof.
5. RECOGNITION OF INCOME AND EXPENDITURE
Sales are accounted inclusive of Excise Duty but excluding Sales Tax,
Items of income and expenditure are accounted for on accrual basis. Due
to uncertainity as regards to ultimate collection on account of claims
for escalation and minimum offtake guarantee, the revenue recognition
is postponed as per AS-9 issued by the ICAI til! bills are raised for
such claims on settlement with the customers Cenvat Credit on purchases
is adjusted from the Excise Duty payable during the year.
Preliminary Expenses are written off over a number of years as deferred
revenue expenditure.
6. EMPLOYEE BENEFITS
Retirement benefits are provided in the accounts on accrual basis.
Annual contribution towards Gratuity liability is funded with Life
Insurance Corporation of India in accordance with the Gratuity scheme
of LIC.
Short term employee benefits are recognized as expense as per company''s
scheme.
7. TAXATION
Provision is made for Income Tax liability, which is likely to arise on
the results of the year at the current rate of tax in accordance with
the provisions of the Income Tax Act, 1961
The difference that result between the profit offered for income taxes
and the profit as per the financial statements are identified and
thereafter a deferred tax asset or a deferred tax liability is recorded
for timing difference namely that originate in one accounting period
and reverse in another, based on the tax effect of the aggregate amount
being considered. The tax effect is calculated on the accumulated
timing difference at the end of the accounting period based on the
prevailing enacted or subsequently enacted regulations. Deferred tax
assets are recognized only if there is reasonable certainity that they
will be realised and are reviewed for the appropriateness of their
respective carrying value at each balance sheet date.
8. SEGMENT REPORTING
The accounting policies adopted for segment reporting are in line with
the accounting policies of the company. Revenue and expenses are
identified to segments on the basis of their relationship to the
operating activities of the company.
9. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Contingent liabilities are not recognized but are disclosed in notes.
Contingent assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2013
1.1 BASIS OF ACCOUNTING
Financial statements are prepared as per accepted accounting principles
and in accordance with the Companies Act, 1956.
1.2 FIXED ASSETS AND DEPRECIATION
i) Depreciation on fixed assets was provided on straight line method at
the rates and in the manner prescribed in Schedule - XIV to the
Companies Act (as amended), 1956 upto the year 31st March 1996 and
after that the depreciation on fixed assets is charged on written down
value method at the rates prescribed in Schedule- XIV of the Companies
Act, 1956 on residual value of the assets as on 1st April 1996
ii) Depreciation on the amount of revaluation of fixed assets is
adjusted against fixed assets revaluation reserve created at the time
of revaluation.
1.3 INVENTORIES
Inventories are valued as under :
Stores & Spares - At cost.
Finished Goods and Work in Progress - At cost or market value,
whichever is less.
1.4 INVESTMENTS
Investments that are readily realisable and are intended to be held for
not more than one year from the date, on which investments are made,
are classified as current investments. All other investments are
classified as long term investments. Long term investments and Current
investments are stated at cost, unless there is a permanent decline in
value thereof.
1.5 RECOGNITION OF INCOME AND EXPENDITURE
Sales are accounted inclusive of Excise Duty but excluding Sales Tax.
Items of income and expenditure are accounted for on accrual basis. Due
to uncertainly as regards to ultimate
collection on account of claims for escalation and minimum offtake
guarantee, the revenue recognition is postponed
as per AS-9 issued by the ICAI till bills are raised for such claims on
settlement with the customers.
Cenvat Credit on purchases is adjusted from the Excise Duty payable
during the year.
Preliminary Expenses are written off over a number of years as deferred
revenue expenditure.
1.6 EMPLOYEE BENEFITS
Retirement benefits are provided in the accounts on accrual basis.
Annual contribution towards Gratuity liability is funded with Life
Insurance Corporation of India in accordance with the Gratuity scheme
of LIC.
Short term employee benefits are recognized as expense as per company''s
scheme of LIC
1.7 TAXATION
Provision is made for Income Tax liability, which is likely to arise on
the results of the year at the current rate of tax in accordance with
the provisions of the Income Tax Act, 1961.
The difference that result between the profit offered for income taxes
and the profit as per the fianacial statements are identified and
thereafter a deferred tax asset or a deferred tax liability is recorded
for timing difference namely that originate in one accounting period
and reverse in another, based on the tax effect of the aggregate amount
being considered. The tax effect is calculated on the accumulated
timing difference at the end of the accounting period based on the
prevailing enacted or subsequently enacted regulations. Deferred tax
assets are recognized only if there is reasonable certainity that they
will be realised and are reviewed for the appropriateness of their
respective carrying value at each balance sheet date.
1.8 SEGMENT REPORTING
The accounting policies adopted for segment reporting are in line with
the accounting policies of the company. Revenue and expenses are
identified to segments on the basis of their relationship to the
operating activities of the company.
1.9 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Contingent liabilities are not recognized but are disclosed in notes.
Contingent assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2012
1.1 BASIS OF ACCOUNTING
Financial statements are prepared as per accepted accounting principles
and in accordance with the Companies Act, 1956.
1.2 FIXED ASSETS AND DEPRECIATION
i) Depreciation on fixed assets was provided on straight line method at
the rates and in the manner prescribed in Schedule - XIV to the
Companies Act (as amended), 1956 upto the year 31 st March 1996 and
after that the depreciation on fixed assets is charged on written down
value method at the rates prescribed in Schedule- XIV of the Companies
Act, 1956 on residual value of the assets as on 1st April 1996.
ii) Depreciation on the amount of revaluation of fixed assets is
adjusted against fixed assets revaluation reserve created at the time
of revaluation.
1.3 INVENTORIES
Inventories are valued as under .
Stores & Spares - At cost.
Finished Goods and Work in Progress - At cost or market value,
whichever is less.
1.4 INVESTMENTS
Investments that are readily realisable and are intended to be held for
not more than one year from the date, on which investments are made,
are classified as current investments. All other investments are
classified as long term investments. Long term investments and Current
investments are stated at cost, unless there is a permanent decline in
value thereof.
1.5 RECOGNITION OF INCOME AND EXPENDITURE
Sales are accounted inclusive of Excise Duty but excluding Sales Tax.
Items of income and expenditure are accounted for on accrual basis. Due
to uncertainity as regards to ultimate collection on account of claims
for escalation and minimum offtake guarantee, the revenue recognition
is postponed as per AS-9 issued by the ICAI till bills are raised for
such claims on settlement with the customers.
Cenvat Credit on purchases is adjusted from the Excise Duty payable
during the year.
Preliminary Expenses are written off over a number of years as deferred
revenue expenditure.
1.6 EMPLOYEE BENEFITS
Retirement benefits are provided in the accounts on accrual basis.
Annual contribution towards Gratuity liability is funded with Life
Insurance Corporation of India in accordance with the Gratuity scheme
of LIC.
Short term employee benefits are recognized as expense as per company's
scheme.
1.7 TAXATION
Provision is made for Income Tax liability, which is likely to arise on
the results of the year at the current rate of tax in accordance with
the provisions of the Income Tax Act, 1961.
The difference that result between the profit offered for income taxes
and the profit as per the fianacial statements are identified and
thereafter a deferred tax asset or a deferred tax liability is recorded
for timing difference namely that originate in one accounting period
and reverse in another, based on the tax effect of the aggregate amount
being considered. The tax effect is calculated on the accumulated
timing difference at the end of the accounting period based on the
prevailing enacted or subsequently enacted regulations. Deferred tax
assets are recognized only if there is reasonable certainity that they
will be realised and are reviewed for the appropriateness of their
respective carrying value at each balance sheet date.
1.8 SEGMENT REPORTING
The accounting policies adopted for segment reporting are in line with
the accounting policies of the company. Revenue and expenses are
identified to segments on the basis of their relationship to the
operating activities of the company.
1.9. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Contingent liabilities are not recognized but are disclosed in notes.
Contingent assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2010
1.1 METHOD OF ACCOUNTING
Financial Statements are prepared as per accepted accounting principles
and in accordance with the Companies Act, 1956.
1.2 FIXED ASSETS AND DEPRECIA TION
i) Depreciation on fixed assets was provided on straight line method at
the rates and in the manner prescribed in Schedule-XIV to the Companies
Act (as amended) 1956 up to the year ended 31-03-96 and after that the
depreciation on fixed assets is charged on written down value method at
the rates prescribed in Schedule-XIV of the Companies Act, 1956 on
residual value of the assets as on 01-04-1996.
ii) Depreciation on the amount of revaluation of fixed assets is
adjusted against fixed assets revaluation reserve created at the time
of revaluation.
1.3 INVENTORIES
Inventories are valued as under:
Stores & Spares - At cost
Finished Goods - At cost or market value whichever is less.
1.4 INVESTMENTS
Investments are stated at cost, unless there is a permanent decline in
value thereof.
1.5 RECOGNITION OF INCOME & EXPENDITURE.
Items of Income and Expenditure are accounted for on accrual basis. Due
to uncertainty as regards to ultimate collection on account of claims
for escalation and minimum off take guarantee, the revenue recognition
is postponed as per Accounting Standard-9 issued by the Institute of
Chartered Accountants of India till bills are raised for such claims on
settlement with the customers.
1.6 SALES
Sales is inclusive of Excise duty but excluding Sales Tax.
1.7 CENVATCREDIT
Cenvat credit on purchases is adjusted from the excise duty payable
during the year.
1.8 RETIREMENT BENEFITS
Retirement benefits are provided in the accounts on accrual basis.
1.9 PRELIMINARY EXPENSES
Preliminary Expenses are written off over a number of years as deferred
revenue expenditure.
1.10 INCOME TAXES
a) Provision is made for Income Tax liability, which is likely to arise
on the results for the year at the current rate of tax in accordance
with the provisions of the Income Tax Act, 1961.
b) The difference that result between the profit offered for income
taxes and the profit as per the financial statements are identified and
thereafter a deferred tax asset or a deferred tax liability is recorded
for timing difference namely that originate in one accounting period
and reverse in another, based on the tax effect of the aggregate amount
being considered. The tax effect is calculated on the accumulated
timing difference at the end of the accounting period based on the
prevailing enacted or subsequently enacted regulations. Deferred tax
assets are recognised only if there is reasonable certainty that they
will be realised and are reviewed for the appropriateness of their
respective carrying value at each Balance Sheet date.
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