Mar 31, 2015
(i) Basis of accounting:
The financial statements have been prepared to comply in all material
respects with the Notified Accounting Standard by Companies (Accounts)
Rules, 2014 and the relevant provisions of the Companies Act, 2013.
The financial statements have been prepared under the historical cost
convention on an accrual basis and in accordance except in case of
assets for which provision for impairment is made and revaluation is
carried out. The Accounting policies have been consistently applied by
the Company and are consistent with those used in the previous year.
(ii) Fixed Assets:
Fixed Assets (except land) are stated at cost of acquisition (or
revalued amount as the case may be) (net of CENVAT) less accumulated
depreciation and impairment losses if any. Cost comprised purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use.
(iii) Depreciation:
Depreciation on all assets is provided on Straight Line Method basis
over the useful lives of the assets estimated by the Management in
accordance with Part C of the Schedule II of the Companies Act, 2013.
(iv) Impairment:
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 impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
(v) Investments:
All investments have been classified as long term Investments, which
are stated at lower of cost of acquisition or net realisable value. No
provision is made in respect of diminution in the value of investment,
which is temporary in nature.
(vi) Inventories:
Inventories were valued at cost and each year reasonable price is
reduced for providing for decline in Net Realizable Values.
(vii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of asset upto the date when such asset is ready for its intended use.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
(viii) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
i) Sale of Goods:
Sales revenue comprises sale value of goods, and is accounted net off
sales returns, discount and rate difference.
ii) Interest:
Revenue is recognized on a time proportion basis taking into account
the amount accrued and the interest rate applicable.
iii) Dividends:
Dividend is recognized when the shareholders' right to receive payment
is established till the balance sheet date.
(ix) Provisions, Contingent Liabilities and Contingent Assets:
a. 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.
b. Liabilities which are material, and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent, and
disclosed by way of notes to the accounts.
c. Contingent Assets are neither recognized nor disclosed in the
financial statement, Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date.
(x) Taxes on income:
In accordance with the Accounting Standard - 22, Accounting for Taxes
on Income, issued by the Institute of Chartered Accountants of India
('ICAI'), the company has recognized deferred tax assets resulting
from timing differences between book and tax profits, unabsorbed
depreciation, loss and other provisions at the rate of tax applicable
to the company.
(xi) Employee Benefits:
i) Short term Employee Benefits: All employee benefits falling due
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, bonus,
leave salary, ex-gratia are recognized in the period in which employee
renders the related services.
ii) Post Employment Plans:
a) Defined Contribution Plan: Provident fund and pension scheme are
the defined contribution plan in the company. The contribution paid
/payable under the scheme is recognized during the period in which the
employee renders the related services.
b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined
benefit plan. The Company makes annual contributions for gratuities to
funds administered by trustees and managed by insurance company for
amounts notified by the said insurance company. The present value of
obligation under such defined benefit plan is determined based on
actuarial valuation carried out by an independent actuary.
Mar 31, 2014
(i) Basis of accounting:
The financial statements have been prepared to comply in all material
respects with the Notified Accounting Standard by Companies (Accounting
Standard) Rules, 2009 (as amended) and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis and in accordance
except in case of assets for which provision for impairment is made and
revaluation is carried out. The Accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year.
(ii) Fixed Assets:
Fixed Assets (except land) are stated at cost of acquisition (or
revalued amount as the case may be) (net of CENVAT) less accumulated
depreciation and impairment losses if any. Cost comprised purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use.
(iii) Depreciation:
i) Depreciation has been provided on Straight Line Method at the rates
specified in Schedule XIV to the Companies Act, 1956.
ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the
year of acquisition.
iii) Depreciation on Fixed assets added/disposed off during the year is
provided on pro- rata basis with respect to date of
acquisition/disposal.
iv) Custom Duty paid on after 01-04-2009 is depreciated considering
remaining useful life of an asset.
(iv) Impairment:
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 impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
(v) Investments:
All investments have been classified as long term Investments, which
are stated at cost of acquisition. No provision is made in respect of
diminution in the value of investment, which is temporary in nature.
(vi) Inventories:
Inventories were valued at cost and each year reasonable price is
reduced for providing for decline in Net Realizable Values.
(vii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of asset upto the date when such asset is ready for its intended use.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
(viii) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
i) Sale of Goods:
Sales revenue comprises sale value of goods, and is accounted net off
sales returns, discount and rate difference.
ii) Interest:
Revenue is recognized on a time proportion basis taking into account
the amount accrued and the interest rate applicable.
iii) Dividends:
Dividend is recognized when the shareholders'' right to receive payment
is established till the balance sheet date.
(ix) Provisions, Contingent Liabilities and Contingent Assets:
a. 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.
b. Liabilities which are material, and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent, and
disclosed by way of notes to the accounts.
c. Contingent Assets are neither recognized nor disclosed in the
financial statement, Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date.
(x) Employee Benefits:
i) Short term Employee Benefits: All employee benefits falling due
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, bonus, leave
salary, ex-gratia are recognized in the period in which employee
renders the related services.
ii) Post Employment Plans:
a) Defined Contribution Plan: Provident fund and pension scheme are the
defined contribution plan in the company. The contribution paid
/payable under the scheme is recognized during the period in which the
employee renders the related services.
b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined
benefit plan. The Company makes annual contributions for gratuities to
funds administered by trustees and managed by insurance company for
amounts notified by the said insurance company. The present value of
obligation under such defined benefit plan is determined based on
actuarial valuation carried out by an independent actuary.
(2) Disclosure as required by AS 29 "Provisions, Contingent Liability
and contingent Assets" in respect of provisions as at 31st March, 2014:
(a) Uncalled liability on partly paid up Shares Rs. 2500 (P.Y.
Rs.2500).
(b) Excise matters under appeal Rs. 30.42 Lacs (P.Y. Rs. 30.42 lacs)
(c) Sales Tax matter under appeal Rs. 33.00 Lacs (P.Y. Rs. 33.00 Lacs)
(d) Income Tax disallowance, matter pending under appeal Rs. 18.64 Lacs
(P.Y Rs.18.64)
(e) The Company has imported certain Plant and Machinery at
concessional rate of custom duty under Export promotion Capital Goods
(EPCG) scheme. The unit has been granted license for pre-decided export
obligation. As such, the liability that may arise for non-fulfillment
of export obligation is currently non ascertainable. The said matter is
pending with Deputy General of Foreign Trade, Surat.
Mar 31, 2013
(i) Basis of accounting:
The financial statements have been prepared to comply in all material
respects with the Notified Accounting Standard by Companies (Accounting
Standard) Rules, 2009 (as amended) and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis and in accordance
except in case of assets for which provision for impairment is made and
revaluation is carried out. The Accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year.
(ii) Fixed Assets:
Fixed Assets (except land) are stated at cost of acquisition (or
revalued amount as the case may be) (net of CENVAT) less accumulated
depreciation and impairment losses if any. Cost comprised purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use.
(iii) Depreciation:
i) Depreciation has been provided on Straight Line Method at the rates
specified in Schedule XIV to the Companies Act, 1956.
ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the
year of acquisition.
iii) Depreciation on Fixed assets added/disposed off during the year is
provided on pro-rata basis with respect to date of
acquisition/disposal.
iv) Custom Duty paid on after 01-04-2009 is depreciated considering
remaining useful life of an asset.
(iv) Impairment:
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 impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
(v) Investments: All investments have been classified as long term
Investments, which are stated at cost of acquisition. No provision is
made in respect of diminution in the value of investment, which is
temporary in nature.
(vi) Inventories: Inventories are valued at lower of cost and net
realizable value using FIFO method.
(vii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of asset upto the date when such asset is ready for its intended use.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
(viii) Revenue Recognition: Revenue is recognized to the extent that it
is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured.
i) Sale of Goods:
Sales revenue comprises sale value of goods, and are accounted net off
sales returns, discount, rate difference.
ii) Interest:
Revenue is recognized on a time proportion basis taking into account
the amount outstanding and the rate applicable.
iii) Dividends:
Dividend is recognized when the shareholders'' right to receive payment
is established by the balance sheet date.
(ix) Foreign Currency Transactions:
i) Export sales are recorded at Invoice value actually realized.
ii) Other transactions are recorded at the rate of exchange in force at
the time transactions
are affected.
iii) Realized gains and losses on foreign exchange transactions other
than those relating to fixed assets are recognized in the Profit and
Loss Account.
(x) Employee Benefits:
i) Short term Employee Benefits: All employee benefits falling due
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, bonus, leave
salary, ex-gratia are recognized in the period in which employee
renders the related services.
ii) Post Employment Plans:
a) Defined Contribution Plan: Provident fund and pension scheme are the
defined contribution plan in the company. The contribution paid
/payable under the scheme is recognized during the period in which the
employee renders the related services.
b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined
benefit plan. The Company makes annual contributions for gratuities to
funds administered by trustees and managed by insurance company for
amounts notified by the said insurance company. The present value of
obligation under such defined benefit plan is determined based on
actuarial valuation carried out by an independent actuary.
(xi) Provisions, Contingent Liabilities and Contingent Assets:
a. 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.
b. Liabilities which are material, and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent, and
disclosed by way of notes to the accounts.
c. Contingent Assets are neither recognized nor disclosed in the
financial statement, Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date.
Mar 31, 2012
(i) Basis of accounting:
The financial statements have been prepared to comply in all material
respects with the Notified Accounting Standard by Companies (Accounting
Standard) Rules, 2009 (as amended) and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis and in accordance
except in case of assets for which provision for impairment is made and
revaluation is carried out. The Accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year.
(ii) Fixed Assets:
Fixed Assets (except land) are stated at cost of acquisition (or
revalued amount as the case may be) (net of CENVAT) less accumulated
depreciation and impairment losses if any. Cost comprised purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use.
(iii) Depreciation:
i) Depreciation has been provided on Straight Line Method at the rates
specified in Schedule XIV to the Companies Act, 1956.
ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the
year of acquisition.
iii) Depreciation on Fixed assets added/disposed off during the year is
provided on pro-rata basis with respect to date of acquisition/disposal.
iv) Custom Duty paid on after 01-04-2009 is depreciated considering
remaining useful life of an asset.
(iv) Impairment:
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 impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
(v) Investments:
All investments have been classified as long term Investments, which
are stated at cost of acquisition. No provision is made in respect of
diminution in the value of investment, which is temporary in nature.
(vi) Inventories:
Inventories are valued at lower of cost and net realizable value using
FIFO method.
(vii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of asset upto the date when such asset is ready for its intended use.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
(viii) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
i) Sale of Goods:
Sales revenue comprises sale value of goods, and are accounted net off
sales returns, discount, rate difference.
ii) Interest:
Revenue is recognized on a time proportion basis taking into account
the amount outstanding and the rate applicable.
iii) Dividends:
Dividend is recognized when the shareholders' right to receive payment
is established by the balance sheet date.
(ix) Foreign Currency Transactions:
i) Export sales are recorded at Invoice value actually realized.
ii) Other transactions are recorded at the rate of exchange in force at
the time transactions are affected.
iii) Realized gains and losses on foreign exchange transactions other
than those relating to fixed assets are recognized in the Statement of
Profit and Loss.
(x) Employee Benefits:
i) Short term Employee Benefits: All employee benefits falling due
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, bonus,
leave salary, ex-gratia are recognized in the period in which employee
renders the related services.
ii) Post Employment Plans:
a) Defined Contribution Plan: Provident fund and pension scheme are the
defined contribution plan in the company. The contribution paid
/payable under the scheme is recognized during the period in which the
employee renders the related services.
b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined
benefit plan. The Company makes annual contributions for gratuities to
funds administered by trustees and managed by insurance company for
amounts notified by the said insurance company. The present value of
obligation under such defined benefit plan is determined based on
actuarial valuation carried out by an independent actuary.
(xi) Provisions, Contingent Liabilities and Contingent Assets:
a. 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.
b. Liabilities which are material, and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent, and
disclosed by way of notes to the accounts.
c. Contingent Assets are neither recognized nor disclosed in the
financial statement, Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date.
Mar 31, 2011
(i) Basis of accounting:
The financial statements have been prepared to comply in all material
respects with the Notified Accounting Standard by Companies (Accounting
Standard) Rules, 2009 (as amended) and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis and in accordance
except in case of assets for which provision for impairment is made and
revaluation is carried out. The Accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year.
(ii) Fixed Assets:
Fixed Assets (except land) are stated at cost of acquisition (or
revalued amount as the case may be) (net of CENVAT) less accumulated
depreciation and impairment losses if any. Cost comprised purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use.
(iii) Depreciation:
i) Depreciation has been provided on straight line method at the rates
specified in Schedule XIV to the Companies Act, 1956.
ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the
year of acquisition.
iii) Depreciation on Fixed assets added/disposed off during the year is
provided on pro-rata basis with respect to date of
acquisition/disposal.
iv) Custom Duty paid on after 01-04-2009 is depreciated considering
remaining useful life of an asset.
(iv) Impairment:
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 impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
(v) Investments:
All investments have been classified as long term Investments, which
are stated at cost of acquisition. No provision is made in respect of
diminution in the value of investment, which is temporary in nature.
(vi) Inventories:
Inventories of Raw Materials and Work in Progress are valued at cost
and Finished Goods are valued at lower of cost and net realizable value
using FIFO method.
(vii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of asset upto the date when such asset is ready for its intended use.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
(viii) Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
i) Sale of Goods:
Sales revenue comprises sale value of goods, and are accounted net off
sales returns, discount, rate difference.
ii) Interest:
Revenue is recognized on a time proportion basis taking into account
the amount outstanding and the rate applicable.
iii) Dividends:
Dividend is recognized when the shareholders' right to receive payment
is established by the balance sheet date.
(ix) Foreign Currency Transactions:
i) Export sales are recorded at Invoice value actually realized.
ii) Other transactions are recorded at the rate of exchange in force at
the time transactions are affected.
iii) Realised gains and losses on foreign exchange transactions other
than those relating to fixed assets are recognized in the Profit and
Loss Account.
(x) Employee Benefits:
i) Short term Employee Benefits: All employee benefits falling due
within twelve months of rendering the service are classified as short
term employee benefits. The benefits like salaries, wages, bonus, leave
salary, exgratia are recognized in the period in which employee renders
the related services.
ii) Post Employment Plans:
a) Defined Contribution Plan: Provident fund and pension scheme are the
defined contribution plan in the company. The contribution paid
/payable under the scheme is recognized during the period in which the
employee renders the related services.
b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined
benefit plan. The Company makes annual contributions for gratuities to
funds administered by trustees and managed by insurance company for
amounts notified by the said insurance company. The present value of
obligation under such defined benefit plan is determined based on
actuarial valuation carried out by an independent actuary.
(xi) Provisions, Contingent Liabilities and Contingent Assets:
i) 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.
ii) Liabilities which are material, and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent, and
disclosed by way of notes to the accounts.
iii) Contingent Assets are neither recognized nor disclosed in the
financial statement, Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date.
(xii) Accounting for Excise Duty:
The liability for central excise duty on account of finished goods
stock lying in factory has not been provided in the books of accounts,
as the same is being accounted for on payment basis and not carried
into stock as per practice followed by the company.
Mar 31, 2010
I) Basis of accounting.
The financial statements have been prepared to comply in all material
respects with the Notified Accounting Standard by Companies (Accounting
Standard) Rules, 2009 (as amended) and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis and in accordance
except in case ot assets for which provision for impairment is made and
revaluation is carried out. The Accounting policies have been
consistently applied by the Company and are consistent with those used
in the previous year.
(ii) Fixed Assets:
Fixed Assets (except land] are stated at cost of acquisition (or
revalued amount as the case may be) (net of CENVAT) less accumulated
depreciation and impairment losses if any Cost comprised purchase price
and any attributable cost of bringing the asset to its working
condition for its intended use.
(iii) Depreciation:
i) Depreciation has been provided on straight line method at the rates
specified in Schedule XIV to the Companies Act, 1956.
ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the
year of acquisition.
iii) Depreciation on Fixed assets added/disposed off during the year is
provided on pro rata basis with respect to date of
acquisition/disposal.
iv) Custom Duty paid on after 01-04-2009 is depreciated considering
remaining useful life of an asset.
(iv) Impairment:
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 impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
(v) Investments;
All investments have been classified as long term Investments, which
are stated at cost of acquisition. No provision is made in respect of
diminution in the value of investment, which is temporary in nature.
(vt) Inventories:
Inventories of Raw Materials and WIP are valued at cost and Finished
Goods are valued at lower of cost and net realizable value using FIFO
method.
(vii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of asset upto the date when such asset is ready for its intended use.
Other borrowing costs are recognized as an expense in the period in
which they are incurred.
(viii) Revenue Recognition- Revenue is recognized to the extent that it
is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured.
i) Sale of Goods.
Sales revenue comprises sale value of goods, and are accounted net off
sales returns, discount, rate difference.
n) Interest:
Revenue is recognized on a time proportion basis taking into account
the amount outstanding and the rate applicable.
iii) Dividends:
Dividend is recognized when the shareholders right to receive payment
is established by the balance sheet date.
(ix) Foreign Currency Transactions.
i) Export sales are recorded at invoice value actually realized.
ii) Other transactions are recorded at the rate of exchange in force at
the time transactions are affected
iii) Realised gains and losses on foreign exchange transactions other
than those relating to fixed assets are recognized in the Profit and
Loss Account.
(x) Employee Benefits.
Short term Benefits:
Short Term Employee Benefits like Provident Fund and Employee State
Insurance Scheme are recognized as an expense at the undiscounted
amount in the profit S loss Account of the year in which the related
service is rendered.
Long Term Benefits
Post employment and other long term benefits are recognized as per
Actuarial Valuation at the end of Financial Year
(xi) Provisions, Contingent Liabilities and Contingent Assets.
i) 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 willl be an outflow of resources.
ii) Liabilities which are material, and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent, and
disclosed by way of notes to the accounts.
iii) Contingent Assets are neither recognized nor disclosed in the
financial statement, Provisions, Contingent Liabilities and Contingent
Assets are reviewed at each Balance Sheet date
(xii) Accounting for Excise Duty:
The liability for central excise duty on account of finished goods
stock lying in factory has not been provided in the books of accounts,
as the same is being accounted for on payment basis and not carried
into stock as per practice followed by the Company.
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