Mar 31, 2015
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
under the historical cost convention on accrual basis, except for
certain tangible assets which are being carried at revalued amounts,
pursuant to section 133 of the companies Act, 2013 read with Rule 7 of
the Companies (Accounts) Rules, 2014, till the standards of accounting
or any addendum thereto are prescribed by the Central Government in
consultation and recommendation of the National Financial Reporting
Authority, the Existing Accounting standard notified under Companies
Act, 1956 shall continue to apply, Consecutively, these financial
statements have been prepared to comply in all material aspects with
the accounting standards notified under Section 211(3C) of the
Companies Act, 2013.
All the assets and liabilities have been classified as current or
noncurrent as per the normal operating cycle and other criteria set out
in Schedule II to the companies Act, 2013.
1.1 Use of Estimates
The preparation of the financial statements is in conformity with
Indian GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
1.2 Inventories
Inventories are valued as under: - Raw Materials, Packing Materials,
Stores & Spares are valued at cost on FIFO basis after making provision
for obsolescence & un-serviceability. - FINISHED GOODS & WORK IN
PROGRESS at lower of cost or net realizable value. Cost comprises
Material cost, cost of conversion, other expenses incurred to bring the
inventories to their current condition and location.
1.3 Depreciation and Amortization
Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II of the
Act. Accordingly, the unamortized carrying value is being depreciated /
amortized over the revised/ remaining useful lives. The Carrying value
(Net of Residual Value) of Fixed Assets amounting to Rs. 28,54,761/-
whose lives have expired as at 1st April 2014 have been recognized in
Retained Earnings.
1.4 Revenue Recognition
- Revenues/Incomes and Costs are generally accounted on accrual, as
they are earned or incurred.
- Sales are recognized upon delivery of products and are recorded net
of excise duty, VAT/CST.
1.5 Tangible Fixed Assets
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working conditions for
the intended use, less accumulated depreciation.
1.6 Investments
Long-term investments are stated at cost less provision for diminution
in value, other than temporary. Current investments are stated at the
lower of cost and fair value.
1.8 Employee Benefits
Employee benefits includes provident fund, gratuity fund, Leave
encashment which are accounted on the basis of liability accrued. Leave
Travelling Allowance has been charged to statement of Profit & Loss A/c
as and when incurred.
1.9 Borrowing Costs
The company has not incurred any borrowing cost during the year.
1.10 Earnings per Share
Basic earnings per share is computed by dividing the profit after tax
by the number of equity shares by the weighted average number of equity
shares outstanding during the year.
For the Purpose of calculating diluted earnings per share, the net
profit for the year are adjusted for the effect of all dilutive
potential equity shares.
1.11 Taxes on Income
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. In situations
where the company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits.
1.12 Impairment of Assets
The carrying amounts of assets / cash generating units are reviewed at
each Balance Sheet date to assess whether there is any indication of
impairment based on internal / external factors. After review of this
year, no impairment is recognized, as there was no necessity.
1.13 Provisions and Contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
1.14 Cash and Cash Equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and bank balances in current account.
1.15 Cash flow statement
Cash flows are reported using the indirect method, whereby profit
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from operating,
investing and financing activities of the Company are segregated based
on the available information.
1.16 Segment Reporting
Geographical Segment
Company's entire business is conducted within India but there are no
separate reportable geographical segments.
1.17 Other Notes
a) Previous year figures are regrouped wherever necessary to make them
comparable with the figures of the current year.
b) Balances of loans/advances/ sundry creditors and debtors are subject
to confirmation and adjustment if any.
c) In the opinion of Board of Directors the Current Assets, Loans and
advances are stated at net realizable value in the ordinary course of
business.
d) In case of few creditors, actual liability does not arise during the
year since it has been paid off in the past years and therefore company
has written back the same during the year.
e) Certain legal cases are pending with the court of law, the quantum
of the same is not ascertainable. However, the management is of the
opinion that, decision of the court will be in favor of the company.
f) There are certain banks accounts which are non-operative for a
longer period and bank statements are not available and the balances of
such bank accounts are subject to reconciliation if any.
g) In the absence of adequate information regarding the SSI Creditors,
the Company is unable to give full particulars as required by
Notification No. GSR - 376 (E) dated 22nd May 2002 issued by the
Department of Company Affairs, Ministry of Law and Justice and Company
Affairs.
h) In view of absence of adequate profits in terms of Section 198 and
197 of the Companies Act, 2013 commission is not payable to the
Managing Director.
i) Unless otherwise stated, in the opinion of the Board of Directors,
the current assets, loans and advances are approximately of the value
if realized in the ordinary course of business. The provisions for all
known liabilities made are adequate and are neither short nor in excess
of the amount reasonably necessary.
Mar 31, 2014
1.1 Basis of Accounting and Preparation of Financial Statements
The financial statements of the Company have been prepared in
accordance with the GenerallyAcceptedAccounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. In applying the
Accounting Policies, considerations have been given to prudence,
substance over form and Materiality. The financial statements have been
prepared on accrual basis under the historical cost convention. The
accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year.
Assets and Liabilities are classified as current if it is expected to
release or settle within 12 Months after Balance Sheet date.
1.2 Use of Estimates
The preparation of the financial statements is in conformity with
Indian GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
1.3 Inventories
Inventories are valued as under: - Raw Materials, Packing Materials,
Stores & Spares are valued at cost on FIFO basis after making provision
for obsolescence & un-serviceability. - FINISHED GOODS & WORK IN
PROGRESS at lower of cost or net realizable value. Cost comprises
Material cost, cost of conversion, other expenses incurred to bring the
inventories to their current condition and location.
1.4 Depreciation and Amortization
Depreciation on fixed assets has been provided on Straight line method
as per the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956.
1.5 Revenue Recognition
Sales are recognized upon delivery of products and are recorded net of
excise duty, VAT/CST.
1.6 Tangible Fixed Assets
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working conditions for
the intended use, less accumulated depreciation.
1.7 Investments
Long-term investments are stated at cost less provision for diminution
in value, other than temporary. Current investments are stated at the
lower of cost and fair value.
1.8 Employee Benefits
Employee benefits includes provident fund, gratuity fund, Leave
encashment which are accounted on the basis of liability accrued.
1.9 Borrowing Costs
The company has not incurred any borrowing cost during the year.
1.10 Earnings per Share
Basic earnings per share are computed by dividing the profit after tax
by the number of equity shares outstanding during the year. Since there
are no dilutive potential equity shares, Diluted earnings per share is
computed in the manner same as used for basic earnings per share.
1.11 Taxes on Income
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. In situations
where the company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits.
1.12 Impairment of Assets
The carrying amounts of assets / cash generating units are reviewed at
each Balance Sheet date to assess whether there is any indication of
impairment based on internal / external factors. After review of this
year, no impairment is recognized, as there was no necessity.
1.13 Provisions and Contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
1.14 Cash and Cash Equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and bank balances in current account. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.15 Cash flow statement
Cash flows are reported using the indirect method, whereby profit
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from operating,
investing and financing activities of the Company are segregated based
on the available information.
1.16 Segment Reporting
Geographical Segment
Company''s entire business is conducted within India but there are no
separate reportable geographical segments.
1.17 Related Party Disclosure
The Company has entered into transaction with related parties during
the current year, however the terms are not prejudicial to the interest
of the company.
1.18 Other Notes
i. Previous year figures are regrouped wherever necessary to make them
comparable with the figures of the current year.
ii. Balances of loans/advances/ sundry creditors and debtors are
subject to confirmation and adjustment if any.
iii. In the opinion of Board of Directors the Current Assets, Loans and
advances are stated at net realizable value in the ordinary course of
business.
iv. A sum of Rs 30,82,671/- (P.Y. Rs. 51,76,090/-) is written back in
the accounts being liability towards creditors, M/S K.M Enterprise. It
is the management contention that the suit filed by the creditors will
be decided in company''s favor. However as the decision of the court is
still pending, in our opinion the liability is not yet discharged and
this amount should not be offered for tax while filing the income tax
return.
v. During the year, term loan with UTI amounting to Rs.50,00,000 which
was outstanding at the beginning of the year and loan has been
discharged by paying off Rs. 35,00,000/- in full and final settlement
and the balance of Rs. 15,00,000/- has been written back in the
accounts.
vi. In case of few creditors, actual liability does not arise during
the year since it has been paid off in the past years and therefore
company has written back the same during the year.
vii. Certain legal cases are pending with the court of law, the quantum
of the same is not ascertainable. However, the management is of the
opinion that, decision of the court will be in favor of the company.
viii. There are certain banks accounts which are non-operative for a
longer period and bank statements are not available and the balances of
such bank accounts are subject to reconciliation if any.
ix. In the absence of adequate information regarding the SSI Creditors,
the Company is unable to give full particulars as required by
Notification No. GSR - 376 (E) dated 22nd May 2002 issued by the
Department of Company Affairs, Ministry of Law and Justice and Company
Affairs.
x. In view of absence of adequate profits in terms of Section 349 and
309 of the Companies Act, 1956 commission is not payable to the
Managing Director.
xi. Unless otherwise stated, in the opinion of the Board of Directors,
the current assets, loans and advances are approximately of the value
if realised in the ordinary course of business. The provisions for all
known liabilities made are adequate and are neither short nor in excess
of the amount reasonably necessary.
xii. Balances amounting to Rs. 10,04,691/- (P.Y. 8,27,417/-) with
various banks are subject to confirmation and reconciliation (if any).
xiii. Figures in Brackets in the Notes forming part of the accounts
relate to the previous year.
Mar 31, 2013
1.1 Basis of Accounting and Preparation of Financial Statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. In applying the
Accounting Policies, considerations have been given to prudence,
substance over form and Materiality. The financial statements have
been prepared on accrual basis under the historical cost convention.
The accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year.
1.2 Use of Estimates
The preparation of the financial statements is in conformity with
Indian GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
1.3 Inventories
Inventories are valued as under : - Raw Materials, Packing Materials,
Stores & Spares are valued at cost on FIFO basis after making provision
for obsolescence & un-serviceability. - FINISHED GOODS & WORK IN
PROGRESS at lower of cost or net realizable value. Cost comprises
Material cost, cost of conversion, other expenses incurred to bring the
inventories to their current condition and location.
1.4 Depreciation and Amortization
Depreciation on fixed assets has been provided on Straight line method
as per the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956.
1.5 Revenue Recognition
Sales are recognized upon delivery of products and are recorded
inclusive of excise duty but are net of VAT/CST.
1.6 Tangible Fixed Assets
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working conditions for
the intended use, less accumulated depreciation.
1.7 Investments
Long-term investments of the company in the form of equity shares have
been assigned at the book value to the creditor of the company and
there is no gain/loss on such assignments.
1.8 Employee Benefits
Employee benefits includes provident fund, gratuity fund, Leave
encashment which are accounted on the basis of liability accrued.
1.9 Borrowing Costs
The company has not incurred any borrowing cost during the year.
1.10 Earnings per Share
Basic earnings per share is computed by dividing the profit after tax
by the number of equity shares outstanding during the year. Since there
are no dilutive potential equity shares, Diluted earnings per share is
computed in the manner same as used for basic earnings per share.
1.11 Taxes on Income
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. In situations
where the company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits.
1.12 Impairment of Assets
The carrying values of assets / cash generating units at each Balance
Sheet date are reviewed for impairment. After review of this year, no
impairment is recognized, as there was no necessity.
1.13 Provisions and Contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions(excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
1.14 Cash and Cash Equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and bank balances in current account. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.15 Cash flow statement
Cash flows are reported using the indirect method, whereby profit
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from operating,
investing and financing activities of the Company are segregated based
on the available information.
1.16 Segment Reporting
Geographical Segment
Company''s entire business is conducted within India but there are no
separate reportable geographical segments.
1.17 Related Party Disclosure
The Company has entered into transaction with related parties during
the current year, however the terms are not prejudicial to the interest
of the company.
1.18 Other Notes
A sum of Rs 51,76,090/- written back in the accounts being liability
towards creditors. It is the management contention the suit filed by
creditors will be decided in company''s favor. However as the decision
of the court is still pending, in our opinion the liability is not yet
discharged and this amount should not be offered for tax while filling
the Income tax return.
Mar 31, 2012
A. Basis of preparation ,
1. These financial statement have been prepared in accordance with the
generally accepted accounting principles in India under historical cost
convention on accrual basis.
2. The Company generally follows mercantile system of Accounting
B. Revenue Recognition
Sales and Purchase are net of VAT and CST
C. Use of Estimates The preparation of financial statements in
conformity with generally accepted accounting principles requires
estimates and assumptions to be made that affect the reported amount of
assets and liabilities on the date of the financial statement and the
reported amounts of revenue and expenses during the reporting period.
Difference between the actual results and estimates are recognised in
the period in which the results are known/ materialised.
D. Fixed Assets
Assets are stated at original cost of acquisition and installation less
Depreciation.
E. Depreciation
Depreciation on fixed assets is provided on straight line method at the
rate and in the manner prescribed in Schedules XIV of the Companies
act, 1956.
- On written down value method on all assets purchased before
01.04.78
- On Straight line method on the original cost and additions on
revaluation for all assets purchased after 31.03.78
- Depreciation on addition of assets is calculated on pro-rata basis.
F. Investment
Long Term Investments are stated at cost. Provision for diminution in
the value of the investments is made, only if such a decline is other
than of a temporary nature in the opinion of the management.
G. Inventories
Inventories are valued as under:
- Raw Materials, Packing Materials, Stores and Spares are valued at
cost on FIFO basis after making provision for obsolescence and
un-serviceability.
- STOCK - IN - PROCESS is valued at direct cost.
- FINISHED GOODS at lower of cost or net realisable value. Cost
comprises Material cost, cost of conversion, other expenses incurred to
bring the inventories to their current condition and location.
H. EMPLOYEE BENEFITS:
The Company is making payment of ESIC, Provident Fund and other
statutory dues however, it has failed to deposit the same on due date.
I. Retirement Benefit
During the year provision are made in the books of accounts for the
Retirement benefits.
J. Borrowing Cost
Interest and other borrowing costs whether on specific or general
borrowings relatable to qualifying assets are capitalised. Other
interest and borrowing costs are charged to revenue.
K. PROVISION FOR CURRENT AND DEFERRED TAX
Provision for current tax is made using the current tax rates and as
per the provisions of Income Tax Act 1961.
Deferred tax resulting from "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is reasonable certainty that the asset will be realised in
future.
L. PROVISION OF CONTINGENT LIABILITIES
Provision involving substantial degree of estimation in measurement is
recognized when there is present obligation as a result of past events
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes (if any).
M. Segment Reporting Geographical Segment
Company's entire business is conducted within India but there are no
separate reportable geographical segments.
N. Related Party Disclosure
The Company has entered into transaction with related parties during
the current year, however the terms are not prejudicial to the interest
of the company.
Mar 31, 2011
1. METHOD OF ACCOUNTING: The Company maintains its accounts on accrual
basis.
2. PROVISION OF CONTINGENT LIABILITIES: Provision involving
substantial degree of estimation in measurement is recognized when
there is present obligation as a result of past events and it is
probable that there will be an outflow of resources. Contingent
liabilities are not recognized but are disclosed in the notes (if any).
3. FIXED ASSETS: Fixed Assets are stated at original cost of
acquisition and installation less Depreciation.
4. DEPRECIATION: Depreciation on fixed assets is provided on straight
line method at the rate and in the manner prescribed in Schedules XIV
of the Companies act, 1956.
- On written down value method on all assets purchased before
01.04.78
- On Straight line method on the original cost and additions on
revaluation for all assets purchased after 31.03.78
- Depreciation on addition of assets is calculated on pro-rata basis.
5. INVESTMENTS: Long Term Investments are stated at cost. Provision
for diminution in the value of the investments is made, only if such a
decline is other than of a temporary nature in the opinion of the
management.
6. INVENTORY : Inventories are valued as under :
- Raw Materials, Packing Materials, Stores and Spares are valued at
cost on FIFO basis after making provision for obsolescence and
un-serviceability.
- STOCK - IN - PROCESS is valued at direct cost.
- FINISHED GOODS at lower of cost or net realisable value. Cost
comprises Material cost, cost of conversion, other expenses incurred to
bring the inventories to their current condition and location.
7. TREATMENT OF RETIREMENT BENEFITS: During the year no provision are
made in the books of accounts for the Retirement benefits.
8. SALES: Sales and purchases are net of VAT and CST.
9. The preparation of financial statement in conformity with generally
accepted accounting principles requires estimates and assumption to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting period. Differences between the
actual results and estimates are recognised in the period in which the
results are known /materialized.
10. Interest and other borrowing costs whether on specific or general
borrowings relatable to qualifying assets are capitalised. Other
interest and borrowing costs are charged to revenue.
11. In view of accounting standard 22, the incidence of deferred tax
liability on the company for the year under audit is NIL.
12. Figures of the previous year have been regrouped, and reclassified
and rounded off wherever necessary to confirm to the current years
figures.
13. Revaluation of plant and machinery and building has been made
during the year ended 31st March, 1992 on the basis of valuation report
submitted by Mr. V.S. Pandit. The increase in value of these assets
amounting to Rs. 14.79 Crores has been credited to the Capital Reserve.
Mar 31, 2010
1. METHOD OF ACCOUNTING: The Company maintains its accounts on accrual
basis.
2. PROVISION OF CONTINGENT LIABILITIES: Provision involving
substantial degree of estimation in measurement is recognized when
there is present obligation as a result of past events and it is
probable that there will be an outflow of resources. Contingent
liabilities are not recognized but are disclosed in the notes (if any).
3. FIXED ASSETS: Fixed Assets are stated at original cost of
acquisition and installation less Depreciation.
4. DEPRECIATION: Depreciation on fixed assets is provided on straight
line method at the rate and in the manner prescribed in Schedules XIV
of the Companies act, 1956.
- On written down value method on all assets purchased before
01.04.78
- On Straight line method on the original cost and additions on
revaluation for all assets purchased after 31.03.78
- Depreciation on addition of assets is calculated on pro-rata basis.
5. INVESTMENTS: Long Term Investments are stated at cost. Provision
for diminution in the value of the investments is made, only if such a
decline is other than of a temporary nature in the opinion of the
management.
6. INVENTORY : Inventories are valued as under :
- Raw Materials, Packing Materials, Stores & Spares are valued at
cost on FIFO basis after making provision for obsolescence &
un-serviceability.
- STOCK - IN - PROCESS is valued at direct cost.
- FINISHED GOODS at lower of cost or net realisable value. Cost
comprises Material cost, cost of conversion, other expenses incurred to
bring the inventories to their current condition and location.
7. TREATMENT OF RETIREMENT BENEFITS: During the year no provision are
made in the books of accounts for the Retirement benefits.
8. SALES: Sales and purchases are net of VAT and CST.
9. The preparation of financial statement in conformity with generally
accepted accounting principles requires estimates and assumption to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting period. Differences between the
actual results and estimates are recognised in the period in which the
results are known /materialized.
10. Interest and other borrowing costs whether on specific or general
borrowings relatable to qualifying assets are capitalised. Other
interest and borrowing costs are charged to revenue.
11. In view of accounting standard 22, the incidence of deferred tax
liability on the company for the year under audit is NIL.
12. Figures of the previous year have been regrouped, and reclassified
and rounded off wherever necessary to confirm to the current year's
figures.
13. Revaluation of plant & machinery and building has been made during
the year ended 31st March, 1992 on the basis of valuation report
submitted by Mr. V.S. Pandit. The increase in value of these assets
amounting to Rs. 14.79 Crores has been credited to the Capital Reserve.
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