Mar 31, 2014
(i) Revenue Recognition
All income and expenditure items having a material bearing on the
financial statements are recognized on accrual basis.
(ii) Fixed Assets
Fixed Assets are stated at cost of acquisition (Net of Modvat)
inclusive of expenses relating to acquisition.
(iii) Amortization and Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956 as amended
vide Notification No.GSR 756(E) dated 16.12.1993 issued by the Ministry
of Law, Justice and Company Affairs, Department of Company Affairs.
(iv) Retirement Benefits
(a) Provision for gratuity is made as per the provision of payment of
gratuity act, as calculated by the management.
(b) Liabilities in respect of encashment of accumulated leaves by the
employees is estimated by the management and charged to Profit & Loss
account.
(c) As ascertained by the Company , the premium pertaining to provision
for superannuation fund has been paid to LIC & the amount appears in
superannuation Fund account has no longer liability against the assets
of the company.
(v) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is possible that there will be an outflow of resources.
Contingent Liabilities are not recognized in the financial statements
but are disclosed in the notes to accounts. Contingent Assets are
neither recognized and nor disclosed in financial statements.
(vi) Foreign Currency Transactions
(a) Transactions denominated in foreign currency are intially recorded
at the exchange rate prevailing at the time of transaction. Current
Assets and Current liabilities denominated in Foreign Currency are
converted into Indian rupees at the exchange rate prevailing at the
close of the year.
(b) Any income or loss on account of exchange fluctuation on settlement
/ year end, is recognised in the profit & 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 asset as per guidelines and AS-11
issued by Institute of Chartered Accountants of India.
(vii) Excise Duty
Excise Duty, Service Tax And VAT on inputs and services are carried
forward till it is utilized. Further Excise duty is accounted for on
the basis of both payment made in respect of goods cleared as also
provision made for goods lying in bonded warehouse.
(viii) Taxes on Income
(a) Provision for Income Tax is made at the amount expected to be paid
to the Tax Authorities in accordance with the Income Tax Act, 1961
using the tax rates as per the Tax Law that have been enacted or
substantively enacted as on the date of the Balance Sheet.
(b) Deferred Tax Assets and Liabilities are recognized on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods in accordance with the Accounting Standard
22 "Accounting for Taxes on Income", issued by the Institute of
Chartered Accountants of India. Deferred Tax Assets and Liabilities are
recognised using the tax rates as per the Tax Law that have been
enacted or substantively enacted as on the date of the Balance Sheet.
(ix) Cash Flow Statement
Cash flows are made using the indirect method, whereby profit before
tax is adjusted for the effects of transactions of a non cash nature
and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from Opearting Activities, Financing
Activities and Investing Activities are segregated.
(x) Impairment Of Assets
Fixed Assets are assesed annually on the balance sheet date havings
regards to the internal & external source of information so as to
analyze whether any impairment of the asset has taken place. If the
recoverable amount, represented by the higher of Net Selling Price or
the Value in use, is lesser than carrying amount of Cash-generating
unit, then the difference is recognized as Impairment Loss and is
debited to Profit and Loss Account. Further Suitable reversals are made
in the books of accounts as and when the impairment loss ceases to
exist or shows a decrease.
Mar 31, 2013
(i) Revenue Recognition
All income and expenditure items having a material bearing on the
financial statements are recognized on accrual basis.
(ii) Fixed Assets
Fixed Assets are stated at cost of acquisition (Net of Modvat)
inclusive of expenses relating to acquisition.
(iii) Amortization and Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956 as amended
vide Notification No.GSR 756(E) dated 16.12.1993 issued by the Ministry
of Law, Justice and Company Affairs, Department of Company Affairs.
(iv) Retirement Benefits
(a) Provision for gratuity is made as per the provision of payment of
gratuity act, as calculated by the management.
(b) Liabilities in respect of encashment of accumulated leaves by the
employees is estimated by the management and charged to Profit & Loss
account.
(c) As ascertained by the Company , the premium pertaining to provision
for superannuation fund has been paid to LIC & the amount appears in
superannuation Fund account has no longer liability against the assets
of the company.
(v) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is possible that there will be an outflow of resources.
Contingent Liabilities are not recognized in the financial statements
but are disclosed in the notes to accounts. Contingent Assets are
neither recognized and nor disclosed in financial statements.
(vi) Foreign Currency Transactions
(a) Transactions denominated in foreign currency are initially recorded
at the exchange rate prevailing at the time of transaction. Current
Assets and Current liabilities denominated in Foreign Currency are
converted into Indian rupees at the exchange rate prevailing at the
close of the year.
(b) Any income or loss on account of exchange fluctuation on settlement
/ year end, is recognized in the profit & 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 asset as per guidelines and AS-11
issued by Institute of Chartered Accountants of India.
(vii) Excise Duty
Excise Duty, Service Tax And VAT on inputs and services are carried
forward till it is utilized. Further Excise duty is accounted for on
the basis of both payment made in respect of goods cleared as also
provision made for goods lying in bonded warehouse.
(viii) Taxes on Income
(a) Provision for Income Tax is made at the amount expected to be paid
to the Tax Authorities in accordance with the Income Tax Act, 1961
using the tax rates as per the Tax Law that have been enacted or
substantively enacted as on the date of the Balance Sheet.
(b) Deferred Tax Assets and Liabilities are recognized on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods in accordance with the Accounting Standard
22 "Accounting for Taxes on Income", issued by the Institute of
Chartered Accountants of India. Deferred Tax Assets and Liabilities are
recognized using the tax rates as per the Tax Law that have been
enacted or substantively enacted as on the date of the Balance Sheet.
(ix) Cash Flow Statement
Cash flows are made using the indirect method, whereby profit before
tax is adjusted for the effects of transactions of a non cash nature
and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from Operating Activities, Financing
Activities and Investing Activities are segregated.
(x) Impairment Of Assets
Fixed Assets are assessed annually on the balance sheet date having
regards to the internal & external source of information so as to
analyze whether any impairment of the asset has taken place. If the
recoverable amount, represented by the higher of Net Selling Price or
the Value in use, is lesser than carrying amount of Cash-generating
unit, then the difference is recognized as Impairment Loss and is
debited to Profit and Loss Account. Further Suitable reversals are made
in the books of accounts as and when the impairment loss ceases to
exist or shows a decrease.
(xi) Miscellaneous Expenditure
Miscellaneous expenditure represents R & D differed revenue expenditure
and are written off over a period of 10 years.
Borrowing Cost
Borrowing cost that are directly attributable to acquisition or
construction of qualifying assets has been capitalized as part of such
asset as per AS-16 on Borrowing Costs issued by the ICAI. All other
borrowing cost are charged to revenue in the period when they are
incurred.
Earnings Per Share
EPS is calculated by dividing the net profit for the year attributable
to equity shareholders by the weighted average no. of equity shares
outstanding during the year as per AS-20 issued by the ICAI.
Mar 31, 2010
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements have been prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and Accounting Standards are in line with the currently
applicable laws as well as the Guidelines prescribed by the Institute
of Chartered Accountants of India.
2. INCOME RECOGNITION
All Income and Expenditure items having a material bearing on the
financial statements are recognised on Accrual basis.
3. FIXED ASSETS
Fixed Assets are stated at cost of acquisition (Net of Modvat)
inclusive of expenses relating to acquisition.
4. AMORTIZATION AND DEPRECIATION
Depreciation on Fixed Assets is provided on Straight Line Method at the
rates prescribed in Schedule XIV of the Companies Act, 1956, as amended
vide Notification No. GSR 756 (E) dated 16.12.1993 issued by the
Ministry of Law, Justice and Company Affairs, Department of Company
Affairs.
5. INVENTORIES
Basis of Valuation
Raw Material : At Cost based on First In First Out Method or net
realisable value, whichever is lower
Work in progress : At Cost or net realisable value, whichever is lower
Finished Goods : At Cost or net realisable value, whichever is lower
6. RETIREMENT BENEFITS
a) Provision for Gratuity is made as per the provision of payment of
Gratuity Act, as calculated by the Management.
b) Liabilities in respect of encashment of accumulated leaves by the
employees is estimated by the management and charged to Profit & Loss
Account.
c) As ascertained by the Company, premium pertaining to provision for
superannuation fund has been paid to LIC & the amount appears in
superannuation Fund account has no longer liability against the assets
of the company.
7. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASEETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is possible that there will be an outlfow of resources.
Contingent Liabilities are not recognized in the financial statements
but are disclosed in the notes to accounts. Contingent Assets are
neither recognized and nor disclosed in financial statements.
8. FOREIGN CURRENCY TRANSACTION
a) Transactions denominated in foreign currency are initially recorded
at the exchange rate prevailing at the time of transaction. Current
Assets & Current liabilities denominated in Foreign Currency are
converted into Indian rupees at the exchange rate prevailing at the
close of the year.
b) Any Income or Loss on account of exchange fluctuation on settlement
/ year end 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 asset as per Guideline and
A.S.-11 issued by Institute of Chartered Accountants of India.
9. EXCISE DUTY
Excise Duty, Service Tax and VAT on inputs and services are carried
forward till its is utilized. Further Excise duty is accounted for on
the basis of both payment made in respect of goods cleared and also
provision made for goods lying in Bonded Warehouse.
10. TAXES ON INCOME
a) Provision for Income Tax is made at the amount expected to be paid
to the Tax Authorities in accordance with the Income Tax Act. 1961
using the tax rates as per the Tax Law that have been enacted or
substantively enacted as on the date of the Balance Sheet.
b) Deferred Tax Assets and Liabilites are recognized on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods in accordance with the According Standard 22
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India.
Deferred Tax Assets and Liabilities are recognized using the tax rates
as per the Tax Law that have been enacted or substanitvely enacted as
on the date of the Balance Sheet.
11. CASH FLOW STATEMENT
Cash flows are made using the indirect method, whereby profit before
tax is adjusted for the effects of transactions of a non cash nature
and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from operating activities, financing
activities of the company are segregated.
12. IMPAIRMENT OF ASSETS
Fixed Assets are assessed annually on the balance sheet date having
regards to the internal & external source of information so as to
analyze whether any impairment of the asset has taken place. If the
recoverable amount, represented by the higher of Net selling price or
the value in use, is lesser than carrying amount of the cash-generating
unit then the difference is recognized as impairment loss and debited
to the P & L Account. Further Suitable reversals are made in the books
of accounts as and when the impairment loss ceases to exist or shows a
decrease.
13. MISCELLANEOUS EXPENDITURE
Miscellaneous expenditure represents R & D deffered revenue expenditure
and are written off over a period of 10 years.
Mar 31, 2009
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
i
The Financial Statements have been prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and are in line with the currently applicable laws as well
as the Guidelines prescribed by the Institute of Chartered Accountants
of India.
2. BASIS OF ACCOUNTING
All Income and Expenditure items having a material bearing on the
financial statements are recognise on Accrual basis.
3. FIXED ASSETS
Fixed Assets are stated at cost of acquisition (Net of Modvat)
inclusive of expenses relating to acquisition
4. AMORTIZATION AND DEPRECIATION
i) Leasehold land is amortized over the period of lease.
ii) Depreciation on Fixed Assets is provided on Straight Line Method at
the rates prescribed in Schedule XIV of the Companies Act, 1956, as
amended vide Notification No. GSR 756 (E) dated 16.12.1993 issued by
the Ministry of Law, Justice and Company Affairs, Department of Company
Affairs.
5. INVENTORIES
Basis of Valuation
Raw Material : At Cost based on First In First Out Method or net
realisable value,whichever is lower
Work in progress : At Cost or net realisable value, whichever is lower
Finished Goods : At Cost or net realisable value, whichever is lower
6. RETIREMENT BENEFITS
a) Provision for Gratuity is made as per the provision of payment of
Gratuity Act, as calculated by the Management.
b) Liabilities in respect of encashment of accumulated leaves by the
employees is estimated by the management and charged to Profit & Loss
Account.
c) Premium pertaining to provision for superannuation fund has been
paid to LIC & the amount appears in superannuation Fund account has no
longer liability against the assets of the company.
7. CONTINGENT LIABILITIES
Contingent Liabilities are not provided for in the Accounts and are
shown separately in Notes on Accounts.
8. FOREIGN CURRENCYTRANSACTION
a) Transactions denominated in foreign currency are initially recorded
at the exchange rate prevailing at the time of transaction. Current
Assets & Current liabilities denominated in Foreign currency are
converted into Indian rupees at the exchange rate prevailing at the
close of the year.
b) Any Income or Loss on account of exchange fluctuation on settlement
/ year end 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 asset as per Guideline and
A.S.-11 issued by I.C.A.I.
9. EXCISE DUTY
Excise duty has been accounted for on the basis of both payment made in
respect of goods cleared and also provision made for goods lying in
Bonded Warehouse
10 TAXES ON INCOME
Tax Provision for the year comprise of Current Tax and Deferred Tax.
Deferred Tax is recognised for all timing differences, subject to
consideration of Prudence.
11. CASH FLOW STATEMENT
Cash flows are made using the indirect method, whereby profit before
tax is adjusted for the effects of transactions of a non cash nature
and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from operating activities, financing and
investing activities of the company are segregated.
12. IMPAIRMENT OF ASSETS
Fixed Assets are assessed annually on the balance sheet date having
regards to the internal & external source of information so as to
analyze whether any impairment of the asset has taken place. If the
recoverable amount, represented by the higher of Net selling price or
the value in use, is lesser than carrying amount of the cash-generating
unit the difference is recognized as impairment loss and debited to the
P & L Account. Suitable reversals are made in the books of accounts as
and when the impairment loss ceases to exist or shows a decrease.
13. MISCELLANEOUS EXPENDITURE
Miscellaneous expenditure represents R&D deffered revenue expenditure
and are written off over a period of 10 years.