Mar 31, 2015
(a) Income:
(i) Sales are accounted for on dispatch of goods. Net sales exclude
amounts recovered towards sales tax, freight and are net of discounts.
(ii) Service Income is recognised as revenue after the service is
rendered.
(b) Accounting of Claims:
(i) Claims receivable are accounted at the time of lodgement, depending
on the certainty of receipt. Claims payable are accounted for at the
time of acceptance.
(ii) Claims raised by Government Authorities regarding taxes and duties
which are disputed by the Company are accounted based on the legality
of each claim. Adjustments, if any, are made in the year in which
disputes are finally settled.
(c) Retirement Benefits: Retirement benefits to employees are provided
as follows:
(i) Gratuity : Gratuity payable to employees is provided for by payment
to Gratuity Trust Funds on the basis of amounts determined by Life
Insurance Corporation of India under Group Gratuity Scheme.
(ii) Superannuation : Superannuation payable to certain Employees is
provided by payments to Superannuation Trust Fund as per Superannuation
Scheme.
(iii) Company's Contributions Paid / Payable to Provident Fund is
charged to Profit & Loss Account.
(iv) The Company extends the benefit of encashment of leave to its
employees while in service as well as on retirement. However it does
not have any defined Retirement Benefit Scheme in this behalf. Though
encashment is at the discretion of the management for the leave
accumulated while in services, as well as on retirement, it is provided
for during the year.
(d) Fixed Assets, Depreciation & Impairment Loss :
(i) Fixed Assets (includes assets purchased on Hire Purchase basis) are
stated at cost of acquisition (net of cenvat wherever applicable) except
Land, Buildings & Machineries which were revalued at market value and
are stated at revalued cost. (In the year 2006 in case of JSL industries
Ltd., Land & building & Machineries acquired on account of Amalgamation
with JEM Industries Ltd. & Jyoti Pumps and Electricals Ltd. are stated
at market values which were revalued in the year 2004.)
(ii) Depreciation on fixed assets is calculated on a straight-line
basis as per Schedule II of Companies Act, 2013 on remaining useful
life of particular assets after deducting its residual value. Had it
been charged as for old act, depreciation of Rs. 35,55,994/- would have
been lower and profit to that extent would be higher.
(iii) An amount representing difference between depreciation on
Revalued Assets and original cost of Assets is transferred from
Revaluation Reserve to Profit & Loss Account.
(iv) In case, the recoverable amount of the fixed assets is lower than
carrying amount, a provision is made for the impairment loss.
(v) Leasehold land is amortised on a straight line basis over the
period of lease.
(vi) During the year Land (6497.5101 Sq. meters) and Building attached
to National Highway No-8 was compulsory acquired by National Highways
Authority of India. Aggregate compensation of Rs. 71,47,261/ - and Rs.
32,16,176/- were received in that order. Cost of Land and Building
amounting to Rs. 21,57,274/- and Rs. 18,40,547/- respectively were
deducted from respective block of assets and capital profit earned is of
Rs. 63,65,616/- is shown as capital gain.
(e) Payments for acquisition of technical know-how is capitalized to
the relevant assets account and depreciation is provided as and when it
is put to use.
(f) Investments: Investments are stated at cost and income thereon is
accounted on receipt basis.
Share Application Money with Jyoti Limited amounting to Rs. 5,50,00,000/
- is pending for allotment.
(g) Research & Development : R&D expenditure of revenue nature is
charged to Profit & Loss Account. Capital expenditure is capitalized in
the year in which it is incurred and depreciation is provided on such
assets as applicable.
(h) Inventories : Cost of raw materials, components and stores and
spares is determined on a weighted average basis. However, materials
and other items held for use in the production of finished products are
not valued at written down below cost if the finished products in which
they will be incorporated are expected to be sold at or above cost.
Raw materials, components, stores and spares are valued at lower of
cost or net realizable value.
Work-in-progress is valued at cost and finished goods are valued at
lower of cost or net realizable value. Cost includes direct materials
and labour and a proportion of manufacturing overheads based on normal
operating capacity. Cost of finished goods includes excise duty and is
determined on a weighted average basis.
(i) Foreign Currency Transactions
Transactions in Foreign exchange are accounted for at the exchange rate
prevailing on the date of receipt. Gain/ Loss arising out of
fluctuation in the exchange rate are accounted for on realisation.
(j) Deferred Tax
Deferred Tax Assets and Liabilities are recognised in accordance with
Accounting Standard (AS) 22 on Accounting for Taxes on Income, Issued
by The Institute of Chartered Accountants of India.
(k) Provisions, Contingent Liabilities and Contingent Assets
a) A contingent liability is a possible obligation that arises from
past events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably.
b) Contingent Liabilities are disclosed after careful evaluation by the
management of facts and legal aspects of the obligation.
c) Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2014
(a) Income:
(i) Sales are accounted for on dispatch of goods. Net sales exclude
amounts recovered towards sales tax, freight and are net of discounts.
(ii) Service Income is recognised as revenue after the service is
rendered.
(iii) Dividend Received on Investment are accounted on receipt basis.
(b) Accounting of Claims:
(i) Claims receivable are accounted at the time of lodgement, depending
on the certainty of receipt. Claims payable are accounted for at the
time of acceptance.
(ii) Claims raised by Government Authorities regarding taxes and duties
which are disputed by the Company are accounted based on the legality
of each claim. Adjustments, if any, are made in the year in which
disputes are finally settled.
(c) Retirement Benefits: Retirement benefits to employees are provided
as follows:
(i) Gratuity : Gratuity payable to employees is provided for by payment
to Gratuity Trust Funds on the basis of amounts determined by Life
Insurance Corporation of India under Group Gratuity Scheme.
(ii) Superannuation Superannuation payable to certain Employees is
provided by payments to Superannuation Trust Fund as per Superannuation
Scheme.
(iii) Company''s Contributions Paid / Payable to Provident Fund is
charged to Profit & Loss Account.
(iv) The Company extends the benefit of encashment of leave to its
employees while in service as well as on retirement. However it does
not have any defined Retirement Benefit Scheme in this behalf. Though
encashment is at the discretion of the management for the leave
accumulated while in services, as well as on retirement, it is provided
for during the year.
(d) Fixed Assets, Depreciation & Impairment Loss :
(i) Fixed Assets (includes assets purchased on Hire Purchase basis) are
stated at cost of acquisition (net of cenvat wherever applicable)
except Land, Buildings & Machineries which were revalued at market
value and are stated at revalued cost. (In the year 2006 in case of
JSL industries Ltd., Land & building & Machineries acquired on account
of Amalgamation with JEM Industries Ltd. & Jyoti Pumps and Electricals
Ltd. are stated at market values which were revalued in the year 2004.)
(ii) Depreciation on fixed assets is calculated on a straight-line
basis using the rates prescribed under the Schedule XIV to the
Companies Act, 1956
(iii) An amount representing difference between depreciation on
Revalued Assets and original cost of Assets is transferred from
Revaluation Reserve to Profit & Loss Account.
(iv) In case, the recoverable amount of the fixed assets is lower than
carrying amount, a provision is made for the impairment loss.
(v) Leasehold land is amortised on a straight line basis over the
period of lease.
(e) Payments for acquisition of technical know-how is capiatlised to
the relevant assets account and depreciation is provided as and when it
is put to use.
(f) Investments:
Investments are stated at cost and income thereon is accounted on
receipt basis.
(g) Research & Development:
R&D expenditure of revenue nature is charged to Profit & Loss Account.
Capital expenditure is capiatlised in the year in which it is incurred
and depreciation is provided on such assets as applicable.
(h) Inventories:
Cost of raw materials, components and stores and spares is determined
on a weighted average basis. However, materials and other items held
for use in the production of finished products are not valued at
written down below cost if the finished products in which they will be
incorporated are expected to be sold at or above cost. Raw materials,
components, stores and spares are valued at lower of cost or net
realizable value.
Work-in-progress are valued at cost and finished goods are valued at
lower of cost or net realizable value. Cost includes direct materials
and labour and a proportion of manufacturing overheads based on normal
operating capacity. Cost of finished goods includes excise duty and is
determined on a weighted average basis.
(i) Foreign Currency Transactions
Transactions in Foreign exchange are accounted for at the exchange rate
prevailing on the date of receipt. Gain/ Loss arising out of
fluctuation in the exchange rate is accounted for on realisation.
(j) Deferred Tax
Deferred Tax Assets and Liabilities are recognised in accordance with
Accounting Standard (AS) 22 on Accounting for Taxes on Income, Issued
by The Institute of Chartered Accountants of India.
(k) Provisions, Contingent Liabilities and Contingent Assets
a) A contingent liability is a possible obligation that arises from
past events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably.
b) Contingent Liabilities are disclosed after careful evaluation by the
management of facts and legal aspects of the obligation.
c) Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2013
(a) Income:
(i) Sales are accounted for on dispatch of goods. Net sales exclude
amounts recovered towards sales tax, freight and are net of discounts.
(ii) Service Income is recognised as revenue afterthe service is
rendered.
(iii) Dividend Received on Investment are accounted on receipt basis.
(b) Accounting of Claims:
(i) Claims receivable are accounted at the time of lodgement, depending
on the certainty of receipt. Claims payable are accounted for at the
time of acceptance.
(ii) Claims raised by Government Authorities regarding taxes and duties
which are disputed by the Company are accounted based on the legality
of each claim. Adjustments, if any, are made in the year in which
disputes are finally settled.
(c) Retirement Benefits: Retirement benefits to employees are provided
as follows:
(i) Gratuity :Gratuity payable to employees is provided for by payment
to Gratuity Trust Funds on the basis of amounts determined by Life
Insurance Corporation of India under Group Gratuity Scheme.
(ii) Superannuation : Superannuation payable to certain Employees is
provided by payments to Superannuation Trust Fund as per Superannuation
Scheme.
(iii) Company''s Contributions Paid / Payable to Provident Fund is
charged to Profit & '' Loss Account.
(iv)The Company extends the benefit of encashment of leave to its
employees while in service as well as on retirement. However it does
not have any defined Retirement Benefit Scheme in this behalf. Though
encashment is at the discretion of the management for the leave
accumulated while in services, as well as on retirement, it is provided
for during the year.
(d) Fixed Assets, Depreciation & Impairment Loss:
(i) Fixed Assets (includes assets purchased on Hire Purchase basis) are
stated at cost of acquisition (net of cenvat wherever applicable)
except Land, Buildings & Machineries which were revalued at market
value and are stated at revalued cost. (In the year 2006 in case of JSL
industries Ltd., Land & building & Machineries acquired on account of
Amalgamation with JEM Industries Ltd. & Jyoti Pumps and Electricals
Ltd. are stated at market values which were revalued in the year 2004.)
(ii) Depreciation on fixed assets is calculated on a straight-line
basis using the rates prescribed under the Schedule XIV to the
Companies Act, 1956
(iii) An amount representing difference between depreciation on
Revalued Assets and original cost of Assets is transferred from
Revaluation Reserve to Profit & Loss Account.
(iv) In case, the recoverable amount of the fixed assets is lower than
carrying amount, a provision is made for the impairment loss.
(v) Leasehold land is amortised on a straight line basis over the
period of lease.
(e) Payments for acquisition of technical know-how is capiatlised to
the relevant assets account and depreciation is provided as and when it
is put to use.
(f) Investments:
Investments are stated at cost and income thereon is accounted on
receipt basis.
(g) Research & Development:
R&D expenditure of revenue nature is charged to Profit & Loss Account.
Capital expenditure is capiatlised in the year in which it is incurred
and depreciation is provided on such assets as applicable.
(h) Inventories:
Cost of raw materials, components and stores and spares is determined
on a weighted average basis. However, materials and other items held
for use in the production of finished products are not valued at
written down below cost if the finished products in which they will be
incorporated are expected to be sold at or above cost. Raw materials,
components, stores and spares are valued at lower of cost or net
realizable value.
Work-in-progress are valued at cost and finished goods are valued at
lower of cost or net realizable value. Cost includes direct materials
and labour and a proportion of manufacturing overheads based on normal
operating capacity. Cost of finished goods includes excise duty and is
determined on a weighted average basis.
(i) Foreign Currency Transactions
''Transactions in Foreign exchange are accounted for at the exchange
rate prevailing on the date of receipt. Gain/ Loss arising out of
fluctuation in the exchange rate is accounted for on realisation.
(j) Deferred Tax
Deferred Tax Assets and Liabilities are recognised in accordance with
Accounting Standard (AS) 22 on Accounting for Taxes on Income, Issued
by The Institute of Chartered Accountants of India.
(k) Provisions, Contingent Liabilities and Contingent Assets
a) A contingent liability is a possible obligation that arises from
past events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably.
b) Contingent Liabilities are disclosed after careful evaluation by the
management of facts and legal aspects of the obligation.
c) Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2012
(a) Income:
(i) Sales are accounted for on dispatch of goods. Net sales exclude
amounts recovered towards sales tax, freight and are net of discounts.
(ii) Service Income is recognized as revenue after the service is
rendered.
(iii) Dividend Received on Investment are accounted on receipt basis.
(b) Accounting of Claims:
(i) Claims receivable are accounted at the time of lodgment, depending
on the certainty of receipt. Claims payable are accounted for at the
time of acceptance.
(ii) Claims raised by Government Authorities regarding taxes and duties
which are disputed by the Company are accounted based on the legality
of each claim. Adjustments, if any, are made in the year in which
disputes are finally settled.
(c) Retirement Benefits: Retirement benefits to employees are provided
as follows:
(i) Gratuity : Gratuity payable to employees is provided for by payment
to Gratuity Trust Funds on the basis of amounts determined by Life
Insurance Corporation of India under Group Gratuity Scheme.
(ii) Superannuation :Superannuation payable to certain Employees is
provided by payments to Superannuation Trust Fund as per Superannuation
Scheme.
(iii) Company's Contributions Paid / Payable to Provident Fund is
charged to Profit & Loss Account.
(iv)The Company extends the benefit of encashment of leave to its
employees while in service as well as on retirement. However it does
not have any defined Retirement Benefit Scheme in this behalf. Though
encashment is at the discretion of the management for the leave
accumulated while in services, as well as on retirement, it is provided
for during the year.
(d) Fixed Assets, Depreciation & Impairment Loss :
(i) Fixed Assets (includes assets purchased on Hire Purchase basis) are
stated at cost of acquisition (net of cenvat wherever applicable)
except Land, Buildings & Machineries which were revalued at market
value and are stated at revalued cost. (In the year 2006 in case of
JSL industries Ltd., Land & building & Machineries acquired on account
of Amalgamation with JEM Industries Ltd. & Jyoti Pumps and Electricals
Ltd. are stated at market values which were revalued in the year 2004.)
(ii) Depreciation on fixed assets is calculated on a straight-line
basis using the rates prescribed under the Schedule XIV to the
Companies Act, 1956
(iii) An amount representing difference between depreciation on
Revalued Assets and original cost of Assets is transferred from
Revaluation Reserve to Profit & Loss Account.
(iv) In case, the recoverable amount of the fixed assets is lower than
carrying amount, a provision is made for the impairment loss.
(v) Leasehold land is amortized on a straight line basis over the
period of lease.
(e) Payments for acquisition of technical know-how is capitalized to
the relevant assets
account and depreciation is provided as and when it is put to use.
(f) Investments:
Investments are stated at cost and income thereon is accounted on
accrual basis.
(g) Research & Development:
R&D expenditure of revenue nature is charged to Profit & Loss Account.
Capital expenditure is capitalized in the year in which it is incurred
and depreciation is provided on such assets as applicable.
(h) Inventories:
Cost of raw materials, components and stores and spares is determined
on a weighted average basis. However, materials and other items held
for use in the production of inventories are not written down below
cost if the finished products in which they will be incorporated are
expected to be sold at or above cost. Raw materials, components, stores
and spares are valued at lower of cost and net realizable value.
Work-in-progress are valued at cost and finished goods are valued at
lower of cost and net realizable value. Cost includes direct materials
and lab our and a proportion of manufacturing overheads based on normal
operating capacity. Cost of finished goods includes excise duty and is
determined on a weighted average basis.
(i) Foreign Currency Transactions
Transactions in Foreign exchange are accounted for at the exchange rate
prevailing on the date of receipt. Gain/ Loss arising out of
fluctuation in the exchange rate is accounted for on realization.
(j) Deferred Tax
Deferred Tax Assets and Liabilities are recognized in accordance with
Accounting Standard (AS) 22 on Accounting for Taxes on Income, Issued by
The Institute of Chartered Accountants of India.
(k) Provisions, Contingent Liabilities and Contingent Assets
a) A contingent liability is a possible obligation that arises from
past events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably.
b) Contingent Liabilities are disclosed after careful evaluation by the
management of facts and legal aspects of the obligation.
c) Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2011
(a) Income:
(i) Sales are accounted for on dispatch of goods. Net sales exclude
amounts recovered towards sales tax, freight and is net of discounts.
(ii) Service Income is recognised as revenue after the service is
rendered.
(iii)Dividend Received on Investment are accounted on receipt basis.
(b) Accounting of Claims:
(i) Claims receivable are accounted at the time of lodgment, depending
on the certainty of receipt. Claims payable are accounted for at the
time of acceptance.
(ii) Claims raised by Government Authorities regarding taxes and duties
which are disputed by the Company are accounted based on the legality
of each claim. Adjustments, if any, are made in the year in which
disputes are finally settled.
(c) Retirement Benefits: Retirement benefits to employees are provided
as follows:
(i) Gratuity Gratuity payable to employees is provided for by payment
to Gratuity Trust
Funds on the basis of amounts determined by Life Insurance Corporation
of India under Group Gratuity Scheme.
(ii) Superannuation Superannuation payable to certain Employees is
provided by payments to
Superannuation Trust Fund as per Superannuation Scheme.
(iii) Company's Contributions Paid / Payable to Provident Fund is
charged to Profit & Loss Account.
(iv) The Company extends the benefit of encashment of leave to its
employees while in service as well as on retirement. However it does
not have any defined Retirement Benefit Scheme in this behalf. Though
encashment is at the discretion of the management for the leave
accumulated while in services, as well as on retirement, it is provided
for during the year.
(d) Fixed Assets, Depreciation & Impairment Loss:
(i) Fixed Assets (includes assets purchased on Hire Purchase basis) are
stated at cost of acquisition (net of cenvat wherever applicable)
except Land, Buildings & Machineries which were revalued at market
value and are stated at revalued cost (In the year 2006 in case of JSL
industries Ltd. and Land & building & Machineries acquired on account
of Amalgamation with JEM Industries Ltd. & Jyoti Pumps and Electricals
Ltd are stated at market value which were revalued in the year 2004.)
(ii) An amount representing difference between depreciation on Revalued
Assets and Original Cost of Assets is transferred from Revaluation
Reserve to Profit & Loss Account
(iii) In case, the recoverable amount of the fixed assets is lower than
carrying amount, a provision is made for the impairment loss.
(e) Payments for acquisition of technical know-how is capiatlised to
the relevant assets account and depreciation is provided as and when it
is put to use.
(f) Investments
Investments are stated at cost and income thereon is accounted on
accrual basis.
(g) Research & Development
R&D expenditure of revenue nature is charged to Profit & Loss Account.
Capital expenditure is capiatlised in the year in which it is incurred
and depreciation is provided on such assets as applicable.
(h) Inventories
Raw Materials and components are stated at weighted average cost.
Work-in-progress is valued at cost. Finished Goods are valued at lower
of cost or market value. Pattern tools are valued at cost net of
amortization.
(i) Foreign Currency Transactions
Transactions in Foreign exchange are accounted for at the exchange rate
prevailing on the date of receipt. Gain/ Loss arising out of
fluctuation in the exchange rate is accounted for on realisation.
(j) Contingent Liabilities
Contingent Liabilities are disclosed after careful evaluation by the
management of facts and legal aspects of the matter involved.
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