Mar 31, 2015
A) Fixed assets
(i) Leasehold Land is valued at cost.
(ii) All other fixed assets are stated at cost of acquisition or
construction less depreciation.
Capital work-in- Progress :
Projects under which assets are not ready for their intended use and
other capital work-in-progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
b) Depreciation
(i) Leasehold & Freehold land is not depreciated.
(ii) Depreciation on all other tangible fixed assets is provided on
written down value method based on the useful lives of the respective
assets in accordance with Schedule II to the Companies Act, 2013 and
the guidelines issued by the Institute of Chartered Accountants of
India. In respect of the assets, whose useful lives have expired, scrap
value at 5% of the respective gross value has been accounted for as
carrying cost and the balance amount has been transfered to retained
earnings (general reserve). Extra shift depreciation wherever
applicable are calculated on actual shift basis in respect of each
mill/unit.
(iii) Cost of computer software is amortised over a period of five
years
c) Long Term Investments
Long Term Investments are carried at cost.
d) Inventories
Inventories are valued as under
i. Raw Materials : At lower of cost or market value
ii. Finished Goods : At lower of cost or market value
iii. Semi Finished Goods : At lower of cost or market value
iv. Stores & Spares : At cost
v. Other Consumables : At cost
e) Employee benefits
i. Short Term Employee Benefits
All employee benefits falling due wholly within twelve months of
rendering the service are classified as short term employee benefits.
The benefits like salaries, wages, short term compensated absences etc.
and the expected cost of bonus, ex-gratia are recognized in the period
in which the employee renders the related service.
ii. Post-employment Benefits
(i) Defined Contribution Plans : The Company's state governed provident
fund scheme, employee state insurance scheme and employee pension
scheme are defined contribution plans. The contribution paid / payable
under the schemes is recognized during the period in which the employee
renders the related service.
(ii) Defined Benefit Plans : The Employees Gratuity Fund Scheme managed
by trust is the company's defined benefit plan. Wherever applicable,
the present value of the obligation under such defined benefit plan is
determined based on actuarial valuation using the Projected Unit Credit
Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rate used for determining the present value of
the obligation under defined benefit plan is based on the market yield
on government securities of a maturity period equivalent to the
weighted average maturity profile of the related obligations at the
Balance Sheet date.
Actuarial gains and losses will de recognized immediately in the Profit
and Loss Account.
In case of funded plans, the fair value of the plan assets is reduced
form the gross obligation under the defined benefit plan to recognize
the obligation on the net basis.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
f) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use or sale. All other
borrowing costs are charged to revenue.
g) Revenue Recognition
(i) Revenue in respect of local sale of products is recognised at the
point of despatch to customers.
(ii) Revenue in respect of export sale is recognised on the date of
bill of lading.
(iii) Local sales comprise of sale value of goods, excise duty and is
net of trade discounts and returns.
(iv) Revenue in respect of conversion charges is recognised on accrual
basis.
h) Provision for Taxation
i. Current Tax: Provision for current tax is made after taking into
consideration benefits admissible under the provisions of the Income
Tax Act, 1961.
ii. Deferred Tax: The differences that result between the profit
offered for income tax and the profit as per the financial statements
are identified and thereafter a deferred tax asset or deferred tax
liability is recorded for timing differences, namely the differences
that originate in one accounting period and reverse in another, based
on the tax effect of the aggregate amount being considered. The tax
effect is calculated on the accumulated timing differences at the end
of an accounting period based on prevailing enacted regulations.
Deferred tax assets are recognised only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
i) Foreign Exchange Transactions
Transactions relating to exports are translated into Indian Rupees at
the rates prevailing at the time of negotiation of export documents by
Bank. Foreign currency transactions and forward exchange contracts used
to hedge fluctuations in currency are initially recognised at the spot
rate on the date of the transaction /contract. Monetary assets and
liabilities relating to foreign currency transactions and forward
exchange contracts remaining unsettled at the end of the year are
translated at year end rates . The difference in translation and
realised gains and losses on foreign exchange transactions are
recognised in the profit and loss account.
j) Impairment of Assets
Impairment is ascertained at each balance sheet date in respect of the
Companies fixed assets. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
k) Provisions and Contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions are not discounted to their
present value and are determined based on the 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 disclosed in the Notes.
Mar 31, 2014
(i) Leasehold Land is valued at cost.
(ii) All other fixed assets are stated at cost of acquisition or
construction less depreciation.
b) Depreciation
(i) Leasehold & Freehold land is not depreciated. XIV to the Companies
Act, 1956.
(ii) Depreciation on all other fixed assets is provided on written down
value method in accordance with Schedule XIV to the Companies Act,
1956. Extra shift depreciation wherever applicable is calculated on
actual shift basis in respect of each mill/unit.
c) Long Term Investments
Long Term Investments are carried at cost.
d) Inventories
Inventories are valued as under
i. Raw Materials : At lower of cost or market value
ii. Finished Goods : At lower of cost or market value
iii. Semi Finished Goods : At lower of cost or market value
iv. Stores & Spares : At cost
v. Other Consumables : At cost
e) Employee benefits
i. Short Term Employee Benefits
All employee benefits falling due wholly within twelve months of
rendering the service are classified as short term employee benefits.
The benefits like salaries, wages, short term compensated absences etc.
and the expected cost of bonus, ex-gratia are recognized in the period
in which the employee renders the related service.
ii. Post-employment Benefits
(i) Defined Contribution Plans : The Company''s state governed provident
fund scheme, employee state insurance scheme and employee pension
scheme are defined contribution plans. The contribution paid / payable
under the schemes is recognized during the period in which the employee
renders the related service.
(ii) Defined Benefit Plans : The Employees Gratuity Fund Scheme managed
by trust is the company''s defined benefit plan. Wherever applicable,
the present value of the obligation under such defined benefit plan is
determined based on actuarial valuation using the Projected Unit Credit
Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rate used for determining the present value of
the obligation under defined benefit plan is based on the market yield
on government securities of a maturity period equivalent to the
weighted average maturity profile of the related obligations at the
Balance Sheet date.
Actuarial gains and losses will de recognized immediately in the Profit
and Loss Account.
In case of funded plans, the fair value of the plan assets is reduced
form the gross obligation under the defined benefit plan to recognize
the obligation on the net basis.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
f) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use or sale. All other
borrowing costs are charged to revenue.
g) Revenue Recognition
(i) Revenue in respect of local sale of products is recognised at the
point of despatch to customers.
(ii) Revenue in respect of export sale is recognised on the date of
bill of lading.
(iii) Local sales comprise of sale value of goods, excise duty and is
net of trade discounts and returns.
(iv) Revenue in respect of conversion charges is recognised on accrual
basis.
h) Provision for Taxation
i. Current Tax: Provision for current tax is made after taking into
consideration benefits admissible under the provisions of the Income
Tax Act, 1961.
ii. Deferred Tax: The differences that result between the profit
offered for income tax and the profit as per the financial statements
are identified and thereafter a deferred tax asset or deferred tax
liability is recorded for timing differences, namely the differences
that originate in one accounting period and reverse in another, based
on the tax effect of the aggregate amount being considered. The tax
effect is calculated on the accumulated timing differences at the end
of an accounting period based on prevailing enacted regulations.
Deferred tax assets are recognised only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
i) Foreign Exchange Transactions
Transactions relating to exports are translated into Indian Rupees at
the rates prevailing at the time of negotiation of export documents by
Bank. Foreign currency transactions and forward exchange contracts used
to hedge fluctuations in currency are initially recognised at the spot
rate on the date of the transaction /contract. Monetary assets and
liabilities relating to foreign currency transactions and forward
exchange contracts remaining unsettled at the end of the year are
translated at year end rates . The difference in translation and
realised gains and losses on foreign exchange transactions are
recognised in the profit and loss account.
j) Impairment of Assets
Impairment is ascertained at each balance sheet date in respect of the
Companies fixed assets. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
Mar 31, 2013
A) Fixed assets
(i) Leasehold Land is valued at cost.
(ii) All other fixed assets are stated at cost of acquisition or
construction less depreciation.
b) Depreciation
(i) Leasehold & Freehold land is not depreciated.XIV to the Companies
Act, 1956.
(ii) Depreciation on all other fixed assets is provided on written down
value method in accordance with Schedule XIV to the Companies Act,
1956. Extra shift depreciation wherever applicable is calculated on
actual shift basis in respect of each mill/unit.
c) Long Term Investments
Long Term Investments are carried at cost.
d) Inventories
Inventories are valued as under
i. Raw Materials : At lower of cost or market value
ii. Finished Goods : At lower of cost or market value
iii. Semi Finished Goods : At lower of cost or market value
iv. Stores & Spares : At cost
v. Other Consumables : At cost
e) Employee benefits
i. Short Term Employee Benefits
All employee benefits falling due wholly within twelve months of
rendering the service are classified as short term employee benefits.
The benefits like salaries, wages, short term compensated absences etc.
and the expected cost of bonus, ex-gratia are recognized in the period
in which the employee renders the related service.
ii. Post-employment Benefits
(i) Defined Contribution Plans : The Company''s state governed provident
fund scheme, employee state insurance scheme and employee pension
scheme are defined contribution plans. The contribution paid / payable
under the schemes is recognized during the period in which the employee
renders the related service.
(ii) Defined Benefit Plans : The Employees Gratuity Fund Scheme managed
by trust is the company''s defined benefit plan. Wherever applicable,
the present value of the obligation under such defined benefit plan is
determined based on actuarial valuation using the Projected Unit Credit
Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rate used for determining the present value of
the obligation under defined benefit plan is based on the market yield
on government securities of a maturity period equivalent to the
weighted average maturity profile of the related obligations at the
Balance Sheet date.
Actuarial gains and losses will de recognized immediately in the Profit
and Loss Account.
In case of funded plans, the fair value of the plan assets is reduced
form the gross obligation under the defined benefit plan to recognize
the obligation on the net basis.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
f) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use or sale. All other
borrowing costs are charged to revenue.
g) Revenue Recognition
(i) Revenue in respect of local sale of products is recognised at the
point of despatch to customers.
(ii) Revenue in respect of export sale is recognised on the date of
bill of lading.
(iii) Local sales comprise of sale value of goods, excise duty and is
net of trade discounts and returns.
(iv) Revenue in respect of conversion charges is recognised on accrual
basis.
h) Provision for Taxation
i. Current Tax: Provision for current tax is made after taking into
consideration benefits admissible under the provisions of the Income
Tax Act, 1961.
ii. Deferred Tax: The differences that result between the profit
offered for income tax and the profit as per the financial statements
are identified and thereafter a deferred tax asset or deferred tax
liability is recorded for timing differences, namely the differences
that originate in one accounting period and reverse in another, based
on the tax effect of the aggregate amount being considered. The tax
effect is calculated on the accumulated timing differences at the end
of an accounting period based on prevailing enacted regulations.
Deferred tax assets are recognised only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
i) Foreign Exchange Transactions
Transactions relating to exports are translated into Indian Rupees at
the rates prevailing at the time of negotiation of export documents by
Bank. Foreign currency transactions and forward exchange contracts used
to hedge fluctuations in currency are initially recognised at the spot
rate on the date of the transaction /contract. Monetary assets and
liabilities relating to foreign currency transactions and forward
exchange contracts remaining unsettled at the end of the year are
translated at year end rates . The difference in translation and
realised gains and losses on foreign exchange transactions are
recognised in the profit and loss account.
j) Impairment of Assets
Impairment is ascertained at each balance sheet date in respect of the
Companies fixed assets. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
Mar 31, 2012
A) Fixed assets
(i) Leasehold Land is valued at cost.
(ii) All other fixed assets are stated at cost of acquisition or
construction less depreciation.
b) Depreciation
(i) Leasehold & Freehold land is not depreciated.XIV to the Companies
Act, 1956.
(ii) Depreciation on all other fixed assets is provided on written down
value method in accordance with Schedule X!V to the Companies Act,
1956. Extra shift depreciation wherever applicable is calculated on
actual shift basis in respect of each mill/unit. '
c) Long Term Investments
Long Term Investments are carried at cost.
d) Inventories
Inventories are valued as under
i. Raw Materials : At lower of cost or market value
ii. Finished Goods : At lower of cost or market value
iii. Semi Finished Goods : At lower of cost or market value
iv. Stores & Spares : At cost
v. Other Consumables : At cost
e) Employee benefits
i. Short Term Employee Benefits
All employee benefits falling due wholly within twelve months of
rendering the service are classified as short term employee benefits.
The benefits like salaries, wages, short term compensated absences etc.
and the expected cost of bonus, ex-gratia are recognized in the period
in which the employee renders the related service.
ii Post-employment Benefits
(i) Defined Contribution Plans: The Company's state governed
provident fund scheme, employee state insurance scheme and employee
pension scheme are defined contribution plans. The contribution paid /
payable under the schemes is recognized during the period in which the
employee renders the related service.
(ii) Defined Benefit Plans : The Employees Gratuity Fund Scheme managed
by trust is the company's defined benefit plan. Wherever applicable,
the present value of the obligation under such defined benefit plan is
determined based on actuarial valuation using the Projected Unit Credit
Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rate used for determining the present value of
the obligation under defined benefit plan is based on the market yield
on government securities of a maturity period equivalent to the
weighted average maturity profile of the related obligations at the
Balance Sheet date.
Actuarial gains and losses will de recognized immediately in the Profit
and Loss Account.
In case of funded plans, the fair value of the plan assets is reduced
form the gross obligation under the defined benefit plan to recognize
the obligation on the net basis.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
All employee benefits falling due wholly within twelve months of
rendering the service are classified as short term employee benefits.
The benefits like salaries, wages, short term compensated absences etc.
and the expected cost of bonus, ex-gratia are recognized in the period
in which the employee renders the related service.
f) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use or sale. All other
borrowing costs are charged to revenue.
g) Revenue Recognition
(i) Revenue in respect of local sale of products is recognised at the
point of despatch to customers.
(ii) Revenue in respect of export sale is recognised on the date of
bill of lading.
(iii) Local sales comprise of sale value of goods, excise duty and is
net of trade discounts and returns.
(iv) Revenue in respect of conversion charges is recognised on accrual
basis.
h) Provision for Taxation
i. Current Tax: Provision for current tax is made after taking into
consideration benefits admissible under the provisions of the Income
Tax Act, 1961.
ii. Deferred Tax: The differences that result between the profit
offered for income tax and the profit as per the financial statements
are identified and thereafter a deferred tax asset or deferred tax
liability is recorded for timing differences, namely the differences
that originate in one accounting period and reverse in another, based
on the tax effect of the aggregate amount being considered. The tax
effect is calculated on the accumulated timing differences at the end
of an accounting period based on prevailing enacted regulations.
Deferred tax assets are recognised only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date,
ii) Foreign Exchange Transactions
Transactions relating to exports are translated into Indian Rupees at
the rates prevailing at the time of negotiation of export documents by
Bank. Foreign currency transactions and forward exchange contracts used
to hedge fluctuations in currency are initially recognised at the spot
rate on the date of the transaction /contract. Monetary assets and
liabilities relating to foreign currency transactions and forward
exchange contracts remaining unsettled at the end of the year are
translated at year end rates . The difference in translation and
realised gains and losses on foreign exchange transactions are
recognised in the profit and loss account.
i) Impairment of Assets
Impairment is ascertained at each balance sheet date in respect of the
Companies fixed assets. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
ii. The company has only two classes of shares referred to as equity
shares and cumulative redeemable preference shares having a par value
of Rs.10/-. Each holder of equity shares is entitled to one vote per
share.
Mar 31, 2010
(a) Fixed Assets
(i) Leasehold Land is valued at cost.
(ii) All other fixed assets are stated at cost of acquisition or
construction less depreciation. Certain assets were revalued during the
financial year 1992-93 and the resultant surplus was added to the cost
of the asset.
(b) Foreign Exchange Transactions
(i) Transaction in foreign currencies are recorded at exchange rates
existing at the time of the transaction and exchange difference arising
from foreign currency transactions are dealt in Profit & Loss Account.
(ii) Foreign currency monetary items at year end are being converted at
closing rates and exchange difference are dealt with in Profit & Loss
Account.
(c) Depreciation
(i) Leasehold & Freehold land is not depreciated.
(ii) Depreciation on all other fixed assets is provided on written down
value method in accordance with Schedule XIV to the Companies Act,
1956. Extra shift depreciation wherever applicable is calculated on
actual shift basis in respect of each mill/unit.
(d) Investments
Long term Investments are stated at cost.
(e) Inventories
(i) Finished and Semi-finished products produced and purchased by the
company are carried at lower of cost or net realisable value.
(ii) Work-in-Progress is carried at lower of cost or net realisable
value.
(iii) Raw materials purchased are carried at lower of cost or net
realisable value and recovered materials during processes at estimated
realisable value.
(iv) Stores and Spares are carried at cost.
(v) Other consumables are carried at cost.
(vi) Stocks are valued using FIFO basis.
(f) Employee Benefits
(a) Short Term Employee Benefits
All employee benefits falling due wholly within twelve months of
rendering the service are classified as short term employee benefits.
The benefits like salaries, wages, short term compensated absences etc.
and the expected cost of bonus, ex-gratia are recognized in the period
in which the employee renders the related service.
(b) Post-employment Benefits
(i) Defined Contribution Plans : The Companys state governed provident
fund scheme, employee state insurance scheme and employee pension
scheme are defined contribution plans. The contribution paid / payable
under the schemes is recognized during the period in which the employee
renders the related service.
(ii) Defined Benefit Plans : The Employees Gratuity Fund Scheme managed
by trust is the companys defined benefit plan. Wherever applicable,
the present value of the obligation under such defined benefit plan is
determined based on actuaial valuation using the Projected Unit Credit
Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rate used for determining the present value of
the obligation under defined benefit plan is based on the market yield
on government securities of a maturity period equivalent to the
weighted average maturity profile of the related obligations at the
Balance Sheet date.
Actuarial gains and losses will de recognized immediately in the Profit
and Loss Account.
In case of funded plans, the fair value of the plan assets is reduced
form the gross obligation under the defined benefit plan to recognize
the obligation on the net basis.
Gains or losses on the curtailment or settlement of any defined benefit
plan are recognized when the curtailment or settlement occurs. Past
service cost is recognized as expense on a straight-line basis over the
average period until the benefits become vested.
(g) Revenue Recognition
(i) Revenue in respect of local sale of products is recognised at the
point of despatch to customers.
(ii) Revenue in respect of export sale is recognised on the date of
bill of lading.
(iii) Local sales comprise of sale value of goods, excise duty and is
net of trade discounts and returns.
(iv) Revenue in respect of conversion contracts is recognised on
Accrual basis.
(h) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use or sale. All other
borrowing costs are charged to revenue.
(i) Provision for Taxation
(i) Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
(ii) Deferred tax :
The differences that result between the profit offered for income tax
and the profit as per the financial statements are identified and
thereafter a deferred tax asset or deferred tax liability is recorded
for timing differences, namely the differences that originate in one
accounting period and reverse in another, based on the tax effect of
the aggregate amount being considered. The tax effect is calculated on
the accumulated timing differences at the end of an accounting period
based on prevailing enacted regulations. Deferred tax assets are
recognised only if there is reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.