Mar 31, 2015
A) Basis of Preparation of Financial Statement
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the Companies (Accounts) Rules,
2014 and the relevant provision of Companies Act, 2013. The financial
statements have been prepared on an accrual basis and under the
historical cost convention. The accounting policies adopted in the
preparation of financial statement are consistent with those of
previous year.
b) Inventories
Inventories are valued at lower of cost or Net Realizable Value.
c) Revenue Recognition
Domestic sales are accounted for on dispatch of goods to customers.
Sales are accounted for net of sales return.
d) Taxation
i. Provision for current Tax is made with reference to taxable income
computed for the accounting period, for which the financial statements
are prepared by the tax rates as applicable.
ii. Deferred Tax is recognized on timing differences between the
accounting income & the taxable income for the year, and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
Deferred Tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
e) Provisions , contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as
a result of past event and it is probable that an outflow 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 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 are not recognized
in the financial statements. A contingent asset is neither recognized
nor disclosed in the financial statements.
Mar 31, 2014
A) Basis of Preparation of Financial Statement
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis. The accounts are prepared on
historical cost basis as a going concern and are consistent with
generally accepted accounting principles.
b) Inventories
Inventories are valued at lower of cost or Net Realisable Value.
c) Revenue Recognition
Domestic sales are accounted for on dispatch of goods to customers.
Sales are accounted for net of sales return.
d) Taxation
(i) Provision for current Tax is made with reference to taxable income
computed for the accounting period, for which the financial statements
are prepared by the tax rates as applicable.
(ii) Deferred Tax is recognized on timing differences between the
accounting income and the taxable income for the year, and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
Deferred Tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
e) Provisions , contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as
a result of past event and it is probable that an outflow 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 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 are not recognized
in the financial statements. A contingent asset is neither recognized
nor disclosed in the financial statements.
Mar 31, 2013
A) Basis of Preparation of Financial Statement
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis. The accounts are prepared on
historical cost basis as a going concern and are consistent with
generally accepted accounting principles.
b) Inventories
Inventories are valued at lower of cost or Net Realizable Value.
c) Revenue Recognition
Domestic sales are accounted for on dispatch of goods to customers.
Sales are accounted for net of sales return.
d) Taxation
(I) Provision for current Tax is made with reference to taxable income
computed for the accounting period, for which the financial statements
are prepared by the tax rates as applicable.
(ii) Deferred Tax is recognized on timing differences between the
accounting income & the taxable income for the year, and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
Deferred Tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
e) Provisions, contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as
a result of past '' event and it is probable that an outflow 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 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 are not
recognized in the financial statements. A contingent asset is neither
recognized nor disclosed in the financial statements.
Mar 31, 2010
A) Basis of Preparation of Financial Statement
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis. The accounts are prepared on
historical cost basis as a going concern and are consistent with
generally accepted accounting principles.
b) Inventories
Inventories are valued at lower of cost or Net Realisable Value.
c) Depreciation
Depreciation on Fixed Assets is provided on "Straight Line Method" in
the manner prescribed in Schedule-XIV to the Companies Act, 1956.
d) Revenue Recognition
Domestic sales and Processing Charges are accounted for on dispatch of
goods to customers and Export Sales are accounted for on the basis of
dates of Bill of Lading. Sales are accounted for net of sales return
and gross of excise duty.
e) Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The Cost includes taxes, duties, freight, installation
and other direct and allocated expenses up to the date of commercial
production and net of CENVAT credit.
f) Foreign Currency Transactions
Transactions of foreign currencies pertaining to revenue items are
recorded at the exchange rates prevailing on the date of the
transaction or at the exchange rate under related forward exchange
contracts. The realized exchange gains/(losses) are recognized in the
Profit & Loss Account. All foreign currency assets & liabilities are
translated in rupees at the rates prevailing on the date of Balance
Sheet.
g) Taxation
i. Provision for current Tax is made with reference to taxable income
computed for the accounting period, for which the financial statements
are prepared by the tax rates as applicable.
ii. The company has brought forward losses under the tax laws and in
absence of virtual certainty of sufficient future taxable income
deferred tax has not been recognized by way of prudence in accordance
with Accounting standard 22.
h) Impairment of Assets
At each balance sheet date, the carrying amounts of fixed assets are ed
by the management to determine whether there is any indication that
those assets suffered lirment loss. If any such indication exists, the
recoverable amount of assets is estimated in order to determine the
extent of impairment loss. Recoverable amount is the higher of an
assets net selling price and value in use.
i) Borrowing Costs:
Borrowing costs that are attributable to the acquisition or
construction of the qualifying assets are capitalized as part of the
cost of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for the intended use. All other
borrowing costs are charged to revenue.
j) Provisions , contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as
a result of past event and it is probable that an outflow 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 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 are not recognized
in the financial statements. A contingent asset is neither recognized
nor disclosed in the financial statements.
Mar 31, 2009
A) Basis of Preparation of Financial Statement
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis. The accounts are prepared on
historical cost basis as a going concern and are consistent with
generally accepted accounting principles.
b) Inventories
Inventories are valued at lower of cost or Net Realtsiable Value.
c) Depreciation
Depreciation on Fixed Assets is provided on "Straight Line Method" in
the manner prescribed in Schedule-XIV to the Companies Act, 1956.
d) Revenue Recognition
Domestic sales and Processing Charges are accounted for on dispatch of
goods to customers and Export Sales are accounted for on the basis of
dates of Bill of Lading. Sales are accounted for net of sales return
and gross of excise duty.
e) Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The Cost includes taxes, duties, freight, installation
and other direct and allocated expenses up to the date of commercial
production and net of CENVAT credit.
g) Taxation
(i) Provision for current Tax is made with reference to taxable income
computed for the accounting period, for which the financial statements
are prepared by the tax rates as applicable.
(ii) The company has brought forward losses under the tax laws and in
absence of virtual certainty of sufficient future taxable income
deferred tax has not been recognized by way of prudence in accordance
with Accounting standard 22.
h) Impairment of Assets
At each balance sheet date, the carrying amounts of fixed assets are
reviewed by the management to determine whether there is any indication
that those assets suffered an impairment loss, if any such indication
exists, the recoverable amount of assets is estimated in order to
determine the extent of impairment loss. Recoverable amount is the
higher of an assets net selling price and value in use.
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