Mar 31, 2014
A) Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956,
except for certain fixed assets which are revalued in the year 2004-05
and PVC claim not acertainable are accounted on receipt basis.
B) Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expense during the reporting period. Difference
between the actual results and estimated are recognized in the period
in which the results are known/materialized.
C) Fixed Assets
Fixed assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalized.
D) Intangible Assets
Intangible assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortization/ depletion. All costs, including
financing costs till commencement of commercial production, net charges
on foreign exchange contracts and adjustments arising from exchange
rate variations attributable to the intangible assets are capitalized.
E) Depreciation and Amortization
Depreciation on all fixed assets is provided on Straight Line Value
Method, except on Building and Furniture & Fixtures, depreciation is
provided on Written Down Value Method at the rate and in the manner
prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on
additions and/or sales of fixed assets during the year is provided on
pro rata basis. Depreciation on revalued assets is provided on Written
Down Value Method at the rates prescribed in Schedule XIV of the
Companies Act, 1956.
F) Impairment of Assets
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
G) Foreign Currency Transactions
a) Transaction denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b) Any income or expense on account of exchange difference either on
settlement or on translation is recognized in the Profit & Loss
Account.
H) Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Long Term Investments are stated at cost.
Provision for diminution in the value of long term investments is made
only if such a decline is other than temporary.
I) Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversion and other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, stores and spares, packing materials, trading and
other products are determined on FIFO basis. By-products are valued at
net realizable value. Cost of work in process and finished stock is
determined on absorption costing method.
J) Revenue Recognition
Revenue is recognized only when it can be reliably measure and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods and excise duty, sales during trial run period,
adjusted for discounts (net). Dividend income is recognized when right
to receive established. Interest receivable from customers on late
payments is recognized as revenue in the year of receipt.
K) Excise Duty and Sales Tax/Value Added Tax
Excise duty and Sales Tax/Value Added Tax is accounted on the basis of
both, payments made in respect of goods cleared as also provision made
for goods lying in bonded warehouses.
L) Employee Benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
M) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use. All the borrowing
costs are charged to Profit and Loss Account
N) Provision for Current and Deferred Tax
Deferred tax liability arises on account of "timing difference" has not
been considered due to net loss for the year under review and tehrefore
deferred tax assets is recognised and carried forward only to the
extent that there is virtual certainity that the asset will be realised
in future.
O) Provisions. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2013
A) Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956,
except for certain fixed assets which are revalued in the year 2004-05
and PVC claim not acertainable are accounted on receipt basis.
B) Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expense during the reporting period. Difference
between the actual results and estimated are recognized in the period
in which the results are known/materialized.
C) Fixed Assets
Fixed assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs till
commencement of commercial production, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the fixed assets are capitalized.
D) Intangible Assets
Intangible assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortization/ depletion. All costs, including
financing costs till commencement of commercial production, net charges
on foreign exchange contracts and adjustments arising from exchange
rate variations attributable to the intangible assets are capitalized.
E) Depreciation andAmortization
Depreciation on all fixed assets is provided on Straight Line Value
Method, except on Building and Furniture & Fixtures, depreciation is
provided on Written Down Value Method at the rate and in the manner
prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on
additions and/or sales of fixed assets during the year is provided on
pro rata basis. Depreciation on revalued assets is provided on Written
Down Value Method at the rates prescribed in Schedule XIV of the
Companies Act, 1956.
F) Impairment of Assets
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
G) Foreign Currency Transactions
a) Transaction denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b) Any income or expense on account of exchange difference either on
settlement or on translation is recognized in the Profit & Loss
Account. H) Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Long Term Investments are stated at cost.
Provision for diminution in the value of long term investments is made
only if such a decline is other than temporary.
I) Inventories
Items of inventories are measured at lower of cost and net realizable
value after providing for obsolescence, if any. Cost of inventories
comprises of cost of purchase, cost of conversicr Rs.nd other costs
including manufacturing overheads incurred in bringing them to their
respective present location and condition. Cost of raw materials,
process chemicals, stores and'' spares, packing materials, trading and
other products are determined on FIFO basis. By-products are valued at
net realizable value. Cost of work in process and finished stock is
determined on absorption costing method.
J) Revenue Recognition
Revenue is recognized only when it can be reliably measure and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of goods and excise duty, sales during trial run period,
adjusted for discounts (net). Dividend income is recognized when right
to receive established. Interest receivable from customers on late
payments is recognized as revenue in the year of receipt.
K) Excise Duty and Sales TaxA/alue Added Tax
Excise duty and Sales TaxA/alue Added Tax is accounted on the basis of
both, payments made in respect of goods cleared as also provision made
for goods lying in bonded warehouses.
L) Employee Benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
M) Borrowing Cost
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use. All the borrowing
costs are charged to Profit and Loss Account
N) Provision for Current and Deferred Tax
Deferred tax liability arises on account of "timing difference" has not
been considered due to net loss for the year under review and tehrefore
deferred tax assets is recognised and carried forward only to the
extent that there is virtual certainity that the asset will be realised
in future.
O) Provisions. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2011
1. Basis of preparation of financial statements:
The financial statements have been prepared under the historical cost
convention basis (except for certain fixed assets which was revalued in
the year 2004-05) in accordance with the generally accepted accounting
principles and the Accounting Standards referred to in Section 211 (3C)
of the Companies Act, 1956, and -
(a) Lease Rent (GEDA) receipt (b) Commission/Brokerage on sales debited
under "Selling Expenses" (c) PVC claim not ascertainable are accounted
on receipt basis, which are not ascertainable is accounted on payment
basis.
2. Use of Estimates:
The preparation of financial statements requires that the management
makes estimates and assumption that affect the reported amount of
assets and liabilities on the date of the financial statements and the
reported amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognised in
the period, which the results are known/materialised.
3. Fixed Assets:
Fixed Assets are stated at cost net of Modvat/Cenvat and includes
amounts added on revaluation less accumulated depreciation. All costs
including financial cost till commencement of commercial production,
net charges on foreign exchange, contracts and adjustments arising from
exchange rate variation attributable to the fixed assets are
capitalised.
4. Depreciation:
Depreciation on all fixed assets has been provided on straight line
value method, except on Building, furniture & fixtures depreciation has
been provided on written down value method at the rate and in the
manner prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on additions and/or sales of fixed assets during the year
has been provided on pro- rata basis. Depreciation on revalued assets
has been provided on written down value method at the rates prescribed
in Schedule XIV of the Companies Act, 1956.
5. Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time the transaction
through bank documents.
(b) Any income or expenses on account of exchange difference either on
settlement or on translation of foreign currency is recognised in the
profit and loss account.
6. Investments:
Current investments are carried at the lower of cost and quoted/fair
value, computed category-wise. Long term investments are stated at cost
provision for dimination in the value of long-term investments is made
only if such a decline is other than temporary in the opinion of the
management.
7. inventories:
Item of inventories are valued at lower of cost or net realisable
value. Cost of inventories comprise of all cost of purchase, cost of
conversion and other cost incurred in bringing them to their respective
present location and condition. Cost of raw materials, process
chemicals, stores and spares, packing materials, trading and other
products is determined on FIFO basis. By-products are valued at net
realisable value. Cost of work-in-process and finished stock is
determined on absorption costing method.
8. Revenue Recognition & Turnover:
Turnover includes sale of goods and excise duty adjusted to discounts
(Net).
Interest receivable from customers on late payments is recognised as
revenue in the year of receipt.
9. Excise Duty and Sales Tax:
Excise duty has been accounted on the basis of payments made in respect
of goods cleared.
10 Employee Retirement Benefits:
Company's contribution to Provident Fund is charged to Profit and Loss
Account. The Company has funded its gratuity liability under Group
Gratuity scheme of Life Insurance Corporation of India and provision
for gratuity to employees is made on the basis of actuarial calculation
and charged to Profit and Loss Account.
11. Borrowing Cost:
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. Aqualifying asset is one that necessarily takes substantial
period of time to get ready for intended used.
12. Contingent Liabilities:
All known liabilities wherever material are provided for and
liabilities, which are material and whose future outcome can not be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of Notes on Accounts.
Mar 31, 2010
1. Basis of preparation of financial statements:
The financial statements have been prepared under the historical cost
convention basis (except for certain fixed assets which was revalued in
the year 2004-05) in accordance with the generally accepted accounting
principles and the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956, and -
(a) Lease Rent (GEDA) receipt (b) Commission/Brokerage on sales debited
under "Selling Expenses" (c) PVC claim not ascretainable are accounted
on receipt basis, which are not ascertainable is accounted on payment
basis.
2. Use of Estimates:
The preparation of financial statements requires that the management
makes estimates and assumption that affect the reported amount of
assets and liabilities on the date of the financial statements and the
reported amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognised in
the period, which the results are known/materialised.
3. Fixed Assets:
Fixed Assets are stated at cost net of Modvat/Cenvat and includes
amounts added on revaluation less accumulated depreciation. All costs
including financial cost till commencement of commercial production,
net charges on foreign exchange, contracts and adjustments arising from
exchange rate variation attributable to the fixed assets are
capitalised.
4. Depreciation:
Depreciation on all fixed assets has been provided on straight line
value method, except on Building, furniture & fixtures depreciation has
been provided on written down value method at the rate and in the
manner prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on additions and/or sales of fixed assets during the year
has been provided on pro- rata basis. Depreciation on revalued assets
has been provided on written down value method at the rates prescribed
in Schedule XIV of the Companies Act, 1956.
5. Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time the transaction
through bank documents.
(b) Any income or expenses on account of exchange difference either on
settlement or on translation of foreign currency is recognised in the
profit and loss account.
6. Investments:
Current investments are carried at the lower of cost and quoted/fair
value, computed category-wise. Long term investments are stated at cost
provision for dimination in the value of long-term investments is made
only if such a decline is other than temporary in the opinion of the
management.
7. Inventories:
Item of inventories are valued at lower of cost or net realisable
value. Cost of inventories comprise of all cost of purchase, cost of
conversion and other cost incurred in bringing them to their respective
present location and condition. Cost of raw materials, process
chemicals, stores and spares, packing materials, trading and other
products is determined on FIFO basis. By-products are valued at net
realisable value. Cost of work-in-process and finished stock is
determined on absorption costing method.
8. Revenue Recognition & Turnover:
Turnover includes sale of goods and excise duty adjusted to discounts
(Net).
Interest receivable from customers on late payments is recognised as
revenue in the year of receipt.
9. Excise Duty and Sales Tax:
Excise duty has been accounted on the basis of payments made in respect
of goods cleared.
10. Employee Retirement Benefits:
Companys contribution to Provident Fund is charged to Profit and Loss
Account. The Company has funded its gratuity liability under Group
Gratuity scheme of Life Insurance Corporation of India and provision
for gratuity to employees is made on the basis of actuarial calculation
and charged to Profit and Loss Account.
11. Borrowing Cost:
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended used.
12. Contingent Liabilities:
All known liabilities wherever material are provided for and
liabilities, which are material and whose future outcome can not be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of Notes on Accounts.
Mar 31, 2009
1. Basis of preparation of financial statements:
The financial statements have been prepared under the historical cost
convention basis (except for certain fixed assets which was revalued in
the year 2004-05) in accordance with the generally accepted accounting
principles and the Accounting Standards referred to in Section 211 (3C)
of the Companies Act, 1956, except -
(a) Lease Rent (GEDA) (b) Commission/Brokerage on sales debited under
"Selling Expenses" which are not ascertainable is accounted on payment
basis (c) PVC Claim not ascertainable are accounted on receipt basis.
2. Use of Estimates:
The preparation of financial statements requires that the management
makes estimates and assumption that affect the reported amount of
assets and liabilities on the date of the financial statements and the
reported amount of revenues and expenses during the reporting period.
Difference between the actual result and estimates are recognised in
the period, which the results are known/materialised.
3. Fixed Assets:
Fixed Assets are stated at cost net of IVlodvat/Cenvat and includes
amounts added on revaluation less accumulated depreciation. All costs
including financial cost till commencement of commercial production,
net charges on foreign exchange, contracts and adjustments arising from
exchange rate variation attributable to the fixed assets are
capitalised.
4. Depreciation.
Depreciation on all fixed assets has been provided on straight line
value method, except on Building, furniture & fixtures depreciation has
been provided on written down value method at the rate and in the
manner prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on additions and/or sales of fixed assets during the year
has been provided on pro- rata basis. Depreciation on revalued assets
has been provided on written down value method at the rates prescribed
in Schedule XIV of the Companies Act, 1956.
5. Foreign Currency Transactions:
(a) Transactions denominated in foreign currencies are normally
recorded at the exchange rate prevailing at the time the transaction
through bank documents.
(b) Any income or expenses on account of exchange difference either on
settlement or on translation of foreign currency is recognised in the
profit and loss account.
6. Investments:
Current investments are carried at the lower of cost and quoted/fair
value, computed category-wise. Long term investments are stated at cost
provision for dimination in the value of long-term investments is made
only if such a decline is other than temporary in the opinion of the
management.
7. Inventories.
Item of inventories are valued at lower of cost or net realisable
value. Cost of inventories comprise of all cost of purchase, cost of
conversion and other cost incurred in bringing them to their respective
present location and condition. Cost of raw materials, process
chemicals, stores and spares, packing materials, trading and other
products is determined on FIFO basis. By-products are valued at net
realisable value. Cost of work-in-process and finished stock is
determined on absorption costing method.
8. Revenue Recognitions Turnover:
Turnover includes sale of goods and excise duty adjusted to discounts
(Net).
Interest receivable from customers on late payments is recognised as
revenue in the year of receipt.
9. Excise Duty and Sales Tax:
Excise duty has been accounted on the basis of payments made in respect
of goods cleared.
10. Employee Retirement Benefits:
Companys contribution to Provident Fund is charged to Profit and Loss
Account. The Company has funded its gratuity liability under Group
Gratuity scheme of Life Insurance Corporation of India and provision
for gratuity to employees is made on the basis of actuarial calculation
and charged to Profit and Loss Account.
11. Borrowing Cost:
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of the cost of such
assets. Aqualifying asset is one that necessarily takes substantial
period of time to get ready for intended used.
12. Contingent Liabilities:
All known liabilities wherever material are provided for and
liabilities, which are material and whose future outcome can not be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of Notes on Accounts.
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