Mar 31, 2019
1. SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
The Financial statements are prepared on accrual basis under the historical cost convention (except where impairment is made and revaluation is carried out) on the basis of going concern and in accordance with the provisions of the Companies Act, 2013 (âthe Actâ) and Accounting standards specified under section 133 of âthe Actâ read with Rule 7 of the Companies (Accounts) Rules, 2014 and accounting principles generally accepted in India. Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.
Use of Estimates
In preparing the Financial statements in conformity with accounting principles generally accepted in India, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of Financial statements and the amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the period the same is determined.
Property, Plant & Equipment
Tangible Assets other than leasehold building and those, which have been revalued, are stated at cost net of impairment loss, if any, less depreciation/amortisation. Cost represents expenses relating to acquisition, installation of Assets and other directly attributable costs incurred till the date assets are put to use. Capital work-in-progress includes expenses relating to construction of Building, not ready for its intended use as on the close of the reported period.
Impairment of Assets
Impairment is ascertained at each Balance sheet date in respect of the Companyâs fixed assets. An impairment loss is recognised whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount.
Depreciation / Amortisation
(i) The Company has provided Depreciation on straight Line Method as per the requirement of schedule II of the Companies Act, 2013.
(ii) Depreciation on incremental value of fixed assets due to revaluation is provided on straight-line basis with respect to technically evaluated, remaining useful life of the assets.
(iii) Leasehold Building is being amortised over the lease period. Investments
Non Current Investments are stated at cost less provision for diminution in value other than temporary, if any. Current investments are valued at cost or market price or realisable value whichever is lower. Dividend is accounted for as and when the right to receive the same is established.
Dividend Payment
Dividends payable to the Companyâs shareholders are recognised in the period in which they are approved by the Companyâs shareholders.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities are translated at exchange rates prevailing at the year end. The loss or gain thereon and also on the exchange differences on settlement of the foreign currency transaction during the year are recognised in the statement of profit and Loss.
Revenue Recognition
Sales are recognised on passing of the ownership of goods as per the terms of sales.Claims, commission and service charges to the extent considered realisable have been accounted for on ascertainment of amounts thereof. Interest is accrued and recognised on time proportion basis and determined by contractual rate of interest. Dividend is accounted for as and when the right to receive the same is established.
Employee Benefits
Short term employee benefits is recognized as expense in the statement of profit and Loss of the year in which related service is rendered. post employment and other long term employee benefits are provided in the accounts in the following manner :
i) Gratuity (Defined Benefit plan) : The Company has a Gratuity Fund administered by the Trustees, which is independent of the Companyâs finance. The liability in respect of Gratuity has been determined by actuarial valuation following projected Unit Credit Method.
ii) Leave Encashment : According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.
iii) provident Fund (Defined Contribution scheme) : Accounted for on accrual basis based on the monthly contribution made to the appropriate authorities.
Taxes on Income
Income tax is accounted for in accordance with Accounting standard (As-22) - âAccounting for Taxes on Incomeâ. Current Tax is calculated on the taxable income using prevailing tax rate and applicable tax laws.
Deferred tax is provided and recognised on timing differences between taxable income and accounting income subject to prudential consideration.
Deferred tax assets on unabsorbed depreciation and carry forward losses are not recognized unless there is a virtual certainty about availability of future taxable income to realise such assets.
Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when there is a present legal or statutory obligation as a result of past events and where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities are recognised only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.
Contingent Assets are not recognized in the Financial statements.
Mar 31, 2018
Notes to the Balance Sheet and Statement of Profit & Loss
1. SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
The Financial statements are prepared on accrual basis under the historical cost convention (except where impairment is made and revaluation is carried out) on the basis of going concern and in accordance with the provisions of the Companies Act, 2013 (''the Act'') and Accounting standards specified under section 133 of ''the Act'' read with Rule 7 of the Companies (Accounts) Rules, 2014 and accounting principles generally accepted in India. Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.
Use of Estimates
In preparing the Financial statements in conformity with accounting principles generally accepted in India, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of Financial statements and the amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognized in the period the same is determined.
Property, Plant & Equipment
Tangible Assets other than leasehold building and those, which have been revalued, are stated at cost net of impairment loss, if any, less depreciation/amortization. Cost represents expenses relating to acquisition, installation of Assets and other directly attributable costs incurred till the date assets are put to use.
Capital work-in-progress includes expenses relating to construction of Building, not ready for its intended use as on the close of the reported period.
Impairment of Assets
Impairment is ascertained at each Balance sheet date in respect of the Company''s fixed assets. An impairment loss is recognized whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. Depreciation / Amortization
(i) The Company has provided Depreciation on straight Line Method as per the requirement of schedule II of the Companies Act, 2013.
(ii) Depreciation on incremental value of fixed assets due to revaluation is provided on straight-line basis with respect to technically evaluated, remaining useful life of the assets.
(iii) Leasehold Building is being amortized over the lease period.
Investments
Non-Current Investments are stated at cost less provision for diminution in value other than temporary, if any. Current investments are valued at cost or market price or realizable value whichever is lower. Dividend is accounted for as and when the right to receive the same is established.
Dividend Payment
Dividends payable to the Company''s shareholders are recognized in the period in which they are approved by the Company''s shareholders.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities are translated at exchange rates prevailing at the year end. The loss or gain thereon and also on the exchange differences on settlement of the foreign currency transaction during the year are recognized in the statement of Profit and Loss. Revenue Recognition sales are recognized on passing of the ownership of goods as per the terms of sales. Claims, commission and service charges to the extent considered realizable have been accounted for on ascertainment of amounts thereof. Interest is accrued and recognized on time proportion basis and determined by contractual rate of interest. Dividend is accounted for as and when the right to receive the same is established.
Employee Benefits
short term employee benefits is recognized as expense in the statement of Profit and Loss of the year in which related service is rendered. Post-employment and other long term employee benefits are provided in the accounts in the following manner :
i) Gratuity (Defined Benefit Plan) : The Company has a Gratuity Fund administered by the Trustees, which is independent of the Company''s finance. The liability in respect of Gratuity has been determined by actuarial valuation following Projected Unit Credit Method.
ii) Leave Encashment : According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.
iii) Provident Fund (Defined Contribution scheme) : Accounted for on accrual basis based on the monthly contribution made to the appropriate authorities.
Taxes on Income
Income tax is accounted for in accordance with Accounting standard (As-22) - "Accounting for Taxes on Income". Current Tax is calculated on the taxable income using prevailing tax rate and applicable tax laws.
Deferred tax is provided and recognized on timing differences between taxable income and accounting income subject to prudential consideration.
Deferred tax assets on unabsorbed depreciation and carry forward losses are not recognized unless there is a virtual certainty about availability of future taxable income to realise such assets.
Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present legal or statutory obligation as a result of past events and where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.
Contingent Assets are not recognized in the Financial statements.
2.1.1. There has been no change / movement in the number of outstanding shares as at the beginning and at the end of our reporting period.
2.1.2 The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by Equity Shareholders.
2.1.3 EQUITY SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% EQUITY SHARES
Notes to the Balance Sheet and Statement of Profit and Loss (Contd.)
Mar 31, 2017
Basis of preparation of financial statements
The Financial Statements are prepared on accrual basis under the historical cost convention (except where impairment is made and revaluation is carried out) on the basis of going concern and in accordance with the provisions of the Companies Act, 2013 (''the Act'') and Accounting Standards specified under section 133 of ''the Act'' read with Rule 7 of the Companies (Accounts) Rules, 2014 and accounting principles generally accepted in India. Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.
Use of Estimates
in preparing the Financial Statements in conformity with accounting principles generally accepted in India, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of Financial Statements and the amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognized in the period the same is determined.
Property, Plant & Equipment
Tangible Assets other than leasehold building and those, which have been revalued, are stated at cost net of impairment loss, if any, less depreciation/amortization. Cost represents expenses relating to acquisition, installation of Assets and other directly attributable costs incurred till the date assets are put to use.
Capital work-in-progress includes expenses relating to construction of Building, not ready for its intended use as on the close of the reported period.
Impairment of Assets
impairment is ascertained at each Balance Sheet date in respect of the Company''s fixed assets. An impairment loss is recognized whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. Depreciation / Amortization
(i) The Company has provided Depreciation on Straight Line Method as per the requirement of Schedule ii of the Companies Act, 2013.
(ii) Depreciation on incremental value of fixed assets due to revaluation is provided on straight-line basis with respect to technically evaluated, remaining useful life of the assets.
(iii) Leasehold Building is being amortized over the lease period.
Investments
Non Current investments are stated at cost less provision for diminution in value other than temporary, if any. Current investments are valued at cost or market price or realizable value whichever is lower. Dividend is accounted for as and when the right to receive the same is established.
Dividend
Dividends payable to the Company''s shareholders are recognized in the period in which they are approved by the Company''s shareholders.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities are translated at exchange rates prevailing at the year end. The loss or gain thereon and also on the exchange differences on settlement of the foreign currency transaction during the year are recognized in the Statement of profit and Loss. Revenue Recognition
Sales are recognized on passing of the ownership of goods as per the terms of sales. Claims, commission and service charges to the extent considered realizable have been accounted for on ascertainment of amounts thereof. interest is accrued and recognized on time proportion basis and determined by contractual rate of interest. Dividend is accounted for as and when the right to receive the same is established.
Employee Benefits
Short term employee benefits is recognized as expense in the Statement of profit and Loss of the year in which related service is rendered. post employment and other long term employee benefits are provided in the accounts in the following manner:
i) Gratuity (Defined Benefit plan) : The Company has a Gratuity Fund administered by the Trustees, which is independent of the Company''s finance. The liability in respect of Gratuity has been determined by actuarial valuation following projected Unit Credit Method.
ii) Leave Encashment : According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.
iii) provident Fund (Defined Contribution Scheme) : Accounted for on accrual basis based on the monthly contribution made to the appropriate authorities.
Taxes on Income
income tax is accounted for in accordance with Accounting Standard (AS-22) - "Accounting for Taxes on income". Current Tax is calculated on the taxable income using prevailing tax rate and applicable tax laws.
Deferred tax is provided and recognized on timing differences between taxable income and accounting income subject to prudential consideration.
Deferred tax assets on unabsorbed depreciation and carry forward losses are not recognized unless there is a virtual certainty about availability of future taxable income to realize such assets.
provisions, Contingent Liabilities and Contingent Assets provisions are recognized when there is a present legal or statutory obligation as a result of past events and where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.
Contingent Assets are not recognized in the Financial Statements.
Mar 31, 2016
Notes to the Balance Sheet and Statement of Profit & Loss
1. SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
The Financial Statements are prepared on accrual basis under the historical cost convention (except where impairment is made and revaluation is carried out) on the basis of going concern and in accordance with the provisions of the Companies Act, 2013 (''the Act'') and Accounting Standards specified under section 133 of''the Act'' read with Rule 7 of the Companies (Accounts) Rules, 2014 and accounting principles generally accepted in India. Accounting policies unless specifically stated to be otherwise, are consistent and are in consonance with generally accepted accounting principles.
Use of Estimates
In preparing the Financial Statements in conformity with accounting principles generally accepted in India, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of Financial Statements and the amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognized in the period the same is determined.
Fixed Assets
Tangible Fixed Assets other than leasehold building and those, which have been revalued, are stated at cost net of impairment loss, if any, less depreciation/amortization. Cost represents expenses relating to acquisition and installation of Fixed Assets are capitalized till the assets are put to use. Capital work-in-progress includes expenses relating to construction of Building, not ready for its intended use as on the close of the reported period.
Impairment of Assets
Impairment is ascertained at each Balance Sheet date in respect of the Companyâs fixed assets. An impairment loss is recognized whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. Depreciation / Amortization
(i) The Company has provided Depreciation on Straight Line Method as per the requirement of Schedule II of the Companies Act, 2013.
(ii) Depreciation on incremental value of fixed assets due to revaluation is provided on straight-line basis with respect to technically evaluated, remaining useful life of the assets.
(iii) Leasehold Building is being amortized over the lease period.
Investments
Long Term Investments are stated at cost less provision for diminution in value other than temporary, if any. Current investments are valued at cost or market price or realizable value whichever is lower. Dividend is accounted for as and when the right to receive the same is established.
Foreign Currency Transaction Transactions in foreign currencies are accounted for at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities are translated at
exchange rates prevailing at the year end. The loss or gain thereon and also on the exchange differences on settlement of the foreign currency transaction during the year are recognized in the Statement of Profit and Loss.
Revenue Recognition
Sales are recognized on passing of the property in goods as per the terms of sales. Claims, commission and service charges to the extent considered realizable have been accounted for on ascertainment of amounts thereof. Interest is accrued and recognized on time basis and determined by contractual rate of interest.
Employee Benefits
Short term employee benefits is recognized as expense in the Statement of Profit and Loss of the year in which related service is rendered. Post employment and other long term employee benefits are provided in the accounts in the following manner:
i) Gratuity (Defined Benefit Plan): The Company has a Gratuity Fund administered by the Trustees, which is independent of the Company''s finance. The liability in respect of Gratuity has been determined by actuarial valuation following Projected Unit Credit Method.
ii) Leave Encashment : According to the prevailing practice of the Company, the employees are allowed to enjoy the leave within the year. No encashment of leave is allowed.
iii) Provident Fund (Defined Contribution Scheme) : Accounted for on accrual basis based on the monthly contribution made to the appropriate authorities.
Proposed Dividend
Dividend recommended by the Board of Directors is provided for in the accounts, pending shareholders âapproval. Taxes on Income
Income tax is accounted for in accordance with Accounting Standard (AS-22) - âAccounting for Taxes on Income". Deferred tax is provided and recognized on timing differences between taxable income and accounting income subject to prudential consideration.
Deferred tax assets on unabsorbed depreciation and carry forward losses are not recognized unless there is a virtual certainty about availability of future taxable income to realise such assets.
Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when there is a present legal or statutory obligation as a result of past events and where it is probable that there willbe outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for. Contingent Assets are not recognized in the Financial Statements.
2.1.1. There has been no change / movement in the number of outstanding shares as at the beginning and at the end of our reporting period.
2.1.2 The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. The Company may declare and pay dividends. The dividend ,if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by Equity Shareholders.
2.1.3 Equity shares in the Company held by each shareholder holding more than 5% Equity Shares.
Mar 31, 2015
Basis of preparation of financial statements
The Financial Statements are prepared on accrual basis under the
historical cost convention (except where impairment is made and
revaluation is carried out) on the basis of going concern and in
accordance with the provisions of the Companies Act, 2013 (''the Act'')
and Accounting standards specified under section 133 of ''the Act'' read
with Rule 7 of the Companies (Accounts) Rules, 2014 and accounting
principles generally accepted in India. Accounting policies unless
specifically stated to be otherwise, are consistent and are in
consonance with generally accepted accounting principles.
Use of Estimates
In preparing the Financial Statements in conformity with accounting
principles generally accepted in India, Management is required to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent liabilities as at the
date of Financial statements and the amounts of revenue and expenses
during the reported period. Actual results could differ from those
estimates. Any revision to such estimates is recognised in the period
the same is determined.
fixed Assets
Tangible Fixed Assets other than leasehold building and those, which
have been revalued, are stated at cost net of impairment loss, if any,
less depreciation/amortisation. Cost represents expenses relating to
acquisition and installation of Fixed Assets are capitalised till the
assets are put to use.
Capital work-in-progress includes expenses relating to construction of
Building, not ready for its intended use.
Impairment of Assets
Impairment is ascertained at each Balance Sheet date in respect of the
Company''s fixed assets. An impairment loss is recognised whenever the
carrying amount of an asset or cash generating unit exceeds its
recoverable amount.
Depreciation
(i) Effective from April 1,2014, the Company has charged Depreciation
based on the revised remaining useful life of the assets as per the
requirement of Schedule II of the Companies Act, 2013.
(ii) Depreciation on incremental value of fixed assets due to
revaluation is provided on straight-line basis with respect to
technically evaluated, remaining useful life of the assets.
Investments
Long Term Investments are stated at cost less provision for diminution
in value other than temporary, if any. Current investments are valued
at cost or market price or realisable value whichever is lower.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency
assets and liabilities are translated at exchange rates prevailing at
the year end. The loss or gain thereon and also on the exchange
differences on settlement of the foreign currency transaction during
the year are recognised in the Statement of Profit and Loss.
Revenue Recognition
Sales are recognised on passing of the property in goods as per the
terms of sales. Claims, commission and service charges to the extent
considered realisable have been accounted for on ascertainment of
amounts thereof. Interest is accrued and recognised on time basis and
determined by contractual rate of interest.
Employee Benefits
Short term employee benefits is recognized as expense in the Statement
of Profit and Loss of the year in which related service is rendered.
post employment and other long term employee benefits are provided in
the accounts in the following manner :
i) Gratuity (Defined Benefit Plan) : The Company has a Gratuity Fund
administered by the Trustees, which is independent of the Company''s
finance. The liability in respect of Gratuity has been determined by
actuarial valuation following Projected Unit Credit Method.
ii) Leave Encashment : According to the prevailing practice of the
Company, the employees are allowed to enjoy the leave within the year.
No encashment of leave is allowed.
iii) Provident Fund (Defined Contribution Scheme) : Accounted for on
accrual basis based on the monthly contribution made to the appropriate
authorities.
Proposed Dividend
Dividend recommended by the Board of Directors is provided for in the
accounts, pending shareholders'' approval.
Taxes on income
Income tax is accounted for in accordance with Accounting Standard
(AS-22) - "Accounting for Taxes on income". Deferred tax is provided
and recognised on timing differences between taxable income and
accounting income subject to prudential consideration.
Deferred tax assets on unabsorbed depreciation and carry forward losses
are not recognized unless there is a virtual certainty about
availability of future taxable income to realise such assets.
Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when there is a present legal or statutory
obligation as a result of past events and where it is probable that
there will be outflow of resources to settle the obligation and when a
reliable estimate of the amount of the obligation can be made.
Contingent Liabilities are recognised only when there is a possible
obligation arising from past events due to occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of
the Company or where any present obligation cannot be measured in terms
of future outflow of resources or where a reliable estimate of the
obligation cannot be made. Obligations are assessed on an ongoing basis
and only those having a largely probable outflow of resources are
provided for.
Contingent Assets are not recognized in the Financial Statements.
Mar 31, 2013
Basis of preparation of financial statements
The accounts have been prepared under the historical cost convention in
accordance with the provisions of the Companies Act, 1956 and mandatory
accounting standards notified by the Companies (Accounting Standards)
Rules 2006. Accounting policies unless specifically stated to be
otherwise, are consistent and are in consonance with generally accepted
accounting principles.
Use of Estimates
The preparation of financial statements require management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the Balance Sheet date and the reported amounts of income
and expenses during the year.
Difference between the actual results and the estimates are recognized
in the year in which the results are known/materialized.
Fixed Assets
Fixed Assets other than those, which have been revalued, are stated at
cost. Expenses relating to acquisition and installation of Fixed Assets
are capitalised till the assets are put to use.
Capital-work-in-progress includes expenses relating to construction of
Building.
Impairment
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognized,
whenever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of assets net selling price or its
value in use. In assessing the value in use, the estimated future cash
flows from the use of assets are discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss either no longer exists
or has decreased. Impairment loss/reversal thereof is adjusted to the
carrying value of the respective assets, which in case of CGU, are
allocated to its assets on a prorata basis.
Depreciation
(i) Depreciation on original cost of fixed assets acquired/installed
upto 15th December, 1993 has been provided on straight line method at
the rates prevailing at the time of acquisition /installation and on
assets acquired after the aforesaid date at the rates specified in
schedule XIV to Companies Act, 1956.
(ii) Depreciation on incremental value of fixed assets due to
revaluation is provided on straight-line basis with respect to
technically evaluated, remaining useful life of the assets.
Investments
Long Term Investments are stated at cost less provision for diminution
in value other than temporary, if any. Current investments are valued
at cost or realisable value whichever is lower.
Inventories
Inventories are valued at lower of the cost or net realisable value.
Cost of inventories is generally determined on ''First in First out
''basis.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency assets
and liabilities are translated at exchange rates prevailing at the year
end. The loss or gain thereon and also on the exchange differences on
settlement of the foreign currency transaction during the year are
recognized in the profit and loss account.
Income
Sales are recognised on passing of the property in goods as per the
terms of sales.
Claims, commission and service charges to the extent considered
realisable have been accounted for on ascertainment of amounts thereof.
Interest income is recognized on time proportion method.
Employee Benefits
Employee benefits viz. Provident, Superannuation and Pension Funds,
Leave Encashment are accounted for on accrual basis. The year-end
liability in respect of gratuity is determined on the basis of
actuarial valuation. Contribution to Provident, Superannuation,
Pension and Gratuity Funds are made to the appropriate authorities.
Liability for leave encashment is accounted for on accrual basis as per
Management''s estimate and not on actuarial valuation basis.
Income Tax
Provision for tax is made for both current and deferred tax. Current
Tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing difference which are capable of reversal in subsequent periods
are recognised using tax rates and tax laws which have been enacted.
Deferred Tax Assets are recognized and carried forward only to the
extent there is virtual certainty that assets will be realised in
future.
Provisions, Contingencies and Contingent Assets
Provisions are recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation.
Contingent liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Contingent Assets are neither recognized nor disclosed in the financial
statement. Contingent liabilities are not provided for and are
disclosed by way of notes.
Mar 31, 2012
Basis of preparation of financial statements
The accounts have been prepared under the historical cost convention in
accordance with the provisions of the Companies Act, 1956 and mandatory
accounting standards notified by the Companies (Accounting Standards)
Rules 2006. Accounting policies unless specifically stated to be
otherwise, are consistent and are in consonance with generally accepted
accounting principles.
Use of Estimates
The preparation of financial statements require management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the Balance Sheet date and the reported amounts of income
and expenses during the year.
Difference between the actual results and the estimates are recognized
in the year in which the results are known/materialized.
Fixed Assets
Fixed Assets other than those, which have been revalued, are stated at
cost. Expenses relating to acquisition and installation of Fixed Assets
are capitalised till the assets are put to use.
Capital-work-in-progress includes expenses relating to construction of
Building.
Impairment
Fixed Assets are reviewed at each Balance Sheet date* for impairment.
In case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognized,
whenever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of assets net selling price or its
value in use. In assessing the value in use, the estimated future cash
flows from the use of assets are discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss either no longer exists
or has decreased. Impairment loss/reversal thereof is adjusted to the
carrying value of the respective assets, which in case of CGU, are
allocated to its assets on a prorata basis.
Depreciation
(i) Depreciation on original cost of fixed assets acquired/installed
upto 15th December, 1993 has been provided on straight line method at
the rates prevailing at the time of acquisition /installation and on
assets acquired after the aforesaid date at the rates specified in
schedule XIV to Companies Act, 1956.
00 Depreciation on incremental value of fixed assets due to revaluation
is provided on straight-line basis with respect to technically
evaluated, remaining useful life of the assets.
Investments
Long Term Investments are stated at cost less provision for diminution
in value other than temporary, if any.
Current investments are valued at cost or realisable value whichever is
lower.
Inventories
Inventories are valued at lower of the cost or net realisable value.
Cost of inventories is generally determined on "First in First out
'basis.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency assets
and liabilities are translated at exchange rates prevailing at the year
end. The loss or gain thereon and also on the exchange differences on
settlement of the foreign currency transaction during the year are
recognized in the profit and loss account.
Income
Sales are recognised on passing of the property in goods as per the
terms of sales. Claims, commission and service charges to the extent
considered realisable have been accounted for on ascertatnwsnant of
amounts thereof. Interest income is recognized on time proportion
method.
Retirement Benefits
Retirement benefits to employees viz. Provident, Superannuation and
Pension Funds, Leave Encashment are accounted for on accrual basis. The
year-end liability in respect of gratuity is determined on the basis of
actuarial valuation. Contribution to Provident, Superannuation, Pension
and Gratuity Funds are made to the appropriate authorities. Liability
for leave encashment is accounted for on accrual basis as per
Management's estimate.
Income Tax
Provision for tax is made for both current and deferred tax. Current
Tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing difference which are capable of reversal in subsequent periods
are recognised using tax rates and tax laws which have been enacted.
Deferred Tax Assets are recognized and carried forward only to the
extent there is virtual certainty that assets will be realised in
future.
Provisions, Contingencies and Contingent Assets
Provisions are recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent liabilities are disclosed when
the Company has a possible obligation or a present obligation and it is
probable that a cash outflow will not be required to settle the
obligation.
Contingent Assets are neither recognized nor disclosed in the financial
statement. Contingent liabilities are not provided for and are
disclosed by way of notes,
Mar 31, 2011
Basis of preparation of financial statements
The accounts have been prepared under the historical cost convention in
accordance with the provisions of the Companies Act, 1956 and mandatory
accounting standards notified by the Companies (Accounting Standards)
Rules 2006. Accounting policies unless specifically stated to be
otherwise, are consistent and are in consonance with generally accepted
accounting principles.
Use of Estimates
The preparation of financial statements require management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the Balance Sheet date and the reported amounts of income
and expenses during the year. Contingencies are recorded when it is
probable that a liability will be incurred and the amounts can be
reasonably estimated. Difference between the actual results and the
estimates are recognized in the year in which the results are
known/materialized.
Fixed Assets
Fixed Assets other than those, which have been revalued, are stated at
cost. Expenses relating to acquisition and installation of Fixed Assets
are capitalised till the assets are put to use.
Capital-work-in-progress includes expenses relating to construction of
Building.
Impairment
Fixed Assets are reviewed at each Balance Sheet date for impairment, In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognized,
whenever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount, The
recoverable amount is the greater of assets net selling price or its
value in use. In assessing the value in use, the estimated future cash
flows from the use of assets are discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss either no longer exists
or has decreased. Impairment loss/reversal thereof is adjusted to the
carrying value of the respective assets, which in case of CGU, are
allocated to its assets on a prorata basis.
Depreciation
(i) Depreciation on original cost of fixed assets acquired/installed
upto 15th December, 1993 has been provided on straight line method at
the rates prevailing at the time of acquisition /installation and on
assets acquired after the aforesaid date at the rates specified in
schedule XIV to Companies Act, 1956.
(ii) Depreciation on incremental value of fixed assets due to
revaluation is provided on straight-line basis with respect to
technically evaluated, remaining useful life of the assets.
Investments
Long Term Investments are stated at cost less provision for diminution
in value other than temporary, if any.
Current investments are valued at cost or realisable value whichever is
lower.
Inventories
Inventories are valued at lower of the cost or net realisable value.
Cost of inventories is generally determined on First in First out
basis.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency assets
and liabilities are translated at exchange rates prevailing at the year
end. The loss or gain thereon and also on the exchange differences on
settlement of the foreign currency transaction during the year are
recognized in the profit and loss account, except in the cases of fixed
assets acquired from a country outside India, in which case, these are
adjusted to the cost of respective fixed assets
Income
Sales are recognised on passing of the property in goods as per the
terms of sales. Claims, commission and service charges to the extent
considered realisable have been accounted for on ascertainment of
amounts thereof. Interest income is recognized on time proportion
method.
Retirement Benefits
Retirement benefits to employees viz. Provident, Superannuation and
Pension Funds, Leave Encashment are accounted for on accrual basis. The
year-end liability in respect of gratuity is determined on the basis of
actuarial valuation. Contribution to Provident, Superannuation, Pension
and Gratuity Funds are made to the appropriate authorities. Liability
for leave encashment is accounted for on accrual basis as per
Managements estimate.
Income Tax
Provision for tax is made for both current and deferred tax. Current
Tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing difference which are capable of reversal in subsequent periods
are recognised using tax rates and tax laws which have been enacted.
Deferred Tax Assets are recognized and carried forward only to the
extent there is virtual certainty that assets will be realised in
future.
Provisions, Contingencies and Contingent Assets
Provisions are recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent liabilities are disclosed when
the Company has a possible obligation or a present obligation and it is
probable that a cash outflow will not be required to settle the
obligation.
Contingent Assets are neither recognized nor disclosed in the financial
statement. Contingent liabilities are not provided for and are
disclosed by way of notes.
Mar 31, 2010
Basis of preparation of financial statements
The accounts have been prepared under the historical cost convention in
accordance with the provisions of the Companies Act, 1956 and mandatory
accounting standards issued by the Institute of Chartered Accountants
of India. Accounting policies unless specifically stated to be
otherwise, are consistent and are in consonance with generally accepted
accounting principles.
Use of Estimates
The preparation of financial statements require management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosures relating to contingent liabilities and
assets as at the Balance Sheet date and the reported amounts of Income
and expenses during the year,
Contingencies are recorded when it is probable that a liability will be
incurred and the amounts can be reasonably estimated. Difference
between the actual results and the estimates are recognized in the year
in which the results are known/materialized.
Fixed Assets
Fixed Assets other than those, which have been revalued, are stated at
cost. Expenses relating to acquisilion and installation of Fixed Assets
are capitalised till the assets are put to use.
Capital-work-in-progress includes expenses relating to construction of
Building.
Impairment
Fixed Assets are reviewed at each Balance Sheet date for impairment. In
case events and circumstances indicate any impairment, recoverable
amount of fixed assets is determined. An impairment loss is recognized,
whenever the carrying amounts of assets either belonging to Cash
Generating Unit (CGU) or otherwise exceeds recoverable amount. The
recoverable amount is the greater of assets net selling price or its
value in use. In assessing the value in use, the estimated future cash
flows from the use of assets are discounted to their present value at
appropriate rate. An impairment loss is reversed if there has been
change in the recoverable amount and such loss either no longer exists
or has decreased, Impairment loss/reversal thereof is adjusted to the
carrying value of the respective assets, which in case of CGU, are
allocated to its assets on a prorata basis.
Depreciation
(i) Depreciation on original cost of fixed assets acquired/installed
upto 15th December, 1993 has been provided on straight line method at
the rates prevailing at the time of acquisition /installation and on
assets acquired after the aforesaid date at the rates specified in
schedule XIV to Companies Act, 1956
(ii) Depreciation on incremental value of fixed assets due to
revaluation is provided on straight-line basis with respect to
technically evaluated, remaining useful life of the assets.
Investments
Long Term Investments are stated at cost less provision for diminution
in value other than temporary, if any Current investments are valued at
cost or realisable value whichever is lower.
Inventories
Inventories are valued at lower of the cost or net realisable value.
Cost of inventories is generally determined on "First in First out"
basis.
Foreign Currency Transaction
Transactions in foreign currencies are accounted for at the exchange
rate prevailing on the date of the transaction. Foreign currency assets
and liabilities are translated at exchange rates prevailing at the year
end. The loss or gain thereon and also on the exchange differences on
settlement of the foreign currency transaction during the year are
recognized in the profit and loss account, except in the cases of fixed
assets acquired from a country outside India, in which case, these are
adjusted to the cost of respective fixed assets.
Income
Sales are recognised on passing of the property in goods as per the
terms of sales. Claims, commission and service charges to the extent
considered realisable have been accounted for on ascertainment of
amounts thereof. Interest income is recognized on time proportion
method.
Retirement Benefits
Retirement benefits to employees viz. Provident, Superannuation and
Pension Funds, Leave Encashment are accounted for on accrual basis. The
year-end liability in respect of gratuity is determined on the basis of
actuarial valuation. Contribution to Provident, Superannuation, Pension
and Gratuity Funds are made to the appropriate authorities. Liability
for leave encashment is accounted for on accrual basis as per
Managements estimate.
Income Tax
Provision for tax is made for both current and deferred tax. Current
Tax is provided on the taxable income using the applicable tax rates
and tax laws. Deferred tax assets and liabilities arising on account of
timing difference which are capable of reversal in subsequent periods
are recognised using tax rates and tax law:. which have been enacted.
Deferred Tax Assets are recognized and carried forward only to the
extent there is virtual certainty that assets will be realised in
future.
Provisions, Contingencies and Contingent Assets
Provisions are recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent liabilities are disclosed when
the Company has a possible obligation or a present obligation and it is
probable that a cash outflow will not be required to settle the
obligation.
Contingent Assets are neither recognized nor disclosed in the financial
statement. Contingent liabilities are not provided for and are
disclosed by way of notes.
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