Mar 31, 2014
1. Basis of Preparation of Financial Statements:
Financial statements have been prepared and presented under historical
cost convention in accordance with the accounting principles generally
accepted in India having due regard to fundamental accounting
assumptions of going concern, consistency and accrual and comply with
the Accounting Standards referred to in Sec.211 (3C) of the Companies
Act, 1956 as applicable and with the relevant provisions of the
Companies Act, 1956.
2. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
3. Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and
rewards in respect of ownership of products are transferred to
customers. Revenue from domestic sales of products is recognized on
dispatch of products. Revenue from export sales is recognized on
shipment of products. Revenue from products is stated inclusive of
duties, taxes but exclusive of returns, and applicable trade discounts
and allowances.
Interest income is recognized on time accrual basis, determined by the
amount outstanding and the rate applicable.
4. Fixed Assets:
Fixed assets are carried at cost of acquisition less accumulated
depreciation. Cost includes non-refundable taxes, duties, freight,
borrowing costs and other incidental expenses related to the
acquisition and installation of the respective assets.
5. Depreciation:
Depreciation on fixed assets under Straight Line Method at the rates
and in the manner specified in Schedule XIV to the Companies Act, 1956.
6. Valuation of Inventories:
Inventories are valued at the lower of cost and net realizable
value.Cost is arrived at byusing weighted average method and includes
all costs of purchases, cost of conversion and other costs incurred in
bringing the inventories to their present location and condition.
7. Tax Expense:
Deferred tax resulting from "Timing Difference" between book and
taxable profit is accounted for using the tax rates and laws that are
enacted or substantively enacted as on the Balance Sheet date. Deferred
tax asset is recognized and carried forward only to the extent that
there is a reasonable certainty that the asset will be realized in
future.
Provision is made for tax on Income and dividend distribution tax as
per the applicable provisions of Income Tax Act, 1961.
8. Foreign Exchange Transactions:
There are no foreign currency transactions during the period
9. Dues to Micro, Small and Medium Enterprises
There are no amounts due to the suppliers covered under Micro, Small
and Medium Enterprises Development Act, 2006; this information takes
into account only those suppliers who have responded to the enquiries
made by the Company for this purpose.
10. Employee Benefits
Retirement benefits to employees comprise of payments under Defined
Contributions Plans like Provident Fund and payments under Defined
Benefit Schemes like Gratuity and Leave Encashment Payment under
Defined Contribution plans are charged to revenue on accrual. The
Liability in respect of defined benefit schemes is arrived based on
actuarial valuation made at the end of the year by using projected unit
credit method
11. Borrowing costs
Borrowing costs attributable to the acquisition or construction of
qualifying assets are Capitalized as part of the cost of such assets. A
qualifying asset is one that necessarily takes substantial period of
time to get ready for intended use. All other borrowing costs are
charged to revenue.
Mar 31, 2012
(a) Basis of Preparation of Financial Statements:
Financial statements have been prepared and presented under historical
cost convention in accordance with the accounting principles generally
accepted in India having due regard to fundamental accounting
assumptions of going concern, consistency and accrual and comply with
the Accounting Standards referred to in Sec.211 (3C) of the Companies
Act, 1956 as applicable and with the relevant provisions of the
Companies Act, 1956.
(b) Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
(c) Revenue Recognition:
Revenue from sale of goods is recognized when significant risks and
rewards in respect of ownership of products are transferred to
customers. Revenue from domestic sales of products is recognized on
dispatch of products. Revenue from export sales is recognized on
shipment of products. Revenue from products is stated inclusive of
duties, taxes but exclusive of returns, and applicable trade discounts
and allowances.
Revenue from services is recognized as per the terms of contract with
customers when the related services are performed, or the agreed
milestones are achieved.
(d) Fixed Assets:
Fixed assets are carried at cost of acquisition less accumulated
depreciation. Fixed assets which were revalued were carried at
revalued values.
Cost includes non-refundable taxes, duties, freight, borrowing costs
and other incidental expenses related to the acquisition and
installation of the respective assets.
Fixed assets which are found to be not usable or retired from active
use or when no further benefits are expected from their use are removed
from the books of account and the difference if any, between the cost
of such assets and the accumulated depreciation thereon is charged to
Statement of Profit & Loss.
(e) Depreciation:
Depreciation on fixed assets under Straight-Line Method (SLM) at the
rates and in the manner specified in Schedule XIV to the Companies Act,
1956.
(f) Valuation of Inventories:
Inventories are valued at the lower of cost and net realizable value.
Cost is arrived at by using weighted average method and includes all
costs of purchases, cost of conversion and other costs incurred in
bringing the inventories to their present location and condition.
(g) Tax Expense:
Deferred tax resulting from "Timing Difference" between book and
taxable profit is accounted for using the tax rates and laws that are
enacted or substantively enacted as on the Balance Sheet date. Deferred
tax asset is recognized and carried forward only to the extent that
there is a reasonable certainty that the asset will be realized in
future.
Provision is made for tax on Income and dividend distribution tax as
per the applicable provisions of Income Tax Act, 1961.
(h) Foreign Exchange Transactions:
Exchange differences arising out of foreign currency transaction are
recorded at the exchange rates prevailing at the transaction date.
(i) Employee Benefits:
Retirement benefits to employees comprise of payments under Defined
Contribution Plans like Provident Fund and payments under Defined
Benefit Schemes like Gratuity and Leave encashment.
Payments under defined contribution plans are charged to revenue on
accrual. The liability in respect of defined benefit schemes is
arrived based on actuarial valuation made at the end of the year by
using projected unit credit method
(j) Borrowing Costs:
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as part of the cost of such assets. A
qualifying asset is one that necessarily takes substantial period of
time to get ready for intended use. All other borrowing costs are
charged to revenue.
(k) Accounting Policies:
Accounting policies for segment reporting are the same as adopted in
preparation and presentation of the financial statements of the
Company.
(I) Cenvat Credit :
Excise duty paid on inputs is debited to a separate account namely
cenvat on Raw Material Account. This account is credited as and when
cenvat actually utilised against payment of excise duty on Final
dispatches. Balance in cenvat on Raw Materials is shown on assets side
of Balance sheet under the Current assets.
Mar 31, 2010
1 Accounting Convention: these accounts have been prepared under
historical cost convention and on the accounting principles of going
concern. Accounting policies not Specifically referred to otherwise be
consistent and in accordance with generally accepted accounting
principles.
2 Revenue recognition: the Company follows the mercantile system of
accounting and recognizes income and expenditure on accrual basis
3 Inventories: Inventories are valued as under:
a. Raw materials are valued at purchase price and other attributable
costs.
b. Finished Goods are valued at lower of cost or net realizable value.
c. Work in Progress is valued at lower of cost or net realizable value
4 Foreign Currency transactions: exchange difference arising out of
foreign currency transactions are recorded at the exchange rates
prevailing at the transaction date.
5 Depreciation of Fixed Assets, which have been put, to use has been
provided on Straight line method as per the classification and on the
basis of Schedule XIV of the Companies Act, 1956.
6 Fixed Assets are stated at cost of acquisition.
Mar 31, 2009
1. Accounting Convention: These accounts have been prepared under
historical cost convention and on the accounting principles of going
concern. Accounting policies not specifically referred to otherwise be
consistent and in accordance with generally accepted accounting
principles.
2. Revenue Recognition: The Company follows the mercantile system of
accounting and recognizes income and expenditure on accrual basis
3. Inventories: Inventories are valued as under:
a. Raw Materials are valued at purchase price and other attributable
costs.
b. Finished Goods are valued at lower of cost or net realizable value.
c. Work in Progress is valued at lower of cost or net realizable value
4. Foreign Currency Transactions: Exchange difference arising out of
foreign currency transactions are recorded at the exchange rates
prevailing at the transaction date.
5. Depreciation of Fixed Assets, which have been put, to use has been
provided on Straight line method as per the classification and on the
basis of Schedule XIV of the Companies Act, 1956.
6. Fixed Assets are stated at cost of acquisition.
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