Mar 31, 2015
I. Basis of preparation of financial statements
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
accounting standards as prescribed under Section 133 of the Companies
Act, 2013 ('the Act') read with Rule 7 of the Companies (Accounts)
Rules, 2014.
Management evaluates all recently issued or revised accounting
standards on an ongoing basis. The financial statements are prepared
under the historical cost convention. Recognition of income and
expenses, accrual basis of accounting is followed.
ii. Use of Estimates;
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
iii. Fixed Assets and Depreciation;
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use. Financing costs
relating to acquisition of fixed assets are also included to the extent
they related to the period till such assets are ready to be put to use.
Depreciation on fixed assets has been provided on straight-line method
based on useful life of asset specified in Schedule II of the Companies
Act, 2013 on pro-rata basis.
iv. Investments;
Long-term Investments are stated at cost. Provision for diminution is
being made if necessary to recognize a decline, other than temporary in
the value thereof.
v. Inventories;
Inventories are valued as follows;
i) Finished Goods : At Cost
vi. Revenue Recognition;
Sale of Goods are accounted on delivery to customers. Sales are net of
returns, discounts and Sales Tax / Value Added basis.
vii. Employee Benefits;
a. Gratuity & Leave Encashment;
Provisions for Gratuity and Leave Encashment have been provided in the
books of accounts as the management estimates.
b. Provident fund;
Eligible employees receive benefits from a provident fund, which is a
defined contribution plan. Aggregate contributions along with interest
thereon are paid at retirement, death, incapacitation or termination of
employment. Both the employee and the company make monthly
contributions to the Regional Provident Fund Commissioner equal to a
specified percentage of the covered employee's salary.
c. Employee State Insurance Fund;
Eligible employees receive benefits from employee state insurance
scheme, which is a gross salary of less than Rs.15,000 per month are
entitled to receive benefit under employee state insurance fund scheme.
The employer makes contribution to the scheme at a predetermined rate
(presently 4.75%) of employee's gross salary. The Company has no
further obligations under the plan beyond its monthly contributions.
These contributions are made to fund administered and managed by the
Government of India.
viii. Provision for current and deferred tax;
Provision for current tax is made on the basis of estimated taxable
income and fringe benefits respectively for the current accounting
period in accordance with the provisions of Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax liability is recognized and carried forward only to the
extent that there is a virtual certainty that the liability will be
realized in future.
ix. Provisions, Contingent Liabilities and Contingent Assets;
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
x. Earnings per Share
In determining earnings per share, the company considers the net profit
after tax expense. The number of shares used in computing basic
earnings per share is the weighted average shares outstanding during
the period.
xi. Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
xii. Foreign Exchange Transactions:
Transactions in foreign currencies are translated at the exchange rates
prevailing on dates of transactions on case of purchases of materials;
sale of goods and services rendered the exchange gains/losses on
settlements during the year, are treated as expenditure and transferred
to profit and loss account.
Mar 31, 2014
I. Basis of Accounting;
The Financial Statements are prepared under the historical cost
convention on an accrual basis and in accordance with applicable
Accounting Standards notified by the Government of India / issued by
the Institute of Chartered Accountants of India and the provisions of
the Companies Act, 1956.
ii. Use of Estimates;
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
iii. Fixed Assets and Depreciation;
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use. Financing costs
relating to acquisition of fixed assets are also included to the extent
they related to the period till such assets are ready to be put to use.
Depreciation is provided on Straight Line Method as per the rates and
in the manner prescribed in Schedule XIV to the Companies Act, 1956
with reference to the month of acquisition / installation.
iv. Investments;
Long-term Investments are stated at cost. Provision for diminution is
being made if necessary to recognize a decline, other than temporary in
the value thereof.
v. Inventories;
Inventories are valued as follows; i) Finished Goods : At Cost
vi. Revenue Recognition;
Sale of Goods are accounted on delivery to customers. Sales are net of
returns, discounts and Sales Tax / Value Added basis.
vii. Employee Benefits;
a. Gratuity & Leave Encashment;
Provisions for Gratuity and Leave Encashment have been provided in the
books of accounts as the management estimates.
b. Provident fund;
Eligible employees receive benefits from a provident fund, which is a
defined contribution plan. Aggregate contributions along with interest
thereon are paid at retirement, death, incapacitation or termination of
employment. Both the employee and the company make monthly
contributions to the Regional
Provident Fund Commissioner equal to a specified percentage of the
covered employee''s salary.
c. Employee State Insurance Fund;
Eligible employees receive benefits from employee state insurance
scheme, which is a gross salary of less than Rs.10,000 per month are
entitled to receive benefit under employee state insurance fund scheme.
The employer makes contribution to the scheme at a predetermined rate
(presently 4.75%) of employee''s gross salary. The Company has no
further obligations under the plan beyond its monthly contributions.
These contributions are made to fund administered and managed by the
Government of India.
viii. Provision for current and deferred tax;
Provision for current tax is made on the basis of estimated taxable
income and fringe benefits respectively for the current accounting
period in accordance with the provisions of Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax liability is recognized and carried forward only to the
extent that there is a virtual certainty that the liability will be
realized in future.
ix. Provisions, Contingent Liabilities and Contingent Assets;
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
x. Earnings per Share
In determining earnings per share, the company considers the net profit
after tax expense. The number of shares used in computing basic
earnings per share is the weighted average shares outstanding during
the period.
xi. Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
xii. Foreign Exchange Transactions:
Transactions in foreign currencies are translated at the exchange rates
prevailing on dates of transactions on case of purchases of materials;
sale of goods and services rendered the exchange gains/losses on
settlements during the year, are treated as expenditure and transferred
to profit and loss account.
Mar 31, 2013
1. Basis of Accounting;
The Financial Statements are prepared under the historical cost
convention on an accrual basis and in accordance with applicable
Accounting Standards notified by the Government of India / issued by
the Institute of Chartered Accountants of India and the provisions of
the Companies Act, 1956.
2. Use of Estimates;
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
3. Fixed Assets and Depreciation;
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use. Financing costs
relating to acquisition of fixed assets are also included to the extent
they related to the period till such assets are ready to be put to use.
Depreciation is provided on Straight Line Method as per the rates and
in the manner prescribed in Schedule XIV to the Companies Act, 1956
with reference to the month of acquisition / installation.
4. Inventories;
Inventories are valued as follows;
i) Finished Goods : At Cost
5. Revenue Recognition;
Sale of Goods are accounted on delivery to customers. Sales are net of
returns, discounts and Sales Tax / Value Added basis.
6. Employee Benefits;
a. Gratuity & Leave Encashment;
Provisions for Gratuity and Leave Encashment have been provided in the
books of accounts as the management estimates.
b. Provident fund;
Eligible employees receive benefits from a provident fund, which is a
defined contribution plan. An aggregate contribution along with
interest thereon is paid at retirement, death, incapacitation or
termination of employment. Both the employee and the company make
monthly contributions to the Regional Provident Fund Commissioner equal
to a specified percentage of the covered employee''s salary.
c. Employee State Insurance Fund;
Eligible employees receive benefits from employee state insurance
scheme, which is a gross salary of less than Rs.10,000 per month are
entitled to receive benefit under employee state insurance fund scheme.
The employer makes contribution to the scheme at a predetermined rate
(presently 4.75%) of employee''s gross salary. The Company has no
further obligations under the plan beyond its monthly contributions.
These contributions are made to fund administered and managed by the
Government of India. of India.
7. Provision for current and deferred tax;
Provision for current tax is made on the basis of estimated taxable
income and fringe benefits respectively for the current accounting
period in accordance with the provisions of Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between taxable
and accounting income is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the balance sheet date.
The deferred tax liability is recognized and carried forward only to
the extent that there is a virtual certainty that the liability will be
realized in future.
8. Provisions, Contingent Liabilities and Contingent Assets;
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
9. Earnings per Share
In determining earnings per share, the company considers the net profit
after tax expense. The number of shares used in computing basic
earnings per share is the weighted average shares outstanding during
the period.
10. Cash flow statement
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
Mar 31, 2010
1. Basis of Accounting;
The Financial Statements are prepared under the historical cost
convention on an accrual basis and in accordance with applicable
Accounting Standards notifed by the Government of India / issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956.
2. Use of Estimates;
The preparation of fnancial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
fnancial statements and the result of operations during the reporting
period. Although these estimates are based upon managements best
knowledge of current events and actions, actual results could differ
from these estimates.
3. Fixed Assets and Depreciation;
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use. Financing costs
relating to acquisition of fxed assets are also included to the extent
they related to the period till such assets are ready to be put to use.
Depreciation is provided on Straight Line Method as per the rates and
in the manner prescribed in Schedule XIV to the Companies Act, 1956
with reference to the month of acquisition / installation.
4. Investments;
Long-term Investments are stated at cost. Provision for diminution is
being made if necessary to recognize a decline, other than temporary in
the value thereof.
5. Inventories;
Inventories are valued as follows;
i) Finished Goods : At Cost
ii) Shares : At Cost
6. Revenue Recognition;
Sale of Goods are accounted on deliver to customers. Sales is net of
returns, discounts and Sales Tax / Value Added basis. Dividend income
is accounted for when the right to receive is established.
7. Miscellaneous Expenditure;
Amalgamation expenses are written off 1/5 ever year
8. Retirement and other employee benefits;
No provision has been made for retirement benefits, as they are not
applicable to the company.
9. Provision for current and deferred tax;
Provision for current tax is made on the basis of estimated taxable
income and fringe benefits respectively for the current accounting
period in accordance with the provisions of Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax liability is recognized and carried forward only to the
extent that there is a virtual certainty that the liability will be
realized in future.
10. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outfow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
fnancial statements.
11. Leases;
Operating lease payments are recognized as expenses in the proft and
loss account as per the terms of the agreements which are
representative of the time pattern of the users benefit.
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