Mar 31, 2015
1 Accounting Convention
1.1 The financial statements of the Company have been prepared in
accordance with 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, as applicable.
1.2 The financial statements have been prepared on the basis of
historical cost convention, and on the accounting principle of a going
concern.
1.3 The Company follows mercantile system of accounting and recognizes
income and expenditure on accrual basis except those with significant
uncertainties.
2 Use of estimates
The preparation of financial statements, in conformity with the
generally accepted accounting principles [GAAP], requires management to
make estimates and assumptions that are considered in the reported
amounts of assets and liabilities and disclosures of contingent
liabilities on the date of financial statements and reported amounts of
revenues and expenses for the year. Estimates are based on historical
experience, where applicable and other assumptions that management
believes are reasonable under the circumstances. Actual results could
vary from these estimates and any such differences are dealt with in
the period in which the results are known / materialize.
3 Fixed Assets
3.1 Fixed Assets are stated at cost, less accumulated depreciation and
impairment, if any. Direct cost are capitalized untill such assets are
ready for use.
3.2 Tangible Fixed Assets, that are not yet ready for their intended
use, are carried at costs, comprising direct cost, and other
incidental/ attributable expenses and reflected under capital work in
progress.
3.3 Intangible Assets are recorded at the consideration paid for
acquisition of such assets and are carried at cost less accumulated
amortization and impairment.
4 Investments
Investments are either classified as current or long term, based on
Management's intention. Current investment are carried at lower of cost
and fair value of each investment individually. Long term investments
are carried individually at cost. However, provision for diminution is
made to recognize a decline, if any, otherthan temporary, in the
carrying value of the investment.
5 Inventories
Cost of inventory comprises all cost of purchase, cost of conversion
and other cost incurred for bringing the inventory to their present
condition and location.
Inventories are valued as under:
i. Raw Material, Stores and Spares are valued at cost or net
realisable value whichever is lower.
ii. Work-In-Progress are valued at average raw material cost plus
average cost of processing for various operations performed up to
estimated stage of process.
iii. Finished goods are valued at cost or net realisable value
whichever is lower.
6 Accounting for taxes on income
6.1 Provision for Income-Tax is made on the basis of the estimated
taxable income for the accounting year in accordance with the
Income-Tax Act, 1961.
6.2 The deferred tax for timing differences between the book profits
and tax profits for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as of the balance
sheet date. Deferred tax assets arising from timing differences are
recognised to the extent there is a virtual certainty that these would
be realised in future and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
7 Depreciation
Depreciation on fixed assets is provided on the written down value
method in the manner prescribed under Schedule II to the Companies Act,
2013.
During the year, the company has revised estimated useful life of
certain items of fixed assets in accordance with the useful life
specified in Part-C of Schedule II of the Companies Act, 2013.
8 Retirement Benefits
Short-Term Employee Benefits are accounted for in the period during
which the services have been rendered. The company's contribution to
the Provident Fund and ESIC is remitted to the respective Government
Authorities prescribed for this purpose on a fixed percentage of
eligible employee's salary and charged to Statement of Profit and Loss.
The company is providing for Gratuity and Leave Encashment benefits on
the basis of actuarial valuation made at the end of the year. However,
the funds for the same are retained by the company only.
9 Revenue Recognition
Revenue are recognised, on accrual basis. Job Work Receipts is
recognised on completion of job and invoicing thereof.
10 Provisions and Contingent Liabilities
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation ora present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
11 Impairment of Assets
An asset is treated impaired when the carrying cost of assets exceeds
its recoverable value. An impairment loss is charged to the Statement
of Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognised in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
12 Cash Flow Statement
Cash flow statement are reporterd using the indirect method, whereby
profit / (loss) before extra-ordinary items / exceptional items and tax
is adjusted for the effects of transactions of non-cash nature and any
deferrals or accruals of past or future operating cash receipts or
payments and items of income or expenses associated with investing or
financing cash flows. The cash flow from operating, investing and
financing activities of the Company are segregated based on available
information.
13 Earnings per share
Basic earning per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period.
Mar 31, 2014
1. Accounting Convention
The Financial Statements are prepared under historical cost convention
and income & expenditure are recognized on accrual basis.
2. Fixed Assets
Fixed Assets are stated at cost less depreciation. The cost of assets
comprises its purchase price, duties, leavies and other directly
attributable cost upto the date, the asset is put to working condition
for its inten- ded use. Cenvat Credit on capital goods was reduced from
the cost.
3. Prior Period Items
The expanditure and income pertaining to prior period being not
material are shown under the respective head of accounts in the Profit
& Loss Account.
4. Treatment of expenditure during construction period
The expenditure incurred during the period including interest during
construction period are charge to capital work-in-progress and on
completion, the cost to be allocated to the respective fixed assets.
5. Depreciation
Depreciation on fixed assets is provided on Straight-Line method at the
rate prescribed in schedule XIV to the Companies Act, 1956, on pro rate
basis from the month next to the month in which the assets was put to
use.
6. Excise duty
The Excise Duty payable on finished goods is accounted in the clearance
thereof from the factory premises and hence not included in valuation
of stock CENVAT Credit is accounted by recording material purchased net
of excise duty.
7. Inventories
The Company value its inventories as per accounting statndard AS-2 as
issued of ICAI.
8. Amortization of Miscellanious Expenditures
The companies amortizes preliminary and public issue expenses equally
over a period of ten accounting period.
9. Foreign Currency Transaction
There are no foreign currency transaction during the year.
10. Research and Devlopment
The company does not have a separate research & devlopment department
and has not incurred any expenditure on research & devlopment.
11. Contingent Liabilities
The contingent liabilities are not provided and are disclosed by way of
notes.
Mar 31, 2013
1. Accounting Convention
The Financial Statements are prepared under historical cost convention
and income & expenditure are recognized on accrual basis.
2. Fixed Assets
Fixed Assets are stated at cost less depreciation. The cost of assets
comprises its purchase price, duties, leavies and other directly
attributable cost upto the date, the asset is put to working condition
for its inten- ded use. Cenvat Credit on capital goods was reduced from
the cost.
3. Prior Period Items
The expanditure and income pertaining to prior period being not
material are shown under the respective head of accounts in the Profit
& Loss Account.
4. Treatment of expenditure during construction period
The expenditure incurred during the period including interest during
construction period are charge to capital work-in-progress and on
completion, the cost to be allocated to the respective fixed assets.
5. Depreciation
Depreciation on fixed assets is provided on Straight-Line method at the
rate prescribed in schedule XIV to the Companies Act, 1956, on pro rate
basis from the month next to the month in which the assets was put to
use.
6. Excise duty
The Excise Duty payable on finished goods is accounted in the clearance
thereof from the factory premi- ses and hence not included in valuation
of stock CENVAT Credit is accounted by recording material purchased net
of excise duty.
7. Inventories
The Company value its inventories as per accounting statndard AS-2 as
issued of ICAI.
8. Retirement Benefits
Employees retirement benefits are accounted on actual basis.
9. Amortization of Miscellanious Expenditures
The companies amortizes preliminary and public issue expenses equally
over a period of ten accounting period.
10. Foreign Currency Transaction
Foreign currency transactions during the accounting period are
translated at the rates prevalent on the date of payment/receipt. The
exchange difference is credited;charged to Profit & Loss account in
case of revenue items.
11. Research and Devlopment
The company does not have a separate research & devlopment department
and has not incurred any expenditure on research & devlopment.
12. Contingent Liabilities
The contingent liabilities are not provided and are disclosed by way of
notes.
Mar 31, 2012
1. Accounting Convention
The Financial Statements are prepared under historical cost convention
and income & expenditure are recognized on accrual basis.
2. Fixed Assets
Fixed Assets are stated at cost less depreciation. The cost of assets
comprises its purchase price, duties, leaves and other directly
attributable cost up to the date, the asset is put to working condition
for its intended use. Civet Credit on capital goods was reduced from
the cost.
3. Prior Period Items
The expenditure and income pertaining to prior period being not
material are shown under the respective head of accounts in the Profit
& Loss Account.
4. Treatment of expenditure during construction period
The expenditure incurred during the period including interest during
construction period are charge to capital work-in-progress and on
completion, the cost to be allocated to the respective fixed assets.
5. Depreciation
Depreciation on fixed assets is provided on Straight-Line method at the
rate prescribed in schedule XIV to the Companies Act, 1956, on pro rate
basis from the month next to the month in which the assets was put to
use.
6. Excise duty
The Excise Duty payable on finished goods is accounted in the clearance
there of from the factory premises and hence not included in valuation
of stock CENVAT Credit is accounted by recording material purchased net
of excise duty.
7. Inventories
The Company value its inventories as per accounting standard AS-2 as
issued of ICAI.
8. Retirement Benefits
Employees retirement benefits are accounted on actual basis.
9. Amortization of Miscellaneous Expenditures
The companies amortizes preliminary and public issue expenses equally
over a period often accounting period.
10. Foreign Currency Transaction
Foreign currency transactions during the accounting period are
translated at the rates prevalent on the date of payment/receipt. The
exchange difference is credited; charged to Profit & Loss account in
case of revenue items.
11. Research and Development
The company does not have a separate research & development department
and has not incurred any expenditure on research & development.
12. Contingent Liabilities
The contingent liabilities are not provided and are disclosed by way of
notes.
Mar 31, 2010
1. Accounting Convention
The Financial Statements are prepared under historical cost convention
and income & expenditure are recognized on accrual basis.
2. Fixed Assets
Fixed Assets are stated at cost less depreciation. The cost of assets
comprises its purchase price, duties, leavies and other directly
attributable cost upto the date, the asset is put to working condition
for its intended use. Cenvat Credit on capital goods was reduced from
the cost.
3. Prior Period Items
The expenditure and income pertaining to prior period being not
material are shown under the respective head of accounts in the Profit
& Loss Account.
4. Treatment of expenditure during construction period
The expenditure incurred during the period including interest during
construction period are charge to capital work-in-progress and on
completion, the cost to be allocated to the respective fixed assets.
5. Depreciation
Depreciation on fixed assets is provided on Straight-Line method at the
rate prescribed in schedule XIV to the Companies Act, 1956, on pro rate
basis from the month next to the month in which the assets was put to
use.
6. Excise duty
The Excise Duty payable on finished goods is accounted in the clearance
thereof from the factory premi- ses and hence not included in valuation
of stock CENVAT Credit is accounted by recording material purchased net
of excise duty.
7. Inventories
The Company value its inventories as per accounting standard AS-2 as
issued of ICAI.
8. Retirement Benefits
Employees retirement benefits are accounted on actual basis.
9. Amortization of Miscellaneous Expenditures
The companies amortizes preliminary and public issue expenses equally
over a period of ten accounting period.
10. Foreign Currency Transaction
Foreign currency transactions during the accounting period are
translated at the rates prevalent on the date of payment/receipt. The
exchange difference is credited; charged to Profit & Loss account in
case of revenue items.
11. Research and Development
The company does not have a separate research & development department
and has not incurred any expenditure on research & development.
12. Contingent Liabilities
The contingent liabilities are not provided and are disclosed by way of
notes.
Mar 31, 2009
1. Accounting Convention
The Financial Statements are prepared under historical cost convention
and income & expenditure are recognized on accrual basis.
2. Fixed Assets
Fixed Assets are stated at cost less depreciation. The cost of assets
comprises its purchase price, duties, leavies and other directly
attributable cost upto the date, the asset is put to working condition
for its intended use. Cenvat Credit on capital goods was reduced from
the cost.
3. Prior Period Items
The expanditure and income pertaining to prior period being not
material are shown under the respective head of accounts in the Profit
& Loss Account.
4. Treatment of expenditure during construction period
The expenditure incurred during the period including interest during
construction period are charge to capital work-in- progress and on
completion, the cost to be allocated to the respective fixed assets.
5. Depreciation
Depreciation on fixed assets is provided on Straight-Line method at the
rate prescribed in schedule XIV to the Companies Act, 1956, on pro rate
basis from the month next to the month in which the assets was put to
use.
6. Excise duty
The Excise Duty payable on finished goods is accounted in the clearance
thereof from the factory premises and hence not included in valuation
of stock CENVAT Credit is accounted by recording material purchased net
of excise duty.
7. Inventories
The Company value its inventories as per accounting statndard AS-2 as
issued of ICAI.
8. Retirement Benefits
Employees retirement benefits are accounted on actual basis.
9. Amortization of Miscellanious Expenditures
The companies amortizes preliminary and public issue expenses equally
over a period of ten accounting period.
10. Foreign Currency Transaction
Foreign currency transactions during the accounting period are
translated at the rates prevalent on the date of payment/receipt. The
exchange difference is credited;charged to Profit & Loss account in
case of revenue items.
11. Research and Devlopment
The company does not have a separate research & devlopment department
and has not incurred any expenditure on research & devlopment.
12. Contingent Liabilities
The contingent liabilities are not provided and are disclosed by way of
notes.
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