Mar 31, 2015
1.1 ACCOUNTING CONCEPTS
(a) The financial statements are prepared under the historical cost
convention on accrual basis of accounting as going concern and in
accordance with the generally accepted accounting principles,
accounting standards as specified under Section 133 of the Companies
Act 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, as
applicable and the relevant provisions, rules and disclosure
requirements of the Companies Act, 2013.
(b) USE OF ESTIMATES
In preparing the financial statements in conformity with the generally
accepted accounting principles management is required to make estimates
and assumptions that may affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and the amount of revenue and expenses during the
reported period. Actual results could differ from those estimates. Any
revision to such estimates is recognised in the period the same is
determined.
1.2 FIXED ASSETS, REVALUATION OF ASSETS AND DEPRECIATION
(a) Fixed assets are stated at their original cost of acquisition
including cost of installation. MODVAT/ CENVAT availed, if any,
are being deducted from the cost of respective asset.
(b) In case of Revaluation of Fixed Assets, the concerned asset is
stated at revalued amount with the creation of Revaluation Reserve.
Consequent depreciation on revalued portion of fixed assets based on
the remaining useful life is being withdrawn from Revaluation reserve
crediting the Profit & Loss.
(c) The Company has provided depreciation on its Fixed Assets in
accordance with the provisions contained in Schedule II of the
Companies Act, 2013 with reference to the useful life of various assets
as prescribed in Part C of the said Schedule on straight line method.
Assets whose useful lives have expired have been depreciated by
retaining 5% residual value and have accordingly been charged in the
Statement of Profit & Loss under Depreciation account.
1.3 IMPAIRMENT OF ASSETS
(a) The carrying amounts of fixed assets are reviewed at each balance
sheet date, if there is any indication of impairment based on internal
/external factors.
(b) An impairment loss is recognized wherever the carrying amount of an
asset exceeds its recoverable amount and the same is recognized as an
expense in the statement of Profit & Loss and Carrying amount of the
asset is reduced to recoverable amount.
(c) Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the assets no longer exists or have decreased.
1.4 REVENUE
(a) Revenue on transfer of leasehold land is recognised on the basis of
transfer or relinquishment of rights along with the related risk and
rewards to the buyer.
(b) Sales is recognized on dispatch of goods and includes excise duty
but excludes sales tax, rebate & discount allowed, as applicable and is
net of return/rejections.
(c) Interest on receivables are accounted only on the receipt or
settlement of the same, which ever is earlier. Other interest income is
recognized on a time proportion basis taking into account the amount
outstanding and the applicable rate of interest
1.5 INVENTORIES
Valuation of stocks is done as mentioned below:
Raw Material and Stores & Spares At lower of cost or Net realisable
value
Work-in-Process At cost of material included
therein or net realizable value
whichever is lower.
Finished Goods At lower of cost or net realizable
value
Leasehold Land held for sale At lower of book value or net
realizable value
Saleable Waste, Inventory Held At Net estimated realizable value
for Disposal and by products
(a) Cost is arrived at using monthly weighted average method.
(b) Cost of Finished Goods is inclusive of Excise Duty.
(c) Cost of Leasehold land is determined after including the
expenditure incurred on the development thereof.
1.6 TAXATION
(a) Current Tax
Provision for Taxation is ascertained on the basis of assessable
profits computed in accordance with the provisions of Income Tax Act,
1961. However, where the tax is computed in accordance with the
provision of Section 115 JB of the Income Tax Act, 1961, as Minimum
Alternate Tax (MAT), it is charged off to the Statement of Profit &
Loss of the relevant year.
(b) Deferred Tax
Deferred Income Tax is recognized, subject to the consideration of
prudence, as the tax effect of timing difference between the taxable
income and accounting income computed for the current accounting year
and reversal of earlier years'' timing differences.
Deferred Tax assets are recognized and carried forward to the extent
there is reasonable certainty, except arising from unabsorbed
depreciation and carry forward losses which are recognized to the
extent of deferred tax liabilities or there is virtual certainty, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
1.7 Refunds of Taxes and Duties
Refund claims arising out of monies paid under protest or under appeals
and charged to Revenue are accounted for at the time of receipt of
orders or actual refunds whichever is earlier.
1.8 Contingent Liabilities
Disputed liabilities and claims against the company including claims
raised by fiscal authorities (e.g. Sales Tax, Income Tax, Excise etc.)
except frivolous claims for which no reliable estimate can be made of
the amount of the obligation or which are remotely poised for
crystallization are not provided for in accounts but disclosed in notes
to accounts. However, present obligation as a result of past event with
possibility of outflow of resources, when reliably estimable, is
recognized in accounts.
Mar 31, 2014
1.1 ACCOUNTING CONCEPTS
a) The financial statements are prepared under the historical cost
convention on accrual basis of accounting as going concern and in
accordance with the generally accepted accounting principles,
accounting standards as prescribed under companies Accounting Rules,
2006, as applicable and the relevant provisions, rules and disclosure
requirements of the Companies Act, 1956.
b) USE OF ESTIMATES
In preparing the financial statements in conformity with the generally
accepted accounting principles management is required to make estimates
and assumptions that may affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and the amount of revenue and expenses during the
reported period. Actual results could differ from those estimates. Any
revision to such estimates is recognised in the period the same is
determined.
1.2 FIXED ASSETS, REVALUATION OF ASSETS AND DEPRECIATION
(a) Fixed assets are stated at their original cost of acquisition
including cost of installation. MODVAT/ CENVAT availed are being
deducted from the cost of respective asset.
(b) Projects under Commissioning and other Capital Works-in-Progress
are carried at cost, comprising direct cost and related incidental
expenses.
(c) In case of Revaluation of Fixed Assets, the concerned asset is
stated at revalued amount with the creation of Revaluation Reserve.
Consequent depreciation on revalued portion of fixed assets based on
the remaining useful life is being withdrawn from Revaluation reserve
crediting the Profit & Loss Account.
(d) Depreciation on Plant & Machinery and Buildings is being provided
on Straight Line Method, other assets except leasehold land is provided
on written down value method at the rates specified in Schedule XIV (as
amended) to the Companies Act, 1956.
1.3 IMPAIRMENT OF ASSETS
(i) The carrying amounts of fixed assets are reviewed at each balance
sheet date, if there is any indication of impairment based on internal
/external factors.
(ii) An impairment loss is recognized wherever the carrying amount of
an asset exceeds its recoverable amount and the same is recognized as
an expense in the statement of Profit & Loss and Carrying amount of the
asset is reduced to recoverable amount.
(iii) Reversal of impairment losses recognized in prior years is
recorded when there is an indication that the impairment losses
recognized for the assets no longer exists or have decreased.
1.4 REVENUE
Revenue on transfer of leasehold land is recognised on the basis of
transfer of rights along with the related risk and rewards to the
buyer.
Sales is recognized on dispatch of goods and includes excise duty but
excludes sales tax, rebate & discount allowed, as applicable and is net
of return/rejections.
Similarly Interest on receivables are accounted only on the receipt or
settlement of the same, which ever is earlier.
1.6 TAXATION
i) Current Tax
Provision for Taxation is ascertained on the basis of assessable
profits computed in accordance with the provisions of Income Tax Act,
1961. However, where the tax is computed in accordance with the
provision of Section 115 JB of the Income Tax Act, 1961, as Minimum
Alternate Tax (MAT), it is charged off to the Profit & Loss Account of
the relevant year.
ii) Deferred Tax
Deferred Income Tax is recognized, subject to the consideration of
prudence, as the tax effect of timing difference between the taxable
income and accounting income computed for the current accounting year
and reversal of earlier years'' timing differences.
Deferred Tax assets are recognized and carried forward to the extent
there is reasonable certainty, except arising from unabsorbed
depreciation and carry forward losses which are recognized to the
extent of deferred tax liabilities or there is virtual certainty, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
1.7 Refunds of Taxes and Duties
Refund claims arising out of monies paid under protest or under appeals
and charged to Revenue are accounted for at the time of receipt of
orders or actual refunds whichever is earlier.
1.8 Contingent Liabilities
Disputed liabilities and claims against the company including claims
raised by fiscal authorities (e.g. Sales Tax, Income Tax, Excise etc.)
except frivolous claims for which no reliable estimate can be made of
the amount of the obligation or which are remotely poised for
crystallization are not provided for in accounts but disclosed in notes
to accounts. However, present obligation as a result of past event with
possibility of outflow of resources, when reliably estimable, is
recognized in accounts.
Mar 31, 2013
1.1 ACCOUNTING CONCEPTS
a) The financial statements are prepared under the historical cost
convention on accrual basis of accounting as going concern and in
accordance with the generally accepted accounting principles,
accounting standards as prescribed under companies Accounting Rules,
2006, as applicable and the relevant provisions, rules and disclosure
requirements of the Companies Act, 1956.
b) USE OF ESTIMATES
In preparing the financial statements in conformity with the generally
accepted accounting principles management is required to make estimates
and assumptions that may affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and the amount of revenue and expenses during the
reported period. Actual results could differ from those estimates. Any
revision to such estimates is recognised in the period the same is
determined.
1.2 FIXED ASSETS, REVALUATION OF ASSETS AND DEPRECIATION
(a) Fixed assets are stated at their original cost of acquisition
including cost of installation. MODVAT/ CENVAT availed are being
deducted from the cost of respective asset.
(b) Projects under Commissioning and other Capital Works-in-Progress
are carried at cost, comprising direct cost and related incidental
expenses.
(c) In case of Revaluation of Fixed Assets, the concerned asset is
stated at revalued amount with the creation of Revaluation Reserve.
Consequent depreciation on revalued portion of fixed assets based on
the remaining useful life is being withdrawn from Revaluation reserve
crediting the Profit & Loss Account.
(d) Depreciation on Plant & Machinery and Buildings is being provided
on Straight Line Method, other assets except leasehold land is provided
on written down value method at the rates specified in Schedule XIV (as
amended) to the Companies Act, 1956.
1.3 IMPAIRMENT OF ASSETS
(i) The carrying amounts of fixed assets are reviewed at each balance
sheet date, if there is any indication of impairment based on internal
/external factors.
(ii) An impairment loss is recognized wherever the carrying amount of
an asset exceeds its recoverable amount and the same is recognized as
an expense in the statement of Profit & Loss and Carrying amount of the
asset is reduced to recoverable amount.
(iii) Reversal of impairment losses recognized in prior years is
recorded when there is an indication that the impairment losses
recognized for the assets no longer exists or have decreased.
1.4 REVENUE
Sales is recognized on dispatch of goods and includes excise duty but
excludes sales tax, rebate & discount allowed, as applicable and is net
of return/rejections. Certain Incomes the accrual of which is ab-initio
not agreed/disputed upon by the parties is not accounted for till such
time is agreed / received. Similarly Interest on receivables are
accounted only on the receipt or settlement of the same, which ever is
earlier.Revenue on transfer of leasehold land is recognised on the
basis of transfer of rights along with the related risk and rewards to
the buyer.
(a) Cost is arrived at using monthly weighted average method.
(b) Cost of Finished Goods is inclusive of Excise Duty.
(c) Cost of Leasehold hand is determined after including the
expenditure incurred on the development thereof
1.6 TAXATION
i) Current Tax
Provision for Taxation is ascertained on the basis of assessable
profits computed in accordance with the provisions of Income Tax Act,
1961. However, where the tax is computed in accordance with the
provision of Section 115 JB of the Income Tax Act, 1961, as Minimum
Alternate Tax (MAT), it is charged off to the Profit & Loss Account of
the relevant year.
ii) Deferred Tax
Deferred Income Tax is recognized, subject to the consideration of
prudence, as the tax effect of timing difference between the taxable
income and accounting income computed for the current accounting year
and reversal of earlier years'' timing differences.
Deferred Tax assets are recognized and carried forward to the extent
there is reasonable certainty, except arising from unabsorbed
depreciation and carry forward losses which are recognized to the
extent of deferred tax liabilities or there is virtual certainty, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
1.7 Refunds of Taxes and Duties
Refund claims arising out of monies paid under protest or under appeals
and charged to Revenue are accounted for at the time of receipt of
orders or actual refunds whichever is earlier.
1.8 Contingent Liabilities
Disputed liabilities and claims against the company including claims
raised by fiscal authorities (e.g. Sales Tax, Income Tax, Excise etc.)
except frivolous claims for which no reliable estimate can be made of
the amount of the obligation or which are remotely poised for
crystallization are not provided for in accounts but disclosed in notes
to accounts. However, present obligation as a result of past event with
possibility of outflow of resources, when reliably estimable, is
recognized in accounts.
Mar 31, 2012
1.1 ACCOUNTING CONCEPTS
The Financial Statements are prepared under the historical cost
convention on accrual basis of accounting as going concern and in
accordance with the generally accepted accounting principles,
accounting standards as prescribed under companies Accounting Rules,
2006, as applicable and the relevant provisions, rules and disclosure
requirements of the Companies Act, 1956.
USE OF ESTIMATES
In preparing the Financial Statements in conformity with the generally
accepted accounting principles management is required to make estimates
and assumptions that may affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and the amount of revenue and expenses during the
reported period. Actual results could differ from those estimates. Any
revision to such estimates is recognised in the period the same is
determined.
1.2 FIXED ASSETS, REVALUATION OF ASSETS AND DEPRECIATION
(a) Fixed assets are stated at their original cost of acquisition
including cost of installation. MODVAT/ CENVAT availed has been
deducted from the cost of respective asset.
(b) Projects under Commissioning and other Capital Works-in-Progress
are carried at cost, comprising direct cost and related incidental
expenses.
(c) In case of Revaluation of Fixed Assets, the concerned asset is
stated at revalued amount with the creation of Revaluation Reserve.
Consequent depreciation on revalued portion of fixed assets based on
the remaining useful life is being withdrawn from Revaluation reserve
crediting the Profit & Loss Account.
(d) Depreciation on Plant & Machinery and Buildings is being provided
on Straight Line Method, other assets except leasehold land is provided
on written down value method at the rates specified in Schedule XIV (as
amended) to the Companies Act, 1956.
1.3 IMPAIRMENT OF ASSETS
(i) The carrying amounts of fixed assets are reviewed at each balance
sheet date, if there is any indication of impairment based on internal
/external factors.
(ii) An impairment loss is recognized wherever the carrying amount of
an asset exceeds its recoverable amount and the same is recognized as
an expense in the statement of Profit & Loss and Carrying amount of the
asset is reduced to recoverable amount.
(iii) Reversal of impairment losses recognized in prior years is
recorded when there is an indication that the impairment losses
recognized for the assets no longer exists or have decreased.
1.4 REVENUE
Sales is recognized on dispatch of goods and includes excise duty but
excludes sales tax, rebate & discount allowed, as applicable and is net
of return/rejections. Certain Incomes the accrual of which is ab-initio
not agreed/disputed upon by the parties is not accounted for till such
time is agreed / received. Similarly Interest on receivables are
accounted only on the receipt or settlement of the same, which ever is
earlier. Revenue on transfer of lease hold land is recognised on the
basis of transfer of rights along with the related risk and rewards to
the buyer.
1.5 INVENTORIES
Valuation of stocks is done as mentioned below:
Raw Material and Stores & Spares At lower of cost or Net relisable
value Work-in-Process At cost of material included therein or net
realisable value whichever is lower.
Finished Goods At lower of cost or net realisable value Leasehold Land
held for sale At lower of book value or net realisable value Saleable
Waste, Inventory Held for Disposal and by products
At Net estimated relisable value
(a) Cost is arrived at using monthly weighted average method.
(b) Cost of Finished Goods is inclusive of Excise Duty.
(c) Cost of Lease hold Land is determined after including the
expenditure incurred on the development there of
1.6 TAXATION
i) Current Tax
Provision for Taxation is ascertained on the basis of assessable
profits computed in accordance with the provisions of Income Tax Act,
1961. However, where the tax is computed in accordance with the
provision of Section 115 JB of the Income Tax Act, 1961, as Minimum
Alternate Tax (MAT), it is charged off to the Profit & Loss Account of
the relevant year.
ii) Deferred Tax
Deferred Income Tax is recognized, subject to the consideration of
prudence, as the tax effect of timing difference between the taxable
income and accounting income computed for the current accounting year
and reversal of earlier yearsà timing differences.
Deferred Tax assets are recognized and carried forward to the extent
there is reasonable certainty, except arising from unabsorbed
depreciation and carry forward losses which are recognized to the
extent of deferred tax liabilities or there is virtual certainty, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
1.7 Refunds of Taxes and Duties
Refund claims arising out of monies paid under protest or under appeals
and charged to Revenue are accounted for at the time of receipt of
orders or actual refunds whichever is earlier.
1.8 Contingent Liabilities
Disputed liabilities and claims against the company including claims
raised by fiscal authorities (e.g. Sales Tax , Income Tax, Excise
etc.) except frivolous claims for which no reliable estimate can be
made of the amount of the obligation or which are remotely poised for
crystallization are not provided for in accounts but disclosed in notes
to accounts.However, present obligation as a result of past event with
possibility of outflow of resources, when reliably estimable, is
recognized in accounts.
Mar 31, 2010
1 (a) ACCOUNTING CONCEPTS
The financial statements are prepared under the historical cost
convention on accrual basis of accounting as going concern and in
accordance with the generally accepted accounting principles,
accounting standards issued by the Institute of Chartered Accountant of
India, as applicable and the relevant provisions, rules and disclosure
requirements of the Companies Act, 1956.
(b) USE OF ESTIMATES
In preparing the financial statements in conformity with the generally
accepted accounting principles management is required to make estimates
and assumptions that may affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and the amount of revenue and expenses during the
reported period. Actual results could differ from those estimates. Any
revision to such estimates is recognised in the period the same is
determined.
2 FIXED ASSETS, REVALUATION OF ASSETS AND DEPRECIATION
(a) Fixed assets are stated at their original cost of acquisition
including cost of installation. MODVAT7 CENVAT availed has been
deducted from the cost of respective asset.
(b) Projects under Commissioning and other Capital Works-in-Progress
are carried at cost, comprising direct cost and related incidental
expenses.
(c) In case of Revaluation of Fixed Assets, the concerned asset is
stated at revalued amount with the creation of Revaluation Reserve.
Consequent depreciation on revalued portion of fixed assets based on
the remaining useful life is being withdrawn from Revaluation reserve
crediting the Profit & Loss Account.
(d) Depreciation on Plant & Machinery and Buildings is being provided
on Straight Line Method, other assets except leasehold land is provided
on written down value method at the rates specified in Schedule XIV (as
amended) to the Companies Act, 1956.
(e) Premium on leasehold land is amortized over the period of lease and
booked as depreciation.
3 REVENUE
Sales is recognized on dispatch of goods and includes excise duty but
excludes sales tax, rebate & discount allowed, as applicable and is net
of return/rejections. Certain Incomes the accrual of which is ab-
initio not agreed/disputed upon by the parties is not accounted for
till such time is agreed / received. Similarly Interest on receivables
are accounted only on the receipt or settlement of the same, which ever
is earlier.
4 INVENTORIES
Valuation of stocks is done as mentioned below:
Raw Material and Stores & Spares : At lower of cost or Net relisable
value
Work-in-Process : At cost of material included therein or net
realisable
value whichever is lower. Finished Goods : At lower of cost or net
realisable value
Saleable Waste, Inventory Held for Disposal : At Net estimated
relisable value and by products
(a) Cost is arrived at using monthly weighted average method.
(b) Cost of Finished Goods is inclusive of Excise Duty.
5 TAXATION
i) Current Tax
(a) Provision for Taxation is ascertained on the basis of assessable
profits computed in accordance with the provisions of Income Tax Act,
1961. However, where the tax is computed in accordance with the
provision of Section 115 JB of the Income Tax Act, 1961, as Minimum
Alternate Tax (MAT), it is charged off to the Profit & Loss Account of
the relevant year.
(b) Advance Income Tax is finally adjusted against the provision made
for tax liability on final completion of all matters relating to that
assessment year.
ii) Deferred Tax
Deferred Income Tax is recognized, subject to the consideration of
prudence, as the tax effect of timing difference between the taxable
income and accounting income computed for the current accounting year
and reversal of earlier years timing differences.
Deferred Tax assets are recognized and carried forward to the extent
there is reasonable certainty, except arising from unabsorbed
depreciation and carry forward losses which are recognized to the
extent of deferred tax liabilities or there is virtual certainty, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
6 Refunds of Taxes and Duties
Refund claims arising out of monies paid under protest or under appeals
and charged to Revenue are accounted for at the time of receipt of
orders or actual refunds whichever is earlier.
7 Contingent Liabilities
Disputed liabilities and claims against the company including claims
raised by fiscal authorities (e.g. Sales Tax , Income Tax, Excise
etc.) except frivolous claims for which no reliable estimate can be
made of the amount of the obligation or which are remotely poised for
crystallization are not provided for in accounts but disclosed in notes
to accounts.However, present obligation as a result of past event with
possibility of outflow of resources, when reliably estimable, is
recognized in accounts.