Mar 31, 2014
1.1 Basis of preparation of financial statements:
These financial statements have been prepared on historical cost
conventions on accrual basis to comply in all material respects with
applicable accounting standards and relevant presentational
requirements of the Companies Act, 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenue and expenses and disclosure of contingent
liabilities as of the date of the financial statements. The estimates
and assumptions used in the accompanying financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from estimates and assumptions used in preparing
these financial statements.
1.3 Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost less accumulated depreciation,
impairment losses and specific grant/subsidies, if any. Cost comprise
of purchase price, freight, duties, taxes and any attributable cost of
bringing the asset to its working condition for its intended use.
ii) Assets retired from active use and held for disposal are stated at
their estimated net realizable values or net book values whichever is
lower.
iii) The carrying amount of fixed assets are reviewed at each balance
sheet date when required to assess whether they are recorded in excess
of their recoverable amounts, and where carrying values exceed the
estimated recoverable amount, assets are written down to their
recoverable amount.
iv) Depreciation is provided on straight line basis as per the rates
prescribed in Schedule XIV of the Companies Act, 1956.
1.4 Valuation of Inventories:
Inventories are valued at or net realizable value whichever is less.
The cost includes Purchase Price and Freight.
1.5 Recognition of Income and Expenditure:
Revenue from Sale of goods is recognized when:
i) The Property in goods have been transferred to the buyer for a price
or all significant risks and rewards of ownership have been transferred
to the buyer.
ii) No Significant uncertainty exits regarding the amount of the
consideration that will be derived from the sale of the goods.
Items of income and expenditure are recognized on accrual basis.
1.6 Taxes on income:
Current tax is determined on the income for the year chargeable to tax
in accordance with Income tax Act, 1961. Deferred tax liability is
recognized for all timing differences. Deferred tax assets are
recognized subject to consideration of prudence. Deferred tax arising
on account of timing differences is recognized using the tax rates and
tax laws that have enacted or subsequently enacted.
1.7 Investments:
Long term investments are valued at cost less provision for diminution,
other than temporary, if any.
1.8 Foreign currency transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of transaction. At the year-end, all monetary
assets and liabilities denominated in foreign currency are restated at
the year-end exchange rates. Exchange differences arising on actual
payment/realization and year end re-instatement referred to above are
recognized in the Profit & Loss Account
1.9 Retirement Benefits:
i. Retirement benefits in the form of Provident fund is a defined
contribution scheme and the contributions are charged to the Profit &
Loss Account of the year when the contributions to the respective funds
are due. There are no other obligations other than the contribution
payable to the respective authorities.
ii. Gratuity and Leave Encashment are defined benefit obligation and is
provided for on the basis of an actuarial valuation on project unit
credit method.
iii. Short term compensated absences are provided for based on
estimates. Long term compensated absences are provided for based on
actuarial valuation. The actuarial valuation is done as per projected
unit credit method.
iv. Actuarial gain/losses are taken to profit and loss account and are
not deferred.
1.10 Borrowing Cost:
Specific borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset. Other borrowing costs are
recognized as an expense in the period in which they are incurred.
1.11 Research and Development Expenses:
Expenditure of capital nature is recognized as fixed assets and
depreciated at the applicable rates. Revenue expenditures are charged
to profit and loss account in the year in which they are incurred.
1.12 Contingencies:
Loss arising from claims, litigation, assessments, fines, penalties,
etc. is provided for when it is probable that a liability may be
incurred, and the amount can be reasonably estimated.
1.13 Provisions:
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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 are not discounted to its
present value and are determined based on 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.
1.14 Intangible Assets:
The Preliminary Expenditure, Trade Marks and Advertisement Expenditure
incurred by the company have been charged to Profit & Loss Account in
the year of incurrence in accordance with AS-26 (Intangible Assets).
Mar 31, 2013
1.1 Basis of preparation of financial statements:
These financial statements have been prepared on historical cost
conventions on accrual basis to comply in all material respects with
applicable accounting standards and relevant presentational
requirements of the Companies Act, 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenue and expenses and disclosure of contingent
liabilities as of the date of the financial statements. The estimates
and assumptions used in the accompanying financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from estimates and assumptions used in preparing
these financial statements.
1.3 Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost less accumulated depreciation,
impairment losses and specific grant / subsidies, if any. Cost Comprise
of purchase price, freight, duties, taxes and any attributable cost of
bringing the asset to its working condition for its intended use.
ii) Assets retired from active use and held for disposal are stated at
their estimated''net realizable values or net book values whichever is
lower.
iii) The carrying amount of fixed assets are reviewed at each balance
sheet date when required to assess whether they are recorded in excess
of their recoverable amounts, and where carrying values exceed the
estimated recoverable amount, assets are written down to their
recoverable amount.
iv) Depreciation is provided on straight line basis as per the rates
prescribed in Schedule XIV of the Companies Act, 1956.
1.4 Depreciation on Fixed Assets:
1.4.1 Depreciation on fixed assets is provided on straight-line method
ai the rates and in the manner prescribed in
Schedule XIV of the Companies Act, 1956 or at higher rates as stated
below.
1.5 Valuation of Inventories:
Inventories are valued at or net realizable value whichever is less.
The cost includes Purchase Price and Freight.
1.6 Recognition of Income and Expenditure:
Revenue from Sale of goods is recognized when:
I) The Property in goods have been transferred to the buyer for a price
or all significant risks and rewards of ownership have been transferred
to the buyer.
ii) No Significant uncertainty exits regarding the amount of the
consideration that will be derived from the sale of the goods.
Items of income and expenditure are recognized on accrual basis.
1.7 Taxes on income:
Current tax is determined on the income for the year chargeable to tax
in accordance with Income tax Act, 1961. Deferred tax liability is
recognized for all timing differences. Deferred tax assets are
recognized subject to consideration of prudence. Deferred tax arising
on account of timing differences is recognized using the tax rates and
tax laws that have enacted or subsequently enacted.
1.8 Investments:
Long term investments are valued at cost less provision for diminution,
other than temporary, if any.
1.9 Foreign currency transactions:
i Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of transaction. At the year-end, all monetary
assets and liabilities denominated in foreign currency are restated at
the year-end exchange rates. Exchange differences arising on actual
payment / realization and year end re-instatement referred to above are
recognized in the Profit & Loss Account
1.10 Retirement Benefits:
I. Retirement benefits in the form of Provident fund is a defined
contribution scheme and the contributions are charged to the Profit &
Loss Account of the year when the contributions to the respective funds
are due. There are no other obligations other than the contribution
payable to the respective authorities.
ii. Gratuity and Leave Encashment are defined benefit obligation and is
provided for on the basis of an actuarial valuation on project unit
credit method.
iii. Short term compensated absences are provided for based on
estimates. Long term compensated absences are provided for based on
actuarial valuation. The actuarial valuation is done as per projected
unit credit method.
iv. Actuarial gain/losses are taken to profit and loss account and are
not deferred.
1.11 Borrowing Cost:
Specific borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset. Other borrowing costs are
recognized as an expense in the period in which they are incurred.
1.12 Research and Development Expenses:
Expenditure of capital nature is recognized as fixed assets and
depreciated at the applicable rates. Revenue expenditures are charged
to profit and loss account in the year in which they are incurred.
1.13 Contingencies:
Loss arising from claims, litigation, assessments, fines, penalties,
etc. is provided for when it is probable that a liability may be
incurred, and the amount can be reasonably estimated.
1.14 Provisions:
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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 are not discounted to its
present vaue and are determined based on 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.
1.15 Intangible Assets:
The Preliminary Expenditure, Trade Marks and Advertisement Expenditure
incurred by the company have been charged to Profit & Loss Account in
the year of incurrence in accordance with AS-26 (Intangible Assets).
Mar 31, 2012
1.1 Basis of preparation of financial statements:
These financial statements have been prepared on historical cost
conventions on accrual basis to comply in all material respects with
applicable accounting standards and relevant presentational
requirements of the Companies Act, 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenue and expenses and disclosure of contingent
liabilities as of the date of the financial statements. The estimates
and assumptions used in the accompanying financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from estimates and assumptions used in preparing
these financial statements.
1.3 Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost less accumulated depreciation,
impairment losses and specific grant/subsidies, if any. Cost comprise
of purchase price, freight, duties, taxes and any attributable cost of
bringing the asset to its working condition for its intended use.
ii) Assets retired from active use and held for disposal are stated at
their estimated net realizable values or net book values whichever is
lower.
Hi) The carrying amount of fixed assets are reviewed at each balance
sheet date when required to assess whether they are recorded in excess
of their recoverable amounts, and where carrying values exceed the
estimated recoverable amount, assets are written down to their
recoverable amount.
iv) Depreciation is provided on straight line basis as per the rates
prescribed in Schedule XIV of the Companies Act, 1956.
1.4 Depreciation on Fixed Assets:
1.4.1 Depreciation on fixed assets is provided on straight-line method
at the rates and in the manner prescribed in Schedule XIV of the
Companies Act, 1956 or at higher rates as stated below.
1.5 Valuation of Inventories:
Inventories are valued at cost or net realizable value whichever is
less. The cost includes Purchase Price and Freight.
1.6 Recognition of Income and Expenditure:
Revenue from Sale of goods is recognized when:
i) The Property in goods have been transferred to the buyer for a price
or all significant risks and rewards of ownership have been transferred
to the buyer.
ii) No Significant uncertainty exits regarding the amount of the
consideration that will be derived from the sale of the goods.
Items of income and expenditure are recognized on accrual basis.
1.7 Taxes on income:
Current tax is determined on the income for the year chargeable to tax
in accordance with Income tax Act, 1961. Deferred tax liability is
recognized for all timing differences. Deferred tax assets are
recognized subject to consideration of prudence. Deferred tax arising
on account of timing differences is recognized using the tax rates and
tax laws that have enacted or subsequently enacted.
1.8 Investments:
Long term investments are valued at cost less provision for diminution,
other than temporary, if any.
1.9 Foreign currency transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of transaction. At the year-end, all monetary
assets and liabilities denominated in foreign currency are restated at
the year-end exchange rates. Exchange differences arising on actual
payment/ realization and year end re- instatement referred to above are
recognized in the Profit & Loss Account
1.10 Retirement Benefits:
i. Retirement benefits in the form of Provident fund is a defined
contribution scheme and the contributions are charged to the Profit &
Loss Account of the year when the contributions to the respective funds
are due. There are no other obligations other than the contribution
payable to the respective authorities.
ii. Gratuity and Leave Encashment are defined benefit obligation and is
provided for on the basis of an actuarial valuation on project unit
credit method.
iii. Short term compensated absences are provided for based on
estimates. Long term compensated absences are provided for based on
actuarial valuation. The actuarial valuation is done as per projected
unit credit method.
iv. Actuarial gain/losses are taken to profit and loss account and are
not deferred.
1.11 Borrowing Cost:
Specific borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset. Other borrowing costs are
recognized as an expense in the period in which they are incurred.
1.12 Research and Development Expenses:
Expenditure of capital nature is recognized as fixed assets and
depreciated at the applicable rates. Revenue expenditures are charged
to profit and loss account in the year in which they are incurred.
1.13 Contingencies:
Loss arising from claims, litigation, assessments, fines, penalties,
etc. is provided for when it is probable that a liability may be
incurred, and the amount can be reasonably estimated.
1.11 Borrowing Cost:
Specific borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset. Other borrowing costs are
recognized as an expense in the period in which they are incurred.
1.12 Research and Development Expenses:
Expenditure of capital nature is recognized as fixed assets and
depreciated at the applicable rates. Revenue expenditures are charged
to profit and loss account in the year in which they are incurred.
1.13 Contingencies:
Loss arising from claims, litigation, assessments, fines, penalties,
etc. is provided for when it is probable that a liability may be
incurred, and the amount can be reasonably estimated.
1.14 Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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 are not discounted to its
present value and are determined based on 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.
1.15 Intangible Assets
The Preliminary Expenditure, Trade Marks and Advertisement Expenditure
incurred by the company have been charged to Profit & Loss Account in
the year of incurrence in accordance with AS-26 (Intangible Assets).
Mar 31, 2011
A) Basis of preparation of financial statements:
These financial statements have been prepared on historical cost
conventions on accrual basis to comply in all material respects with
applicable accounting standards and relevant presentational
requirements of the Companies Act, 1956.
b) Use of Estimates
The preparation of financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenue and expenses and disclosure of contingent
liabilities as of the date of the financial statements. The estimates
and assumptions used in the accompanying financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from estimates and assumptions used in preparing
these financial statements.
c) Fixed Assets and Depreciation:
i) Fixed Assets are stated at cost less accumulated depreciation,
impairment losses and specific grant / subsidies, if any. Cost comprise
of purchase price, freight, duties, taxes and any attributable cost of
bringing the asset to its working condition for its intended use.
ii) Assets retired from active use and held for disposal are stated at
their estimated net realizable values or net book values whichever is
lower.
iii) The carrying amount of fixed assets are reviewed at each balance
sheet date when required to assess whether they are recorded in excess
of their recoverable amounts, and where carrying values exceed the
estimated recoverable amount, assets are written down to their
recoverable amount.
iv) Depreciation is provided on straight line basis as per the rates
prescribed in Schedule XIV of the Companies Act, 1956.
d) Valuation of Inventories:
Inventories are valued at cost or net realizable value whichever is
less. The cost includes Purchase Price and Freight.
e) Recognition of Income and Expenditure:
Revenue from Sale of goods is recognized when:
i) The Property in goods have been transferred to the buyer for a price
or all significant risks and rewards of ownership have been transferred
to the buyer.
ii) No Significant uncertainty exits regarding the amount of the
consideration that will be derived from the sale of the goods.
Items of income and expenditure are recognized on accrual basis.
f) Taxes on income:
Current tax is determined on the income for the year chargeable to tax
in accordance with Income tax Act, 1961. Deferred tax liability is
recognized for all timing differences. Deferred tax assets are
recognized subject to consideration of prudence. Deferred tax arising
on account of timing differences is recognized using the tax rates and
tax laws that have enacted or subsequently enacted.
g) Investments:
Long term investments are valued at cost less provision for diminution,
other than temporary, if any.
h) Foreign currency transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of transaction. At the year-end, all monetary
assets and liabilities denominated in foreign currency are restated at
the year-end exchange rates. Exchange differences arising on actual
payment / realization and year end re-instatement referred to above are
recognized in the Profit & Loss Account
i) Retirement Benefits:
i. Retirement benefits in the form of Provident fund is a defined
contribution scheme and the contributions are charged to the Profit &
Loss Account of the year when the contributions to the respective funds
are due. There are no other obligations other than the contribution
payable to the respective authorities.
ii. Gratuity and Leave Encashment are defined benefit obligation and
is provided for on the basis of an actuarial valuation on project unit
credit method.
iii. Short term compensated absences are provided for based on
estimates. Long term compensated absences are provided for based on
actuarial valuation. The actuarial valuation is done as per projected
unit credit method.
iv. Actuarial gain/losses are taken to profit and loss account and are
not deferred.
j) Borrowing Cost:
Specific borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset. Other borrowing costs are
recognized as an expense in the period in which they are incurred.
k) Research and Development Expenses:
Expenditure of capital nature is recognized as fixed assets and
depreciated at the applicable rates. Revenue expenditures are charged
to profit and loss account in the year in which they are incurred.
l) Contingencies:
Loss arising from claims, litigation, assessments, fines, penalties,
etc. is provided for when it is probable that a liability may be
incurred, and the amount can be reasonably estimated.
m) Earnings Per Share
In computing earnings per share, the company considers the net profit
or loss after tax for the year attributable to the equity shareholders.
Basic Earnings per share are computed using the weighted average number
of shares outstanding during the year. The diluted EPS is calculated on
the basis as basic EPS, after adjusting for the effect of potential
delusive equity shares and their corresponding effect on the net profit
for the equity shareholders.
n) Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event; 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 are not discounted to its
present value and are determined based on 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.
o) Intangible Assets
The Preliminary Expenditure, Trade Marks and Advertisement Expenditure
incurred by the company have been charged to Profit & Loss Account in
the year of incurrence in accordance with AS-26 (Intangible Assets).