Mar 31, 2014
A) Basis of Accounting
The Financial Statements have been prepared on historical cost
convention on accrual basis and in accordance with the applicable
accounting standards notified under the Companies (Accounting Standard)
Rules, 2006 and the relevant provisions of the Companies Act, 1956.
Accounting policies not specifically referred to otherwise, are
consistent and in consonance with the generally accepted accounting
principles.
b) Use of estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the financial statements and
the reported amounts of revenues and expenses during the reporting
period.
Difference between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
c) Recognition of Income & Expenditure
The company follows the accrual basis of accounting except in the
following cases where the same are recorded on ascertainment of rights
and obligation.
i) Grants and Subsidy Received
ii) Insurance Claim
iii) Ex-gratia
Sales and Purchases are recognized when complete and titles in goods is
passed and are exclusive of MVAT collected, freight, discounts, rebates
and returns.
d) 1. Fixed Assets: Fixed Assets are carried at cost of acquisition and
amounts adjusted on Revaluation less accumulated Depreciation.
2. Intangible Assets - Brand Development expenditure: Expenditure on
development of internally generated Brands had been carried under the
head Intangible Asset under Development till 31st March 2013, has been
written off in current year to bring it in consonance with Accounting
Standard 26.
Depreciation
(i) Depreciation on Fixed Assets has been provided on Written Down
Value at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Depreciation on revalued assets includes an additional charge on
account of revaluation. The additional depreciation is transferred to
the Profit and Loss Account from Revaluation Reserve.
e) Borrowing Costs
Borrowing costs are recognized as an expense in the period in which
they are incurred except the borrowing cost attributable to be
acquisitions / constructions of qualifying assets which are capitalized
as a part of the cost of the fixed assets, up to the date, the assets
are ready for its intended use.
f) Inventories
Inventory of Finished goods and Raw Materials, are valued at lower of
cost or net realizable value. The full amount of purchase of
consumables, stores and spare parts is debited in the accounts as and
when purchased and treated as consumed in the same year.
g) Investments
Investments those are intended to be held for more than a year from the
date of acquisition are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long-term investments being current investments
are valued at cost or fair value whichever is lower.
h) Retirement Benefit
Company''s contribution to Provident Fund for the year is charged to
Profit and Loss Account. The liability for gratuity and leave
encashment in respect of permanent employees has been provided in books
on the basis of estimated liabilities as on the date of the Balance
Sheet.
i) Contingent Liabilities
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, requires an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
j) Accounting for Taxes on Income
Current Taxes
Provision for current income tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets resulting from "timing difference" 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.
Deferred tax asset is recognized and carried forward only to the extent
that there is a virtual certainty that the asset will be realized in
future.
MAT Credit Entitlement
Minimum Alternative Tax (MAT) paid in accordance to the tax laws, which
give rise to future economic benefits in the form of adjustment in
future income tax liability, is considered as an asset if there is
convincing evidences that the group will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognize as an asset in
the balance sheet when it is probable that the future economic benefits
associated with it will flow to the company and the asset can be
measured reliably.
k) Impairment of Assets
Impairment of assets is ascertained at each Balance Sheet Date in
respect of Company''s Fixed Assets. An impairment loss is recognized
whenever the carrying amount of an asset exceeds recoverable amount.
l) Foreign Currency Transactions
Transactions of Foreign Currency are recorded at the exchange rate
prevailing at the date of transaction.
Monetary Assets / Liabilities outstanding at the close of financial
year are stated at the exchange rate at the close of the year and the
gain / loss is accounted in the Profit & Loss Account.
m) Earnings Per Share
The basic Earning Per Share (EPS) is computed by dividing the net
profit after tax for they are attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
year. The company does not have dilutive potential equity shares.
Mar 31, 2013
A) Basis of Accounting
The Financial Statements have been prepared on historical cost
convention on accrual basis and in accordance with the applicable
accounting standards issued by The Institute of Chartered Accountants
of India and the relevant provisions of the Companies Act, 1956.
Accounting policies not specifically referred to otherwise, are
consistent and in consonance with the generally accepted accounting
principles. These accounts have been prepared as per the revised
Schedule VI to the Companies Act, 1956.
b) Use of estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the financial statements and
the reported amounts of revenues and expenses during the reporting
period.
Difference between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
c) Recognition of Income & Expenditure
The company follows the accrual basis of accounting except in the
following cases where the same are recorded on ascertainment of rights
and obligation. i) Grants and Subsidy Received ii) Insurance Claim
iii) Ex-gratia
Sales and Purchases are recognized when complete and titles in goods is
passed and are exclusive of MVAT collected, freight, discounts, rebates
and returns.
d) 1. Fixed Assets
Fixed Assets are carried at cost of acquisition and amounts adjusted on
Revaluation less accumulated Depreciation.
2. Intangible Assets: Brand Development expenditure
Expenditure on development of internally generated Brands have been
carried under the head Intangible Asset under Development and the same
will be capitalized on or before 31st March 2014.
Depreciation
(i) Depreciation on Fixed Assets has been provided on Written Down
Value at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Depreciation on revalued assets includes an additional charge on
account of revaluation. The additional depreciation is transferred to
the Profit and Loss Account from Revaluation Reserve.
e) Borrowing Costs
Borrowing costs are recognized as an expense in the period in which
they are incurred except the borrowing cost attributable to be
acquisitions / constructions of qualifying assets which are capitalized
as a part of the cost of the fixed assets, up to the date, the assets
are ready for its intended use.
f) Inventories
Inventory of Finished goods and Raw Materials, are valued at lower of
cost or net realisable value. The full amount of purchase of
consumables, stores and spare parts is debited in the accounts as and
when purchased and treated as consumed in the same year.
g) Investments
Investments those are intended to be held for more than a year from the
date of acquisition are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments being current investments
are valued at cost or fair value whichever is lower.
h) Retirement Benefit
Company''s contribution to Provident Fund for the year is charged to
Profit and Loss Account. The liability for gratuity and leave
encashment in respect of permanent employees has been provided in books
on the basis of estimated liabilities as on the date of the Balance
Sheet. Gratuity & Leave Encashment in respect of temporary staff has
not been provided in books as they are not eligible for the same.
i) Contingent Liabilities
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, requires an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
j) Accounting for Taxes on Income
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets resulting from "timing difference" 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.
Deferred tax asset is recognized and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
MAT Credit Entitlement
Minimum Alternative Tax (MAT) paid in accordance to the tax laws, which
give rise to future economic benefits in the form of adjustment in
future income tax liability, is considered as an asset if there is
convincing evidences that the group will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognized as an asset in
the balance sheet when it is probable that the future economic benefits
associated with it will flow to the group and the asset can be measured
reliably.
k) Impairment of Assets
Impairment of assets is ascertained at each Balance Sheet Date in
respect of Company''s Fixed Assets. An impairment loss is recognized
whenever the carrying amount of an asset exceeds recoverable amount.
l) Foreign Currency Transactions
Transactions of Foreign Currency are recorded at the exchange rate
prevailing at the date of transaction. Monetary Assets / Liabilities
outstanding at the close of financial year are stated at the exchange
rate at the close of the year and the gain / loss is accounted in the
Profit & Loss Account.
m) Earnings Per Share
The Basic Earning Per Share (EPS) is computed by dividing the net
profit after tax for they are attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
year. The company does not have dilutive potential equity shares.
Mar 31, 2011
A. Basis of Accounting :
The Financial Statements have been prepared on historical on accrul
basis and in accordance with the applicable accounting standards issued
by The Institute of Chartered Accountants of India and the relevant
provisions of the Companies Act, 1956. Accounting policies not
specifically referred to otherwise, are consistent and in consonance
with the generally accepted accounting principles.
b. Use of estimates :
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent on the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Difference between actual results and estimates are recognized in the
periods in which the results are known/materialize.
c. Recognition of Income & Expenditure :
The company follows the accrual basis of accounting except in the
following cases where the same are recorded on ascertainment of rights
and obligation.
i) Grants and Subsidy Received
ii) Insurance Claim
iii) Ex-gratia
Sales and Purchases are recognised when complete and titles in goods is
passed and are exclusive of MVAT collected, freight, discounts, rebates
and returns.
d. Fixed Assets:
Fixed Asstes are carried at cost of acquisition and amounts adjusted on
Revaluation less accumulated Depreciation. The cost incurred on
shifting the machineries from Taloja Factory to Khopoli factory has
been capitalized on appropriate basis on installation of relevant
machineries.
e. Depreciation:
(I) Depreciation on Fixed Assets has been provided on Written Down
Value at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Depreciation on revalued assets includes an additional charge on
account of revaluation. The additional depreciation is transferred to
the Profit and Loss Account from Revaluation Reserve.
(iii) Depreciatrion is Provided on Plants shifted from Taloja to
Khopoli only after they were installed.
f. Borrowing Costs :
Borrowing Costs are recognised as an expense in the period in which
they are incurred except the borrowing cost attributable to be
acquisitions / constructions of qualifying assets which are capitalised
as a part of the cost of the fixed assets, up to the date, the assets
are ready for its intended use.
g. Inventories:
Inventory of Finished goods and Raw Materials, are valued at lower of
cost or net realisable value.
The full amount of purchase of stores and spare parts is debited in the
accounts as and when purchased and treated as consumed in the same
year.
h. Investments:
Investments those are intended to be held for more than a year from the
date of acquisition are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments being current investments
are valued at cost or fair value whichever is lower.
i. Retirement Benefit :
Company''s contribution to Provident Fund for the year is charged to
Profit and Loss Account. The liability for gratuity and leave
encashment in respect of permanent employees has been provided in books
on the basis of estimated liabilities as on the date of the Balance
Sheet. Gratuity & Leave Encashment in respect of temporary staff has
not been provided as the same is not applicable in the opinion of the
management.
j. Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligatin. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, requires an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
k. Accounting for Taxes on Income :
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income-tax Act, 1961 and is made annually based on
the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets resulting from "timing difference" between taxble
and accounting income is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
1. Impairment of Assets :
Impairment of assets is ascertained at each Balance Sheet Date in
respect of Company''s Fixed Assets. An impairment loss is recognized
whenever the carrying amount of an asset exceeds recoverable amount.
m. Earning Per Share :
The basic Earning Per Share (EPS) is computed by dividing the net
profit after tax for they are attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
year. The company does not have dilutive potential equity shares.
Mar 31, 2010
A. Basis of Accounting :
The Financial Statements have been prepared on historical cost
convention on accrual basis and in accordance with the applicable
accounting standards issued by The Institute of Chartered Accountants
of India and the relevant provisions of the Companies Act, 1956.
Accounting policies not specifically referred to otherwise, are
consistent and in consonance with the generally accepted accounting
principles.
b. Use of estimates :
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the financial statements and
the reported amounts of revenues and expenses during the reporting
period.
Difference between actual results and estimates are recognized in the
periods in which the results are known/materialize.
c. Recognition of Income & Expenditure :
The company follows the accrual basis of accounting except in the
following cases where the same are recorded on ascertainment of rights
and obligation.
i) Grants and Subsidy Received
ii) Insurance Claim
iii) Ex-gratia
Sales and Purchases are recognised when complete and titles in goods is
passed and are exclusive of MVAT collected, freight, discounts, rebates
and returns.
d. Fixed Assets :
Fixed Assets are carried at cost of acquisition and amounts adjusted on
Revaluation less accumulated Depreciation. The cost incurred on
shifting the machineries from Taloja Factory to Khopoli factory has
been capitalized on appropriate basis on installation of relevant
machineries.
e. Depreciation :
(I) Depreciation on Fixed Assets has been provided on Written Down
Value at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
(ii) Depreciation on revalue assets includes an additional charge on
account of revaluation. The additional depreciation is transferred to
the Profit and Loss Account from Revaluation Reserve.
(iii) No Depreciation is provided on plants shifted from Taloja to
Khopoli and remaining uninstalled as on 31.03.2010.
f. Borrowing Costs :
Borrowing Costs are recognised as an expense in the period in which
they are incurred except the borrowing cost attributable to be
acquisitions / constructions of qualifying assets which are capitalised
as a part of the cost of the fixed assets, up to the date, the assets
are ready for its intended use.
g. Inventories :
Inventory of Finished goods and Raw Materials, are valued at lower of
cost or net realisable value.
The full amount of purchase of stores and spare parts is debited in the
accounts as and when purchased and treated as consumed in the same
year.
h. Investments :
Investments those are intended to be held for more than a year from the
date of acquisition are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments being current investments
are valued at cost or fair value whichever is lower.
I. Retirement Benefit :
Company's contribution to Provident Fund for the year is charged to
Profit and Loss Account. The liability for gratuity and leave
encashment in respect of permanent employees has been provided in books
on the basis of estimated liabilities as on the date of the Balance
Sheet. Gratuity & Leave Encashment in respect of temporary staff has
not been provided in books as they are not eligible for the same.
j. Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, requires an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
k. Accounting for Taxes on Income :
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income-tax Act, 1961 and is made annually based on
the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets resulting from "timing difference" 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. Deferred tax asset is recognised and carried forward only to the
extent that there is a virtual certainty that the asset will be
realised in future.
l. Impairment of Assets :
Impairment of assets is ascertained at each Balance Sheet Date in
respect of Company's Fixed Assets. An impairment loss is recognized
whenever the carrying amount of an asset exceeds recoverable amount.
m. Earning Per Share :
The basic Earning Per Share (EPS) is computed by dividing the net
profit after tax for they are attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
year. The company does not have dilutive potential equity shares.
Mar 31, 2001
A. METHOD OF ACCOUNTING
The accounts of the Company are prepared under the Historical Cost
Convention modified by revaluation of Fixed Assets.
b. DEPRECIATION
Depreciation has been provided on the Written Down Value method at the
rates specified under:
(i) The Income Tax rules prevalent earlier, upto 30th June, 1987 and
(ii) The Schedule XIV of the Companies Act. 1956 after 1st July 1987.
Depreciation on revalued assets includes an additional charge on
account of revaluation. The Additional Depreciation is transferred to
the Profit and Loss Account from Revaluation Reserve.
c. FIXED ASSETS
Fixed Assets are carried at cost of acquisition and amounts adjusted on
Revaluation less accumulated Depreciation. Leasehold Land is amortized
over the period of the Lease.
d. INVENTORY
Inventories are valued at lower of cost or net realizable value except
oils and Methyl Esters, which are valued at net realizable value. Scrap
of the machinery is valued at net realizable value. Valuation of Oils &
Methyl Ester are not according to Accounting standard AS-2 as provided
By the institute of Chartered Accountants of India, effect on Profit &
Loss is unascertainable.
e. STORES & SPARE PARTS
The full amount of purchase of stores and spare parts is debited in the
accounts as and when purchased and treated as consumed in the same
year.
f. GRATUITY & LEAVE ENCASHMENT
The liability for gratuity in respect of employees was accounted in the
books on cash basis upto 31st March. 1992. From 1992-93 the liability
for gratuity payable to eligible employees has been Accounted for on
accrual basis based on 15 days salary last drawn for each completed
years of service or part thereof in excess of 6 months, though not
based on actuarial valuation. Leave encashment for accumulated leave
has been accounted for on Cash basis on the basis of last salary drawn.
g. INVESTMENTS Investments are stated at cost.
h. FOREIGN CURRENCY TRANSACTION:
Transaction n foreign Exchange are accounted at the Exchange rate
prevailing at the date of the transactions.
i. CONTINGENT LIABILITIES
All known liabilities are provided for in accounts except liability of
contingent nature, which have been adequately disclosed in the
accounts.