Mar 31, 2014
I) Basis of Preparation
Pursuant to circular 15/2013 dated 13.09.2013 read with circular
08/2014 dated 04.04.2014, till the standards of Accounting or any
addendum there to are prescribed by the central government in
consultation with and upon recommendation from the national Financial
Reporting Authority, the existing Accounting Standards notified under
the companies Act, 1956 shall continue to apply. Consequently, these
financial statements have been prepared to comply in all material
aspects with the accounting standards notified under section 211(3C)
[Companies (Accounting Standards) Rules, 2006, as amended] and other
relevant provisions of the Companies Act, 1956.
All the assets and liabilities have been classified as current or non
current as per the company''s normal operating cycle and other criteria
set out in schedule VI of the Companies Act, 1956 ("The Act"). Based on
the nature of products and the time between the acquisition of assets
for processing and their realisation in cash and cash equivalents, the
company has ascertained its operating cycle as 12 months for the
purpose of current-non current classification of assets and
liabilities.
iii) Fixed Assets :
Fixed Assets are stated at original cost which includes expenditure
incurred in acquisition and installation and other related expenses.
iii) Depreciation :
Depreciation on Assets has been provided on written down value method
as prescribed in the schedule XIV of the companies Act, 1956.
iv) Investments
Long-term investments and current maturities of long-term investments
are stated at cost less provision for other than temporary diminution
in value. Current investments, except for current maturities of long
term investments, are stated at the lower of cost and fair value,
determined on a portfolio basis.
v) Inventories
Stores & spares parts has been valued at cost on FIFO basis.
Inventories are taken, valued & certified by the management.
vi) Employees Benefits :
Employees benefit of short term nature are recognised as expense as and
when it accrues.
Employees benefit of long term nature are recognised as expense based
on actuarial valuation.
Company''s contribution in respect of Employees'' Provident Fund is made
to Government Provident Fund and is charged to Profit & Loss Account.
Accrued leave for the year is paid to the employees during the year
itself.
Other retirement benefits to the employees of the Company are not
applicable during the year under review. The same will be provided as
and when became due.
vii) Revenue Recognition
The Company maintains its accounts on accrual basis, except otherwise
stated.
viii) Expenses :
Material known liabilities are provided on the basis of available
information /estimates.
ix) Claims :
Claims have been accounted for on receipt/payment basis.
x) Foreign Exchange Transaction :
Transaction in foreign currency relating to (a) imports are recorded at
the exchange rate prevailing at the time of such transaction, (b)
Exports are recorded at the realised value as certified by the banks,
however exports for which exchange sale forward contracts have been
entered into with the banks are recorded at the respective forward
contract value. Realised gains/losses on foreign exchange transaction
are recognised in the Statement of Profit and Loss at the time of
actual realisation of gains/losses.
Unrealised exports are recorded at the exchange rate prevailing at the
close of the year. However, unrealised exports for which exchange sale
forward contract have been entered into with the banks are recorded at
the respective forward contract value.
xi) Income Tax
Provision is made for income tax liability estimated to arise on the
results for the year at the current rate of tax in accordance with the
Income Tax Act, 1961.
Deferred Income Tax is provided, using the liability method, on all
temporary differences at the Balance Sheet date between the tax basis
of assets and liabilities and their carrying amounts for financial
reporting purpose.
Deferred tax assets are recognised only to the extent that there is a
reasonable certainty that sufficient future taxable profits will be
available against which such deferred tax assets can be realised.
Deferred Tax Assets and Liabilities are measured using the tax rates
and the tax laws that have been enacted or subsequently enacted at the
Balance Sheet date.
xii) Impairment:
Impairment of cash generating units/assets is ascertained and
considered where exceeds the recoverable amount being the higher of net
realisable amount and value in use.
xiii) Contingent Liabilities :
Contingent liabilities are disclosed by way of notes on accounts.
Mar 31, 2013
I) Basis of Preparation
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards notified under section 211(3C) [Companies (Accounting
Standards) Rules, 2006, as amended] and other relevant provisions of
the Companies Act, 1956. All the assets and liabilities have been
classified as current or non current as per the company''s normal
operating cycle and other criteria set out in schedule VI of the
Companies Act, 1956. Based on the nature of products and the time
between the acquisition of assets for processing and their realisation
in cash and cash equivalents, the company has ascertained its operating
cycle to be less than 12 months
iii) Fixed Assets :
Fixed Assets are stated at original cost which includes expenditure
incurred in acquisition and installation and other related expenses.
iii) Depreciation:
Depreciation on Assets has been provided on written down value method
as prescribed in the schedule XIV of the companies Act, 1956.
iv) Investments
Long-term investments and current maturities of long-term investments
are stated at cost less provision for other than temporary diminution
in value. Current investments, except for current maturities of long
term investments, are stated at the lower of cost and fair value,
determined on a portfolio basis.
v) Inventories
Stores & spares parts has been valued at cost on FIFO basis.
Inventories are taken, valued & certified by the mandgement.
vi) Employees Benefits :
Employees benefit of short term nature are recognised as expense as and
when it accrues. Employees benefit of long term nature are recognised
as expense based on actuarial valuation. Company''s contribution in
respect of Employees'' Provident Fund is made to Government Provident
Fund and is charged to Profit & Loss Account.
Accrued leave for the year is paid to the employees during the year
itself. Other retirement benefits to the employees of the Company are
not applicable during the year under review. The same will be provided
as and when became due.
vii) Revenue Recognition The Company maintains its accounts on accrual
basis, except otherwise stated.
viii) Expenses: Material known liabilities are provided on the basis of
available information /estimates.
ix) Claims: Claims have been accounted for on receipt/payment basis.
x) Foreign Exchange Transaction : Transaction in foreign currency
relating to (a) imports are recorded at the exchange rate prevailing at
the time of such transaction, (b) Exports are recorded at the realised
value as certified by the banks, however exports for which exchange
sale forward contracts have been entered into with the banks are
recorded at the respective forward contract value.
Mar 31, 2012
I) Basis of Preparation
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under historical cost
convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards notified under section 211(3C) [Companies (Accounting
Standards) Rules, 2066, as amended] and other relevant provisions of
the Companies Act. 1956. All the assets and liabilities have been
classified as current or non current as per the company's normal
operating cycle and other criteria set out in schedule VI of the
Companies Act, 1956. Based on the nature of products and the time
between the acquisition of assets for processing and their realisation
in cash and cash equivalents, the company has ascertained its operating
cycle to be less than 12 months.
ii) Fixed Assets :
Fixed Assets are stated at original cost which includes expenditure
incurred in acquisition and installation and other related expenses.
iii) Depreciation :
Depreciation on Assets has been provided on written down value method
as prescribed in the schedule XIV of the companies Act, 1956.
iv) Investments _
Long-term investments and current maturities of long-term investments
are stated at cost less provision for other than temporary diminution
in value. Current investments, except for current maturities of long
term investments, are stated at the lower of cost and fair value,
determined on a portfolio basis.
v) Inventories
Stores & spares parts has been valued at cost on FIFO basis.
Inventories are taken, valued & certified by the management.
vi) Employees Benefits :
Employees benefit of short term nature are recognised as expense as and
when it accrues.
Employees benefit of long term nature are recognised as expense based
on actuarial valuation.
Company's contribution in respect of Employees' Provident Fund is made
to Government Provident Fund and is charged to Profit & Loss Account.
Accrued leave for the year is paid to the employees during the year
itself.
Other same will be provided as and when became due.
vii) Revenue Recognition .
stated.
viii) Expenses :
Material known liabilities are provided on the basis of available
information / estimates.
ix) Claims : ,
Claims have been accounted for on receipt/payment basis.
<) Foreign Exchange Transaction : '
Transaction in foreign currency relating to (a) imports are recorded at
the exchange rate prevailing at the time of such transaction, (b)
Exports are recorded at the realised value as certified by the banks,
however exports for which exchange sale forward contracts have been
entered into with the banks are recorded at the respective forward
contracts have been entered into with the banks are recorded at the
respective forward contract value. ,
Realised gains/losses on foreign exchange transaction are recognised in
the Statement of Profit and Loss at the time of actual realisation of
gains/losses.
Unrealised exports are recorded at the exchange rate prevailing at the
close of the year. However, unrealised exports for which exchange sale
forward contract have been entered into with the banks are recorded at
the respective forward contract value.
xi) Income Tax
Provision is made for income tax liability estimated to arise on the
results for the year at the current rate of tax in accordance with the
Income Tax Act, 1961.
Deferred Income Tax is provided, using the liability method, on all
temporary differences at the Balance Sheet date between the tax basis
of assets and liabilities and their carrying amounts for financial
reporting purpose.
Deferred tax assets are recognised only to the extent that there is a
reasonable certainty that sufficient future taxable profits will be
available against which such deferred tax assets can be realised.
Deferred Tax Assets and Liabilities are measured using the tax rates
and the tax laws that have been enacted or subsequently enacted at the
Balance Sheet date.
xii) Contingent Liabilities :
Contingent liabilities are disclosed by way of notes on accounts.
Mar 31, 2010
I) Fixed Assets :
Fixed Assets are stated at original cost which include expenditure
incurred in acquisition and installation and other related expenses.
ii) Depreciation :
Depreciation on Fixed Assets has been provided on written down value
method as prescribed in the schedule XIV of the Companies Act, 1956.
iii) Investments :
Investment are valued at cost.
iv) Inventories :
Stores & spares parts has been valued at cost on FIFO basis.Quoted
Shares are valued at Cost or Market value whichever is lower. Unquoted
shares are valued at cost. Cost is generally determined on average cost
basis. Market value is based on the available market price.
Inventories are taken, valued & certified by the management. v)
Employees Benefits :
a) Employees benefit of short term nature are recognised as expense as
and when it accrues.
b) Employees benefit of long term nature are recognised as expense
based on actuarial valuation.
c) Companys contribution in respect of Employees Provident Fund is
made to Government Provident Fund and is charged to Profit & Loss
Account.
d) Accrued leave for the year is paid to the employees during the year
itself.
e) Other retirement benefits to the employees of the Company are not
applicable during the year under review. The same will be provided as
and when became due.
vi) Expenses :
Material known liabilities are provided on the basis of available
information /estimates. vii) Claims :
Claims have been accounted for on receipt/payment basis. viif Foreign
Exchange Transaction :
Transaction in foreign currency relating to (a) imports are recorded at
the exchange rate prevailing at the time of such transaction, (b)
Exports are recorded at the realised value as certified by the banks,
however exports for which exchange sale forward contracts have been
entered into with the banks are recorded at the respective forward
contract value.
Realised gains/losses on foreign exchange transaction are recognised in
the Profit and Loss Account at the time of actual realisation of
gains/losses.
Unrealised exports are recorded at the exchange rate prevailing at the
close of the year. However, unrealised exports for which exchange sale
forward contract have been entered into with the banks are recorded at
the respective forward contract value.
ix) Contingent Liabilities :
Contingent liabilities are disclosed by way of notes on the Balance
Sheet.
x) Recognition of Income & Expenditure:
All Income and Expenditure are accounted for on accrual basis except
otherwise stated.
xiii Taxation :
Provision is made for income tax liability estimated to arise on the
results for the year at the current rate of tax in accordance with the
Income Tax Act, 1961.
Deferred Income Tax is provided, using the liability method, on all
temporary differences at the Balance Sheet date between the tax basis
of assets and liabilities and their carrying amounts for financial
reporting purpose.
Deferred tax assets are recognised only to the extent that there is a
reasonable certainty that sufficient future taxable profits will be
available against which such deferred tax assets can be realised.
Deferred Tax Assets and Liabilities are measured using the tax rates
and the tax laws that have been enacted or subsequently enacted at the
Balance Sheet date.
Fringe Benefit Tax are accounted for on estimated value of Fringe
Benefit for the period as per provisions of the Income Tax Act.