Mar 31, 2015
(1) BASIS FOR PREPARATION OF ACCOUNTS
(i) The Company generally follows the mercantile system of accounting
and recognizes significant items of income and expenditure on an
accrual basis except in case of Accumulated leaves which are accounted
on payment basis.
(ii) The Financial Statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and provisions of the Companies Act, 2013 as adopted
consistently by the Company.
(iii) The Financial Statements comply with the Accounting Standards
issued by the Institute of Chartered Accountants of India as referred
to Sec 133 of the Companies Act, 2013, of India except AS -15
"Employee's Benefits".
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
(2) ASSETS AND DEPRECIATIONS :
TANGIBLE ASSETS
(i) The Gross Block of Fixed Assets is shown at the cost of acquisition
which includes Taxes, Duties and other identifiable direct expenses.
(ii) Depreciation has been provided on Straight Line Method based on
life assigned to each asset in accordance with Schedule II of the
Companies Act, 2013. Residual Value has been assigned to each asset in
accordance with Schedule II of the Companies Act, 2013.
(iii) Depreciation on additions to fixed assets is being provided on
pro- rata basis from the next month of acquisition and on assets sold,
discarded, demolished or scrapped, the same is being provided up to the
month in which the said asset is sold, discarded, demolished or
scrapped.(iv) The balance amount brought forward as Written Down Value
of Fixed assets whose remaining useful life as on 31st March, 2014 is
Nil, is transferred to Retained Earnings after setting aside the
residual value for those Fixed Assets.
(3) INVESTMENT :
(i) Unquoted Investments are valued at cost of acquisition.
(ii) Provision for dimunition in value of long term investment is made
only if such a decline is other than temporary.
( 4 ) INVENTORIES :
(i) Raw Materials, Packing Materials are valued at Landed Cost.
(ii) Stores, Spares and consumable are valued at Landed Cost.
(iii) Finished Products and Work in progress are valued on the
principle of direct cost or estimated net realisable value whichever is
lower.
(iv) Scrap generated on manufacturing of barrel are valued at
realizable value.
(5) USE OF ESTIMATES :
The preparation of Financial Statements require estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of Financial Statements and the reported amount
of revenues and expenses during the reported period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/materialized.
(6) REVENUE RECOGNITION :
(i) Sales are recognized when goods are supplied and are recorded net
of trade discounts and rebates.
(ii) Interest income on investments is booked on a time proportionate
basis taking into account the amounts invested and the rate of
interest.
(iii) Dividend income is recognised when the right to receive dividend
is established.
(7) RETIREMENT BENEFITS :
(i) Contributions to Provident Fund & Family Pension Scheme are
accounted on accrual basis and charged to Profit and Loss Account for
the year. (ii) The Company has adopted a policy to make payment of
accumulated leaves at the time of termination of its employees. Hence,
no provision on account of leave encashment is made in the books of
accounts.
(iii) The Company accounts for Gratuity on the basis of Management
estimates.
(8) TREATMENT OF CONTINGENT LIABILITIES :
Contingent Liabilities are determined on the basis of available
information and disclosed by way of Accounts.
ACCOUNTING FOR TAXES ON INCOME :
(9) Current tax is determined as the amount of tax payable in respect
of taxable income for the year.
Deferred tax is recognized, on timing difference, being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Where there is unabsorbed depreciation or carry forward losses,
deferred tax assets are recognized if there is virtual certainty that
sufficient future taxable income will be availbale against which such
assets can be realized. Other deferred tax assets are recognized only
to the extent there is reasonable certainty of realization in future.
Such assets are reviewed at each Balance sheet date to reassess
realization.
Deferred tax assets and liabilities are measured using the tax rates
and laws that have been enacted on the balance sheet date.
Mar 31, 2013
(1.1) BASIS FOR PREPARATION OF ACCOUNTS
Financial statement are prepared under the historical cost convention
and on accrual basis, in accordance with generally accepted accounting
principles and applicable accounting standards referred to in Section
211 (3C) and Provisions of the Companies Act,1956. The accounting
policies adopted in the preparation of financial statements are
consistent with those of previous year.
(1.2) ASSETS AND DEPRECIATIONS :
TANGIBLE ASSETS
(i) The. Gross Block of Fixed Assets is shown at the cost of
acquisition, which includes Taxes, Duties and other identifiable direct
expenses.
(ii) The Company provides depreciation on all its fixed assets on
Straight Line Method in accordance with the provisions of Sec. 205(2)
(b) of the Companies Act, 1956 in the manner and at the rates specified
in Schedule XIV of the Companies Act, 1956. (iii) Depreciation on
additions to fixed assets is being provided on pro- rata basis from the
next month of acquisition and on assets sold, discarded, demolished or
scrapped, the same is being provided up to the month in which the said
asset is sold, discarded, demolished or scrapped.
(1.3) INVESTMENT:
Unquoted Investments are valued at cost of acquisition. Provision for
diminution in value of long term investment is made only if such a
decline is other than temporary.
(1.4) INVENTORIES :
(i) Raw Materials, Packing Materials are valued at Landed Cost.
(ii) Stores, Spares and consumable are valued at Landed Cost.
(iii) Finished Products and Work in progress are valued on the
principle of direct cost or estimated net realisable value whichever is
lower.
(iv) Scrap generated on manufacturing of barrel are valued at
realizable value.
(1.5) USE OF ESTIMATES :
The preparation of Financial Statements require estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of Financial Statements and the reported amount
of revenues and expenses during the reported period. Difference between
the actual results and estimates are recognized in the period in which
the results are known/ materialized.
(1.6) REVENUE RECOGNITION:
(i) Sales are recognized when goods are supplied and are recorded net
of trade discounts and rebates.
(ii) Interest income on investments is booked on a time proportionate
basis taking into account the amounts invested and the rate of
interest.
(iii) Dividend income is recognised when the right to receive dividend
is established.
(1.7) RETIREMENT BENEFITS :
(i) Contributions to Provident Fund & Family Pension Scheme are
accounted on accrual basis and charged to Profit and Loss Account for
the year. (ii) In order to avoid accumulation of leave, the Company
has adopted a policy of permitting its employees to avail their leave
due in a year in a planned and phased manner. Hence, no liability on
account of leave encashment is provided in the books of accounts.
(iii) The Company has made provision for gratuity as per Payment of
Gratuity Act, 1972.
(1.8) TREATMENT OF CONTINGENT LIABILITIES :
Contingent Liabilities are determined on the basis of available
information and disclosed by way of Accounts.
(1.9) ACCOUNTING FOR TAXES ON INCOME :
Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
Deferred tax is recognized, on timing difference, being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Where there is unabsorbed depreciation or carry forward losses,
deferred tax assets are recognized if there is virtual certainty that
sufficient future taxable income will be available against which such
assets can be realized. Other deferred tax assets are recognized only
to the extent there is reasonable certainty of realization in future.
Such assets are reviewed at each Balance Sheet date to reassess
realization.
Deferred tax assets and liabilities are measured using the tax rates
and laws that have been enacted on the Balance Sheet date.
(i) In view of the loss during the year as well as carried forward
losses no provision for taxation is made.
(ii) In absence of Deferred Tax Liability no provision for the same is
required to be made. The Company has also not recognized the Deferred
Tax Assets as carried forward losses are significant and shall
recognize the Deferred Tax Assets in succeeding years when there is
certainty to have sufficient taxable income.
Mar 31, 2012
(1.1) BASIS FOR PREPARATION OF ACCOUNTS
Financial statement are prepared under the historical cost convention
and on accrual basis in accordance with generally accepted accounting
principles and applicable accounting standards referred to in Section
211 (3C) and Provisions of the Companies Act, 1956.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
(1.2) TANGIBLE ASSETS AND DEPRECIATIONS :
(i) The Gross Block of Fixed Assets is shown at the cost of
acquisition, which includes Taxes, Duties and other identifiable direct
expenses.
(ii) The Company provides depreciation on all its fixed assets on
Straight Line Method in accordance with the provisions of Sec. 205(2)
(b) of the Companies Act, 1956 in the manner and at the rates specified
in Schedule XIV of the Companies Act, 1956.
(iii) Depreciation on additions to fixed assets is being provided on
pro- rata basis from the next month of acquisition and on assets sold,
discarded, demolished or scrapped, the same is being provided up to the
month in which the said asset is sold, discarded, demolished or
scrapped.
(1.3) INVESTMENT :
Unquoted Investments are valued at cost of acquisition. Provision for
diminution in value of long term investment is made only if such a
decline is other than temporary.
(1.4) INVENTORIES :
(i) Raw Materials, Packing Materials are valued at Landed Cost.
(ii) Stores, Spares and consumable are valued at Landed Cost.
(ii) Finished Products and Work in progress are valued on the principle
of direct cost or market value whichever is lower.
(1.5) USE OF ESTIMATES :
The preparation of Financial Statements require estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of Financial Statements and the reported amount
of revenues and expenses during the reported period. Difference between
the actual results and estimates are recognized in the period which the
results are known/materialized.
(1.6) REVENUE RECOGNITION :
(i) Insurance, dividend, refunds and other claims are accounted on cash
basis in the year ofreceipt.
(ii) Sales are recognized when goods are supplied and are recorded net
of trade discounts and rebates.
(iii) Interest income on investments is booked on a timed proportionate
basis taking into account the amounts invested and the rate of
interest.
(1.7) RETIREMENT BENEFITS :
(i) Contributions to Provident Fund & Family Pension Scheme are
accounted on accrual basis and charged to Profit and Loss Account for
the year.
(ii) The Company has adopted a policy of permitting its employees to
avail their leave due in a year in a planned and phased manner so as to
avoid accumulation of leave therefore, liability on account of leave
encashment is not provided for the year as the employees are eligible
for leave salary of the year in the year of termination or retirement.
(iii) The Company has provided on an actuarial basis during the year
liability in respect of Gratuity payable to employees and the same is
charged to the Profit & Loss Account.
(1.8) RESEARCH AND DEVELOPMENT :
Revenue expenditure pertaining to Research and Development is charged
to revenue under the respective heads of account in the year in which
it is incurred. Capital expenditure, if any, on Research and
Development is shown as an addition to fixed assets.
(1.9) TREATMENT OF CONTINGENT LIABILITIES :
Contingent Liabilities are determined on the basis of available
information and disclosed by way of to the Accounts.
(1.10) ACCOUNTING FOR TAXES ON INCOME :
Current tax is determined as the amount of tax payable in respect of
texable income for the year.
Deferred tax is recognized, on timimng difference, being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Where there is unabsorbed depreciation or carry forward losses,
deferred tax assets are recognized if there is virtual certainty that
sufficient future taxable income will be availbale against which such
assets can be realized. Other deferred tax assets are recognized only
to the extent there is reasonable certainty of realization in future.
Such assets are reviewed at each Balance sheet date to reassess
realization.
Deferred tax assets and liabilities are measured using the tax rates
and laws that have been enacted or substantively enacted by the balance
sheet date.
(i) In view of the loss during the year as well as carried forward
losses no provision for taxation is made.
(ii) In absence of Deferred Tax Liability no provision for the same is
required to be made. The Company has not also recognized the Deferred
Tax Assets as carried forward losses are significant and shall
recognized the Deferred Tax Assets in succeeding years when there is
certainty to have sufficient taxable income.
Mar 31, 2011
1. System of Accounting:
(i) The Company generally follows the mercantile system of accounting
and recognizes significant items of income and expenditure on an
accrual basis.
(ii) The Financial Statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and provisions of the Companies Act, 1956 as adopted
consistently by the Company.
2. Use of Estimates
The preparation of Financial Statements require estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of Financial Statements and the reported amount
of revenues and expenses during the reported period. Difference between
the actual results and estimates are recognized in the period which the
results are known/materialized.
3. Fixed Assets and Depreciation:
(i) The Gross Block of Fixed Assets is shown at the cost of
acquisition, which includes Taxes, Duties and other identifiable direct
expenses.
(ii) The Company provides depreciation on all its fixed assets on
Straight Line Method in accordance with the provisions of Sec. 205(2)
(b) of the Companies Act, 1956 in the manner and at the rates specified
in Schedule XIV of the Companies Act, 1956.
(iii) Depreciation on additions to fixed assets is being provided on
pro- rata basis from the next month of acquisition and on assets sold,
discarded, demolished or scrapped, the same is being provided up to the
month in which the said asset is sold, discarded, demolished or
scrapped.
4. Investments:
Unquoted Investments are valued at cost of acquisition. Provision for
diminution in value of long term investment is made only if such a
decline is other than temporary.
5. Inventories:
(i) Finished Goods and Work-in-progress are valued on the principle of
direct cost or market value whichever is lower.
(ii) Raw and Packing Materials are valued at Landed Cost.
(iii) Stores, spares and consumables are valued at landed cost.
6. Sales and Income Recognition:
(i) Sales are recognized when goods are supplied and are recorded net
of trade discounts and rebates.
(ii) Insurance, dividend, refunds and other claims are accounted on
cash basis in the year of receipt.
(iii) Interest income on investments is booked on a timed proportionate
basis taking into account the amounts invested and the rate of
interest.
7. Employees Retirement Benefits:
(i) Contributions to Provident Fund & Family Pension Scheme are
accounted on accrual basis and charged to Profit and Loss Account for
the year.
(ii) The Company has adopted a policy of permitting its employees to
avail their leave due in a year in a planned and phased manner so as to
avoid accumulation of leave therefore, liability on account of leave
encashment is not provided for the year as the employees are eligible
for leave salary of the year in the year of termination or retirement.
(iii) The Company has provided on an actuarial basis during the year
liability in respect of Gratuity payable to employees and the same is
charged to the Profit & Loss Account.
8. Research and Development:
Revenue expenditure pertaining to Research and Development is charged
to revenue under the respective heads of account in the year in which
it is incurred. Capital expenditure, if any, on Research and
Development is shown as an addition to fixed assets.
9. Provision for Taxation:
(i) In view of the loss during the year as well as carried forward
losses no provision for taxation is made.
(ii) In absence of Deferred Tax Liability no provision for the same is
required to be made. The Company has not also recognized the Deferred
Tax Assets as carried forward losses are significant and shall
recognize the Deferred Tax Assets in succeeding years when there is
certainty to have sufficient taxable income.
10. Treatment of Contingent Liabilities:
Contingent Liabilities are determined on the basis of available
information and disclosed by way of to the Accounts.
Mar 31, 2010
1. System of Accounting:
(i) The Financial Statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and provisions of the Companies Act, 1956 as adopted
consistently by the Company.
(ii) The Company follows the mercantile system of accounting and
recognizes significant items of income and expenditure on an accrual
basis.
2. Use of Estimates:
The preparation of Financial Statements require estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of Financial Statements and the reported amount
of revenues and expenses during the reported period. Difference between
the actual results and estimates are recognized in the period which the
results are known/materialized.
3. Fixed Assets and Depreciation / Amortization:
(i) The Gross Block of Fixed Assets is shown at the cost of
acquisition, which includes Taxes, Duties and other identifiable direct
expenses.
(ii) The Company provides depreciation on all its fixed assets on
Straight Line Method in accordance with the provisions of Sec. 205(2)
(b) of the Companies Act, 1956 in the manner and at the rates specified in
Schedule XIV of the Companies Act, 1956.
(iii) Depreciation or additions to fixed assets is being provided on
pro- rata basis from the next month of acquisition and on assets sold,
discarded, demolished, or scraped, the same is being provided up to the
month in which the said asset is sold, discarded, demolished, or
scrapped.
4. Inventories:
Inventory is valued at cost or net realizable value, whichever is
lower. Cost of inventories comprises of all cost of purchase, cost of
conversion, and other costs incurred in bringing them to their
respective present location and condition.
(i) Raw materials, Packing materials, Fuel and stores and spares are
valued on First In First Out method. (ii) Finished goods and
Semi-Finished goods valuation includes material cost and relevant
overhead.
5. 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 value of long term investments is made only
if such a decline is other than temporary.
6. Foreign Currency Transaction:
(i) Transaction denominated in foreign currencies is normally recorded
at the exchange rate prevailing at the time of transaction.
(ii) Monetary items denominated in foreign currencies at the year end
are restated at year end rates. (iii) Any income or expense on account
of exchange difference either on settlement or on restatement is
recognized in the Profit and Loss Account.
7. Sales and Income Recognition:
(i) Sales are recognized when goods are supplied and are recorded net
of trade discounts and rebates. (ii) Insurance, dividend, refunds and
other claims are accounted on cash basis in the year of receipt. (iii)
Interest income on investments is booked on a timed proportionate basis
taking into account the amounts invested and the rate of interest.
8. Employees Retirement Benefits:
(i) Contributions to Provident Fund & Family Pension Scheme are
accounted on accrual basis and charged to Profit and Loss Account for
the year.
(ii) The Company has adopted a policy of permitting its employees to
avail their leave due in a year in a planned and phased manner so as
to avoid accumulation of leave therefore, liability on account of leave
encashment is not provided for the year as the employees are eligible
for leave salary of the year in the year of termination or retirement.
(iii) The Company has provided on an actuarial basis during the year
liability in respect of Gratuity payable to employees and the same is
charged to the Profit & Loss Account.
9. Research and Development:
Revenue expenditure pertaining to Research and Development is charged
to revenue under the respective heads of account in the year in which
it is incurred. Capital expenditure, if any, on Research and
Development is shown as an addition to fixed assets.
10. Impairment of Assets:
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed/adjusted if there has been a change in the estimate of
recoverable amount
11. Provision for Taxation:
(i) In view of the carried forward losses no provision for taxation is
made.
(ii) In absence of Deferred Tax Liability no provision for the same is
required to be made. The Company has not also recognized the Deferred
Tax Assets as carried forward losses are significant and sKall
recognized the Deferred Tax Assets in succeeding years when there is
certainty to have sufficient taxable income. 12. Contingent
Liabilities:
Contingent Liabilities are determined on the basis of available
information and disclosed by way of Notes to the Accounts.