Mar 31, 2015
A Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost
convention except certain fixed assets which are stated at revalued
amounts, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 2013 as adopted by
the Company.
B Use of Estimates
Certain estimates and assumptions have been made in preparation of
finanacial statements. The difference between the actual results and
estimates are recognized in the year in which the results are
known/materialised.
C Fixed Assets
Fixed Assets are valued at cost/ revalued amount (net of cenvat) less
accumulated depreciation. All costs including financial costs till
commencement of commercial production attributable to fixed assets are
capitalised.
D Depreciation
Depreciation on Fixed Assets is provided on useful life of the assets
as prescribed in schedule II to the Companies Act, 2013,in the manner
stated there in.
E Investment
Current Investments are stated at lower of cost and fair value. Long
term investments are stated at cost. Provision for diminution in the
value of long term investments is made only if such a decline is other
than temporary.
F Inventories
Inventories are valued at lower of cost or net realisable value except
for scrap/damaged stock, which are valued at net realisable value. Cost
of inventories of finished goods and work in progress includes material
cost, cost of conversion and other cost. Cost of inventories is
determined on FIFO basis.
G Foreign Currency Transactions
(i) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
(ii) Monetary items denominated in foreign currency at the year end are
translated at year end rates.
(iii) Any income or expense on account of exchange differences either
on settlement or on translation is recognised in the statement of
profit or loss.
H Employee Benefits
(i) Short term employee benefits:
The short-term employee benefits are recognised as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
(ii) Post employment benefits and other long term employee benefits are
recognised as an expense in the statement of profit and loss for the
year in which the employee has rendered services. The expense is
recognised at the present value of the amounts payable determined using
acturial valuation technique. Acturial gains and losses in the respect
of post employment and other long term benefits are charged to the
statement of profit and loss.
I Borrowing Costs
Borrowing cost attributable to the construction of qualifying assets
are capitalised as part of such assets up to the date when such assets
are ready for intended use. Other Borrowing Cost are charged as expense
in the year in which they are incurred.
J Sales
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection . Sales net of excise duty and
is recognised on accrual basis, net of sales returns, sales tax and
Vat.
K Provision for Current and Deferred Tax
Tax on income for the current period is determined on the basis of
taxable income and tax credit computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a virtual or reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised.
L Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to
statement of profit and loss in the year in which an asset is
identified as impaired. The impairment loss recognised in prior
accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
M Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised 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 recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2014
A Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost
convention except certain fixed assets which are stated at revalued
amounts, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company.
B Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement. The difference between the actual results and
estimates are recognised in the year in which the results are known /
materialised.
C Fixed Assets
Fixed Assets are valued at cost/ revalued amount (net of cenvat) less
accumulated depreciation. All costs including financial costs till
commencement of commercial production attributable to fixed assets are
capitalised.
D Depreciation
Depreciation on Fixed Assets is provided on straight-line method at the
rates and in the manner prescribed in the schedule XIV to the Companies
Act, 1956.
E Investment
Current Investments are stated at lower of cost and fair value. Long
term investments are stated at cost. Provision for diminution in the
value of long term investments is made only if such a decline is other
than temporary.
F Inventories
Inventories are valued at lower of cost or net realisable value except
for scrap/damaged stock, which are valued at net realisable value. Cost
of inventories of finished goods and work in progress includes material
cost, cost of conversion and other cost. Cost of inventories is
determined on FIFO basis.
G Foreign Currency Transactions
(i) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
(ii) Monetary items denominated in foreign currency at the year end are
translated at year end rates.
(iii) Any income or expense on account of exchange differences either
on settlement or on translation is recognised in the statement of
profit or loss.
H Employee Benefits
(i) Short-term employee benefits are recognised as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
(ii) Post employment and other long term employee benefits are
recognised as an expense in the statement of profit and loss for the
year in which the employee has rendered services . The expense is
recognised at the present value of the amounts payable determined using
actuarial valuation technique. Actuarial gains and losses in the
respect of post employment and other long term benefits are charged to
the statement of profit and loss.
I Borrowing Costs
Borrowing cost attributable to the construction of qualifying assets
are capitalised as part of such assets up to the date when such assets
are ready for intended use. Other Borrowing Cost are charged as expense
in the year in which they are incurred.
J Sales
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection . Sales net of excise duty and
is recognised on accrual basis, net of sales returns, sales tax and
Vat.
K Provision for Current and Deferred Tax
Tax on income for the current period is determined on the basis of
taxable income and tax credit computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
L Impairment of Assets
An asset is treated as Impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to
statement of profit and loss in the year in which an asset is
identified as impaired. The impairment loss recognised in prior
accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
M Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised 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 recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2013
A Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost
convention except certain fixed assets which are stated at revalued
amounts, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company.
B Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement. The difference between the actual results and
estimates are recognized in the year in which the results are known /
materialized.
C Fixed Assets
Fixed Assets are valued at cost/ revalued amount (net of canvas) less
accumulated depreciation. All costs including financial costs till
commencement of commercial production attributable to fixed assets are
capitalized.
D Depreciation
Depreciation on Fixed Assets is provided on straight-line method at the
rates and in the manner prescribed in the schedule XIV to the Companies
Act, 1956.
E Investment
Current Investments are stated at lower of cost and fair value. Long
term investments are stated at cost. Provision for diminution in the
value of long term investments is made only if such a decline is other
than temporary.
F Inventories
Inventories are valued at lower of cost or net realizable value except
for scrap/damaged stock, which are valued at net realizable value. Cost
of inventories of finished goods and work in progress includes material
cost, cost of conversion and other cost. Cost of inventories is
determined on FIFO basis.
G Foreign Currency Transactions
(i) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
(ii) Monetary items denominated in foreign currency at the yearend are
translated at year end rates.
(iii) Any income or expense on account of exchange differences either
on settlement or on translation is recognized in the statement of
profit or loss.
H Employee Benefits
(i) Short-term employee benefits are recognized as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
(ii) Post employment and other long term employee benefits are
recognized as an expense in the statement of profit and loss for the
year in which the employee has rendered services . The expense is
recognized at the present value of the amounts payable determined using
actuarial valuation technique. Actuarial gains and losses in the
respect of post employment and other long term benefits are charged to
the statement of profit and loss.
I Borrowing Costs
Borrowing cost attributable to the construction of qualifying assets
are capitalized as part of such assets up to the date when such assets
are ready for intended use. Other Borrowing Cost are charged as expense
in the year in which they are incurred.
J Sales
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection . Sales net of excise duty and
is recognized on accrual basis, net of sales returns, sales tax and
Vat.
K Provision for Current and Deferred Tax
Tax on income for the current period is determined on the basis of
taxable income and tax credit computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax is recognized on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
L Impairment of Assets
An asset is treated as Impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to
statement of profit and loss in the year in which an asset is
identified as impaired. The impairment loss recognized in prior
accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
M Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of 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. Contingent assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2012
A Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost
convention except certain fixed assets which are stated at revalued
amounts, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company.
B Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement. The difference between the actual results and
estimates are recognised in the year in which the results are known /
materialised.
C Fixed Assets
Fixed Assets are valued at cost/ revalued amount (net of cenvat) less
accumulated depreciation. All costs including financial costs till
commencement of commercial production attributable to fixed assets are
capitalised.
D Depreciation
Depreciation on Fixed Assets is provided on straight-line method at the
rates and in the manner prescribed in the schedule XIV to the Companies
Act, 1956.
E Investment
Current Investments are stated at lower of cost and fair value. Long
term investments are stated at cost. Provision for diminution in the
value of long term investments is made only if such a decline is other
than temporary.
F Inventories
Inventories are valued at lower of cost or Net Realisable Value except
for scrap/damaged stock, which are valued at Net Realisable Value. Cost
of Inventories of Finished Goods and Work in Progress includes material
cost, cost of conversion and other cost. Cost of inventories is
determined on FIFO basis.
G Foreign Currency Transactions
(i) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
(ii) Monetary items denominated in foreign currency at the year end are
translated at year end rates.
(iii) Any income or expense on account of exchange differences either
on settlement or on translation is recognised in the profit or loss
account.
H Employee Benefits
(i) Short -term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
(ii) Post employment and other long term employee benefits are
recognised as an expense in the profit and loss account for the year in
which the employee has rendered services. The expense is recognised at
the present value of the amounts payable determined using actuarial
valuation technique. Actuarial gains and losses in the respect of post
employment and other long term benefits are charged to the profit and
loss account.
I Borrowing Costs
Borrowing cost attributable to the construction of qualifying assets
are capitalised as part of such assets up to the date when such assets
are ready for intended use. Other Borrowing Cost are charged as expense
in the year in which they are incurred.
J Sales
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales net of excise duty and
is recognised on accrual basis, net of sales returns, sales tax and
Vat.
K Provision for Current and Deferred Tax
Tax on income for the current period is determined on the basis of
taxable income and tax credit computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
L impairment of Assets
An asset is treated as Impaired when the carrying cost of assets
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 recognised in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
M Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised 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 recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2011
A. Basis of preparation of Financial Statements
The financial statements have been prepared on the historical cost
convention except certain fixed assets which are stated at revalued
amounts, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company.
b. Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement. The difference between the actual results and
estimates are recognised in the year in which the results are known /
materialised.
c. Fixed Assets
Fixed Assets are valued at cost/ revalued amount (net of cenvat) less
accumulated depreciation. All costs including financial costs till
commencement of commercial production attributable to fixed assets are
capitalised.
d. Depreciation
Depreciation on Fixed Assets is provided on straight-line method at the
rates and in the manner prescribed in the schedule XIV to the Companies
Act, 1956.
e. Inventories
Inventories are valued at lower of cost or Net Realisable Value except
for scrap/damaged stock, which are valued at Net Realisable Value. Cost
of Inventories of Finished Goods and Work in Progress includes material
cost, cost of conversion and other cost. Cost of inventories is
determined on FIFO basis.
f. Foreign Currency Transactions -
i Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
ii Monetary items denominated in foreign currency at the year end are
translated at year end rates.
iii Any income or expense on account of exchange differences either on
settlement or on translation is recognised in the profit or loss
account.
g. Employee Benefits
Contributions to Provident Fund and ESIC are charged to Profit & Loss
account. Provision for Gratuity and Leave Encashment are made on the
basis of actuarial valuation.
h. Borrowing Cost
Borrowing cost attributable to the construction of qualifying assets
are capitalised as part of such assets up to the date when such assets
are ready for intended use. Other Borrowing Cost are charged as expense
in the year in which they are incurred.
i. Sales
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection . Sales include excise duty
and is recognised on accrual basis, net of sales returns, sales tax and
Vat.
j. Taxes on income
Tax on income for the current period is determined on the basis of
taxable income and tax credit computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
k. Impairment of Assets
An asset is treated as Impaired when the carrying cost of assets
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 recognised in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
l. Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised 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 recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2010
A. Basis of preparation of Financial Statements
The financial statements have been prepared on the historical cost
convention except certain fixed assets which are stated at revalued
amounts, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company.
b. Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement The difference between the actual results and
estimates are recognised in the year in which the results are known /
materialised.
c. Fixed Assets
Fixed Assets are valued at cost/ revalued amount (net of cenvat) less
accumulated depreciation. All costs including financial costs till
commencement of commercial production attributable to fixed assets are
capitalised.
d. Depreciation
Depreciation on Fixed Assets is provided on straight-line method at the
rates and in the manner prescribed in the schedule XIV to the Companies
Act, 1956.
e. Inventories
Inventories are valued at lower of cost or Net Realisable Value except
for scrap/damaged stock, which are valued at Net Realisable Value. Cost
of Inventories of Finished Goods and Work in Progress includes material
cost, cost of conversion and other cost. Cost of inventories is
determined on FIFO basis.
f. Foreign Currency Transactions -
i Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
ii Monetary items denominated in foreign currency at the year end are
translated at year end rates.
iii Any income or expense on account of exchange differences either on
settlement or on translation is recognised in the profit or loss
account.
g. Employee Benefits
Contributions to Provident Fund and ESIC are charged to Profit & Loss
account. Provision for Gratuity and Leave Encashment are made on the
basis of actuarial valuation.
h. Borrowing Cost
Borrowing cost attributable to the construction of qualifying assets
are capitalised as part of such assets up to the date when such assets
are ready for intended use. Other Borrowing Cost are charged as expense
in the year in which they are incurred.
i. Sales
Sales include excise duty and is recognised on accrual basis, net of
sales returns.
j. Taxes on income
Tax on income for the current period is determined on the basis of
taxable income and tax credit computed in accordance with the
provisions of the Income Tax Act 1961.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
k. Impairment of Assets
An asset is treated as Impaired when the carrying cost of assets
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 recognised in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.