Mar 31, 2016
Notes to financial statements for the year ended March 31, 2016 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under the historical cost convention and in compliance with the mandatory Accounting Standards prescribed under section 133 of the Companies Act 2013(''Act'') read with rule 7 of the Companies (Accounts) Rules,2014 and the relevant provision of the Companies Act, 2013 (âthe 2013 Actâ). The financial statements have been prepared on accrual basis under the historical cost convention. The Accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.
B. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS:
The financial statements of the Company have been prepared and presented as per the format prescribed under Schedule III notified under the Companies Act, 2013.
C. TANGIBLE ASSETS:
Fixed assets are stated at cost of acquisition (less accumulated depreciation and impairment, if any). Cost includes freight, duties, taxes & other incidental expenses related to acquisition and installation of fixed assets.
D. DEPRECIATION:
Depreciation on fixed assets is provided on straight-line method over useful life of assets as prescribed in Part C of schedule II to the Companies Act, 2013 except for lease hold land, which is amortized over the period of the lease. The depreciation on assets acquired/sold/discarded during the year is provided from/up to the period the assets is acquired/sold or discarded.
E. INTANGIBLE ASSETS:
Intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost less accumulated amortization and impairment.
Software which is not an integral part of the related hardware, is classified as an intangible asset and is being amortized over a period of five years, being the estimated useful life.
F. INVESTMENTS:
Long term Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such decline is other than temporary, in the opinion of the management. Current investments are valued at lower of cost or fair value.
G. INVENTORIES:
Raw materials, packing Materials and stores & spares are valued at lower of cost (determined on FIFO basis) & net realizable value. Semi finished goods (Pet Performs) and finished goods & accessories are valued at lower of weighted average cost including applicable manufacturing overheads and net realizable value.
H. REVENUE RECOGNITION:
Sale of goods is recognized at the point of dispatch to the customer, except in the case of export sales, which are recognized as per the terms of the contract. Sales are inclusive of Excise Duty and net of trade discounts. The company accounts for volume discounts on actual basis as a reduction of revenue.
I. EMPLOYEES BENEFITS:
a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, short term compensated absences, etc. and the expected cost of bonus, ex-gratia are recognized in the period in which the employee renders the related service.
b) Post-Employment Benefits
(i) Defined Contribution Plans
The company''s managed Provident Fund scheme, state governed pension fund scheme, employee state insurance scheme and superannuation scheme are defined contribution plans. The contribution paid/payable under the schemes is recognized during the period in which the employee renders the related service.
(ii) Defined Benefit Plans
The employees'' gratuity fund scheme is a Company''s defined benefit plan. The present value of the obligation under such defined benefit plan is determined based on the actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan, is based on the market yields on Government securities as at the Balance Sheet date, having maturity periods approximating to the terms of related obligations.
Actuarial gains and losses are recognized immediately in the Profit & Loss Account.
Gains or losses on the curtailment or settlement of any defined benefit plan are recognized when the curtailment or settlement occurs. Past service cost is recognized as expense on a straight-line basis over the average period until the benefits become vested.
c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the Balance Sheet date. The discount rates used for determining the present value of the obligation under defined benefit plan, are based on the market yields on Government securities as at the Balance Sheet date. Contribution to Provident Fund is charged to Profit & Loss Account as incurred. Gratuity and Leave encashment benefits are charged to Profit & Loss Account on the basis of amount determined actuarially at the year end. Superannuation is provided on the basis of amount paid/payable under the insurance scheme, taken from Life Insurance Corporation of India.
J. RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and depreciated at applicable rates. Revenue Expenditure is charged to Profit & Loss Account of the year in which they are incurred.
K. LEASE ASSETS:
a) For assets acquired on lease prior to 31.3.2001, the lease rentals are charged to Profit and Loss Account.
b) For assets acquired on lease after 01.04.2001, in terms of Accounting Standard (AS-19) issued by the Institute of Chartered Accountants of India, lease of assets under which all the risks and benefits of ownership is effectively retained by the less or are classified as operating lease, otherwise it is classified as financial lease. Payment made under operating lease is charged to profit and loss account on a straight-line basis over the period of lease.
L. BORROWING COST
Borrowing cost that are attributable to the acquisition of qualifying assets are capitalized up to period such assets are ready for their intended use. All other borrowing costs are charged to Profit & Loss Account.
M. GOVERNMENT GRANTS
a) Government grants relating to specific fixed assets are adjusted with the value of tangible assets.
b) Government grants in the nature of promoters'' contribution. i.e., which have reference to the total investment in an undertaking or by way of contribution towards total capital outlay, are credited to capital reserve.
c) Government grants related to revenue items are either adjusted with the related expenditure or shown under the schedule âOther Incomeâ, in case direct linkage with the cost is not determinable.
N. TAXES ON INCOME:
a) Tax on income for the current period is determined on the basis of taxable income computed in accordance with the provisions of the Income Tax Act, 1961.
b) Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet Date.
c) Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. However, where there is unabsorbed depreciation or carried forward loss under tax laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed at each Balance Sheet date and written down or written-up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.
O. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currencies are recorded at exchange rate prevailing at the date of transaction.
b) Foreign currency monetary items are translated at year-end rates. Exchange differences arising on settlement of transactions and translation of monetary items are recognized as income or expense in the year in which they arise.
c) The premium or discount on forward exchange contracts not relating to firm commitments or highly probable forecast transactions and not intended for trading or speculative purpose is amortized as an expense or income over the life of the contract.
P. IMPAIRMENT OF ASSETS:
Impairment of individual assets/cash generating unit (a group of assets that generates identified independent cash flows) are identified using external and internal sources of information and impairment loss if any, is determined and recognized in accordance with the Accounting Standard (AS) 28 issued in this regard by The Institute of Chartered Accountants of India.
Q. PROVISIONS AND CONTINGENCIES:
The Company creates a provision when there is 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 obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made
Mar 31, 2015
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under
the historical cost convention and in compliance with the mandatory
Accounting Standards prescribed under section 133 of the Companies Act
2013('Act') read with rule 7 of the Companies (Accounts) Rules, 2014
and the relevant provision of the Companies Act, 2013 ("the 2013 Act").
The financial statements have been prepared on accrual basis under the
historical cost convention. The Accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year except for change in the accounting
policy for depreciation as more fully described in Note 47.
B. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS:
The financial statements of the Company have been prepared and
presented as per the format prescribed under Schedule III notified
under the Companies Act, 2013.
C. TANGIBLE ASSETS:
Fixed assets are stated at cost of acquisition (less accumulated
depreciation and impairment, if any). Cost includes freight, duties,
taxes & other incidental expenses related to acquisition and
installation of fixed assets.
D. DEPRECIATION:
Depreciation on fixed assets is provided on straight-line method over
useful life of assets as prescribed in Part C of schedule II to the
Companies Act, 2013 except for lease hold land, which is amortized over
the period of the lease. The depreciation on assets
acquired/sold/discarded during the year is provided from/up to the
period the assets is acquired/sold or discarded.
E. INTANGIBLE ASSETS:
Intangible assets are recorded at the consideration paid for
acquisition of such assets and are carried at cost less accumulated
amortization and impairment.
Software which is not an integral part of the related hardware, is
classified as an intangible asset and is being amortized over a period
of five years, being the estimated useful life.
F. INVESTMENTS:
Long term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such decline is
other than temporary, in the opinion of the management. Current
investments are valued at lower of cost or fair value.
G. INVENTORIES:
Raw materials, packing materials and stores & spares are valued at
lower of cost (determined on FIFO basis) & net realizable value. Semi
finished goods (Pet Preforms) and finished goods & accessories are
valued at lower of weighted average cost including applicable
manufacturing overheads and net realizable value.
H. REVENUE RECOGNITION:
Sale of goods is recognized at the point of dispatch to the customer,
except in the case of export sales, which are recognized as per the
terms of the contract. Sales are inclusive of Excise Duty and net of
trade discounts. The company accounts for volume discounts on actual
basis as a reduction of revenue.
I. EMPLOYEES BENEFITS:
a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, short term compensated absences, etc. and the
expected cost of bonus, ex-gratia are recognized in the period in which
the employee renders the related service.
b) Post-Employment Benefits
(i) Defined Contribution Plans:
The company's managed Provident Fund scheme, state governed pension
fund scheme, employee state insurance scheme and superannuation scheme
are defined contribution plans. The contribution paid/payable under the
schemes is recognized during the period in which the employee renders
the related service.
(ii) Defined Benefit Plans:
The employees' gratuity fund scheme is a Company's defined benefit
plan. The present value of the obligation under such defined benefit
plan is determined based on the actuarial valuation using the Projected
Unit Credit Method, which recognizes each period of service as giving
rise to additional unit of employee benefit entitlement and measures
each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rates used for determining the present value
of the obligation under defined benefit plan, is based on the market
yields on Government securities as at the Balance Sheet date, having
maturity periods approximating to the terms of related obligations.
Actuarial gains and losses are recognized immediately in the Profit &
Loss Account.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as a liability at the present value of
the defined benefit obligation at the Balance Sheet date. The discount
rates used for determining the present value of the obligation under
defined benefit plan, are based on the market yields on Government
securities as at the Balance Sheet date. Contribution to Provident
Fund is charged to Profit & Loss Account as incurred. Gratuity and
Leave encashment benefits are charged to Profit & Loss Account on the
basis of amount determined actuarially at the year end. Superannuation
is provided on the basis of amount paid/payable under the insurance
scheme, taken from Life Insurance Corporation of India.
J. RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and
depreciated at applicable rates. Revenue Expenditure is charged to
Profit & Loss Account of the year in which they are incurred.
K. LEASE ASSETS:
a) For assets acquired on lease prior to 31.3.2001, the lease rentals
are charged to Profit and Loss Account.
b) For assets acquired on lease after 01.04.2001, in terms of
Accounting Standard (AS-19) issued by the Institute of Chartered
Accountants of India, lease of assets under which all the risks and
benefits of ownership is effectively retained by the lessor are
classified as operating lease, otherwise it is classified as financial
lease. Payment made under operating lease is charged to profit and loss
account on a straight-line basis over the period of lease.
L. BORROWING COST
Borrowing cost that are attributable to the acquisition of qualifying
assets are capitalized up to period such assets are ready for their
intended use. All other borrowing costs are charged to Profit & Loss
Account.
M. GOVERNMENTGRANTS
a) Government grants relating to specific fixed assets are adjusted
with the value of tangible assets.
b) Government grants in the nature of promoters' contribution. i.e.,
which have reference to the total investment in an undertaking or by
way of contribution towards total capital outlay, are credited to
capital reserve.
c) Government grants related to revenue items are either adjusted with
the related expenditure or shown under the schedule "Other Income", in
case direct linkage with the cost is not determinable.
N. TAXES ON INCOME:
a) Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
b) Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet Date.
c) Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future.
However, where there is unabsorbed depreciation or carried forward loss
under tax laws, deferred tax assets are recognized only if there is a
virtual certainty of realization of such assets. Deferred tax assets
are reviewed at each Balance Sheet date and written down or written-up
to reflect the amount that is reasonably/virtually certain (as the case
may be) to be realized.
O. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currencies are recorded at
exchange rate prevailing at the date of transaction.
b) Foreign currency monetary items are translated at year-end rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise.
c) The premium or discount on forward exchange contracts not relating
to firm commitments or highly probable forecast transactions and not
intended for trading or speculative purpose is amortized as an expense
or income over the life of the contract.
P. IMPAIRMENT OF ASSETS:
Impairment of individual assets/cash generating unit (a group of assets
that generates identified independent cash flows) are identified using
external and internal sources of information and impairment loss if
any, is determined and recognized in accordance with the Accounting
Standard (AS) 28 issued in this regard by The Institute of Chartered
Accountants of India.
Q. PROVISIONS AND CONTINGENCIES:
The Company creates a provision when there is 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 obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
Mar 31, 2014
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under
the historical cost convention and in compliance with the applicable
Accounting Standards referred in section 211 (3C) and other
requirements of the Companies Act, 1956.
B) PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS:
The financial statements of the Company have been prepared and
presented as per the format prescribed under the revised Schedule VI
notified under the Companies Act, 1956.
C) FIXED ASSETS:
Fixed assets are stated at cost of acquisition (less accumulated
depreciation). Cost includes freight, duties, taxes & other incidental
expenses related to acquisition and installation of fixed assets.
D) DEPRECIATION:
Depreciation on fixed assets is provided on straight-line method at
rates and in the manner prescribed in schedule XIV to the Companies
Act, 1956 except for lease hold land, which is amortized over the
period of the lease. The depreciation on assets acquired/sold/discarded
during the year is provided from/up to the period the assets is
acquired/sold or discarded.
E) INTANGIBLES:
COMPUTER SOFTWARE
Software which is not an integral part of the related hardware, is
classified as an intangible asset and is being amortized over a period
of five years, being the estimated useful life.
F) INVESTMENTS:
Long term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such decline is
other than temporary, in the opinion of the management. Current
investments are valued at lower of cost or fair value.
G) INVENTORIES:
Raw materials, packing Materials and stores & spares are valued at
lower of cost determined on FIFO basis & net realizable value. Semi
finished goods (Pet Preforms) and finished goods & accessories are
valued at lower of weighted average cost including applicable
manufacturing overheads and net realizable value.
H) INCOME:
Sales of goods is recognized at the point of dispatch to the customer,
except in the case of export sales, which are recognized as per the
terms of the contract. Sales are inclusive of Excise Duty and net of
trade discounts.
I) EMPLOYEES BENEFITS:
(a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, short term compensated absences, etc. and the
expected cost of bonus, ex-gratia are recognized in the period in which
the employee renders the related service.
(b) Post-Employment Benefits
i) Defined Contribution Plans: The company''s managed Provident Fund
scheme, state governed pension fund scheme, employee state insurance
scheme and superannuation scheme are defined contribution plans. The
contribution paid/payable under the schemes is recognized during the
period in which the employee renders the related service.
(ii) Defined Benefit Plans: The employees'' gratuity fund scheme is a
Company''s defined benefit plan. The present value of the obligation
under such defined benefit plan is determined based on the actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rates used for determining the present value
of the obligation under defined benefit plan, is based on the market
yields on Government securities as at the Balance Sheet date, having
maturity periods approximating to the terms of related obligations.
Actuarial gains and losses are recognized immediately in the Profit &
Loss Account.
Gains or losses on the curtailment or settlement of any defined benefit
plan is recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
(c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as a liability at the present value of
the defined benefit obligation at the Balance Sheet date. The discount
rates used for determining the present value of the obligation under
defined benefit plan, are based on the market yields on Government
securities as at the Balance Sheet date. Contribution to Provident
Fund is charged to Profit & Loss Account as incurred. Gratuity and
Leave encashment benefits are charged to Profit & Loss Account on the
basis of amount determined actuarially at the year end. Superannuation
is provided on the basis of amount paid/payable under the insurance
scheme, taken from Life Insurance Corporation of India.
J) RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and
depreciated at applicable rates. Revenue
Expenditure is charged to Profit & Loss Account of the year in which
they are incurred.
K) LEASE ASSETS
i. For assets acquired on lease prior to 31.3.2001, the lease rentals
are charged to Profit and Loss Account.
ii. For assets acquired on lease after 01.04.2001, in terms of
Accounting Standard (AS-19) issued by the Institute of Chartered
Accountants of India, lease of assets under which all the risks and
benefits of ownership is effectively retained by the lessor are
classified as operating lease. Payment made under operating lease is
charged to profit and loss account on a straight-line basis over the
period of lease.
L) BORROWING COST
Borrowing cost that are attributable to the acquisition of qualifying
assets are capitalized up to period such assets are ready for their
intended use. All other borrowing costs are charged to Profit & Loss
Account.
M) GOVERNMENT GRANTS
i. Government grants relating to specific fixed assets are adjusted
with the value of fixed assets.
ii. Government grants in the nature of promoters'' contribution. i.e.,
which have reference to the total investment in an undertaking or by
way of contribution towards total capital outlay, are credited to
capital reserve.
iii. Government grants related to revenue items are either adjusted
with the related expenditure or shown under the schedule "Other
Income", in case direct linkage with the cost is not determinable.
N) TAXES ON INCOME
I. Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
II. Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet Date.
III. Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future.
However, where there is unabsorbed depreciation or carried forward loss
under tax laws, deferred tax assets are recognized only if there is a
virtual certainty of realization of such assets. Deferred tax assets
are reviewed at each Balance Sheet date and written down or written-up
to reflect the amount that is reasonably/virtually certain (as the case
may be) to be realized.
O) FOREIGN CURRENCY TRANSACTIONS
i. Transactions denominated in foreign currencies are recorded at
exchange rate prevailing at the date of transaction.
ii. Foreign currency monetary items are translated at year-end rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise.
iii. The premium or discount on forward exchange contracts not relating
to firm commitments or highly probable forecast transactions and not
intended for trading or speculative purpose is amortized as an expense
or income over the life of the contract.
P) IMPAIRMENT OF ASSETS
Impairment of individual assets/cash generating unit (a group of assets
that generates identified independent cash flows) are identified using
external and internal sources of information and impairment loss if
any, is determined and recognized in accordance with the Accounting
Standard (AS) 28 issued in this regard by The Institute of Chartered
Accountants of India.
Q) PROVISIONS AND CONTINGENCIES
The Company creates a provision when there is 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 obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
Mar 31, 2012
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under
the historical cost convention and in compliance with the applicable
Accounting Standards referred in section 211 (3C) and other
requirements of the Companies Act, 1956.
B) PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
The financial statements of the Company have been prepared and
presented for the year ended March 31, 2012, as per the format
prescribed under the revised Schedule VI notified under the Companies
Act, 1956. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for the preparation of
the financial statements. However, it has significant impact on
presentation and disclosures made in the financial statements. The
Company has also reclassified the previous year figures in accordance
with the requirements applicable in the current year.
C) FIXED ASSETS:
Fixed assets are stated at cost of acquisition (less accumulated
depreciation). Cost includes freight, duties, taxes & other incidental
expenses related to acquisition and installation of fixed assets.
D) DEPRECIATION:
Depreciation on fixed assets is provided on straight-line method at
rates and in the manner prescribed in schedule XIV to the Companies
Act, 1956 except for lease hold land, which is amortized over the
period of the lease. The depreciation on assets acquired/sold/discarded
during the year is provided from/up to the period the assets is
acquired/sold or discarded.
E) INTANGIBLES:
COMPUTER SOFTWARE
Software which is not an integral part of the related hardware is
classified as an intangible asset and is being amortized over a period
of five years, being the estimated useful life.
F) INVESTMENTS:
Long term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such decline is
other than temporary, in the opinion of the management. Current
investments are valued at lower of cost or fair value.
G) INVENTORIES:
Raw materials, packing Materials and stores & spares are valued at
lower of cost determined on FIFO basis & net realizable value. Semi
finished goods (Pet Performs) and finished goods & accessories are
valued at lower of weighted average cost including applicable
manufacturing overheads and net realizable value.
H) INCOME:
Sales of goods are recognized at the point of dispatch to the customer,
except in the case of export sales, which are recognized as per the
terms of the contract. Sales are inclusive of Excise Duty and net of
trade discounts.
I) EMPLOYEES BENEFITS:
(a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, and short term compensated absences, etc. and
the expected cost of bonus, ex- gratia is recognized in the period in
which the employee renders the related service.
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The Company's managed Provident Fund
scheme, state governed pension fund scheme, employee state insurance
scheme and superannuation scheme are defined contribution plans. The
contribution paid/payable under the schemes is recognized during the
period in which the employee renders the related service.
(ii) Defined Benefit Plans: The employees' gratuity fund scheme is a
Company's defined benefit plan. The present value of the obligation
under such defined benefit plan is determined based on the actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rates used for determining the present value
of the obligation under defined benefit plan, is based on the market
yields on Government securities as at the Balance Sheet date, having
maturity periods approximating to the terms of related obligations.
Actuarial gains and losses are recognized immediately in the Profit &
Loss Account.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
(c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as a liability at the present value of
the defined benefit obligation at the Balance Sheet date. The discount
rates used for determining the present value of the obligation under
defined benefit plan, are based on the market yields on Government
securities as at the Balance Sheet date. Contribution to Provident Fund
is charged to Profit & Loss Account as incurred. Gratuity and Leave
encashment benefits are charged to Profit & Loss Account on the basis
of amount determined actuarially at the year end. Superannuation is
provided on the basis of amount paid/payable under the insurance
scheme, taken from Life Insurance Corporation of India.
J) RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and
depreciated at applicable rates. Revenue Expenditure is charged to
Profit & Loss Account of the year in which they are incurred.
K) LEASE ASSETS
i. For assets acquired on lease prior to 31.3.2001, the lease rentals
are charged to Profit and Loss Account.
ii. For assets acquired on lease after 01.04.2001, in terms of
Accounting Standard (AS-19) issued by the Institute of
Chartered Accountants of India, lease of assets under which all the
risks and benefits of ownership is effectively retained by the lessor
are classified as operating lease. Payment made under operating lease
is charged to profit and loss account on a straight-line basis over the
period of lease.
L) BORROWING COST
Borrowing cost that are attributable to the acquisition of qualifying
assets are capitalized up to the period such assets are ready for their
intended use. All other borrowing costs are charged to Profit & Loss
Account.
M) GOVERNMENT GRANTS
i. Government grants relating to specific fixed assets are adjusted
with the value of fixed assets
ii. Government grants in the nature of promoters' contribution. i.e.,
which have reference to the total investment in an undertaking or by
way of contribution towards total capital outlay, are credited to
capital reserve. iii. Government grants related to revenue items are
either adjusted with the related expenditure or shown under the
schedule "Other Income", in case direct linkage with the cost is not
determinable.
N) TAXES ON INCOME
i. Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
ii. Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet Date.
iii. Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future.
However, where there is unabsorbed depreciation or carried forward loss
under tax laws, deferred tax assets are recognized only if there is a
virtual certainty of realization of such assets. Deferred tax assets
are reviewed at each Balance Sheet date and written down or written-up
to reflect the amount that is reasonably/virtually certain (as the case
may be) to be realized.
O) FOREIGN CURRENCY TRANSACTIONS
i. Transactions denominated in foreign currencies are recorded at
exchange rate prevailing at the date of transaction.
ii. Foreign currency monetary items are translated at year-end rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise iii. The premium or discount on forward
exchange contracts not relating to firm commitments or highly probable
forecast transactions and not intended for trading or speculative
purpose is amortized as an expense or income over the life of the
contract.
P) IMPAIRMENT OF ASSETS
Impairment of individual assets/cash generating unit (a group of assets
that generates identified independent cash flows) are identified using
external and internal sources of information and impairment loss if
any, is determined and recognized in accordance with the Accounting
Standard (AS) 28 issued in this regard by The Institute of Chartered
Accountants of India.
Q) PROVISIONS AND CONTINGENCIES
The Company creates a provision when there is 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 obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
Mar 31, 2011
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under
the historical cost convention and in compliance with the applicable
Accounting Standards referred in section 211 (3C) and other
requirements of the Companies Act, 1956.
B) FIXED ASSETS:
FIXED assets are states at cost of acquisition (less accumulated
depreciation). Cost includes freight, duties, taxes & other incidental
expenses related to acquisition and installation of fixed assets.
C) DEPRECIATION:
Depreciation on fixed assets is provided on straight-line method at
rates and in the manner prescribed in schedule XIV to the Companies
Act, 1956 except for lease hold and, which is amortized over the period
of the lease. The depreciation on assets acquired/sold/discarded during
the year is provided from/up to the period the assets is acquired /
sold or discarded.
D) INTANGIBLES:
COMPUTER SOFTWARE
Software which is not integral part of the related hardware, is
classified as on intangible asset and is being amortized over a period
of five years, being the estimated useful life.
E) INVESTMENTS:
Long term Ivestments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such decline is
other than temporary. In the opinion of the management. Current
investments are valued at lower of cost or fair value.
F) INVENTORS:
Raw materials, packing materials and stores & spares are valued at
lower of cost determined on FIFO basis & net realizable value. Semi
finished goods (Pet Preforms) and finished goods & accessories are
valued at lower of weighted average cost including applicable
manufacturing overheads and net realizable value.
G) INCOME:
Sales of goods is recognized at the point of dispatch to the customor,
except in the case of export sales, which are recognized as per the
terms of the contract. Saled are inclusive of Excise Duty and net of
trade discounts.
H) EMPLOYEES BENEFITS:
(a) Short term Employee Benefits.
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, short term compensated absences, etc. and the
excepted cost of bonus, exgratia are recognized in the period in which
the employee renders the related service.
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The company's managed Provident Fund
scheme, state governed pension fund scheme, employee state insurance
scheme and superannuation scheme are defined contribution plans.The
contribution paid/ payable under the schemes is recognized during the
period in which the employee renders the related service.
(ii) Defined Benefit Plans: The employees' gratuity fund scheme is a
Company's defined benefit plan. The present value of the obligation
under such defined benefit plan is determined based on the actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rates used for determining the present value
of the obligation under defined benefit plan, is based on the market
yields on Government securities as at the Balance Sheet date, having
maturity periods approximating to the terms of related obligations.
Actuarial gains and losses are recognized immediately in the Profit &
Loss Account.
Gains or losses on the curtailment or settlement of any defined benefit
plan is recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
(c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as a liability at the present value of
the defined benefit obligation at the Balance Sheet date. The discount
rates used for determining the present value of the obligation under
defined benefit plan, are based on the market yields on Government
securities as at the Balance Sheet date. Contribution to Provident Fund
is charged to Profit & Loss Account as incurred. Gratuity and Leave
encashment benefits are charged to Profit & Loss Account on the basis
of amount determined actuarially at the year end. Superannuation is
provided on the basis of amount paid/payable under the insurance
scheme, taken from Life Insurance Corporation of India.
l) RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and
depreciated at applicable rates. Revenue Expenditure is charged to
Profit & Loss Account of the year in which they are incurred.
J) LEASE ASSETS
I. For assets acquired on lease prior to 31.3.2001, the lease rentals
are charged to Profit and Loss Account.
II. For assets acquired on lease after 01.04.2001, in terms of
Accounting Standard (AS-19) Issued by Institute of Chartered
Accountants of India, lease of assets under which all the risks and
benefits of ownership is effectively retained by the lessor are
classified as operating lease. Payment made under operating lease is
charged to profit and loss account on a straight-line basis over the
period of lease.
I. Government Grants relating to specific fixed assets are adjusted
with the value of fixed assets.
II. Government grants in the nature of promoters' contribution. i.e.,
which has reference to the total investment in an undertaking or by way
of contribution towards total capital outlay, are credited to capital
reserve.
III. Government grants related to revenue items are either adjusted
with the related expenditure or shown under the schedule "Other
Income", in case direct linkage with the cost is not determinable.
I. Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
II. Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet Date.
III. Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future.
However, where there is unabsorbed depreciation or carried forward loss
under tax laws, deferred tax assets are recognized only if there is a
virtual certainty of realization of such assets. Deferred tax assets
are reviewed at each Balance Sheet date and written down or written-up
to reflect the amount that is reasonably/ virtually certain (as the
case may be) to be realized.
II. Foreign currency monetary items are translated at year-end rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise.
III. The premium or discount on forward exchange contracts not
relating to firm commitments or highly probable forecast transactions
and not intended for trading or speculative purpose is amortized as an
expense or income over the life of the contract.
Mar 31, 2010
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under
the historical cost convention and in compliance with the applicable
Accounting Standards referred in section 21 1 (3C) and other
requirements of the Companies Act, 1956.
B) FIXED ASSETS:
Fixed assets are stated at cost of acquisition (less accumulated
depreciation). Cost includes freight, duties, taxes & other incidental
expenses related to acquisition and installation of fixed assets.
C) DEPRECIA TION:
Depreciation on fixed assets is provided on straight-line method at
rates and in the manner prescribed in schedule XIV to the Companies
Act, 1956 except for lease hold land, which is amortized over the
period of the lease. The depreciation on assets acquired/sold/discarded
during the year is provided from/up to the period the assets is
acquired/sold or discarded.
D) INTANGIBLES: COMPUTER SOFTWARE
Software which is not an integral part of the related hardware, is
classified as an intangible asset and is being amortized over a period
of five years,being the estimated useful life.
E) INVESTMENTS :
Long term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such decline is
other than temporary , in the opinion of the management. Current
investments are valued at lower of cost or fair value.
F) INVENTORIES:
Raw materials, packing materials and stores & spares are valued at
lower of cost determined on FIFO basis & net realizable value. Semi
finished goods (P et Preforms) and finished goods & accessories are
valued at lower of weighted average cost including applicable
manufacturing overheads and net realizable value..
G) INCOME:
Sales of goods is recognized at the point of dispatch to the customer,
except in the case of export sales, which are recognised as per the
terms of the contract. Sales are inclusive of Excise Duty and net of
trade discounts.
H) EMPLOYEES BENEFITS:
(a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits. Benefits
such as salaries, wages, short term compensated absences, etc. and the
expected cost of bonus, ex- gratia are recognized in the period in
which the employee renders the related service.
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The companys managed Provident Fund
scheme, state governed pension fund scheme, employee state insurance
scheme and superannuation scheme are defined contribution plans.The
contribution paid/ payable under the schemes is recognized during the
period in which the employee renders the related service.
(ii) Defined Benefit Plans: The employees gratuity fund scheme is a
Companys defined benefit plan. The present value of the obligation
under such defined benefit plan is determined based on the actuarial
valuation using the Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rates used for determining the present value
of the obligation under defined benefit plan, is based on the market
yields on Government securities as at the Balance Sheet date, having
maturity periods approximating to the terms of related obligations.
Actuarial gains and losses are recognized immediately in the Profit &
Loss Account.
Gains or losses on the curtailment or settlement of any defined benefit
plan is recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested .
(c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as a liability at the present value of
the defined benefit obligation at the Balance Sheet date. The discount
rates used for determining the present value of the obligation under
defined benefit plan, are based on the market yields on Government
securities as at the Balance Sheet date. Contribution to Provident Fund
is charged to Profit & Loss Account as incurred. Gratuity and Leave
encashment benefits are charged to Profit & Loss Account on the basis
of amount determined actuarially at the year end. Superannuation is
provided on the basis of amount paid/payable under the insurance
scheme, taken from Life Insurance Corporation of India.
l) RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and
depreciated at applicable rates. Revenue Expenditure is charged to
Profit & Loss Account of the year in which they are incurred.
J) LEASE ASSETS
I. For assets acquired on lease prior to 31.3.2001, the lease rentals
are charged to Profit and Loss Account.
II. For assets acquired on lease after 01.04.2001, in terms of
Accounting Standard (AS-19) Issued by Institute of Chartered
Accountants of India lease of assets under which all the risks and
benefits of ownership is effectively retained by the lessor are
classified as operating lease. Payment made under operating lease is
charged to profit and loss account on a straight-line basis over the
period of lease.
K) BORROWING COST
Borrowing cost that are attributable to the acquisition of qualifying
assets are capitalized up to period such assets are ready for their
intended use. All other borrowing costs are charged to Profit & Loss
Account.
L) GOVERNMENT GRANTS
I. Government Grants relating to specific fixed assets are adjusted
with the value of fixed assets.
II. Government grants in the nature of promoters contribution. i.e.,
which has reference to the total investment in on undertaking or by way
of contribution towards total capital outlay, are credited to capital
reserve.
III. Government grants related to revenue items are either adjusted
with the related expenditure or shown under the schedule ÃOther
IncomeÃ, in case direct linkage with the cost is not determinable.
M) TAXES ON INCOME
I. Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
II. Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet Date.
III. Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future.
However, where there is unabsorbed depreciation or carried forward loss
under tax laws, deferred tax assets are recognized only if there is a
virtual certainty of realization of such assets. Deferred tax assets
are reviewed at each Balance Sheet date and written down or written-up
to reflect the amount that is reasonably/ virtually certain (as the
case may be) to be realized.
N) FOREIGN CURRENCY TRANSACTIONS
I. Transactions denominated in foreign currencies are recorded at
exchange rate prevailing at the date of transaction.
II. Foreign currency monetary items are translated at year-end rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise.
III. The premium or discount on forward exchange contracts not
relating to firm commitments or highly probable forecast transactions
and not intended for trading or speculative purpose is amortized as an
expense or income over the life of the contract.
O) IMPAIRMENT OF ASSETS
Impairment of individual assets/cash generating unit (a group of assets
that generates identified independent cash flows) are identified using
external and internal sources of information and impairment loss if any
, is determined and recognized in accordance with the Accounting
Standard (AS) 28 notified in the Companies (Accounting Standard) Rules,
2006.
P) PROVISIONS AND CONTINGENCIES
The Company creates a provision when there is 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 obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
Mar 31, 2009
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the accrual basis under
the historical cost convention and in compliance with the applicable
Accounting Standards referred in section 211 (3C) and other
requirements of the Companies Act 1956
B) FIXED ASSETS:
Fixed assets are stated at cost of acquisition (less accumulated
depreciation) Cost includes freight duties taxes & other incidental
expenses related to acquisition and installation of fixed assets
C) DEPRECIATION:
Depreciation on fixed assets is provided on straight-line method at
rates and in the manner prescribed in schedule XIV to the Companies Act
1956 except for lease hold land which is amortized over the period of
the lease The depreciation on assets acquired/sold/discarded during the
year is provided from/up to the period the assets is acquired/sold or
discarded
D) INTANGIBLES: COMPUTER SOFTWARE
Software which is not an integral part of the related hardware is
classified as an intangible asset and is being amortized over a period
of five yearsbeing the estimated useful life
E) INVESTMENTS:
Long term Investments are stated at cost Provision for diminution in
the value of long-term investments is made only if such decline is
otherthan temporary in the opinion of the management Current
investments are valued at lower of cost orfairvalue
F) INVENTORIES:
Raw materials packing materials and stores & spares are valued at lower
of cost determined on Fl FO basis & net realizable value Semi finished
goods (Pet Preforms) and finished goods & accessories are valued at
lower of weighted average cost including applicable manufacturing
overheads and net realizable value
G) INCOME:
Sales of goodsis recognized at the point of dispatch to the customer
except in the case of export sales which are recognised as per the
terms of the contract Sales are inclusive of Excise Duty and net of
trade discounts
H) EMPLOYEES BENEFITS:
(a) Short Term Employee Benefits
All employee benefits payable wholly within twelve months of rendering
the service are classified as short term employee benefits Benefits
such as salaries wages short term compensated absences etc and the
expected cost of bonus ex- gratia are recognized in theperiod in which
the employee renders the related service
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The companys managed Provident Fund
scheme state governed pension fund scheme employee state insurance
scheme and superannuation scheme are defined contribution plans The
contribution paid/ payable under the schemes is recognized during the
period in which the employee renders the related service
(ii) Defined Benefit Plans: The employeesgratuity fund scheme is a
Companys defined benefit plan The present value of the obligation
under such defined benefit plan is determined based on the actuarial
valuation using the Projected Unit Credit Method which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation
The obligation is measured at the present value of the estimated future
cash flows The discount rates used for determining the present value of
the obligation under defined benefit plan is based on the market yields
on Government securities as at the Balance Sheet date having maturity
periods approximating to the terms of related obligations
Actuarial gains and losses are recognized immediately in the Profits
Loss Account Gains or losses on the curtailment or settlement of any
defined benefit plan is recognized when the curtailment or settlement
occurs Past service cost is recognized as expense on a straight-line
basis over the average period until the benefits become vested
(c) Other Long-term Employee Benefits
Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the
related services are recognized as a liability at the present value of
the defined benefit obligation at the Balance Sheet date The discount
rates used for determining the present value of the obligation under
defined benefit plan are based on the market yields on Government
securities as at the Balance Sheet date Contribution to Provident Fund
is charged to Profit & Loss Account as incurred Gratuity and Leave
encashment benefits are charged to Profit & Loss Account on the basis
of amount determined actuarially at the year end Superannuation is
provided on the basis of amount paid/payable under the insurance scheme
taken from Life InsuranceCorporation of India
I) RESEARCH AND DEVELOPMENT EXPENSES:
Expenditure relating to capital items is debited to Fixed Assets and
depreciated at applicable rates Revenue Expenditure is charged to
Profit & Loss Account of the year in which they are incurred
J) LEASE ASSETS
For assets acquired on lease prior to 31.3.2001 the lease rentals are
charged to Profit and Loss Account
ii For assets acquired on lease after 01042001 in terms of Accounting
Standard (AS-19) notified in the Companies (Accounting Standard)
Rules2006 lease of assets under which all the risks and benefits of
ownership is effectively retained by the lessor are classified as
operating lease Payment made under operating lease is charged to
profitand loss account on a straight-line basis over the period of
lease
K) BORROWING COST
Borrowing cost that are attributable to the acquisition of qualifying
assets are capitalized up to period such assets are ready for their
intended use All other borrowing costs are charged to Profit & Loss
Account
L) TAXES ON INCOME
L Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act 1961
II Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet Date
III Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future However
where there is unabsorbed depreciation or carried forward loss under
tax laws deferred tax assets are recognized only if there is a virtual
certainty of realization of such assets Deferred tax assets are
reviewed at each Balance Sheet date and written down or written-up to
reflect the amount that is reasonably/ virtually certain (as the case
may be) to be realized
M) FOREIGN CURRENCY TRANSACTIONS
i Transactions denominated in foreign currencies are recorded at
exchange rate prevailing at the date of transaction
ii Foreign currency monetary items are translated at year-end rates
Exchange differences arising on settlement of transactions and
translation of monetary jtems are recognized as income or expense in
the year in which they arise
iii The premium or discount on forward exchange contracts not relating
to firm commitments or highly probable forecast transactions and not
intended for trading or speculative purpose is amortized as an expense
or income over the life of the contract
N) IMPAIRMENT OF ASSETS
Impairment of individual assets/cash generating unit (a group of assets
that generates identified independent cash flows) are identified using
external and internal sources of information and impairment loss if any
is determined and recognized in accordance with the Accounting Standard
(AS) 28 notified in the Companies (Accounting Standard) Rules 2006
O) PROVISIONS AND CONTINGENCIES
The Company creates a provision when there is 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 obligation A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made
The Company had received for its unit at Mahad show cause notice from
Excise Department for Rs 36000(000) for producing and clearing
dutiable and non-dutiable products under notification 4/ 97 dated
10397 The Company has preferred an appeal against the same Similar case
for a different period had been adjudicated in Companys favour by
CESTAT DELHI
At its unit at Mahad the Excise department has filed an appeal against
a demand of Rs7272(OO0) which had been dropped by the Commissioner
Central Excise (The original show cause notice was received on 1722002
and related to imposition of Excise Duty on recovery of freight charges
detention charges etc separately by the company and non-inclusion of
the same)
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