Mar 31, 2015
A. Basis of Accounting: The financial statements of the Company have
been prepared in accordance with the Generally Accepted Accounting
Principles in India (Indian GAAP) to comply with the Accounting
Standards specified under Section 133 of the Companies Act, 2013, read
with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant
provisions of the Companies Act, 2013 ("the 2013 Act") / Companies Act,
1956 ("the 1956 Act"), as applicable. 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.
b. Use of Estimates: The preparation of financial statements is in
conformity with generally accepted accounting principles, which
requires management to make estimates and assumptions that affect the
reported amounts of such assets and liabilities and disclosure of
contingent liabilities at the date of the financial statements and the
results of operations during the end of the reporting period. Although
these estimates are based upon management's best knowledge of current
events and actions, actual results could differ from the estimates.
c. Fixed Assets : Fixed Assets are stated at cost less depreciation
and cost of assets includes acquisition and installation expenses which
are directly attributable for bringing the assets into working
condition.
d. Depreciation: With effect from 01-04-2014 there has been a change
in Policy for determination of depreciation amount as per provisions
prescribed in Schedule II to the Companies Act, 2013 read with Section
123 of the "Act".
Depreciation is calculated based on useful life of asset
retrospectively from the date of acquisition of the relevant Fixed
Assets. The depreciation for assets having residual life and carrying
book value as on 01-04-2014 are being amortized over remaining residual
life. The depreciation for assets whose useful life expired but has
carrying book value are amortized as on 01-04-2014 by transferring to
the opening Profit and Loss Account. From 01-04-2014 the existing
assets with carrying book value and additions made thereafter shall be
provided in accordance with useful life as prescribed in Schedule II of
Companies Act,2013.
e. Inventories : i. Stocks of raw materials, packing materials, house
plots and consumables are valued at lower of cost and net realizable
value. Rates are determined on FIFO basis ii. Finished goods are valued
at cost of conversion and other cost incurred in bringing the
inventories to their present location and condition (plus other
overheads) or net realizable value, whichever is lower.
f. Revenue Recognition: Revenue from sales of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the customer, which generally coincides with their delivery to
customer. Sales are stated including sales tax and excise duty
excluding returns.
g. Borrowing Costs : Borrowing Costs are charged to profit & loss
account, except in cases where the borrowings are directly attributable
to the acquisition, construction or production of the qualifying asset.
h. Cenvat : Cenvat benefit is accounted for by reducing from the
purchase cost of raw materials and adjusted against the excise duty
liability.
i. Excise Duty: Excise Duty in respect of goods manufactured by the
Company and lying in the Factory is accounted on accrual basis.
j. Investments : Investments are stated at cost. All the investments
are long term and diminution in market value is not considered unless
diminution is permanent.
k. Foreign Currency Transaction : Foreign currency transactions are
recorded at the exchange rates prevailing as on the date of
transaction. Earning or losses due to fluctuations in exchange rates
are recorded as income or expenditure in the year of settlement and
charged to Profit & Loss A/c.
l. Employees Benefits :
I. Short term employee Benefits : All employee benefits payable within
twelve months of rendering services are classified as short term
benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards excreta, performance pay etc., and the
same are recognized in the period in which the employee renders the
related service.
II. Post Employment Benefits :
1. Defined Contribution Plans : Central Government Provident Fund
Scheme is defined Contribution plan of the Company. The contributions
paid or payable under the schemes are recognized during the period in
which the employee renders the related service.
2. Defined Benefit Plans : The employees' gratuity scheme is defined
benefit plan of the Company. The present value of the obligations
under such defined benefit plan is determined based on the actuarial
valuation provided by LIC of India at the date of Balance Sheet.
Necessary disclosures as required under AS15 are furnished in Notes to
Financial Statements.
m. The Company has taken into consideration the Provisions AS28-
Impairment of assets. The Company assets at the each Balance sheet
date whether there is any indication that an asset may be impaired. If
any such indication is there, the Company estimates the recoverable
amount of the cash generating unit to which the asset belongs. If
recoverable amount is less than its carrying amount, the carrying
amount is reduced to its recoverable amount.
n. Cash and Cash Equivalent: Cash and cash equivalent in the cash flow
statement comprises cash at bank and on hand short-term investments
with an original maturity of three months or less.
o. Income Taxes : Tax expense comprises current and deferred tax.
Provisions for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from timing difference between taxable and
accounting income as accounted for using the tax rules and laws that
are enacted or substantively enacted as on the Balance Sheet date.
Deferred tax assets are recognized only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which deferred tax assets can be realized.
p. Contingent Liabilities and Contingent Assets : Contingent
Liabilities are not recognized but are disclosed in the financial
statements. Contingent Assets are neither recognized nor disclosed in
the financial statements.
Mar 31, 2014
A. System of Accounting :
The Company follows Mercantile system of accounting and recognises
income and expenditure on accrual basis. The accounts are prepared on
historical cost basis as a going concern. Accounting policies not
referred to otherwise are consistent with generally accepted
accounting principles and applicable Accounting Standards unless
otherwise stated.
b. Use of Estimates:
The preparation of financial statements is in conformity with
generally accepted accounting principles, which requires management to
make estimates and assumptions that affect the reported amounts of
such assets and liabilities and disclosure of contingent liabilities
at the date of the financial statements and the results of operations
during the end of the reporting period. Although these estimates are
based upon management''s best knowledge of current events and actions,
actual results could differ from the estimates.
c. Fixed Assets :
Fixed Assets are stated at cost less depreciation and cost of assets
includes acquisition and installation expenses which are directly
attributable for bringing the assets into working condition.
d. Depreciation :
Depreciation has been provided on straight line method at the rates
specified in the Schedule XIV of the Companies Act,1956.
e. Inventories :
i. Stocks of raw materials, packing materials, house plots and
consumables are valued at lower of cost and net realisable value.
Rates are determined on FIFO basis
ii. Finished goods are valued at cost of conversion and other cost
incurred in bringing the inventories to their present location and
condition (plus other overheads) or net realisable value, whichever is
lower.
f. Revenue Recognition:
Revenue from sales of goods is recognized when the significant risks
and rewards of ownership of the goods have passed to the customer,
which generally coincides with their delivery to customer. Sales are
stated including sales tax and excise duty excluding returns.
g. Borrowing Costs :
Borrowing Costs are charged to profit & loss account, except in cases
where the borrowings are directly attributable to the acquisition,
construction or production of the qualifying asset.
h. Cenvat :
Cenvat benefit is accounted for by reducing from the purchase cost of
raw materials and adjusted against the excise duty liability.
i. Excise Duty:
Excise Duty in respect of goods manufactured by the Company and lying
in the Factory is accounted on accrual basis.
j. Investments :
Investments are stated at cost. All the investments are long term and
diminution in market value is not considered unless diminution is
permanent.
k. Foreign Currency Transaction :
Foreign currency transactions are recorded at the exchange rates
prevailing as on the date of transaction. Earning or losses due to
fluctuations in exchange rates are recorded as income or expenditure
in the year of settlement and charged to Profit & Loss A/c.
l. Employees Benefits :
I. Short term employee Benefits :
All employee benefits payable within twelve months of rendering
services are classified as short term benefits. Such benefits include
salaries, wages, bonus, short term compensated absences, awards
exgratia, performance pay etc., and the same are recognized in the
period in which the employee renders the related service.
II. Post Employment Benefits :
1. Defined Contribution Plans :
Central Government Provident Fund Scheme is defined Contribution plan
of the Company. The contributions paid or payable under the schemes
are recognized during the period in which the employee renders the
related service.
2. Defined Benefit Plans :
The employees'' gratuity scheme is defined benefit plan of the Company.
The present value of the obligations under such defined benefit plan
is determined based on the actuarial valuation provided by LIC of
India at the date of Balance Sheet. Necessary disclosures as required
under AS15 are furnished in Notes to Financial Statements.
m. The Company has taken into consideration the Provisions AS28-
Impairment of assets. The Company assets at the each Balance sheet
date whether there is any indication that an asset may be impaired.
If any such indication is there, the Company estimates the recoverable
amount of the cash generating unit to which the asset belongs. If
recoverable amount is less than its carrying amount, the carrying
amount is reduced to its recoverable amount.
Mar 31, 2013
A. System of Accounting : The Company follows Mercantile system of
accounting and recognises income and expenditure on accrual basis. The
accounts are prepared on historical cost basis as a going concern.
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles and applicable Accounting
Standards unless otherwise stated.
b. Use of Estimates: The preparation of financial statements is in
conformity with generally accepted accounting principles, which
requires management to make estimates and assumptions that affect the
reported amounts of such assets and liabilities and disclosure of
contingent liabilities at the date of the financial statements and the
results of operations during the end of the reporting period. Although
these estimates are based upon management''s best knowledge of current
events and actions, actual results could differ from the estimates.
c. Fixed Assets : Fixed Assets are stated at cost less depreciation
and cost of assets includes acquisition and installation expenses which
are directly attributable for bringing the assets into working
condition.
d. Depreciation : Depreciation has been provided on straight line
method at the rates specified in the Schedule XIV of the Companies Act,
1956.
e. Inventories : i. Stocks of raw materials, packing materials, house
plots and consumables are valued at lower of cost and net realisable
value. Rates are determined on FIFO basis ii. Finished goods are valued
at cost of conversion and other cost incurred in bringing the
inventories to their present location and condition (plus other
overheads) or net realisable value, whichever is lower.
f. Revenue Recognition: Revenue from sales of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the customer, which generally coincides with their delivery to
customer. Sales are stated including sales tax and excise duty
excluding returns.
g. Borrowing Costs : Borrowing Costs are charged to profit & loss
account, except in cases where the borrowings are directly attributable
to the acquisition, construction or production of the qualifying asset.
h. Convert : Convert benefit is accounted for by reducing from the
purchase cost of raw materials and adjusted against the excise duty
liability.
i. Excise Duty: Excise Duty in respect of goods manufactured by the
company and lying in the Factory is accounted on accrual basis.
j. Investments : Investments are stated at cost. All the investments
are long term and diminution in market value is not considered unless
diminution is permanent.
k. Foreign Currency Transaction : Foreign currency transactions are
recorded at the exchange rates prevailing as on the date of
transaction. Earning or losses due to fluctuations in exchange rates
are recorded as income or expenditure in the year of settlement and
charged to Profit & Loss A/c.
I. Employees Benefits :
I. Short term employee Benefits: All employee benefits payable within
twelve months of rendering services are classified as short term
benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards excreta, performance pay etc., and the
same are recognized in the period in which the employee renders the
related service.
II. Post Employment Benefits :
1. Defined Contribution Plans : Central Government Provident Fund
Scheme is defined Contribution plan of the Company. The contributions
paid or payable under the schemes are recognized during the period in
which the employee renders the related service.
2. Defined Benefit Plans : The employees'' gratuity scheme is defined
benefit plan of the Company. The present value of the obligations
under such defined benefit plan is determined based on the actuarial
valuation provided by LIC of India at the date of Balance Sheet.
Necessary disclosures as required under AS 15 are furnished in Notes to
Financial Statements.
m. The Company has taken into consideration the Provisions AS28-
Impairment of assets. The Company assets at the each Balance sheet
date whether there is any indication that an asset may be impaired. If
any such indication is there, the Company estimates the recoverable
amount of the cash generating unit to which the asset belongs. If
recoverable amount is less than its carrying amount, the carrying
amount is reduced to its recoverable amount Valuation
a. Raw materials, packing materials and house plots are valued at
lower of cost or net realisable value.
b. Finished goods are valued at cost of conversion and other costs
incurred in bringing the inventories to their present location and
condition or net realisable value whichever is lower.
B. Expenditure in foreign currency during the Financial year on
account of royalties, knowhow, professional and consultation and other
matters : NIL
C. Total value of imported raw material consumed during the Financial
year and the total value of indigenous raw materials and the
percentage of each to the total consumption:
D. Earnings in foreign exchange: Nil
Mar 31, 2012
A. System of Accounting : The Company follows Mercantile system of
accounting and recognises income and expenditure on accrual basis. The
accounts are prepared on historical cost basis as a going concern.
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles and applicable Accounting
Standards unless otherwise stated.
b. Use of Estimates: The preparation of financial statements is in
conformity with generally accepted accounting principles, which
requires management to make estimates and assumptions that affect the
reported amounts of such assets and liabilities and disclosure of
contingent liabilities at the date of the financial statements and the
results of operations during the end of the reporting period. Although
these estimates are based upon management's best knowledge of current
events and actions, actual results could differ from the estimates.
c. Fixed Assets : Fixed Assets are stated at cost less depreciation
and cost of assets includes acquisition and installation expenses which
are directly attributable for bringing the assets into working
condition.
d. Depreciation : Depreciation has been provided on straight line
method at the rates specified in the Schedule XIV of the Companies Act,
1956.
e. Inventories : i. Stocks of raw materials, packing materials, house
plots and consumables are valued at lower of cost and net realisable
value. Rates are determined on FIFO basis ii. Finished goods are valued
at cost of conversion and other cost incurred in bringing the
inventories to their present location and condition (plus other
overheads) or net realisable value, whichever is lower.
f. Revenue Recognition: Revenue from sales of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the customer, which generally coincides with their delivery to
customer. Sales are stated including sales tax and excise duty
excluding returns.
g. Borrowing Costs : Borrowing Costs are charged to profit & loss
account, except in cases where the borrowings are directly attributable
to the acquisition, construction or production of the qualifying asset.
h. Cenvat: Cenvat benefit is accounted for by reducing from the
purchase cost of raw materials and adjusted against the excise duty
liability.
i. Excise Duty: Excise Duty in respect of goods manufactured by the
company and lying in the Factory is accounted on accrual basis.
j. Investments : Investments are stated at cost. All the investments
are long term and diminution in market value is not considered unless
diminution is permanent.
k. Foreign Currency Transaction : Foreign currency transactions are
recorded at the exchange rates prevailing as on the date of
transaction. Earning or losses due to fluctuations in exchange rates
are recorded as income or expenditure in the year of settlement and
charged to Profit & Loss A/c.
I. Employees Benefits
I. Short term employee Benefits: AII employee benefits payable within
twelve months of rendering services are classified as short term
benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards exgratia, performance pay etc., and the
same are recognized in the period in which the employee renders the
related service.
II. Post Employment Benefits :
1. Defined Contribution Plans : Central Government Provident Fund
Scheme is defined Contribution plan of the Company. The contributions
paid or payable under the schemes are recognized during the period in
which the employee renders the related service.
2. Defined Benefit Plans : The employee's gratuity scheme is defined
benefit plan of the Company. The present value of the obligations
under such defined benefit plan is determined based on the actuarial
valuation provided by LIC of India at the date of Balance Sheet.
Necessary disclosures as required under AS15 are furnished in Notes to
Financial Statements.
m. The Company has taken into consideration the Provisions AS28-
Impairment of assets. The Company assets at the each Balance sheet
date whether there is any indication that an asset may be impaired. If
any such indication is there, the Company estimates the recoverable
amount of the cash generating unit to which the asset belongs. If
recoverable amount is less than its carrying amount, the carrying
amount is reduced to its recoverable amount
Mar 31, 2011
A) System of Accounting : The company follows Mercantile system of
accounting and recognises income and expenditure on accrual basis. The
accounts are prepared on historical cost basis as a going concern.
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles and applicable Accounting
Standards unless otherwise stated.
b) Use of Estimates: The preparation of financial statements is in
conformity with generally accepted accounting principles, which
requires management to make estimates and assumptions that affect the
reported amounts of such assets and liabilities and disclosure of
contingent liabilities at the date of the financial statements and the
results of operations during the end of the reporting period. Although
these estimates are based upon management's best knowledge of current
events and actions, actual results could differ from the estimates.
c) Fixed Assets : Fixed Assets are stated at cost less depreciation and
cost of assets includes acquisition and installation expenses which are
directly attributable for bringing the assets into working condition.
d) Depreciation : Depreciation has been provided on straight line
method at the rates specified in the schedule XIV of the Companies Act,
1956.
e) Inventories : i) Stocks of raw materials, packing materials, house
plots and consumables are valued at lower of cost and net realisable
value. Rates are determined on FIFO basis ii) Finished goods are valued
at cost of conversion and other cost incurred in bringing the
inventories to their present location and condition (plus other
overheads) or net realisable value, whichever is lower.
f) Revenue Recognition: Revenue from sales of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the customer, which generally coincides with their delivery to
customer. Sales are stated including sales tax and excise duty
excluding returns.
g) Borrowing Costs : Borrowing Costs are charged to profit & loss
account, except in cases where the borrowings are directly attributable
to the acquisition, construction or production of the qualifying asset.
h) Cenvat : Cenvat benefit is accounted for by reducing from the
purchase cost of raw materials
and adjusted against the excise duty liability.
i) Excise Duty: Excise Duty in respect of goods manufactured by the
company and lying in the Factory is accounted on accrual basis.
j) Investments : Investments are stated at cost. All the investments
are long term and diminution in market value is not considered unless
diminution is permanent.
k) Foreign Currency Transaction : Foreign currency transactions are
recorded at the exchange rates prevailing as on the date of
transaction. Earning or losses due to fluctuations in exchange rates
are recorded as income or expenditure in the year of settlement and
charged to Profit & Loss A/c.
I) Employees Benefits
A) Short term employee Benefits :AII employee benefits payable within
twelve months of rendering services are classified as short term
benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards exgratia, performance pay etc., and the
same are recognized in the period in which the employee renders the
related service.
B) Post Employment Benefits :
i) Defined Contribution Plans : Central Government Provident Fund
Scheme is defined Contribution plan of the company. The contributions
paid or payable under the schemes are recognized during the period in
which the employee renders the related service.
ii) Defined Benefit Plans : The employee's gratuity scheme is defined
benefit plan of the company. The present value of the obligations
under such defined benefit plan is determined based on the actuarial
valuation provided by LIC of India at the date of Balance Sheet.
Necessary disclo sures as required under AS15 are furnished in Notes to
Accounts.
m) The Company has taken into consideration the Provisions AS28-
Impairment of assets. The Company asses at the each Balance sheet date
whether there is any indication that an asset may be impaired. If any
such indication is there, the Company estimates the recoverable amount
of the cash generating unit to which the asset belongs. If recoverable
amount is less than its carrying amount, the carrying amount is reduced
to its recoverable amount
Mar 31, 2010
A) System of Accounting : The company follows Mercantile system of
accounting and recognises income and expenditure on accrual basis. The
accounts are prepared on historical cost basis as a going concern.
Accounting policies not referred to otherwise are consistent with
generally accepted accounting principles and applicable Accounting
Standards unless otherwise stated.
b) Use of Estimates: The preparation of financial statements is in
conformity with generally accepted accounting principles, which
requires management to make estimates and assumptions that affect the
reported amounts of such assets and liabilities and disclosure of
contingent liabilities at the date of the financial statements and the
results of operations during the end of the reporting period. Although
these estimates are based upon managements best knowledge of current
events and actions, actual results could differ from the estimates.
c) Fixed Assets : Fixed Assets are stated at cost less depreciation and
cost of assets includes acquisition and installation expenses which are
directly attributable for bringing the assets into working condition.
d) Depreciation : Depreciation has been provided on straight line
method at the rates specified in the schedule XIV of the Companies
Act,1956.
e) Inventories : i) Stocks of raw materials, packing materials, house
plots and consumables are valued at lower of cost and net realisable
value. Rates are determined on FIFO basis ii) Finished goods are valued
at cost of conversion and other cost incurred in bringing the
inventories to their present location and condition (plus other
overheads) or net realisable value, whichever is lower.
f) Revenue Recognition: Revenue from sales of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the customer, which generally coincides with their delivery to
customer. Sales are stated including sales tax and excise duty
excluding returns.
g) Borrowing Costs : Borrowing Costs are charged to profit & loss
account, except in cases where the borrowings are directly attributable
to the acquisition, construction or production of the qualifying asset.
h) Cenvat : Cenvat benefit is accounted for by reducing from the
purchase cost of raw materials and adjusted against the excise duty
liability. i) Excise Duty: Excise duty in respect of goods
manufactured by the company and lying in the Factory is accounted on
accrual basis. j) Investments : Investments are stated at cost. All
the investments are long term and diminution in market value is not
considered unless diminution is permanent.
k) Foreign Currency Transaction : Foreign currency transactions are
recorded at the exchange rates prevailing as on the date of
transaction. Earning or losses due to fluctuations in exchange rates
are recorded as income or expenditure in the year of settlement and
charged to Profit & Loss A/c.
l) Employees Benefits
A) Short term employee Benefits :AII employee benefits payable within
twelve months of rendering services are classified as short term
benefits. Such benefits include salaries, wages, bonus, short term
compensated absences, awards exgratia, performance pay etc., and the
same are recognized in the period in which the employee renders the
related service.
B) Post Employment Benefits :
i) Defined Contribution Plans : Central Government Provident Fund
Scheme is defined Contribution plan of the company. The contributions
paid or payable under the schemes are recognized during the period in
which the employee renders the related service. ii) Defined Benefit
Plans : The employees gratuity scheme is defined benefit plan of the
company. The present value of the obligations under such defined
benefit plan is determined based on the actuarial valuation provided by
LIC of India at the date of Balance Sheet. Necessary disclo sures as
required under AS15 are furnished in Notes to Accounts.
m) The Company has taken into consideration the Provisions of AS28 -
Impairment of assets. The Company assess at the each Balance sheet date
whether there is any indication that an asset may be impaired. If any
such indication is there, the Company estimates the recoverable amount
of the cash generating unit to which the asset belongs. If recoverable
amount is less than its carrying amount, the carrying amount is reduced
to its recoverable amount
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