Mar 31, 2014
I. Accounting Convention
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India, comply
with the applicable Accounting Standards prescribed in the Companies
(Accounting Standards) Rules, 2006, issued by the Central Government in
exercise of the power conferred under sub  section (1) (a) of section
642 of the Companies Act, 1956 and relevant presentational requirements
and are based on historical cost convention. In preparing these
financial statements, accrual basis of accounting has been followed
unless otherwise stated.
II. Use of Estimates
The preparation of financial statements in conformity with generally
Accepted Accounting principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates and
differences between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
III. Inventories :
- Raw Materials are valued at cost on FIFO basis
- Stores and Spares are valued at cost on FIFO basis.
- Finished Goods and Work-in-Process are valued at cost which includes
material cost, cost of conversion and other costs or realisable value
whichever is lower.
- Scrap is valued at estimated realisable value.
IV. Fixed Assets
- Fixed Assets are stated at original cost (net of CENVAT wherever
applicable) less accumulated depreciation. Cost of acquisition is
inclusive of freight, duties, taxes and other incidental expenses
related to acquisition, installation and commissioning.
V. Depreciation
i) Depreciation has been charged on Straight Line Method basis at the
rates and in the manner prescribed under schedule -
XIV of the Companies Act, 1956.
ii) Depreciation is provided on pro-rata basis from the date the asset
is put to use.
VI. Revenue Recognition (i) Sales
a) Sales are recognized when the products leave the premises of the
company.
b) Sales are net of Excise Duty, VAT and CST.
(ii) Other operations
Time is essence when Interest Income is accounted for.
VII. Retirement benefits
Retirement benefits have been recognized as per actuarial valuation.
VIII. Income Tax
(i) Current tax is measured at the amount expected to be paid to the
taxation authorities using the applicable tax rates and tax
laws.
(ii) Deferred tax asset and liability is measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax asset and liability is recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year.
IX. Provisions
Provision is recognized when an enterprise has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provisions are determined based on
management estimates required to settle the obligation at the balance
sheet date. These are reviewed at each Balance Sheet date and adjusted
to reflect the current management estimates.
X. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine
the extent of impairment loss. The impairment loss as determined above
is expensed off. The impairment loss recognized in prior accounting
period is reversed if there has been a change in the estimate of
recoverable amount.
XI. Foreign Currency Transaction
All incomes or expenditures in foreign currency are recorded at the
rates of exchange prevailing on the dates when the relevant
transactions take place.
XII. Contingent Liability
Contingent Liabilities are determined on the basis of available
information and are disclosed by way of note, if any.
XIII. Segment Reporting
The Board of Directors of the company is of the opinion that there are
no separate reportable segments as per AS-17 as the entire operations
of the company is related to one reportable segment comprising of
Aluminum Rolled Products and Foils.
Mar 31, 2012
I. Accounting Convention
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India, comply
with the applicable Accounting Standards prescribed in the Companies
(Accounting Standards) Rules, 2006, issued by the Central Government in
exercise of the power conferred under sub-section (1) (a) of Section
642 of the Com- panies Act, 1956 and relevant presentational
requirements and are based on historical cost convention. In preparing
these financial statements, accrual basis of accounting has been
followed unless otherwise stated.
II. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles require estimates and as- sumptions to
be made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates and
differences between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
III. Inventories :
- Raw Materials are valued at cost on FIFO basis
- Stores and Spares are valued at cost on FIFO basis.
- Finished Goods and Work-in-Process are valued at cost which includes
material cost, cost of conversion and other costs or realisable value
whichever is lower.
- Scrap is valued at estimated realisable value.
IV. Fixed Assets
Fixed assets are stated at original cost (net of CENVAT wherever
applicable) less accumulated depreciation. Cost of acquisi- tion is
inclusive of freight, duties, taxes and other incidental expenses
related to acquisition, installation and commissioning
V. Depreciation
i) Depreciation has been charged on Straight Line Method basis at the
rates and in the manner prescribed under Schedule -XIV of the Companies
Act, 1956.
ii) Depreciation is provided on pro-rata basis from the date the asset
is put to use.
VI. Revenue Recognition
i) Sales
a) Sales is recognized when the products leave the premises of the
Company.
b) Sales is net of Excise Duty, VAT and CST.
ii) Other operations
Time is essence when Interest Income is accounted for.
VII. Retirement benefits
Retirement benefits have been recognized as per actuarial valuation
VIII. Income Tax
i) Current tax is measured at the amount expected to be paid to the
taxation authorities using the applicable tax rates and tax laws.
ii) Deferred tax asset and liability is measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax asset and liability is recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year.
IX. Provisions
Provision is recognised when an enterprise has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provi- sions are determined based on
management estimates required to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet date and adjusted
to reflect the current management estimates.
X. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine
the extent of impairment loss. The impairment loss as determined above
is expensed off. The impairment loss recognized in prior accounting
period is reversed if there has been a change in the estimate of
recoverable amount.
XI. Foreign Currency Transaction
All incomes or expenditures in foreign currency, are recorded at the
rates of exchange prevailing on the dates when the rel- evant
transactions take place.
XII. Contingent Liability
Contingent liabilities are determined on the basis of available
information and are disclosed by way of note.
XIII. Segment Reporting
The Board of Directors of the Company is of the opinion that there are
no separate reportable segments as per AS-17 as the entire operations
of the Company is related to onereportable segment comprising of
Aluminum Rolled Products and Foils.
Mar 31, 2011
1. Accounting Convention
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India, comply
with the applicable Accounting Standards prescribed in the Companies
(Accounting Standards) Rules, 2006, issued by the Central Government in
exercise of the power conferred under sub à section (1) (a) of section
642 of the Companies Act, 1956 and relevant presentational requirements
and are based on historical cost convention. In preparing these
financial statements, accrual basis of accounting has been followed
unless otherwise stated.
2. Use of Estimates
The preparation of financial statements in conformity with generally
Accepted Accounting principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates and
differences between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
3. Inventories :
- Raw Materials are valued at cost on FIFO basis
- Stores and Spares are valued at cost on FIFO basis.
- Finished Goods and Work-in-Process are valued at cost which includes
material cost, cost of conversion and other costs or realisable value
whichever is lower.
- Scrap is valued at estimated realisable value.
4. Fixed Assets
Fixed Assets are stated at original cost (net of CENVAT wherever
applicable) less accumulated depreciation. Cost of acquisition is
inclusive of freight, duties, taxes and other incidental expenses
related to acquisition, installation and commissioning
5. Depreciation
i) Depreciation has been charged on Straight Line Method basis at the
rates and in the manner prescribed under schedule -XIV of the Companies
Act, 1956.
ii) Depreciation is provided on pro-rata basis from the date the asset
is put to use.
6. Revenue Recognition
(i) Sales
a) Sales is recognized when the products leave the premises of the
company.
b) Sales is net of Excise Duty, VAT and CST.
(ii) Other operation
Time is essence when Interest Income is accounted for.
7. Retirement benefits
Retirement benefits have been recognized as per actuarial valuation
8. Income Tax
(i) Current tax is measured at the amount expected to be paid to the
taxation authorities using the applicable tax rates and tax laws.
(ii) Deferred tax asset and liability is measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax asset and liability is recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year.
9. Provisions
Provision is recognised when an enterprise has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provisions are determined based on
management estimates required to settle the obligation at the balance
sheet date. These are reviewed at each Balance Sheet date and adjusted
to reflect the current management estimates.
10. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine
the extent of impairment loss. The impairment loss as determined above
is expensed off. The impairment loss recognized in prior accounting
period is reversed if there has been a change in the estimate of
recoverable amount.
11. Foreign Currency Transaction
All incomes or expenditures in foreign currency, are recorded at the
rates of exchange prevailing on the dates when the relevant
transactions take place.
12. Contingent Liability
Contingent Liabilities are determined on the basis of available
information and are disclosed by way of note.
13. Segment Reporting
The Board of Directors of the company is of the opinion that there are
no separate reportable segments as per AS-17 as the entire operations
of the company is related to one reportable segment comprising of
Aluminum Rolled Products and Foils.
Mar 31, 2010
1. Accounting Convention
The Financial Statements have been prepared in accordance with the
Generally Accepted Accounting Principles (GAAP) applicable in India,
comply with the applicable Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006, issued by the Central
Government in exercise of the power conferred under sub - section (1)
(a) of section 642 of the Companies Act, 1956 and relevant
presentational requirements and are based on historical cost
convention. In preparing these financial statements, accrual basis of
accounting has been followed unless otherwise stated.
2. Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) require estimates and assumptions
to be made that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities on the date of financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates and
differences between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
3. Inventories :
- Raw Materials are valued at cost on FIFO basis
- Stores and Spares are valued at cost on FIFO basis.
- 0Finished Goods and Work-in-Progress are valued at cost which includes
material cost, cost of conversion and other costs or realisable value
whichever is lower.
Scrap is valued at estimated realisable value.
4. Fixed Assets
Fixed Assets are stated at original cost (net of MODVAT wherever
applicable) less accumulated depreciation. Cost of acquisition is
inclusive of freight, duties, taxes and other incidental expenses
related to acquisition, installation and commissioning.
5. Depreciation
i) Depreciation has been charged on Straight Line Method basis at the
rates and in the manner prescribed under schedule -XIV to the Companies
Act, 1956.
ii) Depreciation is provided on pro-rata basis from the date of
additions.
6. Revenue Recognition (i) Sales
a) Sales is recognized when the products leave the premises of the
company.
b) Sales does not include excise duty and VAT and Central Sales Tax but
sales return and trade discounts are deducted.
(ii) Other operation
Time is essence when Interest Income is accounted for.
Interest on calls in arrear is accounted when same is realized.
7. Investments
In case of Fixed Deposit with bank, accrued interest has been taken
into consideration.
8. Retirement benefits
Retirement benefits have been recognized as per actuarial valuation.
9. Earning per Share
In determining basic earning per share, the company considers the net
profit attributable to equity shareholders. The number of shares used
in computing basic earning per share is the weighted average number of
share outstanding during the period. Average outstanding equity shares
are taken for computation of Diluted Earnings per Share (DEPS).
10. Income Taxes
(i) Current tax is measured at the amount expected to be paid to the
taxation authorities using the applicable tax rates and tax laws.
(ii) Deferred tax asset and liability are measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax asset and liability are recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year.
11. Provisions
Provision is recognised when an enterprise has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provisions are determined based on
management estimates required to settle the obligation at the balance
sheet date. These are reviewed at each Balance Sheet date and adjusted
to reflect the current management estimates.
12. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine
the extent of impairment loss. The impairment loss as determined above
is expensed off. The impairment loss recognized in prior accounting
period is reversed if there has been a change in the estimate of
recoverable amount.
13. Foreign Currency Transaction
All incomes or expenditures in foreign currency, are recorded at the
rates of exchange prevailing on the dates when the relevant
transactions take place.
14. Contingent Liability
Contingent Liabilities are determined on the basis of available
information and are disclosed by way of note.
15. Segment Reporting
The Board of Directors of the company are of the opinion that there are
no separate reportable segments as per AS-17 as the entire operations
of the company is related to one reportable segment comprising of
Aluminium Rolled Products and Foils.
Mar 31, 2009
Basis of Accounting : The accompanying financial statements have been
prepared under the historical cost conventions, in accordance with
Indian generally accepted accounting principles and the provisions of
the Companies Act, 1956.
Use of Estimates : The preparation of financial statements in
conformity with generally Accepted Accounting principles require
estimates and assumptions to be made that affect the reported amounts
of assets and liabilities and disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses dunng the reporting period. Actual results could differ
from these estimates and differences between actual results and
estimates are recognized in the periods in which the results are known/
materialize.
(A) SYSTEM OF ACCOUNTING
The company has adopted the accrual basis of accounting in the
preparation of the books of account.
(B) REVENUE RECOGNITION
(i) Sales
a) Sales is recognized when the products leaves the premises of
company.
b) Sales do not include excise duty and VAT and Central Sales Tax but
sales return and trade discounts are deducted.
(ii) Other operation
Time is essence when Interest Income is accounted for. Interest on
call in arrears is accounted when same is realized.
(C) FIXED ASSETS AND DEPRECIATION
Fixed Assets are stated at cost (net of MODVAT wherever applicable)
less depreciation.
Depreciation on fixed assets is provided on Straight Line Method as per
rates specified in schedule XIV to the Companies Act 1956.
(D) IMPAIRMENTS
The carrying amounts of assets are reviewed at each Balance Sheet date
to determine whether there is any indication of impairment. If any
indication exists, the assets recoverable amount is estimated. An
impairment loss is recognized whenever the carrying amount of an asset
exceeds its recoverable amount.
(E) INVENTORIES
Raw Materials are valued at cost on FIFO basis
Stores and Spares are valued at cost on FIFO basis.
Finished Goods and Work-in-Progress are valued at cost which includes
material cost, cost of conversion and other costs or realization value
whichever is lower.
Scrap is valued at estimated realisable value,
(F) INVESTMENT
In case of Fixed Deposit of bank, accrued interest has also been taken
into consideration.
(G) RETIREMENT BENEFITS : Retirement benefits have been recognized as
per actuarial valuation.
(H) CONTINGENT LIABILITY
Contingent Liabilities are determined on the basis of available
information and are disclosed by way of note.
(I) INCOME TAXES
(i) Current tax is measured at the amount expected to be paid to the
taxation authorities using the applicable tax rates and tax laws.
(ii) Deferred tax assets and liabilities are measured using the tax
rates and tax laws that have been announced up to the Balance Sheet
date. Deferred tax assets and liabilities are recognized for. the
future tax consequences attributable to timing differences between the
taxable income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
(J) FOREIGN CURRENCY TRANSACTION
All incomes or expenditure in foreign currency, are recorded at the
rates of exchange prevailing on the dates when the relevant
transactions take place.
(K) SEGMENT REPORTING
The Board of Directors of the company are of the opinion that there are
no separate reportable segments as per AS-17 as the entire operations
of the company is related to one reportable segment comprising of
Aluminum Rolled Products and Foils.