Mar 31, 2012
1.1) ACCOUNTING CONVENTION
The Company prepares its Financial Statements on accrual basis in
accordance with Generally Accepted Accounting Principles and complies
with the applicable Accounting Standards issued by the Institute of
Chartered Accountants of India and the relevant provision of the
Companies Act, 1956.
1.2) FIXED ASSETS
Fixed Assets are stated at cost of acquisition or construction, which
comprise all related expenses upto acquisition and installation of the
fixed assets or at revalued amounts wherever such assets have been
revalued less accumulated depreciation.
1.3) DEPRECIATION
Depreciation on fixed assets except Leasehold Land and Wind Power
Projects have been provided on Written- Down Value method, at the rates
and in the manner prescribed in Schedule XIV to the Companies Act,
1956. Amount paid on Leasehold Land has been amortised over the period
of lease. Depreciation on Wind Power Projects have been spread over to
20 years period and written off proportionately for the year.
Depreciation on addition and deduction of fixed assets is calculated on
Pro- Rata basis. Depreciation related to revaluation amount of fixed
assets has been calculated at the same rate of depreciation of the
asset and deducted from Revaluation Reserve.
1.4) INVESTMENTS
(a) Long term investments are stated at cost. In case, there is a
permanent diminution in the value of any investment, a provision for
the same is made in the accounts.
(b) Quoted current investments are stated at the lower of cost or
market value.
1.5) INVENTORIES
Inventories are carried at the lower of cost (including tax, if any) or
net realizable value. The methods of determination of cost for various
categories are as under:
(i) Raw Material First In First Out basis
(ii) Packing Goods, Stores & Spares First In First Out basis
(iii) Work-in-process At Works Cost basis
(iv) Finished Goods First In First Out basis
1.6) REVENUE RECOGNITION
a. Sale of Goods is recognized at the same time of dispatch of goods
to customers.
b. Export Incentives i.e. Duty Draw Back or DEPB is recognized on
accrual basis.
c. Purchase cost of Finished Goods and Packing Goods has been arrived
at after deducting returns, discount etc.
d. Interest Income is recognised on time proportion basis.
1.7) FOREIGN EXCHANGE TRANSACTION / TRANSLATION
The Company has complied with AS-11 issued by ICAI as regards the
provisions in respect of its Foreign Exchange Transactions.
Transactions in foreign currency are recorded at the exchange rate in
force at the time transactions are effected. Exchange differences
arising on settlement of foreign currency transactions are recognised
in the Profit & Loss Account.
Monetary items denominated in foreign currency are restated using the
exchange rate prevailing at the date of the Balance Sheet and the
resulting net exchange difference is recognised in the Profit & Loss
Account.
Forward Contracts are accounted on the basis of their settlement and
the resultant realised gain/loss on settlement is recognised in the
Profit & Loss Account.
The Company has opted for accounting the exchange difference of long
term foreign currency monetary items in line with Companies (Accounting
Standards) Amendment Rules 2009 notified on 31st March 2009.
Accordingly, the exchange gain/loss relating to long term foreign
currency monetary items has been deducted / added to the cost of fixed
assets.
1.8) DEFERRED TAX
The Deferred Tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
enacted or subsequently enacted as of the Balance Sheet date. Deferred
Tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
1.9) RETIREMENT BENEFITS
(a) Under Provident Fund and E.S.I. Scheme, Company's contribution
accruing during the accounting year has been charged to Profit & Loss
Account.
(b) Encashment of leave lying to the credit of employees is not
provided for on actuarial basis. It is accounted on cash basis.
Therefore, it is not possible to ascertain the liability at the end of
the accounting year.
(c) Liabilities in respect of gratuity of employees are funded under
the employees' group gratuity scheme with the LIC.
1.10) BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets in accordance with the Accounting Standard 16 on
"Borrowing Costs'. All other borrowing costs are charged to revenue.
Mar 31, 2011
1) ACCOUNTING CONVENTION
The Company prepares its Financial Statements on accrual basis in
accordance with Generally Accepted Accounting Principles and complies
with the applicable Accounting Standards issued by the Institute of
Chartered Accountants of India and the relevant provision of the
Companies Act, 1956.
2) FIXED ASSETS
Fixed Assets are stated at cost of acquisition or construction, which
comprise all related expenses upto acquisition and installation of the
fixed assets or at revalued amounts wherever such assets have been
revalued less accumulated depreciation.
3) DEPRECIATION
Depreciation on fixed assets except Leasehold Land and Wind Power
Projects have been provided on Written- Down Value method, at the rates
and in the manner prescribed in Schedule XIV to the Companies Act,
1956. Amount paid on Leasehold Land has been amortised over the period
of lease. Depreciation on Wind Power Projects have been spread over to
20 years period and written off proportionately for the year.
Depreciation on addition and deduction of fixed assets is calculated on
Pro-Rata basis. Depreciation related to revaluation amount of fixed
assets has been calculated at the same rate of depreciation of the
asset and deducted from Revaluation Reserve.
4) INVESTMENTS
a) Long term investments are stated at cost. In case, there is a
permanent diminution in the value of any investment, a provision for
the same is made in the accounts.
b) Quoted current investments are stated at the lower of cost or market
value.
5) INVENTORIES
Inventories are carried at the lower of cost (including tax, if any) or
net realizable value. The methods of determination of cost for various
categories are as under:
i) Raw Material : First In First Out basis
ii) Packing Goods, Stores & Spares : First In First Out basis
iii) Work-in-process : At Works Cost basis
iv) Finished Goods : First In First Out basis
6) REVENUE RECOGNITION
a. Sale of Goods is recognized at the same time of dispatch of goods
to customers.
b. Export Incentives i.e. Duty Draw Back or DEPB is recognized on
accrual basis.
c. Purchase cost of Finished Goods and Packing Goods has been arrived
at after deducting returns, discount etc.
d. Interest Income is recognised on time proportion basis.
7) FOREIGN EXCHANGE TRANSACTION / TRANSLATION
The Company has complied with AS-11 issued by ICAI as regards the
provisions in respect of its Foreign Exchange Transactions.
Transactions in foreign currency are recorded at the exchange rate in
force at the time transactions are effected. Exchange differences
arising on settlement of foreign currency transactions are recognised
in the Profit & Loss Account.
Monetary items denominated in foreign currency are restated using the
exchange rate prevailing at the date of the Balance Sheet and the
resulting net exchange difference is recognised in the Profit & Loss
Account.
Forward Contracts are accounted on the basis of their settlement and
the resultant realised gain/loss on settlement is recognised in the
Profit & Loss Account.
The Company has opted for accounting the exchange difference of long
term foreign currency monetary items in line with Companies (Accounting
Standards) Amendment Rules 2009 notified on 31st March 2009.
Accordingly, the exchange gain/ loss relating to long term foreign
currency monetary items has been deducted / added to the cost of fixed
assets.
8) DEFERRED TAX
The Deferred Tax for timing differences between the book and tax
profits for the year is accounted for, using the tax rates and laws
enacted or subsequently enacted as of the Balance Sheet date. Deferred
Tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
9) RETIREMENT BENEFITS
(a) Under Provident Fund and E.S.I. Scheme, Company's contribution
accruing during the accounting year has been charged to Profit & Loss
account.
(b) Encashment of leave lying to the credit of employees is not
provided for on actuarial basis. It is accounted on cash basis.
Therefore, it is not possible to ascertain the liability at the end of
the accounting year.
(c) Liabilities in respect of gratuity of employees are funded under
the employees' group gratuity scheme with the LIC.
10) BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets in accordance with the Accounting Standard 16 on
"Borrowing Costs". All other borrowing costs are charged to revenue.
Mar 31, 2010
1) ACCOUNTING CONVENTION
The Company prepares its Financial Statements on accrual basis in
accordance with generally accepted Accounting Principles and complies
with the applicable Accounting Standards issued by the Institute of
Chartered Accountants of India and the relevant provision of the
Companies Act, 1956.
2) FIXED ASSETS
Fixed Assets are stated at cost of acquisition or construction, which
comprise all related expenses upto acquisition and installation of the
fixed assets or at revalued amounts wherever such assets have been
revalued less accumulated depreciation.
3) DEPRECIATION
Depreciation on fixed assets except Leasehold Land and Wind Power
Projects have been provided on Written- Down Value method, at the rates
and in the manner prescribed in Schedule XIV to the Companies Act,
1956. Amount paid on Leasehold Land has been amortised over the period
of lease. Depreciation on Wind Power Projects have been spread over to
20 years period and written off proportionately for the year.
Depreciation on addition and deduction of fixed assets is calculated on
Pro-Rata basis. Depreciation related to revaluation amount of Fixed
Assets has been calculated at the same rate of depreciation of the
asset and deducted from Revaluation Reserve.
4) INVESTMENTS
a) Long term investments are stated at cost. In case, there is a
permanent diminution in the value of any investment, a provision for
the same is made in the accounts.
b) Quoted current investments are stated at the lower of cost or market
value.
5) INVENTORIES
Inventories are carried at the lower of cost (including tax, if any) or
net realizable value. The methods of determination of cost for various
categories are as under:
i) Raw Material : First In First Out basis
ii) Packing Goods, Stores & Spares : First In First Out basis
iii) Work-in-process : At Works Cost basis
iv) Finished Goods : First In First Out basis
6) REVENUE RECOGNITION
a. Sale of Goods is recognized at the same time of dispatch of goods
to customers.
b. Export Incentives i.e. Duty Draw Back or DEPB is recognized on
accrual basis.
c. Purchase cost of Finished Goods and Packing Goods has been arrived
at after deducting Returns, discount etc.
d. Interest Income is recognised on time proportion basis.
7) FOREIGN EXCHANGE TRANSACTION / TRANSLATION
The Company has complied with AS-11 issued by ICAI as regards the
provisions in respect of its Foreign Exchange Transactions.
Transactions in foreign currency are recorded at the exchange rate in
force at the time transactions are effected. Exchange differences
arising on settlement of foreign currency transactions are recognised
in the Profit & Loss Account.
Monetary items denominated in foreign currency are restated using the
exchange rate prevailing at the date of the Balance Sheet and the
resulting net exchange difference is recognised in the Profit & Loss
Account.
Forward Contracts are accounted on the basis of their settlement and
the resultant realised gain/loss on settlement is recognised in the
Profit & Loss Account.
The Company has opted for accounting the exchange difference of long
term foreign currency monetary items in line with Companies (Accounting
Standards) Amendment Rules 2009 notified on 31 st March 2009.
Accordingly, the exchange gain/loss relating to long term foreign
currency monetary items has been deducted / added to the cost of fixed
assets.
8) DEFERRED TAX
The Deferred Tax for timing differences between the book and tax
profits for the year is accounted: for, using the tax rates and laws
enacted or subsequently enacted as of the Balance Sheet date. Deferred
Tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
9) RETIREMENT BENEFITS
(a) Under Provident Fund and E.S.I. Scheme, Companys contribution
accruing during the accounting year has been charged to Profit & Loss
account.
(b) Encashment of leave lying to the credit of employees is not
provided for on actuarial basis. It is accounted on cash basis.
Therefore, it is not possible to ascertain the liability at the end of
the accounting year.
(c) Liabilities in respect of gratuity of employees are funded under
the employees group gratuity scheme with the LIC.
10) BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets in accordance with the Accounting Standard 16 on
"Borrowing Costs". All other borrowing costs are charged to revenue.