Mar 31, 2015
Set out hereunder are the significant accounting policies adopted by
the company in the prepration of the accounts for the year ended 31st
March, 2015. There is no material change in accounting policies of the
Company
Method of Accounting
The company follows "Mercantile System" of accounting
Inventory Valuation
Stock of Raw Material, Stores, Spare & Packing Material Stated at cost.
Finished goods, work in Progress and Scrap are valued at estimated cost
(excluding excise duty) or realizable value, whichever is lower.
Depreciation
Depreciation has been calculated on written down value method at the
rates given in schedule II of the Companies Act, 2013.
Gratuity
Provision has been made in the books for accruing liability under the
payment of gratuity act 1972 to the employees on their future
retirement or termination of service
Insurance/Claim
The premium pertaining to the year is charged against the revenue of
the year. Insurance Claim lodged by the company will be adjusted as and
when the final amount will be determined by the insurance companies.
Revenue Recognition
i) Sales are stated net of return, rebate & discount and excluding
Sales Tax
ii) Services income is recognized when the services are rendered
iii) Scrape is accounted for on sales basis
iv )Interest income is recognized on accrual basis
Mar 31, 2014
Set out hereunder are the significant accounting policies adopted by
the company in the prepration of the accounts for the year ended 31st
March, 2013. There is no material change in accounting policies of the
Company
Method of Accounting
The company follows "Mercantile System" of accounting
Inventory Valuation
Stock of Raw Material, Stores, Spare & Packing Material Stated at cost.
Finished goods, work in Progress and Scrap are valued at estimated cost
(excluding excise duty) or realizable value, whichever is lower.
Depreciation
Depreciation has been calculated on written down value method at the
rates given in schedule XIV of the Company Acts, 1956.
Gratuity
Provision has been made in the books for accruing liability under the
payment of gratuity act 1972 to the employees on their future
retirement or termination of service
Insurance/Claim
The premium pertaining to the year is charged against the revenue of
the year. Insurance Claim lodged by the company will be adjusted as and
when the final amount will be determined by the insurance companies.
Revenue Recognition
a) Sales are stated net of return, rebate & discount and excluding
Sales Tax
b) Services income is recognized when the services are rendered
c) Scrape is accounted for on sales basis
d) Interest income is recognized on accrual basis
Mar 31, 2013
Set out hereunder are the significant accounting policies adopted by
the company in the prepration of the accounts for the year ended 31st
March, 2013. There is no material change in accounting policies of the
Company
Method of Accounting
The company follows "Mercantile System" of accounting
Inventory Valuation
Stock of Raw Material, Stores, Spare & Packing Material Stated at cost.
Finished goods, work in Progress and Scrap are valued at estimated cost
(excluding excise duty) or realizable value, whichever is lower.
Depreciation
Depreciation has been calculated on written down value method at the
rates given in schedule XIV of the Company Acts, 1956.
Gratuity
Provision has been made in the books for accruing liability under the
payment of gratuity act 1972 to the employees on their future
retirement or termination of service
Insurance/Claim
The premium pertaining to the year is charged against the revenue of
the year. Insurance Claim lodged by the company will be adjusted as and
when the final amount will be determined by the insurance companies.
Revenue Recognition
a) Sales are stated net of return, rebate & discount and excluding
Sales Tax
b) Services income is recognized when the services are rendered
c) Scrape is accounted for on sales basis
d) Interest income is recognized on accrual basis
Mar 31, 2012
Set out hereunder are the significant accounting policies adopted by
the company in the prepration of the accounts for the year ended 31st
March, 2012. There is no material change in accounting policies of the
Company
Method of Accounting
The company follows "Mercantile System" of accounting
Inventory Valuation
Stock of Raw Material, Stores, Spare & Packing Material Stated at cost.
Finished goods, work in Progress and Scrap are valued at estimated cost
(excluding excise duty) or realizable value, whichever is lower.
Depreciation
Depreciation has been calculated on written down value method at the
rates given in schedule XIV of the Company Acts, 1956.
Gratuity
Provision has been made in the books for accruing liability under the
payment of gratuity act 1972 to the employees on their future
retirement or termination of service.
Insurance/Claim
The premium pertaining to the year is charged against the revenue of
the year. Insurance Claim lodged by the company will be adjusted as and
when the final amount will be determined by the insurance companies.
Revenue Recognition
a) Sales are stated net of return, rebate & discount and excluding
Sales Tax.
b) Services income is recognized when the services are rendered.
c) Scrap is accounted for on sales basis.
d) Interest income is recognized on accrual basis.
Mar 31, 2010
Set out hereunder are significant accounting policies adopted y the
company in the preparation of the account for the period ended 31st
March,2010.
a) Inventory Valuation
Stock of Raw Material, Stores, Spare & Packing Material Stated at cost.
Finished goods, work in progress and Scrap are valued at estimated cost
or realizable value, whichever is lower.
b) Depreciation
Depreciation has been calculated on written down value method at the
rates given in schedule XIV of the Company Acts, 1956.
c) Gratuity
Provision has been made in the books for accruing liability under the
payment of gratuity act,1972 to the employees on their future
retirement or termination of service.
d) Insurance/Claim
The Company covers all normal risks on basis of costs for the fixed
assets and the inventories. The premium pertaining to the year is
charged against the revenue of the year. Insurance Claim lodged by the
company will be adjusted as and when the final amount will be
determined by the insurance companies.
e) Investments Investments are stated at cost.
f) Sales
Sales are stated net of return, rebate & discount and Sales Tax but
inclusive of Excise Duty
g) Revenue Recognition
Dividend income is accounted on cash basis.
Mar 31, 2009
Set out hereunder are significant accounting policies adopted y the
company in the preparation of the account for the period ended 31st
March, 2009.
a) Inventory Valuation
Stock of Raw Material, Stores, Spare & Packing Material Stated at cost.
Finished goods, work in progress and Scrap are valued at estimated cost
or realizable value, whichever is lower.
b) Depreciation
Depreciation has been calculated on written down value method at the
rates given in schedule XIV of the Company Acts, 1956.
c) Gratuity
Provision has been made in the books for accruing liability under the
payment of gratuity act, 1972 to the employees on their future
retirement or termination of service.
d) Insurance/Claim
The Company covers all normal risks on basis of costs for the fixed
assets and the inventories. The premium pertaining to the year is
charged against the revenue of the year. Insurance Claim lodged by the
company will be adjusted as and when the final amount will be
determined by the insurance companies.
e) Investments
Investments are stated at cost.
f) Sales
Sales are stated net of return, rebate & discount and Sales Tax but
inclusive of Excise Duty
g) Revenue Recognition
Dividend income is accounted on cash basis.