Mar 31, 2014
01). Accounting Assumptions
The financial statements are prepared under the historical cost
convention, on accrual basis of accounting and in accordance with the
provisions of the Companies Act, 1956 and the accounting standards
notified by the Companies (Accounting Standards) Rules, 2006 (Indian
GAAP), as adopted consistently by the Company.
02) . Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent liabilities as at the date of
the financial statements and reported amounts of revenue and expenses
during the reported period. Actual results could differ from these
estimates and any revision to such accounting estimates is recognised
prospectively in the period In which the results are ascertained.
03) .Basis of Accounting
a). Fixed Assets
Fixed Assets are valued at cost less Accumulated depreciation . All
Cost including financial Cost till commencement of Commercial
production , Pre-operative expenses etc .attributable the fixed Assets
are capitalized.
b). Depreciation
Depreciation on fixed assets is not provided during the year. c).
Inventories
c). Inventories
Inventories are valued at cost except for finished goods and scrap.
Finished goods are valued at lower of cost or net realizable value and
scrap are valued at estimated realizable value
d) Revenue Recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and there is no any
uncertainties exists regarding the determination of the amount ,or its
associated cost and it would not be unreasonable to expect ultimate
collection
e). Prior Period Adjustments
Expenses/lncome pertaining to previous years are booked in the current
year under the natural heads of Accounts and its shown separately in
the books of accounts.
f). Retirement and other employee benefits:
Retirement benefits in the form of Provident Fund are a defined
contribution Scheme, the contributions are charged to the Profit & Loss
Account of the year, when the contributions to the respective funds are
due. Gratuity fund are administered through a scheme with life
insurance corporation of India
g). Foreign Currency Transactions
Transactions in foreign currency are accounted for at the exchange
rates prevailing at the time of transaction. However, in case of
transactions taking place through bank accounts maintained in foreign
currency, the same are recorded at notional rates. Balances in such
foreign currency accounts at the year end are converted at the
prevailing exchange rates. Current assets and liabilities at the year
end are restated at the prevailing exchange rates and the difference
between the year end and the actual/notional rates is recognized as
income or expense in the Accounts.
h) Borrowing Costs
Borrowing costs attributable to acquisition / construction of
qualifying assets are capitalized with the respective assets till the
date of commercial use of the assets and other borrowing costs are
charged to the Profit and Loss Account.
i) Provisions and Contingent Liabilities Provision
The Company recognizes a provision when there is a present obligation
as a result of past event that may probably require an outflow of
resources in future. Provisions are not discounted to its present value
and are determined based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. Contingent Liabilities are not
recognized but are disclosed in the notes. Contingent Assets are
neither recognized nor disclosed in the financial statements.
i). Provision for Taxation
Provision for Income Tax has not been made as the company has incurred
loss during the year
k). Deferred Tax Asset/Liabilitv Refer Note No-5
I). Earninqs per Share
Basic EPS
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average numbers of equity shares outstanding during the year.
Diluted EPS
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity share holders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
m) Impairment of Assets
The carrying of the assets is reviewed at each balance sheet that if
there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset net selling price and value in use. In
assessing value in use, the Estimated future cash flows are discounted
to their present value at the weighted average Cost of capital.
n). Previous year''s figures have been rearranged and regrouped wherever
necessary so as to make them comparable with those of the current year.
Mar 31, 2012
1.01 Accounting Assumptions
The financial statements are prepared under the historical cost
convention, on accrual basis of accounting and in accordance with the
provisions of the Companies Act, 1956 and the accounting standards
notified by the Companies (Accounting Standards) Rules. 2006 (Indian
GAAP), as adopted consistently by the Company.
1.02 Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent liabilities as at the dale of
the financial statements and reported amounts of revenue and expenses
during the reported period. Actual results could differ from these
estimates and any revision to such accounting estimates is recognised
prospectively in the period in which the results are ascertained.
1.03 Basis of Accounting
a) Fixed Assets
Fixed Assets are valued at cost less Accumulated depreciation . All
Cost including financial Cost till commencement of Commercial
production. Pre-operative expenses etc .attributable the fixed Assets
are capitalized.
b) Depreciation
Depreciation on fixed assets is provided on written down value method
at the rate and in the manner prescribed in the Income Taxà Act. 1961
as details in Note No-9.
c) Inventories
Inventories are valued at cost except for finished goods and scrap.
Finished goods are valued at lower of cost or net realizable value and
scrap are valued at estimeted realizable value
d) Revenue Recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will How to the Company and there is no any
uncertainties exists regarding the determination of the amount .or its
associated cost and it would not be unreasonable to expect ultimate
collection
e) Prior Period Adjustments
Expenses/Income pertaining to previous years are booked in the current
year under the natural heads of Accounts and its shown separately in
the books of accounts.
f) Retirement and other employee benefits:
Retirement benefits in the form of Provident Fund are a defined
contribution Scheme, the contributions are charged to the Profit &
loss Account of the year, when the contributions to the respective
funds are due. Gratuity fund are administered through a scheme with
life insurance corporation of India
g) Foreign Currency Transactions
Transactions in foreign currency arc accounted for at the exchange
rates prevailing all the time of transaction.
I) however in case of transactions taking place through bank accounts
maintained in foreign currency, the same are recorded at notional
rates. Balances in such foreign currency accounts at the year end are
converted at the prevailing exchange rates. Current assets and
liabilities at the year end are restated at the prevailing exchange
rates and the difference between the year end and the actual/notional
rates is recognized as income or expense in the Accounts.
h) Borrowing Costs
Borrowing costs attributable to acquisition / construction of
qualifying assets are capitalized with the respective assets till the
date of commercial use of the assets and other borrowing costs are
charged to the Profit and Loss Account.
i) Provisions and Contingent Liabilities Provision
The Company recognizes a provision when there is a present obligation
as a result of past event that may probably require an outflow of
resources in future. Provisions are not discounted to its present value
and are determined based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent Liabilities
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may. but probably will
not. require an outflow of resources. Contingent Liabilities are not
recognized but are disclosed in the notes. Contingent Assets are
neither recognized nor disclosed in the financial statements.
j).Provision for Taxation
Provision for Income lax. has not been made as the company has incurred
loss during the y ear
k).Deferred Tax Asset/Liability Refer Note No-5
I).Earnings per Share
Basic EPS .
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average numbers of equity shares outstanding during the year.
Diluted EPS
Lor the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity share holders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
The calculation of Laming Per Share as required under Accounting
Standard (AS) - 20 is as under:
Basie & Diluted EPS
m) Impairement of Assets .
The carrying of the assets is reviewed at each balance sheet that if
there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. T he recoverable amount is
the greater of the asset net selling price and value in use. In
assessing value in use. the Estimated future cash flows are discounted
to their present value at the weighted average Cost of capital.
n). Previous year's figures have been rearranged and regrouped wherever
necessary' so as to make them comparable with those of the current
year.
Mar 31, 2011
A. Basis of preparation of Financial Statements
a. The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principal and the provision of the Company Act, 1956 as adopted
consistently by the Company.
b. The Company generally follows mercantile system of accounting and
recognizes significant items of income & expenditure on accrual basis.
c. Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
d. The Company has provided for all know committed liabilities /
income. However small items of expenditure / income which are not
material have not been provided for as they are accounted at the time
of actual payment.
B. Fixed Assets and Depreciation
a. Fixed Assets are stated at cost, less accumulated depreciation. All
cost, including financial cost till commencement of commercial
production, pre-operative expenses etc. attribute the fixed assets are
capitalized.
b. Depreciation on fixed assets is provided on written down value
method at the rate and in the manner prescribed in the Income Tax Act,
1961 as detailed in Schedule -E.
C. Foreign Exchange Transaction
a. Foreign Currencies transactions are normally recorded at the
exchange rate prevailing at time of the transaction.
b. Foreign currency transactions remaining unsettled at the end of the
year translated at contracted rates.
c. Exchanged differences between the rates applicable at the date of
transaction and the rate actually materialized have been included in
the respective revenue and expenses account.
D. Inventories
Inventories are valued at cost except for finished goods and scrap.
Finished Goods are value at lower of cost or net realizable value and
scrap are valued at estimated realizable value.
E. Sales
Sales are exclusive of Excise and Sales Tax collected, and net of
discount and rebates.
F. Excise Duty
Excise Duty liability on Finished Goods is accounted for as and when
good are cleared from the factory.
G. Employees Retirement Benefits
1. Company's Contribution to Provident fund is charged to Profit and
Loss Account.
2. Gratuity Fund are administered through a scheme with Life Insurance
Corporation of India.
Mar 31, 2010
A Basis of preparation of Financial Statements
a. The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principal and the provision of the Company Act, 1956 as adopted
consistently by the Company.
b. The Company generally follows mercantile system of accounting and
recognizes significant items of income & expenditure on accrual basis.
c. Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
d. The Company has provided for all know committed liabilities /
income. However small items of expenditure / income which are not
material have not been provided for as they are accounted at the time
of actual payment.
B. Fixed Assets and Depreciation
a. Fixed Assets are stated at cost, less accumulated depreciation. All
cost, including financial cost till commencement of commercial
production, pre-operative expenses etc. attribute the fixed assets are
capitalized.
b. Depreciation on fixed assets is provided on written down value
method at the rate and in the manner prescribed in the Income Tax Act,
1961 as detailed in Schedule -E.
C. Foreign Exchange Transaction
a. Foreign Currencies transactions are normally recorded at the
exchange rate prevailing at time of the transaction.
b. Foreign currency transactions remaining unsettled at the end of the
year translated at contracted rates.
c. Exchanged differences between the rates applicable at the date of
transaction and the rate actually materialized have been included in
the respective revenue and expenses account
D. Inventories
Inventories are valued at cost except for finished goods and scrap.
Finished Goods are value at lower of cost or net realizable value and
scrap are valued at estimated realizable value.
E. Sales
Sales are exclusive of Excise and Sales Tax collected, and net of
discount and rebates.
F. Excise Duty
Excise Duty liability on Finished Goods is accounted for as and when
good are cleared from the factory.
G. Employees Retirement Benefits
1. Companys Contribution to Provident fund is charged to Profit and
Loss Account.
2. Gratuity Fund are administered through a scheme with Life Insurance
Corporation of India.