Mar 31, 2016
Significant Account Policies and Notes on accounts:
1) Significant Account Policies
a) (i) Accounting Concepts:
The financial statements are prepared and presented in accordance with Generally Accepted Accounting Principles(GAAP) in India under historical cost convention on accrual basis and comply all material aspects with the applicable accounting Standards and relevant provisions prescribed in the Companies Act 2013, besides pronouncements / guidelines of the Institute of Chartered Accountants of India .
(ii) Use of Estimates
The preparation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets and liabilities on the date of the financial statements and reported amount of revenues and expenses during the reporting period Although these estimates are based on the management''s best knowledge of current events and actions, the actual outcome may be different from the estimates. Difference between actual estimates is recognized in the period in which the results are known or materialize.
b) Fixed Assets:
Fixed Assets are stated at cost net of modvat/cenvat/value added tax, less accumulated depreciation and impairment loss.
c) Depreciation:
Depreciation has been provided on written down value method on the basis at the rates prescribed in Income Tax Act,1961.
d) Investments:
Long term investments are stated at cost less any permanent diminution in value, determined separately for each individual investment provision for diminution in value of long term investments is made only if such decline is other than temporary in opinion of the management.
e) Inventories:
Inventories are valued at lower of cost or net realizable value.
f) Amortization of Miscellaneous Expenditure:
Preliminary Expenses are amortized over a period of five years.
g) Provision for Expenses:
All the expenses for the year are provided on accrual basis. except payment for Gratuity is accounted on cash Basis.
h) Recognition of Income and Expenditure:
Income and expenditure are recognized on mercantile basis of accounting.
i) Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of goods is transferred by the company.
j) Other Income:
Interest Income is recognized on time proportion basis taking into account the amount of outstanding and rate applicable.
k) Employee benefits:
a) Employee benefits such as salaries , allowances , provident fund and non monitory benefits are which fail due for payment within a period of 12monhts after rendering services are charges as expenses to the profit and loss account in the period which services are rendered.
b) Post Employment benefits:
The company has not yet adopted the revised accounting standard AS-15 and not evolved a policy of making annual contribution to the recognized employees groups gratuity scheme and the gratuity is accounted -on payment basis to all persons and super annotation or termination or death in terms of provisions of gratuity (Amendment) Act 1997.
l) Taxation:
Provision for income tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax act 1961.
m) Provisions & Contingent Liabilities:
The Company recognizes a provision when there is a present obligation as a result of past event that probably requires in outflow of resources and reliable estimate can be made of the amount of obligation.
A disclosure for a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources where there is possible obligation are a present like hood of outflow of resources is removed no provision or disclosure is made.
n) Earnings Per Share:
In determining earning per share, the company considers the net profit after tax and includes post tax effect of any extra ordinary items. The number of shares used in computing basic earning per share is the weighted average number of shares outstanding during the period.
Mar 31, 2015
A) Convention:
The financial statements are prepared under historical cost convention
in accordance with applicable accounting Standards and relevant
presentational requirements of the Companies Act. 1956.
b) Fixed Assets:
Fixed assets are stated at cost net of modvat/cenvat / valued added
tax. less accumulated depreciation.and impairment loss.
c) Depreciation:
Depreciation has been provided on written down value method on the
basis at the rates prescribed in Income Tax, 1961 .
d) Investments:
Unquoted Investment: In the opinion of the management investment in the
unquoted investment in associates and other companies are of long term
nature meant to be held permanently and any diminution in the latest
available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
e) Inventories:
Stocks are valued at lower of cost or estimated net realizable value.
f) Amortization of Miscellaneous Expenditure:
Preliminary Expenses are amortized over a period of five years.
g) Provision for Expenses:
All the expenses for the year are provided on accrual basis.
h) Recognition of Income and Expenditure:
Income and expenditure are recognized on mercantile basis of
accounting.
I) Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and
rewards in respect of ownership of goods is transferred by the company.
j) Taxation:
Provision for income tax is made on the basis of estimated taxable
income for the current accounting period in accordance with the
provisions of Income tax act 1961.
k) Earnings per share
In determining earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
1) Employee Benefits:
a) Employee benefits such as salaries, allowances, provident fund and
non monitory benefits are which fall due for payment within a period of
12 months after rendering services are charges as expenses to the
profit and loss account in the period which services are rendered.
b) Post Employment Benefits:
The company has not yet adopted the revised accounting standard AS-15
and not evolved a policy of making annual contribution to the
recognized employees groups gratuity scheme and the gratuity is
accounted on payment basis to all persons and super annuation or
termination or death in terms of provisions of gratuity (Amendment)
Act. 1997.
Mar 31, 2014
A) Convention:
The financial statements are prepared under historical cost convention
in accordance with applicable accounting Standards and relevant
presentational requirements of the Companies Act, 1956.
b) Fixed Assets:
Fixed assets are stated at cost net of modvat/cenvat / valued added
tax, less accumulated depreciation.and impairment loss.
c) Depreciation:
Depreciation has been provided on written down value method on the
basis at the rates prescribed in Income Tax, 1961.
d) Investments:
Unquoted Investment: In the opinion of the management investment in the
unquoted investment in associates and other companies are of long term
nature meant to be held permanently and any diminution in the latest
available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
e) Inventories:
Stocks are valued at lower of cost or estimated net realizable value.
f) Amortization of Miscellaneous Expenditure: Preliminary Expenses are
amortized over a period of five years.
g) Provision for Expenses:
All the expenses for the year are provided on accrual basis.
h) Recognition of Income and Expenditure:
Income and expenditure are recognized on mercantile basis of
accounting.
I) Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and
rewards in respect of ownership of goods is transferred by the company.
j) Taxation:
Provision for income tax is made on the basis of estimated taxable
income for the current accounting period in accordance with the
provisions of Income tax act 1961.
k) Earnings per share
In determining earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2013
A) Convention:
The financial statements are prepared under historical cost convention
in accordance with applicable accounting Standards and relevant
presentational requirements of the Companies Act, 1956.
b) Fixed Assets:
Fixed assets are stated at cost net of modvat/cenvat / valued added
tax, less accumulated depreciation.and impairment loss.
c) Depreciation:
Depreciation has been provided on written down value method on the
basis at the rates prescribed in Income Tax, 1961.
d) Investments:
Unquoted Investment: In the opinion of the management investment in the
unquoted investment in associates and other companies are of long term
nature meant to be held permanently and any diminution in the latest
available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
e) Inventories:
Stocks are valued at lower of cost or estimated net realizable value.
f) Amortization of Miscellaneous Expenditure: Preliminary Expenses are
amortized over a period of five years.
g) Provision for Expenses:
All the expenses for the year are provided on accrual basis.
h) Recognition of Income and Expenditure:
Income and expenditure are recognized on mercantile basis of
accounting.
I) Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and
rewards in respect of ownership of goods is transferred by the company.
j) Taxation:
Provision for income tax is made on the basis of estimated taxable
income for the current accounting period in accordance with the
provisions of Income tax act 1961. k) Earnings per share
In determining earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2012
I) Basis of preparation of financial statements :
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
All assets and liabilities have been classified as current or
noncurrent as per the companies normal operating cycle and other
criteria set out in the schedule (vi) to the company act, 1956.
ii) Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognized in
the period in which the results are known/materialized.
iii) Fixed Assets:
All fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss if any. Intangible assets
are amortized on straight line basis over their estimated useful lives.
iv) Capital Work-in-progress:
Capital work in progress is carried at cost, comprising direct cost and
related incidental expenses.
v) Impairment:
The carrying amount of assets is reviewed at each balance sheet date
any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds is 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.
vi) Depreciation :
Depreciation has been provided on written down value method on the
basis at the rates prescribed in Income Tax 1961.
vii) Inventories :
Stocks are valued at lower of cost or estimated net realizable value.
viii) Investment :
Unquoted Investment : In the opinion of the management investment in
the unquoted investment in associates and other companies are of long
term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
xi) Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and
rewards in respect of ownership of goods is transferred by the company.
x) Other Income :
Interest income is recognized on time proportion basis taking into
account the amount outstanding and the rate applicable.
Dividend income is recognized when right to receive dividend is
established.
xi) Employee Benefits:
i) Short term employee benefits :
Employee benefits such as salaries, allowances, provident fund and
non-monetary benefits which fall due for payment within a period of
twelve months after rendering of services, are charged as expense to
the profit and loss account in the period in which the service is
rendered.
ii) Post employment benefits:
The company has not yet adopted the revised accounting standard AS-15
and had not evolved a policy of making annual contribution to the
recognized employees groups gratuity scheme and the gratuity is
accounted on payment basis to all persons eligible on super
annotation/termination or death in terms of provision of the payment of
gratuity (Amendment) Act 1997.
xii) Taxation:
Tax expenses comprises of current, and deferred. Current Tax is measured
at the amount expected to be paid to the tax authorities in accordance
with the Indian income tax act, 1961. Provision for current tax is made
on the basis of taxable income of the current accounting year in
accordance with income tax act, 1961.
xiii) Provisions and Contingent liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation.
A disclosure for a contingent liability is made when there is a
possible obligation that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or a present that
the like hood of outflow of resources is remote, no provision or
disclosure is made.
xiv) Earnings per share:
In determining earnings per share, the company considers the net
profit after tax and includes the post tax effect of any extra ordinary
items. The number of shares used in computing basic earnings per share
is the weighted average number of shares outstanding during the period.
Mar 31, 2011
Not Available
Mar 31, 2010
1. The following are the significant accounting policies adopted by
the company in the preparation and presentation of financial statements
:
(a) The financial statements are prepared under the historical cost
convention on accural basis and in accordance with the mandatory
Accounting Standard, (except for interest on Inter Corporate Deposits
which is recognised on cash basis).
(b) Fixed assets are stated at cost less depreciation.
(c) Depreciation on the assets of the company is provided on written
down value as per rates prescribed in Income Tax Act. 1956
(d) Inventories are valued at lower of cost and net realizable value.
(e) Investments are stated at cost.
(f) Contingent Liabilities are not provided for and are disclosed by
way of Notes.
Mar 31, 2004
1. The following are the significant accounting policies adopted by
the company in the preparation and presentation of financial statements
(a) The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with the mandatory
Accounting Standards (except for interest on Inter Corporate Deposits
which is recognized on cash basis and in case of chit loss, which is
accounted in the year of bidding of chit and also in the case of
gratuity which is accounted on cash basis.
(b) Fixed assets are stated at cost less depreciation.
(c) Depreciation on the assets of the company is provided on straight
line basis in the manner prescribed in schedule XIV of the companies
Act, 1956.
(d) Inventories are valued at lower of cost and net realizable value.
(e) Share issue expenses is written off over a period of ten years
equally commencing from 1995-96.
(f) Investments are stated at cost.
(g) Contingent Liabilities are not provided for and are disclosed by
way of Notes.