Mar 31, 2015
I) Accounting Conventions
The financial statements are prepared under historical cost conventions
and as a going concern basis following the accrual basis of accounting
and in accordance with the Generally Accepted Accounting Principles
(GAAP) in India and in compliance with the provisions of the Companies
Act, 2013.
ii) Use of Estimates
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of revenues
and expenses during the reporting period and the reported amount of
assets and liabilities and disclosure of contingent liabilities as on
the date of the financial statements. Actual results could differ from
these estimates. Any revision to accounting estimates is recognized
prospectively in the current and future periods.
iii) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment loss, if any. The cost of fixed assets comprises its
purchase price, cost of construction, cost of borrowings and other cost
directly attributable to bring the assets at its working conditions and
location for its intended use.
iv) Depreciation
Depreciation on fixed assets is provided on useful life of the assets
and in the manner as prescribed in Part-C of Schedule II of the
companies Act, 2013.
v) Investments
Long term Investments are stated at cost. Provision is made when
diminution in the value of such investments is considered permanent in
nature. Current Investments are valued at lower of cost and market/fair
value.
vi) Inventories
Inventories are valued at cost or net realizable value, whichever is
lower. Cost includes cost of purchase, cost of conversion and other
costs incurred in bringing the inventories to their present location
and conditions. Cost is determined on FIFO basis. Any shortage / excess
found on physical verification of inventories are adjusted in the
accounts as found appropriate.
vii) Revenue Recognition
Revenue is recognized to the extent, it is probable that the economic
benefits will flow to the Company and it can be reliably measured.
Dividend Income is recognized when right to receive the payment is
established. Interest Income is recognized on time proportion basis
taking into account the amount outstanding and the rate applicable.
viii) Foreign Exchange Transactions
Transactions involving foreign exchange are normally recorded at the
exchange rates prevailing on the date of the transaction. Exchange
differences arising on settlement of transactions or on reporting
monetary items of the Company at the rate different from those at which
they were initially recorded during the period, or reported in previous
financial statement, are recognized as income or expenses in the period
in which they arise except in case where they relate to acquisition of
fixed assets, in which case they are adjusted to the carrying cost of
such assets.
ix) Taxation
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act,
1961.Deferred Tax resulting from timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred Tax asset is recognized only if there is a reasonable/virtual
certainty that the same will be realized and are reviewed for the
appropriateness of its carrying values at each balance sheet date.
Tax on Distributed Profit is provided in accordance with the provision
of Section 115-O of the Income Tax Act, 1961 and guidance note on
'Accounting for Corporate Dividend Tax'.
x) Employee's short term & Post employment benefits
Employee benefits of short-term nature are recognized as expense as and
when it accrues. Post employment benefits are recognized as expenses on
accrual basis at year end.
xi) Amortisation
Preliminary and share/debenture issue expenses are amortized over the
period of five years.
xii) Impairment of assets
At each reporting date, the Company reviews the carrying values of its
tangible and intangible assets to assess whether there is any
indication of any asset being impaired. An asset is treated as impaired
when the carrying value of asset exceeds its recoverable value. An
impairment loss is charged to the Statement of Profit and Loss in the
period in which an asset is identified as impaired. The impairment
loss, if any, in prior accounting period is reversed if there has been
a change in the estimate of recoverable amount.
xiii) Earning per share (EPS)
The basic earning per share ("EPS") is computed by dividing the net
profit after tax for the period by the weighted average number of
equity shares outstanding during the period. For the purpose of
calculating diluted earning per share, net profit after tax for the
period and the weighted average number of shares outstanding during the
period are adjusted with the effects of all dilutive potential equity
shares. The dilutive potential equity shares are deemed converted as at
the beginning of the period, unless they have been issued at a later
date.
xiv) Prior Period Adjustments, Extra-ordinary Items and Changes in
Accounting Policies
Prior period adjustments, extraordinary items and changes in accounting
policies, if any having material impact on the financial affairs of the
Company is adequately disclosed.
xv) Provisions, Contingent Liabilities & Contingent Assets
Provision is made when there is present obligation as a result of past
event that probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation. Contingent
Liabilities are not recognized but are disclosed by way of notes.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
Sep 30, 2014
I) Accounting Conventions
The financial statements are prepared under historical cost conventions
and as a going concern basis following the accrual basis of accounting
and in accordance with the Generally Accepted Accounting Principles
(GAAP) in India and in compliance with the provisions of the Companies
Act, 1956.
ii) Use of Estimates
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of revenues
and expenses during the reporting period and the reported amount of
assets and liabilities and disclosure of contingent liabilities as on
the date of the financial statements. Actual results could differ from
these estimates. Any revision to accounting estimates is recognized
prospectively in the current and future periods.
iii) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment loss, if any. The cost of fixed assets comprises its
purchase price, cost of construction, cost of borrowings and other cost
directly attributable to bring the assets at its working conditions and
location for its intended use.
iv) Depreciation
Depreciation on fixed assets is provided on straight-line method (SLM)
at the rates and in the manner prescribed in Schedule XIV of the
companies Act, 1956.
v) Investments
Long term Investments are stated at cost. Provision is made when
diminution in the value of such investments is considered permanent in
nature. Current Investments are valued at lower of cost and market/fair
value.
vi) Inventories
Inventories are valued at cost or net realizable value, whichever is
lower. Cost includes cost of purchase, cost of conversion and other
costs incurred in bringing the inventories to their present location
and conditions. Cost is determined on FIFO basis. Any shortage /
surplus found on physical verification of inventories are adjusted in
the accounts as found appropriate.
vii) Revenue Recognition
Revenue is recognized to the extent, it is probable that the economic
benefits will flow to the Company and it can be reliably measured.
Dividend Income is recognized when right to receive the payment is
established. Interest Income is recognized on time proportion basis
taking into account the amount outstanding and the rate applicable.
viii) Foreign Exchange Transactions
Transactions involving foreign exchange are normally recorded at the
exchange rates prevailing on the date of the transaction. Exchange
differences arising on settlement of transactions or on reporting
monetary items of the Company at the rate different from those at which
they were initially recorded during the period, or reported in previous
financial statement, are recognized as income or expenses in the period
in which they arise except in case where they relate to acquisition of
fixed assets, in which case they are adjusted to the carrying cost of
such assets.
ix) Taxation
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act,
1961.Deferred Tax resulting from timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred Tax asset is recognized only if there is a reasonable/virtual
certainty that the same will be realized and are reviewed for the
appropriateness of its carrying values at each balance sheet date.
Tax on Distributed Profit is provided in accordance with the provision
of Section 115-O of the Income Tax Act, 1961 and guidance note on
''Accounting for Corporate Dividend TaxÂ.
x) EmployeeÂs short term & Post employement benefits
Employee benefits of short-term nature are recognized as expense as and
when it accrues.Post employment benefits are recognized as expenses on
accrual basis at year end as per actuarial confirmation.
xi) Amortisation
Preliminary and share/debenture issue expenses are amortized over the
period of five years.
xii) Impairment of assets
At each reporting date, the Company reviews the carrying values of its
tangible and intangible assets to assess whether there is any
indication of any asset being impaired. An asset is treated as impaired
when the carrying value of asset exceeds its recoverable value. An
impairment loss is charged to the Statement of Profit and Loss in the
period in which an asset is identified as impaired. The impairment
loss, if any, in prior accounting period is reversed if there has been
a change in the estimate of recoverable amount.
xiii) Earning per share (EPS)
The basic earning per share ("EPS") is computed by dividing the net
profit after tax for the year by the weighted average number of equity
shares outstanding during the year. For the purpose of calculating
diluted earning per share, net profit after tax for the period and the
weighted average number of shares outstanding during the year are
adjusted with the effects of all dilutive potential equity shares. The
dilutive potential equity shares are deemed converted as at the
beginning of the year, unless they have been issued at a later date.
xiv) Prior Period Adjustments, Extra-ordinary Items and Changes in
Accounting Policies Prior period adjustments, extraordinary items and
changes in accounting policies, if any having material impact on the
financial affairs of the Company is adequately disclosed.
xv) Provisions, Contingent Liabilities & Contingent Assets
Provision is made when there is present obligation as a result of past
event that probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation. Contingent
Liabilities are not recognized but are disclosed by way of notes.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
Sep 30, 2013
I) Accounting Conventions :
The financial statements are prepared under historical cost conventions
and as a going concern basis following the accrual basis of accounting
and in accordance with the Generally Accepted Accounting Principles
(GAAP) in India and in compliance with the provisions of the Companies
Act, 1956.
ii) Use of Estimates :
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of revenues
and expenses during the reporting period and the reported amount of
assets and liabilities and disclosure of contingent liabilities as on
the date of the financial statements. Actual results could differ from
these estimates. Any revision to accounting estimates is recognized
prospectively in the current and future periods.
iii) Fixed Assets :
Fixed assets are stated at cost less accumulated depreciation and
impairment loss, if any. The cost of fixed assets comprises its
purchase price, cost of construction, cost of borrowings and other cost
directly attributable to bring the assets at its working conditions and
location for its intended use.
iv) Depreciation :
Depreciation on fixed assets is provided on straight-line method (SLM)
at the rates and in the manner prescribed in Schedule XIV of the
companies Act, 1956.
v) Investments :
Long term Investments are stated at cost. Provision is made when
diminution in the value of such investments is considered permanent in
nature. Current Investments are valued at lower of cost and market/fair
value.
vi) Inventories :
Inventories are valued at cost or net realizable value, whichever is
lower. Cost includes cost of purchase, cost of conversion and other
costs incurred in bringing the inventories to their present location
and conditions. Cost is determined on FIFO basis. Any shortage /
surplus found on physical verification of inventories are adjusted in
the accounts as found appropriate.
vii) Revenue Recognition :
Revenue is recognized to the extent, it is probable that the economic
benefits will flow to the Company and it can be reliably measured.
Dividend Income is recognized when right to receive the payment is
established. Interest Income is recognized on time proportion basis
taking into account the amount outstanding and the rate applicable.
viii) Foreign Exchange Transactions :
Transactions involving foreign exchange are normally recorded at the
exchange rates prevailing on the date of the transaction. Exchange
differences arising on settlement of transactions or on reporting
monetary items of the Company at the rate different from those at which
they were initially recorded during the period, or reported in previous
financial statement, are recognized as income or expenses in the period
in which they arise except in case where they relate to acquisition of
fixed assets, in which case they are adjusted to the carrying cost of
such assets.
ix) Taxation :
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act,
1961.Deferred Tax resulting from timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred Tax asset is recognized only if there is a reasonable/virtual
certainty that the same will be realized and are reviewed for the
appropriateness of its carrying values at each balance sheet date.
Tax on Distributed Profit is provided in accordance with the provision
of Section 115-O of the Income Tax Act, 1961 and guidance note on
''Accounting for Corporate Dividend Tax''.
x) Employee''s short term & Post employement benefits :
Employee benefits of short-term nature are recognized as expense as and
when it accrues.Post employment benefits are recognized as expenses on
accrual basis at year end as per actuarial confirmation.
xi) Amortisation :
Preliminary and share/debenture issue expenses are amortized over the
period of five years.
xii) Impairment of assets :
At each reporting date, the Company reviews the carrying values of its
tangible and intangible assets to assess whether there is any
indication of any asset being impaired. An asset is treated as impaired
when the carrying value of asset exceeds its recoverable value. An
impairment loss is charged to the Statement of Profit and Loss in the
period in which an asset is identified as impaired. The impairment
loss, if any, in prior accounting period is reversed if there has been
a change in the estimate of recoverable amount.
xiii) Earning per share (EPS) :
The basic earning per share ("EPS") is computed by dividing the net
profit after tax for the year by the weighted average number of equity
shares outstanding during the year. For the purpose of calculating
diluted earning per share, net profit after tax for the period and the
weighted average number of shares outstanding during the year are
adjusted with the effects of all dilutive potential equity shares. The
dilutive potential equity shares are deemed converted as at the
beginning of the year, unless they have been issued at a later date.
xiv) Prior Period Adjustments, Extra-ordinary Items and Changes in
Accounting Policies :
Prior period adjustments, extraordinary items and changes in accounting
policies, if any having material impact on the financial affairs of the
Company is adequately disclosed.
xv) Provisions, Contingent Liabilities & Contingent Assets :
Provision is made when there is present obligation as a result of past
event that probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation. Contingent
Liabilities are not recognized but are disclosed by way of notes.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2010
I) Accounting Conventions:
The financial statements are prepared under historical cost conventions
and as a going concern basis following the accrual basis of accounting
and in accordance with the generally accepted accounting principles
(GAAP) in India and in compliance with the provisions of the Companies
Act, 1956.
ii) Use of Estimates :
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities for the year under review and
disclosure of contingent liabilities on the date of the financial
statements. Actual results could differ from these estimates. Any
revision to accounting estimates is recognized prospectively in the
current and future periods.
iii) Fixed Assets :
Fixed assets are stated at cost. The cost of fixed assets comprises its
purchase price.cost of construction, cost of borrowings and other cost
directly attributable to bring the assets at its working conditions and
location for its intended use.
iv) Depreciation:
Depreciation on fixed assets is provided on straight-line method (SLM)
at the rates and in the manner prescribed in Schedule XIV of the
companies Act, 1956.
v) Investments:
Long term Investments are stated at cost. Provision is made when
diminution in the value of such investments is considered permanent in
nature. Current Investments are valued at lower of cost and market/fair
value.
vi) Inventories:
Inventories are valued at cost or net realizable value, whichever is
lower. Cost includes cost of purchase, cost of conversion and other
costs incurred in bringing the inventories to their present location
and conditions. Cost is determined on FIFO basis. Any shortage /
surplus found on physical verification of inventories are adjusted in
the accounts as found appropriate.
vii) Revenue Recognition :
a. In respect of sales : When the significant risks and
rewards of ownership of goods
are transferred to customers.
b. In respect of service income : When the services are performed
as per contract.
c. In respect of interest income : On time proportion basis taking
into account
the amount outstanding.
d. In respect of dividend income : When right to receive payment is
established.
e. In respect of insurance claims : On Settlement of Claims.
viii) Foreign Exchange Transactions :
Transactions involving foreign exchange are normally recorded at the
exchange rates prevailing on the date of the transactions. Exchange
differences arising on settlement of transactions or on reporting
monetary items of the Company at the rate different from those at which
they were initially recorded during the year, or reported in previous
financial statement, are recognized as income or expenses in the year
in which they arise except in case where they relate to acquisition of
fixed assets, in which case they are adjusted to the carrying cost of
such assets.
ix) Taxes on Income :
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred Tax resulting from timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred Tax assets are recognized only if there is a reasonable
certainty that the same will be realized and are reviewed for the
appropriateness of their carrying values at each balance sheet date.
Tax on Distributed Profit Payable is in accordance with the provision
of Section 115-0 of the Income Tax Act, 1961 and in accordance with the
guidance note on Accounting for Corporate Dividend Tax.
x) Employees short term & Post employement benefits :
Employee benefits of short-term nature are recognized as expense as and
when it accrues. Post employment benefits are recognized as expenses
on accrual basis at year end.
xi) Miscellaneous Expenditure :
Preliminary and share/debenture issue expenses are amortized over a
period of five years.
xii) Impairment of assets :
At each reporting date, the company reviews the carrying values of its
tangible and intangible assets to assess whether there is any
indication of any asset being impaired. An asset is treated as impaired
when the carrying value of asset exceeds its recoverable value. An
impairment loss is charged to Profit and Loss Account in the year in
which an asset is identified as impaired. The impairment loss, if any,
in prior accounting period is reversed if there has been a change in
the estimate of recoverable amount.
xiii) Earning per share (EPS):
The basic earning per share ("EPS") is computed by dividing the net
profit after tax for the year by the weighted average number of equity
shares outstanding during the year. For the purpose of calculating
diluted earning per share, net profit after tax for the year and the
weighted average number of shares outstanding during the year are
adjusted with the effects of all dilutive potential equity shares. The
dilutive potential equity shares are deemed converted as of the
beginning of the period, unless they have been issued at a later date.
xiv) Prior Period Adjustments, Extra-ordinary Items and Changes in
Accounting Policies :
Prior period adjustments, extraordinary items and changes in accounting
policies, if any having material impact on the financial affairs of the
Company is disclosed.
xv) Provisions, Contingent Liabilities & Contingent Assets :
Provision is made when there is a legal or constructive obligation as a
result of a past event and it is possible that a future sacrifice of
economic benefits will be required to settle the obligation. Contingent
Liabilities are not recognized but are discJosed by way of notes.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
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