Mar 31, 2014
(a) Accounting Convention
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India. The
financial statements have been prepared on an accrual basis following
the historical cost convention, except for certain fixed assets which
have been adjusted by revaluation.
The Accounting Policies adopted in the preparation of financial
statements are consistent with those of previous years.
(b) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles in India (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements and the results of operations
during the year. The management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Further results could differ due to these estimates and the differences
between the actual results and the estimates are recognised in the
periods in which these gets materialised.
(c) Fixed Assets & Depreciation
Fixed Assets are stated at cost or at revalued amounts less accumulated
depreciation. Cost comprises the purchase price (net of CENVAT/VAT) and
any attributable cost of bringing the assets to its working condition
for its intended use.
Depreciation on fixed assets is provided on all the assets (including
amounts added on revaluation) on Straight-line method at the rates and
in the manner prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation for additions to/deductions from fixed assets is
calculated pro rata from/to the month of addition/deductions.
The carrying amount of cash generating units/assets is reviewed at the
balance sheet date to determine whether there is any indication of
impairment. lf such indication exists the recoverable amount is
estimated as the net selling price or value in use, whichever is
higher. lmpairment loss, if any is recognised whenever carrying amount
exceeds the recoverable amount.
(d) Investments
Investments that are held for more than a year from the date of
acquisition are classified as long term Investments and are carried at
cost. Provision for diminution in value of lnvestment is made to
recognize a decline in the value of the Investments.
(e) Revenue Recognition
Revenue form sale of goods is recognised when significant risk and
rewards of ownership is transferred to customers. Sales are stated
inclusive of excise duty and net of rebates, trade discounts and Sales
Tax/Vat.
Service Income is recognised on an accrual basis as per the contractual
terms with the customers, net of service tax.
Interest Income is recognised on a time proportion basis taking into
account the amount, outstanding and the rate applicable. lnterest
income is included under the head "Other lncome" in the statement of
Profit and Loss.
(f) Valuation of Inventories
Raw Materials & Stores & Spares are valued at cost on first in first
out/weighted average basis, which ever is lower and includes freight,
taxes and duties, net of CENVAT/VAT credit, wherever applicable.
Finished goods are valued at lower of cost and net realisable value,
Cost includes an appropriate portion of manufacturing and other
overheads, wherever applicable, Excise Duty on finished products is
included in the value of finished products inventory. By-products are
stated at estimated market value.
(g) Employee Benefits
The Company has contributed to provident fund & ESIC which are
considered as defined contribution Plans. The contributions
paid/payable under the scheme is recognised in the Profit and Loss
Account in the financial year to which it relates.
No liability in respect of present liability or future payment of
gratuity has been ascertained and provided in the accounts. The
liability for leave encashment has not been actually determined. The
Company continues to account for such liability on actual payment
basis.
(h) Borrowing Costs
Borrowing Cost is charged to statement of Profit and Loss except cost
of borrowing for acquisition of qualifying assets which is capitalised
till the date of commercial use of the asset.
(i) Taxes on Income
Current year tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions of Income Tax Act,
1961.
(j) Provisions and contingent liabilities
Provisions in respect of present obligation arising out of past events
are made in accounts when reliable estimates can be made of the amount
of the obligation, Contingent Liabilities (if material) are disclosed
in the notes for present obligation arising from past events, when it
is not possible that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount of the obligation
can not be made and possible obligation arising from past events which
will be confirmed only by future events not wholly within the control
of the company.
Mar 31, 2013
(a) Accounting Convention
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India. The
financial statements have been prepared on an accrual basis following
the historical cost convention, except for certain fixed assets which
have been adjusted by revaluation.
The Accounting Policies adopted in the preperation of financial
statements are consistent with those of previous years.
(b) Use of Estimates
The preparation of financial statements in confirmity with generally
accepted accounting principles in India (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements and the results of operations
during the year. The management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Further results could differ due to these estimates and the differences
between the actual results and the estimates are recognised in the
periods in which these gets materialised.
(c) Fixed Assets & Depreciation
Fixed Assets are stated at cost or at revalued amounts less accumulated
depreciation. Cost comprises the purchase price (net of CENVAT/VAT) and
any attributable cost of bringing the assets to its working condition
for its intended use.
Depreciation on fixed assets is provided on all the assets (including
amounts added on revaluation) on Straight-line method at the rates and
in the manner prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation for additions to/deductions from fixed assets is
calculated prorata from/to the month of addition/deductions. Fixed
assets individually costing Rs. 5000.00 or less is depreciated in full
in the year of addition.
The carrying amount of cash generating units/assets is reviewed at the
balance sheet date to determine whether there is any indication of
impairment, If such indication exists the recoverable amount is
estimated as the net selling price or value in use, whichever is
higher. Impairment loss, if any is recognised whenever carrying amount
exceeds the recoverable amount.
(d) Investments
Long Term Investments are stated at cost.
(e) Revenue Recognition
Revenue form sale of goods is recognised when significant risk and
rewards of ownership is transferred to customers. Sales are stated
inclusive of excise duty and net of rebates, trade discounts and Sales
Tax/Vat.
Service Income is recognised on an accrual basis as per the contractual
terms with the customers, net of service tax.
Interest Income is recognised on a time proportion basis taking into
account the amount, outstanding and the rate applicable. Interest
income is included under the head "Other Income" in the statement of
Profit and Loss.
(f) Valuation of Inventories
Raw Materials & Stores & spares are valued at cost on first in first
out /weighted average basis, which ever is lower and includes freight,
taxes and duties, net of CENVAT/VAT credit, wherever applicable.
Finished goods are valued at of cost and net realisable value, Cost
includes an appropriate portion of manufacturing and other overheads,
wherever applicable, Excise Duty on finished products is included in
the value of finished products inventory. By-products are stated at
estimated market value.
(g) Employee Benefits
The Company has contributed to provident fund & ESIC which are
considered as defined contribution Plans. The contributions
paid/payable under the scheme is recognised in the Profit and Loss
Account in the financial year to which it relates.
Retirement benefits in the form of gratuity and leave encashment are
considered as defined benefit obligations and are provided for on the
basis of an acturial valuation, using the projected unit credit method,
as at the date of the balance sheet. Any gain/loss, if any, are
immediat ely recognised in the Profit and Loss Account.
(h) Borrowing Costs
Borrowing Cost is charged to statement of Profit and Loss except cost
of borrowing for acquisition of qualifying assets which is capitalised
till the date of commercial use of the asset.
(i) Taxes on Income
Current year tax is the amount of tax payable on the estimated taxable
income for the current year as per the provisions of Income Tax Act,
1961.
(o) Provisions and contingent liabilities
Provisions in respect of present obligation arising out of past events
as made in accounts when reliable estimates can be made of the amount
of the obligation, Contingent Liabilities (if material) are disclosed
in the notes for present obligation arising from past events, when it
is not possible that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount of the obligation
can not be made and possible obligation arising from past events which
will be confirmed only by future events not wholly within the control
of the company.
Mar 31, 2012
(a) Accounting Convention
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India. The
financial statements have been prepared on an accrual basis following
the historical cost convention, except for certain fixed assets which
have been adjusted by revaluation.
(b) Use of Estimates
The preparation of financial statements in confirmity with generally
accepted accounting principles in India (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements and the results of operations
during the year. The management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
Further results could differ due to these estimates and the differences
between the actual results and the estimates are recognised in the
periods in which these gets materialised.
(c) Fixed Assets & Depreciation
Fixed Assets are stated at cost or at revalued amounts less accumulated
depreciation. Cost comprises the purchase price (net of CENVATA/AT) and
any attributable cost of bringing the assets to its working condition
for its intended use.
Depreciation on fixed assets is provided on all the assets (including
amounts added on revaluation) on Straight-line method at the rates and
in the manner prescribed in Schedule XIV of the Companies Act, 1956.
The carrying amount of cash generating units/assets is reviewed at the
balance sheet due to determine whether there is any indication of
impairment, if such indication exist the recoverable amount is
estimated as the net selling price or value in use, whichever is
higher. Impairment loss, if any is recognised whenever carrying amount
exceeds the recoverable amount.
(d) Investment
Long Term Investments are stated at cost.
(e) Revenue Recognition
Revenue form sale of goods is recognised when significant risk and
rewards of ownership is transferred to customers. Sales are stated
inclusive of excise duty and net of rebates, trade discounts arid Sales
Tax / Vat.
Service Income is recognised on an accrual basis as per the contractual
terms with the customers, net of service tax.
Interest Income is recognised on a time proportion basis taking into
account the amount, outstanding and the rate applicable. Interest
income is included under the head "Other Income" in the statement of
Profit and Loss.
(f) Valuation of Inventories
Raw Materials & Stores are valued at cost on first in first
out/weighted average basis, which is lower and includes freight, taxes
and duties, net of CENVAT/VAT credit, wherever applicable.
(g) Employee Benefits
The Company has contributed to provident fund & ESIC which are
considered as defined contribution Plants. The contributions
paid/payable under the scheme is recognised in the Profit and Loss
Account in the financial year to which it relates.
Retirement benefits in the form of gratuity and leave encashment are
considered as defined benefit obligations and are provided for on the
basis of an actual valuation, using the projected unit credit method,
as the date of the balance sheet. Any gain/loss, if any, are
immediately recognised in the Profit and Loss Account.
(h) Borrowing Costs
Borrowing Cost is charged to statement of Profit and Loss except cost
of borrowing for acquisition of qualifying assets which is capitalised
till the date of commercial use of the asset.
(i) Taxes on Income
Current year tax is the amount of tax payable on the estimated taxable
income for the current year as the provisions of Income Tax Act, 1961.
(j) Provisions and contingent liabilities
Provisions in respect of present obligation arising of past events as
made in accounts when reliable estimates can be made of the amount of
the obligation, Contingent Liabilities (if material) are disclosed in
the notes for present obligation arising from past events, when it is
not possible that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount of the obligation
can not be made and possible obligation arising from past events which
will be confirmed only by future events not wholly within the control
of the company.
Mar 31, 2011
(a) Accounting Convention
The Company maintains its accounts on accrual basis following the
historical cost convention, except that Land, Building & Plant &
Machinery have been shown on revalued amounts.
(b) Fixed Assets & Depreciation
- Fixed Assets are carried at cost of acquisition/revalued amounts less
depreciation.
- Depreciation has been calculated for the year on all the assets
(including amounts added on revaluation) of the Company on straightline
method at the rates specified in Schedule XIV of the Companies Act,
1956.
(c) Investments
Investments are stated at cost.
(d) Valuation of Inventories
- Cost has been taken on FIFO basis.
- Raw Materials & Stores & Spares have been valued at cost.
- Finished Goods are stated at lower of the cost and net realisable
value
- By- products are stated at estimated market value.
(e) Other Income
- Income from Job Work Charges is accounted for as per terms of
relevant arrangement.
- Interest is accounted for on accrual basis.
- Income from services (Commission) are accounted for on accrual basis.
Mar 31, 2010
(A)Accounting Convention
The Company maintains its accounts on accrual basis following the
historical cost convention, except that Land, Building & Plant &
Machinery have been shown on revalued amounts.
(b) Fixed Assets & Depreciation
-Fixed Assets are carried at cost of acquisition/revalued amounts less
depreciation.
- Depreciation has been calculated for the year on all the assets
(including amounts added on revaluation) of the Company on straightline
method at the rates specified in Schedule XIV of the CompaniesAct,
1956.
(C) investments
Investments are stated at cost.
(D) Valuation of Inventories
- Cost has been taken on FIFO basis.
- Raw Materials & Stores & Spares have been valued at cost.
- Finished Goods are stated at lower of the cost and net realisable
value
- By- products are stated at estimate markefValue.
(E) Other Income
- Income from Job Work Charges is accounted for as per terms of
relevant arrangement.
- Interest is accounted for on accrual basis.
- Income from services (Commission) are accounted for on accrual basis.
Mar 31, 2009
(a) Accounting Convention :
The Company maintains its accounts on accrual basis following the
historical cost convention, except that Land, Building & Plant &
Machinery have been shown on revalued amounts.
(b) Fixed Assets & Depreciation :
- Fixed Assets are carried at cost of acquisition / revalued amounts
less depreciation.
- Depreciation has been calculated for the year on all the assets
(including amounts added on revaluation) of the Company on straightline
method at the rates specified in Schedule XIV of the Companies Act,
1956.
(c) Investments:
- Investments are stated at cost.
(d) Valuation of Inventories :
- Cost has been taken on FIFO basis.
- Raw Materials & Stores & Spares have been valued at cost.
- Finished Goods are stated at lower of the cost and net realisable
value
- By- products are stated at estimated market value.
(e) Other Income :
- Income from Job Work Charges is accounted for as per terms of
relevant arrangement.
- Interest is accounted for on accrual basis.