Mar 31, 2015
A. Method of accounting
The accounts are prepared on the historical cost basis adjusted by
revaluation of fixed assets.
B. Fixed assets and Depreciation
The value of goodwill is shown at cost price. No depreciation is
provided on the leasehold hand.
C. Inventory Valuation
a) Finished stock and work-in-process is valued at cost or estimated
value whichever is less.
b) Raw materials, Stores and Loose tools are valued at cost.
c) Plant and machinery scrap is valued at estimated cost.
D. Income recognition and expenditure:
Sales are shown after providing for adjustment of trade discount and
goods return. Income and expense are recognized on accrual basis.
E. Foreign currency transactions
All foreign currency transactions have been accounted at the rate
prevailing on the date of the transaction. As per AS 11, all
outstanding foreign currency transactions are valued at appropriate
exchange rate prevalent on the close of financial year and any
fluctuations are provided for in the Profit and Loss Account.
F. Taxes on income
Current tax is determined on the basis of the amount of tax payable on
the taxable income for the year. Deferred tax is recognized, subject to
the consideration of prudence in respect of deferred tax assets, on
timing differences between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods.
Mar 31, 2014
A. Method of accounting
The accounts are prepared on the historical cost basis adjusted by
revaluation of fixed assets.
B. Fixed assets and Depreciation
The value of goodwill is shown at cost price. No depreciation is
provided on the leasehold hand. Depreciation is provided on written
down value method as per Sec.205(2) of the Companies Act, 1956 at the
rates and in the manner prescribed in the Schedule XIV of the Companies
Act.
C. Income recognition and expenditure:
Sales are shown after providing for adjustment of trade discount and
goods return. Income and expense are recognized on accrual basis.
D. Foreign currency transactions
All foreign currency transactions have been accounted at the rate
prevailing on the date of the transaction. As per AS 11, all
outstanding foreign currency transactions are valued at appropriate
exchange rate prevalent on the close of financial year and any
fluctuations are provided for in the Profit and Loss Account.
E. Taxes on income
Current tax is determined on the basis of the amount of tax payable on
the taxable income for the year. Deferred tax is recognized, subject
to the consideration of prudence in respect of deferred tax assets, on
timing differences between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods.
Mar 31, 2013
A. Method of accounting
The accounts are prepared on the historical cost basis adjusted by
revaluation of fixed assets.
B. Fixed assets and Depreciation
The value of goodwill is shown at cost price. No depreciation is
provided on the leasehold hand. Depreciation is provided on written
down value method as per Sec.205(2) of the Companies Act, 1956 at the
rates and in the manner prescribed in the Schedule XIV of the Companies
Act.
C. Inventory Valuation
a) Finished stock and work-in-process is valued at cost or estimated
value whichever is less.
b) Raw materials, Stores and Loose tools are valued at cost.
c) Plant and machinery scrap is valued at estimated cost.
D. Income recognition and expenditure:
Sales are shown after providing for adjustment of trade discount and
goods return. Income and expense are recognized on accrual basis.
E. Foreign currency transactions
All foreign currency transactions have been accounted at the rate
prevailing on the date of the transaction. As per AS 11, all
outstanding foreign currency transactions are valued at appropriate
exchange rate prevalent on the close of financial year and any
fluctuations are provided for in the Profit and Loss Account.
F. Taxes on income
Current tax is determined on the basis of the amount of tax payable on
the taxable income for the year. Deferred tax is recognized, subject to
the consideration of prudence in respect of deferred tax assets, on
timing differences between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods.
Mar 31, 2011
1. Method of accounting
The accounts are prepared on the historical cost basis adjusted by
revaluation of fixed assets.
2. Fixed assets and Depreciation
The value of goodwill is shown at cost price. No depreciation is
provided on the leasehold hand. Depreciation is provided on written
down value method as per Sec.205(2) of the Companies Act, 1956 at the
rates and in the manner prescribed in the Schedule XIV of the Companies
Act.
3. Inventory Valuation
a) Finished stock and work-in-process is valued at cost or estimated
value whichever is less.
b) Raw materials, Stores and Loose tools are valued at cost.
c) Plant and machinery scrap is valued at estimated cost.
4. Sales
Sales are shown after providing for adjustment of trade discount and
goods return.
5. Foreign currency transactions
All foreign currency transactions have been accounted at the rate
prevailing on the date of the transaction. As per AS 11, all
outstanding foreign currency transactions are valued at appropriate
exchange rate prevalent on the close of financial year and any
fluctuations are provided for in the Profit and Loss Account.
6. Taxes on income
Current tax is determined on the basis of the amount of tax payable on
the taxable income for the year. Deferred tax is recognized, subject to
the consideration of prudence in respect of deferred tax assets, on
timing differences between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods.
Mar 31, 2010
A. 1. Method of Accounting
The accounts are prepared on the historical cost basis adjusted by
revaluation of fixed assets and on the accounting principles of a going
concern.
2. Fixed Assets and Depreciation
Fixed Assets are stated at their original cost and adjusted by
revaluation of fixed assets after deducting depreciation. The value of
goodwill is shown at cost price.
Depreciation is provided on written down value method as per section
205(2) of the companies act, 1956 at the rates and in the manner
prescribed in schedule XIV of the Companies Act, Depreciation on
increase in value of fixed assets due to revaluation is computed on the
basis of remaining useful life as estimated by the valuer on straight
line method.
3. Inventory Valuation
(a) Finished Stocks and work in process is valued at cost or estimated
value whichever is less.
(b) Raw Material, Stores and Loose Tools are valued at cost.
4. Sales
Sales are shown after deducting business kasar vatav and goods return.
5. Research and Development
The expenses incurred on research and development during the year is
written off to revenue expenses during the same year.
6. Foreign Currency Transaction:
All foreign currency transaction have been accounted at the rate
prevailing on the date of transaction. All outstanding foreign currency
transactions are valued at the appropriate exchange rate at the close
of the financial year. The loss or gain due to fluctuation of exchanges
rates are charged to Profit and Loss Account.
7. Taxes on Income
Current tax is determined on the basis of the amount of tax payable on
taxable income for the year. Deferred tax is recongnised, subject to
the consideration of prudence in respect of deferred tax assets, on
timing difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.