Mar 31, 2015
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention and on the accounting principle of a going concern.
Accounting policies not specifically referred to otherwise are
consistent and in consonance with accepted accounting principle.
(b) RECOGNIZATION OF INCOME & EXPENDITURE
1. Sales are recognized, net of returns, on dispatch of goods to
customers, when the significant risks and rewards of ownership of goods
have been passed to the buyer and are reflected in the accounts at net
realizable value.
2. Incomes from interest on deposits are accounted on accrual basis.
3. Miscellaneous Expenditure has been amortized over a period of 10
years. Except otherwise stated Company accounts Incomes and Expenses on
accrual basis in accordance with the generally accepted accounting
principle.
(c) USE OF ESTIMATES
The presentation of financial statements requires estimates and
assumptions to be made that affect 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. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
(d) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment loss. The cost of fixed assets includes the cost of
acquisition including freight, taxes, duties and other identifiable
direct expenses and interest on borrowing attributable to acquisition
of assets up to the date the asset put to use less the accumulated
depreciation on it.
2. Depreciation is provided on straight line method. Depreciation on
Fixed Assets is provided based on the useful life of the asset in the
manner prescribed in Schedule II to the Companies Act, 2013. The
depreciation on addition/ disposal is provided pro-rata basis
(e) INVESTMENT
Long-term investments are carried at cost, less provision for
diminution, other than temporary, in value of such investments. Current
investments are carried at lower of Cost and fair market value.
(f) INVENTORIES
Inventories are valued at lower of cost (on FIFO basis) or net
realizable value after providing for obsolescence and other losses,
where considered necessary. Cost of Finished goods & Work in progress
includes appropriate portion of Labour & overheads.
(g) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
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.
Contingent Liabilities are not recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
(h) TAXATION
Current income tax and fringe benefit tax liability is estimated
considering the provision of the Income Tax Act, 1961. The deferred tax
Liability for timing difference between the book and tax profit for the
year is accounted using the rates and Tax Laws that have been enacted
or substantially enacted at the balance sheet date. Deferred Tax assets
arising from the timing difference are recognized to the extent that
there is reasonable certainty that sufficient future taxable income
will be available.
(I) RETIREMENT BENEFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund, Gratuity etc. is charged to Profit and loss
Account as incurred.
(j) GOVERNMENT GRANTS
Government Grants are recognized where there is reasonable assurance
that the Company has complied with the conditions attached to them and
that the Grant will be received. Government grants related to fixed
assets are shown as deduction from the gross value of the assets
concerned in arriving at their book value. The depreciation on such
assets is calculated as such reduced value. The government grants
related to revenue are recognized on a systematic basis in the profit
and loss statements over the period necessary to match them, with the
related cost which they are intended to compensate. The grant so
received is deducted in reporting the related expenses.
(k) FOREIGN CURRENCY TRANSACTION
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rates of exchange
at the balance sheet date and resultants gain or loss is recognized in
profit and loss account.
Mar 31, 2014
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention and on the accounting principle of a going concern.
Accounting policies not specifically referred to otherwise are
consistent and in consonance with accepted accounting principle.
(b) RECOGNIZATION OF INCOME & EXPENDITURE
1. Sales are recognized, net of returns, on dispatch of goods to
customers and are reflected in the accounts at net realizable value.
2. Incomes from interest on deposits are accounted on accrual basis.
3. Miscellaneous Expenditure has been amortized over a period of 10
years. Except otherwise stated Company accounts Incomes and Expenses
on accrual basis in accordance with the generally accepted accounting
principle.
(c) USE OF ESTIMATES
The presentation of financial statements requires estimates and
assumptions to be made that affect 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. Difference
between , the actual results and estimates are recognized in the period
in which the results are known/materialized.
(d) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment loss. The ''cost of fixed assets includes the cost of
acquisition including freight, taxes, duties and other''identifiable
direct expenses and interest on borrowing attributable to acquisition
of assets '' up to the date the asset put to use less the accumulated
depreciation on it.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(e) INVESTMENT
Long-term investments are carried at cost, less provision for
diminution, other than temporary, in value of such investments.
Current investments are carried at lower of Cost and fair market
value.
(f) INVENTORIES
Inventories are valued at lower of cost (on FIFO basis) or net
realizable value after providing for obsolescence and other losses,
where considered necessary. Cost of Finished goods & Work in progress
includes appropriate portion of Labour & overheads.
(g) CONTINGENT LIABILITIES
Contingent liabilities are not provided (unless otherwise stated) and
are disclosed by way of notes on account.
(h) TAXATION
Current income tax and fringe benefit tax liability is estimated
considering the provision of the Income Tax Act, 1961. The deferred tax
Liability for timing difference between the book and tax profit for the
year is accounted using the rates and Tax Laws that have been enacted
or substantially enacted at the balance sheet date. Deferred Tax assets
arising from the timing difference are recognized to the extent that
there is reasonable certainty that sufficient future taxable income
will be available.
(i) RETIREMENT BENEFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund, Gratuity etc. is charged to Profit and loss
Account as incurred.
Mar 31, 2013
(A) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
vonvention and on the accounting principle of a going concern.
Accounting policies nto specifically referred to otherwise are
consistent and in consonance with accepted accounting principle.
(B) RECOGNIZATION OF INCOME & EXPENDITURE
1. Sakes are recognised, net of returns, on dispatch of goods to
customers and are reflected in the accounts at net realizable value.
2. Income from interest on deposits are accounted on accrual basis.
3. Miscellaneous Expenditure has been amortized over a period of 10
years. Except otherwise stated Company accounts Incomes and Expenses on
accrual basis in accordance with the generally accepted accounting
principle.
(C) USE OF ESTIMATES
The presentation of financial statements requires estimates and
assumptions to be made that affect 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. Difference
between the actual results and estimates are recognised in the perion
in which the results are known / materi- alized.
(D) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment loss. The cost of fixed assets includes the cost
acquisition including freight, taxes, duties and other identifi- able
direct expenses and interest on borrowing attributable to acquisition
of assets up to the date the asset put to use less the accumulated
depreciation on it.
2. Depreciation is provided on straight-line method at the rates in
the manner specified in Sched- ule XIV of the Companies Act, 1956.
(E) INVESTMENT
Long-term investments are carried at cost, less provision for
diminution, other than temporary, in value of such investments. Current
investments are carried at lower of Cost and fair market value.
(F) INVENTORIES
Inventories are valued at lower of cost (on FIFO basis) or net
realizable value after providing for obsolescence and other losses,
where considered necessary. Cost of Finished goods & Work in Progress
includes appropriate portion of Labour & overheads.
(G) CONTINGENT LIABILITIES |
Contingent liabilities are not provided (unless otherwise stated) and
are disclosed by way of notes on account.
(H) TAXATION
Current income tax and fringe benefit tax liability is estimated
considering the provision of the Income Tax Act, 1961. The deferred tax
Liability for timing difference between the book and tax profit for the
year is accounted using the rates and Tax Laws that have been enacted
or substan- tially enacted at the balance sheet date. Deferred Tax
assets arising from the timing difference '' are recognized to the
extent that there is reasonable certainty that sufficient future
taxable income '' will be available. ''
Mar 31, 2010
(a) ACCOUNTING CONCEPT
The financial statements have been prepared under the historical cost
convention and on the accounting principle of a going concern.
Accounting policies not specifically referred to otherwise are
consistent and in consonance with accepted accounting principle.
(b) RECOGNISATION OF INCOME & EXPENDITURE
1. Sales are recognized, net of returns, on dispatch of goods to
customers and are Reflected in the accounts at net realizable value.
2. Incomes from interest on deposits are accounted oh accrual basis,
3. Miscellaneous Expenditure has been amortized over a period of 10
years. Except otherwise stated Company accounts Incomes and Expenses on
accrual basis in accordance with the generally accepted accounting
principle.
(c) USE OF ESTIMATES
The presentation of financial statements requires estimates and
assumptions to be made that affect 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. Difference
between the actual results and estimates are recognised in the period
in which the results are known / materialized.
(d) FIXED ASSETS & DEPRECIATION
1. Fixed assets are shown at their historical cost less depreciation
and impairment loss. The cost of fixed assets includes the cost of
acquisition including freight, taxes, duties and other identifiable
direct expenses and interest on borrowing attributable to acquisition
of assets up to the date the asset put to use less the accumulated
depreciation on it.
2. Depreciation is provided on straight-line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
(a) INVESTMENT
Long-term investments are carried at cost, less provision for
diminution, other than temporary, in value of such investments.
Current investments are carried at lower of Cost and fair market value.
(b) INVENTORIES
Inventories are valued at lower of cost (on FIFO basis) and net
realizable value after providing for obsolescence and other losses,
where considered necessary. Work in progress and finished goods
includes appropriate proportion of overheads.
(c) CONTINGENT LIABILITIES
Contingent liabilities are not provided (unless otherwise stated) and
are disclosed by way of notes on account.
(d) TAXATION
Current income tax and fringe benefit tax liability is estimated
considering the provision of the IT. Act, 1961. The deferred tax
Liability fortiming difference between the book and tax profit for the
year is accounted using the rates and Tax Laws that have been enacted
or substantially enacted at the balance sheet date. Deferred Tax assets
arising from the timing difference are recognized to the extent that
there is reasonable certainty that sufficient future taxable income
will be available.
(e) RETIREMENT BENEFITS
1. Short Term Employee Benefits: The undiscounted amount of short term
employee benefits expected to be paid in exchange for the service
rendered by employee is recognized during the period when the employee
render the service.
2. Post Employee Benefits: Contribution to defined contribution scheme
such as provident fund etc. is charged to P&L Account as incurred.
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