Mar 31, 2015
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 2013, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXED ASSETS AND DEPRECIATION.
Fixed Assets are value at cost less depreciation. The depreciation has
been calculated as prescribed in Companies Act, 2013 on single shift
and if the Asset is purchased during the year depreciation is provided
on the days of utilisation in that year.
Mar 31, 2014
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXED ASSETS AND DEPRECIATION.
Fixed Assets are value at cost less depreciation. The depreciation has
been calculated at the rates provided as per Companies Act, 1956 on
single shift and if the Asset is purchased during the year depreciation
is provided on the days of utilisation in that year.
Mar 31, 2013
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXED ASSETS AND DEPRECIATION.
Fixed Assets are value at cost less depreciation. The depreciation has
been calculated at the rates provided as per Companies Act, 1956 on
single shift and if the Asset is purchased during the year depreciation
is provided on the days of utilisation in that year.
Mar 31, 2012
1. Bases of Accounting :
The financial statemeHits are prepared under the historical cost
convention or [he Accrual Concept of accountancy in accordance with the
accounting principles generally accepted In India and they comply with
the Accounting Stardards prescribed in the Companies Accounting
Standard! Rules, 2006 issued by the Central Governmcdt to the extent
appl-cjple and with the applicable provision! of the companies Act,
1956.
7 Use of Estimates ;
The preparation of Financial statements in conformity with the
Accounting standards generally accepted In india requires, the
management to make estimates and assumptions that affect the reported
amounts of' assets and liabilities and disclosure of contingent
liabilities as at the date of tt.e financial statements and reported
amounts of revenues and expenses for the year Actual results could
differ from These estimates. Any revision to accounting estimates is
recognised prospectively In current and future periods,
3 Fixed Assets and Depreciation :
A Fixed Assets arr- stated at histcrical cost of acquistion- /
construction less accumulated deprecation and impairment loss. Cost Net
of input tax credit received receivable ] Includes related expend'fjre
and pre-operative and project expenses for the period up to completion
of ccnstrucc'on / assets are put to use The less or gain exchange rates
on long term foreign currency loans attributable to fixed assets,
effective From April 1, 2007 is adjusted to the cost Of respective
fixed assets.
B Depreciation is provided on 'stright Line Method' it the rates
prescribed in Schedule XIv thereto,
C Depreciation on impaired assets is calculated on ts residual value,
if ary, on a systematic basil over its remaining useful life.
D Leasehold land is amortised Over the period of the lease.
E Trade Marks, Technical Know-hcw Fees a--d other similar rights are
amories over their estimated economic life of ten years,
F Captalised costs incurred towards purchase / development of software
are amortised using straight line method over Its useful life of lour
years as estimated by the management' at the time of capitalisation
G Depreciation on additions I disposals the fixed assets during the year
Is provided on pro-rate basis according to the period during which
assets are put to use of Impairment of Assets:
The Company, at each balance sheet dlate, assesses whether-there is any
Indication of Impairment of any asset end t or cash generating unit. if
such Indication exists, assets are impaired by comparing carrying
amount of each asset and > or cash generating unit to the recoverable
amourt being higher of The net selling price or value in use. Value In
use is determined from the present value of tie estimated Future cash
flows from cp continuing use of the assets,
5 Borrowing Costs :
A Borrowing costs that Aft directly attributable Id the acquistion i
construct ions of a qualifying asset are capitalised as part of the
cost of such assets, UP to the date, the assets arc ready for their
intended use
B Othpr borrowin g costs are recognised as an expense In the period in
which they are Incurred,
L Sorrowing cost also include Exchange differences arising from Foreign
Currency barrowings to the extent that they are regarded as an
adjustment to Interest costs, 6 Investments:
A Long term and strategic investments are stated at' cost, less any
dlmmution in the value other than temporary.
B Current investments, if any, are stated at lower Of post gad fair
value determined On individual investment basis.
C Investments in shares of foreign subsidiary and other Companies are
expressed in Indian Currency al the rales of exchange prevailing at the
time when the original investments were made
7 Inventories:
A Inventory is valued at lower of cost arid net realisable value.
8 Revenue Recognition :
A service income is recognised as per the terms of contracts with the
customers when it related services are performed or the agreed
milestones are achieved.
B interest income Is recognised on time proportinate method.
c Revenue In respect of other Income 1s recognised when ni significant
uncertainty as to its determination or realisation exists
9 Research and Development Cost:
A Expenditure on research and development If charged to the profit and
loss account of the year in which it is Incurred
B Capital expenditure on reasearch and development is given the same
treatment as Fixed Assets.
10. Retirement Beneflti:
A Defined contribution Plans;
The company contributes nn a defined contribution basis to Employees'
Providenit Fund towards past employment benefits' all of which arc
administered by the respective Government authorities, and has no
further obligation beyond makig its contribution, which is expensed in
the year to which it pertains.
B Defined Benefit Plans :
The gratuity scheme is administered through the Lire insurance
Corporation or India [ LIC ]. The liability for toe defined benefit
plan of Gratiotuy is determined on me basis of an actuarial valuation
by an Independent actuary at 1he year end, which is calculated using
projected Unit credit method.
Actuarial jams and losses which comprise experience adjustment and the
effect of changes in actuarial assumptions are recognised ill the
profit and loss Account.
C Leave Liability :
The leave encashmentenl scheme is administered through Life Insurance
Cocporaticn of ndia's Employees' Group Leave Encashment tum Life
Assurance [ Cash Accumulation j scheme. The employees of the company
are entitled to leave as per the leave policy pf the company The
liability on account of accumulated leave as on last day of the
accounting year is recognised I net of the fair value of plan asset as
it the balance sneet date ] at present value a1 the defined obligation
at me balance sheet date based of the actuarial valuation cabled Out by
an independent actuary using projected unit credit method.
11 Employee Separation Casts :
The compensation paid to the employees under Voluntary Retirement
Scheme is expensed in the year of payment,
12 Provision for Bad and Doubtful Debts ! Advances :
Provision is made In accounts for Odd and doubtful debts t advances
which in the opinoce of the management are considered doubtful of
recovery.
13 Taxes or income :
A Tax expenses comprise of Current and deferred Lax.
B Current tax Is Measured at the amount expected to be paid on the
basis of reliefs and deductions available inaccordance wiTh the
provisions of the -ncome tax Act, 1961.
C Dclerred tax reflects the impact of current year timing differences
between accounting and taxable Income and reversal oftiminf differences
of cor her years. Deferred lax is measured based on the tax rates and
taws that have been enacted pr substantively enacted as of the palance
Sheet date. Deferred tax assets a'e recognised only to the extent there
is reasonable certainty that sufficient future taxable income will be
avalable againsl which such deferred tax assets can be realised and are
reviewed at each balance sheet date-
14 Provisions, Contingent Liabilities and Contingent Assets :
provision, is recognised when the company has a p-tesent Obligation as
a result of past events and It is probable that the outflow of
resources wilt be required to settle the obligation and in respect of
which reliable estimates can be made. A disclosure for contingent
liability Is mace when there is a possible obligation, that may, but
probably wilt not require an outflow of resources. When there is a
possible Obligation or a present obligation in respect of Which the
likellihood of outflow of resources Is remote, no provision f
disclosure is made, Contingent assets are not recognised in the
financial statements Provisions and contingencies are reviewed at each
balance sheet date ard adjusted to reflect the correct management
estimates.
15 the Company had made Advances of Rs. 55,78 Lacs for purchase of
Capital Goods. Neither the Capital Goods are purchased nor advances are
refunded to the company. NO Provision has been made in accounts in
respect of Such doubtful advances.
16 Hit the year ended Hatch 31, 2D12, the company was using pre- revised
Scheou-e VI to the Compan-es Act, 1956 for preparation and presentation
of its financial Statements. During the year ended March 31, 2D-2, tile
revised Schedule VI Stifled under Companies Act '956 has become
applicable to the company, The company has reclassified p'eviouiyea'
figures to conform to this years classification, ftir udopilun of
revised schedule VI does not impact recognition and reasuremtht
principles lui.owcri lo_ preparation of fina-rial statements. However,
it s-grii I'canity Imparts present at on end diSclousers made in the
financial statements, particularly presentation of Balance Sheet.
Mar 31, 2011
1. Accounting convention:
The financial statements are prepared in accordance with the accounting
principles generally accepted in India (Indian GAAP) and comply with
the companies (Accounting Standards) Rules, 2006, issued by the central
Government and relevant provisions of companies act, 1956 and are based
on the historical cost convention as modified to include the revolution
of certain fixed assets.
2. USE of Estimates :
Preparation of financial statement in conformity accepted accounting
principles require management to make estimates and assumptions that
effect the reported amounts of the financial statements and
accompanying notes. Difference between the actual results and
estimates, are recognized in the period in which the result are known/
materialized.
3. Fixed Assets and Depreciation & Impairment:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation and impairments loss. Other attributable cost incurred for
bringing the fixed assets to its intended use are added to the cost of
fixed assets. Adjustments arising from exchange rate valuation relating
to transaction in foreign currencies attributable to fixed assets are
capitalized.
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.
The carrying amount of assets is reviewed at each balance sheet date
for and indication of impairment based on internal/ external factors.
An impairment loss is recognized wherever the carrying amount is
measured as the higher of the net selling price & the value in use
determined by the present value of estimated future cash flows.
4. Investments:
Investments are classified as long term investments and are stated at
cost. A provision for diminutions in the value of long term investments
is made for each investment individually, only if such decline is other
than temporary.
5. Inventories:
Inventories are valued as under:
Inventory Valuation Method
Finished Goods At cost or net realizable value whichever is lower
Machinery Parts At lower of cost or net realizable value. Cost is
determined on "Weighted Average Basis".
6. Revenue recognisation :
Sales are shown net of damages, trade discount and special scheme
discount sales do not include value added tax.
7. Foreign Currency Transactions :
Transaction denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of transaction.
Assets and liabilities related to foreign currency transaction
remaining unsettled at the end of the year are translated at the year
end rates and those covered by forward exchange contracts are
translated at the rate ruling at the date of transaction as increased
or decreased by the proportionate difference between the forward rate
and exchange rate on the date of transaction, such difference having
been recognized over the life of the contract. The difference in the
translation of current assets and current liabilities is recognized in
the profit & loss account.
8. Provision, Contingent Liabilities and contingent assets :
Provision are recognized when the company has present legal or
constructive obligation, as /a result of past events, for which it is
probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be
made for the amount of the obligation. These are reviewed at each year
end and adjusted to reflect the best current estimate.
Contingent liabilities are disclosed by way on notes to Accounts.
Contingent Assets are neither recognized nor disclosed in the financial
Statements.
9. Contingencies and events occurring after balance sheet date :
All contingencies and events occurring after balance sheet date which
have a material effect on the financial position of the company are
considered for preparing the financial statements.
10. Borrowing cost:
Borrowing cost utilized for acquisition, construction or production of
qualifying assets are capitalized as part of cost of such assets till
the activities necessary for its intended use are complete. All other
borrowing cost are charged in statement of profit and loss of the year
in which incurred.
11. Taxes on Income and Expenses :
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax is recognized, on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Where there is unabsorbed depreciation or
carry forward losses, deferred tax assets are recognized only if there
is reasonable certainty of realization of such assets. Other deferred
tax assets recognized only to the extent there is reasonable certainty
of realization in future. Such assets a are reviewed at each Balance
sheet date to reassess realization.
12. Miscellaneous Expenditure :
Upfront interest paid on restructuring of term loans is amortized over
the tenure of such /loans