Mar 31, 2015
(A) Basis of Preparation of financial statement
The financial statements have been prepared under the historical cost
convention on an accrual basis and comply in all material aspects with
the mandatory accounting standards notified under section 133 of the
Companies Act, 2013,read together with paragraph 7 of the Companies
(accounts) Rules 2014.
(B) Use of Estimates
The presentation and preparation of financial statements in conformity
with the generally accepted accounting principles requires estimates
and assumptions to be made that affect the reported amount of revenues
and expenses during the reporting year. Difference between the actual
result and the estimates are recognized in the year in which the
results are known / materialized.
(C) Cash and Cash equivalents
Cash and Cash equivalents for the purpose of cash flow statements
comprise cash at bank and in hand and short-term investments with an
original maturity of three months or less.
(D) Fixed Assets & Depreciation
All Fixed Assets are stated at Cost less Accumulated Depreciation. The
cost of fixed assets comprises its purchase price net of any trade
discounts and rebates, any import duties and taxes (other than those
subsequently recoverable from the tax authorities), any directly
attributable expenditure on making the asset ready for its intended
use, other incidental expenses and interest on borrowings attributable
to acquisition of qualifying fixed assets up to the date the asset is
ready for its intended use. Computer software is capitalised where it
is expected to provide future enduring economic benefits.
Capitalisation costs include licence fees and costs of implementation /
system integration services. The costs are capitalised in the year in
which the relevant software is ready for use.
Up to March 31, 2014, the depreciation on Tangible Assets is provided
using the Written Down Value method at rates prescribed under Schedule
XIV to the Companies Act, 1956 and with effect from April 1,2014, the
depreciation is provided based on useful life prescribed under Schedule
II of the Companies Act 2013. In respect of fixed assets purchased
during the period, depreciation is provided on a pro-rata basis from
the date on which such asset is ready to be put to use. Depreciation on
Intangible assets - Software is amortised over a period of 3 years on
straight line method.
(E) Inventories Valuation
Inventories are valued at lower of Cost and Net Realisable Value. Cost
of traded goods is arrived at on FIFO basis.
(F) Revenue Recognition
(i) Sales are recognised when the significant risk and reward of
ownership of the goods are passed to the customer. Sales are net off
sales return, quantity discount and exclusive of value added tax
collected.
(ii) Interest income is recorded on a time proportion basis taking into
account the amounts invested and the rate of interest.
(iii) Dividend income is recognised when the company's right to receive
dividend is established by the reporting date.
(G) Foreign Currency Transactions
(i) Foreign exchange transaction are accounted at the exchange rate
prevailing on the date of transaction. Resulted exchange differences
arising on payment or conversion of liabilities are recognised as
income or expense in the year in which they arise.
(ii) At the year end all Foreign currency assets & liabilities are
recorded at the exchange rate prevailing on that date. All such
exchange rate difference on account of such conversion is recognised in
the Statement of Profit & Loss.
(iii) All foreign currency liabilities / assets not covered by forward
contracts, are restated at the rates prevailing at the year end and any
exchange differences are debited / credited to the Statement of Profit
& Loss .
(H) Investments
Long term Investments are stated at cost. Provision for diminution in
value of long term investments is made only if such decline is other
than temporary in the opinion of the management.
(I) Employee Benefit
(i) Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Statements of Profit & Loss for the year in
which the related service is rendered .
(ii) Contribution payable to the Provident Fund and Superannuation
Scheme which is Defined Contribution Scheme is charged to Statement of
Profit and Loss as and when incurred.
(iii) Liabilities in respect of defined benefit plans - Gratuity and
Leave encashment are determined based on actuarial valuation made by an
independent actuary as at the balance sheet date and expenses is
recognised based on the actuarial valuation. The actuarial gains or
losses are recognised immediately in the Statement of Profit & Loss .
(J) Lease
Lease rentals in respect of assets acquired under operating leases are
charged off to the Statement of Profit & Loss as incurred. Lease
rentals in respect of assets given under operating leases are credited
to the Statement of Profit & Loss.
(K) Provision for Current Tax
(i) Provision for Income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income- tax Act, 1961.
(ii) 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
recognized to the extent there is a virtual certainty that these would
be realized in future and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
(L) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable amount of
the cash generating unit to which the assets belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the statement of profit and loss. If at the balance sheet
date there is an indication that if a previously assessed impairment
loss no longer exists, the recoverable amount is reassessed , and the
asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost.
(M) Provision & Contingent Liability
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 a 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 or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.
(N) Earnings Per Share
Basic earnings per share is computed by dividing net profit or loss for
the period attributable to equity shareholders by the weighted average
number of shares outstanding during the year. Diluted earnings per
share amounts are computed after adjusting the effects of all dilutive
potential equity shares except where the results would be
anit-dilutive. The numbers of shares used in computing diluted earnings
per share comprises the weighted average number of shares considered
for deriving basic earnings per share, and also the weighted average
number of equity shares, which could have been issued on the conversion
of all dilutive potential equity shares.
Mar 31, 2014
(A) Basis of Preparation of financial statement
The financial statements have been prepared under the historical cost
convention on an accrual basis and comply in all material respects with
the mandatory accounting standards and the relevant provisions of the
Companies Act, 1956 and the Companies Act, 2013 wherever applicable.
(B) Fixed Assets & Depreciation
(i) Fixed assets are stated at cost less accumulated depreciation.
(ii) Depreciation is provided on reducing balance method at the rates
and manner specifided in the schedule XIV of Companies Act, 1956, on
the original Cost of the asset. Depreciation on additions of fixed
assets costing less than Rs. 5000/- have been provided at 100% on
pro-rata basis and depreciation on assets costing more than Rs. 5000/-
have been provided on pro-rata basis from the date such additions are
ready for use.
(iii) Intangible assests are identitited when they are expected to
provide future enduring economic benefits. Assets are identified in the
year in which the relevant asset is ready for use. The assets are
amortised over a period of estimated useful life as determined by the
management.
* Expenditure on computer software is amortised over a period of three
years on straight line method.
(C) inventories Valuation
Inventories are valued at lower of Cost and Net Realisable Value. Cost
of traded goods is arrived at on FIFO basis.
(D) Revenue Recognition
Sales are recognised when the significant risk and reward of ownership
of the goods are passed to the customer. Sales are net off sales
return, quantity discount and exclusive of value added tax collected.
Interest income is accounted on accrual basis and dividend is accounted
when the right to receive the dividend is established.
(E) Foreign Currency Transactions
(i) Foreign exchange transaction are accounted at the exchange rate
prevailing on the date of transaction. Resulted exchange differences
arising on payment or conversion of liabilities are recognised as
income or expense in the year in which they arise.
(ii) At the year end all Foreign currency assets & liabilities are
recorded at the exchange rate prevailing on that date. All such
exchange rate difference on account of such conversion is recognised in
the statement of Profit & Loss.
(F) investments
Long term Investments are stated at cost. Provision for diminution in
value of long term investments is made only if such decline is other
than temporary in the opinion of the management.
(G) Employee Benefit
(i) Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Statements of Profit & Loss for the year in
which the related service is rendered .
(ii) Contribution payable to the Provident Fund and Superannuation
Scheme which is Defined Contribution Scheme is charged to Statement of
Profit and Loss as and when incurred.
(iii) Liabilities in respect of defined benefit plans - Gratuity and
Leave encashment are determined based on actuarial valuation made by an
independent actuary as at the balance sheet date and expenses is
recognised based on the actuarial valuation.The actuarial gains or
losses are recognised immediately in the Statement of Profit & Loss .
(H) Lease
Lease rentals in respect of assets acquired under operating leases are
charged off to the Statement of Profit & Loss as incurred. Lease
rentals in respect of assets given under operating leases are credited
to the Statement of Profit & Loss.
(I) Provision for Current Tax
(i) Provision for Income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income- tax Act, 1961.
(ii) 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
recognized to the extent there is a virtual certainty that these would
be realized in future and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
(J) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable amount of
the cash generating unit to which the assets belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the statement of profit and loss. If at the balance sheet
date there is an indication that if a previously assessed impairment
loss no longer exists, the recoverable amount is reassessed , and the
asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost.
(K) Provision & Contingent Liability
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 a 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 or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.
Mar 31, 2013
(A) Basis of Preparation of financial statement
The financial statements have been prepared under the historical cost
convention on an accrual basis and comply in all material respects with
the mandatory accounting standards and the relevant provisions of the
Companies Act, 1956.
(B) Inventories Valuation
Inventories are valued at lower of Cost and Net Realizable Value. Cost
of traded goods is arrived at on FIFO basis.
(C) Revenue Recognition
Sales are recognized when the significant risk and reward of ownership
of the goods are passed to the customer. Sales are net off sales
return, quantity discount and exclusive of value added tax collected.
(D) Foreign Currency Transactions
(i) Foreign exchange transaction are accounted at the exchange rate
prevailing on the date of transaction. Resulted exchange differences
arising on payment or conversion of liabilities are recognized as
income or expense in the year in which they arise.
(ii) At the year end all Foreign currency assets & liabilities are
recorded at the exchange rate prevailing on that date. All such
exchange rate difference on account of such conversion is recognized in
the statement of Profit & Loss.
(E) Investments
Long term Investments are stated at cost. Provision for diminution in
value of long term investments is made only if such decline is other
than temporary in the opinion of the management. Dividends are
accounted for as and when received.
(F) Employee Benefit
(i) Short term employee benefits are recognized as an expense at the
undiscounted amounts in the Statements of Profit & Loss for the year in
which the related service is rendered .
(ii) Contribution payable to the Provident Fund and Superannuation
Scheme which is Defined Contribution Scheme is charged to Statement of
Profit and Loss as and when incurred.
(iii) Liabilities in respect of defined benefit plans are determined
based on actuarial valuation made by an independents actuary as at the
balance sheet date. The actuarial gains or losses are recognized
immediately in the Statement of Profit and Loss.
(G) Lease
Lease rentals in respect of assets acquired under operating leases are
charged off to the Statement of Profit & Loss as incurred. Lease
rentals in respect of assets given under operating leases are credited
to the Statement of Profit & Loss.
(H) Provision for Current Tax
(i) Provision for Income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income- tax Act, 1961.
(ii) 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
recognized to the extent there is a virtual certainty that these would
be realized in future and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
(I) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable amount of
the cash generating unit to which the assets belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the statement of profit and loss. If at the balance sheet
date there is an indication that if a previously assessed impairment
loss no longer exists, the recoverable amount is reassessed , and the
asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost.
(J) Provision & Contingent Liability
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 a 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 or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.
Mar 31, 2012
(A) Basis of Preparation of financial statement
The financial statements have been prepared under the historical cost
convention on an accrual basis and comply in all material respects with
the mandatory accounting standards and the relevant provisions of the
Companies Act, 1956.
(B) Foreign Currency Transaction
(i) Foreign exchange transaction are accounted at the exchange rate
prevailing on the date of transaction. Resulted exchange differences
arising on payment or conversion of liabilities are recognised as
income or expense in the year in which they arise.
(ii) At the year end all Foreign currency assets & liabilities are
recorded at the exchange rate prevailing on that date. All such
exchange rate difference on account of such conversion is recognised in
the statement of Profit & Loss.
(C) Accounting Policy Provision for Current Tax
Provision for Income tax is made on the basis of the estimated taxable
income for the current accounting period in accordance with the Income-
tax Act, 1961.
(D) Lease
Lease rentals in respect of assets acquired under operating leases are
charged off to the Statement of Profit & Loss as incurred. Lease
rentals in respect of assets given under operating leases are credited
to the Statement of Profit & Loss.
(E) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable amount of
the cash generating unit to which the assets belongs is less than its
carrying amount the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the statement of profit and loss. If at the balance sheet
date there is an indication that if a previously assessed impairment
loss no longer exists, the recoverable amount is reassessed, and the
asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost
(F) Accounting Policy of Provision & Contingent Liability
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 a 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 or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.
Mar 31, 2011
1. A. BASIS OF PREPARATION
The financial statements have been prepared under the historical cost
convention on accrual basis and comply in all material respects with
the mandatory Accounting Standards (AS), and the relevant provisions of
the Companies Act, 1956.
B. FIXED ASSETS
All Fixed Assets are stated at Cost (including all expenses incurred to
bring the assets to their present location and conditions) less
Accumulated Depreciation.
C. DEPRECIATION:
Depreciation on Fixed Assets are provided on the Written Down Value
basis at the rates and in the manner specified in Schedule XIV of the
Companies Act,1956. Depreciation on immoveable Furniture & Fixtures
affixed in the leasehold premises are depreciated over the period of
the lease.
D. FOREIGN EXCHANGE TRANSACTIONS:
(i) Foreign exchange transactions are accounted at the rate of exchange
prevailing at the date of the transaction Resulted exchange differences
arising on payment or conversion of liabilities are recognised as
income or expenses in the year in which they arise.
(ii) At the year end all Foreign Currency assets and liabilities are
recorded at the exchange rate prevailing on that date. All such
exchange rate difference on account of such conversion is recognised in
the Profit & Loss account.
E. INVESTMENTS:
Long term Investments are stated at cost. Provision for diminution in
value of long term investments is made only if such decline is other
than temporary in the opinion of the management. Dividends are
accounted for as and when received.
F. INVENTORIES:
Inventories are valued at lower of Cost and Net Realisable Value. Cost
of traded goods is arrived at on FIFO basis.
G. EMPLOYEE BENEFITS :
(i) Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Profit and Loss account of the year in
which the related service is rendered.
(ii) Contribution payable to the Provident Fund and Superannuation
Scheme which is Defined Contribution Scheme is charged to Profit and
Loss account as and when incurred.
(iii) Liabilities in respect of defined benefit plans are determined
based on actuarial valuation made by an independant actuary as at the
balance sheet date.The actuarial gains or losses are recognised
immediately in the Profit and Loss account.
H. REVENUE RECOGNITION :
Sales are recognised when the significant risks and rewards of
ownership of the goods are passed to the customer. Sales are net off
sales returns, quantity discount and exclusive of value added tax
collected.
I. TAXATION
(a) Provision for Income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income- tax Act, 1961.
(b) 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
recognized to the extent there is a virtual certainty that these would
be realized in future and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
J. LEASE
Lease rentals in respect of assets acquired under operating leases are
charged off to the Profit & Loss account as incurred. Lease rentals in
respect of assets given under operating leases are credited to the
Profit & Loss account.
K. IMPAIRMENT OF ASSETS:
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable amount of
the cash generating unit to which the assets belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss account. If at the balance sheet date
there is an indication that if a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed , and the asset is
reflected at the recoverable amount subject to a maximum of depreciated
historical cost.
L. 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 a 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 or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.
Mar 31, 2010
1. A. BASIS OF PREPARATION
The financial statements have been prepared under the historical cost
convention on accrual basis and comply in all material respects with
the mandatory Accounting Standards (AS), and the relevant provisions of
the Companies Act, 1956.
B. FIXED ASSETS
All Fixed Assets are stated at Cost (including all expenses incurred to
bring the assets to their present location and conditions) less
Accumulated Depreciation.
C. DEPRECIATION:
Depreciation on Fixed Assets are provided on the Written Down Value
basis at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956. Depreciation on immoveable Furniture & Fixtures
affixed in the leasehold premises are depreciated over the period of
the lease.
D. FOREIGN EXCHANGE TRANSACTIONS:
(i) Foreign exchange transactions are accounted at the rate of exchange
prevailing at the date of the transaction Resulted exchange differences
arising on payment or conversion of liabilities are recognised as
income or expenses in the year in which they arise.
(ii) At the year end all Foreign Currency assets and liabilities are
recorded at the exchange rate prevailing on that date. All such
exchange rate difference on account of such conversion is recognised in
the Profit & Loss account.
E. INVESTMENTS:
Long term Investments are stated at cost. Provision for diminution in
value of long term investments is made only if such decline is other
than temporary in the opinion of the management. Dividends are
accounted for as and when received.
F. INVENTORIES:
Inventories are valued at lower of Cost and Net Realisable Value. Cost
of traded goods is arrived at on FIFO basis.
G. EMPLOYEE BENEFITS :
(i) Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Profit and Loss account of the year in
which the related service is rendered.
(ii) Contribution payable to the Provident Fund and Superannuation
Scheme which is Defined Contribution Scheme is charged to Profit and
Loss account as and when incurred.
(iii) Liabilities in respect of defined benefit plans are determined
based on actuarial valuation made by an independant actuary as at the
balance sheet date.The actuarial gains or losses are recognised
immediately in the Profit and Loss account.
H. REVENUE RECOGNITION :
Sales are recognised when the significant risks and rewards of
ownership of the goods are passed to the customer. Sales are net off
sales returns, quantity discount and exclusive of value added tax
collected. I. TAXATION
(a) Provision for Income tax is made on the basis of the estimated
taxable income for the current accounting period in accordance with the
Income Tax Act, 1961.
(b) 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 recognized to
the extent there is a virtual certainty that these would be realized in
future and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
(c) Provision for Fringe Benefit Tax is determined at current
applicable rates on expenses falling within the ambit of "Fringe
Benefits" as defined under the Income Tax Act, 1961.
J. LEASE
Lease rentals in respect of assets acquired under operating leases are
charged off to the Profit & Loss account as incurred. Lease rentals in
respect of assets given under operating leases are credited to the
Profit & Loss account. K. IMPAIRMENT OF ASSETS:
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the asset.
If such recoverable amount of the asset or the recoverable amount of
the cash generating unit to which the assets belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss account. If at the balance sheet date
there is an indication that if a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed , and the asset is
reflected at the recoverable amount subject to a maximum of depreciated
historical cost.
L. 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 a 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 or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made.