Mar 31, 2015
A. Basis of preparation
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards specified under
Section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the relevant provisions of the
Companies Act, 2013 ("the 2013 Act"), as applicable. The financial
statements have been prepared as a going concern on accrual basis under
the historical cost convention. The accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year.
b. Use of estimates
In preparing the Company's financial statements in conformity with the
accounting principles generally accepted in India, management is
required to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent
liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. Any revision to accounting
estimates is recognised prospectively in the current and future
periods.
c. Fixed Assets :
Fixed Assets is stated at cost of acquisition (net of CENVAT, wherever
applicable) as reduced by accumulated depreciation. The cost of assets
includes other direct/indirect and incidental cost incurred to bring
them into their working condition.
When assets are disposed or retired, their cost is removed from the
financial statements. The gain or loss arising on the disposal or
retirement of an asset is determined as the difference between sales
proceeds and the carrying amount of the asset and is recognised in
Statement of Profit and Loss for the relevant financial year.
d. Intangible Assets
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortization. All costs, including financing
costs in respect of qualifying assets till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the intangible
assets are capitalized.
Intangible assets are amortised on a straight - line basis over their
estimated useful lives. A rebuttable presumption that the useful life
of an intangible asset will not exceed than years from the date when
the asset is available for use is considered by the management. The
amortization period and the amortization method are reviewed at least
at each reporting date. If the expected useful life of the asset is
significantly different from previous estimates, the amortization
period is changed accordingly.
The gain or loss arising on the disposal or retirement of an intangible
asset is determined as the difference between net disposal proceeds and
the carrying amount of the asset and is recognised as income or
expenses in the Statement of Profit and Loss in the year or disposal.
e. Depreciation:
The depreciation on assets for own use is provided on "Straight Line
Method" on the basis of useful life of assets as specified in Schedule
II to the Companies Act, 2013 on Pro-rata Basis.
When assets are disposed or retired, their accumulated depreciation is
removed from the financial statements. The gain or loss arising on the
disposal or retirement of an asset is determined as the difference
between sales proceeds and the carrying amount of the asset and is
recognised in Statement of Profit and Loss for the relevant financial
year.
f. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provision of the Income Tax Act, 1961.
Deferred Tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or subsequently enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is virtual certainty that the assets will be realized in
future.
g. Revenue Recognition:
(i) Sales of goods are net off trade discounts, return and inclusive of
Excise Duty but excluded sales tax and state value added tax.
Revenue is recognised when practically all risk and rights connected
with ownership have been transferred to the buyer. This usually occurs
upon dispatch, after the price has been determined and collection of
the sales proceeds is reasonable certain.
(ii) Interest Income
Interest Income is recognized on accrual basis.
h. Foreign Currency Transactions
i) Transactions in foreign currencies are recorded in Indian rupees
using the rates of exchange prevailing on the date of the transactions.
At each balance sheet date, monetary balances are reported in Indian
Rupees at the rates of exchange prevailing at the Balance Sheet date.
All realized or unrealized exchange adjustment gains or losses are
dealt with in the Statement of Profit and Loss.
ii) In order to hedge exposure to foreign exchange risks arising from
export or import foreign currency, bank borrowings and trade
receivables, the company enters into forward contracts. In case of
forward exchange contract, the cost of the contracts is amortised over
the period of the contract, any profit or loss arising on the
cancellation or renewal of a forward exchange contract is recognised as
income or expenses for the year.
iii) Exchange difference is calculated as the difference between the
foreign currency amount of the contract translated at the exchange rate
at the reporting date, or the settlement date where the transaction is
settled during the report period and the corresponding foreign currency
amount translated at the later of the dates of inception of the forward
exchange contract and the last reporting date. Such exchange difference
rate recognised in the Statement of profit and loss in the reporting
period in which the exchange rates change.
iv) Non-monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate
at the date of the transaction.
i. Derivative instruments
The Company has entered cross currency interest rate swap contracts
with a view to hedge the risks of foreign currency borrowings. The
notional amounts of instruments outstanding as at the year end, are
restated at closing rates an unrealized transaction difference are
included in the Statement of Profit and Loss. The net interest accruing
is recorded in the Statement of Profit and loss over the period of the
instruments, changes in fair value of other derivative instruments that
do not qualify for hedge accounting are recognised in the Statement of
Profit and Loss as they are arise.
j. Borrowing cost:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
such assets, whenever applicable, till the assets are ready for their
intended use. A qualifying asset is one which necessary takes
substantial period to get ready for intended use. All other borrowing
costs are charged to revenue accounts. Capitalization of borrowing
cost is suspended when active development is interrupted.
k. Inventories:
Inventories are valued at "Lower of cost or net realisable value". Cost
in respect of Raw Materials is computed on FIFO basis. Net realizable
value is the estimated selling price in the ordinary course of business
less the estimated cost of completion and estimated cost necessary to
make sale.
Cost in respect of process and finished goods are computed on weighted
average basis method. Finished goods and process stock includes cost of
conversion and other costs incurred in acquiring the inventory and
bringing them to their present location and condition.
l. Investments:
Long Term Investments are stated at cost. Provision is only made to
recognize a decline other than temporary, in the value of investments.
However, where quotation as on 31st March, 2015 was not available, last
available quotation was considered.
m. Employee's Benefits:
a. The Employee and Company make monthly fixed Contribution to
Government of India Employee's Provident Fund equal to a specified
percentage of the Covered employee's salary, Provision for the same is
made in the year in which services are rendered by the employee.
b. The Liability for Gratuity to employees, which is a defined benefit
plan. The Company's Scheme is administered by LIC. The liability is
determined by based on Projected Unit Credit method. Actuarial gain /
loss in respect of the same are charged to the Statement of profit and
loss.
c. The Company does not allow carry forward of unavailed leave and
hence unavailed leaves are encashed in the current year itself.
d. Short Term benefits are recognised as an expense at the
undiscounted amounts in the Statement of Profit and Loss of the year in
which the related service is rendered.
n. Segment Information:
Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by accounting
standard notified by Companies (Accounting Standard) Rules, 2008, the
company is mainly engaged in the business of Decorative Laminated Sheet
and all other activity surrounded with main business of the company
hence there is no reportable segment.
o. Impairment
The management periodically assesses, using external and internal
sources whether there is an indication that an asset may be impaired.
If an asset is impaired, the company recognizes an impairment loss as
the excess of the carrying amount of the asset over the recoverable
amount. The impairment loss recognised in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amounts.
p. Earnings per Share
Basic earnings per share is calculated by dividing net profit after tax
for the year attributable to Equity Shareholders of the company by the
weighted average number of Equity Shares issued during the year.
Diluted earnings per share is calculated by dividing net profit
attributable to equity Shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
q. Provision, Contingent Liabilities and Contingent Assets :
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made.
A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
r. Excise Duty, VAT & CENVAT:
CENVAT / VAT credit on materials purchased for production / service
availed for production / input service are taken into account at the
time of purchase and CENVAT / VAT credit on purchase of capital items
wherever applicable are taken into account as and when the assets are
acquired.
The CENVAT credits so taken are utilized for payment of excise duty on
goods manufactured. The unutilized CENVAT credit is carried forward in
the books. The VAT credits so taken are utilized for payment of sales
tax on goods sold. The unutilized VAT credit is carried forward in the
books.
s. Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
Mar 31, 2014
A. Basis of preparation
The financial statements have been prepared to comply with the
Accounting Standards referred to in the Companies (Accounting
Standards) Rule, 2006 issued by the Central Government in exercise of
the power conferred under sub-section (I) (a) of section 642 and the
relevant provisions of the Companies Act, 1956 (the ''Act''). The
financial statements have been prepared under the historical cost
convention on the accrual basis. The accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year.
b. Use of estimates
In preparing the Company''s financial statements in conformity with the
accounting principles generally accepted in India, management is
required to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent
liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. Any revision to accounting
estimates is recognised prospectively in the current and future
periods.
c. Fixed Assets:
Fixed Assets is stated at cost of acquisition (net of CENVAT, wherever
applicable) as reduced by accumulated depreciation. The cost of assets
includes other direct/indirect and incidental cost incurred to bring
them into their working condition.
When assets are disposed or retired, their cost is removed from the
financial statements. The gain or loss arising on the disposal or
retirement of an asset is determined as the difference between sales
proceeds and the carrying amount of the asset and is recognised in
Statement of Profit and Loss for the relevant financial year.
d. Intangible Assets
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortization. All costs, including financing
costs in respect of qualifying assets till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the intangible
assets are capitalized.
Intangible assets are amortised on a straight-line basis over their
estimated useful lives. A rebuttable presumption that the useful life
of an intangible asset will not exceed than years from the date when
the asset is available for use is considered by the management. The
amortization period and the amortization method are reviewed at least
at each reporting date. If the expected useful life of the asset is
significantly different from previous estimates, the amortization
period is changed accordingly.
The gain or loss arising on the disposal or retirement of an intangible
asset is determined as the difference between net disposal proceeds and
the carrying amount of the asset and is recognised as income or
expenses in the Statement of Profit and Loss in the year or disposal.
e. Depreciation:
The Company has provided depreciation on "Straight Line Method" on all
Fixed Assets on Pro-rata basis as per Rates specified in schedule XIV
of the Companies Act, 1956.
When assets are disposed or retired, their accumulated depreciation is
removed from the financial statements. The gain or loss arising on the
disposal or retirement of an asset is determined as the difference
between sales proceeds and the carrying amount of the asset and is
recognised in Statement of Profit and Loss for the relevant financial
year.
f. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provision of the Income, Tax Act, 1961.
Deferred Tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or subsequently enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is virtual certainty that the assets will be realized in
future.
g. Revenue Recognition:
i. Sales of goods are net off trade discounts, return and inclusive of
Excise Duty but excluded sales tax and state value added tax.
Revenue is recognised when practically all risk and rights connected
with ownership have been transferred to the buyer. This usually occurs
upon dispatch, after the price has been determined and collection of
the sales proceeds is reasonable certain.
ii. Interest Income
Interest Income is recognized on accrual basis.
h. Foreign Currency Transactions
i) Transactions in foreign currencies are recorded in Indian rupees
using the rates of exchange prevailing on the date of the transactions.
At each balance sheet date, monetary balances are reported in Indian
Rupees at the rates of exchange prevailing at the Balance Sheet date.
All realized or unrealized exchange adjustment gains or losses are
dealt with in the Statement of Profit and Loss.
ii) In order to hedge exposure to foreign exchange risks arising from
export or import foreign currency, bank borrowings and trade
receivables, the company enters into forward contracts. In case of
forward exchange contract, the cost of the contracts is amortised over
the period of the contract, any profit or loss arising on the
cancellation or renewal of a forward exchange contract is recognised as
income or expenses for the year.
iii) Exchange difference is calculated as the difference between the
foreign currency amount of the contract translated at the exchange rate
at the reporting date, or the settlement date where the transaction is
settled during the report period and the corresponding foreign currency
amount translated at the later of the dates of inception of the forward
exchange contract and the last reporting date. Such exchange difference
rate recognised in the Statement of profit and loss in the reporting
period in which the exchange rates change.
iv) Non-monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate
at the date of the transaction.
i. Derivative instruments
The Company has entered cross currency interest rate swap contracts
with a view to hedge the risks of foreign currency borrowings. The
notional amounts of instruments outstanding as at the year end, are
restated at closing rates an unrealized transaction difference are
included in the Statement of Profit and Loss. The net interest accruing
is recorded in the Statement of Profit and loss over the period of the
instruments, changes in fair value of other derivative instruments that
do not qualify for hedge accounting are recognised in the Statement of
Profit and Loss as they are arise.
j. Borrowing cost:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
such assets, whenever applicable, till the assets are ready for their
intended use. A qualifying asset is one which necessary takes
substantial period to get ready for intended use. All other borrowing
costs are charged to revenue accounts. Capitalization of borrowing
cost is suspended when active development is interrupted.
k. Inventories:
Inventories are valued at "Lower of cost or net realisable value". Cost
in respect of Raw Materials is computed on FIFO basis. Net realizable
value is the estimated selling price in the ordinary course of business
less the estimated cost of completion and estimated cost necessary to
make sale.
Cost in respect of process and finished goods are computed on weighted
average basis method. Finished goods and process stock includes cost of
conversion and other costs incurred in acquiring the inventory and
bringing them to their present location and condition.
l. Investments:
Long Term investments are stated at cost. Provision is only made to
recognize a decline other than temporary, in the value of investments.
However, where quotation as on 31st March, 2014 was not available, last
available quotation was considered.
m. Employee''s Benefits:
a. The Employee and Company make monthly fixed Contribution to
Government of India Employee''s Provident Fund equal to a specified
percentage of the Covered employee''s salary, Provision for the same is
made in the year in which services are rendered by the employee.
b. The Liability for Gratuity to employees, which is a defined benefit
plan. The Company''s Scheme is administered by LIC. The liability is
determined by based on Projected Unit Credit method. Actuarial
gain/loss in respect of the same are charged to the Statement of profit
and loss.
c. The Company does not allow carry forward of unavailed leave and
hence unavailed leaves are encashed in the current year itself.
d. Short Term benefits are recognised as an expense at the undiscounted
amounts in the Statement of Profit and Loss of the year in which the
related service is rendered.
n. Segment Information:
Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by accounting
standard notified by Companies (Accounting Standard) Rules, 2008, the
company is mainly engaged in the business of Decorative Laminated
Sheets and all other activity surrounded with main business of the
company hence there is no reportable segment.
o. Impairment
The management periodically assesses, using external and internal
sources whether there is an indication that an asset may be impaired.
If an asset is impaired, the company recognizes an impairment loss as
the excess of the carrying amount of the asset over the recoverable
amount. The impairment loss recognised in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amounts.
p. Earnings per Share
Basic earnings per share is calculated by dividing net profit after tax
for the year attributable to Equity Shareholders of the company by the
weighted average number of Equity Shares issued during the year.
Diluted earnings per share is calculated by dividing net profit
attributable to equity Shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
q. Lease:
The company''s significant leasing arrangements are in respect of
operating lease for premises that cancelable are in nature. The lease
rentals paid under such agreements are charge to the Statement of
Profit and Loss.
r. Provision, Contingent Liabilities and Contingent Assets:
A provision is recognized when there is a present obligation as a
result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made.
A disclosure for a contingent liability is made when there is a
possible or present obligation that may, but probably will not require
an outflow of resources.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
s. Excise Duty, VAT & CENVAT:
CENVAT/VAT credit on materials purchased for production/service availed
for production/input service are taken into account at the time of
purchase and CENVAT/VAT credit on purchase of capital items wherever
applicable are taken into account as and when the assets are acquired.
The CENVAT credits so taken are utilized for payment of excise duty on
goods manufactured. The unutilized CENVAT credit is carried forward in
the books. The VAT credits so taken are utilized for payment of sales
tax on goods sold. The unutilized VAT credit is carried forward in the
books.
t. Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
Mar 31, 2012
A. Basis of Accounting:
The financial statements are prepared on a historical cost convention
on the accrual basis and materially comply with the accounting standard
notified by Companies (Accounting Standard) Rules, 2008 and relevant
provisions of the Companies Act, 1956.
b. Fixed Assets :
Fixed Assets are stated at cost of acquisition including any
attributable cost for bringing the assets to its working condition less
Depreciation.
c. Depreciation:
The Company has provided depreciation on "Straight Line Method" on all
Fixed Assets on Pro- rata basis as per Rates specified in schedule XIV
of the Companies Act, 1956.
d. Taxation:
i) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per applicable provision of
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing difference between book and tax
profit is accounted for under the liability method, at the current rate
of tax, to the extent that the timing difference are expected to
crystallize.
e. Revenue Recognition:
Sales are accounted for on dispatch of goods to the customers and are
inclusive of Excise Duty but net of sales returns and trade discounts.
f. Foreign Currency Transactions / Exchange Fluctuation
(a) Monetary Transactions related to foreign currency are accounted for
at the equivalent rupee converted at the rates prevailing at the time
of respective transactions and outstanding in respect thereof are
translated at period end rates. Exchange difference is charged to the
revenue account except arising on account of conversion related to the
purchase of fixed asset is adjusted therewith.
(b) Non-monetary foreign currency items are carried at cost.
g. Borrowing cost:
Borrowing costs, which are attributable to acquisition or construction
of qualifying assets, are capitalized as part of cost of such assets
till such assets are ready for its intended use. A qualifying asset is
one, which necessarily takes substantial period of time to get ready
for intended use. All other borrowing costs are charged to revenue.
h. Inventories:
Raw Materials are valued at cost, however appropriate provisions are
made for anticipated losses, if any. Cost in respect of Raw Materials
is computed on FIFO basis. Other inventories are valued at the Lower of
cost or net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business less the estimated
cost of completion and estimated cost necessary to make sale. Cost in
respect of process and finished goods are computed on weighted average
basis method. Finished goods and process stock includes cost of
conversion and other costs incurred in acquiring the inventory and
bringing them to their present location and condition.
i. Investments:
Long Term Investments are stated at cost. Provision is only made to
recognize a decline other than temporary, in the value of investments.
However, where quotation as on 31st March, 2012 was not available, last
available quotation was considered.
Employee's Benefits:
a. The Employee and Company make monthly fixed Contribution to
Government of India Employee's Provident Fund equal to a specified
percentage of the Covered employee's salary,
Provision for the same is made in the year in which services are
rendered by the employee.
b. The Liability for Gratuity to employees, which Is a defined benefit
plan. The Company's Scheme is administered by LIC The liability is
determined by based on Projected Unit Credit method. Actuarial gain /
loss in respect of the same are charged to the Statement of profit and
loss.
c. The Company followed cash method of accounting in respect of Leave
Encashment and in absence of actuarial valuation, the amount is not
ascertainable.
k. Segment Information:
Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting*' issued by accounting
standard notified by Companies (Accounting Standard) Rules, 2008, the
company is mainly engaged in the business of Decorative Laminated
Sheets and all other activity surrounded with main business of the
company hence there is no reportable segment
I. Impairment
The management periodically assesses, using external and internal
sources whether there is an indication that an asset may be impaired.
If an asset is impaired, the company recognizes an impairment loss as
the excess of the carrying amount of the asset over the recoverable
amount.
m. Earnings per Share
Basic earnings per share is -calculated by dividing net profit after
tax for the year attributable to Equity Shareholders of the company by
the weighted average number of Equity Shares issued during the year.
Diluted earnings per share is calculated by dividing net profit
attributable to equity Shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
n. Provision, Contingent Liabilities and Contingent Assets :
Provision involving substantial degree of estimation in measurement is
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.
o. Excise Duty, VAT & CENVAT:
CENVAT / VAT credit on materials purchased for production / service
availed for production / input service are taken into account at the
time of purchase and CENVAT / VAT credit on purchase of capital Kerns
wherever applicable are taken into account as and when the assets are
acquired.
The CENVAT credits so taken;are utilized for payment of excise duty on
goods manufactured. The unutilized CENVAT credit is carried forward in
the books. The VAT-credits so taken are utilized for payment of sales
tax on goods sold. The unutilized VAT credit is carried forward in the
books.
p. Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
Mar 31, 2011
A. Basis of Accounting:
The financial statements have been prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956.
b. Fixed Assets :
Fixed Assets are stated at cost of acquisition including any
attributable cost for bringing the assets to its working condition less
Depreciation.
c. Depreciation:
The Company has provided depreciation on "Straight Line Method" on all
Fixed Assets on Pro-rata basis as per Rates specified in schedule XIV
of the Companies Act, 1956.
d. Taxation:
i) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per applicable provision of
Income Tax Act, 1961. ii] Deferred Tax resulting from timing
difference between book and tax profit is accounted for under the
liability method, at the current rate of tax, to the extent that the
timing difference are expected to crystallize.
e. Revenue Recognition:
Sales are accounted for on dispatch of goods to the customers and are
inclusive of Excise Duty and Sales Tax but net of sales returns and
trade discounts. f Foreign Currency Transactions / Exchange
Fluctuation
(a) Monetary Transactions related to foreign currency are accounted for
at the equivalent rupee converted at the rates prevailing at the time
of respective transactions and outstanding in respect thereof are
translated at period end rates. Exchange difference is charged to the
revenue account except arising on account of conversion related to the
purchase of fixed asset is adjusted therewith.
(b) Non-monetary foreign currency items are carried at cost.
g. Borrowing cost:
Borrowing costs, which are attributable to acquisition or construction
of qualifying assets are capitalized as part of cost of such assets
till such assets are ready for its intended use. A qualifying asset is
one, which necessarily takes substantial period of time to get ready
for intended use. All other borrowing costs are charged to revenue.
h. Inventories:
Raw Materials are valued at cost, however appropriate provisions are
made for anticipated losses, if any. Other inventories are valued at
the Lower of cost or net realizable value. Net realizable value is the
estimated selling price in the ordinary course of business less the
estimated cost of compel ,on and estimated cost necessary to make sale.
Cost in respect of Raw Materials .s computed on FIFO basis. Cost in
respect of process and finished goods are computed on weighted average
basis method. Finished goods and process stock includes cost of
conversion and other costs incurred in acquiring the inventory anC
bringing them to their present location and condition.
I. Investments;
Long Term Investments are stated at cost. Provision is
only made to recognize a decline other that temporary, in the value of
investments. However, where quotation as on 31st March, 2011 was no-
available, last available quotation was considered
j. Employee's Benefits:
a The Employee and Company make monthly fixed Contribution to
Government of India Employee' ' Provident Fund equal to a specified
percentage of the Covered employee's salary, Provision for the. same is
made in the year in which services are rendered by the employee.
B. The Company is following the Cash Method of accounting, In respect of
Gratuity and Leave " encasing. and' in absence o, actuarial valuation, the
amount is no, ascertainable.
k. Segment Information:
Based on the Principles for determination of segments given in
Accounting Standard 17 Segment Reporting issued by the institute of
Chartered Accountants of India, the company is mainly engaged in the
business of Decorative Laminated sheets and all other activity
surrounded with business of the company hence there is no reportable
segment
l. Impairment
The Management periodically assesses, using external and internal
sources whether there is an indication that an asset ,may be impaired.
If am asset is impaired, the company recognise an impairment loss as
the excess of the carrying amount of the asset over the recoverable
amount.
M. Provision, Contingent Liabilities and Contingent Assets :
Provision involving substantial degree of estimation in measurement is
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.
n. Accounting of Moved Credit:
Modvat benefit is accounted on accrual basis on purchase of materials
and capital goods are appropriated against payment of excise duty on
clearance of the finished goods
o. Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
Mar 31, 2010
A. Basis of Accounting:
The financial statements have been prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956.
b. Fixed Assets :
Fixed Assets are stated at cost of acquisition including any
attributable cost for bringing the assets to its working condition less
Depreciation.
c. Depreciation :
The Company has provided depreciation on "Straight Line Method" on all
Fixed Assets on Pro- rata basis as per Rates specified in schedule XIV
of the Companies Act, 1956.
d. Taxation:
i) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per applicable provision of
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing difference between book and tax
profit is accounted for under the liability method, at the current rate
of tax, to the extent that the timing difference are expected to
crystallize.
e. Sales:
Sales are accounted for on dispatch of goods to the customers and are
inclusive of Excise Duty but net of sales returns and trade discounts.
f. Borrowing cost:
Borrowing costs, which are attributable to acquisition or construction
of qualifying assets, are capitalized as part of cost of such assets
till such assets are ready for its intended use. A qualifying asset is
one, which necessarily takes substantial period of time to get ready
for intended use. All other borrowing costs are charged to revenue.
g. Inventories:
Raw Materials are valued at cost, however appropriate provisions are
made for anticipated losses, if any. Other inventories are valued at
the Lower of cost or net realizable value. Net realizable value is the
estimated selling price in the ordinary course of business less the
estimated cost of completion and estimated cost necessary to make sale.
Cost in respect of Raw Materials is computed on FIFO basis. Cost in
respect of process and finished goods are computed on weighted average
basis method. Finished goods and process stock includes cost of
conversion and other costs incurred in acquiring the inventory and
bringing them to their present location and condition.
h. Investments:
Long Term Investments are stated at cost. Provision is only made to
recognize a decline other than temporary, in the value of investments.
However, where quotation as on 31st March, 2010 was not available, last
available quotation was considered
i. Employees Benefits:
a. The Employee and Company make monthly fixed Contribution to
Government of India Employees Provident Fund equal to a specified
percentage of the Covered employees salary, Provision for the same is
made in the year in which services are rendered by the employee.
b. The Company is following the Cash Method of accounting in respect
of Gratuity and Leave encashment and in absence of actuarial valuation,
the amount is not ascertainable.
j. Provision, Contingent Liabilities and Contingent Assets :
Provision 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.
k. Intangible Assets:
Direct cost incurred for acquisition of Intangible Assets is
capitalised. Intangible Assets are amortised over period of five years.
l. Impairment
The management periodically assesses, using external and internal
sources whether there is an indication that an asset may be impaired.
If an asset is impaired, the company recognises an impairment loss as
the excess of the carrying amount of the asset over the recoverable
amount.
m. Earning per Share
Basic earning per share is calculated by dividing net profit after tax
for the year attributable to Equity Shareholders of the company by the
weighted average number of Equity Shares issued during the year.
Diluted earning per share is calculated by dividing net profit
attributable to equity Shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
n. Segment Information:
Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company is mainly engaged in the
business of Decorative Laminated Sheets and all other activity
surrounded with main business of the company hence there is no
reportable segment.
o. Accounting of Modvat Credit :
Modvat benefit is accounted on accrual basis on purchase of materials
and capital goods are appropriated against payment of excise duty on
clearance of the finished goods.
p. Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
q. Related Party Disclosures :
List of Related Parties with whom transactions have taken place during
the year:
A) Key Management Personnel
Shri vljaykumar D. Agarwal
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article