Mar 31, 2015
Significant Accounting Policies adopted by the Company in the
preparation and presentation of the Accounts.
ACCOUNTING CONVENTION
The financial statements are prepared and presented under historical
cost convention on accrual basis of accounting, in accordance with
Indian Generally Accepted Accounting Principles and Accounting Standard
issued by the Institute of Chartered Accountants of India.
FIXED ASSETS
Fixed assets are stated at historical cost less depreciation.
DEPRECIATION
Depreciation of Fixed Assets is calculated and provided as per
Companies Act, 2013. The depreciation has been calculated considering
the useful life of an asset as stipulated in Part C of Schedule II of
Section 123 of the Companies Act 2013. However, in case of certain
asset class, as detailed below, the useful life has been considered
based on the present condition of the assets. :
1. Computers & Data processing units : Against the stipulated useful
life of 3 years, we have considered useful life of 5 years, as even 4
years old computers are presently in use.
2. Office equipment : Against the stipulated useful life of 5 years, we
have considered useful life of 10 years, based on the condition and our
experience of the office equipment.
Apart from the above, for assets where the residual useful life is nil
as per the Part C, the carrying amount of the asset (after retaining
the residual value) has been depreciated in the current year.
In the previous year, rates and method of calculation for Depreciation
adopted were as specified in Schedule XIV of the Companies Act, 1956.
Depreciation on the additions is calculated pro rata from the date of
additions. Depreciation is not provided on deletion of assets, as it
has no effect on the results of the Company.
INVESTMENTS
Long term investments are stated at cost less provision for diminution,
if any, in the value of such investments. Diminution in the value is
provided for where the management is of the opinion that the diminution
is of a permanent nature. Short term investments are valued at lower of
cost or net realizable value. INVENTORIES
a) Packing & fuel are valued at cost on FIFO Basis.
b) Raw materials are valued at cost on FIFO Basis.
c) Finished goods are valued at cost or market value whichever is
lower.
d) Work in progress is valued at cost.
MODVAT
Cenvat benefit is accounted on accrual basis on purchases of raw
materials and capital goods and on actual payment basis on input
services. The Cenvat benefit is appropriated against payment of excise
duty on clearance of excisable goods.
SALES
Sales are accounted inclusive of excise duty.
FOREIGN CURRENCY TRANSACTIONS
Foreign Currency transactions are recorded at exchange rate prevailing
on the date of transaction/ realization. Current Assets / Liabilities
are taken at transaction value. Diminution in the value is provided for
where the management is of the opinion that the diminution is of a
permanent nature. The resultant difference, if any, on realization is
recognized in the profit & loss account..
EXCISE DUTY
As per past practice, the Company is accounting for liability for
excise duty on finished goods lying in factory premises as and when the
same are cleared. Accordingly, estimated liability amounting to ' NIL
(P.Y. Rs. NIL) in respect of such goods as on 31.03.2015 has not been
provided for in the accounts and hence not included in valuation of
inventory. Non-provision of this liability will not affect profit for
the year.
CUSTOM DUTY
Custom duty is charged in the year when it is paid.
PROVISION FOR RETIREMENT BENEFITS
Gratuity: The Company's obligations towards gratuity to employees has
been provided for at actuals and other retirement benefits as per
policy of the company have been provided for as per AS-15(Revised). The
same have been charged in the profit and loss of the Company.
Provident Fund: The employer and employee make statutory contribution
towards the Government's Provident Fund and the same is charged in the
profit and loss of the Company.
EXPENSES
Material known liabilities are provided based on available information
/estimates.
TIMING REVENUE RECOGNITION
In appropriate circumstances, revenue (income) is recognized when no
significant uncertainty as to measurability or collectability exists.
TAXATION
Provision for taxation is made based on the current tax rates in force.
Deferred tax charge or credit (reflecting the tax effect of timing
difference between accounting income and taxable income for the period)
is determined in accordance with the Accounting Standard-22 of the
Institute of Chartered Accountants of India. The deferred tax charged or
credited and the corresponding deferred tax liabilities or assets are
recognized using the tax rate that have been enacted or subsequently
established by the Balance Sheet date. Deferred tax assets are
recognized and carried forward to the extent that there is a reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
CASH FLOW STATEMENT
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 and future cash receipts and
payments. The cash flows from regular operating, investing and
financing activities of the Company are segregated.
CONTINGENT LIABILITIES
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes on accounts.
IMPAIRMENT OF ASSETS
Impairment loss, if any, is recognized in accordance with the
accounting standard AS-28 issued by the Institute of Chartered
Accountants of India.
PRIOR PERIOD ITEMS
Material items of prior period non-recurring and extra ordinary items,
if any, are disclosed separately.
Mar 31, 2014
ACCOUNTING CONVENTION
The financial statements are prepared and presented under historical
cost con- vention on accrual basis of accounting, in accordance with
Indian Generally Accepted Accounting Principles and Accounting Standard
issued by the Institute of Chartered Accountants of India.
FIXED ASSETS
Fixed assets are stated at historical cost less depreciation.
DEPRECIATION
Depreciation of Fixed Assets is provided on straight-line method
particularly on Plant and Machineries on Triple Shift Basis. Rates of
Depreciation adopted are as specified in Schedule XIV of the Companies
Act, 1956. Depreciation on the additions is calculated pro rata from
the date of additions. Depreciation is not provided on deletion of
assets, as it has no effect on the results of the Company.
INVESTMENTS
Long term investments are stated at cost less provision for diminution,
if any, in the value of such investments. Diminution in the value is
provided for where the management is of the opinion that the diminution
is of a permanent nature. Short term investments are valued at lower
of cost or net realizable value.
INVENTORIES
a) Packing & fuel are valued at cost on FIFO Basis.
b) Raw materials are valued at cost on FIFO Basis.
c) Finished goods are valued at cost or market value whichever is
lower.
d) Work in progress is valued at cost.
MODVAT
Cenvat benefit is accounted on accrual basis on purchases of raw
materials and capital goods and on actual payment basis on input
services. The Cenvat benefit is appropriated against payment of excise
duty on clearance of excis- able goods.
SALES
Sales are accounted inclusive of excise duty.
FOREIGN CURRENCY TRANSACTIONS
Foreign Currency transactions are recorded at exchange rate prevailing
on the date of transaction/ realization. Current Assets / Liabilities
are taken at transac- tion value. Diminution in the value is provided
for where the management is of the opinion that the diminution is of a
permanent nature. The resultant differ- ence, if any, on realization is
recognized in the profit & loss account..
EXCISE DUTY
As per past practice, the Company is accounting for liability for
excise duty on finished goods lying in factory premises as and when the
same are cleared. Accordingly, estimated liability amounting to Rs.NIL
(P.Y. Rs.NIL) in respect of such goods as on 31.03.2014 has not been
provided for in the accounts and hence not included in valuation of
inventory. Non-provision of this liability will not affect profit for
the year.
CUSTOM DUTY
Custom duty is charged in the year when it is paid.
PROVISION FOR RETIREMENT BENEFITS
Gratuity: The Company''s obligations towards gratuity to employees has
been provided for at actuals and other retirement benefits as per
policy of the company have been provided for as per AS-15(Revised). The
same have been charged in the profit and loss of the Company.
Provident Fund: The employer and employee make statutory contribution
to- wards the Government''s Provident Fund and the same is charged in
the profit and loss of the Company.
EXPENSES
Material known liabilities are provided based on available information
/estimates.
TIMING REVENUE RECOGNITION
In appropriate circumstances, revenue (income) is recognized when no
signifi- cant uncertainty as to measurability or collectability exists.
TAXATION
Provision for taxation is made based on the current tax rates in force.
Deferred tax charge or credit (reflecting the tax effect of timing
difference between accounting income and taxable income for the period)
is determined in accordance with the Accounting Standard-22 of the
Institute of Chartered Ac- countants of India. The deferred tax charged
or credited and the corresponding deferred tax liabilities or assets
are recognized using the tax rate that have been enacted or
subsequently established by the Balance Sheet date. Deferred tax assets
are recognized and carried forward to the extent that there is a
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
CASH FLOW STATEMENT
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 and future cash receipts and
payments. The cash flows from regular operating, investing and
financing activities of the Company are segre- gated.
CONTINGENT LIABILITIES
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes on accounts.
IMPAIRMENT OF ASSETS
Impairment loss, if any, is recognized in accordance with the
accounting standard AS-28 issued by the Institute of Chartered
Accountants of India.
PRIOR PERIOD ITEMS
Material items of prior period non-recurring and extra ordinary items,
if any, are disclosed separately.
Mar 31, 2013
ACCOUNTING CONVENTION
The financial statements are prepared and presented under historical
cost convention Dn accrual basis of accounting, in accordance with
Indian Generally Accepted Accounting Principles and Accounting Standard
issued by the Institute of Chartered Accountants of India
FIXED ASSETS
=ixed assets are stated at historical cost less depreciation.
DEPRECIATION
Depreciation of Fixed Assets is provided on straight-line method
particularly on Plant and Machineries on Triple Shift Basis. Rates of
Depreciation adopted are as specified n Schedule XIV of the Companies
Act, 1956. Depreciation on the additions is calculated oro rata from
the date of additions. Depreciation is not provided on deletion of
assets, as it has no effect on the results of the Company.
INVESTMENTS
Term investments are stated at cost less provision for diminution, if
any, in the /alue of such investments Diminution in the value is
provided for where the management is of the opinion that the diminution
is of a permanent nature. Short erm investments are valued at lower of
cost or net realizable value
INVENTORIES
a) Packing & fuel are valued at cost on FIFO Basis.
b) Raw materials are valued at cost on FIFO Basis.
c) -inished goods are valued at cost or market value whichever is
lower.
d) Work in progress is valued at cost.
MODVAT
Senvat benefit is accounted on accrual basis on purchases of raw
materials and capital goods and on actual payment basis on input
services. The Cenvat oenefit is appropriated against payment of excise
duty on clearance of excisable goods.
SALES
Sales are accounted inclusive of excise duty.
FOREIGN CURRENCY TRANSACTIONS
roreign Currency transactions are recorded at exchange rate prevailing
on the date of :ransaction/ realization. Current Assets / Liabilities
are taken at transaction value. Diminution in the value is provided
for where the management is of the opinion that the diminution is of a
permanent nature. The resultant difference, if any, on realization is
recognized in the profit & loss account..
EXCISE DUTY
As per past practice, the Company is accounting for liability for
excise duty Dn finished goods lying in factory premises as and when the
same are cleared. Accordingly, estimated liability amounting to Rs. NIL
(P.Y. Rs. NIL) in espect of such goods as on 31.03 2013 has not been
provided for in the accounts and hence not included in valuation of
inventory. Non-provision of this liability will not affect profit for
the year.
CUSTOM DUTY
Custom duty is charged in the year when it is paid.
PROVISION FOR RETIREMENT BENEFITS
3ratuity: The Company''s obligations towards gratuity to employees has
been provided ''or at actuals and other retirement benefits as per
policy of the company have been orovided for as per AS-15(Revised). The
same have been charged in the profit and loss of the Company.
Provident Fund: The employer and employee make statutory contribution
towards the Government''s Provident Fund and the same is charged in the
profit and loss of the Company.
EXPENSES
Material known liabilities are provided based on available information
/estimates.
TIMING REVENUE RECOGNITION
In appropriate circumstances, revenue (income) is recognized when no
significant jncertainty as to measurability or collectability exists.
TAXATION
Provision for taxation is made based on the current tax rates in force.
Deferred tax charge or credit (reflecting the tax effect of timing
difference between accounting income and taxable income for the period)
is determined in accordance with the Accounting Standard-22 of the
Institute of Chartered Accountants of India. The deferred tax charged
or credited and the corresponding deferred tax liabilities or assets
are recognized using the tax rate that have been enacted or
subsequently astablished by the Balance Sheet date. Deferred tax assets
are recognized and car- led forward to the extent that there is a
reasonable certainty that sufficient future :axable income will be
available against which such deferred tax assets can be realised.
CASH FLOW STATEMENT
3ash flows are reported using indirect method, whereby profit before
tax is adjusted :or the effects of transactions of a non cash nature
and any deferrals or accruals of oast and future cash receipts and
payments The cash flows from regular operating, nvesting and financing
activities of the Company are segregated.
CONTINGENT LIABILITIES
AII liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes on accounts.
IMPAIRMENT OF ASSETS impairment loss, if any, is recognized in
accordance with the accounting standard AS-28 issued by the Institute
of Chartered Accountants of India
PRIOR PERIOD ITEMS
Material items of prior period non-recurring and extra ordinary items,
if any, are disclosed separately
Mar 31, 2010
ACCOUNTING CONVENTION
The financial statements are prepared and presented under historical
cost convention on accrual basis of accounting, in accordance with
Indian Generally Accepted Accounting Principles and Accounting Standard
issued by the Institute of Chartered Accountants of India.
FIXED ASSETS
Fixed assets are stated at historical cost less depreciation.
DEPRECIATION
Depreciation of Fixed Assets is provided on straight-line method
particularly on Plant and Machineries on Triple Shift Basis. Rates of
Depreciation adopted are as specified in Schedule XIV of the Companies
Act, 1956. Depreciation on the additions is calculated pro rata from
the date of additions. Depreciation is not provided on deletion of
assets, as it has no effect on the results of the Company.
INVESTMENTS
Long term investments are stated at cost less provision for diminution,
if any, in the value of such investments. Diminution in the value is
provided for where the management is of the opinion that the diminution
is of a permanent nature. Short term investments are valued at lower
of cost or net realizable value.
INVENTORIES
a) Packing & fuel are valued at cost on FIFO Basis.
b) Raw materials are valued at cost on FIFO Basis.
c) Finished goods are valued at cost or market value whichever is
lower.
d) Work in progress is valued at cost.
MODVAT
Cenvet benefit is accounted on accrual basis on purchases of raw
materials and capital goods and on actual payment basis on input
services. The Cenvet benefit is appropriated against payment of excise
duty on clearance of excisable goods.
SALES
Sales are accounted inclusive of excise duty.
FOREIGN CURRENCY TRANSACTIONS
Foreign Currency transactions are recorded at exchange rate prevailing
on the date of transaction/ realization. Current Assets / Liabilities
are taken at transaction value. Diminution in the value is provided for
where the management is of the opinion that the diminution is of a
permanent nature. The resultant difference, if any, on realization is
recognized in the profit & loss account..
EXCISE DUTY
As per past practice, the Company is accounting for liability for
excise duty on finished goods lying in factory premises as and when the
same are cleared. Accordingly, estimated liability amounting to Rs.
NIL (P.Y.Rs.NIL) in respect of such goods as on 31.03.2010 has not been
provided for in the accounts and hence not included in valuation of
inventory. Non-provision of this liability will not affect profit for
the year.
CUSTOM DUTY
Custom duty is charged in the year when it is paid.
PROVISION FOR RETIREMENT BENEFITS
Gratuity: The Companys obligations towards gratuity to employees has
been provided for at actuals and other retirement benefits as per
policy of the company have been provided for as per AS-15(Revised). The
same have been charged in the profit and loss of the Company.
Provident Fund: The employer and employee make statutory contribution
towards the Governments Provident Fund and the same is charged in the
profit and loss of the Company.
EXPENSES
Material known liabilities are provided based on available information
/estimates.
TIMING REVENUE RECOGNITION
In appropriate circumstances, revenue (income) is recognized when no
significant uncertainty as to measurability or collectability exists.
TAXATION
Provision for taxation is made based on the current tax rates in force.
Deferred tax charge or credit (reflecting the tax effect of timing
difference between accounting income and taxable income for the period)
is determined in accordance with the Accounting Standard-22 of the
Institute of Chartered Accountants of India. The deferred tax charged
or credited and the corresponding deferred tax liabilities or assets
are recognized using the tax rate that have been enacted or
subsequently established by the Balance Sheet date. Deferred tax assets
are recognized and carried forward to the extent that there is a
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
CASH FLOW STATEMENT
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 and future cash receipts and
payments. The cash flows from regular operating, investing and
financing activities of the Company are segregated.
CONTINGENT LIABILITIES
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes on accounts.
IMPAIRMENT OF ASSETS
Impairment loss, if any, is recognized in accordance with the
accounting standard AS-28 issued by the Institute of Chartered
Accountants of India.
PRIOR PERIOD ITEMS
Material items of prior period non-recurring and extra ordinary items,
if any, are disclosed separately.
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