Mar 31, 2014
Basis of preparation of Financial Statements:
i) These accounts have been prepared under the historical cost
convention and on the basis of going concern. All expenses and income
to the extent considered payable and receivable respectively, unless
stated otherwise, have been accounted for on mercantile basis.
ii) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. The cost
of acquisition comprises purchase price inclusive of duties (Net of
Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto
the date the assets are put to use.
iii) Depreciation:
(a) Depreciation on Fixed Assets is provided on straight line method at
rates as specified in Schedule XIV to the Companies Act, 1956.
(b) Depreciation on Fixed Assets added/disposed off during the period
is provided on prorata basis with reference to the date of addition/
disposal.
iv) Inventories:
Finished goods are valued at cost or net realizable value whichever is
lower.
v) Taxes on Income:
Deferred Taxes: The Company has unabsorbed carry forward losses/
depreciation available for set-off under the Income Tax Act, 1961.
However, in view of present un-certainty regarding generation of
sufficient future income, net deferred tax assets at the year end
including related credits / charge for the year have not been
recognized in these accounts on prudent basis.
vi) Revenue recognition:
Revenue is recognized of the extent it is probable that the economic
benefits will flow to the Company & the revenue can be reliably
measured. Interest Income is recognized on a time proportionate basis
taking into account the amount outstanding & the rate applicable.
Mar 31, 2013
Basis of preparation of Financial Statements:
i) These accounts have been prepared under the historical cost
convention and on the basis of going concern. All expenses and income
to the extent considered payable and receivable respectively, unless
stated otherwise, have been accounted for on mercantile basis.
ii) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. The cost
of acquisition comprises purchase price inclusive of duties (Net of
Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto
the date the assets are put to use.
iii) Depreciation:
(a) Depreciation on Fixed Assets is provided on straight line method at
rates as specified in Schedule XIV to the Companies Act, 1956.
(b) Depreciation on Fixed Assets added/disposed off during the period
is provided on prorata basis with reference to the date of addition/
disposal.
iv) Inventories:
Finished goods are valued at cost or net realizable value whichever is
lower.
v) Taxes on Income:
Deferred Taxes: the Company has unabsorbed carry forward losses/
depreciation available for set-off under the Income Tax Act, 1961.
However, in view of present un-certainty regarding generation of
sufficient future income, net deferred tax assets at the year end
including related credits / charge for the year have not been
recognized in these accounts on prudent basis.
vi) Revenue recognition:
Revenue is recognized of the extent it is probable that the economic
benefits will flow to the Company & the revenue can be reliably
measured. Interest Income is recognized on a time proportionate basis
taking into account the amount outstanding & the rate applicable.
Mar 31, 2012
I) These accountants have been prepared under the historical cost
convention and on the basis of going concern. All expenses and income
to the extent considered payable and receivable respectively, unless
stated otherwise, have been accounted for on mercantile basis.
ii) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. The cost
of acquisition comprises purchase price inclusive of duties (Net of
Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto
the date the assets are put to use.
iii) Depreciation:
(a) Depreciation on Fixed Assets is provided on straight line method at
rates as specified in Schedule XIV to the Companies Act, 1956.
(b) Depreciation on Fixed Assets added/disposed off during the period
is provided on prorata basis with reference to the date of addition/
disposal.
iv) Inventories:
Finished goods are values at cost or net realizable value whichever is
lower.
v) Taxes on Income:
Deferred Taxes: the Company has unabsorbed carry forward losses/
depreciation available for set-off under the Income Tax Act, 1961.
However, in view of present un-certainty regarding generation of
sufficient future income, net deferred tax assets at the year end
including related credits / charge for the year have not been
recognized in these accounts on prudent basis.
Mar 31, 2010
I) These accountants have been prepared under the historical cost
convention and on the basis of going concern. All expenses and income
to the extent considered payable and receivable respectively, unless
stated otherwise, have been accounted for on mercantile basis.
ii) Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation. The cost
of acquisition comprises purchase price inclusive of duties (Net of
Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto
the date the assets are put to use.
iii) Depreciation:
(a) Depreciation on Fixed Assets is provided on straight line method at
rates as specified in Schedule XIV to the Companies Act, 1956.
(b) Depreciation on Fixed Assets added/disposed off during the period
is provided on prorata basis with reference to the date of addition/
disposal.
iv) Inventories:
Finished goods are values at cost or net realizable value whichever is
lower.
v) Taxes on Income:
Deferred Taxes: the Company has unabsorbed carry forward losses/
depreciation available for set-off under the Income Tax Act, 1961.
However, in view of present un-certainty regarding generation of
sufficient future income, net deferred tax assets at the year end
including related credits / charge for the year have not been
recognized in these accounts on prudent basis.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article