Mar 31, 2015
A) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention and are in accordance with the applicable accounting
standards and accordingly accrual basis of accounting is followed for
recognition of income and expenses except where otherwise stated and
where the exact quantum is not ascertainable. Expenditure on issue of
share capital, if any, is accounted when actually incurred.
b) Revenue Recognition
(i) Sales and Job Work are recognized at the time of invoicing thereof
upon the passage of title to the customers / clients.
(ii) Exports sales are recognised according to the date of Bill of
Lading or the Airway Bill,as the case may be, as adjusted by the actual
realization if within one year.
(iii) Local sales are recorded at the price inclusive of excise duty
and freight wherever separately not collected.
c) Fixed Assets
Fixed assets are stated at total capitalized costs relating and
attributable directly or indirectly to acquisition and installation
thereof as reduced by the accumulated depreciation thereon.
d) Depreciation/Amortization
Depreciation / Amortization on Fixed Assets, other than Freehold land
is provided on pro-rata basis on Straight Line Method at the rate
prescribed under sechdule II to the Companies Act, 2013. However no
depreciation charge during the year.
e) Inventories
Inventories are valued as follows:
(i) Raw Materials, Stores and Spares: at cost
(ii) Work in Progress: at lower of estimated cost or net realizable
value
(iii) Waste Materials, Damaged goods, Scrap: if any at net estimated
realizable value
(iv) Finished Goods: at lower of cost or market value.
f) Investments
Investments that are intended to be held for more than a year , from
the date of acquisition are classified as long term investment are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments are being current
investments are valued at cost or fair market value whichever is lower.
g) Assets & Liabilities
The Assets and Liabilities are taken at the book value certified by the
Directors.
h) Foreign Currency Transactions
Foreign Currency Transactions are normally recorded at the exchan ge
rate, prevailing on the date of transaction or conversion, as the case
may be.
i) Taxes on Income
(i) Current Tax: Provision for Income Tax is determined in accordance
with the provisions of Income Tax Act, 1961.
(ii) Deferred Tax Provision: Deferred Tax is recognized on timing
differences between the accounting income and the taxable income for
the year, and quantified using the tax rates and laws enacted or
substantively enacted on the Balance Sheet date.
Deferred Tax Assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such Deferred Tax Assets can
realized.
j) Miscellaneous Expenditure
Preliminary expenses / shares and deferred revenue expenses etc. if any
are amortized over a period of 5 years.
Mar 31, 2014
A) Basis of Accounting
The accounts of the Company are prepared under the historical cost
convention and are in accordance with the applicable accounting
standards and accordingly accrual basis of accounting is followed for
recognition of income and expenses except where otherwise stated and
where the exact quantum is not ascertainable. Expenditure on issue of
share capital, if any, is accounted when actually incurred.
b) Revenue Recognition
(i)Sales and Job Work are recognized at the time of invoicing thereof
upon the passage of title to the cus- tomers/clients.
(ii)Exports sales are recognised according to the date of Bill of
Lading or the Airway Bill, as the case may be, as adjusted by the
actual realization if within one year.
(iii) Local sales are recorded at the price inclusive of excise duty
and freight wherever separately not collected.
c) Fixed Assets
Fixed assets are stated at total capitalized costs relating and
attributable directly or indirectly to acquisition and installation
thereof as reduced by the accumulated depreciation thereon.
d) Depreciation/Amortization
Depreciation/Amortization on Fixed Assets, other than Freehold Land
is provided on Written down Value Method, at the rates specified in
Schedule XIV to the Companies Act, 1956 (as amended). However no
depreciation charge during the year
e) Inventories
Inventories are valued as follows:
(i) Raw Materials, Stores and Spares: at cost
(ii) Work in Progress: at lower of estimated cost or net realizable
value
(iii) Waste Materials, Damaged goods, Scrap: if any at net estimated
realizable value
(iv) Finished Goods: at lower of cost or market value.
f) Investments
Investments that are intended to be held for more than a year , from
the date of acquisition are classified as long term investment are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments are being current
investments are valued at cost or fair market value whichever is lower.
g) Assets & Liabilities
The Assets and Liabilities are taken at the book value certified by the
Directors.
h) Foreign Currency Transactions
Foreign Currency Transactions are normally recorded at the exchange
rate, prevailing on the date of transaction or conversion, as the case
may be.
i) Taxes on Income
(i) Current Tax: Provision for Income Tax is determined in accordance
with the provisions of Income T ax Act, 1961.
(ii) Deferred Tax Provision: Deferred Tax is recognized on timing
differences between the accounting income and the taxable income for
the year, and quantified using the tax rates and laws enacted or
substantively enacted on the Balance Sheet date.
Deferred Tax Assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such Deferred Tax Assets can
realized.
j) Miscellaneous Expenditure
Preliminary expenses/shares and deferred revenue expenses etc. if any
are amortized over a period of 5 years.
Mar 31, 2013
I) Basis of Accounting miwenrinn and are in accordance with the
applicable
The accounts of the Company arc prepared under the historical cot
standards and according accrual basis of accounting .s followed for
ecogmUon of mcc, otherwise staled and where the exact quantum is not
ascertainable. Expenditure on issue of share capital. an. actually
incurred.
ii) Revenue Recognition
Worfcarc recognized at thereof invoicing thereof Exports sales are
recognised according to the date of Bill of Lading or the Airway Bdl,
as the case may be realization if within one year.
iii, Local sales are recorded at the price inclusive of excise duty and
freight wherever separately not collected. Fixed re stated at total
capitalized costs relating and attributable Erectly or indrrectly to
acquisition and installs, tltcrcof as reduced by the accumulated
depreciation thereon. ISSSSS; on Fixe dodnee Frcehofd Land
provided on Wricfen do Vaioe Mcii.cd. specified in Schedule
XIV to the Companies Act, 1956 (as amended).
iv) Inventories
Inventories are valued as follows: (i) Raw Materials, Stores and
Spares at cost (it) Work in Progress at lower of estimated cost or
net realizable value (iii) Waste Materials. Damaged goods. Scrap: if
any at net estimated realizable value (iv) Finished Goods: at lower of
cost or market value. intended to be held for more than a year, from
the date of acquisition are classified as [*£££»« M carried at cost
less any provision for permanent diminution in value Investments other
than long icrm moments are bunt current investments are valued at cost
or fair markcl value whichever is lower.
Mar 31, 2012
A) Basis of Accounting
The accounting of the company are prepared under the historical cost
convention and are in accordance with the applicable accounting
slandered and accounting actual basis of accounting is followed for
recognition of income and expenses except where otherwise stated and
where the exact quantum is not ascertainable. Expenditure on issue of
share capital if any is accounted when actually incurred.
b) Revenue Recognition
(i) Sales and job work are recognized at the time of invoicing thereof
up on the passage of title to the customers, clients, Experts sales are
recognised according to the date of bill of loading or the Airways Bill
as the case may be as adjusted by the
(ii) Actual realization if within one year.
(iii) Local sales are recorded at the price inclusive of excise duty
and freight wherever separately not collected.
c) Fixed Assets
Fixed Assets are stated all capitalized costs relating and attributable
directly or indirectly to acquisition and installation thereof as
reduced by the depreciation thereon.
d) Depreciation / Amortization
Depreciation/ Amortization on Fixed assets, other than Freehold land is
provided on written down value method at the rates specified in
Schedule XIV to the companies Act, 1956 (as amended)
e) Inventories
Inventories are valued as follows :
(i) Raw materials, stores and Spares at cost.
(ii) Work in progress at tower of estimated cost or net realizable
value.
(iii) Waste Materials, Damaged goods Script if any at net estimated
realizable value.
(iv) Finished goods at lower of cost or market value.
f) Investments
Investments that are interested to be held for more than a year from
the date of acquisition are classified as long term investments are
carried at cost less any provision for permanents value. Investments
other than long term investments are being current investments are
being investments are valued at the cost or fair market value whenever
is lower.
g) Assets & Liabilities
The Assets and Liabilities are taken at the book value certified by the
Directors.
h) Foreign Currency Transactions
Foreign Currency Transactions are normally recorded at the exchange
rate prevailing on the Date of transaction or envision, as the case may
be.
i) Taxes on Income
(i) Current Tax
Provision for Income Tax determined in accordance with the provisions
for Income Tax Act, 1961.
(ii) Differed Tax Provision
Differed Tax as recognized on timing differences between the accounting
income and the taxable income for the year, and qualified using the tax
rates and laws effected or substantially effected on the Balance Sheet
date. Differed Tax Assets are recognized and carried forward to the
extent that there is a reasonable certainty that sufficient future
taxable income will be available against which such Differed Tax Assets
can realize.
j) Miscellaneous Expenditure
Preliminary expenses / shares and deferred revenue expenses etc., if
any are amortized over a period of 5 years.
Mar 31, 2011
1. METHOD OF ACCOUNTING
The company generally follows the accrual concept in the preperaton of
the Account.
2. REVENUE RECOGNITION
Revenue is recognised on accrual basis.
3. FIXED ASSETS
(i) Capitalized at cost of acquisition.
(ii) In the event of the same having been revalued, they are stated at
the revalued figure.
(iii) Expenditure relating to fixed assets is added to costs only when
the same involves modification work and whereby increases life of the
asset.
4. DEPRECIATION
Depreciation has been provided on written down value of the assets at
the end of the year at the rates specified in the schedule- XIV of the
Companies Act. 1956.
5. INVENTORY
Inventories are valued at lower of cost or net reasonable value. Cost
of inventories companies all costs of purchase, cost of conversion and
other costs incurred in bringing the inventories to then present
location and condition.
6. INVESTMENTS
Investments are stated at cost.
7. Income Tax
Income Tax comprising of current tax provision and the net change in
the deferred tax asset or liability in the year. During the year under
review the company has not recognised any Deferred Tax unless there is
''Virtual certainty'' that sufficient nature taxable income will be
available against which any deferred tax will be realized.
Mar 31, 2010
A) Basis of Accounting :
The accounts have been prepared under the historical cost on an accrual
basis as a going concern. Revenue recognition and expenses incurred are
accounted on accrual basis and applicable mandatory standards and in
accordance with the requirement of the Companies Act, 1956.
b) Revenue Recognition :
Sales: Income from Product Sales/Services Charges is recognized upon
completion of sales and rendering of the services respectively. Sales
are inclusive of duty but accounted net of sales tax, whenever
applicable. Income includes inter-divisional transfer at market price.
The value of such inter divisional transfer is included in the value of
materials purchase & sales.
c) Dividend and Interest :
Dividend income from investments is recognized when right to receive to
payment is established. Interest income is accounted on its accrual on
a time proportion.
d) Employees'' Remuneration: The Company''s contribution to the Provident
Fund are charged to Profit & Loss for the period.
e) Depreciation: Depreciation is charged on Fixed Assets (except in
case of Land) on Straight Line Method and in the manner prescribed in
Schedule XIV to the Companies Act, 1956.
f) Fixed Assets: Fixed Assets are stated at cost of acquisition or
construction, less accumulated depreciation. All costs relating to the
acquisition and installation of fixed assets are capitalized and
include financing costs relating to the borrowed funds attributable to
construction or acquisition of fixed assets upto the date the assets
are put to use.
g) Impairment of Assets :
An asset is treated and impaired when the carrying cost of Assets
exceeds its recoverable value. An impairment loss is charged to the
Profit and Loss Account in the year in which as asset is identified as
impaired. The impairment loss recognized in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount.
h) Investments: Investments are classified as long term investment.
i) As per the revised policy management has decided to value all
investments at lower of cost or market value and accordingly diminution
in value of investments as at year end is suitably adjusted in the
accounts as per Accounting Standards issued by the Institute of
Chartered Accountants of India.
i) Inventories: Since the product/item in which the company is dealing
is subject to technological changes fluctuation the valuation of
closing stock is taken as per the management certificate.
ii) Service Components are valued at cost.
j) Foreign Currency Transaction: Any income or expenses on account of
exchange difference is either in settlement or on transaction is
recognized as per revenue gain/loss.
k) Income Tax : In view of the carried forward losses, no provision for
Income Tax has been made, however provision has been made for the
Fringe Benefit Tax.
Provision for current income tax is based on the assessable profits
computed in accordance with the provisions of the Income Tax Act, 1961.
Deferred tax is recognized, subject to the consideration of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
l) Deferred Tax Assets / Liabilities: Deferred Tax assets or liability
for timing difference between the profits per financial statements and
the profit offered for income tax, based on tax rates that have been
enacted or substantively enacted as at the Balance sheet date. Deferred
Tax assets are recognized only if there is reasonable certainly that
sufficient future taxable income will be available, against which it
can be realized. The carrying amount of deferred tax assets is reviewed
at each Balance Sheet Date and reduced if sufficient taxable profits
are not like to be available to realize all or part of the deferred tax
assets.
m) Prior Period Expense/Income: All identifiable items of income and
expenditure pertaining to prior period are accounts as per "Prior
Period Adjustment".
n) Retirement Benefits:
Since no employees who has put in stipulated number of years of service
no provision has been made towards retirement benefits.
a) Gratuity :
No Provision is made in the accounts in respect of Gratuity payable to
staff. These are charged in the accounts as and when paid.
b) Provident Fund :
Annual contribution to Provident Fund is charges to the Profit and Loss
Account.
c) Leave Encashment :
No Provision is made in the accounts in respect of future liability of
Leave Encashment payable to the staff. These are charged in the
accounts as and when paid.
o) Borrowing cost:
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as part of cost of such assets. A
qualifying assets is one that necessarily takes substantial period of
time to get ready for intended use. All other borrowing costs are
charged to revenue.
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