Mar 31, 2015
1.1 Basis of preparation of financial statements
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
accounting standards as prescribed under Section 133 of the Companies
Act, 2013 ('the Act') read with Rule 7 of the Companies (Accounts)
Rules, 2014, the provisions of the Act (to the extent notified) and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accounting policies have been consistently applied except where a
newly-issued accounting standard is initially adopted or a revision to
an existing accounting standard requires a change in the accounting
policy hitherto in use.
1.2 Use of Estimates
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
1.3 Change in Accounting Estimate
Pursuant to the requirements of Schedule II of the Companies Act, 2013,
the management has revised the useful lives of fixed assets to bring it
in line with the requirements of the said schedule. The depreciation
charge for the year is lower by Rs. 8,42,281/- as a result of this
change.
1.4 Sale/Revenue Recognition
Revenue (income) is recognized where no significant uncertainty as to
determination or realization exists. Sales are recognized ex works and
are including of excise duty but net of trade discounts and sales tax.
Job work income is recognized on delivery of finished goods.
Other Income: Interest income is recognized on time proportion basis
taking into account the amount outstanding and the rate applicable
1.5 Inventories
Raw Materials, Store & Spares, and Packing Materials are valued at
cost*.
Finished Goods :- Lower of Cost* or Net realizable value.
* Cost is determined on the basis of first in first out (FIFO) method.
1.6 Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation and
impairment loss, if any. The cost of assets comprises of purchase price
and directly attributable cost of bringing the assets to working
condition for its intended use including borrowing cost and incidental
expenditure during construction incurred up to the date when the assets
are ready to use and share issue expenses related to funds raised for
financing the project.
1.7 Depreciation/ Amortisation
i) Depreciation on fixed assets is provided as per the Schedule-II of
the Companies Act, 2013. As per this Schedule the carrying amount of
the asset as on 1 April 2014Â(a) shall be depreciated over the
remaining useful life of the asset (as defined in the schedule-II) ;(b)
after retaining the residual value, shall be recognised in the opening
balance of retained earnings where the remaining useful life of an
asset is nil.
ii) Depreciation is provided on pro-rata basis from the date on which
assets are put to use in case of addition and provided upto the date of
sale/disposal in case of sale/disposal.
iii) Depreciation on Plant & Machinery and Moulds is provided on
written down value method.
iv) Depreciation on fixed assets, other than Plant & Machinery and
Moulds is provided on straight line method.
1.8 Employee Benefits
a) Contribution to the Provident Fund and Employees State Insurance is
deposited in accordance with the provisions of the relevant acts and is
charged to profit and loss account.
b) Provision for gratuity and leave encashment is made on the basis of
actuarial valuation at the end of the year. Actuarial gains or losses
are recognized in the Statement of Profit and Loss.
1.9 Provisions
A provision is made based on a realizable estimate made. It is probable
that an outflow of resources embodying economic benefits will be
realized to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are
neither recognized nor disclosed in the financial statements.
1.10 Taxes on Income
Tax expense for the year comprising current tax and deferred tax is
included in determining the net profit/(loss) for the year.
Deferred tax assets are recognised for all deductible timing
differences and carried forward to the extent there is reasonable
certainty that sufficient future taxable profit will be available
against which such deferred tax assets can be realised. Deferred tax
assets to the extent they pertain to brought forward losses and
unabsorbed depreciation, are recognised only if there is virtual
certainty of realisation, based on expected profitability in the future
as estimated by the Company.
Deferred tax assets and liabilities are measured at the tax rates that
have been enacted or substantively enacted by the balance sheet date.
1.11 Earning per Share
In determining earning per share, the company considers net profit
after tax. Basic earning per share is computed using the weighted
average number of equity shares outstanding during the year.Diluted
earning per share is computed using the weighted average number of
equity shares outstanding including dilutive potential equity shares
during the year.
Mar 31, 2014
1.1 Basis of preparation of financial statements
The financial statements are prepared under historical cost convention,
on a going concern basis and in accordance with the applicable
accounting standards prescribed in the Companies (Accounting Standards)
Rules, 2006 issued by the Central Government and relevant provisions of
the Companies Act, 1956. Accounting policies have been consistently
applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a
change in the accounting policy hitherto in use.
1.2 Use of Estimates
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
1.3 Sale/Revenue Recognition
Revenue (income) is recognized where no significant uncertainty as to
determination or realization exists. Sales are recognized ex works and
are including of excise duty but net of trade discounts and sales tax.
Job work income is recognized on delivery of finished goods.
1.4 Inventories
Raw Materials and Packing Materials are valued at cost*.
Finished Goods are valued at Cost* or Net realizable value, Whichever
is lower.
* Cost is determined on the basis of first in first out (FIFO) method.
1.5 Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation and
impairment loss, if any. The cost of assets comprises of purchase price
and directly attributable cost of bringing the assets to working
condition for its intended use including borrowing cost and incidental
expenditure during construction incurred up to the date when the assets
are ready to use and share issue expenses related to funds raised for
financing the project.
1.6 Depreciation/ Amortisation
i) Depreciation on fixed assets, other than plant and machinery and
moulds is provided on straight line method as per Schedule-XIV of the
Companies Act, 1956.
ii) Depreciation on plant and machinery and moulds is provided on
written down value method as per Schedule-XIV of the Companies Act,
1956.
iii) Depreciation is provided on pro-rata basis from the date on which
assets are put to use in case of addition and provided upto the date of
sale/disposal in case of sale/disposal.
iv) Leasehold improvement assets are amortised over the period of
lease.
1.7 Employee Benefits
a) Contribution to the Provident Fund and Employees State Insurance is
deposited in accordance with the provisions of the relevant acts and is
charged to profit and loss account.
b) Provision for gratuity and leave encashment is made on the basis of
actuarial valuation at the end of the year. Actuarial gains or losses
are recognized in the Statement of Profit and Loss.
1.8 Provisions
A provision is made based on a realizable estimate made. It is probable
that an outflow of resources embodying economic benefits will be
realized to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are
neither recognized nor disclosed in the financial statements.
1.9 Taxes on Income
Tax expense for the year comprising current tax and deferred tax is
included in determining the net profit/(loss) for the year.
Deferred tax assets are recognised for all deductible timing
differences and carried forward to the extent there is reasonable
certainty that sufficient future taxable profit will be available
against which such deferred tax assets can be realised. Deferred tax
assets to the extent they pertain to brought forward losses and
unabsorbed depreciation, are recognised only if there is virtual
certainty of realisation, based on expected profitability in the future
as estimated by the Company. Deferred tax assets and liabilities are
measured at the tax rates that have been enacted or substantively
enacted by the balance sheet date.
1.10 Earning per Share
In determining earning per share, the company considers net profit
after tax. Basic earning per share is computed using the weighted
average number of equity shares outstanding during the year. Diluted
earning per share is computed using the weighted average number of
equity shares outstanding including dilutive potential equity shares
during the year.
1.11 Chit Fund Loss
Loss on chit is accounted in the year of closure of chit.
Jun 30, 2013
1.1 Basis of preparation of financial statements
The financial statements are prepared under historical cost convention,
on a going concern basis and in accordance with the applicable
accounting standards prescribed in the Companies (Accounting Standards)
Rules, 2006 issued by the Central Government, in consultation with the
National Advisory Committee on Accounting Standards and relevant
provisions of the Companies Act, 1956. Accounting policies have been
consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy hitherto in use.
1.2 Use of Estimates
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
1.3 Sale/Revenue Recognition
Revenue (income) is recognized where no significant uncertainty as to
determination or realization exists. Sales are recognized ex works and
are including of excise duty but net of trade discounts and sales tax.
Job work income is recognized on delivery of finished goods.
1.4 Inventories
Raw Materials and Packing Materials are valued at cost*.
Finished Goods are valued at Cost* or Net realizable value, Whichever
is lower.
*Cost is determined on the basis of first in first out (FIFO) method.
1.5 Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation and
impairment loss, if any. The cost of assets comprises of purchase price
and directly attributable cost of bringing the assets to working
condition for its intended use including borrowing cost and incidental
expenditure during construction incurred up to the date when the assets
are ready to use and share issue expenses related to funds raised for
financing the project.
1.6 Depreciation/ Amortization
i) Depreciation on fixed assets, other than plant and machinery and
moulds is provided on straight line method as per Schedule-XIV of the
Companies Act, 1956.
ii) Depreciation on plant and machinery and moulds is provided on
written down value method as per Schedule-XIV of the Companies Act,
1956.
iii) Depreciation is provided on pro-rata basis from the date on which
assets are put to use in case of addition and provided up to the date of
sale/disposal in case of sale/disposal.
iv) Leasehold improvement assets are amortized over the period of
lease.
1.7 Employee Benefits
a) Contribution to the Provident Fund and Employees State Insurance is
deposited in accordance with the provisions of the relevant acts and is
charged to profit and loss account.
b) Provision for gratuity and leave encashment is made on the basis of
actuarial valuation at the end of the year. Actuarial gains or losses
are recognized in the Statement of Profit and Loss.
1.8 Provisions
A provision is made based on a realizable estimate made. It is probable
that an outflow of resources embodying economic benefits will be
realized to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are
neither recognized nor disclosed in the financial statements.
1.9 Taxes on Income
Tax expense for the year comprising current tax and deferred tax is
included in determining the net profit/(loss) for the year.
Deferred tax assets are recognized for all deductible timing
differences and carried forward to the extent there is reasonable
certainty that sufficient future taxable profit will be available
against which such deferred tax assets can be realized. Deferred tax
assets to the extent they pertain to brought forward losses and
unabsorbed depreciation, are recognized only if there is virtual
certainty of realization, based on expected profitability in the future
as estimated by the Company.
Deferred tax assets and liabilities are measured at the tax rates that
have been enacted or substantively enacted by the balance sheet date.
Jun 30, 2011
A) General
The Company generally follows accrual basis of accounting, except
otherwise stated specifically and wherever it is not possible to
determine the quantum of accrual with reasonable certainty e.g.
insurance/other claims, overdue interest payable/receivable and
liquidated damages, these continue to be accounted for on settlement
basis.
b) Revenue Recognition
Revenue (income) is recognized where no significant uncertainty as to
determination or realization exists. Sales are recognized ex works and
are including of excise duty but net of trade discounts and sales tax.
c) Inventories
Inventories are valued at lower of cost or net realisable value. Cost
is determined on First in First out (FIFO) method basis.
d) Fixed Assets / Depreciation
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets is provided on straight line method as
per Schedule-XIV of the Companies Act, 1956 except on building
constructed on leased premises which is depreciated over the lease
period.
iii) Depreciation is provided on pro-rata basis from the date on which
assets are put to use in case of addition and provided upto the date of
sale/disposal in case of sale/disposal.
e) Retirement and Other Employee Benefits
i) Company's contribution to Government administered Provident Fund and
Employee's State Insurance Corporation are charged to Profit & Loss
Account.
ii) Defined benefit contributions in respect of gratuity and leave
encashment are provided on the basis of actuarial valuation made at the
end of the financial year. Actuarial gains or loss arising from such
valuations are charged to revenue in the year in which they arise.
iii) Short term employee benefit obligations are measured on an
undiscounted basis and charged to the Profit & Loss Account on accrual
basis.
f) Contingencies & Provisions
A provision is made based on a reasonable estimate. It is probable that
an outflow of resources embodying economic benefits will be realised to
settle an obligation. Contingent liabilities, if material, are
disclosed by way of notes to accounts. Contingent assets are not
recognised or disclosed in the financial statement.
g) Impairment of Assets
Impairment loss assessment is done at the balance sheet date to
determine whether there is any indication of impairment and in the
carrying amount of the company's fixed assets. If any such indication
exists, the assets recoverable amount is estimated. An impairment loss
is recognized wherever the carrying amount of an asset exceeds its
recoverable amount. After recognition of impairment loss, the
depreciation charge for the assets is adjusted in future periods to
allocate the assets revised carrying amount, less its residual value
(if any), on straight line basis over its remaining useful life.
Mar 31, 2010
A) The Company generally follows accrual basis of accounting, except
otherwise stated specifically and wherever it is not possible to
determine the quantum of accrual with reasonable certainty e.g.
insurance/other claims, overdue interest payable/receivable and
liquidated damages, these continue to be accounted for on settlement
basis.
b) Revenue (income) is recognized where no significant uncertainty as
to determination or realization exists. Sales are recognized ex works
and are including of excise duty but net of trade discounts and sales
tax.
c) Inventories
Raw Material, Packing Materials At Cost.
Finished Goods At lower of cost or net
realisable value.
Cost is determined on First in First out (FIFO) method.
d) Fixed assets / depreciation
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets is provided on straight line method as
per Schedule-XI V of the Companies Act, 1956 except on building
constructed on leased premises which is depreciated over the lease
period.
iii) Depreciation is provided on pro-rata basis from the date on which
assets are put to use in case of addition and provided upto the date of
sale/disposal in case of sale/disposal.
e) Employee benefits
i) Companys contribution to Government administered Provident Fund and
Employees State Insurance Corporation are charged to Profit & Loss
Account.
ii) Defined benefit contributions in respect of gratuity and leave
encashment are provided on the basis of actuarial valuation made at the
end of the financial year. Actuarial gains or loss arising from such
valuations are charged to revenue in the year in which they arise.
f) A provision is made based on a reasonable estimate. It is probable
that an outflow of resources embodying economic benefits will be
realised to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognised or disclosed in the financial statement.
g) Impairment loss assessment is done at the balance sheet date to
determine whether there is any indication of impairment and in the
carrying amount of the companys fixed assets. If any such indication
exists, the assets recoverable amount is estimated. An impairment loss
is recognized wherever the carrying amount of an asset exceeds its
recoverable amount. After recognition of impairment loss, the
depreciation charge for the assets is adjusted in future periods to
allocate the assets revised carrying amount, less its residual value
(if any), on straight line basis over its remaining useful life.
Mar 31, 2009
A) The Company generally follows accrual basis of accounting, except
otherwise stated specifically and wherever it is not possible to
determine the quantum of accrual with reasonable certainty e.g.
insurance/ other claims, overdue interest payable/receivable and
liquidated damages, these continue to be accounted for on settlement
basis.
b) Revenue (income) is recognized where no significant uncertainty as
to determination or realization exists. Sales are recognized ex works
and are including of excise duty but net of trade discounts and sales
tax.
c) Inventories
Raw Material, Packing Materials : At Cost.
Finished Goods : At lower of cost or net
realizable value.
Cost is determined on First in First out (FIFO) method.
d) Fixed assets / depreciation
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets is provided on straight line method as
per Schedule-XIV of the Companies Act, 1956.
iii) Depreciation is provided on pro-rata basis from the date on which
assets are put to use in case of addition and provided upto the date of
sale/disposal in case of sale/disposal.
e) Employee benefits
i) Companys contribution to Government administered Provident Fund and
Employees State Insurance Corporation are charged to Profit & Loss
Account.
ii) Defined benefit contributions in respect of gratuity and leave
encashment are provided on the basis of actuarial valuation made at the
end of the financial year. Actuarial gains or loss arising from such
valua- tions are charged to revenue in the year in which they arise.
(f) A provision is made based on a realizable estimate. It is probable
that an outflow of resources embodying economic benefits will be
realized to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognized or disclosed in the financial statements.
g) Impairment loss assessment is done at the balance sheet date to
determine whether there is any indication of impairment and in the
carrying amount of the companys fixed assets. If any such indication
exists, the assets recoverable amount is estimated. An impairment loss
is recognized wherever the carrying amount of an asset exceeds its
recoverable amount. After recognition of impairment loss, the
depreciation charge for the assets is adjusted in future periods to
allocate the assets revised carrying amount, less its residual value
(if any), on straight line basis over its remaining useful life.