Mar 31, 2015
A) General:
The financial statements have been prepared on the historical cost
convention and in accordance with generally accepted accounting
principles and the provisions of the Companies Act, 2013 as adopted
consistently by the company. Accounting policies not specifically
referred to otherwise are consistent with earlier years and in
consonance with generally accepted accounting principles.
B) Method of Accounting:
All items of income and expenditure having a material bearing on the
financial statements are recognized on accrual basis.
C) Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. All costs including cost of financing till commencement
of commercial production and including net pre-operative expenditure
are capitalised.
ii) Depreciation on fixed assets have been provided on Written Down
Value method, at the rates and in the manner prescribed in Schedule II
of the Companies Act, 2013. In respect of assets situated in USA
Branch, depreciation is provided on Straight Line Method and is
amortized in Five years.
D) Intangible Assets:
Intangible assets are stated at cost of acquisition less accumulated
depreciation. These assets are amortised over a period of two years on
straight line basis.
E) Valuation of Inventories:
Raw materials, Chemicals, Consumables, Spares and Tools are valued at
weighted average cost. Works in process is valued at estimated cost,
based on stages of completion, or net realisable value whichever is
less. Cost includes raw materials cost and related production
overheads. Finished goods are valued at cost or estimated net
realisable value, whichever is lower.
F) Foreign Currency Transactions:
i) Transactions denominated in foreign currency are recorded at the
exchange rates prevailing on the date of the transaction. All monetary
items denominated in foreign currency at the end of the year are
translated at the year end rates. The exchange difference arising on
settlement of transaction / translation is recognised in the Profit and
Loss Account.
ii) In respect of branch, which is integral foreign operation, all the
transactions are translated at the rates prevailing at the time of
transactions or that approximates the actual rate as at the date of
transaction. Branch monetary assets and liabilities are restated at the
year end rates.
G) Employees' Benefits:
i) Short term Employees benefits are recognized as an Expense at the
undiscounted amount in the Profit & Loss Account of the year in which
the related service is rendered.
ii) Post employment and other long term employee benefits are
recognized as an expense in the Profit & Loss Account in the year in
which the Employee has rendered Services. The Expenses is recognized at
the present value of the amount payable determined using actuarial
valuation techniques. Actuarial gain or losses in respect of the post
employment and other long term benefits are charged to Profit & Loss
Account.
H) Revenue Recognition:
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Customs and
other duties / Taxes and Returns.
I) Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets
exceeds its receivable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
J) Taxation:
(i) Current tax is provided after taking into consideration relief
available under Income Tax Act, 1961.
(ii) Deferred tax is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
Mar 31, 2013
A) GenerakThe financial statements have been prepared on the historical
cost convention and in accordance with generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the company. Accounting policies not specifically
referred to otherwise are consistent with earlier years and in
consonance with generally accepted accounting principles.
B) Method of Accounting:AII items of income and expenditure having a
material bearing on the financial statements are recognized on accrual
basis.
C) Fixed Assets and Depreciation:!) Fixed Assets are stated at cost of
acquisition, less accumulated depreciation. All costs including cost of
financing till commencement of commercial production and including net
pre-operative expenditure are capitalised.
ii) Depreciation on fixed assets have been provided on written down
value method, at the rates and in the manner prescribed in Schedule XIV
to the Companies Act, 1956. In respect of assets in USA Branch,
depreciation is provided on Straight Line Method, on Computers @ 20 %.
D) Intangible Assets:Intangible assets are stated at cost of
acquisition less accumulated depreciation. These assets are amortised
over a period of two years on straight line basis.
E) Valuation of Inventories:Raw materials, Chemicals, Consumables,
Spares and Tools are valued at weighted average cost. Works in process
is valued at estimated cost, based on stages of completion, or net
realisable value whichever is less. Cost includes raw materials cost
and related production overheads. Finished goods are valued at cost or
estimated net realisable value, whichever is lower.
F) Foreign Currency Transactions:!) Transactions denominated in foreign
currency are recorded at the exchange rates prevailing on the date of
the transaction. All monetary items denominated in foreign currency at
the end of the year are translated at the year end rates. The exchange
difference arising on settlement of transaction / translation is
recognised in the Profit and Loss Account.
ii) In respect of branch, which is integral foreign operation, all the
transactions are translated at the rates prevailing at the time of
transactions or that approximates the actual rate as at the date of
transaction. Branch monetary assets and liabilities are restated at the
year end rates.
G) Employees'' Benefits:i) Short term Employees benefits are recognized
as an Expense at the undiscounted amount in the Profit & Loss Account
of the year in which the related service is rendered.
ii) Post employment and other long term employee benefits are
recognized as an expense in the Profit & Loss Account in the year in
which the Employee has rendered Services. The Expenses is recognized at
the present value of the amount payable determined using actuarial
valuation techniques. Actuarial gain or losses in respect of the post
employment and other long term benefits are charged to Profit & Loss
Account.
H) Revenue Recognition: Revenue is recognized only when it can be
reliably measured and it is reasonable to expect ultimate collection.
Sales are net of Customs and other duties / Taxes and Returns.
I) Impairment of Assets:An asset is treated as impaired when the
carrying cost of assets exceeds its receivable value. An impairment
loss is charged to the Profit & Loss Account in the year in which an
asset is identified as impaired. The impairment loss recognized in
prior accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
J) Taxation:(i) Current tax is provided after taking into consideration
relief available under Income Tax Act, 1961.
(ii) Deferred tax is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
Mar 31, 2012
A) General:
The financial statements have been prepared on the historical cost
convention and in accordance with generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the company. Accounting policies not specifically
referred to otherwise are consistent with earlier years and in
consonance with generally accepted accounting principles.
B) Method of Accounting:
All items of income and expenditure having a material bearing on the
financial statements are recognized on accrual basis.
C) Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. All costs including cost of financing till commencement
of commercial production and including net pre-operative expenditure
are capitalised.
ii) Depreciation on fixed assets have been provided on written down
value method, at the rates and in the manner prescribed in Schedule XIV
to the Companies Act, 1956. In respect of assets in USA Branch,
depreciation is provided on Straight Line Method, on Computers @ 20 %.
D) Intangible Assets:
Intangible assets are stated at cost of acquisition less accumulated
depreciation. These assets are amortised over a period of two years on
straight line basis.
E) Valuation of Inventories:
Raw materials, Chemicals, Consumables, Spares and Tools are valued at
weighted average cost. Works in process is valued at estimated cost,
based on stages of completion, or net realisable value whichever is
less. Cost includes raw materials cost and related production
overheads. Finished goods are valued at cost or estimated net
realisable value, whichever is lower.
F) Foreign Currency Transactions:
i) Transactions denominated in foreign currency are recorded at the
exchange rates prevailing on the date of the transaction. All monetary
items denominated in foreign currency at the end of the year are
translated at the year end rates. The exchange difference arising on
settlement of transaction / translation is recognised in the Profit and
Loss Account.
ii) In respect of branch, which is integral foreign operation, all the
transactions are translated at the rates prevailing at the time of
transactions or that approximates the actual rate as at the date of
transaction. Branch monetary assets and liabilities are restated at the
year end rates.
G) Employees'Benefits:
i) Short term Employees benefits are recognized as an Expense at the
undiscounted amount in the Profit & Loss
Account of the year in which the related service is rendered.
ii) Post employment and other long term employee benefits are
recognized as an expense in the Profit & Loss Account in the year in
which the Employee has rendered Services. The Expenses is recognized at
the present value of the amount payable determined using actuarial
valuation techniques. Actuarial gain or losses in respect of the post
employment and other long term benefits are charged to Profit & Loss
Account.
iii) Revenue Recognition:
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Customs and
other duties / Taxes and Returns.
I) Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets
exceeds its receivable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
J) Taxation:
(i) Current tax is provided after taking into consideration relief
available under Income Tax Act, 1961.
(ii) Deferred tax is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
Mar 31, 2011
A) General:
The financial statements have been prepared on the historical cost
convention and in accordance with generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the company. Accounting policies not specifically
referred to otherwise are consistent with earlier years and in
consonance with generally accepted accounting principles.
B) Method of Accounting:
All items of income and expenditure having a material bearing on the
financial statements are recognized on accrual basis.
C) Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. All costs including cost of financing till commencement
of commercial production and including net pre-operative expenditure
are capitalised.
ii) Depreciation on fixed assets have been provided on written down
value method, at the rates and in the manner prescribed in Schedule XIV
to the Companies Act, 1956. In respect of assets in USA Branch,
depreciation is provided on Straight Line Method, on Computers @ 20 %.
D) Intangible Assets:
Intangible assets are stated at cost of acquisition less accumulated
depreciation. These assets are amortised over a period of two years on
straight line basis.
E) Valuation of Inventories:
Raw materials, Chemicals, Consumables, Spares and Tools are valued at
weighted average cost. Works in process is valued at estimated cost,
based on stages of completion, or net realisable value whichever is
less. Cost includes raw materials cost and related production
overheads. Finished goods are valued at cost or estimated net
realisable value, whichever is lower.
F) Foreign Currency Transactions:
i) Transactions denominated in foreign currency are recorded at the
exchange rates prevailing on the date of the transaction. All monetary
items denominated in foreign currency at the end of the year are
translated at the year end rates. The exchange difference arising on
settlement of transaction / translation is recognised in the Profit and
Loss Account.
ii) In respect of branch, which is integral foreign operation, all the
transactions are translated at the rates prevailing at the time of
transactions or that approximates the actual rate as at the date of
transaction. Branch monetary assets and liabilities are restated at the
year end rates.
G) Employees' Benefits:
i) Short term Employees benefits are recognized as an Expense at the
undiscounted amount in the Profit & Loss Account of the year in which
the related service is rendered.
ii) Post employment and other long term employee benefits are
recognized as an expense in the Profit & Loss Account in the year in
which the Employee has rendered Services. The Expenses is recognized at
the present value of the amount payable determined using actuarial
valuation techniques. Actuarial gain or losses in respect of the post
employment and other long term benefits are charged to Profit & Loss
Account.
H) Revenue Recognition:
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Customs and
other duties / Taxes and Returns.
I) Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets
exceeds its receivable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
J) Taxation:
(i) Current tax is provided after taking into consideration relief
available under Income Tax Act, 1961.
(ii) Deferred tax is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
Mar 31, 2010
A) General:
The financial statements have been prepared on the historical cost
convention and in accordance with generally accepted accounting
principles and the provisions of the Companies Act. 1956 as adopted
consistently by the company. Accounting policies not specifically
referred to otherwise are consistent with earlier years and in
consonance with generally accepted accounting principles.
B) Method of Accounting:
All items of income and expenditure having a material bearing on the
financial statements are recognized on accrual basis.
C) Fixed Assets and Depreciation:
I) Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. All costs including cost of financing till commencement
of commercial production and including net pre-operative expenditure
are capitalised.
ii) Depreciation on fixed assets have been provided on written down
value method, at the rates and in the manner prescribed in Schedule XIV
to the Companies Act, 1956. In respect of assets in USA Branch,
depreciation is provided on Staright Line Method, on Computers @ 20 %.
D) Intangible Assets:
Intangible assets are stated at cost of acquisition less accumulated
depreciation. These assets are amortised over a period of two years on
straight line basis.
E) Valuation of Inventories:
Raw materials, Chemicals, Consumables, Spares and Tools are valued at
weighted average cost. Works in process is valued at estimated cost,
based on stages of completion, or net realisable value whichever is
less. Cost includes raw materials cost and related production
overheads. Finished goods are valued at cost or estimated net
realisable value, whichever is lower.
F) Foreign Currency Transactions:
I) Transactions denominated in foreign currency are recorded at the
exchange rates prevailing on the date of the transaction. All monetary
items denominated in foreign currency at the end of the year are
translated at the year end rates. The exchange difference arising on
settlement of transaction / translation is recognised in the Profit and
Loss Account.
ii) In respect of branch, which is integral foreign operation, all the
transactions are translated at the rates prevailing at the time of
transactions or that approximates the actual rate as at the date of
transaction. Branch monetary assets and liabilities are restated at the
year end rates.
G) Employees Benefits:
I) Short term Employees benefits are recognized as an Expense at the
undiscounted amount in the Profit & Loss Account of the year in
which the related service is rendered.
ii) Post employment and other long term employee benefits are
recognized as an expense in the Profit & Loss Account in the year in
which the Employee has rendered Services. The Expenses is recognized at
the present value of the amount payable determined using actuarial
valuation techniques. Actuarial gain or losses in respect of the post
employment and other long term benefits are charged to Profit & Loss
Account.
H) Revenue Recognition:
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Customs and
other duties / Taxes and Returns.
I) Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets
exceeds its receivable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
J) Taxation:
(I) Current tax is provided after taking into account relief available
under Income Tax Act, 1961.
(ii) Deferred tax is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.