Mar 31, 2013
I. BASIS OF PREPARATION:
The financial statements are prepared and presented under the
historical cost convention on the accrual basis of accounting in
accordance with the accounting principles and generally accepted in
India and comply with mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India to the extent applicable
and the relevant provisions of the Companies Act, 1956, except in
respect of mineral deposits and rights which are recorded at estimated
realizable value.
II. USE OF ESTIMATES:
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
liabilities on the date of the financial statements and reported
amounts of revenues and expenses for the period. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognized prospectively in the current and future periods.
III. FIXED ASSETS:
Fixed Assets are stated at acquisition cost (net of taxes which are
claimed as input credits) less depreciation. Capital work-in-progress
is stated at Cost. Cost includes installation and expenditure during
construction period including interest on borrowings till the date of
capitalization. The mineral deposits and mining rights are stated at
the estimated realizable value, based on a valuation by an independent
valuer.
Depreciation on fixed assets other than those mentioned hereunder has
been calculated using the straight-line method at the rates arrived on
the basis of useful lives of the assets as estimated by the Management.
Assets costing less than Rs. 0.05 are depreciated fully in the year of
acquisition.
Depreciation on the mineral deposits and mineral rights has been
provided, based on the estimated present value of the consumption over
the remaining estimated useful period, at an equated amount of the
total consumption so arrived at.
Management estimates the useful life of various assets as follows:
Factory Buildings Owned 28 years
Non-factory Buildings 58 years
Plant & Machinery, Electrical Equipment 26 years
Furniture, Fixtures and Office Equipment 15 years
Vehicles 10 years
Computer Equipment 6 years
Mineral Deposits 13/15/20 years
Mining Rights 13/15/20 years
IV. INVENTORIES:
Inventories are valued at the lower of cost and net realizable value.
Cost of inventories comprises all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to
their present location and condition. The costs of Stores and Spares
and Raw materials are arrived on FIFO basis.
V. INVESTMENTS:
Investments are classified into Long Term and are carried at cost.
Provision for diminution, if any, in the value of each Long Term
Investment is made only if such a decline is other than temporary in
nature in the opinion of the management.
VI. EMPLOYEE BENEFITS:
The Company contributes to the funds administered by the Regional
Provident Fund Commissioner towards Provident Fund. Contributions
payable to an approved Gratuity Fund (a defined benefit plan),
determined by an independent actuary at the Balance Sheet date, are
charged to the Profit & Loss Account. Provision for leave encashment
cost is made on the basis of actuarial valuation at the Balance Sheet
date, carried out by an independent actuary.
VII. FOREIGN EXCHANGE TRANSACTIONS:
Foreign currency transactions are recorded using the exchange rates
prevailing on the dates of the respective transactions. Exchange
differences arising on the foreign currency transactions settled during
the year are recognized in the profit & Loss A/c except that the
exchange differences related to acquisition of fixed assets from a
country outside India are adjusted in the carrying amount of the
related fixed assets.
VIII. REVENUE RECOGNITION:
i) All income and expenditure are accounted on accrual basis, except
other wise stated.
ii) In respect of derivative contracts, gain/loss is recognized on
actual settlement of respective contracts.
Internal Consumption of the Company''s end product, which is other wise
marketable, is accounted for at a transfer price and is included under
sales.
IX. IMPAIRMENT OF ASSETS:
An Asset is treated as Impaired when the carrying of cost of Assets
exceeds its receivable value. An impairment loss is charged for when
the asset is identified as impaired. The impairment loss received in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amount.
X. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving Substantial degree of 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 an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
XI. DEFERRED INCOME TAXES:
Deferred Tax charge or credit reflects that tax effects of timing
differences between accounting income and taxable income for the
period. The deferred tax charge or credit and the corresponding
deferred tax liability or asset are recognized using the tax rates that
have been enacted or substantial enacted by the Balance Sheet date.
Deferred Tax assets recognized only to that extent there is reasonable
certainty that the assets can be realized in future, however, where
there is unabsorbed depreciation or carry forward losses, deferred tax
assets are recognized only if there is virtual certainty of realization
of such assets. Deferred tax assets are reviewed at each balance sheet
date and written down or written up to reflect the amount that is
reasonable/virtual certainty (as the case may be) to be realized.
Mar 31, 2012
I. BASIS OF PREPARATION:
The financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles and generally accepted in India and comply with mandatory Accounting Standards issued by the Institute of Chartered Accountants of India to the extent applicable and the relevant provisions of the Companies Act, 1956, except in respect of mineral deposits and rights which are recorded at estimated realizable value.
II. USE OF ESTIMATES:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the period. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.
III. FIXED ASSETS:
Fixed Assets are stated at acquisition cost (net of taxes which are claimed as input credits) less depreciation. Capital work-in-progress is stated at Cost. Cost includes installation and expenditure during construction period including interest on borrowings till the date of capitalization. The mineral deposits and mining rights are stated at the estimated realizable value, based on a valuation by an independent valuer.
Depreciation on fixed assets other than those mentioned hereunder has been calculated using the straight-line method at the rates arrived on the basis of useful lives of the assets as estimated by the Management. Assets costing less than Rs. 0.05 are depreciated fully in the year of acquisition.
Depreciation on the mineral deposits and mineral rights has been provided, based on the estimated present value of the consumption over the remaining estimated useful period, at an equated amount of the total consumption so arrived at.
IV. INVENTORIES:
Inventories are valued at the lower of cost and net realizable value. Cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of Stores and Spares and Raw materials are arrived on FIFO basis.
V. INVESTMENTS
Investments are classified into Long Term and are carried at cost. Provision for diminution, if any, in the value of each Long Term Investment is made only if such a decline is other than temporary in nature in the opinion of the management.
VI. EMPLOYEE BENEFITS:
The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund. Contributions payable to an approved Gratuity Fund (a defined benefit plan), determined by an independent actuary at the Balance Sheet date, are charged to the Profit & Loss Account. Provision for leave encashment cost is made on the basis of actuarial valuation at the Balance Sheet date, carried out by an independent actuary.
VI. FOREIGN EXCHANGE TRANSACTIONS:
Foreign currency transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on the foreign currency transactions settled during the year are recognized in the profit & Loss A/c except that the exchange differences related to acquisition of fixed assets from a country outside India are adjusted in the carrying amount of the related fixed assets.
VIII. REVENUE RECOGNITION:
i) All income and expenditure are accounted on accrual basis, except otherwise stated.
ii) In respect of derivative contracts, gain/loss is recognized on actual settlement of respective contracts.
Internal Consumption of the Company's end product, which is other wise marketable, is accounted for at a transfer price and is included under sales.
IX. IMPAIRMENT OF ASSETS:
An Asset is treated as Impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
X. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving Substantial degree of 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 an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
XI. DEFERRED INCOME TAXES:
Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantial enacted by the Balance Sheet date. Deferred Tax assets recognized only to that extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized.
Mar 31, 2011
1. BASIS OF PREPARATION:
The financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles and generally accepted in India and comply with mandatory Accounting Standards issued by the Institute of Chartered Accountants of India to the extent applicable and the relevant provisions of the Companies Act, 1956, except in respect of mineral deposits and rights which are recorded at estimated realizable value.
2. USE OF ESTIMATES:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the period. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.
3. FIXED ASSETS:
Fixed Assets are stated at acquisition cost (net of taxes which are claimed as input credits) less depreciation. Capital work-in-progress is stated at Cost. Cost includes installation and expenditure during construction period including interest on borrowings till the date of capitalization. The mineral deposits and mining rights are stated at the estimated realizable value, based on a valuation by an independent valuer.
Depreciation on fixed assets other than those mentioned hereunder has been calculated using the straight-line method at the rates arrived on the basis of useful lives of the assets as estimated by the Management. Assets costing less than Rs. 5.00 are depreciated fully in the year of acquisition.
Depreciation on the mineral deposits and mineral rights has been provided, based on the estimated present value of the consumption over the remaining estimated useful period, at an equated amount of the total consumption so arrived at.
Management estimates the useful life of various assets as follows:
Factory Buildings Owned 28 years
Non-factory Buildings 58 years
Plant & Machinery, Electrical Equipment 26 years
Furniture, Fixtures and Office Equipment 15 years
Vehicles 10 years
Computer Equipment 6 years
Mineral Deposits 13/15/20 years
Mining Rights 13/15/20 years
4. INVENTORIES:
Inventories are valued at the lower of cost and net realizable value. Cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of Stores and Spares and Raw materials are arrived on FIFO basis.
5. INVESTMENTS:
Investments are classified into Long Term and are carried at cost. Provision for diminution, if any, in the value of each Long Term Investment is made only if such a decline is other than temporary in nature in the opinion of the management.
6. EMPLOYEE BENEFITS:
The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund. Contributions payable to an approved Gratuity Fund (a defined benefit plan), determined by an independent actuary at the Balance Sheet date, are charged to the Profit & Loss Account. Provision for leave encashment cost is made on the basis of actuarial valuation at the Balance Sheet date, carried out by an independent actuary.
7. FOREIGN EXCHANGE TRANSACTIONS:
Foreign currency transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on the foreign currency transactions settled during the year are recognized in the profit & Loss A/c except that the exchange differences related to acquisition of fixed assets from a country outside India are adjusted in the carrying amount of the related fixed assets.
8. REVENUE RECOGNITION:
i) All income and expenditure are accounted on accrual basis, except other wise stated.
ii) In respect of derivative contracts, gain/loss is recognized on actual settlement of respective contracts.
Internal Consumption of the Company's end product, which is other wise marketable, is accounted for at a transfer price and is included under sales.
9. IMPAIRMENT OF ASSETS:
An Asset is treated as Impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
10. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving Substantial degree of 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 an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
11. DEFERRED INCOME TAXES:
Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantial enacted by the Balance Sheet date. Deferred Tax assets recognized only to that extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized
Mar 31, 2010
1. BASIS OF PREPARATION:
The financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting principles and generally accepted in India and comply with mandatory Accounting Standards issued by the Institute of Chartered Accountants of India to the extent applicable and the relevant provisions of the Companies Act, 1956, except in respect of mineral deposits and rights which are recorded at estimated realizable value.
2. USE OF ESTIMATES:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the period. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.
3. FIXED ASSETS:
Fixed Assets are stated at acquisition cost (net of MODVAT) less depreciation. Capital work-in-progress is stated at Cost. Cost includes installation and expenditure during construction period including interest on borrowings till the date of capitalization. The mineral deposits and mining rights are stated at the estimated realizable value, based on a valuation by an independent valuer.
Depreciation on fixed assets other than those mentioned hereunder has been calculated using the straight-line method at the rates arrived on the basis of useful lives of the assets as estimated by the Management. Assets costing less than Rs. 5.00 are depreciated fully in the year of acquisition.
Depreciation on the mineral deposits and mineral rights has been provided, based on the estimated present value of the consumption over the remaining estimated useful period, at an equated amount of the total consumption so arrived at.
Depreciation on the 4.5MW wind farms has been provided at the rates specified in the Schedule-XIV of the Companies Act, 1956 at the appropriate rate on the basis of Straight Line Method.
Management estimates the useful life of various assets as follows:
Factory Buildings Owned 28 years
Non-factory Buildings 58 years
Plant & Machinery, Electrical Equipment 26 years
Furniture, Fixtures and Office Equipment 15 years
Vehicles 10 years
Computer Equipment 6 years
Mineral Deposits 13/15/20 years
Mining Rights 13/15/20 years
4. INVENTORIES:
Inventories are valued at the lower of cost and net realizable value. Cost of inventories comprises all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of Stores and Spares and Raw materials are arrived on FIFO basis.
5. INVESTMENTS
Investments are classified into Long Term and are carried at cost. Provision for diminution, if any, in the value of each Long Term Investment is made only if such a decline is other than temporary in nature in the opinion of the management.
6. EMPLOYEE BENEFITS:
The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund. Contributions payable to an approved Gratuity Fund (a defined benefit plan), determined by an independent actuary at the Balance Sheet date, are charged to the Profit & Loss Account. Provision for leave encashment cost is made on the basis of actuarial valuation at the Balance Sheet date, carried out by an independent actuary.
7. FOREIGN EXCHANGE TRANSACTIONS:
Foreign currency transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on the foreign currency transactions settled during the year are recognized in the profit & Loss A/c except that the exchange differences related to acquisition of fixed assets from a country outside India are adjusted in the carrying amount of the related fixed assets.
8. REVENUE RECOGNITION:
i) All income and expenditure are accounted on accrual basis, except otherwise stated.
ii) In respect of derivative contracts, gain/loss is recognized on actual settlement of respective contracts.
Internal Consumption of the Companys end product, which is otherwise marketable, is accounted for at a transfer price and is included under sales.
9. IMPAIRMENT OF ASSETS:
An Asset is treated as Impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
10. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving Substantial degree of 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 an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
11. DEFERRED INCOME TAXES:
Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantial enacted by the Balance Sheet date. Deferred Tax assets recognized only to that extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized
Mar 31, 2009
1. BASIS OF PREPARATION:
The financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting in accordance with the accounting principles generally accepted in India and comply with mandatory Accounting Standards issued by the Institute of Chartered Accountants of India to the extent applicable and the relevant provisions of the Companies Act, 1956, except in respect of mineral deposits and rights which are recorded at estimated realizable value.
2. USE OF ESTIMATES:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the period. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.
3. FIXEDASSETS:
Fixed Assets are stated at acquisition cost (net of MODVAT) less depreciation. Capital work-in-progress is stated at Cost. Cost includes installation and expenditure during construction period including interest on borrowings till the date of capitalization. The mineral deposits and mining rights are stated at the estimated realizable value, based on a valuation by an independent valuer.
Depreciation on fixed assets, other than those mentioned hereunder, has been calculated using the straight-line method at the rates arrived on the basis of useful lives of the assets as estimated by the Management. Assets costing less than Rs.5,000 are depreciated fully in the yearof acquisition.
Depreciation on the mineral deposits and mineral rights has been provided, based on the estimated present value of the consumption over the remaining estimated useful period, at an equated amount of the total consumption so arrived at.
Depreciation on the 4.5MW wind farms has been provided at the rates specified in the Schedule-XIV of the Companies Act, 1956 at the appropriate rate on the basis of Straight Line Method. "
Management estimates the useful life of various assets as follows:
Factory Buildings Owned 28 years
Non-factory Buildings 58 years
Plant & Machinery, Electrical Equipment 26 years
Furniture, Fixtures and Office Equipment 15 years
Vehicles 10 years Computer Equipment 6 years
Mineral Deposits 13/15/20 years
Mining Rights 13/15/20 years
4. INVENTORIES:
Inventories are valued at the lower of cost and net realizable value. Cost of inventories comprises all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of Stores and Spares and Raw materials are arrived on FIFO basis.
5. INVESTMENTS
Investments are classified into Long Term and are carried at cost. Provision for diminution, if any, in the value of each Long Term Investment is made only if such a decline is other than temporary in nature in the opinion of the management.
6. EMPLOYEE BENEFITS:
The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund. Contributions payable to an approved Gratuity Fund (a defined benefit plan), determined by an independent actuary at the Balance Sheet date, are charged to the Profit & Loss Account. Provision for leave encashment cost is made on the basis of actuarial valuation at the Balance Sheet date, carried out by an independent actuary.
7. FOREIGN EXCHANGE TRANSACTIONS:
Foreign currency transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on the foreign currency transactions settled during the year are recognized in the Profit & Loss A/c except that the exchange differences related to acquisition of fixed assets from a country outside India are adjusted in the carrying amount of the related fixed assets.
8. REVENUE RECOGNITION:
i) All income and expenditure are accounted on accrual basis, except other wise stated.
ii) In respect of desirable contracts, gain/loss is recognized on actual settlement of respective contracts.
Internal Consumption of the Companys end product, which is other wise marketable, is accounted for at a transfer price and is included under sales.
9. IMPAIRMENT OF ASSETS:
An Asset is treated as Impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
10. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of 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 an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
11. DEFERRED INCOME TAXES:
Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or subsequently enacted at the Balance Sheet date. Deferred Tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realized.
Mar 31, 2008
1. BASIS OF PREPARATION:
The financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting in accordance with the accounting principles and generally accepted in India and comply with mandatory Accounting Standards issued by the Institute of Chartered Accountants of India to. the extent applicable and the relevant provisions of the Companies Act, 1956, except in respect of mineral deposits and rights which are recorded at estimated realizable value.
2. USE OF ESTIMATES:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the period. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.
3. FIXED ASSETS:
Fixed Assets are stated at acquisition cost (net of MODVAT) less depreciation cost includes installation and expenditure during construction period including interest on borrowings till the date of capitalization. The mineral deposits and mining rights are stated at the estimated realizable value, based on a valuation by an independent valuer.
Depreciation on fixed assets other than those mentioned hereunder has been calculated using the straight-line method at the rates arrived on the basis of useful lives of the assets as estimated by the Management. Assets costing less than Rs. 5,000 are depreciated fully in the year of acquisition.
Depreciation on the mineral deposits and mineral rights has been provided, based on the estimated present value of the consumption over the remaining estimated useful period, at ah equated amount of the total consumption so arrived at.
Depreciation on the 4.5MW wind farms has been provided at the rates specified in the Schedule- XIV of the Companies Act, 1956 at the appropriate rate on the basis of Straight Line Method.
Management estimates the useful life of various assets as follows:
Factory Buildings Owned 28 years Non-factory Buildings 58 years Plant & Machinery, Electrical Equipment 26 years Furniture, Fixtures and Office Equipment 15 years Vehicles 10 years Computer Equipment 6 years Mineral Deposits 13/15/20 years Mining Rights 13/15/20 years
4. INVENTORIES:
Inventories are valued as under: Stores & Spares, Raw Materials and Work-in-process are valued at cost; finished goods are valued at lower of cost or net realizable value. The Cost is arrived on FIFO basis.
5. INVESTMENTS
Investments are classified into Long Term and are carried at cost. Provision for diminution, if any, in the value of each Long Term Investment is made only if such a decline is other than temporary in the opinion of the management.
6. LIABILITY FOR RETIREMENT BENEFITS:
The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund and has also taken a group gratuity policy with the LIC of India covering its gratuity liability. The contribution and premium paid are charged to the Revenue Account.
7. FOREIGN EXCHANGE TRANSACTIONS:
Foreign currency transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on the foreign currency transactions settled during the year are recognized in the profit & Loss A/c except that the exchange differences related to acquisition of fixed assets from a country outside India are adjusted in the carrying amount of the related fixed assets.
8. REVENUE RECOGNITION:
i) All income and expenditure are accounted on accrual basis, except other wise stated.
ii) In respect of desirable contracts, gain/loss is recognized on actual settlement of respective contracts.
Internal Consumption of the Companys end product, which is other wise marketable, is accounted for at a transfer price and is included under sales.
9. IMPAIRMENT OF ASSETS:
An Asset is treated as Impaired when the carrying of cost of Assets exceeds its receivable value. An impairment loss is charged for when the asset is identified as impaired. The impairment loss received in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. Ã
10. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving Substantial degree of 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 an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
11. DEFERRED INCOME TAXES:
Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantial enacted by the Balance Sheet date. Deferred Tax assets recognized only to that extent there is reasonable certainty that the assets can be realized in future* however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is ritual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/ virtual certainty (as the case may be) to be realized.
Mar 31, 2006
1 Accounting Convention: The financial statements are prepared under
the historical cost convention in accordance with applicable accounting
standards.
2. Fixed Assets: Fixed Assets are stated at acquisition cost (net of Modvat) less depreciation cost includes installation and expenditure during construction period including interest on borrowings till the date of capitalisation.
Depreciation on fixed assets has been calculated using the straight line method at the rates arrived on the basis of useful lives of the assets as estimated by the Managment. Assets costing less than Rs. 5,000 are drepreciated fully in the year of acquisition.
Management estimates the useful life of various assets as follows:
Factory Buildings Owned 28 years
Non factory Buildings 58 Years
Plant & Machinery, Electrical Equipment 26 years
Furniture, Fixtures and Office Equipment 15 years
Vehicles 10 years
Computer Equipment 6 years
3. Inventories: Inventories are valued as under: Stores & Spares, Raw Materials and Work-in-process are valued at cost, finished goods are valued at lower of cost or net realizable value. The Cost is arrived on FIFO basis.
4. Liability for retirement benefits: The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund and has also taken a group gratuity policy with the LIC of India covering its gratuity liability. The contribution and premium paid are charged to the Revenue Account.
5. Foreign Exchange Transactions: There are no Foreign Exchange Transactions either on Capital or Revenue Account.
6. Revenue Recognition: All income and expenditure are accounted on accrual basis, except other wise stated.
7. Internal Consumption of the Companys end product, which are otherwise marketable, is accounted for at transfer price and is included under sales.
8. Provisions and Contingencies: A provision is made in the books of accounts when there is a present obligation as a result of past event that probably required an outflow of resources and a reasonable estimate can be made of the obligation.A disclosure for a contingent liability is made when there is a possible obligation or present obligation that arises from past events and the outflow of resources embedding economic benefit is not probable.A contingent liability or a provision at the Balance Sheet date is not disclosed or recognized unless the possibility of any outflow in settlement is remote;
9. Deferred Income Taxes: Deferred Tax charge or credit reflects that tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liability or asset are recognized using the tax rates that have been enacted or substantial enacted by the Balance Sheet date. Deferred Tax assets recognized only to that extent there is reasonable certainty that the assets can be realized in future, however, where there is unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is ritual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date and written down or written up to reflect the amount that is reasonable/virtual certainty (as the case may be) to be realised
Mar 31, 2003
SIGNIFICANT ACCOUNTING POLICIES
1. Fixed Assets: Fixed Assets are shown at acquisition cost. Depreciation is calculated as per the amended rates Prescribed Under Schedule XIV vide Notification dated 16th December, 1993 of Companies Act, 1956 on Straight line method, as per the provisions of Section 205(2)(b).
2. Inventories: Inventories are valued as under:
Stores & Spares, Raw Materials and Work-in-process are valued at cost, finished goods are valued at lower of cost or net realizable value. The Cost is arrived on FIFO basis.
3. Liability for retirement benefits : The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund, and has also taken a group gratuity, policy with the LIC of India Covering its gratuity liability. The contribution and premium paid are charged to the Revenue Account.
4 Foreign Exchange Transactions: There are no foreign exchange transactions either on Capital or Revenue Account.
5. Revenue Recognition: All income and expenditure are accounted on accrual basis, except other wise stated.
6. Internal Consumption of the Company's end product, which are other wise marketable, is accounted for at transfer price and is included under sales.
Mar 31, 2002
1. Fixed Assets: Fixed Assets are shown at acquisition cost.
Depreciation is calculated as per the amended rates prescribed under
Schedule XIV vide Notification dated 16th December, 1993 of Companies
Act, 1956 on Straight line method, as per the provisions of Section
205(2)(b).
2. Inventories : inventories are valued as under: Stores & Spares, Raw Materials and Work-in-process are valued at average cost, finished goods are valued at cost or realizable value, which ever is lower. The Cost has been ascertained on FIFO basis.
3. Liability for retirement benefits: The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund, and has also taken a group gratuity policy with the LIC of India covering its gratuity liability. The contribution and premium paid are charged to the Revenue Account.
4. Foreign Exchange Transactions: There are no foreign exchange transactions either on Capital or Revenue Account.
5. Revenue Recognition: All income and expenditure are accounted on accrual basis, except other wise stated.
6. Internal Consumption of the Companys end product, which are other wise marketable, is accounted for at transfer price and is included under sales.
Mar 31, 2001
1. Fixed Assets : Fixed Assets are shown at acquisition cost.
Depreciation is calculated as per the amended rates Prescribed Under
Schedule XIV vide Notification dated 16th December, 1993 of Companies
Act, 1956 on Straight line method, as per the provision of Section
205(2)(b).
2. Inventories : Inventories are valued as under : Stores & Spares, Raw Materials and Work-in-process are valued at average cost, finished goods are valued at cost or realizable value, whichever is lower. The Cost has been ascertained on FIFO basis.
3. Liability for retirement benefits : The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund, and has also taken a group gratuity with the LIC of India covering its gratuity liability. The contribution and premium paid are charged to the Revenue Account.
4. Foreign Exchange Transactions : There are no foreign exchange transactions either on Capital or Revenue Account.
5. Revenue Recognition : All income and Expenditure are accounted on accrual basis, except other wise stated.
6. Internal Consumption of the Company's end product, which are other wise marketable, is accounted for at transfer price and is included under sales.
Mar 31, 2000
1. Fixed Assets : Fixed Assets are shown at acquisition cost.
Depreciation is calculated as per the amended rates prescribed Under
Schedule XIV vide Notification dated 16th December, 1993 of Companies
Act, 1956 on Straight line method, as per the provisions of Section
205(2)(b).
2. Inventories : Inventories are valued as under : Stores & Spares, Raw Materials and Work- in-process are valued at average cost, finished goods are valued at cost or realisable value, whichever is lower. The cost has been ascertained on FIFO basis.
3. Liability for retirement benefits : The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund, and has also taken a Group Gratuity Policy with the LIC of India Covering its gratuity liability. The contribution and premium paid are charged to the Revenue Account.
4. Foreign Exchange Transactions : There are no foreign exchange transactions either on Capital or Revenue Account.
5. Revenue Recognition : All Income and Expenditure are accounted on accrual basis, except otherwise stated.
6. Internal Consumption of the Company's end product, which are other wise marketable, is accounted for at transfer price and is included under sales.
Mar 31, 1996
1. Fixed Assets: Fixed Assets are shown at acquisition cost.
Depreciation is calculated as per the amendment to Schedule XIV vide
Notification dated 16th December, 1993 of Companies Act, 1956 on
Straight line method, as per the provisions of Section 205(2) (b).
2. Inventories: Inventories are valued as under: Stores & Spares, Raw Materials, Work-in-progress are valued at cost, Finished Goods are valued at cost or market value, whichever is lower.
3. Liability for retirement benefits: The Company contributes to the funds administered by the Regional Provident Fund Commissioner towards Provident Fund, and has also taken a group gratuity policy with the LIC of India covering its gratuity liability. The contribution and premium paid are charged to the revenue Account.
4. Foreign Exchange transactions : There are no foreign exchange transactions either on Capital or Revenue Account.
a. Revenue Recognition All Income and Expenditure are accounted on accrual basis.
6. Internal Consumption of the Company's end products, which are other wise marketable is accounted for at transfer price and is included under sales.
Mar 31, 1995
SIGNIFICANT ACCOUNTING POLICIES
1. Fixed Assets: fixed Assets are shown at acquisition cost.Depreciation is calculated as per the amendment to Schedule XIV vide Notification dated 16th December, 1993 of Companies Act, 1956 on Straight line method, as per the provisions of Section 205(2) (b).
2. Inventories: Inventories are valued as under : Stores & Spares, Raw Materials, Work-in-progress are valued at cost, finished goods are valued at cost or market value,whichever is lower.
3. Liability for retirement benefits: The Company has taken a Gratuity Policy covering the retirement benefits payable by the Company to its employees. The premium paid is charged to revenue.
4. Foreign Exchange transactions : There are no foreign exchange transactions either on Capital or Revenue Account.
5. Revenue Recognition : All income and Expenditure are accounted on accrual basis except for provision made for disputed power tariff.
Mar 31, 1994
Fixed Assets:
Fixed Assets are shown at acquisition cost. Depreciation is calculated as per the amendment to Schedule XIV vide Notification dated 16th December, 1993 of Companies Act, 1956 on Straight line method, as per the provisions of Section 205 (2) (b). Depreciation has been provided in the books only upto the year ended 30th June, 1988. However, Depreciation after 1st July, 1988 is quantified and indicated in Note No.6 under Schedule `O'.
Inventories:
Inventories are valued as under: Stores & Spares, Raw Materials, Work-in-progress are valued at cost, finished goods are valued at cost or market value, whichever is lower.
Liability for retirement benefits:
The Company has taken a Gratuity Policy covering the retirement benefits payable by the Company to its employees. The premium paid is charged to revenue.
Foreign Exchange transactions:
There are no foreign exchange transactions either on Capital or Revenue Account.
Revenue Recognition:
All Income and Expenditure are accounted on accrual basis except for provision made for disputed power tariff.
Mar 31, 1993
Fixed Assets:
Fixed assets are shown at acquisition cost. Depreciation is calculated at the rates specified.
Depreciation hasa been provided in the books only upto the year ended 30th June 1988.
Inventories:
Inventories are valued as under stores and spares, Raw materials, Work in progress are valued at cost, finished goods are valued at cost or market value, whichever is lower.
Foreign exchange transactions:
There are no foreign exchange transactions either on capital or revenue account.
Mar 31, 1992
Depreciation has been provided in the books only upto the year ended
30th june, 1988. However, Depreciation after 1st July, 1988 is quantified and indicated in Note No.6.
The total amount of Depreciation that has not been provided for upto 31st March, 1992 is Rs.353.39 lakhs.
Inventories:
Inventories are valued as under : stores and spares, Raw materials, work in progress are valued at costd, finished goods are valued at cost or market value whichever is lower.
Revenue recognition: All income and expenditure are accounted on accrual basis except where stated otherwise.
Liability for retirement benefits: The company has taken a gratuity policy covering the retirements benefits payable by the company to its employees. The premium paid is charged to revenue.
Mar 31, 1991
Fixed Assets :
No Depreciation has been provided for the year amounting to Rs 96.70 lakhs (Previous Year Rs 91.43 lakhs), calculated on straight line method on Fixed Assets as per the provisions of Section 202 (2) (b) and at the rates specified in Schedule XIV of the Companies Act, 1956.
The total amount of Depreciation that has not been provided for upto 31st March, 1991 is Rs 254.75 lakhs.