Mar 31, 2016
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognizes income and expenses on accrual basis that are of significant nature. The financial statement have been prepared to comply in all material respect with the mandatory Accounting standards issued by the Ministry of Corporate Affairs, in accordance with Indian Generally Accepted Accounting Policies and as per the provision of the Companies Act, 2013.
FIXED ASSETS:
Fixed Assets are stated at cost (net of Cenvat Credit) of acquisition/construction less accumulated depreciation and impairment loss. Cost includes direct expenses as well as clearly identifiable indirect expenses incurred to bring the assets to their working condition for its intended use, net of CENVAT recoverable.
DEPRECIATION:
Depreciation on the Fixed assets has been provided on Straight Line basis (other than the Assets located at Mumbai Office on which depreciation has been provided on Written Down Value Method) as per the provision of the Companies Act, 2013, at the rates and in the manner specified in Schedule II to the Companies Act 2013.
Intangible Assets are amortized over a period of ten years on straight-line basis.
Individual assets of value less than Rs.5,000 are depreciated in the year of purchase.
INVESTMENTS:
A current investment is an investment that is by its nature readily realizable and is intended to be held for not more than one year from the date on which such investment is made. A long term investment is an investment other than a current investment. An investment property is an investment in land or buildings that are not intended to be occupied substantially for use by, or in the operations of, the investing enterprise. Long term investments are stated at cost. The carrying amount for current investments is the lower of cost and fair value determined either on an individual investment basis or by category of investment. All long term investments are stated at cost less provision for diminution to recognize a decline, other than temporary, in the value of the investments.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or construction of qualifying assets, the assets that take substantial period of time to get ready for intended use, are capitalized as part of the cost of such assets.
INTANGIBLE ASSET:
An intangible asset is an identifiable non-monetary asset, without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes. Intangible Assets are stated at cost of acquisition less accumulated amortization. All costs, including financing costs till commencement of commercial operations are capitalized.
INVENTORIES
Inventories of finished goods, raw materials, and work in progress are carried at lower of cost or net realizable value. The cost of inventories of items that are not ordinarily interchangeable are assigned by specific identification of their individual costs. Other inventory items are recorded using first-in-first-out cost formula. The inventories include the relevant duties, taxes, and cess other than those subsequently recoverable by the enterprise from the taxing authorities that were incurred to bring the inventory to their present location and conditions.
FOREIGN EXCHANGE TRANSACTIONS
Initial Recognition: Transactions denominated in foreign currencies are recorded at EXIM rates for Sales and Custom rates for Purchases as on date of the transaction.
Conversion: At the year-end, monetary items denominated in foreign currencies are converted into rupee equivalents at the year-end exchange rates.
Exchange Differences: Any exchange gain or losses arising out of fluctuations are accounted for in the books of the account as per Accounting Standard-11 âThe Effects of Changes in Foreign Exchange Ratesâ.
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of the past or future cash receipts or payments. The cash flows from regular revenue generating, investing & financing activities of the company are segregated.
REVENUE RECOGNITION:
Sales turnover for the year includes sales value of goods and other recoveries such as Octroi, Transportation Charges, etc, and excludes excise duty. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from sale of goods is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer.
EMPLOYEE BENEFITS:
Wages, salaries, bonus and social security contributions are recognized as an expense in the year in which the associated services are rendered by employees. The Company''s contribution to Provident Fund and ESIC is accounted on accrual basis and charged to Profit and Loss Account. The Company accounts for liability for Gratuity of employees on the basis of Actuarial Valuation. Gratuity is payable to Employees after Retirement or Resignation of Employees; whereas there is no defined policy enabling the employees to avail encashment of leave. Defined contribution plans are post-employment benefit plans and are recognized as an expense in the profit or loss as incurred.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset exceeds its recoverable value. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired. The Impairment loss recognized in prior accounting periods is increased / reversed where there has been change in the estimate of recoverable amount. The recoverable value is the higher of the net selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make estimates and assumption that affect the reported amounts of assets and liabilities on the date of financial statements, the reported amount of revenues and expenses and the disclosures relating to contingent liabilities as on the date of financial statements. Actual results could differ from those of estimates. Any revision in accounting estimates is recognized in accordance with the respective accounting standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance with AS-20 âEarnings Per Shareâ. Basic earnings per share are computed by dividing the net profit or loss for the period by the weighted average number of Equity Shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit or loss for the period by the weighted average number of Equity Shares outstanding during the period as adjusted for the effects of all dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 âProvisions, Contingent Liabilities and Contingent Assetsâ are disclosed by way of notes to accounts. Provision is made if it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability.
TAXES ON INCOME:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable income for the year.
Deferred tax for the year is recognized on timing difference; being difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable / virtual certainty of realization.
LEASES
Assets leased by the Company in its capacity as lessee, where the Company has substantially all the risks and rewards of ownership are classified as finance lease. Such a lease is capitalized at the inception of the lease at lower of the fair value or the present value of the minimum lease payments and a liability is recognized for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor, are recognized as operating leases. Lease rentals under operating leases are recognized in the statement of profit and loss on a straight-line basis.
Mar 31, 2015
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognizes
income and expenses on accrual basis that are of significant nature.
The financial statement have been prepared to comply in all material
respect with the mandatory Accounting standards issued by the Ministry
of Corporate Affairs, in accordance with Indian Generally Accepted
Accounting Policies and as per the provision of the Companies Act,
2013.
FIXED ASSETS:
Fixed Assets are stated at cost (net of Cenvat Credit) of
acquisition/construction less accumulated depreciation and impairment
loss. Cost includes direct expenses as well as clearly identifiable
indirect expenses incurred to bring the assets to their working
condition for its intended use, net of CENVAT recoverable.
DEPRECIATION:
Depreciation on the Fixed assets has been provided on Straight Line
basis (other than the Assets located at Mumbai Office on which
depreciation has been provided on Written Down Value Method) as per the
provision of the Companies Act, 2013, at the rates and in the manner
specified in Schedule II to the Companies Act 2013.
Intangible Assets are amortized over a period of ten years on
straight-line basis.
Individual assets of value less than Rs. 5,000 are depreciated in the
year of purchase.
INVESTMENTS:
A current investment is an investment that is by its nature readily
realizable and is intended to be held for not more than one year from
the date on which such investment is made. A long term investment is an
investment other than a current investment. An investment property is
an investment in land or buildings that are not intended to be occupied
substantially for use by, or in the operations of, the investing
enterprise. Long term investments and are stated at cost. The carrying
amount for current investments is the lower of cost and fair value
determined either on an individual investment basis or by category of
investment.. All long term investments are stated at cost less
provision for diminution to recognize a decline, other than temporary,
in the value of the investments.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalized as part
of the cost of such assets.
INTANGIBLE ASSET:
An intangible asset is an identifiable non-monetary asset, without
physical substance, held for use in the production or supply of goods
or services, for rental to others, or for administrative purposes.
Intangible Assets are stated at cost of acquisition less accumulated
amortization. All costs, including financing costs till commencement of
commercial operations are capitalized.
INVENTORIES
Inventories of finished goods, raw materials, and work in progress are
carried at lower of cost or net realizable value. The cost of
inventories of items that are not ordinarily interchangeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions.
FOREIGN EXCHANGE TRANSACTIONS
Initial Recognition: Transactions denominated in foreign currencies are
recorded at EXIM rates for Sales and Custom rates for Purchases as on
date of the transaction.
Conversion: At the year-end, monetary items denominated in foreign
currencies are converted into rupee equivalents at the year-end
exchange rates.
Exchange Differences: Any exchange gain or losses arising out of
fluctuations are accounted for in the books of the account as per
Accounting Standard-11 "The Effects of Changes in Foreign Exchange
Rates".
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
REVENUE RECOGNITION:
Sales turnover for the year includes sales value of goods and other
recoveries such as Octroi, Transportation Charges, etc, and excludes
excise duty. Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the Company and the revenue can
be reliably measured. Revenue from sale of goods is recognized when the
significant risks and rewards of ownership of the goods have passed to
the buyer.
EMPLOYEE BENEFITS:
Wages, salaries, bonuses and social security contributions are
recognized as an expense in the year in which the associated services
are rendered by employees. The Company's contribution to Provident Fund
and ESIC is accounted on accrual basis and charged to Profit and Loss
Account. The Company accounts for liability for Gratuity of employees
on the basis of Actuarial Valuation. Gratuity is payable to Employees
after Retirement or Resignation of Employees; whereas there is no
defined policy enabling the employees to avail encashment of leave.
Defined contribution plans are post-employment benefit plans and are
recognized as an expense in the profit or loss as incurred.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
TAXES ON INCOME:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference; being
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
LEASES
Assets leased by the Company in its capacity as lessee, where the
Company has substantially all the risks and rewards of ownership are
classified as finance lease. Such a lease is capitalized at the
inception of the lease at lower of the fair value or the present value
of the minimum lease payments and a liability is recognized for an
equivalent amount. Each lease rental paid is allocated between the
liability and the interest cost so as to obtain a constant periodic
rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership
of an asset substantially vest with the lessor, are recognized as
operating leases. Lease rentals under operating leases are recognized
in the statement of profit and loss on a straight-line basis.
Mar 31, 2014
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognizes
income and expenses on accrual basis that are of significant nature.
The financial statement have been prepared to comply in all material
respect with the mandatory Accounting standards issued by the Ministry
of Corporate Affairs, in accordance with Indian Generally Accepted
Accounting Policies and as per the provision of the Companies Act,
1956.
FIXED ASSETS:
Fixed Assets are stated at cost (net of Cenvat Credit) of
acquisition/construction less accumulated depreciation and impairment
loss. Cost includes direct expenses as well as clearly identifiable
indirect expenses incurred to bring the assets to their working
condition for its intended use, net of CENVAT recoverable.
DEPRECIATION:
Depreciation on the Fixed assets has been provided on Straight Line
basis (other than the Assets located at Mumbai Office on which
depreciation has been provided on Written Down Value Method) as per the
provision of Section 205 of the Companies Act, 1956, at the rates and
in the manner specified in Schedule XIV to the Companies Act 1956.
Intangible Assets are amortized over a period of ten years on
straight-line basis.
Individual assets of value less than Rs..5,000 are depreciated in the
year of purchase.
INVESTMENTS:
A current investment is an investment that is by its nature readily
realizable and is intended to be held for not more than one year from
the date on which such investment is made. A long term investment is an
investment other than a current investment. An investment property is
an investment in land or buildings that are not intended to be occupied
substantially for use by, or in the operations of, the investing
enterprise. Long term investments and are stated at cost. The carrying
amount for current investments is the lower of cost and fair value
determined either on an individual investment basis or by category of
investment.. All long term investments are stated at cost less
provision for diminution to recognize a decline, other than temporary,
in the value of the investments.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalized as part
of the cost of such assets.
INTANGIBLE ASSET:
An intangible asset is an identifiable non-monetary asset, without
physical substance, held for use in the production or supply of goods
or services, for rental to others, or for administrative purposes.
Intangible Assets are stated at cost of acquisition less accumulated
amortization. All costs, including financing costs till commencement of
commercial operations are capitalized.
INVENTORIES
Inventories of finished goods, raw materials, and work in progress are
carried at lower of cost or net realizable value. The cost of
inventories of items that are not ordinarily interchangeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions.
FOREIGN EXCHANGE TRANSACTIONS
Initial Recognition: Transactions denominated in foreign currencies are
recorded at EXIM rates for Sales and Custom rates for Purchases as on
date of the transaction.
Conversion: At the year-end, monetary items denominated in foreign
currencies are converted into rupee equivalents at the year-end
exchange rates.
Exchange Differences: Any exchange gain or losses arising out of
fluctuations are accounted for in the books of the account as per
Accounting Standard -11 "The Effects of Changes in Foreign Exchange
Rates ".
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
REVENUE RECOGNITION:
Sales turnover for the year includes sales value of goods and other
recoveries such as Octroi, Transportation Charges, etc, and excludes
excise duty. Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the Company and the revenue can
be reliably measured. Revenue from sale of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the buyer.
EMPLOYEE BENEFITS:
Wages, salaries, bonuses and social security contributions are
recognized as an expense in the year in which the associated services
are rendered by employees. The Company''s contribution to Provident Fund
and ESIC is accounted on accrual basis and charged to Profit and Loss
Account. The Company accounts for liability for Gratuity of employees
on the basis of Actuarial Valuation. Gratuity is payable to Employees
after Retirement or Resignation of Employees; whereas there is no
defined policy enabling the employees to avail encashment of leave.
Defined contribution plans are post-employment benefit plans and are
recognized as an expense in the profit or loss as incurred.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
TAXES ON INCOME:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference; being
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
LEASES
Assets leased by the Company in its capacity as lessee, where the
Company has substantially all the risks and rewards of ownership are
classified as finance lease. Such a lease is capitalized at the
inception of the lease at lower of the fair value or the present value
of the minimum lease payments and a liability is recognized for an
equivalent amount. Each lease rental paid is allocated between the
liability and the interest cost so as to obtain a constant periodic
rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership
of an asset substantially vest with the lessor, are recognized as
operating leases. Lease rentals under operating leases are recognized
in the statement of profit and loss on a straight-line basis.
Mar 31, 2013
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognizes
income and expenses on accrual basis that are of significant nature. The
financial statement have been prepared to comply in all material respect
with the mandatory Accounting standards issued by the Ministry of
Corporate Affairs, in accordance with Indian Generally Accepted
Accounting Policies and as per the provision of the Companies Act,
1956.
FIXED ASSETS:
Fixed Assets are stated at cost (net of Canvas Credit) of
acquisition/construction less accumulated depreciation and impairment
loss. Cost includes direct expenses as well as clearly identifiable
indirect expenses incurred to bring the assets to their working
condition for its intended use, net of CENVAT recoverable.
DEPRECIATION:
Depreciation on the Fixed assets has been provided on Straight Line
basis (other than the Assets located at Mumbai Office on which
depreciation has been provided on Written Down Value Method) as per the
provision of Section 205 of the Companies Act, 1956, at the rates and
in the manner specified in Schedule XIV to the Companies Act 1956.
Intangible Assets are amortized over a period of ten years on
straight-line basis.
Individual assets of value less than Rs. 5,000 are depreciated in the
year of purchase.
INVESTMENTS:
A current investment is an investment that is by its nature readily
realizable and is intended to be held for not more than one year from
the date on which such investment is made. A long term investment is an
investment other than a current investment. An investment property is
an investment in land or buildings that are not intended to be occupied
substantially for use by, or in the operations of, the investing
enterprise. Long term investments and are stated at cost. The carrying
amount for current investments is the lower of cost and fair value
determined either on an individual investment basis or by category of
investment.. All long term investments are stated at cost less
provision for diminution to recognize a decline, other than temporary,
in the value of the investments.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalized as part
of the cost of such assets.
INTANGIBLE ASSET:
An intangible asset is an identifiable non-monetary asset, without
physical substance, held for use in the production or supply of goods
or services, for rental to others, or for administrative purposes.
Intangible Assets are stated at cost of acquisition less accumulated
amortization. All costs, including financing costs till commencement of
commercial operations are capitalized.
INVENTORIES
Inventories of finished goods, raw materials, and work in progress are
carried at lower of cost or net realizable value. The cost of
inventories of items that are not ordinarily interchangeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions.
FOREIGN EXCHANGE TRANSACTIONS
Initial Recognition: Transactions denominated in foreign currencies are
recorded at EXIM rates for Sales and Custom rates for Purchases as on
date of the transaction.
Conversion: At the year-end, monetary items denominated in foreign
currencies are converted into rupee equivalents at the year-end
exchange rates.
Exchange Differences: Any exchange gain or losses arising out of
fluctuations are accounted for in the books of the account as per
Accounting Standard -11 "The Effects of Changes in Foreign Exchange
Rates ".
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of the past or future cash
receipts or payments. The cash flows from regular revenue generating,
investing & financing activities of the company are segregated.
REVENUE RECOGNITION:
Sales turnover for the year includes sales value of goods and other
recoveries such as Conroe, Transportation Charges, etc, and excludes
excise duty. Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the Company and the revenue can
be reliably measured. Revenue from sale of goods is recognized when
the significant risks and rewards of ownership of the goods have passed
to the buyer.
EMPLOYEE BENEFITS:
Wages, salaries, bonuses and social security contributions are
recognized as an expense in the year in which the associated services
are rendered by employees. The Company''s contribution to Provident Fund
and ESIC is accounted on accrual basis and charged to Profit and Loss
Account. The Company accounts for liability for Gratuity of employees
on the basis of Actuarial Valuation. Gratuity is payable to Employees
after Retirement or Resignation of Employees; whereas there is no
defend policy enabling the employees to avail encashment of leave.
Defend contribution plans are post-employment benefit plans and are
recognized as an expense in the profit or loss as incurred.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results could
differ from those of estimates. Any revision in accounting estimates is
recognized in accordance with the respective accounting standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with ASÂ20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defend in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
TAXES ON INCOME:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference; being
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
LEASES
Assets leased by the Company in its capacity as lessee, where the
Company has substantially all the risks and rewards of ownership are
classified as finance lease. Such a lease is capitalized at the inception
of the lease at lower of the fair value or the present value of the
minimum lease payments and a liability is recognized for an equivalent
amount. Each lease rental paid is allocated between the liability and
the interest cost so as to obtain a constant periodic rate of interest
on the outstanding liability for each year.
Mar 31, 2012
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognises
income and expenses on accrual basis that are of significant nature.
The financial statement have been prepared to comply in all material
respect with the mandatory Accounting standards issued by the Institute
of Chartered Accountants of India, in accordance with Indian Generally
Accepted Accounting Policies and as per the provision of the Companies
Act, 1956.
FIXED ASSETS:
Fixed Assets are stated at cost (net of Cenvat Credit) of
acquisition/construction less accumulated depreciation and impairment
loss. Cost includes direct expenses as well as clearly identifiable
indirect expenses incurred to bring the assets to their working
condition for its intended use, net of CENVAT recoverable.
DEPRECIATION:
- Depreciation on the Fixed assets has been provided on Straight Line
basis (other than the Assets located at Mumbai Office on which
depreciation has-been provided on Written Down Value Method) as per the
provision of Section 205 of the Companies Act, 1956, at the rates and
in the manner specified in Schedule XIV to the Companies Act 1956.
- Intangible Assets are amortized over a period of ten years on
straight-line basis.
- Individual assets of value less than Rs.5000 are depreciated in the
year of purchase.
INVESTMENTS:
All long term investments are stated at cost less provision for
diminution to recognise a decline, other than temporary, in the value
of the investments, and current investments are carried in the
financial statements at the lower of cost and fair value determined
either on an individual investment basis or by category of investment.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
INTANGIBLE ASSET:
Intangible Assets are stated at cost of acquisition less accumulated
amortization.
INVENTORIES
Inventories of finished goods, raw materials, and work in progress are
carried at lower of cost or net realisable value. The cost of
inventories of items that are not ordinarily interchangeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions.
FOREIGN EXCHANGE TRANSACTIONS
- Initial Recognition: Transactions denominated in foreign currencies
are recorded at EXIM rates for Sales and Custom rates for Purchases as
on date of the transaction.
- Conversion: At the year-end, monetary items denominated in foreign
currencies are converted into rupee equivalents at the year-end
exchange rates.
- Exchange Differences: Any exchange gain or losses arising out of
fluctuations are accounted for in the books of the account as per
Accounting Standard -11 "The Effects of Changes in Foreign Exchange
Rates ".
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
REVENUE RECONGNITION:
Sales turnover for the year includes sales value of goods and other
recoveries such as Octroi, Transportation Charges etc, but excludes
excise duty. Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the Company and the revenue can
be reliably measured. Revenue from sale of goods is recognised when
the significant risks and rewards of ownership of the goods have passed
to the buyer.
RETIREMENT BENEFITS:
The Company's contribution to Provident Fund and ESIC is accounted on
accrual basis and charged to Profit and Loss Account. The Company
accounts for liability for Gratuity of employees on the basis of
Actuarial Valuation. Gratuity is payable to Employees after Retirement
or Resignation of Employees; whereas there is no defined policy
enabling the employees to avail encashment of leave.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are
computed by dividing the net profit or loss for the period by the
weighted average number of Equity Shares outstanding during the period.
Diluted earnings per share is computed by dividing the net profit or
loss for the period by the weighted average number of Equity Shares
outstanding during the period as adjusted for the effects of all
dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
TAXES ON INCOME:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognised on timing difference; being
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
1. Deferred tax assets and liabilities are measured assuming the tax
rates and tax laws that have been enacted or substantially enacted by
the Balance Sheet date. Deferred tax assets are recognised and carried
forward only if there is a reasonable / virtual certainty of
realisation.
2. The value on realization of current assets in the ordinary course
of business would not be less than the amount at which they are stated
in the Balance Sheet. According to the management, provision for all
the known liabilities is adequate.
3. Balances in Debtors, Creditors, loans, advances, and other current
assets are subject to confirmation and reconciliation.
Mar 31, 2011
1. Basis of Accounting
The Company follows mercantile system of accounting, and recognises
income and expenses on accrual basis that are of significant nature.
The financial statement have been prepared to comply in all material
respect with the mandatory Accounting standards issued by the Institute
of Chartered Accountants of India, in accordance with Indian Generally
Accepted Accounting Policies and as per the provision of the Companies
Act, 1956.
2. Revenue Recognition
Sales turnover for the year includes sales value of goods and other
recoveries such as Octroi, Transportation Charges etc, but excludes
excise duty. Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the Company and the revenue can
be reliably measured. Revenue from sale of goods is recognised when the
significant risks and rewards of ownership of the goods have passed to
the buyer.
3. Fixed Assets
Fixed Assets are stated at cost (net of Cenvat Credit) of
acquisition/construction less accumulated depreciation and impairment
loss. Cost includes direct expenses as well as clearly identifiable
indirect expenses incurred to bring the assets to their working
condition for its intended use, net of CENVAT recoverable.
4. Intangible Asset
Intangible Assets are stated at cost of acquisition less accumulated
amortization.
5. Depreciation and Amortization
- Depreciation on the Fixed assets has been provided on Straight Line
basis (other than the Assets located at Mumbai Office on which
depreciation has been provided on Written Down Value Method) as per the
provision of Section 205 of the Companies Act, 1956, at the rates and
in the manner specified in Schedule XIV to the Companies Act 1956.
- Intangible Assets are amortized over a period of ten years on
straight-line basis.
- Individual assets of value less than Rs.5000 are depreciated in the
year of purchase.
6. Inventories
Inventories of finished goods are carried at lower of cost or net
realisable value. The cost of inventories of items that are not
ordinarily interchangeable are assigned by specific identification of
their individual costs. Other inventory items are recorded using
first-in-first-out cost formula. The inventories include the relevant
duties, taxes, and cess other than those subsequently recoverable by
the enterprise from the taxing authorities that were incurred to bring
the inventory to their present location and conditions.
7. Retirement Benefits
The Companys contribution to Provident Fund and ESIC is accounted on
accrual basis and charged to Profit and Loss Account. The Company
accounts for liability for Gratuity of employees on the basis of
Actuarial Valuation. Gratuity is payable to Employees after Retirement
or Resignation of Employees; whereas there is no defined policy
enabling the employees to avail encashment of leave.
8. Foreign Exchange Transactions
- Initial Recognition: Transactions denominated in foreign currencies
are recorded at EXIM rates for Sales and Custom rates for Purchases as
on date of the transaction.
- Conversion: At the year-end, monetary items denominated in foreign
currencies are converted into rupee equivalents at the year-end
exchange rates.
- Exchange Differences: Any exchange gain or losses arising out of
fluctuations are accounted for in the books of the account as per
Accounting Standard -11 "The Effects of Changes in Foreign Exchange
Rates ".
9. Impairment of Assets
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased /reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
10. Use of estimates
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
11. Earnings Per Share
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
12. Income Tax:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognised on timing difference; being
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognised and carried
forward only if there is a reasonable / virtual certainty of
realisation.
13. Provisions, Contingent Liabilities and Contingent Assets
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
14. Cash Flow Statement:
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
15. Borrowing Costs:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
Mar 31, 2010
1. Basis of Accounting
The Company follows mercantile system of accounting, and recognises
income and expenses on accrual basis that are of significant nature.
The financial statement have been prepared to comply in all material
respect with the mandatory Accounting standards issued by the Institute
of Chartered Accountants of India, in accordance with Indian Generally
Accepted Accounting Policies and as per the provision of the Companies
Act, 1956.
2. Revenue Recognition
Sales turnover for the year includes sales value of goods and other
recoveries such as Octroi, Transportation Charges etc, but excludes
excise duty. Revenue is recognized to the extent that it is probable
that the economic benefits will flow to the Company and the revenue can
be reliably measured. Revenue from sale of goods is recognised when the
significant risks and rewards of ownership of the goods have passed to
the buyer.
3. Fixed Assets
Fixed Assets are stated at cost (net of Cenvat Credit) of
acquisition/construction less accumulated depreciation and impairment
loss. Cost includes direct expenses as well as clearly identifiable
indirect expenses incurred to bring the assets to their working
condition for its intended use, net of CENVAT recoverable.
4. Intangible Asset
Intangible Assets are stated at cost of acquisition less accumulated
amortization.
5. Depreciation and Amortization
- Depreciation on the Fixed assets has been provided on Straight Line
basis (other than the Assets located at Mumbai Office on which
depreciation has been provided on Written Down Value Method) as per the
provision of Section 205 of the Companies Act, 1956, at the rates and
in the manner specified in Schedule XIV to the Companies Act 1956.
- Intangible Assets are amortized over a period of ten years on
straight-line basis.
- Individual assets of value less than Rs.5000 are depreciated in the
year of purchase.
6. Inventories
Raw materials, packing materials, and Stores & spares have been valued
at cost (FIFO basis & net of Cenvat credit) or net realizable value
whichever is lower. Work in process has been valued at cost or net
realizable value whichever is lower. Finished goods have been valued at
cost or net realizable value whichever is lower. Finished goods and
work in process stock includes cost of conversion and other costs
incurred in bringing the inventories to their present location and
condition. The cost of inventories of items that are not ordinarily
interchangeable are assigned by specific identification of their
individual costs. Other inventory items are recorded using .first-in-
first-out cost formula. The inventories include the relevant duties,
taxes, and cess other than those subsequently recoverable by the
enterprise from the taxing authorities that were incurred to bring the
inventory to their present location and conditions.
7. Retirement Benefits
The Companys contribution to Provident Fund and ESIC is accounted on
accrual basis and charged to Profit and Loss Account. The Company
accounts for liability for Gratuity of employees on the basis of
Actuarial Valuation. Gratuity is payable to Employees after Retirement
or Resignation of Employees; whereas there is no defined policy
enabling the employees to avail encashment of leave.
8. Foreign Exchange Transactions
- Initial Recognition: Transactions denominated in foreign currencies
are recorded at EXIM rates for Sales and Custom rates for Purchases as
on date of the transaction.
- Conversion: At the year-end, monetary items denominated in foreign
currencies are converted into rupee equivalents at the year-end
exchange rates.
A Exchange Differences: Any exchange gain or losses arising out of
fluctuations are accounted for in the books of the account as per
Accounting Standard -11 "The Effects of Changes in Foreign Exchange
Rates "
9. Impairment of Assets
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
10. Use of estimates
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
11. Earnings Per Share
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
12. Income Tax:
Tax expenses comprise both current & deferred taxes.
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognised on timing difference; being
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognised and carried
forward only if there is a reasonable / virtual certainty of
realisation.
13. Provisions, Contingent Liabilities and Contingent Assets
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
14. Cash Flow Statement:
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
15. Borrowing Costs:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
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