Mar 31, 2015
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 non
current as per the companies normal operating cycle and other criteria
set out in the schedule VI to the companies act 1956.
ii) Use of Estimated: .
The presentation of financial statements in conformity with the
generally accepted accounting principles required estimates and
assumptions to be made That effect 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 actual results and estimates are recognized in the period in
which results are known/materialized.
iii) Inventories:
Stocks are valued at lower of cost or net realizable value.
iv) Investment:
Quoted Investment: In the opinion of the management investment in the
quoted investment in associate company are of long term nature meant to
be held permanently on any diminution in the latest available book
value as compared to cost of such shares are considered temporary by
the management and hence not provided (not ascertained).
v) 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.
vi) Other Income:
Interest Income is recognized on time proportion basis taking into
account the amount of outstanding and sale applicable.
Dividend Income is recognized which right to receive the dividend is
established.
vii) 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.
viii) Taxation:
Tax expenses comprise of current lax. 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 taxable income of the current accounting year in accordance with
the Indian Income Tax Act 1961.
ix) Provisions and 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.
x) Earning 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, 2013
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 Inistitute 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 non
current as per the companies normal operating cycle and other criteria
set out in the schedule VI to the companies act 1956.
ii) Use of Estimated:
The presentation of financial statements in conformity with the
generally accepted accounting principles required estimates and
assumptions to be made That effect the reported amount of Asets and
Liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between actual results and estimates are recognized in the period in
which results are known/materialized.
iii) Inventories:
Stocks are valued at lower of cost or net realizable value.
iv) Investment:
Quoted Investment: In the opinion of the management investment in the
quoted investment in associate company are of long term nature meant to
be held permanently on any diminution in the latest available book value
as compared to cost of such shares are considered temporary by the
management and hence not provided (not ascertained).
v) 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.
vi) Other Income:
Interest Income is recognized on time proportion basis taking into
account the amount of outstanding and rate applicable.
Dividend Income is recognized which right to receive the dividend is
established.
vii) 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.
viii) Taxation:
Tax expenses comprise of current tax. 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 taxable income of the current accounting year in accordance with
the Indian Income Tax Act 1961.
ix) Provisions and 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 likehood
of outflow of resources is removed no provision or disclosure is made.
x) Earning 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, 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 Inistitute 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 non
current as per the companies normal operating cycle and other criteria
set out in the schedule VI to the companies act 1956.
ii) Use of Estimated:
The presentation of financial statements in conformity with the
generallyaccepted accounting principles required estimates and
assumptions to be made that effect the reported amount of Asets and
Liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Difference between actual results and estimates are recognized i.n the
period in which results are known/materialized.
iii) Inventories:
Stocks are valued at lower of cost or net realizable value.
iv) Investment:
Quoted Investment: In the opinion of the management investment in the
quoted investment in associate company are of long term nature meant to
be held permanently on any diminution in the latest available book
value as compared to cost of such shares are considered temporary by
the management and hence not provided (not ascertained).
v) 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.
vi) Other Income:
Interest Income is recognized on time proportion basis taking into
account the amount of outstanding and rate applicable.
Dividend Income is recognized which right to receive the dividend is
established.
vii) 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 adoted 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.
viii) Taxation:
Tax expenses comprise of current tax. 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 taxable income of the current accounting year in accordance with
the Indian Income Tax Act 1961.
ix) Provisions and 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 likehood
of outflow of resources is removed no provision or disclosure is made.