Mar 31, 2015
I) Basis of preparation of financial statements :
These financial statements have been prepared as of a going concern and
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 282
[Companies (Accounting Standards) Rules, 2014, as amended] and the
other relevant provisions of the Companies Act, 2013.
ii) Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles require estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reported period. Differences
between the actual result and estimates are recognized in the period in
which the results are known/materialize. Management believes that the
estimates used in the preparation of financial statements are prudent
and reasonable. Future results could differ from these estimates.
iii) Cash Flow :
Cash flow statement has been prepared in accordance with the "indirect
method" as explained in the Accounting Standard 3 issued by the
Institute of Chartered Accountants of India.
iv) Fixed Assets :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, amortization, and impairment loss, if any. Fixed Assets
are accounted at cost of acquisition inclusive of inward freight,
duties taxes and other incidental expenses related to acquisition and
installation of Fixed Assets incurred to bring the assets to their
working condition for their intended use.
v) Depreciation :
Depreciation is provided for in the books on written down value method
as per the rates prescribed under Schedule ll of the Companies Act
2013.
vi) Revenue Recognition :
Revenue from the sale of goods is recognized net of sales tax on
transfer of the title as per the Contact Terms with the Customer.
Revenue from fixed-price, fixed-time frame contracts, where there is no
uncertainty as to the measurement or collectability of consideration
that will be derived on completion of the contract, is recognized as
per the percentage of completion method. Interest on deposits is
accounted for on the time proportion basis.
vii) Foreign Currency Transactions :
Foreign currency transactions are recorded in the books at exchange
rates prevailing on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during the period are
recognized as income or expense in the profit and loss account of the
same period.
Foreign currency assets and liabilities are translated at the period
end rates and the resultant exchange differences, are recognized in the
profit and loss account.
viii) Borrowing Cost :
Borrowing Costs that are directly attributable to the acquisition or
production of qualifying assets are capitalized as the cost of the
respective assets. Other Borrowing Costs are charged to the Profit and
Loss Account in the period in which they are incurred.
ix) Employees benefits :
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service.
Post Employment Benefits
Defined Contribution Plan
All eligible employees of the Company are entitled to receive benefits
under the provident fund through a defined contribution plan in which
both the employee and the Company contribute monthly at specified
percentage of employee's basic salary. These contributions are made to
a Government Approved Provident Fund. Contribution to the said
provident fund is Defined Contribution Plan. The contribution paid/
payable under the schemes is recognized during the period in which the
employee renders the related service.
Defined Benefit Plans
The costs of providing Gratuity (unfunded) is determined using
projected unit credit method on the basis of actuarial valuation
carried out by a third party actuary at each balance sheet date
x) Inventories
Inventories are measured at lower of the cost and net realizable value.
Cost of inventories comprises all costs of purchase (net of input
credit) and other costs incurred in bringing the inventories to their
present location and condition. Costs of consumable and trading
products are determined by using the First-In First-Out Method (FIFO).
xi) Accounting for taxes on Income :
i) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. The deferred tax asset is recognized and
carried forward only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax asset can be realized.
xii) Leased Assets :
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the less or, are classified as
Operating Leases. The rental and all other expenses of leased assets
are treated as revenue expenditure.
xiii) Provisions and Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
xiv) Impairment of Assets :
The Company assesses at each balance sheet date whether there is any
indication that an assets may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
xv) Cash and cash equivalents :
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Mar 31, 2014
1) Basis of preparation of financial statements :
These financial statements have been prepared as of a going concern and
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 the
other relevant provisions of the Companies Act, 1956.
2) Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles require estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reported period. Differences
between the actual result and estimates are recognized in the period in
which the results are known/materialize. Management believes that the
estimates used in the preparation of financial statements are prudent
and reasonable. Future results could differ from these estimates.
3) Cash Flow :
Cash flow statement has been prepared in accordance with the "indirect
method" as explained in the Accounting Standard 3 issued by the
Institute of Chartered Accountants of India.
4) Fixed Assets :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, amortisation, and impairment loss, if any. Fixed Assets
are accounted at cost of acquisition inclusive of inward freight,
duties taxes and other incidental expenses related to acquisition and
installation of Fixed Assets incurred to bring the assets to their
working condition for their intended use.
5) Depreciation :
Depreciation is provided for in the books on written down value method
as per the rates prescribed under Schedule XIV of the Companies Act
1956.
6) Revenue Recognition :
Revenue from the sale of goods is recognized net of sales tax on
transfer of the title as per the Contact Terms with the Customer.
Revenue from fixed-price, fixed-time frame contracts, where there is no
uncertainty as to the measurement or collectability of consideration
that will be derived on completion of the contract, is recognized as
per the percentage of completion method. Interest on deposits is
accounted for on the time proportion basis.
7) Foreign Currency Transactions :
Foreign currency transactions are recorded in the books at exchange
rates prevailing on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during the period are
recognized as income or expense in the profit and loss account of the
same period.
Foreign currency assets and liabilities are translated at the period
end rates and the resultant exchange differences, are recognized in the
profit and loss account.
8) Borrowing Cost :
Borrowing Costs that are directly attributable to the acquisition or
production of qualifying assets are capitalized as the cost of the
respective assets. Other Borrowing Costs are charged to the Profit and
Loss Account in the period in which they are incurred.
9) Employees benefits :
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service.
Post Employment Benefits
Defined Contribution Plan
All eligible employees of the Company are entitled to receive benefits
under the provident fund through a defined contribution plan in which
both the employee and the Company contribute monthly at specified
percentage of employee''s basic salary. These contributions are made to
a Government Approved Provident Fund. Contribution to the said
provident fund is Defined Contribution Plan. The contribution paid/
payable under the schemes is recognized during the period in which the
employee renders the related service.
Defined Benefit Plans
The costs of providing Gratuity (unfunded) is determined using
projected unit credit method on the basis of actuarial valuation
carried out by a third party actuary at each balance sheet date
i) Inventories
Inventories are measured at lower of the cost and net realizable value.
Cost of inventories comprises all costs of purchase (net of input
credit) and other costs incurred in bringing the inventories to their
present location and condition. Costs of consumable and trading
products are determined by using the First-In First-Out Method (FIFO).
ii) Accounting for taxes on Income :
i) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. The deferred tax asset is recognized and
carried forward only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax asset can be realized.
iii) Leased Assets :
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the lessor, are classified as
Operating Leases. The rental and all other expenses of leased assets
are treated as revenue expenditure.
iv) Provisions and Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
v) Impairment of Assets :
The Company assesses at each balance sheet date whether there is any
indication that an assets may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
vi) Cash and cash equivalents :
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Mar 31, 2013
I) Basis of preparation of financial statements :
These financial statements have been prepared as of a going concern and
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 the
other relevant provisions of the Companies Act, 1956.
ii) Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles require estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reported period. Differences
between the actual result and estimates are recognized in the period in
which the results are known/materialize. Management believes that the
estimates used in the preparation of financial statements are prudent
and reasonable. Future results could differ from these estimates.
iii) Cash Flow :
Cash flow statement has been prepared in accordance with the
"indirect method" as explained in the Accounting Standard 3 issued
by the Institute of Chartered Accountants of India.
iv) Fixed Assets :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, amortisation, and impairment loss, if any. Fixed Assets
are accounted at cost of acquisition inclusive of inward freight,
duties taxes and other incidental expenses related to acquisition and
installation of Fixed Assets incurred to bring the assets to their
working condition for their intended use.
v) Depreciation :
Depreciation is provided for in the books on written down value method
as per the rates prescribed under Schedule XIV of the Companies Act
1956.
vi) Revenue Recognition :
Revenue from the sale of goods is recognized net of sales tax on
transfer of the title as per the Contact Terms with the Customer.
Revenue from fixed-price, fixed-time frame contracts, where there is no
uncertainty as to the measurement or collectability of consideration
that will be derived on completion of the contract, is recognized as
per the percentage of completion method. Interest on deposits is
accounted for on the time proportion basis.
vii) Foreign Currency Transactions :
Foreign currency transactions are recorded in the books at exchange
rates prevailing on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during the period are
recognized as income or expense in the profit and loss account of the
same period.
Foreign currency assets and liabilities are translated at the period
end rates and the resultant exchange differences, are recognized in the
profit and loss account.
viii) Borrowing Cost :
Borrowing Costs that are directly attributable to the acquisition or
production of qualifying assets are capitalized as the cost of the
respective assets. Other Borrowing Costs are charged to the Profit and
Loss Account in the period in which they are incurred.
ix) Employees benefits :
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service.
Post Employment Benefits Defined Contribution Plan
All eligible employees of the Company are entitled to receive benefits
under the provident fund through a defined contribution plan in which
both the employee and the Company contribute monthly at specified
percentage of employee''s basic salary. These contributions are made
to a Government Approved Provident Fund. Contribution to the said
provident fund is Defined Contribution Plan. The contribution paid/
payable under the schemes is recognized during the period in which the
employee renders the related service.
Defined Benefit Plans
The costs of providing Gratuity (unfunded) is determined using
projected unit credit method on the basis of actuarial valuation
carried out by a third party actuary at each balance sheet date
x) Inventories
Inventories are measured at lower of the cost and net realizable value.
Cost of inventories comprises all costs of purchase (net of input
credit) and other costs incurred in bringing the inventories to their
present location and condition. Costs of consumable and trading
products are determined by using the First-In First-Out Method (FIFO).
xi) Accounting for taxes on Income :
i) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. The deferred tax asset is recognized and
carried forward only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax asset can be realized.
xii) Leased Assets :
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the lessor, are classified as
Operating Leases. The rental and all other expenses of leased assets
are treated as revenue expenditure.
xiii) Provisions and Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
xiv) Impairment of Assets :
The Company assesses at each balance sheet date whether there is any
indication that an assets may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
xv) Cash and cash equivalents :
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Mar 31, 2012
I) Basis of preparation of financial statements:
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 the other relevant
provisions of the Companies Act, 1956.
ii) Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles require estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reported period. Differences
between the actual result and estimates are recognized in the period in
which the results are known/materialize.
iii) Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation thereon. Fixed Assets are accounted at cost of
acquisition inclusive of inward freight, duties taxes and other
incidental expenses related to acquisition and installation of Fixed
Assets incurred to bring the assets to their working condition for
their intended use.
iv) Depreciation:
Depreciation is provided for in the books on written down value method
as per the rates prescribed under Schedule XIV of the Companies Act
1956.
v) Income Recognition:
Revenue from the sale of goods is recognized net of sales tax on
transfer of the title as per the Contact Terms with the Customer.
Revenue from fixed-price, fixed-time frame contracts, where there is no
uncertainty as to the measurement or collectability of consideration
that will be derived on completion of the contract, is recognized as
per the percentage of completion method. Interest on deposits is
accounted for on the time proportion basis.
vi) Foreign Currency Translation:
Foreign currency transactions are recorded in the books at exchange
rates prevailing on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during the period are
recognized as income or expense in the profit and loss account of the
same period.
Foreign currency assets and liabilities are translated at the period
end rates and the resultant exchange differences, are recognized in the
profit and loss account.
vii) Borrowing Cost:
Borrowing Costs that are directly attributable to the acquisition or
production of qualifying assets are capitalized as the cost of the
respective assets. Other Borrowing Costs are charged to the Profit and
Loss Account in the period in which they are incurred.
viii) Employees benefits:
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service.
Post Employment Benefits
Defined Contribution Plan
All eligible employees of the Company are entitled to receive benefits
under the provident fund through a defined contribution plan in which
both the employee and the Company contribute monthly at specified
percentage of employee's basic salary. These contributions are made to
a Government Approved Provident Fund. Contribution to the said
provident fund is Defined Contribution Plan. The contribution paid/
payable under the schemes is recognized during the period in which the
employee renders the related service.
Defined Benefit Plans
The costs of providing Gratuity (unfunded) is determined using
projected unit credit method on the basis of actuarial valuation
carried out by a third party actuary at each balance sheet date
ix) Inventories
Inventories are measured at lower of the cost and net realizable value.
Cost of inventories comprises all costs of purchase (net of input
credit) and other costs incurred in bringing the inventories to their
present location and condition. Costs of consumable and trading
products are determined by using the First-In First-Out Method (FIFO).
x) Accounting for taxes on Income:
i) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. The deferred tax asset is recognized and
carried forward only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax asset can be realized.
xi) Leased Assets:
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the lessor, are classified as
Operating Leases. The rental and all other expenses of leased assets
are treated as revenue expenditure.
xii) Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
xiii) Impairment of Assets:
The Company assesses at each balance sheet date whether there is any
indication that an assets may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
xiv) Cash and cash equivalents:
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
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