Mar 31, 2015
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Company follows the Mercantile System of accounting and recognizes
income and expenditure on accrual basis (except deferred sales tax
loan, which have been accounted on Net Present Value basis) and as
going concern. The Accounts are prepared on historical cost basis and
as a going concern. Accounting policies not referred to otherwise are
consistent with Generally Accepted Accounting Principles.
B. FIXED ASSETS:
Fixed assets are shown at cost less depreciation. Cost comprises of
purchase price and attributable other expenses less Excise Duty.
C. DEPRECIATION ON FIXED ASSETS:
Depreciation on Fixed Assets is provided on the straight-line method at
the rates specified in Part 'C of Schedule II of the Companies Act,
2013.
D. INVENTORIES:
Raw Materials, Stores and Spares, Work-in-progress and Finished Goods
are valued at cost or market price whichever is low, scrap is valued at
net realizable value.
E. TREATMENT OF RETIREMENT BENEFITS:
Gratuity liability and Leave Encashment benefits are determined by the
company on accrual basis according to the eligibility of the employees.
F. FOREIGN CURRENCY TRANSACTIONS:
1. Investments in shares of foreign subsidiary are expressed in Indian
Currency at the rates of exchange prevailing at the time when the
original investments are made.
2. Foreign Currency Transactions are accounted at the exchange rates
prevailing at the date of transaction. Gains and losses resulting from
the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are
recognized in the profit and loss account.
Mar 31, 2013
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
not referred to otherwise are consistent with Generally Accepted A ng p
ounting
B. FIXED ASSETS:
Fixedassets are shown at cost less depreciation. Cost comprises of
purchase price and attributable other expenses less Excise Duty.
C. DEPRECIATION ON RXED ASSETS:
D. INVENTORIES:
value.
E. TREATMENT OF RETIREMENT BENEFITS:
F. FOREIGN CURRENCY TRANSACTIONS:
Mar 31, 2012
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Company follows the Mercantile System of accounting and recognizes
income and expenditure on accrual basis (except deferred sales tax
loan, which have been accounted on Net Present Value basis) and as
going concern. The Accounts are prepared on historical cost basis and
as a going concern. Accounting policies not referred to otherwise are
consistent with Generally Accepted Accounting Principles.
B. FIXED ASSETS:
Fixed assets are shown at cost less depreciation. Cost comprises of
purchase price and attributable other expenses less Excise Duty.
C. DEPRECIATION ON FIXED ASSETS:
Depreciation on Fixed Assets is provided on the straight-line method at
the rates specified in Schedule XIV of the Companies Act, 1956.
D. INVENTORIES:
Raw Materials, Stores and Spares, Work-in-progress and Finished Goods
are valued at cost or market parice which ever is low, scrap is valued
at net realizable value.
E. TREATMENT OF RETIREMENT BENEFITS:
Gratuity liability and Leave Encashment benefits are determined by the
company on accrual basis according to the eligibility of the employees.
F. FOREIGN CURRENCY TRANSACTIONS:
1. Investments in shares of foreign subsidiary are expressed in Indian
Currency at the rates of exchange prevailing at the time when the
original investments are made.
2. Foreign Currency Transactions are accounted at the exchange rates
prevailing at the date of transaction. Gains and losses resulting from
the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are
recognized in the profit and loss account.
Mar 31, 2011
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Company follows the Mercantile System of accounting and
recognizes income and expenditure on accrual basis (except deferred
sales tax loan, which have been accounted on Net Present Value basis)
and as going concern. The Accounts are prepared on historical cost
basis and as a going concern. Accounting policies not referred to
otherwise are consistent with Generally Accepted Accounting Principles.
B. FIXED ASSETS:
Fixed assets are shown at cost less depreciation. Cost comprises of
purchase price and attributable other expenses less Excise Duty.
C. DEPRECIATION ON FIXED ASSETS:
Depreciation on Fixed Assets is provided on the straight-line method at
the rates specified in Schedule XIV of the Companies Act, 1956.
D. INVENTORIES:
Raw Materials, Stores and Spares, Work-in-progress and Finished Goods
are valued at cost or market parice which ever is low, scrap is valued
at net realizable value.
E. TREATMENT OF RETIREMENT BENEFITS:
Gratuity liability and Leave Encashment benefits are determined by the
company on accrual basis according to the eligibility of the employees.
F. FOREIGN CURRENCY TRANSACTIONS:
1. Investments in shares of foreign subsidiary are expressed in Indian
Currency at the rates of exchange prevailing at the time when the
original investments are made.
2. Foreign Currency Transactions are accounted at the exchange rates
prevailing at the date of transaction. Gains and losses resulting from
the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are
recognized in the profit and loss account.
Mar 31, 2010
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Company follows the Mercantile System of accounting and recognizes
income and expenditure on accrual basis (except deferred sales tax
loan, which have been accounted on Net Present Value basis) and as
going concern. The Accounts are prepared on historical cost basis and
as a going concern. Accounting policies not referred to otherwise are
consistent with Generally Accepted Accounting Principles.
B. FIXED ASSETS:
Fixed assets are shown at cost less depreciation. Cost comprises of
purchase price and attributable other expenses less Excise Duty.
C. DEPRECIATION ON FIXED ASSETS:
Depreciation on Fixed Assets is provided on the straight-line method at
the rates specified in Schedule XIV of the Companies Act, 1956.
D. INVENTORIES:
Raw Materials, Stores and Spares, Work-in-progress and Finished Goods
are valued at cost or market parice which ever is low, scrap is valued
at net realizable value.
E. TREATMENT OF RETIREMENT BENEFITS:
Gratuity liability and Leave Encashment benefits are determined by the
company on accrual basis according to the eligibility of the employees.
F. FOREIGN CURRENCY TRANSACTIONS:
1. Investments in shares of foreign subsidiary are expressed in Indian
Currency at the rates of exchange prevailing at the time when the
original investments are made.
2. Foreign Currency Transactions are accounted at the exchange rates
prevailing at the date of transaction. Gains and losses resulting from
the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are
recognized in the profit and loss account.
Sep 30, 2009
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Company follows the Mercantile System of accounting and recognizes
income and expenditure on accrual basis (except deferred sales tax
loan, which have been accounted on Net Present Value basis) and as
going concern. The Accounts are prepared on historical cost basis and
as a going concern. Accounting policies not referred to otherwise are
consistent with Generally Accepted Accounting Principles..
B. FIXED ASSETS:
Fixed assets are shown at cost less depreciation. Cost comprises of
purchase price and attributable other expenses less Excise Duty.
C. DEPRECIATION ON FIXED ASSETS:
Depreciation on Fixed Assets is provided on the straight-line method at
the rates specified in Schedule XIV of the Companies Act, 1956.
D. INVENTORIES:
Inventories are valued as under:
i. Raw Materials
At Cost or Market Price whichever is lower
ii. Stores and Spares
At Cost or Market Price whichever is lower
iii. Work-in-progress
At Cost or realisable value whichever is lower
iv. Finished Goods
At Cost or Market Price whichever is lower plus estimated liability of
Excise Duty
v. Scrap At net realizable value
E. TREATMENT OF RETIREMENT BENEFITS:
Gratuity liability and Leave Encashment benefits are determined by the
company on accrual basis according to the eligibility of the employees.
F. FOREIGN CURRENCY TRANSACTIONS:
1. Investments in shares of foreign subsidiary are expressed in Indian
Currency at the rates of exchange prevailing at the time when the
original investments are made.
2. Foreign Currency Transactions are accounted at the exchange rates
prevailing at the date of transaction. Gains and losses resulting from
the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are
recognized in the profit and loss account.
G. TAXES ON INCOME:
Provision for Deferred Tax on Timing Difference is made as per
Accounting Standard - 22 (AS-22) issued by ICAI and provision is made
for regular Income Tax and Fringe Benefit Tax as per the provisions of
the respective Acts.
H. INVESTMENTS:
Deferred Revenue Expenditure incurred for development of new products
will be amortized over a period of Five Years.