Mar 31, 2014
1.1 Accounting Convention:
i) The Financial Statements are prepared under the historical cost
convention, on accrual basis in accordance with the provisions of The
Companies Act, 1956.
ii) Liquidated damages or claims are accounted for on settlement of
claim.
iii) Commission on sales is accounted for on submission of claim
by/receipt of confirmation from agents/ principals.
1.2 Capital Subsidy:
Capital Subsidy not specifically related to Fixed Assets is credited to
Capital Reserve and retained till the requisite conditions are
fulfilled.
1.3 Fixed Assets & Depreciation:
Fixed assets are stated at their original cost of acquisition or
construction and other incidental expenses, less accumulated
depreciation.
Depreciation on Fixed Assets is charged on Written Down Value Method
(On Straight Line Method for Nagpur Unit) at the rate specified in
Schedule XIV to the Companies Act, 1956.
1.4 Investments:
Investments of the Company are held as Long Term Investment and are
carried over at Cost.
1.5 Inventories:
Tools and Implements are written off at the rate of 25% every year.
The quantity of stock-in-trade is determined from time to time by
physical verification carried out by the management and the
verification of raw materials has been done at lower of cost and net
realisable value. The cost formula used is FIFO (Weighted Average for
Nagpur Unit). The valuation of Semi-finished Goods and Finished
Goods/Trading Items has been done at lower of cost and net realizable
value.
1.6 Foreign Currency Transactions :
Transaction in Foreign Currency is recorded at the rate of exchange
prevailing at the date of the transactions. Monetary items denominated
in Foreign Currencies at the Balance Sheet date are translated at the
Balance Sheet date rates. Any income or expenses on account of exchange
difference either on settlement or on translation at the Balance Sheet
date is recognised in Profit and Loss Account in the year in which it
arises.
1.7 Retirements Benefits :
Provision for Gratuity and Leave Encashment liability to employees are
made on the basis of Actuarial Valuation basis as per the requirement
of the Accounting Standard - 15 (Revised) issued by the Institute of
Chartered Accountants of India.
1.8 Impairment of Asset :
Impairment loss is recognized wherever the carrying amount of an asset
is in excess of its recoverable amount and the same is recognised as an
expense in the statement of Profit & Loss and carrying amount of the
asset is reduced to its recoverable amount.
Reversal of impairment losses recognised in prior years is recorded
when there is an indication that the impairment losses recognised for
the asset no longer exist or have decreased.
1.9 Taxation :
Income tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made with reference to taxable
income computed for the accounting period, for which the financial
statements are prepared by applying the tax rates as applicable. 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 certainity
of realization of such assets. Other deferred tax assets are recognised
only to the extent there is reasonable certainity of realization in
future. Deferred tax assets / liabilities are reviewed as at each
balance sheet date based on developments during the year and available
case law, to reassess realization/liabilities.
1.10 Miscellaneous expenditure :
a) Preliminary and Share Issue Expenses are written off over a period
of ten years.
Mar 31, 2012
1.1 Accounting Convention:
i) The Financial Statements are prepared under the historical cost
convention, on accrual basis in accordance with the provisions of The
Companies Act, 1956.
ii) Liquidated damages or claims are accounted for on settlement of
claim.
iii) Commission on sales is accounted for on submission of claim by /
receipt of confirmation from agents/ principals.
1.2 Capital Subsidy:
Capital Subsidy not specifically related to Fixed Assets is credited to
Capital Reserve and retained till the requisite conditions are
fulfilled.
1.3 Fixed Assets & Depreciation:
Fixed assets are stated at their original cost of acquisition or
construction and other incidental expenses, less accumulated
depreciation.
Depreciation on Fixed Assets is charged on Written Down Value Method
(On Straight Line Method for Nagpur Unit) at the rate specified in
Schedule XIV to the Companies Act. 1956.
1.4 Investments:
Investments of the Company are held as Long Term Investment and are
carried over at Cost.
1.5 Inventories:
Tools and Implements are written off at the rate of 25% every year.
The quantity of stock-in-trade is determined from time to time by
physical verification carried out by the management and the
verification of raw materials has been done at lower of cost and net
realisable value. The cost formula used is FIFO (Weighted Average for
Nagpur Unit). The valuation of Semi-finished Goods and Finished
Goods/Trading Items has been done at lower of cost and net realizable
value.
1.6 Foreign Currency Transactions :
Transaction in Foreign Currency is recorded at the rate of exchange
prevailing at the date of the transactions. Monetary items denominated
in Foreign Currencies at the Balance Sheet date are translated at the
Balance Sheet date rates. Any income or expenses on account of exchange
difference either on settlement or on translation at the Balance Sheet
date is recognised in Profit and Loss Account in the year in which it
arises.
1.7 Retirements Benefits :
Provision for Gratuity and Leave Encashment liability to employees are
made on the basis of Actuarial Valuation basis as per the requirement
of the Accounting Standard - 15 (Revised) issued by the Institute Of
Chartered Accountants Of India.
1.8 Impairment of Asset :
Impairment loss is recognized wherever the carrying amount of an asset
is in excess of its recoverable amount and the same is recognised as an
expense in the statement of Profit & Loss and carrying amount of the
asset is reduced to its recoverable amount.
Reversal of impairment losses recognised in prior years is recorded
when there is an indication that the impairment losses recognised for
the asset no longer exist or have decreased.
1.9 Taxation :
Income tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made with reference to taxable
income computed for the accounting period, for which the financial
statements are prepared by applying the tax rates as applicable. 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 realization of such assets. Other deferred tax assets are recognised
only to the extent there is reasonable certainty of realization in
future. Deferred tax assets / liabilities are reviewed as at each
balance sheet date based on developments during the year and available
case law, to reassess realization / liabilities.
1.10 Miscellaneous expenditure :
a) Preliminary and Share Issue Expenses are written off over a period
of ten years.
Mar 31, 2011
1. Accounting Convention :
i) The Financial Statements are prepared under the historical cost
convention, on accrual basis in accordance with the provisions of The
Companies Act, 1956.
ii) Liquidated damage or claim are accounted for on settlement of
claim.
iii) Commission on sales is accounted for on submission of claim by /
receipt of confirmation from agents /principals.
2. Capital Subsidy :
Capital Subsidy not specifically related to Fixed Assets is credited to
Capital Reserve and retained till the requisite conditions are
fulfilled.
3. Fixed Assets & Depreciation :
Fixed assets are stated at their original cost of acquisition or
construction and other incidental expenses, less accumulated
depreciation.
Depreciation on Fixed Assets is charged on Written Down Value Method
(On Straight Line Method for Nagpur Unit) at the rate specified in
Schedule XIV to the Companies Act, 1956.
4. Investments :
Investments of the Company are held as Long Term Investment and are
carried over at Cost.
5. Inventories :
Tools and Implements are written off at the rate of 25% every year.
The quantity of stock-in-trade, is determined from time to time by
physical verification carried out by the management and the
verification of raw materials has been done at lower of cost and net
realisable value. The cost formula used is FIFO ( Weighted Average for
Nagpur Unit ). The valuation of Semi-finished Goods and Finished
Goods/Trading Items has been done at lower of cost and net realizable
value.
6. Foreign Currency Transactions :
Transaction in Foreign Currency are recorded at the rate of exchange
prevailing at the date of the transactions. Monetary items denominated
in Foreign Currencies at the Balance Sheet date are translated at the
Balance Sheet date rates. Any income or expenses on account of exchange
difference either on settlement or on translation at the Balance Sheet
date is recognised in Profit and Loss Account in the year in which it
arises.
7. Retirements Benefits :
Provision for Gratuity and Leave Encashment liability to employees are
made on the basis of Actuarial Valuation basis as per the requirement
of the Accounting Standard à 15 (Revised) issued by the Institute of
Chartered Accountants of India.
8. Impairment of Asset :
Impairment loss is recognized wherever the carrying amount of an asset
is in excess of its recoverable amount and the same is recognised as an
expense in the statement of Profit & Loss and carrying amount of the
asset is reduced to its recoverable amount.
Reversal of impairment losses recognised in prior years is recorded
when there is an indication that the impairment losses recognised for
the asset no longer exist or have decreased.
9. Taxation :
Income tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made with reference to taxable
income computed for the accounting period, for which the financial
statements are prepared by applying the tax rates as applicable. 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 realization of such assets. Other deferred tax assets are recognised
only to the extent there is reasonable certainty of realization in
future. Deferred tax assets/liabilities are reviewed as at each
balance sheet date based on developments during the year and available
case law, to reassess realization/liabilities.
10. Miscellaneous expenditure :
a) Preliminary and Share Issue Expenses are written off over a period
of ten years.
Mar 31, 2010
1. Accounting Convention:
i) The Financial Statements are prepared under the historical cost
convention, on accrual basis in accordance with the provisions of The
Companies Act, 1956.
ii) Liquidated damage or claim are accounted for on settlement of
claim.
iii) Commission on sales is accounted for on submission of claim
by/receipt of confirmation from agents /principals.
2. Capital Subsidy :
Capital Subsidy not specifically related to Fixed Assets is credited to
Capital Reserve and retained till the requisite conditions are
fulfilled.
3. Fixed Assets & Depreciation :
Fixed assets are stated at their original cost of acquisition or
construction and other incidental expenses, less accumulated
depreciation.
Depreciation on Fixed Assets is charged on Written Down Value Method
(On Straight Line Method for Nagpur Unit) at the rate specified in
Schedule XIV to the Companies Act, 1956.
4. Investments:
Investments of the Company are held as Long Term Investment and are
carried over at Cost.
5. Inventories:
Tools and Implements are written off at the rate of 25% every year.
The quantity of stock-in-trade, is determined from time to time by
physical verification carried out by the management and the
verification of raw materials has been done at lower of cost and net
realisable value. The cost formula used is FIFO (Weighted Average for
Nagpur Unit). The valuation of Semi-finished Goods and Finished Goods /
Trading Items has been done at lower of cost and net realizable value.
6. Foreign Currency Transactions:
Transaction in Foreign Currency are recorded at the rate of exchange
prevailing at the date of the transactions. Monetary items denominated
in Foreign Currencies at the Balance Sheet date are translated at the
balance Sheet date rates. Any income or expenses on account of exchange
difference either on settlement or on translation at the Balance Sheet
date is recognised in Profit and Loss Account in the year in which it
arises.
7. Retirements Benefits :
Provision for Gratuity and Leave Encashment liability to employees are
made on the basis of Actuarial Valuation basis as per the requirement
of the Accounting Standard-15 (Revised) issued by the Institute of
Chartered Accountants of India.
8. Impairment of Asset:
Impairment loss is recognized wherever the carrying amount of an asset
is in excess of its recoverable amount and the same is recognised as an
expense in the statement of Profit & Loss and carrying amount of the
asset is reduced to its recoverable amount.
Reversal of impairment losses recognised in prior years is recorded
when there is an indication that the impairment losses recognised for
the asset no longer exist or have decreased.
9. Taxation:
Income tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made with reference to taxable
income computed for the accounting period, for which the financial
statements are prepared by applying the tax rates as applicable. 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 certainity
of realization of such assets. Other deferred tax assets are recognised
only to the extent there is reasonable certainity of realization in
future. Deferred tax assets/liabilities are reviewed as at each
balance sheet date based on developments during the year and available
case law, to reassess realization/liabilities.
10. Miscellaneous expenditure:
a) Preliminary and Share Issue Expenses are written off over a period
of ten years.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article