Mar 31, 2015
A. Method of Accounting
The financial statement are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
b. Impairment of Assets
The Company identifies impairable tangible fixed assets at the year end
in term of cash generating unit concept for the purpose of arriving at
impairment loss thereon being the difference between the book value and
recoverable value of relevant assets if indication of impairment exists
within the meaning of Para 5 to 13 of AS-28 issued by ICAI. Impairment
loss if any when crystallizes in charged against revenue of the year.
c. Inventories
Inventories are valued at lower of cost or net realizable value. Cost
is determined on FIRST IN FIRST OUT basis. Cost is comprises of all
cost of purchase, cost of conversion and other costs incurred in bring
the inventories to their present location and condition. Raw material
and Packing material cost is exclusive of excise duty paid / payable on
purchases, as the same has been set off against excise duty payable on
sale of finished goods under CENVAT scheme.
d. Revenue Recognition
Revenue is recognized when there is reasonable certainty of its
ultimate realization / collection.
e. Investments
Investments are stated at costs. Provision is made, where; there is a
permanent fall in the value of investments.
f. Provision for Taxation
(i) Provision for income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income Tax Act, 1961.
(ii) Deferred tax resulting from timing difference between book and tax
profit is accounted for under liability method at the current rate of
tax to the extent that the timing differences are capable of reversal
in one or more subsequent periods. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
g. Fixed Assets and Depreciation
(a) Fixed Assets are stated at cost including all direct incidental
expenses.
(b) Depreciation on Fixed Assets is provided on Straight line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
h. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as
a result of a past event, 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. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. A disclosure of
contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made. Contingent assets are
neither recognized nor disclosed in the financial statements.
i. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. For the purpose of
calculating diluted earnings per share, the net profit or loss for the
period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares. The dilutive potential
equity shares are deemed converted as of the beginning of the period,
unless they have been issued at a later date.
j. Foreign Exchange Transactions
(i) Transactions in foreign currencies are recorded at the exchange
rates prevailing at the date of transactions.
(ii) The exchange rate fluctuation in revenue accounts is adjusted in
the respective head in Statement of Profit and Loss.
k. Employee Retirement Benefits Short term employee benefits
All employee benefits payable/available within twelve months of
rendering the service are classified as short term employee benefits.
Benefits such as salaries, wages and bonus etc., are recognised in the
statement of profit and loss in the period in which the employee
renders the related service.
Defined benefit plans
Defined benefit plans of the company consist of gratuity and leave
encashment. Gratuity :
The Company has an obligation towards gratuity, a defined benefit
retirement plan covering eligible employees. The plan provides for a
lump sum payment to the vested employees at retirement, death while in
employment or on termination of employment of an amount based on the
respective employee's salary and tenure of employment. Vesting occurs
upon completion of five years of service.
Leave Encashment
As per company's policy, eligible leaves have paid on every year basis.
Defined contribution plans- Defined contribution plans of the company
consist of Provident fund.
Provident Fund
The company makes specified monthly contribution towards the employees'
provident fund for the eligible employees. The contribution made to
provident fund are charged to the statement of profit and loss as and
when these become payable.
Mar 31, 2014
A. Method of Accounting
The financial statement are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
b. Impairment of Assets
The Company identifies impairable tangible fixed assets at the year end
in term of cash generating unit concept for the purpose of arriving at
impairment loss thereon being the difference between the book value and
recoverable value of relevant assets if indication of impairment exists
within the meaning of Para 5 to 13 of AS-28 issued by ICAI. Impairment
loss if any when crystallizes in charged against revenue of the year.
c. Inventories
Inventories are valued at lower of cost or net realizable value. Cost
is determined on FIRST IN FIRST OUT basis. Cost is comprises of all
cost of purchase, cost of conversion and other costs incurred in bring
the inventories to their present location and condition. Raw material
and Packing material cost is exclusive of excise duty paid / payable on
purchases, as the same has been set off against excise duty payable on
sale of finished goods under CENVAT scheme.
d. Revenue Recognition
Revenue is recognized when there is reasonable certainty of its
ultimate realization / collection.
e. Investments
Investments are stated at costs. Provision is made, where, there is a
permanent fall in the value of investments.
f. Provision for Taxation
(i) Provision for income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income Tax Act, 1961.
(ii) Deferred tax resulting from timing difference between book and tax
profit is accounted for under liability method at the current rate of
tax to the extent that the timing differences are capable of reversal
in one or more subsequent periods. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
g. Fixed Assets and Depreciation
(a) Fixed Assets are stated at cost including all direct incidental
expenses.
(b) Depreciation on Fixed Assets is provided on Straight line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
h. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as
a result of a past event, 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. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. A disclosure of
contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made. Contingent assets are
neither recognized nor disclosed in the financial statements.
i. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares. The
dilutive potential equity shares are deemed converted as of the
beginning of the period, unless they have been issued at a later date.
j. Foreign Exchange Transactions
(i) Transactions in foreign currencies are recorded at the exchange
rates prevailing at the date of transactions.
(ii) The exchange rate fluctuation in revenue accounts is adjusted in
the respective head in Statement of Profit and Loss.
k. Employee Retirement Benefits Short term employee benefits
All employee benefits payable/available within twelve months of
rendering the service are classified as short term employee benefits.
Benefits such as salaries, wages and bonus etc., are recognised in the
statement of profit and loss in the period in which the employee
renders the related service.
Defined benefit plans
Defined benefit plans of the company consist of gratuity and leave
encashment.
* Gratuity
The Company has an obligation towards gratuity, a defined benefit
retirement plan covering eligible employees. The plan provides for a
lump sum payment to the vested employees at retirement, death while in
employment or on termination of employment of an amount based on the
respective employee''s salary and tenure of employment. Vesting occurs
upon completion of five years of service.
* Leave Encashment
As per company''s policy, eligible leaves have paid on every year basis.
Defined contribution plans-
Defined contribution plans of the company consist of Provident fund.
* Provident Fund
The company makes specified monthly contribution towards the employees''
provident fund for the eligible employees. The contribution made to
provident fund are charged to the statement of profit and loss as and
when these become payable.
Mar 31, 2013
A. Method of Accounting
The financial statement are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
b. Impairment of Assets
The Company identifies impairable tangible fixed assets at the year end
in term of cash generating unit concept for the purpose of arriving at
impairment loss thereon being the difference between the book value and
recoverable value of relevant assets if indication of impairment exists
within the meaning of para 5 to 13 of AS-28 issued by ICAI. Impair-
ment loss if any when crystallizes in charged against revenue of the
year.
c. Inventories
Inventories are valued at lower of cost or net realizable value. Cost
is determined on FIRST IN FIRST OUT basis. Cost is comprises of all
cost of purchase, cost of conversion and other costs incurred in bring
the inventories to their present location and condition. Raw material
cost is exclusive of excise duty paid / payable on purchases, as the
same has been set off against excise duty payable on sale of finished
goods under CENVAT scheme.
d. Revenue Recognition
Revenue is recognized when there is reasonable certainty of its
ultimate realization/ collection.
e. Provision for Taxation
(i)Provision for income tax as made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income Tax Act, 1961.
(ii)Deferred tax resulting from timing difference between book and tax
profit is accounted for under liability method at the current rate of
tax to the extent that the timing differences are capable of reversal
in one or more subsequent periods. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
f. Bonus, Gratuity and Leave Encashment
Bonus, Gratuity and leave encashment are accounted on due basis.
g. Fixed Assets and Depreciation
(a) Fixed Assets are stated at cost including all direct incidental
expenses.
(b) Depreciation on Fixed Assets is provided on Straight line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
h. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as
a result of a past event, 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. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. A disclosure of
contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made. Contingent assets are
neither recognized nor disclosed in the financial statements.
i. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares out- standing during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares. The
dilutive potential equity shares are deemed converted as of the
beginning of the period, unless they have been issued at a later date.
j. Foreign Exchange Transactions
(i) Transactions in foreign currencies are recorded at the exchange
rates prevailing at the date of transactions. (ii) The exchange rate
fluctuation in revenue accounts is adjusted in the respective head in
Profit and Loss Accounts.
Mar 31, 2012
A. Method of Accounting
The financial statement are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
b. Change in Accounting Policy
During the year ended 31 March 2012, the revised Schedule VI notified
under the Companies Act 1956, has become appli- cable to the company
for preparation and presentation of its financial statements. The
adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of financial
statements. However it has signifi- cant impact on presentation and
disclosures made in financial statements. The company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
c. Impairment of Assets
The Company identifies impairable tangible fixed assets at the year end
in term of cash generating unit concept for the purpose of arriving at
impairment loss thereon being the difference between the book value and
recoverable value of relevant assets if indication of impairment exists
within the meaning of para 5 to 13 of AS-28 issued by ICAI. Impairment
loss if any when crystallizes in charged against revenue of the year.
d. Inventories
Inventories are valued at lower of cost or net realizable value. Cost
is determined on FIRST IN FIRST OUT basis. Cost is comprises of all
cost of purchase, cost of conversion and other costs incurred in bring
the inventories to their present location and condition. Raw material
cost is exclusive of excise duty paid / payable on purchases, as the
same has been set off against excise duty payable on sale of finished
goods under CENVAT scheme.
e. Revenue Recognition
Revenue is recognized when there is reasonable certainty of its
ultimate realization/ collection.
f. Provision for Taxation
(i)Provision for income tax as made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income Tax Act, 1961.
(ii)Deferred tax resulting from timing difference between book and tax
profit is accounted for under liability method at the current rate of
tax to the extent that the timing differences are capable of reversal
in one or more subsequent periods. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
g. Bonus, Gratuity and Leave Encashment
Bonus, Gratuity and leave encashment are accounted on due basis.
h. Fixed Assets and Depreciation
(a) Fixed Assets are stated at cost including all direct incidental
expenses.
(b) Depreciation on Fixed Assets is provided on Straight line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
i. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as
a result of a past event, 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. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the Balance Sheet date. A disclosure of
contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made. Contingent assets are
neither recognized nor disclosed in the financial statements.
j. Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity sharehold- ers and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares. The
dilutive potential equity shares are deemed converted as of the
beginning of the period, unless they have been issued at a later date.
k. Foreign Exchange Transactions
(i) Transactions in foreign currencies are recorded at the exchange
rates prevailing at the date of transactions.
(ii) The exchange rate fluctuation in revenue accounts is adjusted in
the respective head in Profit and Loss Accounts.
Mar 31, 2011
(a) BASIS OF ACCOUNTING
The financial statement are prepared under historical cost convention,
on an accrual basis and in are in accordance with applicable mandatory
accounting standards nottified by The Companies (Accounting Standards)
Rules, 2006 and the relevant provisions of the companies act. 1956.
(b) FIXED ASSETS & DEPRECIATION
All fixed assets are stated at cost of acquisition less depreciation.
Costs of acquisition include related pre-operational expenses.
Depreciation on fixed assets (other than Land & Live Stock where no
depreciations is provided) has been provided on straight line method at
the rates specified in Schedule XIV to the Companies Act, 1956 on
prorata basis.
(c) IMPAIRMENT OF ASSETS
The Company identifies improbable tangible fixed assets at the year end
in term of cash generating unit concept for the purpose of arriving at
impairment loss thereon being the difference between the book value and
recoverable value of relevant assets if indication of impairment exists
within the meaning of para 5 to 13 of AS-28 issued by ICAI. Impairment
loss if any when crystallizes in charged against revenue of the year.
(d) INVENTORIES
Inventories are valued at lower of cost of net realizable value. Cost
is determined on FIRST IN FIRST OUT basis. Cost is comprises of all
cost of purchase, cost of conversion and other costs incurred in bring
the inventories to their present location and condition. Raw material
cost is exclusive of excise duty paid / payable on purchases, as the
same has been set off against excise duty payable on sale of finished
goods under CENVAT scheme.
(e) INVESTMENTS
Investments are stated at cost. However, diminution in value other than
temporary is provided. The profit / loss arising on accounts of sales
is recognized in the Profit & Loss Account.
(f) REVENUE RECOGNITION
Revenue is recognized on sale of goods. Sales are inclusive of excise
duty but net of Sales Tax. Duty draw back is accounted for on accrual
basis. Commission is recognized at the time of delivery of goods
effected by the principal. Transportation services are recognized on
provision of services. Income from securities transaction is recognized
on "Settlement date basis. Income on speculative transaction in made
on settlement basis.
(g) FOREIGN EXCHANGE TRANSACTIONS
(i) Transactions in foreign currencies are recorded at the exchange
rates prevailing at the date of transactions.
(ii) The exchange rate fluctuation in revenue accounts is adjusted in
the respective head in Profit and Loss Accounts.
(h) RESEARCH & DEVELOPMENT
Research & Development expenses of revenue nature are charged to Profit
& Loss Account in the year in which these are incurred.
(i) PRIOR PERIOD ITEMS
The expenditure and income pertaining to prior period are included
under the respective head of accounts in the Profit & Loss Accounts.
(j) INCOME TAXES AND DEFERRED TAX
Income tax expenses comprise current tax and deferred tax charge of
credit. The deferred tax charge or credit is recognized using current
tax rates. Deferred tax assets arising from unabsorbed depreciation or
carry forward losses are recognized only if there is virtual the extent
there is reasonable certainty of realization in future. Such assets are
to be reviewed at each Balance Sheet date to reassess the reliability
(k) RETIREMENT BENEFITS
(i) The Company''s contribution to Provident Fund & Family Pension
Scheme is charged to the Profit & Loss Account. (ii) Accrued liability
for Gratuity in accordance with the provision of the Payment of
Gratuity Act, 1972 calculated on the assumption that such benefits are
payable to all the employees at the end of accounting year, has been
charged to Profit and Loss Account.
(I) Accounting policies not specifically referred to are otherwise
consistent and in consonance with generally accepted accounting practices.