Mar 31, 2015
(i) Method of Accounting
The financial statements are prepared under the historical cost
convention as a going concern and on accrual basis, except for claims
receivable / payable, which are accounted if there are no significant
uncertainties.
(ii) Use of Estimates
The preparation of Financial Statements in conformity with generally
accepted Accounting Principles requires management to make estimates
and assumptions that affect the reported amounts of Assets and
Liabilities, Income and Expenditure and disclosure of contingent
Liabilities at the date of the Financial Statements. Although these
estimates are based upon management''s best knowledge of current events
and actions, actual result could differ from these estimates.
(iii) Fixed Assets and Depreciation Tangible Assets
Fixed assets are stated at cost. The Company capitalizes all costs
relating to acquisition and installation of fixed assets. Depreciation
on the fixed assets is charged on straight-line method at the rates and
in the manner prescribed under Schedule II to the Companies Act, 2013.
(iv) Investments
Non current investments are stated at cost. Provision is made for
diminution in the value of long term investment if such diminution is
perceived as permanent in nature.
Current Investments are stated at lower of cost or market value,
whichever is lower to the Company.
(v) Borrowing Cost
All borrowing costs are recognised as an expense in the year in which
they are incurred.
(vi) Foreign Currency Transactions
Foreign currency current assets and liabilities outstanding at the
year-end are restated at the year-end rates. Loss or gain arising on
such re-statement is recognized in the Profit and Loss Account.
Exchange difference arising on translation of foreign currency loans
availed for acquisition of fixed assets is adjusted in the carrying
amount of the respective fixed assets and in respect of others, such
exchange difference is recognized as income or expense in the period in
which they arise. In respect of transactions covered by forward
contracts, the difference between the contract rate and the spot rate
on the date of transaction is charged to the Profit and Loss Account
over the period of the contract.
(vii) Revenue Recognition
All income and expenses are accounted for on accrual basis.
(viii) Cash and Cash Equivalents
In the Cash Flow Statement, cash and cash equivalents includes cash in
hand, demand deposits worth banks, with original maturities of three
months or less.
(ix) Provisions and Contingent Liabilities
A provision is made based on a reliable estimate when it is probable
that an outflow of resources embodying economic benefits will be
required to settle an obligation and in respect of which a reliable
estimate can be made. Provision is not discounted and is determined
based on best estimate required to settle the obligation at the
reporting date.
(x) Contingent Liabilities are disclosed in respect of:
Possible obligations that arise from past events but their existence
will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the company or
Any present obligation, where it is not probable that an outflow or
resources embodying economic benefit will be required to settle the
obligations or a reliable estimate of the amount of obligation cannot
be made.
However, in situations where the likelihood of an outflow or resources
is assessed to be remote, no disclosure is made as such items not in
the nature of contingent liabilities.
(xi) Leases
Operating Leases - Rentals are accounted as income on a straight line
basis with reference to lease terms and other considerations.
(xii) Earning per Share
Basic and diluted earnings per share are computed by dividing the net
profit after tax attributable to equity share holders for the year,
with the weighted number of equity shares outstanding during the year.
(xiii) Retirement Benefits
(a) Short Term Employee Benefits
Short Term Employee benefits payable wholly within twelve months of
rendering the service are classified as short term employee benefits and
are recognized in the period in which the employee renders related
service.
(b) Post Employment benefits (defined benefit plans)
The employee''s gratuity scheme is a defined post employment benefit
plan. The plan is managed by Trust and the Liability for gratuity is
funded with an approved gratuity fund. The company makes annual
contribution to the trust and the present value of the obligation under
such defined plan is determined at each balance sheet date based on
actuarial valuation using projected unit credit method. Actuarial gains
and losses are recognized in the Profit & Loss Account.
(c) Defined Contribution Plan
The company makes contributions to the provident fund, a defined
contribution plan in which both the employees and the company make
monthly contributions as specified percentage of the salary (at present
12% of basic salary). The contributions are paid to the statutory
authorities and the company recognizes such contribution as expense of
the year in which the liability is incurred.
(d) Other Long Term Employee benefits / Termination benefits
The company does not have any long term employee benefits as well as
termination benefit other than as disclosed above.
(xiv) Taxation
Provision for Income Tax comprises of current tax and deferred tax
charge or release. Deferred tax Asset is recognized, subject to
consideration of prudence, on timing differences, being difference
between taxable and accounting income / expenditure that originate in
one period and are capable of reversal in one or more subsequent
period(s). The management is of the opinion that sufficient future
taxable income will be available against which, such deferred tax
assets will be realized.
Mar 31, 2014
(i) Method of Accounting
The financial statements are prepared under the historical cost
convention as a going concern and on accrual basis, except for claims
receivable/payable, which are accounted if there are no significant
uncertainties.
(ii) Fixed Assets and Depreciation
Fixed assets are stated at cost. The Company capitalizes all costs
relating to acquisition and installation of fixed assets. Depreciation
on the fixed assets is charged on straight-line method at the rates and
in the manner prescribed under Schedule XIV to the Companies Act, 1956.
Free hold land is stated at cost.
(iii) Investments
Long term investments are stated at cost. Provision is made for
diminution in the value of long term investment if such diminution is
perceived as permanent in nature.
Current Investments are stated at lower of cost or market value,
whichever is lower to the Company.
(iv) Inventories
All Inventories are valued at cost. Cost is reckoned on "FIFO" basis.
(v) Foreign Currency Transactions
Foreign currency current assets and liabilities outstanding at the
year-end are restated at the year- end rates. Loss or gain arising on
such re-statement is recognized in the Profit and Loss Account.
Exchange difference arising on translation of foreign currency loans
availed for acquisition of fixed assets is adjusted in the carrying
amount of the respective fixed assets and in respect of others, such
exchange difference is recognized as income or expense in the period in
which they arise. In respect of transactions covered by forward
contracts, the difference between the contract rate and the spot rate
on the date of transaction is charged to the Profit and Loss Account
over the period of the contract.
(vi) Sales
Sales are exclusive of excise duty and Value Added Tax (VAT).
(vii) Retirement Benefits
(a) Short Term Employee Benefits
Short Term Employee benefits payable wholly within twelve months of
rendering the service are classified as short term employee benefits
and are recognized in the period in which the employee renders related
service.
(b) Post Employment benefits (defined benefit plans)
The employee''s gratuity scheme is a defined post employment benefit
plan. The plan is managed by Trust and the Liability for gratuity is
funded with an approved gratuity fund. The company makes annual
contribution to the trust and the present value of the obligation under
such defined plan is determined at each balance sheet date based on
actuarial valuation using projected unit credit method. Actuarial gains
and losses are recognized in the Profit & Loss Account.
(c ) Defined Contribution Plan
The company makes contributions to the provident fund, a defined
contribution plan in which both the employees and the company make
monthly contributions as specified percentage of the salary (at present
12% of basic salary). The contributions are paid to the statutory
authorities and the company recognizes such contribution as expense of
the year in which the liability is incurred.
(d) Other Long Term Employee benefits / Termination benefits
The company does not have any long term employee benefits as well as
termination benefit other than as disclosed above.
(viii) Taxation
Provision for Income Tax comprises of current tax and deferred tax
charge or release. Deferred tax Asset is recognized, subject to
consideration of prudence, on timing differences, being difference
between taxable and accounting income / expenditure that originate in
one period and are capable of reversal in one or more subsequent
period(s). The management is of the opinion that sufficient future
taxable income will be available against which, such deferred tax
assets will be realized.
Mar 31, 2012
(i) Method of Accounting:
The financial statements are prepared under the historical cost
convention as a going concern and on accrual basis, except for claims
receivable/payable, which are accounted if there are no significant
uncertainties.
(ii) Fixed Assets and Depreciation:
Fixed assets are stated at cost. The Company capitalizes all costs
relating to acquisition and installation of fixed assets. Depreciation
on the fixed assets is charged on straight-line method at the rates and
in the manner prescribed under Schedule XIV to the Companies Act, 1956.
Free hold land is stated at cost. Cost of leasehold land is amortized
over the period of lease.
(iii) Investments:
Long term investments are stated at cost. Provision is made for
diminution in the value of long term investment if such diminution is
perceived as permanent in nature.
Current Investments are stated at lower of cost or market value,
whichever is lower to the Company.
(iv) Inventories:
Raw Material & Components, Stores and Spares, Die Steel Blocks are
valued at cost. Cost is reckoned on "FIFO" basis.
Work in Progress is valued at estimated cost based on cost incurred
till the completion of different stages.
Finished Goods are valued at lower of cost or net realizable value.
Costs are considered including all Direct and Indirect expenses
incurred till the stage of Completion of Production.
Dies are valued at cost, less amortization/write offs based on expected
life and usage till the year end.
(v) Foreign Currency Transactions:
Foreign currency, current assets and liabilities outstanding at the
year-end are restated at the year- end rates. Loss or gain arising on
such re-statement is recognized in the Profit and Loss Account.
Exchange difference arising on translation of foreign currency loans
availed for acquisition of fixed assets is adjusted in the carrying
amount of the respective fixed assets and in respect of others, such
exchange difference is recognized as income or expense in the period in
which they arise. In respect of transactions covered by forward
contracts, the difference between the contract rate and the spot rate
on the date of transaction is charged to the Profit and Loss Account
over the period of the contract.
(vi) Sales:
Sales are inclusive of excise duty but exclude Value Added Tax (VAT).
Domestic sales are accounted on the basis of dispatch from the
factories. Export sales are accounted on the basis of the date of Bills
of Lading.
(vii) Export Benefits:
In respect of exports, where duty paid/indigenous material has been
used in anticipation of receipt of duty free material subsequently
imported under the Advance License Scheme, the excess cost of duty
paid/indigenous material over the cost of duty free material is
credited to Profit and Loss Account in the year of exports; and is
charged to revenue when such duty free material is consumed.
In respect of exports made under Duty Entitlement Pass Book Scheme, the
eligible benefits at notified rates are credited to the Profit & Loss
Account in the year of export; and charged to revenue when these
benefits are utilized for imports or are sold.
(viii) Retirement Benefits:
(a) Short Term Employee Benefits
Short Term Employee benefits payable wholly within twelve months of
rendering the service are classified as short term employee benefits
and are recognized in the period in which the employee renders related
service.
(b) Post Employment benefits (defined benefit plans)
The employee's gratuity scheme is a defined post employment benefit
plan. The plan is managed by Trust and the Liability for gratuity is
funded with an approved gratuity fund. The company makes annual
contribution to the trust and the present value of the obligation under
such defined plan is determined at each balance sheet date based on
actuarial valuation using projected unit credit method. Actuarial gains
and losses are recognized in the Profit & Loss Account.
(c) Defined Contribution Plan
The company makes contributions to the provident fund, a defined
contribution plan in which both the employees and the company make
monthly contributions as specified percentage of the salary (at present
12% of basic salary). The contributions are paid to the statutory
authorities and the company recognizes such contribution as expense of
the year in which the liability is incurred.
(d) Other Long Term Employee benefits/Termination benefits
The company does not have any long term employee benefits as well as
termination benefit other than as disclosed above.
(ix) Taxation:
Provision for Income Tax comprises of current tax and deferred tax
charge or release. Deferred tax Asset is recognized, subject to
consideration of prudence, on timing differences, being difference
between taxable and accounting income/expenditure that originate in one
period and are capable of reversal in one or more subsequent period(s).
The management is of the opinion that sufficient future taxable income
will be available against which, such deferred tax assets will be
realized.
Mar 31, 2010
(i) Method of Accounting
The financial statements are prepared under the historical cost
convention as a going concern and on accrual basis, except for claims
receivable/payable, which are accounted if there are no significant
uncertainties.
(ii) Fixed Assets and Depreciation
Fixed assets are stated at cost. The Company capitalizes all costs
relating to acquisition and installation of fixed assets. Depreciation
on the fixed assets is charged on straight-line method at the rates and
in the manner prescribed under Schedule XIV to the Companies Act, 1956.
Free hold land is stated at cost. Cost of leasehold land is amortized
over the period of lease.
(iii) Investments
Long term investments are stated at cost. Provision is made for
diminution in the value of long term investment if such diminution is
perceived as permanent in nature. Current Investments are stated at
lower of cost or market value, whichever is lower to the Company.
(iv) Inventories
Raw Material & Components, Stores and Spares, Die Steel Blocks are
valued at cost. Cost is reckoned on "FIFO" basis.
Work in Progress is valued at estimated cost based on cost incurred
till the completion of different stages.
Finished Goods are valued at lower of cost or net realizable value.
Costs are considered including all Direct and Indirect expenses
incurred till the stage of Completion of Production.
Dies are valued at cost, less amortization / write offs based on
expected life and usage till the year end.
(v) Foreign Currency Transactions
Foreign currency current assets and liabilities outstanding at the
year-end are restated at the year-end rates. Loss or gain arising on
such re-statement is recognized in the Profit and Loss Account.
Exchange difference arising on translation of foreign currency loans
availed for acquisition of fixed assets is adjusted in the carrying
amount of the respective fixed assets and in respect of others, such
exchange difference is recognized as income or expense in the period in
which they arise. In respect of transactions covered by forward
contracts, the difference between the contract rate and the spot rate
on the date of transaction is charged to the Profit and Loss Account
over the period of the contract.
(vi) Sales
Sales are inclusive of excise duty but exclude sales tax.
Domestic sales are accounted on the basis of dispatch from the
factories. Export sales are accounted on the basis of the date of Bills
of Lading.
(vii) Export Benefits
In respect of exports, where duty paid/indigenous material has been
used in anticipation of receipt of duty free material subsequently
imported under the Advance License Scheme, the excess cost of duty
paid/indigenous material over the cost of duty free material is
credited to Profit and Loss Account in the year of exports; and is
charged to revenue when such duty free material is consumed.
In respect of exports made under Duty Entitlement Pass Book Scheme,
the eligible benefits at notified rates are credited to the Profit &
Loss Account in the year of export; and charged to revenue when these
benefits are utilized for imports or are sold.
(viii) Retirement Benefits
(a) Short Term Employee Benefits
Short Term Employee benefits payable wholly within twelve months of
rendering the service are classified as short term employee benefits
and are recognized in the period in which the employee renders related
service.
(b) Post Employment benefits (defined benefit plans)
The employees gratuity scheme is a defined post employment benefit
plan. The plan is managed by Trust and the Liability for gratuity is
funded with an approved gratuity fund. The company makes annual
contribution to the trust and the present value of the obligation under
such defined plan is determined at each balance sheet date based on
actuarial valuation using projected unit credit method. Actuarial gains
and losses are recognized in the Profit & Loss Account.
(c) Defined Contribution Plan
The company makes contributions to the provident fund, a defined
contribution plan in which both the employees and the company make
monthly contributions as specified percentage of the salary (at present
12% of basic salary). The contributions are paid to the statutory
authorities and the company recognizes such contribution as expense of
the year in which the liability is incurred.
(d) Other Long Term Employee benefits / Termination benefits
The company does not have any long term employee benefits as well as
termination benefit other than as disclosed above.
(ix) Taxation
Provision for Income Tax comprises of current tax and deferred tax
charge or release. Deferred tax Asset is recognized, subject to
consideration of prudence, on timing differences, being difference
between taxable and accounting income / expenditure that originate in
one period and are capable of reversal in one or more subsequent
period(s). The management is of the opinion that sufficient future
taxable income will be available against which, such deferred tax
assets will be realized.