Mar 31, 2015
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Accounts have been prepared on a going concern basis under
historical cost convention on Accrual basis and in accordance with the
generally accepted accounting principles in India and the provisions
of Companies Act 2013.
(b) USE OF ESTIMATE:
The preparation of financial statement in Conformity with the
generally accepted accounting principles requires management to make
estimates and assumptions to be made that affect the reported amount
of assets and liabilities on the date of the financial statements and
the reported amount of revenues during the reporting period the
difference between the actual results and estimates are recognized in
the period in which the results are known / materialized.
(c) REVENUE RECOGNITION:
Revenues are recognized when it is earned and no significant
uncertainty exists as to as ultimate collection.
(d) FIXED ASSETS:
Fixed Assets are stated at Cost except for Land, Factory Building,
Plant & Machinery, Staff quarters which were revalued as on 31st
March, 1996, and Plant & Machinery again revalued as on 31.03.2003,
are stated at the value as determined by the approved valuers.
(e) DEPRECIATION:
Depreciation on Fixed Assets is provided on straight line method.
Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013.
(f) INVESTMENTS:
Investments are stated at cost.
(g) INVENTORIES:
Inventories are valued as under, after providing for obsolescence.
i] Raw-materials at cost
ii] Finished goods and Work-in-Progress at cost of Direct materials,
Direct wages and appropriate overheads.
iii] Traded Goods at lower of cost or realisable value.
(h) RETIREMENT BENEFITS:
i] Gratuity Liability a defined benefit scheme: Except Mumbai Office,
All employees are covered under Employee Gratuity Scheme. The Company
contributes to the Fund on tire basis of the year-end liability
actuarially determined in pursuance of the Scheme.
The Company has not made full provision in tire Books of Accounts,
since no actuarial valuation in respect of Mumbai office employees are
done by tire Company at tire end of tire Financial Year.
ii] Provident Fund: Provident Fund contributions are made to
Government Provident Fund Authority are charged to revenue.
iii] Employees Pension Scheme: Contribution to employees Pension
Scheme 1995 is made to Government Provident Fund Authority are charged
to revenue.
(i) FOREIGN CURRENCY TRANSACTION:
Realised gains and losses on Foreign exchange transactions pertaining
to current assets and current liabilities are recognized in tire
Profit and Loss Account.
(j) TAXATION:
I] CURRENT TAX
Provision for Current income tax liability is made on estimated
taxable income under Income Tax Act, 1961 after considering
permissible tax exemption, deductions and disallowances.
II] DEFERRED TAX
Deferred tax resulting from timing difference between book and tax
profits is accounted for under tire liability method, at the current
rate of tax to the extent that tire timing difference are expected to
crystallize.
(k) IMPAIRMENT OF ASSETS:
At each Balance Sheet date, tire Company assesses whether there is any
indication that an asset may be impaired. If any such indication
exist, The Company estimates tire recoverable amount. If carrying
amount of the asset exceeds its recoverable amount, an impairment loss
is recognized in the Profit & Loss Account to tire extent the carrying
amount exceeds recoverable amount.
(l) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be as outflow of resources.
Contingent Liabilities are not recognized but are disclosed in tire
notes.
Contingent Assets are neither recognized nor disclosed in the
financial statements.
(m) DEFERRED TAXATION:
The Company has recognized Deferred Tax Liabilities using current tax
rate. Deferred Tax Assets/ Liabilities are reviewed at Balance Sheet
date for tire appropriateness of their respective carrying value based
on tire developments/ information available.
Mar 31, 2014
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Accounts have been prepared on a going concern basis under
historical cost convention on Accrual basis and in accordance with the
generally accepted accounting principles in India and the provisions of
Companies Act 1956.
(b) USE OF ESTIMATE:
The preparation of financial statement in Conformity with the generally
accepted accounting principles requires management to make estimates
and assumptions to be made that affect the reported amount of assets
and liabilities on the date of the financial statements and the
reported amount of revenues during the reporting period the difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
(c) REVENUE RECOGNITION:
Revenues are recognized when it is earned and no significant
uncertainty exists as to as ultimate collection.
(d) FIXED ASSETS:
Fixed Assets are stated at Cost except for Land, Factory Building,
Plant & Machinery, Staff quarters which were revalued as on 31st March,
1996, and Plant & Machinery again revalued as on 31.03.2003, are stated
at the value as determined by the approved valuers.
(e) DEPRECIATION:
Depreciation on Fixed Assets is provided on straight line basis at the
rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation on revalued assets is calculated on straight line basis on
the values given by the approved valuers. The difference between
depreciation on assets based on revaluation and that on original cost
is transferred from Profit and Loss Account to Revaluation Reserves.
(f) INVESTMENTS:
Investments are stated at cost.
(g) INVENTORIES:
Inventories are valued as under, after providing for obsolescence.
i] Raw-materials at cost
ii] Finished goods and Work-in-Progress at cost of Direct materials,
Direct wages and appropriate overheads.
iii] Traded Goods at lower of cost or realisable value.
(h) RETIREMENT BEFEFITS:
i] Gratuity Liability a defined benefit scheme: Except Mumbai Office,
All employees are covered under Employee Gratuity Scheme. The Company
contributes to the Fund on the basis of the year-end liability
actuarially determined in pursuance of the Scheme.
The Company has not made full provision in the Books of Accounts, since
no actuarial valuation in respect of Mumbai office employees are done
by the Company at the end of the Financial Year.
ii] Provident Fund: Provident Fund contributions are made to Government
Provident Fund Authority are charged to revenue.
iii] Employees Pension Scheme: Contribution to employees Pension Scheme
1995 is made to Government Provident Fund Authority are charged to
revenue.
(i) FOREIGN CURRENCY TRANSACTION:
Realised gains and losses on Foreign exchange transactions pertaining
to current assets and current liabilities are recognized in the Profit
and Loss Account.
(j) TAXATION :
I] CURRENT TAX
Provision for Current income tax liability is made on estimated taxable
income under Income Tax Act, 1961 after considering permissible tax
exemption, deductions and disallowances.
II] DEFFERED TAX
Deferred tax resulting from timing difference between book and tax
profits is accounted for under the liability method, at the current
rate of tax to the extent that the timing difference are expected to
crystallize.
(k) IMPAIRMENT OF ASSETS:
At each Balance Sheet date, the Company assesses whether there is any
indication that an asset may be impaired. If any such indication exist,
The Company estimates the recoverable amount. If carrying amount of the
asset exceeds its recoverable amount, an impairment loss is recognized
in the Profit & Loss Account to the extent the carrying amount exceeds
recoverable amount.
(l) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be as outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
(m) DEFERRED TAXTATION:
The Company has recognized Deferred Tax Liabilities using current tax
rate. Deferred Tax Assets/ Liabilities are reviewed at Balance Sheet
date for the appropriateness of their respective carrying value based
on the developments/ information available.
Mar 31, 2013
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Accounts have been prepared on a going concern basis; under
historical cost convention on Accrual basis and in accordance with the
generally accepted accounting principles in India and the provisions of
Companies Act 1956.
(b) USE OF ESTIMATE:
The preparation of financial statement in Conformity with the generally
accepted accounting principles requires management to make estimates
;and assumptions to be made that affect the reported amount of assets
and liabilities on the date of the financial statements and the
reported amount of revenues during the reporting period the difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
(c) REVENUE RECOGNITION:
Revenues are recognized when it is earned and no significant
uncertainty exists as to as ultimate collection.
(d) FIXED ASSETS:
Fixed Assets; are stated at Cost except for Land, Factory Building,
Plant & Machinery,
Staff quarters which were revalued as on 31st March, 1996, and Plant &
Machinery again revalued as on 31.03.2003, are stated at the value as
determined by the approved values.
(e) DEPRECIATION:
Depreciation ;on Fixed Assets is provided on straight line basis at the
rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation on revalued assets is calculated on straight line basis on
the values given by the approved valuers. The difference between
depreciation on assets based on revaluation and that on original cost
is transferred from Profit and Loss Account to Revaluation Reserves.
(f) INVESTMENTS:
Investments are stated at cost. .
(g) INVENTORIES:
Inventories are valued as under, after providing for obsolescence.
i] Raw-materials at cost
ii Finished goods and Work-in-Progress at cost of Direct materials,
Direct ''wages and appropriate overheads.
iii] Traded Goods at lower of cost or realizable value.
(h) RETIREMENT BEFEFITS:
i]Gratuity Liability a defined benefit scheme: Except Mumbai Office,
All employees are covered under Employee Gratuity Scheme. The Company
contributes to the Fund on the basis of the year-end liability
actuarially determined in pursuance of the Scheme.
The Company has not made full provision in the Books of Accounts, since
no actuarial valuation in respect of Mumbai office employees are done
by the Company at the end of the Financial Year.
ii]Provident Fund: Provident Fund contributions are made to Government
Provident Fund Authority are charged to revenue.
Iii Employees Pension Scheme: Contribution to employees Pension Scheme
1995 is made to Government Provident Fund Authority are charged to
revenue.
(i) FOREIGN CURRENCY TRANSACTION:
Realized gains and losses on Foreign exchange transactions pertaining
to current assets .
and current liabilities are recognized in the Profit and Loss Account.
0) TAXATION:
I] CURRENT TAX Provision for Current income tax liability is made on
estimated taxable income under Income Tax Act, 1961 after considering
permissible tax exemption, deductions and disallowances.
II] DEFFEREDTAX
Deferred tax resulting from timing difference between book and tax
profits is accounted for under the liability method, at the current
rate of tax to the extent that the timing difference are expected to
crystallize.
(k) IMPAIRMENT OF ASSETS: *
At each Balance Sheet date, the Company assesses whether there is any
indication that an asset may be impaired. If any such indication exist;
The Company estimates the recoverable amount. If carrying amount of the
asset exceeds its recoverable amount, an impairment loss is recognized
in the Profit & Loss Account to the extent the carrying amount exceeds
recoverable amount.
(I) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be as outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
(m) DEFERRED TAXTATION:
The Company has recognized Deferred Tax Liabilities using current tax
rate.
Mar 31, 2010
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Accounts have been prepared on a going concern basis under
historical cost convention on Accrual basis and in accordance with the
generally accepted accounting principles in India and the provisions of
Companies Act 1956.
(b) USE OF ESTIMATE:
The preparation of financial statement in Conformity with the generally
accepted accounting principles requires management to make estimates
and assumptions to be made that affect the reported amount of assets
and liabilities on the date of the financial statements and the
reported amount of revenues during the reporting period the difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
(c) REVENUE RECOGNITION:
Revenues are recognized when it is earned and no significant
uncertainty exists as to as ultimate collection.
(d) FIXED ASSETS:
Fixed Assets are stated at Cost except for Land, Factory Building,
Plant & Machinery, Staff quarters which were revalued as on 31st March,
1996, and Plant & Machinery again revalued as on 31.03.2003, are stated
at the value as determined by the approved valuers.
(e) DEPRECIATION:
Depreciation on Fixed Assets is provided on straight line basis at the
rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation on revalued assets is calculated on straight line basis on
the values given by the approved valuers. The difference between
depreciation on assets based on revaluation and that on original cost
is transferred from Profit and Loss Account to Revaluation Reserves.
(f) INVESTMENTS:
Investments are stated at cost.
(g) INVENTORIES:
Inventories are valued as under, after providing for obsolescence.
i] Raw-materials at cost
ii] Finished goods and Work-in-Progress at cost of Direct materials,
Direct wages and appropriate overheads.
iii] Traded Goods at lower of cost or realisable value.
(h) RETIREMENT BENEFITS:
i> Gratuity Liability a defined benefit scheme: Except Mumbai Office,
All employees are covered under Employee Gratuity Scheme. The Company
contributes to the Fund on the basis of the year-end liability
actuarially determined in pursuance of the Scheme.
The Company has not made full provision in the Books of Accounts, since
no actuarial valuation in respect of Mumbai office employees are done
by the Company at the end of the Financial Year.
ii] Provident Fund: Provident Fund contributions are made to Government
Provident Fund Authority are charged to revenue.
iii] Employees Pension Scheme: Contribution to employees Pension Scheme
1995 is made to Government Provident Fund Authority are charged to
revenue.
(i) FOREIGN CURRENCY TRANSACTION:
Realised gains and losses on Foreign exchange transactions pertaining
to current assets and current liabilities are recognized in the Profit
and Loss Account.
0) TAXATION:
I] CURRENT TAX
Provision for Current income tax liability is made on estimated taxable
income under Income Tax Act, 1961 after considering permissible tax
exemption, deductions and disallowances.
II] DEFFERED TAX
Deferred tax resulting from timing difference between book and tax
profits is accounted for under the liability method, at the current
rate of tax to the extent that the timing difference are expected to
crystallize.
(k) IMPAIRMENT OF ASSETS:
At each Balance Sheet date, the Company assesses whether there is any
indication that an asset may be impaired. If any such indication exist,
The Company estimates the recoverable amount. If carrying amount of the
asset exceeds its recoverable amount, an impairment loss is recognized
in the Profit & Loss Account to the extent the carrying amount exceeds
recoverable amount.
(l) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be as outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
(m) The Company has not received any intimation from suppliers
regarding their status under The Micro, Small and Medium Enterprises
Development Act 2006, and hence the Disclosure, if any relating to the
amount unpaid as at the year end together with interest paid/payable as
required under the said Act have not been given.