Mar 31, 2015
1 DISCLOSURE OF ACCOUNTING POLICIES (AS - 1):
1.1 Accounting concepts & Basis of Preparation :
The financial Statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as specified in the Company (Accounting Standards)
Rules 2006 read with Rule 7(1) of the Companies (Accounts) Rules, 2014
and the provisions of the Companies Act, 2013. Accounting policies have
been consistently applied except where a newly issued accounting
standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
The Company's management evaluates all recently issued or revised
accounting standards on an on-going basis.
1.2 use of Estimates :
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period end. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
2 valuation OF inventories (AS - 2):
2.1 Stock of Raw Materials, Consumables and Stores and spare are valued
at cost. Cost represents purchase price and other costs for bringing
inventories upto their present location and condition and is generally
determined on weighted average basis.
2.2 Finished goods are valued at lower of cost and net realisable
value.
3 CASH FLOW STATEMENT (AS - 3):
Cash flows are reported using indirect method, whereby profit before
tax is adjusted for the effects of transactions of a non-cash nature
and any deferrals or accruals of past or future cash receipts or
payments. The cash flow from regular revenue generating, financing and
investing activities of the Company is segregated. Cash and cash
equivalents in the balance sheet comprise cash at bank (excluding
pledged term deposits), cash/cheques in hand and short term investments
with an original maturity of three months or less.
4 CONTINGENCIES AND EvENTS OCCuRRING AFTER BALANCE Sheet DATE (AS - 4)
:
Disclosure of contingencies as required by the accounting standard is
furnished in the Notes on accounts.
5 DEPRECIATION (AS - 6):
5.1 Tangible assets are depreciated on the basis of their useful lives
as notified in Schedule II to the Companies Act, 2013. Depreciation in
respect of additions to assets has been charged on pro rata basis with
reference to the period when the assets are ready for use.
6 REVENUE RECOGNITION (AS - 9):
6.1 Revenue from sale of goods and services rendered is recognized from
passage of title which generally concides with delivery of materials
and rendering of services to the customers.
6.2 Interest income is recognized from time proportion basis taking
into account the amount outstanding and rate applicable.
6.3 Rental income is recognised on accrual basis.
7 ACCOUNTING FOR FIXED ASSETS (AS - 10) :
Fixed assets are stated at cost less accumulated depreciation. Cost
includes borrowing costs and all incidental expenditure net of CENVAT,
Service Tax Input Credit and VAT input credit, wherever applicable.
8 EMPLOYEE BENEFITS (AS - 15):
8.1 Short-term employee benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss for the year in
which the related service is rendered.
8.2 Post Employment and other long term employee benefits are charged
off in the year in which the employee has rendered services. The amount
charged off is recognised at the present value of the amounts payable
determined using actuarial valuation techniques. Actuarial gains and
losses in respect of past employment and other long term benefits are
charged to the Statement of Profit and Loss.
9 RELATED PARTY DISCLOSURES (AS - 18):
Disclosure of related parties as required by the accounting standard is
furnished in the Notes on accounts.
10 EARNINGS PER SHARE (AS - 20):
Basic earnings (loss) per share are calculated by dividing the net
profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
11 ACCOUNTING FOR TAXES ON INCOME (AS - 22):
Income-tax expenses comprises current tax and deferred tax charge or
release. The deferred tax charge or credit is recognised using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual
certainty of realisation of such assets based on expected future
profits. Other deferred tax assets are recognised only to the extent
there is reasonable certainty of realisation in future. Such assets are
reviewed as at each Balance Sheet date to reassess realisation.
12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS - 29):
12.1 Provisions are made for present obligations arising as a result of
past events.
12.2 Contingent liabilities are not provided for but are disclosed by
way of Notes on Accounts.
12.3 Contingent assets are neither accounted for nor disclosed by way
of Notes on Accounts.
13 VAT, SERVICE TAX & EDUCATION CESS
Various expenses are accounted for after deducting the refunds
receivable in respect of VAT, Service Tax & Education cess.
Mar 31, 2014
1 DISCLOSURE OF ACCOUNTING POLICIES (AS - 1):
1.1 Accounting concepts & Basis of Preparation :
The financial Statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the Companies Act, 1956, read with the General
Circular number 15/2013 dated 13th September, 2013 in respect of
Section 133 of the Companies Act, 2013 and General Circular number
08/2014 dated 04th April 2014 of the Ministry of Corporate Affairs and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use. The Company''s management evaluates all recently issued
or revised accounting standards on an on-going basis. Where changes are
made in presentation, the comparative figures of the previous year are
regrouped and re-arranged accordingly.
1.2 Use of Estimates :
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period end. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
2 VALUATION OF INVENTORIES (AS - 2):
2.1 Stock of Raw Materials, Consumables and Stores and spare are valued
at cost. Cost represents purchase price and other costs for bringing
inventories upto their present location and condition and is generally
determined on weighted average basis.
2.2 Finished goods are valued at lower of cost and net realisable
value.
3 CASH FLOW STATEMENT (AS - 3):
Cash flows are reported using indirect method, whereby profit before
tax is adjusted for the effects of transactions of a non-cash nature
and any deferrals or accruals of past or future cash receipts or
payments. The cash flow from regular revenue generating, financing and
investing activities of the Company is segregated. Cash and cash
equivalents in the balance sheet comprise cash at bank (excluding
pledged term deposits), cash/cheques in hand and short term investments
with an original maturity of three months or less.
4 CONTINGENCIES AND EVENTS OCCURRING AFTER BALANCE SHEET DATE (AS - 4)
:
Disclosure of contingencies as required by the accounting standard is
furnished in the Notes on accounts.
5. DEPRECIATION (AS - 6):
5.1 Depreciation on Fixed Assets is provided for on straight line
method in accordance with and generally at the rates specified in
Schedule XIV to the Companies Act, 1956.
5.2 Depreciation in respect of additions to assets has been charged on
pro rata basis with reference to the period of use of such assets.
6 REVENUE RECOGNITION (AS - 9) :
6.1 Revenue from sale of goods and services rendered is recognized from
passage of title which generally concides with delivery of materials
and rendering of services to the customers.
6.2 Interest income is recognized from time proportion basis taking
into account the amount outstanding and rate applicable.
6.3 Rental income is recognised on accrual basis.
7 ACCOUNTING FOR FIXED ASSETS (AS - 10) :
Fixed assets are stated at cost less accumulated depreciation. Cost
includes borrowing costs and all incidental expenditure net of CENVAT,
Service Tax Input Credit and VAT input credit, wherever applicable.
8 EMPLOYEE BENEFITS (AS - 15) :
8.1 Short-term employee benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss for the year in
which the related service is rendered.
8.2 Post Employment and other long term employee benefits are charged
off in the year in which the employee has rendered services. The amount
charged off is recognised at the present value of the amounts payable
determined using actuarial valuation techniques. Actuarial gains and
losses in respect of past employment and other long term benefits are
charged to the Statement of Profit and Loss.
9 RELATED PARTY DISCLOSURES (AS - 18):
Disclosure of related parties as required by the accounting standard is
furnished in the Notes on accounts.
10 EARNINGS PER SHARE (AS - 20):
Basic earnings (loss) per share are calculated by dividing the net
profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
11 ACCOUNTING FOR TAXES ON INCOME (AS - 22):
Income-tax expenses comprises current tax and deferred tax charge or
release. The deferred tax charge or credit is recognised using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual
certainty of realisation of such assets based on expected future
profits. Other deferred tax assets are recognised only to the extent
there is reasonable certainty of realisation in future. Such assets are
reviewed as at each Balance Sheet date to reassess realisation.
12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS - 29):
12.1 Provisions are made for present obligations arising as a result of
past events.
12.2 Contingent liabilities are not provided for but are disclosed by
way of Notes on Accounts.
12.3 Contingent assets are neither accounted for nor disclosed by way
of Notes on Accounts.
13 VAT, SERVICE TAX & EDUCATION CESS
Various expenses are accounted for after deducting the refunds
receivable in respect of VAT, Service Tax & Education cess.
17.1 DISCLOSURES REGARDING EMPLOYEE BENEFITS :
Defined Contribution Plan: Employee benefits in the form of Provident
Fund is considered as defined contribution plan and the contributions
to Employees'' Provident Fund Organisation established under The
Employees'' Provident Fund and Miscellaneous Provisions Act 1952 , is
charged to the Statement of Profit and Loss of the year when the
contributions to the respective funds are due.
Defined Benefit Plan : Retirement benefits in the form of Gratuity are
considered as defined benefit obligations and are provided for on the
basis of third party actuarial valuation, using the projected unit
credit method, as at the date of the Balance Sheet. As the Company has
not funded its liability, it has nothing to disclose regarding plan
assets and its reconciliation. Defined Benefit Obligation at the year
end amounted to Rs.256729 (previous year Rs.243029).
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
Para 132 of Accounting Standard 15 (revised 2005) does not require any
specific disclosures except where expense resulting from compensated
absence is of such size, nature or incidence that its disclosure is
relevant under Accounting Standard 5 or Accounting Standard 18. In the
opinion of the management the expense resulting from compensated
absence is not significant and hence no disclosures are prepared under
various paragraphs of AS 15 (revised 2005).
Mar 31, 2013
I. Basis of preparation of Financial Statements :
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) under the historical cost
convention on the accrual basis, except for certain fixed assets which
are revalued. GAAP comprises mandatory accounting standards as
specified in the Company (Accounting Standards) Rules 2006, the
provisions of the Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India. Accounting policies have been
consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy hitherto in use. The
management evaluates all recently issued or revised accounting
standards on an on-going basis. Where changes are made in presentation,
the comparative figures of the previous year are regrouped and
re-arranged accordingly.
ii. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period end. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
iii. Revenue Recognition:
a) Revenue from sale of goods and services rendered is recognized from
passage of title which generally concides with delivery of materials
and rendering of services to the customers.
b) Interest income is recognized from time proportion basis taking into
account the amount outstanding and rate applicable.
iv. Where changes are made in presentation, the comparative figures of
the previous year are regrouped accordingly.
v. Figures have been rounded off to the nearest rupee.
Mar 31, 2012
I. Basis of preparation of Financial Statements :
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis, except for certain fixed assets
which are revalued. GAAP comprises mandatory accounting standards as
specified in the Company (Accounting Standards) Rules 2006, the
provisions of the Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India. Accounting policies have been
consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy hitherto in use. The
management evaluates all recently issued or revised accounting
standards on an on- going basis. Where changes are made in
presentation, the comparative figures of the previous year are
regrouped and re-arranged accordingly.
ii. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period end. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
iii. Revenue Recognition:
a) Revenue from sale of goods and services rendered is recognized from
passage of title which generally concides with delivery of materials
and rendering of services to the customers.
b) Interest income is recognized from time proportion basis taking into
account the amount outstanding and rate applicable.
iv. Where changes are made in presentation, the comparative figures of
the previous year are regrouped accordingly.
v. Figures have been rounded off to the nearest rupee.
2. FIXED ASSETS:
Capitalised at acquisition cost including directly attributable costs
such as freight, insurance, installation charges and incidental
expenses for bringing the assets to its working condition for use.
3. INVESTMENTS:
Investments, being long term in nature, are stated at cost of
acquisition. Adjustment for increase/ decrease in the value of
investments, if any, will be accounted for on realisation of the
investments. However, any permanent fall in market value of
investments is considered.
4. INVENTORIES:
a) Raw Materials, Consumables, Stores and spare parts and Goods under
Process are valued at cost. Cost represents purchase price and other
costs for bringing inventories upto their present location and
condition and is generally determined on weighted average basis.
b) Finished goods are valued at lower of cost and net realisable value.
5. TAXATION:
Income-tax expenses comprises current tax and deferred tax charge or
release. The deferred tax charge or credit is recognised using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual
certainty of realisation of such assets based on expected future
profits. Other deferred tax assets are recognised only to the extent
there is reasonable certainty of realisation in future. Such assets are
reviewed as at each Balance Sheet date to reassess realisation.
6. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the time of the transactions.
b) In conformity with revised Accounting Standard (AS - 11), issued by
the Institute of Chartered Accountants of India (ICAI), monetary items
denominated in foreign currencies at the year end and not covered by
forward exchange contracts are translated at year end rates and those
covered by forward exchange contracts are translated at the rate ruling
at the date of transaction as increased or decreased by the difference
between the forward rate and exchange rate on the date of transaction,
such difference having been amortised over the life of the contract.
c) Non-monetary items carried at historical cost are reported using the
rate at the date of transaction.
d) Other non-monetary items are carried at fair value, are reported
using the rate that existed when the fair values were determined.
7. CONTINGENT LIABILITIES :
Contingent Liabilities are not provided for but are disclosed by way of
Notes on Accounts.
8. VAT, SERVICE TAX & EDUCATION CESS
Various expenses are accounted for after deducting the refunds
receivable in respect of VAT, Service Tax & Education cess.
9. DEPRECIATION:
a) Depreciation on Fixed Assets is provided for on straight line method
in accordance with and generally at the rates specified in Schedule XIV
to the Companies Act, 1956. The revised rates have been straightaway
applied to all existing assets and to those assets acquired during the
year.
b) Depreciation in respect of additions to assets has been charged on
pro rata basis with reference to the period of use of such assets. The
provision for depreciation for multiple shifts has been made on the
basis of the actual utilisation of respective eligible assets.
10. EMPLOYEE BENEFITS:
a) Short-term employee benefits are recognised as an expense at the
undiscounted amount in the Profit and Loss Account of the year in which
the related service is rendered.
b) Post Employment and other long term employee benefits are charged
off in the year in which the employee has rendered services. The amount
charged off is recognised at the present value of the amounts payable
determined using actuarial valuation techniques. Actuarial gains and
losses in respect of past employment and other long term benefits are
charged to the Profit and Loss Account.
Mar 31, 2010
1. ACCOUNTING CONCEPTS & BASIS OF PRESENTATION
a) The company follows mercantile system of accounting and recognises
income and expenditure on accrual basis except in case of few items
stated under the heading "Revenue Recognition" hereinafter. The
accounts have been prepared on historical cost basis, as a going
concern and are prepared in accordance with generally accepted
accounting principles.
b) Where changes are made in presentation, the comparative figures of
the previous year are regrouped accordingly.
c) Figures have been rounded off to the nearest rupee.
2. FIXED ASSETS:
Capitalised at acquisition cost including directly attributable costs
such as freight, insurance, installation charges and incidental
expenses for bringing the assets to its working condition for use.
3. INVESTMENTS:
Investments, being long term in nature, are stated at cost of
acquisition. Adjustment for increase/ decrease in the value
ofinvestments, if any, will be accounted for on realisation of the
investments. However, any permanent fall in market value of
investments is considered.
4. INVENTORIES:
a) Raw Materials, Consumables, Stores and spare parts and Goods under
Process are valued at cost. Cost represents purchase price and other
costs for bringing inventories upto their present location and
condition and is generally determined on weighted average basis.
b) Finished goods are valued at lower of cost and net realisable value.
5. TAXATION:
Income-tax expenses comprises current tax and deferred tax charge or
release. The deferred tax charge or credit is recognised using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual
certainty of realisation of such assets based on expected future
profits. Other deferred tax assets are recognised only to the extent
there is reasonable certainty of realisation in future. Such assets are
reviewed as at each Balance Sheet date to reassess realisation.
6. FOREIGN CURRENCY TRANSACTIONS:
a) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the time of the transactions.
b) In conformity with revised Accounting Standard (AS - 11), issued by
the Institute of Chartered Accountants of India (ICAI), monetary items
denominated in foreign currencies at the year end and not covered by
forward exchange contracts are translated at year end rates and those
covered by forward exchange contracts are translated at the rate ruling
at the date of transaction as increased or decreased by the difference
between the forward rate and exchange rate on the date of transaction,
such difference having been amortised over the life of the contract.
c) Non-monetary items carried at historical cost are reported using the
rate at the date of transaction.
d) Other non-monetary items are carried at fair value, are reported
using the rate that existed when the fair values were determined.
7. CONTINGENT LIABILITIES:
Contingent Liabilities are not provided for but are disclosed by way of
Notes on Accounts.
8. REVENUE RECOGNITION:
Income and Expenditure are recognised on accrual basis.
9. VAT. SERVICE TAX & EDUCATION CESS:
Various expenses are accounted for after deducting the refunds
receivable in respect of VAT, Service Tax & Education cess.
10. DEPRECIATION:
a) Depreciation on Fixed Assets is provided for on straight line method
in accordance with and generally at the rates specified in Schedule XIV
to the Companies Act, 1956. The revised rates have been straightaway
applied to all existing assets and to those assets acquired during the
year.
b) Depreciation in respect of additions to assets has been charged on
pro rata basis with reference to the period of use of such assets. The
provision for depreciation for multiple shifts has been made on the
basis of the actual utilisation of respective eligible assets.
11. EMPLOYEE BENEFITS:
a) Short-term employee benefits are recognised as an expense at the
undiscounted amount in the Profit and Loss Account of the year in which
the related service is rendered.
b) Post Employment and other long term employee benefits are charged
off in the year in which the employee has rendered services. The amount
charged off is recognised at the present value of the amounts payable
determined using actuarial valuation techniques. Actuarial gains and
losses in respect of past employment and other long term benefits are
charged to the Profit and Loss Account.