Mar 31, 2015
A) System of Accounting
The Accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues Recognised and expenses
accounted on accrual basis.
b) Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the
Generally Accepted accounting Principles in India('Indian GAAP') to
comply with the Accounting Standards specified under Section 133 of the
Companies Act,2013, read with Rule 7 of the Companies (Accounts) Rules,
2014 and the relevant Provisions of the Companies Act, 2013.
c) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation in the
books of accounts. The Fixed Assets are capitalized at cost inclusive
of legal and/or Installation expenses. The carrying amounts are
reviewed at each balance sheet date when required to assess whether
they are recorded in excess of their recoverable amounts, and where
carrying values exceed this estimated recoverable amount, assets are
written down to their recoverable amount.
d) Depreciation
The Depreciation of Fixed Assets is charged on straight line method and
Consequent to the enactment of the Companies act 2013 (the act ) and
its applicability from 1st April 2014, the remaining useful life of
fixed assets have been reassessed in accordance with provisions
prescribed under Schedule II of the act, in case of assets which have
completed their useful life, the carrying value as at 1st April 2014
has been recognised in retained earnings and the other assets have been
depreciated over the revised useful life.
e) Valuation of Investments
Inventories of raw material, goods in process, stores and spares,
finished goods and merchanting goods are stated at cost or net
realizable value, whichever is lower', Goods -in-transit are stated 'at
cost'. Cost Comprise all cost of purchase, cost of conversion and other
cost incurred in bringing the inventories to their present location and
Condition Cost formula are used are ' First-in-first out'. Average
cost' or 'Specific identification', as applicable. Due allowances is
estimated and made for defective and absolute items, wherever
necessary, based on the past experience of the company.
f) Investments
Investments are classified into long term investments. Long term
investments are stated at cost. A provision for diminution is made to
recognize a decline other than temporary, in the value of long term
investments.
g) Employee Benefits
Defined Benefits Plans: The present value of the obligation under such
plan is determined based on an actuarial valuation using Projected unit
Credit Method. Actuarial gains and losses arising on such valuation
are recognised immediately in the Profit & Loss Statement. In case of
funded defined benefit plans, the fair value of the plan assets is
reduced from the gross obligation under the defined benefit plans, to
recognize the obligation on net basis.
h) Borrowing Cost:
Interest and other borrowing cost attributable to qualifying assets are
capitalized. Other interest and borrowing Costs are charged to revenue.
i) Government Grant:
Grant received against specific fixed assets are adjusted to the
assets. Revenue Grant are recognized in the profit & loss Statement in
accordance with the related scheme and in the period in which these are
accrued.
j) Taxation:
Income-tax expenses comprise current tax and deferred tax charged on
credit. Provision for Current tax is made on the basis of assessable
income at the tax rate applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by applying
tax rates and tax laws that have been enacted or substantively enacted
by the Balance Sheet Date. Deferred tax assets arising mainly on
account of brought forwarded losses and unabsorbed depreciation under
tax laws, are recognised, only if there is a virtual certainty of its
realization, supported by Convincing evidence. Deferred tax assets on
account of other timing differences are recognised only to the extent
there is a reasonable certainty of its realization. At each balance
sheet date, the carrying amount of deferred tax assets is reviewed to
reassure realization.
k) Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the assets
exceed the recoverable amount. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
Mar 31, 2014
A) System of Accounting
The Accounts have been prepared using historical cost convention and on
th basis of a going concern, with revenues Recognised and expenses
accounted on accrual basis.
b) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation in the
books of accounts. The Fixed Assets are capitalized at cost inclusive
of legal and/or Installation expenses.
c) Depreciation ''
The Depreciation of Fixed Assets is charged on straight line method and
as per the rates prescribed in Schedule XIV of the Companies Act,1956
d) Valuation of Investments
Inventories of raw material, goods in process, stores and spares,
finished goods and merchanting goods are stated at cost or net
realizable value, whichever is lower'', Goods -in-transit are stated
''at cost''. Cost Comprise all cost of purchase, cost of conversion
and other cost incurred in bringing the inventories to their present
location and Condition Cost formula used are ''First-in- first out''.
Average cost'' or ''Specific identification'', as applicable. Due
allowances is estimated and made for defective and absolute items,
wherever necessary, based on the past experience of the company.
e) Investments
Investments are classified into long term investments. Long term
investments are stated at cost. A provision for diminution is made to
recognize a decline other than temporary, in the value of long term
investments.
f) Employee Benefits
Defined Benefits Plans: The present value of the obligation under such
plan is determined based on an actuarial valuation using Projected unit
Credit Method.
Actuarial gains and losses arising on such valuation are recognised
immediately in the Profit & Loss Statement. In case of funded defined
benefit plans, the fair value of the plan assets is reduced from the
gross obligation under the defined benefit plans, to recognise the
obligation on net basis.
g) Borrowing Cost:
Interest and other borrowing cost attributable to qualifying assets are
capitalised. Other interest and borrowing Costs are charged to revenue.
h) Government Grant:
Grant received against specific fixed assets are adjusted to the
assets. Revenue Grant are recognised in the profit & loss Statement in
accordance with the related scheme and in the period in which these are
accrued.
i) Taxation:
Income-tax expenses comprise current tax and deferred tax charged on
credit. Provision for Current tax is made on the basis of assessable
income at the tax rate applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by applying
tax rates and tax laws that have been enacted or substantively enacted
by the Balance Sheet Date. Deferred tax assets arising mainly on
account of brought forwarded losses and unabsorbed depreciation
undertax laws, are recognised, only if there is a virtual certainty of
its realisation, supported by Convincing evidence. Deferred tax assets
on account of other timing differences are recognised only to the
extent there is a reasonable certainty of its realisation. At each
balance sheet date, the carrying amount of deferred tax assets are
reviewed to reassure realisation.
j) Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the assets
exceed the recoverable amount. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
The Company has only one class of equity shares having a face value of
Rs.10 per share. Each Shareholder of equity share is entitled to one
vote per share.
The company has not decleared dividend in current year.
In the event of liquidation of the company, the shareholders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferiantialamounts in proportion
to the number of equity shares held by the shareholders.
Mar 31, 2013
A) System of Accounting:
The Accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues Recognised and expenses
accounted on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation in the
books of accounts. The Fixed Assets are capitalized at cost inclusive
of legal and/or Installation expenses.
c) Depreciation:
The Depreciation of Fixed Assets is charged on straight line method and
as per the rates prescribed in Schedule XIV of the Companies Act,1956
d) Valuation of Investments:
Inventories of raw material, goods in process, stores and spares,
finished goods and merchanting goods are stated at cost or net
realizable value, whichever is lower'', Goods Âin-transit are stated ''at
cost''. Cost Comprise all cost of purchase, cost of conversion and other
cost incurred in bringing the inventories to their present location and
Condition Cost formula e used are '' First-in-first out''. Average cost''
or ''Specific identification'', as applicable. Due allowances is
estimated and made for defective and absolute items, wherever
necessary, based on the past experience of the company.
e) Investments:
Investments are classified into long term investments. Long term
investments are stated at cost. A provision for diminution is made to
recognize a decline other than temporary, in the value of long term
investments.
f) Employee Benefits:
Defined Benefits Plans: The present value of the obligation under such
plan is determined based on an actuarial valuation using Projected unit
Credit Method. Actuarial gains and losses arising on such valuation
are recognised immediately in the Profit & Loss Statement. In case of
funded defined benefit plans, the fair value of the plan assets is
reduced from the gross obligation under the defined benefit plans, to
recognise the obligation on net basis.
g) Borrowing Cost:
Interest and other borrowing cost attributable to qualifying assets are
capitalised. Other interest and borrowing Costs are charged to revenue.
h) Government Grant:
Grant received against specific fixed assets are adjusted to the
assets. Revenue Grant are recognised in the profit & loss Stetement in
accordance with the related scheme and in the period in which these are
accrued.
i) Taxation:
Income-tax expenses comprise current tax and deferred tax charged on
credit. Provision for Current tax is made on the basis of assessable
income at the tax rate applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by applying
tax rates and tax laws that have been enacted or substantively enacted
by the Balance Sheet Date. Deferred tax assets arising mainly on
account of brought forwarded losses and unabsorbed depreciation under
tax laws, are recognized , only if there is a virtual certainty of its
realisation, supported by Convincing evidence. Deferred tax assets on
account of other timing differences are recognised only to the extent
there is a reasonable certainty of its realisation. At each balance
sheet date, the carrying amount of deferred tax assets are reviewed to
reassure realisation.
j) Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the assets
exceed the recoverable amount. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
Mar 31, 2012
A) System of Accounting
The Accounts have been prepared using historical coast convention and
on the basis of a going concern, with revenues Recognised and expenses
accounted on accrual basis.
b) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation in the
books of accounts. The Fixed Assets are capitalized at cost inclusive
of legal and/ or Installation expenses.
c) Depreciation
The Depreciation of Fixed Assets is charged on straight line method and
as per the rates prescribed in Schedule XIV of the Companies Act, 1956
d) Valuation of Investments
Inventories of raw material, goods in process, stores and spares,
finished goods and merchanting goods are stated at cost or net
realizable value, whichever is lower', Goods -in-transit are stated 'at
cost'. Cost Comprise all cost of purchase, cost of conversion and other
cost incurred in bringing the inventories to their present location and
Condition Cost formula e used are ' First-in-first out'. Average cost'
or 'Specific identification', as applicable. Due allowances is
estimated and made for defective and absolute items, wherever
necessary, based on the past experience of the company.
e) Investments
Investments are classified into long term investments. Long term
investments are stated at cost. A provision for dimunition is made to
recognize a decline other than temporary, in the value of long term
investments.
f) Employee Benefits
Defined Benefits Plans: The present value of the obligation under such
plan is determined based on an actuarial valuation using Projected unit
Credit Method. Actuarial gains and losses arising on such valuation are
recognised immediately in the Profit & Loss Account. In case of funded
defined benefit plans, the fair value of the plan assets is reduced
from the gross obligation under the defined benefit plans, to recognise
the obligation on net basis.
g) Borrowing Cost:
Interest and other borrowing cost attributable to qualifying assets are
capitalised. Other interest and borrowing Costs are charged to revenue.
h) Government Grant:
Grant received against specific fixed assets are adjusted to the
assets. Revenue Grant are recognised in the profit & loss Account in
accordance with the related scheme and in the period in which these are
accrued.
i) Taxation:
Income-tax expenses comprise current tax and deferred tax charged on
credit. Provision for Current tax is made on the basis of assessable
income at the tax rate applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by applying
tax rates and tax laws that have been enacted or substantively enacted
by the Balance Sheet Date. Deferred tax assets arising mainly on
account of brought forwarded losses and unabsorbed depreciation under
tax laws, are recognised, only if there is a virtual certainty of its
realisation, supported by Convincing evidence. Deferred tax assets on
account of other timing differences are recognised only to the extent
there is a reasonable certainty of its realisation. At each balance
sheet date, the carrying amount of deferred tax assets are reviewed to
reassure realisation.
j) Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the assets
exceed the recoverable amount. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
Mar 31, 2011
A) System of Accounting:
The Accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues Recognised and expenses
accounted on accrual basis,
b) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation in the
books of accounts. The Fixed Assets are capitalised at cost inclusive
of legal and / or Installation expenses.
c) Depreciation:
The Depreciation of Fixed Assets is charged on straight line method and
as per the rate prescribed in Schedule XIV of the Companies Act, 1956
d) Valuation of Inventories:
Inventories of raw materials, goods in process, stores and spares,
finished goods and merchanting goods are stated at cost or net
realisable value, whichever is iower', Goods-in-transit are stated 'at
cost'. Cost Comprise all cost of purchase, cost of conversion and other
cost incurred in bringing the inventories to their present location and
Condition Cost formula used are ' First- in-first out'. Average cost'
or 'Specific identification', as applicable. Due allowance is estimated
and made for defective and absolete items whereever necessary, based on
the past experience of the company.
e) Investments:
Investment are classified into current and long term
investments.Current investments are stated at lower of cost and fair
value.Long term investments are stated at cost.A provision for
dimunition is made to recognise a decline, other than temporary, in the
value of long term investments.
f) Employee Benfits:
Defined Benefit Plans: The present value of the obligation under such
plan, is determined based on a actuarial valuation using the Projected
unit Credit Method. Acturial gains and losses arising on such valuation
are recognised immediately in the profit & Loss Account. In case of
funded defined benefit plans, the face value of the plan assets is
reduced from the gross obligation under the defined benefit plans, to
recognise the obligation on net basis.
g) Borrowing Cost:
Interest and other borrowing cost attributable to qualifying assets are
capitalised. Other interest and borrowing. Costs are charged to
revenue.
h) Government Grants:
Grants received against specific fixed assets are adjusted to the cost
of the assets. Revenue Grants are recognised in the profit & loss
Account in accordance with the related scheme and in the period in
which these are accrued.
i) Taxation:
Income-tax expense comprises current tax and deferred tax charge or
credit. Provision for Current tax is made on the basis of assessable
income at the tax rate applicable to the relevent assessment year. The
deferred tax asset and deffered tax liability is calculated by applying
tax rate and tax laws that have been enacted or substantively enacted
by the Balance sheet Date. Deffered tax assets arising mainly on
account of brought forward losses and unabsorbed depreciation under tax
laws, are recognised, only if there is a virtual certainty of its
realisation, supported by Convincing evidence. Deferred tax assets on
account of other timing differences are recognised only to the extent
there is a reasonable certainty of its realisation.At each balance
sheet date, the carrying amount of deferred tax assets are reviewed to
reassure realisation.
j) Impairment of Assets:
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/ external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount-
Mar 31, 2010
A) System of Accounting:
The Accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues Recognised and expenses
accounted on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation in the
books of accounts. The Fixed Assets are capitalised at cost inclusive
of legal and / or Installation expenses.
c) Depreciation:
The Depreciation of Fixed Assets is charged on straight line method and
as per the rate prescribed in Schedule XIV of the Companies Act, 1956
d) Valuation of Inventories:
Inventories of raw materials, goods in process, stores and spares,
finished goods and merchanting goods are stated at cost or net
realisable value, whichever is lower, Goods-in-transit are stated at
cost. Cost Comprise all cost of purchase, cost of conversion and other
cost incurred in bringing the inventories to their present location and
Condition Cost formula used are First- in-first out. Average cost
or Specific identification, as applicable. Due allowance is estimated
and made for defective and absolete items, whereever necessary, based
on the past experience of the company.
e) Investments:
Investment are classified into current and long term
investments.Current investments are stated at lower of cost and fair
value.Long term investments are stated at cost.A provision for
dimunition is made to recognise a decline, other than temporary, in the
value of long term investments.
f) Employee Benfits:
Defined Benefit Plans: The present value of the obligation under such
plan, is determined based on an actuarial valuation using the Projected
unit Credit Method. Acturiai gains and losses arising on such valuation
are recognised immediately in the profit & Loss Account. In case of
funded defined benefit plans, the fair value of the plan assets is
reduced from the gross obligation under the defined benefit plans, to
recognise the obligation on net basis.
g) Borrowing Cost:
Interest and other borrowing cost attributable to qualifying assets are
capitalised. Other interest and borrowing Costs are charged to revenue.
h) Government Grants:
Grants received against specific fixed assets are adjusted to the cost
of the assets. Revenue Grants are recognised in the profit & loss
Account in accordance with the related scheme and in the period in
which these are accrued.
i) Taxation:
Income-tax expense comprises current tax and deferred tax charge or
credit. Provision for Current tax is made on the basis of assessable
income at the tax rate applicable to the relevent assessment year. The
deferred tax asset and deffered tax liability is calculated by applying
tax rate and tax laws that have been enacted or substantively enacted
by the Balance sheet Date. Deffered tax assets arising mainly on
account of brought forward losses and unabsorbed depreciation under tax
laws, are recognised, only if there is a virtual certainty of its
realisation, supported by Convincing evidence. Deferred tax assets on
account of other timing differences are recognised only to the extent
there is a reasonable certainty of its realisation .At each balance
sheet date, the carrying amount of deferred tax assets are reviewed to
reassure realisation.
j) Impairment of Assets:
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is chargedto the
profit and loss account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.