Mar 31, 2015
1. General:
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (Indian GAAP), including the
Accounting Standards notified under the relevant provisions of the
Companies Act, 2013 under the historical cost convention on the
accounting principles of Going Concern and the Company follows
mercantile system of accounting and recognizes income and expenditure
on accrual basis except those with significant uncertainties.
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent liabilities on the date of financial
statements. The recognition, measurement, classification or disclosure
of an item or information in the financial statements are made relying
on these estimates. Any revision to accounting estimates is recognized
prospectively.
2. Fixed Assets: TANGIBLEASSETS:
Fixed Assets are stated at cost of acquisition and subsequent
improvement hereto including taxes, duties, freight and other
incidental
expenses related to acquisition and installation. In accordance with AS
28, where there is any indication of impairment of the Company's assets
related to cash generating unit, carrying amount of such assets are
reviewed at Balance Sheet date.
Capital Work-In- Process is carried at cost, comprising direct cost,
related incidental expenses, if any to the extent they relate to the
period till assets are ready for in tendeduse.
3. Depreciation : TANGIBLE ASSETS:
Depreciation has been provided based on useful life assigned to each
asset in accordance with Schedule II of the Companies Act, 2013 as per
rates prescribed according to the Straight Line Method.
4. Revenue Recognition and Sales:
Revenue on sale of goods is recognized on transfer of risks and reward
which generally coincide with dispatch of goods to the parties. Sales
are netofvalueaddedtax.
5. Inventories :
a. Finished Goods are valued at the lower of cost and net realizable
value. Cost for this purpose includes direct cost and an appropriate
portion of allocable overheads.
b. W.I.P. is valued at cost. Cost for this purpose includesdirect cost
and attributable overheads.
c. In case of stores and spares and packing material and raw material,
'Specific Identification' method and for other inventories, FIFO method
is used.
6. Employee Benefits:
a. Provident Fund:
Provident Fund is a defined contribution scheme and the Company's
contributions are charged to the Profit and Loss Account during the
period in which the employee renders the related services.
b. Gratuity and Leave Encashment entitlement:
The company's liability towards the Gratuity and Leave Encashment is
accounted for on the basisof actuarial valuation done at the year end
and is charged to Statement of Profit and Loss.
7. TAXATION
Income Tax expenses comprise current tax (i.e. amount of tax for the
year determined in accordance with the Income Tax Laws). Deferred Tax
on assets are recognized and carried forward only if there is a
virtual/ reasonable certainty of realization of such assets in near
future and are reviewed for their appropriateness of respective
carrying value at Balance Sheet date.
8. Provisions, Contingent Liabilities and Contingent assets:
Provision is made based on a reliable estimate when it is probable that
an outflowof resources embodying economic benefits will be required to
settle an obligation. Contingent liabilities are disclosed in the notes
to accounts and are determined based on the management perception that
these liabilities are not likely to materialize. Contingent assets are
not recognized or disclosed in the financial statements.
Mar 31, 2014
1. General:
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accounting principles of Going Concern and the
Company follows mercantile system of accounting and recognizes income
and expenditure on accrual basis except those with significant
uncertainties.
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent liabilities on the date of financial
statements. The recognition, measurement, classification or disclosure
of an item or information in the financial statements are made relying
on these estimates. Any revision to accounting estimates is recognized
prospectively.
2. Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvement hereto including taxes, duties , freight and other
incidental expenses related to acquisition and installation. In
accordance with AS 28, where there is any indication of impairment of
the Company's assets related to cash generating unit, carrying amount
of such assets are reviewed at Balance Sheet date.
Capital Work-in- Process is carried at cost, comprising direct cost,
related incidental expenses, if any to the extent they relate to the
period till assets are ready for intended use.
3. Depreciation:
Depreciation is charged on straight line method at the rates specified
in Schedule XIV of the Companies Act, 1956.
4. Revenue Recognition and Sales:
Revenue on sale of goods is recognized on transfer of risks and reward
which generally coincide with dispatch of goods to the parties. Sales
are net of value added tax.
5. Inventories:
a. Finished Goods are valued at the lower of cost and net realizable
value. Cost for this purpose includes direct cost and an appropriate
portion of allocable overheads.
b. W.l.P. is valued at cost. Cost for this purpose includes direct
cost and attributable overheads.
c. In case of stores and spares and packing material and raw material,
'Specific Identification' method and for other inventories. FIFO method
is used.
6. Employee Benefits:
a. Provident Fund:
Provident Fund is a defined contribution scheme and the contributions
are charged to the Profit and Loss Account as incurred
b. Gratuity and Leave Encashment entitlement:
The company's liability towards the Gratuity and Leave Encashment is
accounted for on the basis of actuarial valuation done at the year end
and is charged to Statement of Profit and Loss.
7. TAXATION
Income Tax expenses comprise current tax (i.e. amount of tax for the
year determined in accordance with the Income Tax Laws). Deferred Tax
on assets are recognized and carried forward only if there is a
virtual/ reasonable certainty of realization of such assets in near
future and are reviewed for their appropriateness of respective
carrying value at Balance Sheet date.
8. Provisions, Contingent Liabilities and Contingent assets:
Provision is made based a reliable estimate when it is probable that an
outflow of resources embodying economic benefits will be required to
settle an obligation. Contingent liabilities are disclosed in the notes
to accounts and are determined based on the management perception that
these liabilities are not likely to materialize. Contingent assets are
not recognized or disclosed in the financial statements.
Mar 31, 2013
1. General:
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accounting principles of Going Concern and the
Company follows mercantile system of accounting and recognizes income
and expenditure on accrual basis except those with significant
uncertainties.
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent liabilities on the date of financial
statements. The recognition, measurement, classification or disclosure
of an item or information in the financial statements are made relying
on these estimates. Any revision to accounting estimates is recognized
prospectively.
2. Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvement hereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation. In
accordance with AS 28, where there is any indication of impairment of
the Company''s assets related to cash generating unit, carrying amount
of such assets are reviewed at Balance Sheet date.
3. Depreciation:
Depreciation is charged on straight line method at the rates specified
in Schedule XIV of the Companies Act, 1956.
4. Revenue Recognition and Sales:
Revenue on sale of goods is recognized on dispatch of goods to the
parties. Sales are net of sales tax.
5. Inventories:
Inventories are valued at the lower of cost and net realizable value.
In case of stores and spares and packing material and raw material,
''Specific Identification'' method and for other inventories, FIFO method
is used. In case of Finished Goods, cost includes an appropriate
portion on allocable overheads.
6. Employee Benefits:
a. Provident Fund:
Provident Fund is a defined contribution scheme and the contributions
are charged to the Profit and Loss Account as incurred.
b. Gratuity
The company provides for the liability on the balance sheet date as per
the actuarial valuation done.
c. Leave encashment/ Entitlement:
The employees are entitled to accumulate leaves as per the rules of the
Company. Leaves accruing within the year of termination/retirement
along with the that of immediately preceeding year subject to maximum
mentioned in the policy can be encashed at the time of retirement/
termination. Liability for the leave encashment is provided for on the
* basis of the actuarial valuation done.
7. TAXATION
Income Tax expenses comprise current tax (i.e. amount of tax for the
year determined in accordance with the Income Tax Laws). Deferred Tax
on assets are recognized and carried forward only if there is a
virtual/ reasonable certainty of realization of such assets in near
future and are reviewed for their appropriateness of respective
carrying value at Balance Sheet date.
8. Provisions, Contingent Liabilities and Contingent assets:
Provision is made based on a reliable estimate when it is probable that
an outflow of resources embodying economic benefits will be required to
settle an obligation. Contingent liabilities are disclosed in the notes
to accounts and are determined based on the management perception that
these liabilities are not likely to materialize. Contingent assets are
not recognized or disclosed in the financial statements.
Mar 31, 2011
1. General:
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accounting principles of Going Concern and the
Company follows mercantile system of accounting and recognizes income
and expenditure on accrual basis except those with significant
uncertainties.
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent liabilities on the date of financial
statements. The recognition, measurement, classification or disclosure
of an item or information in the financial statements are made relying
on these estimates. Any revision to accounting estimates is recognized
prospectively.
2. Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvement hereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation. In
accordance with AS 28,where there is any indication of impairment of
the Companys assets related to cash generating unit, carrying amount
of such assets are reviewed at Balance Sheet date
3. Depreciation:
Depreciation is charged on straight line method at the rates specified
in Schedule XIV of the Companies Act, 1956
4. Revenue Recognition and Sales:
Revenue on sale of goods is recognized on dispatch of goods to the
parties. Sales are net of sales tax.
5. Inventories:
Inventories are valued at the lower of cost and net realizable value.
In case of stores and spares and packing material and raw material,
Specific Identification method and for other inventories, FIFO method
is used. In case of Finished Goods, cost includes an appropriate
portion on allocable overheads.
6. Employee Benefits:
a. Provident Fund:
Provident Fund is a defined contribution scheme and the contributions
are charged to the Profit and Loss Account as incurred.
b. Gratuity
The company provides for the liability on the balance sheet date and no
actuarial valuation is done by them.
c. Leave encashment/ Entitlement:
The employees are entitled to accumulate leaves as per the rules of the
Company. Leaves accruing within the year of termination/retirement
along with the that of immediately proceeding year can be encashed at
the time of retirement/ termination. Liability for the leave encashment
is provided for on the basis of the eligible leaves at the close of the
year.
7. TAXATION
Income Tax expenses comprise current tax (i.e. amount of tax for the
year determined in accordance with the Income Tax Laws). Deferred Tax
on assets are recognized and carried forward only if there is a
virtual/reasonable certainty of realization of such assets in near
future and are reviewed for their appropriateness of respective
carrying value at Balance Sheet date.
8. Provisions,ContingentLiabilities and Contingent assets:
Provision is made based on a reliable estimate when it is probable that
an outflow of resources embodying economic benefits will be required to
settle an obligation. Contingent liabilities are disclosed in the notes
to accounts and are determined based on the management perception that
these liabilities are not likely to materialize. Contingent assets are
not recognized or disclosed in the financial statements.
Mar 31, 2010
1. General:
(a) The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accounting principles of Going Concern and the
Company follows mercantile system of accounting and recognizes income
and expenditure on accural basis except those with significant
uncertainties.
(b) The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses and
disclosure of contin gent liabilities on the date of financial
statements. The recognisition, measurement, classification or
disclosure of an item or information in the financial statements are
made relying on these estimates. Any revsion to accounting estimates is
recognized prospectively.
2. Fixed Assets:
Fixed Assets are stated at cost of acquisition and subsequent
improvement hereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation. In
accordance with AS 28, where there is any indication of impairment of
the Companys assets related to cash generating unit, carrying amount
of such assets are reviewed at Balance Sheet date.
3. Depreciation:
Depreciation is charged on straight line method at the rates specified
In Schedule XIV of the Companies Act,1956.
4. Revenue Recognition and Sales :
Revenue on sale of goods is recognised on despatch of goods to the
parties. Sales are net of sates tax.
5. Inventories: Inventories are valued at the lower of cost and net
realizable value. In case of stores and spares and packing material,
Specific Identification method and for other inventories, FIFO method
is used. In case of Finished Goods, cost includes an appropriate
portion on allocable overheads.
6. Employee Benefits ;
a). Provident Fund ;
Provident Fund is a defined contribution scheme and the contributions
are charged to the Profit and Loss Account as Incurred.
b). Gratulty :
Gratuity is defined retirement plan. The company provides for the
provision and no actuarial valuation is done by them.
c). Leave encashment / Entitlement :
The employees are entitled to accumulate leaves as per the rules of the
Company. Liability for the leave encashmenl is provided for on the
basis of the eligible leaves at the close of the year.
7. Taxation:
Income Tax expenses comprise current tax (i.e. amount of tax for the
year determined in accordance with the Income Tax Laws). Deferred Tax
on assets are recognized and carried forward only If there is a virtual
/ reasonable certainty of realization of such assets in near future and
are reviewed for their appropriateness of respective carrying value at
Balance Sheet date.
8. Provisions, Contingent Liabilities and Contingent assets :
Provision is made based on a reliable estimate when it is probable that
an outflow of resources embodying | economic benefits will be required
to settle an obligation. Contingent liabilities are disclosed in the
notes to accounts and are determined based on the management perception
that these liabilities are not likely to materialize. Contingent assets
are not recognized or disclosed in the financial statements.