Mar 31, 2014
1 SYSTEM OF ACCOUNTING
(i) The financial statements are prepared on a historical cost
convention and as a going concern concept .
(ii) Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
(iii) The Company follows the mercantile System of accounting and
recognizes Income and expenditure on accrual basis except otherwise
referred.
2 FIXED ASSETS AND DEPRECIATION
(i) Expenditure which are of Capital nature are capitalized at a cost
net of CENVAT and VAT which comprises purchase price (net of rebates
and discount), levies and any directly attributable cost of bringing
the assets to working condition for its intended use.
(ii) Depreciation is charged on straight line method in accordance with
the rates specified under Schedule XIV to the Companies Act, 1956 on
pro rata basis except on Building and Plant & Machinery due to non
utilisation of the same during the year.
3 INVENTORY
(i) Raw materials are stated at cost or net realizable value whichever
is lower.
(ii) Stock of finished goods have been valued at cost or net realizable
value whichever is lower.
(iii) Stock of work in progress have been valued at cost or net
realizable value whichever is lower.
(iv) The cost includes manufacturing expenses and appropriate
overheads. Excise duty on finished goods lying at the plant is provided
and considered for valuation of stock.
(v) Stock of waste have been valued at net realisable value
(vi) Stores and Spares are stated at Cost or net realizable value
whichever is lower.
4 INVESTMENT
Investments have been valued at cost. Provision for diminution in the
value of long tern investment is made only when such a decline is other
then temporary in the opinion of the management.
5 BORROWING COST
(i) Borrowing cost that are directly attributable to the acquisition,
construction or production of a qualifying asset have been capitalized
as part of the cost of that asset.
(ii) All other borrowing costs are charged to revenue.
6 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currency are normally recorded at
the rates of exchange prevailing at the time of transactions. Monetary
items at the end of the year are translated at the year end rate. The
difference between the exchange rate prevailing on the date of
transactions and on the date of settlement, as also on translation at
the end of the year is recognised as income or expenses, as the case
may be for the year.
7 IMPAIRMENT OF ASSETS
An assets is treated as impaired when the carrying cost of the asset
exceeds its recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an assets is identified as
impaired.
8 RETIREMENT BENEFITS
Company''s contributions to provident fund and ESIC are charged to
profit and loss account. Incremental liability of gratuity for the year
is provided in the books of accounts and charged to the profit & loss
account on the basic of actuarial valuation. The eligible benefit of
privileged leave have been charged to Profit & loss Account as per
policy of the company.
9 TAXATION
The current charge for income taxes is calculated in accordance with
the relevant tax regulations applicable to the company. Deferred tax
assets and liabilities are recognized for further tax consequences
attributable to the timing differences that result between the profit
offered for income tax and the profit as per the financial statements,
subject to consideration of prudence. Deferred tax assets and
liabilities are measured as per the tax rates/laws that have been
enacted or substantively enacted by the Balance Sheet date.
10 INCOME FROM OPERATIONS
Revenue from Operations includes Sales and Excise Duty and Value Added
Tax on Sales but is net of discounts, claims and returns.
11 PROVISION, CONTINGENCIES
A provision is recognised where there is present obligation as a result
of past event and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which a reliable
estimate can be made. Contingent liability are not recognised but are
disclosed in the notes. Contingent Assets are neither recognised nor
disclosed.
12 MAT Credit Entitlement
The MAT Credit entitlement has been recognised as an assets in the
previous year as there was certainty to utilise the MAT Credit within
the specified period. However due to huge loss incurred by the company
during the previous year and further to suspension of Manufacturing
activity during the year, MAT credit entitlement have been reversed
back as uncertainty of the utilisation of the same within the specified
period.
Mar 31, 2013
1 SYSTEM OF ACCOUNTING
(i) The financial statements are prepared on a historical cost
convention and as a going concern concept .
(ii) Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
(iii) The Company follows the mercantile System of accounting and
recognizes Income and expenditure on accrual basis except otherwise
referred.
2 FIXED ASSETS AND DEPRECIATION
(i) Expenditure which are of Capital nature are capitalized at a cost
net of CENVAT and VAT which comprises purchase price (net of rebates
and discount), levies and any directly attributable cost of bringing
the assets to working condition for its intended use.
(ii) Depreciation is charged on straight line method in accordance with
the rates specified under Schedule XIV to the Companies Act, 1956 on
pro rata basis.
3 INVENTORY
(i) Raw materials are stated at cost or net realizable value whichever
is lower.
(ii) Stock of finished goods have been valued at cost or net realizable
value whichever is lower.
(iii) Stock of work in progress have been valued at cost or net
realizable value whichever is lower.
(iv) The cost includes manufacturing expenses and appropriate
overheads. Excise duty on finished goods lying at the plant is provided
and considered for valuation of stock.
(v) Stock of waste have been valued at net realisable value
(vi) Stores and Spares are stated at Cost or net realizable value
whichever is lower.
4 INVESTMENT
Investments have been valued at cost. Provision for diminution in the
value of long tern investment is made only when such a decline is other
then temporary in the opinion of the management.
5 BORROWING COST
(i) Borrowing cost that are directly attributable to the acquisition,
construction or production of a qualifying asset have been capitalized
as part of the cost of that asset.
(ii) All other borrowing costs are charged to revenue.
6 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currency are normally recorded at
the rates of exchange prevailing at the time of transactions. Monetary
items at the end of the year are translated at the year end rate. The
difference between the exchange rate prevailing on the date of
transactions and on the date of settlement, as also on translation at
the end of the year is recognised as income or expenses, as the case
may be for the year.
7 IMPAIRMENT OF ASSETS
An assets is treated as impaired when the carrying cost of the asset
exceeds its recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an assets is identified as
impaired.
8 RETIREMENT BENEFITS
Company''s contributions to provident fund and ESIC are charged to
profit and loss account. Incremental liability of gratuity for the year
is provided in the books of accounts and charged to the profit & loss
account on the basic of actuarial valuation. The eligible benefit of
privileged leave have been charged to Profit & loss Account as per
policy of the company.
9 TAXATION
The current charge for income taxes is calculated in accordance with
the relevant tax regulations applicable to the company. Deferred tax
assets and liabilities are recognized for further tax consequences
attributable to the timing differences that result between the profit
offered for income tax and the profit as per the financial statements,
subject to consideration of prudence. Deferred tax assets and
liabilities are measured as per the tax rates/laws that have been
enacted or substantively enacted by the Balance Sheet date.
10 INCOME FROM OPERATIONS
Revenue from Operations includes Sales and Excise Duty and Value Added
Tax on Sales but is net of discounts, claims and returns.
11 PROVISION, CONTINGENCIES
A provision is recognised where there is present obligation as a result
of past event and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which a reliable
estimate can be made. Contingent liability are not recognised but are
disclosed in the notes. Contingent Assets are neither recognised nor
disclosed.
12 MAT Credit Entitlement
The MAT Credit entitlement has been recognised as an assets in the year
when there is certainty to utilise the MAT Credit within the specified
period
Mar 31, 2012
1 SYSTEM OF ACCOUNTING
(i) The financial statements are prepared on a historical cost
convention and as a going concern concept .
(ii) Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
(iii) The Company follows the mercantile System of accounting and
recognizes Income and expenditure on accrual basis except otherwise
referred.
2 FIXED ASSETS AND DEPRECIATION
(i) Expenditure which are of Capital nature are capitalized at a cost
net of CENVAT and VAT which comprises purchase price (net of rebates
and discount), levies and any directly attributable cost of bringing
the assets to working condition for its intended use.
(ii) Depreciation is charged on straight line method in accordance with
the rates specified under Schedule XIV to the Companies Act, 1956 on
pro rata basis.
3 INVENTORY
(i) Raw materials are stated at cost or net realizable value whichever
is lower.
(ii) Stock of finished goods have been valued at cost or net realizable
value whichever is lower.
(iii) Stock of work in progress have been valued at cost or net
realizable value whichever is lower.
(iv) The cost includes manufacturing expenses and appropriate
overheads. Excise duty on finished goods lying at the plant is provided
and considered for valuation of stock.
(v) Stock of waste have been valued at net realizable value
(vi) Stores and Spares are stated at Cost or net realizable value
whichever is lower.
4 INVESTMENT
Investments have been valued at cost. Provision for diminution in the
value of long tern investment is made only when such a decline is other
then temporary in the opinion of the management.
5 BORROWING COST
(i) Borrowing cost that are directly attributable to the acquisition,
construction or production of a qualifying asset have been capitalized
as part of the cost of that asset.
(ii) All other borrowing costs are charged to revenue.
6 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currency are normally recorded at
the rates of exchange prevailing at the time of transactions. Monetary
items at the end of the year are translated at the year end rate. The
difference between the exchange rate prevailing on the date of
transactions and on the date of settlement, as also on translation at
the end of the year is recognized as income or expenses, as the case
may be for the year.
7 IMPAIRMENT OF ASSETS
An assets is treated as impaired when the carrying cost of the asset
exceeds its recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an assets is identified as
impaired.
8 RETIREMENT BENEFITS
Company's contributions to provident fund and ESIC are charged to
profit and loss account. Incremental liability of gratuity for the year
is provided in the books of accounts and charged to the profit & loss
account on the basic of actuarial valuation. The eligible benefit of
privileged leave have been charged to Profit & loss Account as per
policy of the company.
9 TAXATION
The current charge for income taxes is calculated in accordance with
the relevant tax regulations applicable to the company. Deferred tax
assets and liabilities are recognized for further tax consequences
attributable to the timing differences that result between the profit
offered for income tax and the profit as per the financial statements,
subject to consideration of prudence. Deferred tax assets and
liabilities are measured as per the tax rates/laws that have been
enacted or substantively enacted by the Balance Sheet date.
10 INCOME FROM OPERATIONS
Revenue from Operations includes Sales and Excise Duty and Value Added
Tax on Sales, Commission Income including Service Tax but is net of
discounts, claims and returns.
11 PROVISION, CONTINGENCIES
A provision is recognized where there is present obligation as a result
of past event and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which a reliable
estimate can be made. Contingent liability are not recognized but are
disclosed in the notes. Contingent Assets are neither recognized nor
disclosed.
12 MAT Credit Entitlement
The MAT Credit entitlement has been recognized as an assets in the year
when there is certainty to utilise the MAT Credit within the specified
period
Mar 31, 2010
1 SYSTEM OF ACCOUNTING
(i) The financial statements are prepared on a historical cost
convention and as a going concern concept.
(ii) Accounting policies not specifically referred to otherwise are
consistent with generally accepted accounting principles.
(iii) The Company follows the mercantile System of accounting and
recognizes Income and expenditure on accrual basis except otherwise
referred.
2 FIXED ASSETS AND DEPRECIATION
(i) Expenditure which are of Capital nature are capitalized at a cost
net of CENVAT and VAT which comprises purchase price (net of rebates
and discount), levies and any directly attributable cost of bringing
the assets to working condition for its intended use.
(ii) Depreciation is charged on straight line method in accordance with
the rates specified under Schedule XIV to the Companies Act, 1956 on
pro rata basis.
3 INVENTORY
(i) Raw materials are stated at cost or net realizable value whichever
is lower.
(ii) Stock of finished goods have been valued at cost or net realizable
value whichever is lower.
(iii) Stock of work in progress have been valued at cost or net
realizable value whichever is lower.
(iv) The cost includes manufacturing expenses and appropriate
overheads. Excise duty on finished goods lying at the plant is provided
and considered for valuation of stock.
(v) Stock of waste have been valued at net realisable value
(vi) Stores and Spares are stated at cost or net realizable value
whichever is lower.
4 INVESTMENT
Investments have been valued at cost. Provision for dimination in the
value of long tern investment is made only when such a decline is other
then temporary in the opinion of management.
5 BORROWING COST
(i) Borrowing cost that are directly attributable to the acquisition,
construction or production of a qualifying asset have been capitalized
as part of the cost of that asset.
(ii) All other borrowing costs are charged to revenue.
6 FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currency are normally recorded at
the rates of exchange prevailing at the time of transactions. Monetary
items at the end of the year are translated at the year end rate. The
difference between the exchange rate prevailing on the date of
transactions and on the date of settlement, as also on translation at
the end of the year is recognised as income or expenses, as the case
may be for the year.
7 IMPAIRMENT OF ASSETS
An assets is treated as impairment when the carrying cost of the assets
exceeds its recoverable amounts.An impairment loss is charged to the
Profit and Loss Account in the year in which an assets is identified as
impaired.
8 RETIREMENT BENEFITS
Companys contributions to provident fund and ESIC are charged to
profit and loss account. Incremental liability of gratuity for the year
is provided in the books of accounts and charged to the profit & loss
account on the basic of actuarial valuation. The eligible benefit of
privileged leave have been charged to Profit & loss Account as per
policy of the company.
9 TAXATION
The current charge for income taxes is calculated in accordance with
the relevant tax regulations applicable to the company. Deferred tax
assets and liabilities are recognized for further tax consequences
attributable to the timing differences that result between the profit
offered for income tax and the profit as per the financial statements,
subject to consideration of prudence. Deferred tax assets and
liabilities are measured as per the tax rates/laws that have been
enacted or substantively enacted by the Balance Sheet date.
10 TURNOVER
Gross Turnover includes Excise Duty and Value Added Tax on Sales,
Commission Income but is net of discounts, claims and returns.
11 PROVISION, CONTINGENCIES
A provision is recognised where there is present obligation as a result
of past event and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which a reliable
estimate can be made. Contingent liability are not recognised but are
disclosed in the notes. Contingent Assets are neither recognised hence
not disclosed.