Mar 31, 2014
Corporate Information
The Company was incorporated as S P Leasing Limited on April 10, 1984
in New Delhi as Public Limited Company under the Companies Act, 1956.
The name of the company was changed to Jyotirgamaya Promoters Limited
on May 1, 2008. Subsequently, the name of the company was changed to
Tirpuati Inks Limited on March 27, 2009 pursuant to the Scheme of
Amalgamation approved by the Honor''able High Court of Delhi on November
19, 2008.The company is engaged in the manufacturing of Printing Inks &
its Allied Products and provides complete packaging solutions. The
Company has its manufacturing units located at Jammu and Greater Noida.
The Equity Shares of the company stand listed on BSE Limited and Delhi
Stock Exchange Limited.
1.01 Basis of Accounting
The financial statements have been prepared under the historical cost
convention in accordance with generally accepted accounting principles
in India, the accounting standards issued by the Institute of Chartered
Accountants of India and provisions of the Companies Act, 1956, as
adopted consistently by the company. The Company follows the
Mercantile System of accounting and recognizes items of income and
expenditure on accrual basis.
1.02 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 assets and liabilities at the
date of the financial statements and the reported amount of revenues
and expenses for the years presented. Actual results could differ from
those estimates.
1.03 Recognition of Income and Expenditure
Sales are recognized when goods are supplied and are recorded net of
returns/rebates and Sales Tax / VAT and inclusive of Excise Duty.
Expenses are accounted for on accrual basis and provision is made for
all known losses and expenses. Revenue is recognized to the extent
that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured.
1.04 Fixed Assets and Depreciation
The Fixed Assets are stated at cost (Net of CENVAT and VAT where
applicable) less accumulated depreciation. Depreciation is provided on
additions and deletions on pro-rata basis on Straight Line Method at
the rates provided in Schedule XIV of the Companies Act, 1956. Direct
costs are capitalized. All pre-operative expenses, on the commencement
of commercial production attributable to the fixed assets are
capitalized.
1.05 Impairment of Assets
Whenever events indicate that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of such assets and from its ultimate
disposal.
A provision for impairment loss is recognized where it is probable that
the carrying value of an asset exceeds the amount to be recovered
through use or sale of the asset.
1.06 Inventories
Inventories are valued at lower of cost and net realizable value.
a. Raw Materials : Average Cost Method
b. Finished Goods & Work in Progress : Includes conversion and other
cost incurred in bringing the inventories to their present location and
condition.
1.07 Retirement Benefits
a. The company contributes to the employees provident fund maintained
under the Employees Provident Fund Scheme of the Central Government and
the same is charged to Profit & Loss A/c.
b. Gratuity is a post employment benefit and is in the nature of
defined benefit plan. The liability recognized
in the Balance Sheet in respect of Gratuity is the present value of the
defined benefit obligation as at the Balance Sheet date less the fair
value of plan assets, together with adjustments for unrecognized
actuarial gains or losses. The defined benefit obligation is calculated
at the close of the financial year on the basis of actuarial valuation
by the independent Actuary, using Projected Unit Cost Method (PUC).
Actuarial gains & losses arising from experience adjustments and
changes in actuarial assumptions are recorded in the statement of
profit & loss in the year in which such gains or losses arise.
1.08 Insurance Claims
Insurance claims are accounted for at the time of lodging the claim
with the Insurance company. In case claim amount is greater than the
book value of the assets lost/damaged, the accounting of claim is
restricted to the respective book values of the assets lost/damaged.
1.09 Taxation
Tax expense comprises of Current and Deferred Tax. Current Income Tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Deferred Tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date.
Deferred Tax is recognized, subject to the considerations of prudence,
on timing differences, being the difference between taxable income that
originate in one period and are capable of reversal in one or more
subsequent periods.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
give futures economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the company.
1.10 Foreign Currency Transactions
All transactions in foreign currency are recorded at the rates of
exchange prevailing on the dates when the relevant transactions take
place.
Monetary items in the form of Current Assets and Current Liabilities in
foreign currency, outstanding at the close of the financial year are
converted in Indian Currency at the appropriate rates of exchange
prevailing on the date of the Balance Sheet. Resultant gain or loss is
accounted during the year.
1.11 Contingent Liabilities
Provision in respect of present obligation arising out of past events
are made in accounts when reliable estimates can be made of the amount
of the obligation. Contingent Liabilities, if material, are disclosed
by way of Notes to Accounts.
1.12 Miscellaneous Expenditure
Borrowing costs attributable to acquisition or construction of
qualifying assets are capitalized as part of the cost of such assets up
to the date when such asset is ready for its intended use. Other
borrowing costs are charged to the Profit & Loss A/c.
Mar 31, 2013
1.01 Basis of Accounting
The financial statements have been prepared under the historical cost
convention in accordance with generally accepted accounting principles
in India, the accounting standards issued by the Institute of Chartered
Accountants of India and provisions of the Companies Act, 1956, as
adopted consistently by the company. The Company follows the
Mercantile System of accounting and recognizes items of income and
expenditure on accrual basis.
1.02 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 assets and liabilities at the
date of the financial statements and the reported amount of revenues
and expenses for the years presented. Actual results could differ from
those estimates.
1.03 Recognition of Income and Expenditure
Sales are recognized when goods are supplied and are recorded net of
rebates and Sales Tax / VAT and inclusive of Excise Duty.
Expenses are accounted for on accrual basis and provision is made for
all known losses and expenses. Revenue is recognized to the extent
that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured.
1.04 Fixed Assets and Depreciation
The Fixed Assets are stated at cost (Net of CENVAT and VAT where
applicable) less accumulated depreciation. Depreciation is provided on
additions and deletions on pro-rata basis on Straight Line Method at
the rates provided in Schedule XIV of the Companies Act, 1956. Direct
costs are capitalized. All pre-operative expenses, on the commencement
of commercial production attributable to the fixed assets are
capitalized.
1.05 Impairment of Assets
Whenever events indicate that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of such assets and from its ultimate
disposal.
A provision for impairment loss is recognized where it is probable that
the carrying value of an asset exceeds the amount to be recovered
through use or sale of the asset.
1.06 Inventories
Inventories are valued at lower of cost and net realizable value.
a. Raw Materials : Average Cost Method
b. Finished Goods & Work in Progress : Includes conversion and other
cost incurred in bringing the inventories to their present location and
condition.
1.07 Retirement Benefits
a. The company contributes to the employees provident fund maintained
under the Employees Provident Fund Scheme of the Central Government and
the same is charged to Profit & Loss A/c.
b. Gratuity is a post employment benefit and is in the nature of
defined benefit plan. The liability recognized in the Balance Sheet in
respect of Gratuity is the present value of the defined benefit
obligation as at the Balance Sheet date less the fair value of plan
assets, together with adjustments for unrecognized actuarial gains or
losses. The defined benefit obligation is calculated at the balance
sheet date on the basis of actuarial valuation by the independent
Actuary, using Projected Unit Cost Method (PUC). Actuarial gains &
losses arising from experience adjustments and changes in actuarial
assumptions are recorded in the statement of profit & loss in the year
in which such gains or losses arise.
1.08 Insurance Claims
Insurance claims are accounted for at the time of lodging the claim
with the Insurance company. In case claim amount is greater than the
book value of the assets lost/damaged, the accounting of claim is
restricted to the respective book values of the assets lost/damaged.
1.09 Taxation
Tax expense comprises of Current and Deferred Tax. Current Income Tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Deferred Tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date.
Deferred Tax is recognized, subject to the considerations of prudence,
on timing differences, being the difference between taxable income that
originate in one period and are capable of reversal in one or more
subsequent periods.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
give futures economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the company.
1.10 Foreign Currency Transactions
All transactions in foreign currency are recorded at the rates of
exchange prevailing on the dates when the relevant transactions take
place.
Monetary items in the form of Current Assets and Current Liabilities in
foreign currency, outstanding at the close of the year are converted in
Indian Currency at the appropriate rates of exchange prevailing on the
date of the Balance Sheet. Resultant gain or loss is accounted during
the year.
1.11 Contingent Liabilities
Provision in respect of present obligation arising out of past events
are made in accounts when reliable estimates can be made of the amount
of the obligation. Contingent Liabilities, if material, are disclosed
by way of Notes to Accounts.
1.12 Miscellaneous Expenditure
Costs incurred in connection with raising capital are adjusted against
the Securities Premium Account.
1.13 Borrowing costs attributable to acquisition or construction of
qualifying assets are capitalized as part of the cost of such assets up
to the date when such asset is ready for its intended use. Other
borrowing costs are charged to the Profit & Loss A/c.
Mar 31, 2010
1. Basis of Accounting
The financial statements have been prepared under the historical cost
convention in accordance with generally accepted accounting principles
in India, the accounting standards issued by the Institute of Chartered
Accountants of India and the provisions of The Companies Act, 1956, as
adopted consistently by the company. The Company follows the
Mercantile System of accounting and recognizes items of income and
expenditure on accrual basis.
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 assets and liabilities at the
date of the financial statements and the reported amount of revenues
and expenses for the years presented. Actual results could differ from
those estimates.
3. Recognition of Income and Expenditure
Sales are recognized when goods are supplied and are recorded net of
rebates and Sales Tax / VAT and inclusive of Excise Duty.
Expenses are accounted for on accrual basis and provision is made for
all known losses and expenses. Revenue is recognized to the extent
that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured.
4. Fixed Assets and Depreciation
The Fixed Assets are stated at cost (Net of CENVAT and VAT where
applicable) less accumulated depreciation. Depreciation is provided on
additions and deletions on pro-rata basis on Straight Line Method at
the rates provided in Schedule XIV of The Companies Act, 1956.
5. Impairment of Assets
Whenever events indicate that assets may be impaired, the assets are
subject to a test of recoverability based on estimates of future cash
flows arising from continuing use of such assets and from its ultimate
disposal.
A provision for impairment loss is recognized where it is probable that
the carrying value of an asset exceeds the amount to be recovered
through use or sale of the asset.
6. Inventories
Inventories are valued at lower of cost and net realizable value.
a) Raw Materials : Average cost method
b) Finished Goods & Work in Progress : Includes conversion and other
cost incurred in bringing
the inventories to their present location and condition.
7. Retirement Benefits
a. The company contributes to the employees provident fund maintained
under the Employees Provident Fund Scheme of the Central Government and
the same is charged to Profit & Loss A/c.
b. Provision for Retirement Benefits is provided on the basis of
actuarial valuation carried out at the year end.
8. Taxation
Tax expense comprises of Current and Deferred Tax. Current Income Tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961. Deferred Tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the Balance Sheet date.
Deferred Ta x is recognized, subject to the considerations of prudence,
on timing differences, being the difference between taxable income that
originate in one period and are capable of reversal in one or more
subsequent periods.
9. Contingent Liabilities
Since no Contingent Liabilities are known to the company hence no
provision is provided in the books of accounts.
10. Borrowing costs attributable to acquisition or construction of
qualifying assets are capitalized as part of the cost of such assets up
to the date when such asset is ready for its intended use. Other
borrowing costs are charged to the Profit & Loss A/c.