Mar 31, 2015
A. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with
Generally Accepted Accounting Principles ("GAAP") in India under the
historical cost convention on accrual basis and are in accordance with
the applicable accounting standards as prescribed under Section 133 of
the Companies Act, 2013 ('Act') read with Rule 7 of the Companies
(Accounts) Rules, 2014, the provisions of the Act (to the extent
notified) and guidelines issued by the Securities and Exchange Board of
India (SEBI). These Accounting policies have been consistently applied,
except where a newly issued Accounting Standard is initially adopted by
the company
As required & mandated by relevant guidelines prescribed under
Companies Act, 2013, Company has prepared its financials as per
Schedule III. All assets and liabilities have been classified as
current or non-current as per the Company's normal operating cycle and
other criteria set out in the Schedule III to the Companies Act, 2013.
Based on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company has considered a period of twelve months for
the purposes of classification of assets and liabilities as current and
non-current
B. Revenue Recognition
(a) Revenue is being recognized on accrual basis in accordance with the
Accounting Standard-9 on 'Revenue Recognition' as prescribed under
Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the
Companies (Accounts) Rules, 2014. Accordingly, if there are any
uncertainties in realization, income is not accounted for.
(b) Dividend on shares is accounted for as and when received.
(c) In respect of other heads of income, the company follows the
accrual basis of accounting.
(d) Overdue Interest on debtors has been accounted for at the time of
settlement with debtors in accordance with the principle of virtual
certainty.
C. Investments
Investments are classified into current and long term investments.
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. A provision for
diminution in value is made to recognize a decline other than temporary
in the value of long term investments.
D. Fixed Assets
(a) Fixed assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes (excluding tax and duties recoverable) and
other incidental expenses related to their acquisition.
(b) The company's own assets and the assets given out on lease are
valued at cost. In respect of vehicles on lease, cost excludes
insurance and road tax, which is recovered from the customer.
E. Inventory
Securities held as stock in trade are valued at lower of estimated cost
or market value. Cost has been determined by Weighted Average Cost
Method.
F. Earnings Per Share
The basic and diluted earnings per share (EPS) are computed by dividing
the net profit after tax for the year by the weighted average number of
equity shares outstanding during the year. However, it does not
include potential equity shares which are contingent on the decision of
the judiciary.
G. Depreciation
Depreciation is computed at the following rates: -
(a) On its own fixed assets on a pro-rata basis on the straight line
method at rates and in the manner specified in Schedule II to the
Companies Act, 2013.
(b) On assets given out on operating lease, on a pro-rata basis, on the
straight-line method at rates and in the manner specified in Schedule
II to the Companies Act, 2013.
(c.) In the case of purchase/sale of asset, depreciation is computed on
pro rata basis from the date of such addition or as the case may be, up
to the date on which such asset has been sold, discarded, demolished or
destroyed.
(d) The life of fixed assets are considered in accordance with the
Schedule II of the Companies Act-2013
H. Repossessed Stock
Assets on hire purchase and lease, which have been repossessed, are
recorded at the end of the year on the basis of the value estimated by
the company but a financial entry adjusting the account of the customer
is passed only when the asset is disposed off.
I. Retirement and Other Employee Benefits
(a) Short Term Employee Benefits
All employee benefits falling due within twelve months of rendering
service are classified as short term employee benefits. The benefits
like salaries, wages, short term compensated absences etc. and the
expected cost of bonus, ex-gratia are recognized in the period in which
the employee renders the related service.
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The State governed provident fund
scheme and employee state insurance scheme are defined contribution
plans. The contribution paid/payable under the schemes is recognized
during the period in which the employee renders the related service.
(ii) Defined Benefit Plans: Gratuity liability is covered under the
defined benefit plan. The present value of the obligation is
determined based on actuarial valuation using the Projected Unit Credit
Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of the estimated future
cash flows. The discount rates used for determining the present value
of the obligation under defined benefit plans, is based on the market
yields on Government securities as at the balance sheet date, having
maturity years approximating to the terms of related obligations
Actuarial gains and losses are recognized immediately in the profit &
loss account.
(c) Long Term Employee Benefits
The obligation for long term employee benefits such as long term
compensated leave or encashment of leave accrued up to the specified
period are recognized in the manner similar to the case of Gratuity.
J. Provisions and Contingencies
Provisions are recognized when the company has a present obligation as
a result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle are
reviewed regularly and are adjusted where necessary to reflect the
current best estimates of the obligation. Liabilities are disclosed
after an evaluation of the facts and legal aspects of the matters
involved. Contingent assets are neither recognized, nor disclosed.
Provisions, contingent liabilities and contingent assets are reviewed
at each Balance Sheet date.
K. Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent assets and liabilities as at the date of the
financial statements and reported amounts of income and expenses during
the period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans,
income taxes, provision for estimated liabilities and the useful lives
of fixed assets and intangible assets. Actual results could differ from
those estimates. Any revision in the accounting estimate is recognized
prospectively in the current and future periods.
Mar 31, 2014
A. Basis of Preparation of Financial Statements
The Financial statements have been prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on accrual basis and are in accordance with the
applicable accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) & prescribed in the Companies (Accounting
Standards) Rules, 2006. These accounting policies have been
consistently applied, except where a newly issued accounting standard
is initially adopted by the company. The management evaluates the
effect of accounting standards issued on a going basis and ensures that
they are adopted as mandated by the ICAI.
As required & mandated by relevant guidelines prescribed under the
Companies Act, 1956, the company has prepared its financials as per the
revised Schedule VI. All assets and liabilities have been classified as
current or non-current as per the company''s normal operating cycle and
other criteria set out in the revised Schedule VI to the Companies Act,
1956. Based on the nature of products and the time between the
acquisition of assets for processing and their realization in cash and
cash equivalents, the company has considered a period of twelve months
for current accounting period and twelve months for previous accounting
year for the purposes of classification of assets and liabilities as
current and non- current.
B. Revenue Recognition
(a) Revenue is being recognized in accordance with the Guidance Note on
accrual basis of accounting issued by the Institute of Chartered
Accountants of India. Accordingly, if there are any uncertainties in
realization, income is not accounted for.
(b) Dividend on shares is accounted for as and when received.
(c) In respect of other heads of income, the company follows the
accrual basis of accounting.
(d) Overdue Interest on debtors has been accounted for at the time of
settlement with debtors in accordance with the principle of virtual
certainty.
C. Investments
Investments are classified into current and long term investments.
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. A provision for
diminution in value is made to recognize a decline other than temporary
in the value of long term investments.
D. Fixed Assets
(a) Fixed assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes (excluding tax and duties recoverable) and
other incidental expenses related to their acquisition.
(b) The company''s own assets and the assets given out on lease are
valued at cost. In respect of vehicles on lease, cost excludes
insurance and road tax, which is recovered from the customer.
E. Inventory
Securities held as stock in trade are valued at lower of estimated cost
or market value.
F. Earnings Per Share
The basic and diluted earnings per share (EPS) are computed by dividing
the net profit after tax for the year by the weighted average number of
equity shares outstanding during the year. However, it does not include
potential equity shares which are contingent on the decision of the
judiciary.
G. Depreciation
Depreciation is computed at the following rates:-
(a) On its own fixed assets on a pro-rata basis on the straight line
method at rates specified in Schedule XIV to the Companies Act, 1956.
(b) For assets given out on financial lease at rates specified in
Schedule XIV to the Companies Act, 1956 or the amounts to be written
off evenly over the period of lease, whichever is higher. The amount to
be written off is determined after deducting the security deposit
received from the cost of the asset.
(c) On assets given out on operating lease, on a pro-rata basis, on the
straight-line method at rates specified in Schedule XIV to the
Companies Act, 1956.
(d) On assets purchased for less than equal to Rs. 5,000, the company
charges depreciation @100% on a pro-rata basis.
(e) In respect of additions made during the year, depreciation is
computed from the beginning of the month of acquisition and in respect
of assets sold/discarded during the year the depreciation is charged up
to the end of the month in which sale/discard takes place.
Assets on hire purchase and lease, which have been repossessed, are
recorded at the end of the year on the basis of the value estimated by
the company but a financial entry adjusting the account of the customer
is passed only when the asset is disposed off.
I. Retirement and Other Employee Benefits
(a) Short Term Employee Benefits
All employee benefits falling due within twelve months of rendering
service are classified as short term employee benefits. The benefits
like salaries, wages, short term compensated absences etc. and the
expected cost of bonus, ex-gratia are recognized in the period in which
the employee renders the related service.
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The State governed provident fund
scheme and employee state insurance scheme are defined contribution
plans. The contribution paid/payable under the schemes is recognized
during the period in which the employee renders the related service.
(ii) Defined Benefit Plans: Gratuity liability is covered under the
defined benefit plan. The present value of the obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation.
Actuarial gains and losses are recognized immediately in the profit &
loss account.
(c) Long Term Employee Benefits
The obligation for long term employee benefits such as long term
compensated leave or encashment of leave accrued up to the specified
period are recognized in the manner similar to the case of Gratuity.
J. Provisions and Contingencies
Provisions are recognized when the company has a present obligation as
a result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle are
reviewed regularly and are adjusted where necessary to reflect the
current best estimates of the obligation. Liabilities are disclosed
after an evaluation of the facts and legal aspects of the matters
involved. Contingent assets are neither recognized, nor disclosed.
Provisions, contingent liabilities and contingent assets are reviewed
at each Balance Sheet date.
K. Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent assets and liabilities as at the date of the
financial statements and reported amounts of income and expenses during
the period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans,
income taxes, provision for estimated liabilities and the useful lives
of fixed assets and intangible assets. Actual results could differ from
those estimates. Any revision in the accounting estimate is recognized
prospectively in the current and future periods.
Jun 30, 2011
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial statements have been prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on accrual basis and are in accordance with the
applicable accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) & prescribed in the Companies (Accounting
Standards) Rules, 2006. These Accounting policies have been
consistently applied, except where a newly issued accounting standard
is initially adopted by the company. The management evaluates the
effect of accounting standards issued on a going basis and ensures that
they are adopted as mandated by the ICAI.
2. REVENUE RECOGNITION
(a) Revenue is being recognised in accordance with the Guidance Note on
accrual basis of accounting issued by the Institute of Chartered
Accountants of India. Accordingly, if there are any uncertainties in
realization, income is not accounted for.
(b) Dividend on shares is accounted for as and when received.
c) In respect of other heads of income, the company follows the accrual
basis of accounting.
d) Overdue Interest on debtors has been accounted for at the time of
settlement with Debtors in accordance with the principle of virtual
certainty.
3. INVESTMENTS
Investments are classified into current and long term investments.
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. A provision for
diminution in value is made to recognize a decline other than temporary
in the value of long term investments.
4. FIXED ASSETS
(a) Fixed assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes (excluding tax and duties recoverable) and
other incidental expenses related to their acquisition.
(b) The company's own assets and the assets given out on lease are
valued at cost. In respect of vehicles on lease, cost excludes
insurance and road tax, which is recovered from the customer.
5. INVENTORY
Securities held as stock in trade are valued at lower of estimated cost
or market value.
6. EARNING PER SHARE
The basic and diluted earnings per share(EPS) is computed by dividing
the net profit after tax for the year by the weighted average number of
equity shares outstanding during the year. However, it does not
include potential equity shares which are contingent on the decision of
the judiciary.
7. DEPRECIATION
Depreciation is computed at the following rates: -
(a) On its own fixed assets on a pro-rata basis on the straight line
method at rates specified in Schedule XIV to the Companies Act, 1956.
(b) For assets given out on financial lease at rates specified in
Schedule XIV to the Companies Act, 1956 or the amounts to be written
off evenly over the period of lease, whichever is higher. The amount to
be written off is determined after deducting the security deposit
received from the cost of the asset.
(c) On assets given out on operating lease, on a pro-rata basis, on the
straight-line method at rates specified in Schedule XIV to the
Companies Act, 1956.
(d) On assets purchased for less than equal to Rs. 5,000, company
charges depreciation @100% on a pro-rata basis.
(e) In respect of additions made during the year, depreciation is
computed from the beginning of the month of acquisition and in respect
of assets sold/discarded during the year the depreciation is charged up
to the end of the month in which sale/discard takes place.
8. REPOSSESSED STOCK
Assets on hire purchase and lease, which have been repossessed, are
recorded at the end of the year on the basis of the value estimated by
the company but a financial entry adjusting the account of the customer
is passed only when the asset is disposed off.
9. RETIREMENT AND OTHER EMPLOYEE BENEFITS
(a) Short Term Employee Benefits
All employee benefits falling due within twelve months of rendering
service are classified as short term employee benefits. The benefits
like salaries, wages, short term compensated absences etc. and the
expected cost of bonus, ex-gratia are recognized in the period in which
the employee renders the related service
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The State governed provident fund
scheme and employee state insurance scheme are defined contribution
plans. The contribution paid/payable under the schemes is recognized
during the period in which the employee renders the related service.
(ii) Defined Benefit Plans: Gratuity Liability is covered under the
defined benefit plan. The present value of the obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation.
Actuarial gains and losses are recognized immediately in the profit &
loss account.
(c) Long Term Employee Benefits
The obligation for long term employee benefits such as long term
compensated leave or encashment of leave accrued up to the specified
period are recognized in the manner similar to the case of Gratuity.
10. PROVISIONS AND CONTINGENCIES
Provisions are recognized when the company has a present obligation as
a result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle are
reviewed regularly and are adjusted where necessary to reflect the
current best estimates of the obligation. Liabilities are disclosed
after an evaluation of the facts and legal aspects of the matters
involved. Contingent assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet.
11. USE OF ESTIMATES
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent assets and liabilities as at the date of the
financial statements and reported amounts of income and expenses during
the period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans,
income taxes, provision for estimated liabilities and the useful lives
of fixed assets and intangible assets. Actual results could differ from
those estimates. Any revision in the accounting estimate is recognized
prospectively in the current and future periods.
Jun 30, 2010
1. Basis of Preparation of Financial Statements
The Financial statements have been prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on accrual basis and are in accordance with the
applicable accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) & prescribed in the Companies (Accounting
Standards) Rules, 2006. These Accounting policies have been
consistently applied, except where a newly issued accounting standard
is initially adopted by the company. The management evaluates the
effect of accounting standards issued on a going basis and ensures that
they are adopted as mandated by the ICAI.
2. Revenue Recognition
(a) Revenue is being recognised in accordance with the Guidance Note on
accrual basis of accounting issued by the Institute of Chartered
Accountants of India. Accordingly, if there are any uncertainties in
realization, income is not accounted for.
(b) Dividend on shares is accounted for as and when received.
(c) In respect of other heads of income, the company follows the
accrual basis of accounting.
(d) Overdue Interest on debtors has been accounted for at the time of
settlement with Debtors in accordance with the principle of virtual
certainty.
3. Investments
Investments are classified into current and long term investments.
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. A provision for
diminution in value is made to recognize a decline other than temporary
in the value of long term investments.
3. FixedAssets
(a) Fixed assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes (excluding tax and duties recoverable) and
other incidental expenses related to their acquisition.
(b) The companys own assets and the assets given out on lease are
valued at cost. In respect of vehicles on tease, cost excludes
insurance and road tax, which is recovered from the customer.
4. Inventory
Securities held as stock in trade are valued at lower of estimated cost
or market value.
5. Earning Per Share
The basic and diluted earnings per share(EPS) is computed by dividing
the net profit after tax for the year by the weighted average number of
equity shares outstanding during the year. However, it does not include
potential equity shares which are contingent on the decision of the
judiciary.
6. Depreciation
Depreciation is computed at the following rates: -
(a) On its own fixed assets on a pro-rata basis on the straight line
method at rates specified in Schedule XIV to the Companies Act, 1956.
(b) For assets given out on financial lease at rates specified in
Schedule XIV to the Companies Act, 1956 or the amounts to be written
off evenly over the period of lease, whichever is higher. The amount tp
be written off is determined after deducting the security deposit
received from the cost of the asset.
(c) On assets given out on operating lease, on a pro-rata basis, on the
straight- line method at rates specified in Schedule XIV to the
Companies Act, 1956.
(d) On assets purchased for less than equal to Rs. 5,000, company
charges depreciation @ 100% on a pro-rata basis.
(e) In respect of additions made during the year, depreciation is
computed from the beginning of the month of acquisition and in respect
of assets sold/discarded during the year the depreciation is charged up
to the end of the month in which sale/discard takes place.
7. Repossessed Stock
Assets on hire purchase and lease, which have been repossessed, are
recorded at the end of the year on the basis of the value estimated by
the company but a financial entry adjusting the account of the customer
is passed only when the asset is disposed off.
8. RETIREMENT AND OTHER EMPLOYEE BENEFITS
(a) Short Term Employee Benefits
All employee benefits falling due within twelve months of rendering
service are classified as short term employee benefits. The benefits
like salaries, wages, short term compensated absences etc. and the
expected cost of bonus, ex-gratia are recognized in the period in which
the employee renders the related service.
(b) Post-Employment Benefits
(i) Defined Contribution Plans: The State governed provident fund
scheme and employee state insurance scheme are defined contribution
plans. The contribution paid/payable under the schemes is recognized
during the period in which the employee renders the related service.
(ii) Defined Benefit Plans: Gratuity Liability is covered under the
defined benefit plan. The present value of the obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation.
Actuarial gains and losses are recognized immediately in the profit &
loss account.
(c) Long Term Employee Benefits
The obligation for long term employee benefits such as long term
compensated leave or encashment of leave accrued up to the specified
period are recognized in the manner similar to the case of Gratuity.
9. PROVISIONS AND CONTINGENCIES
Provisions are recognized when the company has a present obligation as
a result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle are
reviewed regularly and are adjusted where necessary to reflect the
current best estimates of the obligation. Liabilities are disclosed
after an evaluation of the facts and legal aspects of the matters
involved. Contingent assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet.
10. USE OF ESTIMATES
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent assets and liabilities as at the date of the
financial statements and reported amounts of income and expenses during
the period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans,
income taxes, provision for estimated liabilities and the useful lives
of fixed assets and intangible assets. Actual results could differ from
those estimates. Any revision in the accounting estimate is recognized
prospectively in the current and future periods.