Mar 31, 2014
A. SYSTEM OF ACCOUNTING
The Company adopts the accrual concept in the preparation of accounts.
b. DEPRECIATION
Depreciation on Fixed Assets is provided on Straight line method in
accordance with the provisions of Schedule XIV to the Companies Act
1956.
c. FIXED ASSETS
The Fixed Assets have been stated at historical cost less accumulated
Depreciation.
d. VALUATION OF INVENTORIES
- Raw Materials and stores & spares and components are valued at
lower of cost or net realizable value.
- Goods in process at factory are valued at Material Cost plus
estimated overheads/ realizable value as per physical verification
carried out and certified by the Management.
- Work in progress is valued at lower of cost or net realizable
value, cost includes construction material, labour and a proportion of
construction overheads.
- Finished Goods are valued at lower of cost or net realizable value.
Cost is worked out by adopting first in first out (FIFO) method.
e. EMPLOYEE BENEFITS:
- Provision for Gratuity is made in respect of employees covered
under payment of Gratuity Act - As per the provisions of the said Act.
For other employees - in terms of their appointment is made for
eligible employees on actual basis.
- Leave encashment and other retirement benefits are annually
provided on actual basis.
f. REVENUE RECOGNITION:
- Sales are inclusive of excise duty.
- Warranty claims, short supplies, free replacements and liquidated
damages are accounted for as and when they are finally determined.
- Goods purchased for supply in turnkey jobs are treated as trading
goods and such goods are included in sale to the extent approved by the
clients.
- Revenue from Turnkey Contract is accounted for on percentage of
completion method.
- Claims for Extra /Substituted items are accounted for to the extent
considered realizable.
g. INVESTMENTS:
- Current Investments are valued at lower of cost and fair value
determined on an individual investment basis.
- Long term investments are carried at cost. Provision is made for
diminution other than temporary in the value of such investments.
h. IMPAIRMENT OF ASSETS:
At each balance sheet date an assessment is made to ascertain whether
any indication exists that an asset has been impaired. If any such
indication exists then an impairment loss i.e. the amount by which the
carrying amount of an asset exceeds its recoverable amount, is provided
in the books of accounts.
i. BORROWING COST:
Borrowing Cost that is attributable to acquisition or construction of
qualifying assets is capitalized as part of cost of such assets.
Qualifying assets is one that necessarily takes substantial period of
time to get ready for its intended use. Other borrowing costs are
charged to revenue.
j. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
- Provisions are recognized for liabilities that can be measured by
using a substantial degree of estimation.
- No provision is recognized for liabilities whose future outcome
cannot be ascertained with reasonable certainties and probability of
outflow in settlement is remote. Such contingent liabilities are not
recognized but are disclosed in the financial statements.
- Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2013
A. SYSTEM OF ACCOUNTING
The Company adopts the accrual concept in the preparation of accounts.
b. DEPRECIATION
Depreciation on Fixed Assets is provided on Straight line method in
accordance with the provisions of Schedule XIV to the Companies Act
1956.
c. FIXED ASSETS
The Fixed Assets have even slated at historical cost less accumulated
Depreciation.
d. VALUATION OF INVENTORIES
- Raw Materials and stores & spares and components are valued al lower
of cost or net realizable value.
- Goods in process at factory are valued at Material Cost plus
estimated overheads/ realizable value as per physical verification
carried out and certified by the Management
- Contract in progress is valued on percentage completion method at the
rates provided in the contract reduced by estimated percentages towards
expected profit.
- Finished Goods are valued at lower of cost or net realizable value.
Cost is worked out by adopting fast in first out (FIFO) method.
e. EMPLOYEE BENEFITS:
- Provision for Gratuity is made in respect of employees covered under
payment of Gratuity Act - As per the provisions of the said Act l or
other employees - in terms of their appointment is made for eligible
employees on actual basis.
- Leave encashment and other retirement benefits are annually provided
on actual basis.
f. REVENUE RECOGNITION:
- Sales are inclusive of excise duty.
- Warranty claims, short supplies, free replacements and liquidated
damages are accounted for as and when they are finally determined.
- Goods purchased for supply in turnkey jobs are treated as trading
goods and such goods are included in sale to the extent approved by the
clients.
- Revenue from Turnkey Contract is accounted for on percentage of
completion method.
- Claims for Extra /Substituted items are accounted for to the extent
considered realizable.
g. INVESTMENTS:
- Current Investments are valued at lower of cost and fair value
determined on an individual investment basis.
- Long term investments are carried at cost. Provision is made for
diminution other than temporary in the value of such investments.
h. IMPAIRMENT OF ASSFTS:
At each balance shed date an assessment is made to ascertain whether
any indication exists that an asset has been impaired. If any such
indication exists then an impairment loss i.e. the amount by which the
carrying amount of an asset exceeds its recoverable amount, is provided
in the books of accounts.
i. BORROWING COST:
Borrowing Cost that is attributable to acquisition or construction of
qualifying assets is capitalized as part of cost of such assets.
Qualifying assets is one that necessarily bikes substantial period of
time to get ready for its intended use. Other borrowing costs are
charged to revenue.
j. PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
- Provisions are recognized for liabilities that am be measured by
using a substantial degree of estimation.
- No provision is recognized for liabilities whose future outcome
cannot be ascertained with reasonable certainties annual probability of
outflow in settlement is remote. Such contingent liabilities are not
recognized but are disclosed in the financial statements.
- Contingent Assets are neither recognized nor disclosed in the
financial statements
Mar 31, 2012
A. SYSTEM OF ACCOUNTING
The Company adopts the accrual concept in the preparation of accounts.
b. DEPRECIATION
Depreciation on Fixed Assets is provided on Straight line method in
accordance with the provisions of Schedule XIV to the Companies Act
1956.
c. FIXED ASSETS
The Fixed Assets have been stated at historical cost less accumulated
Depreciation.
d. VALUATION OF INVENTORIES
- Raw Materials and stores & spares and components are valued at lower
of cost or net realizable value.
- Goods in process at factory are valued at Material Cost plus
estimated overheads/ realizable value as per physical verification
carried out and certified by the Management.
- Contract in progress is valued on percentage completion method a( the
rates provided in the contract reduced by estimated percentages towards
expected profit.
- Finished Goods are valued at lower of cost or net realizable value.
Cosl is worked out by adopting first in first out (FIFO) method.
e. PRE-OPERATIVE EXPENSES
Pre-operative expenses relates io llie plant for the manufacture of
Ortho Nitre Chloro Benzene and Para Nitre Chloro Benzene, which shall
be capitalized on commissioning of * plant and commencement of
commercial production in the said plant.
f. EMPLOYEE BENEFITS:
- Provision for Gratuity is made in respect of employees covered under
payment of Gratuity Act - As per the provisions of the said Act. For
other employees - in terms of their appointment is made for eligible
employees on actual basis.
- Leave encashment and other retirement benefits are annually provided
on actual basis.
g. REVENUE RECOGNITION:
- Sales are inclusive of excise duty.
- Warranty claims, short supplies, free replacements and liquidated
damages are accounted for as and when they are finally determined.
- Goods purchased for supply in turnkey jobs are treated as trading
goods and such goods are included in sale to the extent approved by the
clients.
- Revenue from Turnkey Contract is accounted for on percentage of
completion method.
- Claims lor Extra /Substituted items are accounted for to the extent
considered realizable.
h. INVESTMENTS:
- Current Investments are valued at lower of cost and fair value
determined on an individual investment basis.
- Long term investments are carried at cost. Provision is made for
diminution other than temporary in the value of such investments.
i. IMPAIRMENT OF ASSETS:
At each balance sheet date an assessment, is made to ascertain whether
any indication exists that an asset has been impaired. If any such
indication exists then an 26 impairment loss i.e. the amount by which
the carrying amount ot ,in asset exceeds its recoverable amount, is
provided in the books of accounts.
j. BORROWING COST:
Borrowing Cost that is attributable to acquisition or construction of
qualifying assets is capitalized as part of cost of such assets.
Qualifying assets is one that necessarily takes substantial period of
time to gel ready for its intended use. Other borrowing costs are
charged to revenue.
k. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions are recognized for liabilities that can be measured by
using a substantial degree of estimation.
- No provision is recognized for liabilities whose future outcome
cannot be ascertained with reasonable certainties and probability of
outflow in settlement is remote. Such contingent liabilities are not
recognized but are disclosed in the financial statements.
* Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2011
1. SYSTEM OF ACCOUNTING
The Company adopts the accrual concept in the preparation of accounts.
2. DEPRECIATION
Depreciation on Fixed Assets is provided on Straight line method in
accordance with the provisions of Schedule XIV to the Companies Act
1956.
3. FIXED ASSETS
The Fixed Assets have been stated at historical cost less accumulated
Depreciation.
4. VALUATION OF INVENTORIES
- Raw Materials and stores & spares and components are valued at lower
of cost or net realizable value
- Goods in process at factory are valued at Material Cost plus
estimated overheads/ realizable value as pe physical verification
carried out and certified by the Management.
- Contract in progress is valued on percentage completion method at the
rates provided in the contract reduced by estimated percentages towards
expected profit.
- Finished Goods are valued at lower of cost or net realizable value.
Cost is worked out by adopting first in first out (FIFO) method.
5. PRE-OPERATIVE EXPENSES
Pre-operative expenses relates to the plant for the manufacture of
Ortho Nitro Chloro Benzene and Para Nitro Chloro Benzene, which shall
be capitalized on commissioning of plant and commencement of commercial
production in the said plant.
6. EMPLOYEE BENEFITS:
- Provision for Gratuity is made in respect of employees covered under
payment of Gratuity Act - As per the provisions of the said Act. For
other employees - in terms of their appointment is made for eligible
employees on actual basis.
- Leave encashment and other retirement benefits are annually provided
on actual basis.
7. REVENUE RECOGNITION:
- Sales are inclusive of excise duty.
- Warranty claims, short supplies, free replacements and liquidated
damages are accounted for as and when they are finally determined.
- Goods purchased for supply in turnkey j jobs are treated as trading
goods and such goods are included in sale to the extent approved by
the clients.
- Revenue from Turnkey Contract is accounted for on percentage of
completion method.
- Claims for Extra /Substituted items are accounted for to the extent
considered realizable.
8. INVESTMENTS:
- Current Investments are valued at lower of cost and fair value
determined on an individual investment basis.
- Long term investments are carried at cost. Provision is made for
diminution other than temporary in the value of such investments.
9. IMPAIRMENT OF ASSETS:
At each balance sheet date an assessment is made to ascertain whether
any indication exists that an asset has been impaired. If any such
indication exists then an impairment loss i.e. the amount by which the
carrying amount of an asset exceeds its recoverable amount, is provided
in the books of accounts.
10. BORROWING COST:
Borrowing Cost that is attributable to acquisition or construction of
qualifying assets is capitalized as part of cost of such assets.
Qualifying assets is one that necessarily takes substantial period of
time to get ready for its intended use. Other borrowing costs are
charged to revenue.
11. PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
- Provisions are recognized for liabilities that can be measured by
using a substantial degree of estimation.
- No provision is recognized for liabilities whose future outcome
cannot be ascertained with reasonable certainties and probability of
outflow in settlement is remote. Such contingent liabilities are not
recognized but are disclosed in the financial statements.
- Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2010
SYSTEM OF ACCOUNTING
The Company adopts the accrual concept in the preparation of accounts.
DEPRECIATION
Depreciation on Fixed Assets is provided on Straight line method in
accordance with the provisions of Schedule XIV to the Companies Act
1956.
FIXED ASSETS
The Fixed Assets have been stated at historical cost less accumulated
Depreciation.
VALUATION OF INVENTORIES
Raw Material, Stores, Spares & Consumables, Fuel & Packing
materials are valued at Cost or market value whichever is lower.
Finished Goods are valued at lower of cost or Net Realizable
Value.
Work-in-process has been valued at estimated Cost of production.
Scrap is valued at estimated realizable value.
PREOPERATIVE EXPENSES
Pre-operative expenses relates to the plant for the manufacture of
Ortho Nitro Chloro Benzene and Para Nitro Chloro Benzene, which shall
be capitalised on commissioning of plant and commencement of commercial
production in the said plant.
Mar 31, 2009
SYSTEM OF ACCOUNTING
The Company adopts the accrual concept in the preparation of '
accounts.
DEPRECIATION
Depreciation on Fixed Assets is provided on Straight line method in
accordance with the provisions of Schedule XIV to the Companies Act
1956.
FIXED ASSETS
The Fixed Assets have been stated at historical cost less accumulated
Depreciation.
VALUATION OF INVENTORIES
Raw Material, Stores, Spares & Consumables, Fuel & Packing material are
valued at Cost or market value whichever is lower. Finished Goods are
valued at lower of cost or Net Realisable - Value.
Work-in-process has been valued at estimated Cost of production. Scrap
is valued at estimated realizable value.
PRE-OPERATIVE EXPENSES
Pre-operative expenses relating to the plant for the manufacture of
Ortho Nitro Chloro Benzene and Para Nitro Chloro Benzene, which shall
be capitalized on commissioning of plant and commencement of commercial
production in the said plant.
AMORITISATION
Preliminary and Shares Issue Expenses are deferred to be , amortised
over a period of ten years.
Deferred Revenue Expenditures and new product development I expenditure
are deferred to be amortised over a period of five of years.