Mar 31, 2014
(A) ACCOUNTING CONVENTION
The financial statements are prepared on the basis of going concern,
under historical cost convention on an accrual basis and in accordance
with the requirement of the Companies Act, 1956 and comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India to the extent applicable.
(B) INVESTMENTS:
Investments are stated at cost.
(C) INVENTORIES
Finished goods are valued at lower of cost and market price, while Raw
Material and Work in Progress are valued at cost. The Scrap is valued
at realizable value. Cost of work in progress excludes expenses on
material received for processing on Job basis.
(D) FIXED ASSETS AND DEPRECIATION:
Fixed assets are stated at cost and depreciated on written down value
(WDV) method in accordance with provisions of schedule XIV of the
Companies Act, 1956 except addition on Machinery w.e.f. 01.04.1989,
vehicle and computer w.e.f. 01.04.1996 where S.L.M. method is followed.
(E) REVENUE RECOGNITION:
Sales are recognised at the point of dispatch to customers.
2. ACCOUNTING STANDARDS:
a) Accounting Standard 11 Â Accounting for effects of change in Foreign
Exchange
b) Related parties disclosure as per accounting Standard 18:
The related parties, as defined by Accounting Standard 18 '' Related
party disclosure'' issued by The Institute of Chartered Accountants of
India, in respect of which the disclosures have been made and
identified on the basis of disclosures made by the company.
c) Lease Agreement as per Accounting Standard 19:
The company has entered into Lease Agreement for Mumbai Office on
25.08.2010. This has become null and void w.e.f. vacating the office.
e) Taxes on Income Tax as per Accounting Standard 22:
i. Provision for Income Tax is made in accordance with the Income Tax
Act, 1961.
ii. Current Tax is determined as the amount of tax payable in respect
of taxable income for the year.
iii. The company has recognized Deferred Taxes which result from timing
difference between the Book profits and Tax profits. Consequently, as
required by the said standard, the company has recognised the deferred
tax balance that would have accumulated prior to adopting the standard,
as if the standard had been in effect.
Mar 31, 2013
(A) ACCOUNTING CONVENTION
The financial statements are prepared on the basis of going concern,
under historical cost convention on an accrual basis and in accordance
with the requirement of the Companies Act, 1956 and comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India to the extent applicable.
(B) INVESTMENTS:
Investments are stated at cost.
(C) INVENTORIES
Finished goods is valued at lower of cost and market price, while Raw
Material and Work in Progress are valued at cost. The Scrap is valued
at realizable value. Cost of work in progress excludes expenses on
material received for processing on Job basis.
(D) FIXED ASSETS AND DEPRECIATION:
i) Fixed assets are stated at cost and depreciated on written down
value (WDV) method in accordance with provisions of schedule XIV of the
Companies Act, 1956 except addition on Machinery w.e.f. 01.04.1989,
vehicle and computer w.e.f. 01.04.1996 where S.L.M. method is followed.
(E) REVENUE RECOGNITION:
Sales are recognised at the point of dispatch to customers.
Mar 31, 2012
(A) ACCOUNTING CONVENTION
The financial statements are prepared on the basis of going concern,
under historical cost convention on an accrual basis and in accordance
with the requirement of the Companies Act, 1956 and comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India to the extent applicable.
(B) INVESTMENTS:
Investments are stated at cost.
(C) INVENTORIES
Finished goods are valued at lower of cost and market price, while Raw
Material and Work in Process are valued at cost. The Scrap is valued at
realizable value. Cost of work in process excludes expenses on material
received for processing on Job basis.
(D) FIXED ASSETS AND DEPRECIATION:
i) Fixed assets are stated at cost and depreciated on written down
value (WDV) method in accordance with provisions of schedule XIV of the
Companies Act, 1956 except addition on Machinery w.e.f. 01.04.1989,
vehicle and computer w.e.f. 01.04.1996 where S.L.M. method is
followed.
(E) REVENUE RECOGNITION:
Sales are recognised at the point of dispatch to customers.