Mar 31, 2018
1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention, except for certain fixed assets which are revalued, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 2013.
2. Use of Estimates
(i) The preparation 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 results and estimates are recognised in the period in which the results are known/ materialised.
(ii) Fixed Assets
On transition to ind AS , the Company has elected to continue with the carrying value of all of its property. Plant and equipment recognised as at April 1 2017 measured as per the previous GAPP (Indian GAPP) and use that carrying value as the deemed cost of the property, plant and equipment.
(iii) CAPITAL WORK IN PROGRESS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its capital work in progress recognised as at April 1, 2017 measured as per the previous GAAP ( Indian GAPP) and use that carrying value as the deemed cost of the capital work in progress.
Intangible Assets are stated at cost of acquisition and development.
(iv) Depreciation and Amortisation
Depreciation on fixed assets is provided as per schedule II of the companies act, 2013.Land is not amortised.
(v) Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. On transition to Ind AS the company has elected to continue with the carrying value of all of its intangible assets recognised as at 1 April 2017 measured as per the previous GAPP ( Indian GAPP) and use that carrying value as the deemed cost of the intangible assets.
(vi) Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contract.
(c) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Profit and Loss account except in case of long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.
(vii) Investments
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.
(viii) Inventories
Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition. Cost of raw materials, process chemicals, packing materials, trading and other products are determined on weighted average basis.
(ix) Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of goods, excise duty, adjusted for discounts (net), goods returned and breakages and expiry. Dividend income is recognized when received. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
(x) Excise Duty
Excise duty is accounted on the basis of both, payments made in respect of goods cleared as also provision made for goods lying in bonded warehouses.
(xi) 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 techniques. Actuarial gains and losses in respect of post employment and other long term benefits are charged to the Profit and Loss account.
(xii) Borrowing Costs
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to Profit and Loss account.
(xiii) Provision for Current and Deferred Tax
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.
(xiv) Provisions, 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 recognised but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
Mar 31, 2016
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention, except for certain fixed assets which are revalue, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 203.
B. Use of Estimates
The preparation of financial statements require 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 results and estimates are recognised in the period in which the results are known/materialised.
C. Fixed Assets
Fixed assets are stated at cost net of recoverable taxes and includes amounts added on revaluation, less accumulated depreciation and impairment loss, if any. All costs, including financing costs till commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the fixed assets are capitalised.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition.
E. Depreciation and Amortisation
Depreciation on fixed assets is provided as per schedule II of the companies act, 20B. The carrying value of useful lives of assets already exhausted has been adjusted in the opening value of reserves as per transition provisions. Leasehold land is not amortised.
F. Impairment of Assets
An asset is treated as impaired when the carrying cast of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
(a) Transactions dominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the yearend are restated at year end rates In case of items which are covered by forward exchange contracts, the difference between the yearend rate on the date of contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contract.
(c) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Profit and Loss account except in case of long term liabilities, where they related to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.
H. Investments
Long Term Investments are stated at cost. Provision for diminution in the value of long-term investments is made inly if such a decline is other than temporary.
I. Inventories
Items of inventories are measured at lower cost and net realisable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase, cost f conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition. Cost of raw materials, process chemicals, packing materials, trading and other products are determined on weighted average basis.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of goods, excise detested for discounts (net), goods returned and breakages and expiry. Dividend income is recognized when received. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
K. Excise Duty
Excise duty is accounted on the basis of both payments made in respect of good cleared as also provisions made for goods lying in bonded warehouses.
L. Employee Benefits
Long-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.
M. 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 techniques. Actuarial gains and losses in respect of post employment and other long-term benefits are charged to the Profit and Loss account.
N. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, B61 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.
O. Provisions, 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.
a Defined contribution plans
The Company makes Provident Fund and pension fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recogni''e®7.70 lakhs during the year (Year ended 3-March, 201? B9.74lakhs) for Provident Fund and pension fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
b Defined benefit plans
The Company offers the following employee benefit schemes to its employees:
i. Gratuity
The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.
Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges
Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:
Mar 31, 2014
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation 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 results and estimates are recognised in the period
in which the results are known/ materialised.
C. Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalised.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition.
E. Depreciation and Amortisation
Depreciation on fixed assets is provided at the rates and in the manner
prescribed in Schedule XIV to the Companies Act, 1956 over their useful
life. Leasehold land is not amortised.
F. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
(c) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
H. Investments
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.
I. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, packing materials, trading and other products are
determined on weighted average basis.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods, excise duty, adjusted for discounts (net),
goods returned and breakages and expiry. Dividend income is recognized
when received. Interest income is recognized on time proportion basis
taking into account the amount outstanding and rate applicable. m,
K. Excise Duty
Excise duty is accounted on the basis of both, payments made in respect
of goods cleared as also provision made for goods lying in bonded
warehouses.
L. 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 techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the Profit and
Loss account.
M. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss account.
N. Provision for Current and Deferred Tax
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.
O. Provisions, 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 recognised but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2013
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation 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 results and estimates are recognised in the period
in which the results are known/ materialised.
C. Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalised.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition.
E. Depreciation and Amortisation
Depreciation on fixed assets is provided at the rates and in the manner
prescribed in Schedule XIV to the Companies Act, 1956 over their useful
life. Leasehold land is not amortised.
F. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
(a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(b) Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
(c) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
H. Investments
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.
I. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, packing materials, trading and other products are
determined on weighted average basis.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods, excise duty, adjusted for discounts (net),
goods returned and breakages and expiry. Dividend income is recognized
when received. Interest income is recognized on time proportion basis
taking into account the amount outstanding and rate applicable.
K. Excise Duty
Excise duty is accounted on the basis of both, payments made in respect
of goods cleared as also provision made for goods lying in bonded
warehouses.
L. 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 techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the Profit and
Loss account.
M. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss account.
N. Provision for Current and Deferred Tax
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.
O. Provisions, 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 recognised 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 are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements require 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 results and estimates are recognised in the period
in which the results are known/ materialised.
C. Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and include
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net of charges on foreign
exchange contracts and adjustments arising from exchange rate
variations attributable to the fixed assets are capitalised.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition.
E. Depreciation and Amortisation
Depreciation on fixed assets is provided at the rates and in the manner
prescribed in Schedule XIV to the Companies Act, 1956 over their useful
life. Leasehold land is not amortised.
F. ImpairmentofAssets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
(i) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
(ii) Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
(iii) Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the Profit and Loss
account except in. case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
H. Investments
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.
I. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, packing materials, trading and other products are
determined on weighted average basis.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods, excise duty, adjusted for discounts (net),
goods returned and breakages and expiry. Dividend income is recognized
when received. Interest income is recognized on time proportion basis
taking into account the amount outstanding and rate applicable.
K. Excise Duty '
Excise duty is accounted on the basis of both, payments made in respect
of goods cleared as also provision made for goods lying in bonded
warehouse.
L. 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 ofthe amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the Profit and
Loss account.
M. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss account.
N. Provision for Current and Deferred Tax
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.
O. Provisions, 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 recognised but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2010
I. The Accounts have been prepared to comply in all material aspects
with applicable accounting principles in India, the accounting
standards issued by the Institute of Chartered Accountants of India and
the relevant provisions of the Companies Act, 1956 and are in
consonance with generally accepted accounting principles.
II. Fixed assets are stated at cost of acquisition and subsequent
improvements thereto including taxes, duties, freight and other
incidental expenses to acquisition and installation. In case of write
up due to revaluation, the fixed assets are shown at such higher
amounts. The carrying amount of fixed assets are reviewed at each
balance sheet date if there is any indication of impairment based on
internal/external factors. Where the carrying value exceeds the
estimated recoverable amount, provision for impairment is made to
adjust the carrying value to the recoverable amount. The recoverable
amount is the greater of the assets estimated net realizable value and
value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using an appropriate
discounting rate.
III. The Company follows the straight line method (S.L.M.) of charging
depreciation on all assets. Consequent to the insertion of schedule
XIV in Companies Act, 1956 with effect from 2nd April, 1987,
depreciation has been provided at the S.L.M. rates prescribed in
schedule XIV in respect of additions to fixed assets from and after the
said date and in respect of additions to fixed assets prior to said
date, the depreciation has been provided at older rates. Pursuant to
the notification of department of Company affairs dated 16.12.1993,
depreciation on assets acquired on and after the said date is provided
at new rates. Leasehold land is not amortised.
IV. Capital work in progress, if any, is stated at cost.
V. Long term investments are stated at cost.
VI. Inventories are valued at the lower of cost and estimated net
realisable value after providing for cost of obsolescence and other
anticipated losses, wherever considered necessary. Finished goods and
work in process include costs of conversion and other costs incurred in
bringing the inventories to their present location and condition.
VII. Revenue is recognised on completion of sale of goods.
VIII. Transactions in foreign currency are recorded at the exchange
rates prevailing on the date of the transaction. Current assets and
current liabilities (other than relating to fixed assets) are restated
at the rates prevailing at year end or at the forward rates where
forward cover has been taken and the difference between the year end
rates/forward rate and exchange rates at the date of transaction is
recognised as income or expense.
IX. Research and Development costs, (other than cost of fixed assets
acquired) are charged as an expense in the year in which they are
incurred.
X. Contribution to Provident Fund is made monthly at a pre-determined
rate to the provident fund authorities and accounted on an accrual
basis.
XI. Company has affected an arrangement with Life Insurance
Corporation of India under Group Gratuity cum Life Assurance Scheme so
as to cover future payment of Gratuity to retiring and other employees
and is making the contribution to them as perthepremium sought.
XII. a) Sales comprise of sale of goods, net of trade discount, goods
returns, breakages and expiry. b) Dividend on Shares, Insurance and
other claims as and when received.