Mar 31, 2018
1. Significant accounting policies
1.1. Basis of measurement
The financial statements have been prepared under historical cost convention on accrual basis, except for the items that have been measured at fair value as required by relevant Ind AS. The standalone financial statements are presented in Indian Rupees, which is the Companyâs functional and presentation currency and all amounts are rounded to the nearest rupees and two decimals thereof, except as stated otherwise.
1.2. Use of estimates and judgements
The presentation of the financial statements in conformity with Ind AS requires the managementto make estimates, judgements and assumptions affect the application of accounting policies and reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of financial statements and reported amount of revenue and expenses during the reporting period. The application of accounting policies that requires critical accounting estimates involving complex and subjective judgements and the use of assumptions in these financial statements have been disclosed in Note 3.3. Accounting estimates could change from period to period. Actual result could differ from those estimates. Appropriate changes in estimates are made as the management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which such changes are made and, if material, their effects are disclosed in the notes to the financial statements.
1.3. Critical accounting estimates
a) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced by rebates and other similar allowances.
Revenue from the sale of goods is recognised when the goods are dispatched and titles have passed, at which time all the following conditions are satisfied:
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the Company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably
Dividend income from investments is recognised when the shareholderâs right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on, time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that assetâs net carrying amount on initial recognition.
b) Useful lives and residual value of property, plant and equipment and Intangible assets
Company reviews the useful lives and residual values of property, plant and equipment and Intangible Assets at least once a year. Such lives are dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based on various internal and external factors including relative efficiency and operating costs. Accordingly useful lives are reviewed annually using the best information available to the Management.
1.4. Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until theproperty, plant and equipment are ready for use, as intended by the Management. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The management has used useful lives for assets as mentioned in Schedule II of Companies Act, 2013
Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end.
Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under âCapital work-in-progressâ. Subsequent expenditures relating to property, plant and equipment are capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance costs are recognized in the Statement of Profit and Loss when incurred. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized in the Statement of Profit and Loss.
1.5. Impairment of assets
Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
If such assets are impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.
1.6. Intangible assets
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances). Amortization methods and useful lives are reviewed periodically including at each financial year end.
Computer software which is not an integral part of the related hardware is classified as an intangible asset and is being amortized over the estimated useful life.
1.7. Employee benefits Defined contribution plan
Employee benefits in the form of Provident Fund (with Government Authorities) are considered as defined contribution plan and the contributions are charged to the statement of Profit & Loss of the year when the contributions to the respective funds are due.
Defined benefit plan
Retirement benefits in the form of Gratuity and Long term compensated leaves are considered as defined benefit obligations and are provided for on the basis of an actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet. Other short-term absences are provided based on past experience of leave availed.
Actuarial Gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
1.8. Financial instruments - initial recognition, subsequent measurement and impairment
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets or a liability is recognised when the Company becomes a Party to the contractual provision of the instrument.
a) Financial assets
Financial assets include cash and cash equivalent, trade and other receivables, investments in securities and other eligible current and noncurrent assets.
Financial Assets are measured at amortised cost or fair value through Other Comprehensive Income or fair value through Profit or Loss, depending on its business model for managing those financial assets and the assets contractual cash flow characteristics.
Subsequent measurements of financial assets are dependent on initial categorisation. For impairment purposes significant financial assets are tested on an individual basis, other financial assets are assessed collectively in groups that share similar credit risk characteristics.
The company derecognizes a financial asset when the contractual rights to the cash flows from the financial assets expire or it transfers the financial assets and the transfer qualifies for the derecognisition under Ind AS 109.
Investment in equity shares
Investments in equity securities are initially measured at fair value. Any subsequent fair value gain or loss is recognized through Profit or Loss.
The company assesses impairment based on expected credit loss (ECL) model to all its financial assets measured at amortised cost.
b) Financial liabilities
Financial liabilities include long term and short-term loan and borrowings, trade and other payables and other eligible current and non-current liabilities.
All financial liabilities recognized initially at fair value and, in the case of loans and borrowing and other payable, net of directly attributable transaction costs. After initial recognition, financial liabilities are classified under one of the following two categories
i) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading. The Company has not designated any financial liabilities upon initial measurement recognition at fair value through profit or loss. Financial liabilities at fair value through profit or loss are at each reporting date at fair value with all the changes recognized in the Statement of Profit and Loss.
ii) Financial liabilities measured at amortised cost
After initial recognition, such financial liabilities are subsequently measured at amortized cost by applying the Effective Interest Rate (EIR) method to the gross carrying amount of financial liability. The EIR amortization is included in finance expense in the profit and loss.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
1.9. Taxes on income
Income tax expense represents the sum of current and deferred tax. Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or other comprehensive income.
Current tax provision is computed for Income calculated after considering allowances and exemptions under the provisions of the applicable Income Tax Laws. Current tax assets and current tax liabilities are off set, and presented as net.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Balance sheet and the corresponding tax bases used in the computation of taxable profit and are accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences, carry forward tax losses and allowances to the extent that it is probable that in future taxable profits will be available to set off such deductible temporary differences. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are off set, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which the temporary differences can be utilised.
1.10. Provisions, contingent liabilities and contingent assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each reporting period and are adjusted to reflect the current best estimate.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognized in financial statements but are disclosed, if any.
1.11. Borrowing cost
Borrowing costs incurred for the acquisition or developing of qualifying assets are recognized as part of cost of such assets when it is considered probable that they will result in future economic benefits to the company. While other borrowing cost are expensed in period in which they are incurred
1.12. Foreign currency transactions
Financial statements have been presented in Indian Rupees, which is the Companyâs functional and presentation currency. Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the transaction. Subsequently monetary items are translated at closing exchange rates of balance sheet date and the resulting exchange difference recognised in profit or loss. Differences arising on settlement of monetary items are also recognised in profit or loss.
1.13. Provision for bad debts
Provision against doubtful debtors to be created based on the age and category (good, doubtful, disputed and irrecoverable) of the debtors. Provision for Bad and Doubtful debts have been created on case to case basis after assessing the recoverability aspect.
1.14. Government grant
Grants related to specific Fixed Assets are disclosed as a deduction from the value of concerned Assets. Grants related to revenue are credited to the statement of Statement of Profit and Loss. Grants in the nature of promoterâs contribution are treated as Capital Reserve.
1.15. Cash flow statements
Cash Flow is reported using indirect method, where by net profits before tax is adjusted for the effects of transactions of a non- cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flow from regular revenue generation, investing and financing activities of the company are segregated.
a) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital :
The company has only one class of equity shares having a par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity shares held by the shareholders.
b) Details of shareholders holding more than 5% equity shares in the company
Mar 31, 2016
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements are prepared on accrual basis under the historical cost convention, except for certain Fixed Assets which are carried at revalued amounts. The financial statements are presented in Indian rupees rounded off to the nearest rupees in lacs.
2. USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.
3. FIXED ASSETS
Tangible Assets are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation, less accumulated depreciation and impairment loss, if any. The cost of Tangible Assets comprises its purchase price, borrowing cost and any cost directly attributable to bringing the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets.
Subsequent expenditures related to an item of Tangible Asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.
Projects under which assets are not ready for their intended use are disclosed under Capital Work-in-Progress.
Land and Building at Sonepat and at Rasoi were revalued on 30th June, 1986. Subsequent additions to these units are shown at cost.
4. Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down Value (WDV) Method except in case of assets pertaining to Sahibabad, Malanpur and Bawal Unit where depreciation is provided on Straight Line Method (SLM). Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
5. Revenue Recognition
Revenue is recognized only when risks and rewards incidental to ownership are transferred to the customer, it can be reliably measured and it is reasonable to expect ultimate collection. Gross sales are inclusive of applicable excise duty and but are exclusive of sales tax. Dividend income is recognized when the right to receive payment is established. Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest rate applicable.
6. Investments
Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non-Current investments are stated at cost. Provision for diminution in the value of Non-Current investments is made only if such a decline is other than temporary.
7. Inventories
Items of inventories are measured at lower of cost and net realizable value after providing for obsolescence, if any, except in case of by-products which are valued at net realizable value. Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition.
8. Borrowing Costs
Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for its intended use. All other borrowing costs are charged to the Profit and Loss Statement in the period in which they are incurred.
9. Provisions, Contingent Liabilities and Contingent Assets
Provision is recognized in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. Contingent assets are neither recognized nor disclosed in the financial statements.
10. Income Taxes
Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognized only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognized if there is virtual certainty that sufficient future taxable income will be available to realize the same. Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.
11. Research and Development Expenses
Revenue expenditure pertaining to research is charged to the Profit and Loss Statement. Development costs of products are charged to the Profit and Loss Statement unless a product''s technological feasibility has been established, in which case such expenditure is capitalized.
Mar 31, 2015
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013. The financial statements are
prepared on accrual basis under the historical cost convention, except
for certain Fixed Assets which are carried at revalued amounts. The
financial statements are presented in Indian rupees rounded off to the
nearest rupees in lacs.
2. USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires judgements, estimates and assumptions to be made that affect
the reported amount of assets and liabilities, disclosure of contingent
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
3. FIXED ASSETS
Tangible Assets are stated at cost net of recoverable taxes, trade
discounts and rebates and include amounts added on revaluation, less
accumulated depreciation and impairment loss, if any The cost of
Tangible Assets comprises its purchase price, borrowing cost and any
cost directly attributable to bringing the asset to its working
condition for its intended use, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the assets.Subsequent expenditures related to an item
of Tangible Asset are added to its book value only if they increase the
future benefits from the existing asset beyond its previously assessed
standard of performance. Projects under which assets are not ready for
their intended use are disclosed under Capital Work-in-Progress.Land
and Building at Sonepat and at Rasoi were revalued on 30th June, 1986.
Subsequent additions to these units are shown at cost.
4. Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Written down Value (WDV) Method except in case of assets
pertaining to Sahibabad, Malanpur and Bawal Unit where depreciation is
provided on Straight Line Method (SLM). Depreciation is provided based
on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.
5. Revenue Recognition
Revenue is recognised only when risks and rewards incidental to
ownership are transferred to the customer, it can be reliably measured
and it is reasonable to expect ultimate collection. Gross sales are
inclusive of applicable excise duty and but are exclusive of sales
tax.Dividend income is recognised when the right to receive payment is
established.Interest income is recognised on a time proportion basis
taking into account the amount outstanding and the interest rate
applicable.
6. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category-wise. Non-Current investments are stated at cost.
Provision for diminution in the value of Non-Current investments is
made only if such a decline is other than temporary
7. Inventories
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any, except in case of
by-products which are valued at net realisable value. Cost of
inventories comprises of cost of purchase, cost of conversion and other
costs including manufacturing overheads incurred in bringing them to
their respective present location and condition.
8. Borrowing Costs
Borrowing costs include exchange differences arising from foreign
currency borrowings to the extent they are regarded as an adjustment to
the interest cost. Borrowing costs that are attributable to the
acquisition or construction of qualifying assets are capitalised as
part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its
intended use. All other borrowing costs are charged to the Profit and
Loss Statement in the period in which they are incurred.
9. Provisions, Contingent Liabilities and Contingent Assets
Provision is recognised in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made. Provisions are not discounted to their
present value and are determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimates. Contingent liabilities are disclosed unless the
possibility of outflow of resources is remote. Contingent assets are
neither recognised nor disclosed in the financial statements.
10. Income Taxes
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. Deferred income tax reflect the current
period timing differences between taxable income and accounting income
for the period and reversal of timing differences of earlier
years/period. Deferred tax assets are recognised only to the extent
that there is a reasonable certainty that sufficient future income will
be available except that deferred tax assets, in case there are
unabsorbed depreciation or losses, are recognised if there is virtual
certainty that sufficient future taxable income will be available to
realise the same. Deferred tax assets and liabilities are measured
using the tax rates and tax law that have been enacted or substantively
enacted by the Balance Sheet date.
11. Research and Development Expenses
Revenue expenditure pertaining to research is charged to the Profit and
Loss Statement. Development costs of products are charged to the Profit
and Loss Statement unless a product's technological feasibility has
been established, in which case such expenditure is capitalised.
Mar 31, 2014
TURNOVER:
Sales are net of excise duty and rebates.
FIXED ASSETS:
Fixed assets are valued at cost. Land and Building at Sonepat and at
Rasoi were revalued on 30th June, 1986.
Subsequent additions to these units are shown at cost.
DEPRECIATION:
In case of Sahibabad, Malanpur and Bawal units depreciation is
calculated at straight line method. All other units the written down
value method has been followed.
INVENTORIES:
Raw material, Components and spare parts are valued at weighted average
basis cost concept. Finished goods and work in progress are valued at
cost. The cost includes material cost plus appropriate share of labour
and overheads.
INVESTMENTS:
Long term Investments are valued at cost. Current Investment is valued
at cost or market Value which ever is less.
CONTIGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts and are shown
separately.
RECOGNISATION OF INCOME AND EXPENDITURE:
Items of Income & Expenditure recognised on accrual basis.
RETIREMENT/GRATUITY BENEFITS:
Liabilities in respect of gratuity benefits, Provident Fund and
Superannuation benefits, for its senior employees are provided for by
the company via Gratuity Fund Trust and Superannuation Trust maintained
with LIC. Earned leave has been provided for on acturial valuation.
RESEARCH AND DEVELOPMENT EXPENSES:
Revenue Expenditure on Research and Development is charged to the
Profit and Loss Account in the year in which it is incurred, while the
capital expenditure is shown as an addition to the Fixed Assets.
TAX ON INCOME:
Current Tax is determined as the amount of Tax Payable in respect of
Taxable income for the year.
Deferred Tax is recognised, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
period.
Recognition of opening and closing balances of Defined Benefit
Obligation.
GRATUITY Gratuity (Funded)
2013-14 2012-13
Defined Benefit obligation at the
beginning of the year 1264.00 1196.01
Current Service Cost 142.00 66.18
Interest cost 102.00 101.15
Benefit paid -291.00 -99.34
Defined Benefit obligation at the year end 1217.00 1264.00
INVESTMENT DETAILS Investement as on Investement as on
3/31/2014 3/31/2013
Investment Detail: Value % Value %
GOI Securities 43.77 16.69 43.77 18.13
Public Securities 94.01 35.84 94.01 38.94
State Government Securities 30.43 11.60 30.43 12.61
Private Securities 21.97 8.38 21.97 9.10
In banks 72.10 27.49 51.23 21.22
262.28 100 241.41 100
Acturial assumptions Gratuity (Funded)
2013-14 2012-13
Discount rate (Per Annum) 8.00 8.00
Expected rate of return plan (Per Annum) 9.40 9.40
Rate of escalation of salary (Per Annum) 7.00 7.00
The estimate of rate of escalation in salary considered in acturial
valuation, takes into account seniority and promotion other relevant
factors The above information is certified by the actuary As per the
Accounting Standard 15 "Employees benefit", the disclosure as defined
in the accounting Standard are given below:
Defined Contribution Plan 31.3.2014 31.3.2013
Employer''s Contribution to Provident Fund 56.69 58.48
Employers Contribution to Supper
Annuation Fund 38.63 70.45
Employers Contribution to Gratuity Fund 106.22 131.71
Mar 31, 2013
TURNOVER:
Sales are net of excise duty and rebates.
FIXED ASSETS:
Fixed assets are valued at cost. Land and Building at Sonepat and at
Rasoi were revalued on 30th June, 1986. Subsequent additions to these
units are shown at cost.
DEPRECIATION:
In case of Sahibabad , Malanpur and Bawal units depreciation is
calculated at straight line method. All other units the written down
value method has been followed.
INVENTORIES:
Raw material, Components and spare parts are valued at weighted average
basis cost concept. Finished goods and work in progress are valued at
cost. The cost includes material cost plus appropriate share of labour
and overheads.
INVESTMENTS:
Long term Investments are valued at cost. Current Investment is valued
at cost or market Value which ever is less.
CONTIGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts and are shown
separately.
RECOGNISATION OF INCOME AND EXPENDITURE:
Items of Income & Expenditure recognised on accrual basis.
RETIREMENT/GRATUITY BENEFITS:
Liabilities in respect of gratuity benefits, Provident Fund and
Superannuation benefits, for its senior employees are provided for by
the company via Gratuity Fund Trust and Superannuation Trust maintained
with LIC. Earned leave has been provided for on acturial valuation.
RESEARCH AND DEVELOPMENT EXPENSES:
Revenue Expenditure on Research and Development is charged to the
Profit and Loss Account in the year in which it is incurred, while the
capital expenditure is shown as an addition to the Fixed Assets.
TAX ON INCOME:
Current Tax is determined as the amount of Tax Payable in respect of
Taxable income for the year.
Deferred Tax is recognised, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
period.
Mar 31, 2011
I. ACCOUNTING POLICIES: TURNOVER:
Sales are net of excise duty and rebates.
FIXED ASSETS:
Fixed assets are valued at cost. Land and Building at Sonepat and at
Rasoi were revalued on 30th June, 1986. Subsequent additions to these
units are shown at cost.
DEPRECIATION:
In case of Sahibabad , Malanpur and Bawal units depreciation is
calculated at straight line method. All other units the written down
value method has been followed.
INVENTORIES:
Raw material, Components and spare parts are valued at weighted average
basis cost concept. Finished goods and work in progress are valued at
cost. The cost includes material cost plus appropriate share of labour
and overheads.
INVESTMENTS:
Long term Investments are valued at cost. Current Investment is valued
at cost or market Value which ever is less.
CONTIGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts and are shown
separately.
RECOGNISATION OF INCOME AND EXPENDITURE:
Items of Income & Expenditure recognised on accrual basis.
RETIREMENT/GRATUITY BENEFITS:
Liabilities in respect of gratuity benefits, Provident Fund and
Superannuation benefits, for its senior employees are provided for by
the company via Gratuity Fund Trust and Superannuation Trust maintained
at LIC. Earned leave has been provided for on actuarial valuation.
RESEARCH AND DEVELOPMENT EXPENSES:
Revenue Expenditure on Research and Development is charged to the
Profit and Loss Account in the year in which it is incurred, while the
capital expenditure is shown as an addition to the Fixed Assets.
TAX ON INCOME:
Current Tax is determined as the amount of Tax Payable in respect of
Taxable income for the year.
Deferred Tax is recognised, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
period.
Mar 31, 2010
TURNOVER:
Sales are net of excise duty and rebates.
FIXED ASSETS:
Fixed assets are valued at cost. Land and Building at Sonepat and at
Rasoi were revalued on 30th June, 1986. Subsequent additions to these
units are shown at cost.
DEPRECIATION:
Incase of Sahibabad , Malanpur and Bawal units depreciation is
calculated at straight line method. All other units the written down
value method has been followed.
INVENTORIES:
Raw material, Components and spare parts are valued at weighted average
basis cost concept. Finished goods and work in progress are valued at
cost. The cost includes material cost plus appropriate share of labour
and overheads.
INVESTMENTS:
Long term Investments are valued at cost. Current Investment is valued
at cost or market Value which ever is less.
CONTIGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts and are shown
separately.
RECOGNISATION OF INCOME AND EXPENDITURE:
Items of Income & Expenditure recognised on accrual basis.
RETIREMENT/GRATUITY BENEFITS:
Liabilities in respect of gratuity benefits, Provident Fund and
Superannuation benefits, for its senior employees are provided for by
the company via Gratuity Fund Trust and Superannuation Trust maintained
at LIC. Earned leave has been provided for on actuarial valuation.
RESEARCH AND DEVELOPMENT EXPENSES:
Revenue Expenditure on Research and Development is charged to the
Profit and Loss Account in the year in which it is incurred, while the
capital expenditure is shown as an addition to the Fixed Assets.
TAX ON INCOME:
Current Tax is determined as the amount of Tax Payable in respect of
Taxable income for the year.
Deferred Tax is recognised, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
period.