Mar 31, 2015
1. Basis for preparation of financial statements
The financial statements are prepared in accordance with the accounting
principles generally accepted in India and comply with the Accounting
Standards specified by the Institute of Chartered Accountants of India
under Section 211(3C) of the Companies Act.
2. Method of Accounting
The company is following accrual basis of accounting.
3. Fixed Assets & Depreciation
Fixed Assets are stated at cost inclusive of finance charges on
borrowed funds attributable to acquisition of Fixed Assets for the
period up to the date of commencement of commercial production. Assets
acquired under Hire Purchase Scheme are capitalized with the value of
assets and finance charges are accounted as and when paid.
Depreciation on Fixed Assets are charged on Straight Line Method at
rates specified in the Companies Act 2013.
4. Borrowing Cost
Borrowing cost incurred for the acquisition of qualifying assets are
recognized as part of cost of such assets when it is probable that they
will result in future economic benefits to the company, while other
borrowing cost are expensed.
5. Investments
Investments are stated at cost and are long term in nature. Diminution
in the value of investments are provided for, if, such diminution is
permanent.
6. Inventories
Inventories are valued as follows :
a. Stores and Spares at cost on FIFO method of valuation
b. Raw Materials at cost on FIFO method of valuation
c. Work in progress at cost*
d. Finished Goods at cost*/ net realisable value whichever is less
*Cost includes Material, Direct Labour and Other Applicable Overheads
and Excise Duty in respect of Finished Goods.
7. Transactions in Foreign Currency
Transactions in Foreign Currency are stated at rates prevailing on the
transaction date. Monetary items like receivables/ payables in foreign
currencies are stated at exchange rates prevailing as at the Balance
Sheet date and the gain/loss arising there from are charged to the
Profit & Loss account.
8. Deferred Revenue Expenditure
Debenture issue/Pre-operative expenses are amortised over a period of 5
years.
9. Income
a. Sale of Goods : Sale of Finished Goods are net of returns and price
variation, if any.
b. Sale of Scrap : The scrap is accounted in the books on the basis of
actual sales. The unsold scrap is not valued.
10. Retirement Benefits
Liability towards Gratuity to employees is funded through a scheme
administered by Life Insurance Corporation of India and the
contributions made to the fund are absorbed in the accounts. The
contributions to the Provident fund and other defined contributions
schemes are absorbed in the accounts. Liability towards Leave salary
benefits is determined on the basis of actual cost of the Company.
A provision is recognised when the Company has a present legal or
constructive obligation as a past event and it is probable that an out
flow of resources will be required to settle the obligation in respect
of which reliable estimate can be made. Provisions (excluding
retirement benefits) are not discounted to its present value and are
determined based on estimate required to settle the obligation.
Contingent liabilities are not recognised but are disclosed in the
notes to financial statements.
Mar 31, 2014
1. Basis for preparation of financial statement
The financial statements are prepared in accordance with the accounting
principles generally accepted in India and comply with the Accounting
Standards specified by the Institute of Chartered Accountants of India
under Section 211(3C) of the Companies Act.
2. Method of Accounting
The company is following accrual basis of accounting.
3. Fixed Assets & Depreciation
Fixed Assets are stated at cost inclusive of finance charges on
borrowed funds attributable to acquisition of Fixed Assets for the
period up to the date of commencement of commercial production. Assets
acquired under Hire Purchase Scheme are capitalized with the value of
assets and finance charges are accounted as and when paid.
Depreciation on fixed assets are charged on straight line method at
rates specified in Schedule XIV of the Companies Act 1956.
4. Borrowing Cost
Borrowing cost incurred for the acquisition of qualifying assets are
recognized as part of cost of such assets when it is probable that they
will result in future economic benefits to the company, while other
borrowing cost are expensed.
5. Investments
Investments are stated at cost and are long term in nature. Diminution
in the value of investments are provided for, if, such diminution is
permanent.
6. Inventories
Inventories are valued as follows:
a. Stores and Spares at cost on FIFO method of valuation
b. Raw Materials at cost on FIFO method of valuation
c. Work in progress at cost*
d. Finished Goods at cost*/ net realisable value whichever is less
*Cost includes material, direct labour and other applicable overheads
and excise duty in respect of Finished goods.
7. Transactions in Foreign Currency
Transactions in Foreign Currency are stated at rates prevailing on the
transaction date. Monetary items like receivables/ payables in foreign
currencies are stated at exchange rates prevailing as at the Balance
Sheet date and the gain/loss arising there from are charged to the
Profit & Loss account.
8. Income
a. Sale of Goods: Sale of Finished goods are net of returns and price
variation, if any.
b. Sale of Scrap: The scrap is accounted in the books on the basis of
actual sales. The unsold scrap is Not valued.
9. Retirement Benefits
Liability towards Gratuity to employees is funded through a scheme
administered by Life Insurance Corporation of India and the
contributions made to the fund are absorbed in the accounts. The
contributions to the Provident fund and other defined contributions
schemes are absorbed in the accounts. Liability towards leave salary
benefits is determined on the basis of actual cost of the Company.
10. Provisions and Contingencies
A provision is recognised when the Company has a present legal or
constructive obligation as a past event and it is probable that an out
flow of resources will be required to settle the obligation in respect
of which reliable estimate can be made. Provisions (excluding
retirement benefits) are not discounted to its present value and are
determined based on estimate required to settle the obligation.
Contingent liabilities are not recognised but are disclosed in the
notes to financial statements.
Mar 31, 2013
1. Basis for preparation of financial statements
The financial statements are prepared in accordance with the accounting
principles generally accepted in India and comply with the Accounting
Standards specified by the Institute of Chartered Accountants of India
under Section 211(3C) of the Companies Act.
2. Method of Accounting
The company is following accrual basis of accounting.
3. Fixed Assets & Depreciation
Fixed Assets are stated at cost inclusive of finance charges on
borrowed funds attributable to acquisition of Fixed Assets for the
period up to the date of commencement of commercial production. Assets
acquired under Hire Purchase Scheme are capitalized with the value of
assets and finance charges are accounted as and when paid.
Depreciation on fixed assets are charged on straight line method at
rates specified in Schedule XIV of the CompaniesAct1956.
4. Borrowing Cost
Borrowing cost incurred for the acquisition of qualifying assets are
recognized as part of cost of such assets when it is probable that they
will result in future economic benefits to the company, while other
borrowing cost are expensed.
5. Investments
Investments are stated at cost and are long term in nature. Diminution
in the value of investments are provided for if such diminution is
permanent.
6. Inventories
Inventories are valued as follows:
a. Stores and Spares atcoston FIFO method of valuation
b. Raw Materials atcoston FIFO method of valuation
c. Work in progress at cost*
d. Finished Goods at cost*/net realisable value whichever is less
*Cost includes material, direct labour and other applicable overheads
and excise duty in respect of Finished goods.
7. Transactions in Foreign Currency
Transactions in Foreign Currency are stated at rates prevailing on the
transaction date. Monetary items like receivables/ payables in foreign
currencies are stated at exchange rates prevailing as at the Balance
Sheet date and the gain/loss arising there from are charged to the
Profit & Loss account.
8. Deferred Revenue Expenditure
Debenture issue/Pre-operative expenses are amortised over a period of 5
years.
9. Income
a. Sale of Goods: Sale of Finished goods are net of returns and price
variation, if any.
b. Sale of Scrap: The scrap is accounted in the books on the basis of
actual sales. The unsold scrap is Not valued.
10. Retirement Benefits
Liability towards Gratuity to employees is funded through a scheme
administered by Life Insurance Corporation of India and the
contributions made to the fund are absorbed in the accounts. The
contributions to the Provident fund and other defined contributions
schemes are absorbed in the accounts. Liability towards Leave salary
benefits is determined on the basis of actual cost of the Company.
Mar 31, 2012
1. Basis for preparation of financial statements
The financial statements are prepared in accordance with the accounting
principles generally accepted in India and comply with the Accounting
Standards specified by the Institute of Chartered Accountants of India
under Section 211(3C) of the Companies Act.
2. Method of Accounting
The company is following accrual basis of accounting.
3. Fixed Assets & Depreciation
Fixed Assets are stated at cost inclusive of finance charges on
borrowed funds attributable to acquisition of Fixed Assets for the
period up to the date of commencement of commercial production. Assets
acquired under Hire Purchase Scheme are capitalized with the value of
assets and finance charges are accounted as and when paid.
Depreciation on fixed assets are charged on straight line method at
rates specified in Schedule XIV of the Companies Act 1956.
4. Borrowing Cost
Borrowing cost incurred for the acquisition of qualifying assets are
recognized as part of cost of such assets when it is probable that they
will result in future economic benefits to the company, while other
borrowing cost are expensed.
5. Investments
Investments are stated at cost and are long term in nature. Diminution
in the value of investments are provided for, if, such diminution is
permanent.
6. Inventories
Inventories are valued as follows:
a. Stores and Spares at cost on FIFO method of valuation
b. Raw Materials at cost on FIFO method of valuation
c. Work in progress at cost*
d. Finished Goods at cost*/ net realisable value whichever is less
*Cost includes material, direct labour and other applicable overheads
and excise duty in respect of Finished goods.
7. Transactions in Foreign Currency
Transactions in Foreign Currency are stated at rates prevailing on the
transaction date. Monetary items like receivables/ payables in foreign
currencies are stated at exchange rates prevailing as at the Balance
Sheet date and the gain/loss arising there from are charged to the
Profit & Loss account.
8. Deferred Revenue Expenditure
Debenture issue/Pre-operative expenses are amortised over a period of 5
years.
9. Income
a. Sale of Goods: Sale of Finished goods are net of returns and price
variation, if any.
b. Sale of Scrap: The scrap is accounted in the books on the basis of
actual sales. The unsold scrap is Not valued.
10. Retirement Benefits
Liability towards Gratuity to employees is funded through a scheme
administered by Life Insurance Corporation of India and the
contributions made to the fund are absorbed in the accounts. The
contributions to the Provident fund and other defined contributions
schemes are absorbed in the accounts. Liability towards Leave salary
benefits is determined on the basis of actual cos of the Company.
11. Provisions and Contingencies
A provision is recognised when the Company has a present legal or
constructive obligation as a past event and it is probable that an out
flow of resources will be required to settle the obligation in respect
of which reliable estimate can be made. Provisions (excluding
retirement benefits) are not discounted to its present value and are
determined based on estimate required to settle the obligation.
Contingent liabilities are not recognised but are disclosed in the
notes to financial statements.
Mar 31, 2010
1. Basis for preparation of financial statements
The financial statements are prepared in accordance with the accounting
principles generally accepted in India and comply with the Accounting
Standards specified by the Institute of Chartered Accountants of India
under Section 211(3C) of the Companies Act
2. Method of Accounting
The company is following accrual basis of accounting.
3. Fixed Assets & Depreciation
Fixed Assets are stated at cost inclusive of finance charges on
borrowed funds attributable to acquisition of Fixed Assets for the
period upto the date of commencement of commercial production. Assets
acquired under Hire Purchase Scheme are capitalised with the value of
assets and finance charges are accounted as and when paid. Depreciation
on fixed assets are charged on Straight line method at rates specified
in Schedule XIV of the Companies Act 1956.
4. Borrowing Cost
Borrowing cost incurred for the acquisition of qualifying assets are
recognised as part of cost of such assets when it is probable that they
will result in future economic benefits to the company, while other
borrowing cost are expensed.
5. Investments
Investments are stated at cost and are long term in nature. Dimunition
in the value of investments are provided for, if, such dimunition is
permanent.
6. Inventories
Inventories are valued as follows:
a. Stores and Spares at cost on FIFO method of valuation
b. Raw Materials at cost on FIFO method of valuation
c. Work in progress at cost*
d. Finished Goods at cost*/ net realisable value whichever is less
*Cost includes material, direct labour and other applicable overheads
and excise duty in respect of finished goods.
7. Transactions in Foreign Currency
Transactions in Foreign Currency are stated at rates prevailing on the
transaction date. Monetary items like receivables/ payables in foreign
currencies are stated at exchange rates prevailing as at the Balance
Sheet date and the gain/loss arising therefrom are charged to the
Profit & Loss Account.
8. Deferred Revenue Expenditure
Debenture issue/Pre-operative expenses are amortised over a period of 5
years. However during the year, the balance unamortised amount of
Debenture issue expences was transfered to Profit and Loss
appropriation account due to full redemption of Debentures.
9. Income
a. Sale of Goods : Sale of Finished goods are net of returns and price
variation, if any.
b. Sale of Scrap : The scrap is accounted in the books on the basis of
actual sales. The unsold scrap is not valued.
10. Retirement Benefits
Liability towards Gratuity to employees is funded through a scheme
administered by Life Insurance Corporation of India and the
contributions made to the fund are absorbed in the accounts. The
contributioins to the Provident fund and other defined contributions
schemes are absorbed in the accounts. Liability towards Leave Salary
Benifits is determined on the basis of actual cost to the company.
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