Mar 31, 2015
1) Basis of Accounting:
Financial statements are prepared under historical cost convention on
accrual basis in accordance with the requirements of the Companies Act,
1956.
2) Use of Estimates:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known / materialized.
3) Fixed Assets:
Fixed Assets are stated at historical cost net of Cenvat credit / Value
Added Tax, including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses , if any. Self
constructed assets are capitalized at factory cost.
4) Valuation of Inventories:
Inventories are valued at lower of costs or estimated net realizable
value. The cost of inventories is arrived at on the following basis:
Raw Material and Stores : Weighted Average Cost
Stock-in-process : Raw Material at Weighted Average Cost &
absorption of Labour and Overhead
Finished Goods : Raw Material at Weighted Average Cost &
absorption of Labour and Overhead
Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
5) Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time of the
transaction.
(b) Any income or expense on account of exchange difference on
settlement is recognized in the profit and loss Account.
6) Depreciation:
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Straight Line Method (SLM). Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.
7) Recognition of Revenue:
The company recognizes sales on the basis of actual delivery of the
goods. Sales are recorded at invoice values net of excise duties, value
added tax and trade discounts. The purchases are recorded at the
invoice value.
All expenses and income to the extent considered payable and receivable
respectively are accounted for on mercantile basis except encasement of
leave salary and interest on income tax refunds which are treated on
cash basis.
8) Employee Benefits: Post-employment benefit plans:
a) Defined Contribution Plan: Contribution for Provident Fund is not
recognized since the provisions of
Provident Act are not applicable to the Company.
b) Defined Benefit Plan: The liabilities in respect of gratuity is not
recognized since the provisions of respective are not applicable to the
Company.
Short-term employee benefits: All employee benefits falling due wholly
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, short term
compensated absences, etc. and the expected cost of bonus, ex-gratia,
are recognized in the period in which the employee renders the related
services.
9) Borrowing Cost:
Interest on borrowings, if any, attributable to acquisition of
qualifying Assets are capitalized and included in the cost of the
asset, as appropriate.
10) Earnings Per Share:
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the equity shareholders by the weighted average
number of Equity Shares outstanding during the year.
11) Taxation:
Provision for income-tax is made on the basis of estimated taxable
income for the year. Deferred tax resulting from timing differences
between the book and tax profits is accounted for under the liability
method, at the current rate of tax, to the extent that the timing
differences are expected to crystallize.
12) Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree or estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
13) Impairment of Asset:
An asset is treated as impaired when the carrying amount of the asset
exceeds its estimated recoverable value. Carrying amounts of fixed
assets are reviewed at each balance sheet date to determine indications
of impairment, if any, of those assets. If any such indication exists,
the recoverable amount of the asset is estimated and an impairment loss
equal to the excess of the carrying amount over its recoverable value
is recognized as an impairment loss. The impairment loss, if any,
recognized in prior accounting period is reversed if there is a change
in estimate of recoverable amount.
Mar 31, 2013
1) Basis of Accounting:
Financial statements are prepared under historical cost convention on
accrual basis in accordance with the requirements of the Companies Act,
1956.
2) Use of Estimates:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known / materialized.
3) Fixed Assets:
Fixed Assets are stated at historical cost net of Cenvat credit / Value
Added Tax, including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses , if any. Self
constructed assets are capitalized at factory cost.
4) Valuation of Inventories:
Inventories are valued at lower of costs or estimated net realizable
value. The cost of inventories is arrived at on the following basis:
Raw Material and Stores : Weighted Average Cost
Stock-in-process : Raw Material at Weighted Average Cost & absorption
of
LabourAnd Overhead Finished Goods : Raw Material at Weighted Average
Cost & absorption of
LabourAnd Overhead
Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
5) Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time of the
transaction.
(b) Any income or expense on account of exchange difference on
settlement is recognized in the profit and loss Account.
6) Depreciation:
Depreciation has been provided at the rate specified in Schedule XIV
(as amended) of the Companies Act, 1956 on SLM method. Depreciation on
additions during the year is provided on pro rata time basis.
7) Recognition of Revenue:
The company recognizes sales on the basis of actual delivery of the
goods. Sales are recorded at invoice values net of excise duties, value
added tax and trade discounts. The purchases are recorded at the
invoice value.
All expenses and income to the extent considered payable and receivable
respectively are accounted for on mercantile basis except encasement of
leave salary and interest on income tax refunds which are treated on
cash basis.
Employee Benefits:
Post-employment benefit plans:
a) Defined Contribution Plan: Contribution for Provident Fund is not
recognized since the provisions of Provident Act are not applicable to
the Compny.
b) Defined Benefit Plan: The liabilities in respect of gratuity is not
recognesed since the provisions of respective are not applicable to the
Company.
Short-term employee benefits: All employee benefits falling due wholly
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, short term
compensated absences, etc. and the expected cost of bonus, ex-gratia,
are recognized in the period in which the employee renders the related
services.
8) Borrowing Cost:
Interest on borrowings, if any, attributable to acquisition of
qualifying Assets are capitalized and included in the cost of the
asset, as appropriate.
9) Earnings Per Share:
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the equity shareholders by the weighted average
number of Equity Shares outstanding during the year.
10) Taxation:
Provision for income-tax is made on the basis of estimated taxable
income for the year. Deferred tax resulting from timing differences
between the book and tax profits is accounted for under the liability
method, at the current rate of tax, to the extent that the timing
differences are expected to crystallize.
11) Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree or estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
12) Impairment of Asset:
An asset is treated as impaired when the carrying amount of the asset
exceeds its estimated recoverable value. Carrying amounts of fixed
assets are reviewed at each balance sheet date to determine indications
of impairment, if any, of those assets. If any such indication exists,
the recoverable amount of the asset is estimated and an impairment loss
equal to the excess of the carrying amount over its recoverable value
is recognized as an impairment loss. The impairment loss, if any,
recognized in prior accounting period is reversed if there is a change
in estimate of recoverable amount.
Mar 31, 2012
1) Basis of Accounting:
Financial statements are prepared under historical cost convention on
accrual basis in accordance with the requirements of the Companies Act,
1956.
2) Use of Estimates:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known / materialized.
3) Fixed Assets:
Fixed Assets are stated at historical cost net of Cenvat credit / Value
Added Tax, including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses , if any. Self
constructed assets are capitalized at factory cost.
4) Valuation of Inventories:
Inventories are valued at lower of costs or estimated net realizable
value. The cost of inventories is arrived at on the following basis:
Raw Material and Stores : Weighted Average Cost
Stock-in-process : Raw Material at Weighted Average Cost & absorption
of Labour And Overhead
Finished Goods : Raw Material at Weighted Average Cost & absorption of
Labour And Overhead
Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
5) Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time of the
transaction.
(b) Any income or expense on account of exchange difference on
settlement is recognized in the profit and loss Account.
6) Depreciation:
Depreciation has been provided at the rate specified in Schedule XIV
(as amended) of the Companies Act, 1956 on SLM method. Depreciation on
additions during the year is provided on pro rata time basis.
7) Recognition of Revenue:
The company recognizes sales on the basis of actual delivery of the
goods. Sales are recorded at invoice values net of excise duties, value
added tax and trade discounts. The purchases are recorded at the
invoice value.
All expenses and income to the extent considered payable and receivable
respectively are accounted for on mercantile basis except encasement of
leave salary and interest on income tax refunds which are treated on
cash basis.
8) Employee Benefits: Post-employment benefit plans:
a) Defined Contribution Plan: Contribution for Provident Fund is not
recognized since the provisions of Provident Act are not applicable to
the Company.
b) Defined Benefit Plan: The liabilities in respect of gratuity is not
recognesed since the provisions of respective are not applicable to the
Company.
Short-term employee benefits: All employee benefits falling due wholly
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, short term
compensated absences, etc. and the expected cost of bonus, ex-gratia,
are recognized in the period in which the employee renders the related
services.
9) Borrowing Cost:
Interest on borrowings, if any, attributable to acquisition of
qualifying Assets are capitalized and included in the cost of the
asset, as appropriate.
10) Earning Per Share:
Basic Earning per share is calculated by dividing the Net Profit after
tax attributable to the equity shareholders by the weighted average
number of Equity Shares outstanding during the year.
11) Taxation:
Provision for income-tax is made on the basis of estimated taxable
income for the year. Deferred tax resulting from timing differences
between the book and tax profits is accounted for under the liability
method, at the current rate of tax, to the extent that the timing
differences are expected to crystallize.
12) Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree or estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
13) Impairment of Asset:
An asset is treated as impaired when the carrying amount of the asset
exceeds its estimated recoverable value. Carrying amounts of fixed
assets are reviewed at each balance sheet date to determine indications
of impairment, if any, of those assets. If any such indication exists,
the recoverable amount of the asset is estimated and an impairment loss
equal to the excess of the carrying amount over its recoverable value
is recognized as an impairment loss. The impairment loss, if any,
recognized in prior accounting period is reversed if there is a change
in estimate of recoverable amount.
Mar 31, 2010
1) Basis of Accounting:
Financial statements are prepared under historical cost convention on
accrual basis in accordance with the requirements of the Companies Act,
1956.
2) Use of Estimates:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known / materialized.
3) Fixed Assets:
Fixed Assets are stated at historical cost net of Cenvat credit / Value
Added Tax, including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses , if any. Self
constructed assets are capitalized at factory cost.
4) Valuation of Inventories:
Inventories are valued at lower of costs or estimated net realizable
value. The cost of inventories is arrived at on the following basis:
Raw Material and Stores : Weighted Average Cost
Stock-in-process : Raw Material at Weighted Average
Cost & absorption of Labour
And Overhead
Finished Goods : Raw Material at Weighted Average Cost
& absorption of Labour
And Overhead
Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
5) Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time of the
transaction.
(b) Any income or expense on account of exchange difference on
settlement is recognized in the profit and loss Account.
6) Depreciation:
Depreciation has been provided at the rate specified in Schedule XIV
(as amended) of the Companies Act, 1956 on SLM method. Depreciation on
additions during the year is provided on pro rata time basis.
7) Recognition of Revenue:
The company recognizes sales on the basis of actual delivery of the
goods. Sales are recorded at invoice values net of excise duties, value
added tax and trade discounts. The purchases are recorded at the
invoice value.
All expenses and income to the extent considered payable and receivable
respectively are accounted for on mercantile basis except encasement of
leave salary and interest on income tax refunds which are treated on
cash basis.
8) Employee Benefits: Post-employment benefit plans:
a) Defined Contribution Plan: Contribution for Provident Fund is not
recognized since the provisions of Provident Act are not applicable to
the Compny.
b) Defined Benefit Plan: The liabilities in respect of gratuity is not
recognesed since the provisions of respective are not applicable to the
Company.
Short-term employee benefits: All employee benefits falling due wholly
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like.salaries, wages, short term
compensated absences, etc. and the expected cost of bonus, ex-gratia,
are recognized in the period in which the employee renders the related
services.
9) Borrowing Cost:
Interest on borrowings, if any, attributable to acquisition of
qualifying Assets are capitalized and included in the cost of the
asset, as appropriate.
10) Earning Per Share:
Basic Earning per share is calculated by dividing the Net Profit after
tax attributable to the equity shareholders by the weighted average
number of Equity Shares outstanding during the year.
11) Taxation:
Provision for income-tax is made on the basis of estimated taxable
income for the year. Deferred tax resulting from timing differences
between the book and tax profits is accounted for under the liability
method, at the current rate of tax, to the extent that the timing
differences are expected to crystallize.
12) Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree or estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither
recognized nor disclosed in the financial statements. Provisions,
contingent liabilities and contingent assets are reviewed at each
balance sheet date and adjusted to reflect the current best estimate.
13) Impairment of Asset:
An asset is treated as impaired when the carrying amount of the asset
exceeds its estimated recoverable value. Carrying amounts of fixed
assets are reviewed at each balance sheet date to determine indications
of impairment, if any, of those assets. If any such indication exists,
the recoverable amount of the asset is estimated and an impairment loss
equal to the excess of the carrying amount over its recoverable value
is recognized as an impairment loss. The impairment loss, if any,
recognized in prior accounting period is reversed if there is a change
in estimate of recoverable amount.
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