Mar 31, 2015
1. Method of Accounting :
The financial statements have been prepared under the historical cost
convention on an accrual basis and in accordance with the Accounting
Principles generally accepted in India (Indian GAAP) and comply with
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standards) Rules, 2006 (as
amended) and the guidelines issued by the Securities and Exchange Board
of India (SEBI) and the relevant provisions of the Companies Act, 2013
to the extent applicable.
2. Fixed Assets :
Fixed Assets are stated at cost inclusive of expenses in connection
with acquisition of the assets and net of cenvat credit / value added
tax including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses, if any.
3. Investments :
The Investments are accounted at cost. Diminution in the value of
Investments if any, in respect of long term Investments is recognized.
4. Valuation of Inventories :
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence where necessary. Cost is determined on
weighted average basis. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of
completion and estimated costs necessary to make the sale.
5. Transalation of Foreign Currency Transactions :
Foreign currency transactions are recorded at the prevailing exchange
rates at the time of initial recognition. Exchange differences arising
on final settlement are adjusted and recognized as income or expense in
the statement of profit and loss. Outstanding balances of monetary
items denominated in foreign currency are restated at closing exchange
rates and the difference adjusted as income or expense in the statement
of profit and loss.
The premium or discount arising at the inception of forward exchange
contracts is accounted as income or expense over the life of contract.
Any profit or loss arising on cancellation or renewal of forward
exchange contract is recognized as income or as expense in the period
in which they arise.
6. Depreciation :
i) Depreciation on Fixed Assets for the year has been provided in
accordance with Schedule II of the Companies Act, 2013. For additions
and deletions depreciation is provided on pro-rata basis.
ii) Payments towards Technical Know-how have been classified under
Fixed Assets and has been appropriately depreciated.
7. Recognition of Revenue :
Income and Expenditure are recognized and accounted on accrual basis as
and when they are earned or incurred. Revenue from sale transaction is
recognized as and when significant risks and rewards attached to
ownership in the goods is transferred to the buyer. Revenue from
service transactions is recognized when invoiced / upon completion of
work based on confirmed contracts. Dividend from Investments and Export
Incentives under Duty drawback scheme are recognized when the right to
receive payment / credit is established and no significant uncertainty
as to measurability or collectability exists.
8. Borrowing cost :
Borrowing costs, if any, attributable to acquisition / construction of
qualifying assets are capitalized and included in the cost of the
asset, as appropriate.
9. Earnings per Share :
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the Equity Shareholders by the weighted average
number of Equity Shares outstanding during the year.
10. Employee Benefits :
Provision for Gratuity and Leave encashment are made as per actuarial
valuation at the end of the year as per AS15 (revised) of The Institute
of Chartered Accountants of India.
11. Taxes on Income :
a) Current tax liability on income for the period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessment / appeals.
b) Deferred tax is recognized on timing differences between the
accounting Income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
c) Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future Income will
be available against which such deferred tax assets can be realized.
12. Provisions, contingent liabilities and contingent assets :
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
13. Cash Flow Statements :
Cash Flows are reported using the Indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and items of income or expense associated with
investing or financing cash flows. Cash and cash equivalents include
cash on hand and balances with banks in current and deposit accounts
with necessary disclosure of cash and cash equivalent balances that are
not available for use by the company.
14. Impairment of Assets :
As at each Balance Sheet date, the carrying amount of assets is tested
for impairment so as to determine (i) the provision of impairment loss,
if any, required or (ii) the reversal, if any, required of impairment
loss recognized in previous periods. Impairment loss is recognized when
the carrying amount of an asset exceeds its recoverable amount.
15. Segment Reporting :
Business segments are identified on the basis of the nature of products
/ services, the risk-return profile of individual businesses, the
organizational structure and the internal reporting system of the
Company.
Segment revenue, segment expenses, segment assets and liabilities
include those directly identifiable with the respective segments.
Mar 31, 2014
1. Method of Accounting
The financial statements have been prepared under the historical cost
convention on an accrual basis and in accordance with the Accounting
Principles generally accepted in India (Indian GAAP) and comply with
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standard) Rules, 2006(as amended)
and the guidelines issued by the Securities and Exchange Board of India
(SEBI) and the relevant provisions of the Companies Act, 1956 to the
extent applicable.
2. Fixed Assets
Fixed Assets are stated at cost inclusive of expenses in connection
with acquisition of the assets and net of cenvat credit/value added
tax including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses, if any.
3. Investments
The Investments are accounted at cost. Diminution in the value of
Investments if any, in respect of long term Investments is recognised.
4. Valuation of Inventories
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence where necessary. Cost is determined on
weighted average basis. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of
completion and estimated costs necessary to make the sale.
5. Transalation of Foreign Currency Transactions
Foreign currency transactions are recorded at the prevailing exchange
rates at the time of initial recognition. Exchange differences arising
on final settlement are adjusted and recognized as income or expense in
the statement of profit and loss. Outstanding balances of monetary
items denominated in foreign currency are restated at closing exchange
rates and the difference adjusted as income or expense in the statement
of profit and loss. The premium or discount arising at the inception of
forward exchange contracts is accounted as income or expense over the
life of contract. Any profit or loss arising on cancellation or renewal
of forward exchange contract is recognized as income or as expense in
the period in which they arise.
6. Depreciation
i) Depreciation on Fixed Assets for the year has been provided on
straight line method in accordance with Schedule XIV of the Companies
Act, 1956. For additions and deletions depreciation is provided on
pro-rata basis. Items of Fixed Assets costing Rs.5,000/- and below is
depreciated at the rate of 100%.
ii) Payments towards Technical Know-how have been classified under
Fixed Assets and has been appropriately depreciated.
7. Recognition of Revenue
Income and Expenditure are recognized and accounted on accrual basis as
and when they are earned or incurred. Revenue from sale transaction is
recognized as and when significant risks and rewards attached to
ownership in the goods is transferred to the buyer. Revenue from
service transactions is recognized when invoiced/upon completion of
work based on confirmed contracts. Dividend from Investments and Export
Incentives under Duty drawback scheme are recognized when the right to
receive payment/credit is established and no significant uncertainty
as to measurability or collectability exists.
8. Borrowing cost
Borrowing costs, if any, attributable to acquisition/construction of
qualifying assets are capitalized and included in the cost of the
asset, as appropriate.
9. Earnings per Share
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the Equity Shareholders by the weighted average
number of Equity Shares outstanding during the year.
10. Employee Benefits
Provision for Gratuity and Leave encashment are made as per actuarial
valuation at the end of the year as per AS 15 (revised) of The
Institute of Chartered Accountants of India.
11. Taxes on Income
a. Current tax liability on income for the period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act,1961 and based on the expected outcome
of assessment/appeals.
b. Deferred tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
c. Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future income will
be available against which such deferred tax assets can be realised.
12. Provisions, contingent liabilities and contingent assets
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each Balance Sheet
date and adjusted to reflect the current best estimate.
13. Cash Flow Statements
Cash Flows are reported using the Indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and items of income or expense associated with
investing or financing cash flows. Cash and cash equivalents include
cash on hand and balances with banks in current and deposit accounts
with necessary disclosure of cash and cash equivalent balances that are
not available for use by the company.
14. Impairment of Assets
As at each Balance Sheet date, the carrying amount of assets is tested
for impairment so as to determine
(i) the provision for impairment loss, if any, required or.
(ii) the reversal, if any, required of impairment loss recognized in
previous periods. Impairment loss is recognized when the carrying
amount of an asset exceeds its recoverable amount.
15. Segment Reporting
Business segments are identified on the basis of the nature of products
/services, the risk- return profile of individual businesses, the
organizational structure and the internal reporting system of the
Company.
Segment revenue, segment expenses, segment assets and liabilities
include those directly identifiable with the respective segments.
Mar 31, 2013
1. Method of Accounting :
The financial statements have been prepared under the historical cost
convention on an accrual basis and in accordance with the Accounting
Principles generally accepted in India (Indian GAAP) and comply with Â
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standard) Rules, 2006 and the
relevant provisions of the Companies Act, 1956 to the extent
applicable.
2. Fixed Assets:
Fixed Assets are stated at cost inclusive of expenses in connection
with acquisition of the assets and net of cenvat credit / value added
tax including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses, if any.
3. Investments :
The investments are accounted at cost. Diminution in the value of
Investments if any, in respect of long term Investments is recognised.
4. Valuation of Inventories :
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence where necessary. Cost is determined on
weighted average basis. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of
completion and estimated costs necessary to make the sale.
5. Transalation of Foreign Currency Transactions :
Foreign currency transactions are recorded at the prevailing exchange
rates at the time of initial recognition. Exchange differences arising
on final settlement are adjusted and recognized as income or expense in
the statement of profit and loss. Outstanding balances of monetary
items denominated in foreign currency are restated at closing exchange
rates and the difference adjusted as income or expense in the statement
of profit and loss. The premium or discount arising at the inception of
forward exchange contracts is accounted as income or expense over the
life of contract. Any profit or loss arising on cancellation or renewal
of forward exchange contract is recognized as income or as expense in
the period in which they arise.
6. Depreciation :
i) Depreciation on Fixed Assets for the year has been provided on
straight line method in accordance with Schedule XIV of the Companies
Act, 1956. For additions and deletions depreciation is provided on
pro-rata basis. Items of Fixed Assets costing Rs.5,000/- and below is
depreciated at the rate of 100%.
ii) Payments towards Technical Know-how have been classified under
Fixed Assets and has been appropriately depreciated.
7. Recognition of Revenue:
Income and Expenditure are recognized and accounted on accrual basis as
and when they are earned or incurred. Revenue from sale transaction is
recognized as and when significant risks and rewards attached to
ownership in the goods is transferred to the buyer. Revenue from
service transactions is recognized when invoiced / upon completion of
work based on confirmed contracts. Dividend from Investments and Export
Incentives under Duty drawback scheme are recognized when the right to
receive payment / credit is established and no significant uncertainty
as to measurability or collectability exists.
8. Borrowing cost:
Borrowing costs, if any, attributable to acquisition / construction of
qualifying assets are capitalized and included in the cost of the
asset, as appropriate.
9. Earnings per Share :
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the Equity Shareholders by the weighted average
number of Equity Shares outstanding during the year.
10. Employee Benefits:
Provision for Gratuity and Leave encashment are made as per actuarial
valuation at the end of the year as per AS 15 (revised) of The
Institute of Chartered Accountants of India.
11. Taxes on Income :
a. Current tax liability on income for the period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessment / appeals.
b. Deferred tax is recognised on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
c. Deferred tax assets are recognised and carried forward to the
extent that there is reasonable certainty that sufficient future income
will be available against which such deferred tax assets can be
realised.
12. Provisions, contingent liabilities and contingent assets :
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
13. Cash Flow Statements :
Cash Flows are reported using the Indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and items of income or expense associated with
investing or financing cash flows. Cash and cash equivalents include
cash on hand and balances with banks in current and deposit accounts
with necessary disclosure of cash and cash equivalent balances that are
not available for use by the company.
14. Impairment of Assets :
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
(i) the provision for impairment loss, if any, required or
(ii) the reversal, if any, required of impairment loss recognised in
previous periods. Impairment loss is recognised when the carrying
amount of an asset exceeds its recoverable amount.
15. Segment Reporting :
Business segments are identified on the basis of the nature of products
/ services, the risk-return profile of individual businesses, the
organizational structure and the internal reporting system of the
Company.
Segment revenue, segment expenses, segment assets and liabilities
include those directly identifiable with the respective segments.
Mar 31, 2012
1. Method of Accounting :
The financial statements have been prepared under the historical cost
convention on an accrual basis and in accordance with the Accounting
Principles generally accepted in India (Indian GAAP) and comply with
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standard) Rules, 2006 and the
relevant provisions of the Companies Act, 1956 to the extent
applicable.
2. Fixed Assets :
Fixed Assets are stated at cost inclusive of expenses in connection
with acquisition of the assets and net of cenvat credit / value added
tax including appropriate direct and allocated expenses less
accumulated depreciation and impairment losses, if any.
3. Investments :
The investments are accounted at cost. Diminution in the value of
Investments if any, in respect of long term Investments is recognised.
4. Valuation of Inventories :
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence where necessary. Cost is determined on
weighted average basis.Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of
completion and estimated costs necessary to make the sale.
5. Transalation of Foreign Currency Transactions :
Foreign currency transactions are recorded at the prevailing exchange
rates at the time of initial recognition. Exchange differences arising
on final settlement are adjusted and recognized as income or expense in
the statement of profit and loss. Outstanding balances of monetary
items denominated in foreign currency are restated at closing exchange
rates and the difference adjusted as income or expense in the statement
of profit and loss.
The premium or discount arising at the inception of forward exchange
contracts is accounted as income or expense over the life of contract.
Any profit or loss arising on cancellation or renewal of forward
exchange contract is recognized as income or as expense in the period
in which they arise.
6. Depreciation :
i) Depreciation on Fixed Assets for the year has been provided on
straight line method in accordance with Schedule XIV of the Companies
Act, 1956. For additions and deletions depreciation is provided on
pro-rata basis. Items of Fixed Assets costing Rs.5,000/- and below is
depreciated at the rate of 100%.
ii) Payments towards Technical Know-how have been classified under
Fixed Assets and has been appropriately depreciated.
7. Recognition of Revenue :
Income and Expenditure are recognized and accounted on accrual basis as
and when they are earned or incurred. Revenue from sale transaction is
recognized as and when significant risks and rewards attached to
ownership in the goods is transferred to the buyer. Revenue from
service transactions is recognized when invoiced / upon completion of
work based on confirmed contracts. Dividend from Investments and
Export Incentives under Duty drawback scheme are recognized when the
right to receive payment / credit is established and no significant
uncertainty as to measurability or collectability exists.
8. Borrowing cost :
Borrowing costs, if any, attributable to acquisition /construction of
qualifying assets are capitalized and included in the cost of the
asset, as appropriate.
9 Earnings per Share :
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the Equity Shareholders by the weighted average
number of Equity Shares outstanding during the year.
10. Employee Benefits :
Provision for gratuity and Leave encashment are made as per actuarial
valuation at the end of the year as per AS15 (revised) of The Institute
of Chartered Accountants of India.
11. Taxes on Income :
a. Current tax liability on income for the period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act,1961 and based on the expected outcome
of assessment / appeals.
b. Deferred tax is recognised on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
Balance Sheet date.
c. Deferred tax assets are recognised and carried forward to the
extent that there is reasonable certainty that sufficient future income
will be available against which such deferred tax assets can be
realised.
12. Provisions, contingent liabilities and contingent assets :
Contingent liabilities are not recognized but are disclosed in the
notes to financial statements. Contingent assets are neither recognized
nor disclosed in the financial statements. Provisions, contingent
liabilities and contingent assets are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
13. Cash Flow Statements :
Cash Flows are reported using the Indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and items of income or expense associated with
investing or financing cash flows. Cash and cash equivalents include
cash on hand and balances with banks in current and deposit accounts
with necessary disclosure of cash and cash equivalent balances that are
not available for use by the company.
14. Impairment of assets :
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
(i) the provision for impairment loss, if any, required or (ii) the
reversal, if any, required of impairment loss recognised in previous
periods. Impairment loss is recognised when the carrying amount of an
asset exceeds its recoverable amount.
15. Segment Reporting :
Business segments are identified on the basis of the nature of products
/ services, the risk-return profile of individual businesses, the
organizational structure and the internal reporting system of the
Company.
Segment revenue, segment expenses, segment assets and liabilities
include those directly identifiable with the respective segments.
Mar 31, 2011
1. Method of Accounting :
The financial statements have been prepared under the historical cost
convention on an accrual basis and in accordance with the Accounting
Principles generally accepted in India (Indian GAAP) and comply with
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standard) Rules, 2006 and the
relevant provisions of the Companies Act, 1956 to the extent
applicable.
2. Fixed Assets :
Fixed Assets are stated at cost inclusive of expenses in connection
with acquisition of the assets and net of cenvat credit/value added tax
including appropriate direct and allocated expenses less accumulated
depreciation and impairment losses, if any.
3. Investments :
The Investments are accounted at cost. Diminution in the value of
Investments if any, in respect of long term Investments is recognised.
4. Valuation of Inventories :
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence where necessary. Cost is determined on
weighted average basis. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of
completion and estimated costs necessary to make the sale.
5. Transalation of Foreign Currency Transactions :
Foreign currency transactions are recorded at the prevailing exchange
rates at the time of initial recognition. Exchange differences arising
on final settlement are adjusted and recognised as income or expense in
the profit and loss account. Outstanding balances of monetary items
denominated in foreign currency are restated at closing exchange rates
and the difference adjusted as income or expense in the profit and loss
account.
The premium or discount arising at the inception of forward exchange
contracts is accounted as income or expense over the life of contract.
Any profit or loss arising on cancellation or renewal of forward
exchange contract is recognised as income or as expense in the period
in which they arise.
6. Depreciation :
i) Depreciation on Fixed Assets for the year has been provided on
straight line method in accordance with Schedule XIV of the Companies
Act, 1956. For additions and deletions depreciation is provided on
pro-rata basis. Items of Fixed Assets costing Rs.5,000/- and below is
depreciated at the rate of 100%.
ii) Payments towards Technical Know-how have been classified under
Fixed Assets and has been appropriately depreciated.
7. Recognition of Revenue :
Income and Expenditure are recognised and accounted on accrual basis as
and when they are earned or incurred. Revenue from sale transaction is
recognised as and when significant risks and rewards attached to
ownership in the goods is transferred to the buyer. Revenue from
service transactions is recognised when invoiced / upon completion of
work based on confirmed contracts. Dividend from Investments and Export
Incentives under duty draw back scheme are recognised when the right to
receive payment/credit is established and no significant uncertainty as
to measurability or collectability exists.
8. Borrowing cost :
Borrowing costs, if any, attributable to acquisition/construction of
qualifying assets are capitalized and included in the cost of the
asset, as appropriate.
9. Earnings per Share :
Basic Earnings per share is calculated by dividing the Net Profit after
tax attributable to the Equity Shareholders by the weighted average
number of Equity Shares outstanding during the year.
10. Employee Benefits :
Provision for Gratuity and Leave encashment are made as per actuarial
valuation at the end of the year as per AS15 (revised) of The Institute
of Chartered Accountants of India.
11. Taxes on Income :
Current tax liability on income for the period is determined on the
basis of taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act,1961 and based on the expected outcome
of assessment/appeals.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is reasonable certainty that sufficient future income will
be available against which such deferred tax assets can be realised.
12. Provisions, contingent liabilities and contingent assets :
Contingent liabilities are not recognised but are disclosed in the
notes to financial statements. Contingent assets are neither
recognised nor disclosed in the financial statements. Provisions,
contingent liabilities and contingent assets are reviewed at each
balance sheet date and adjusted to reflect the current best estimate.
13. Cash Flow Statements :
Cash Flows are reported using the Indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and items of income or expense associated with
investing or financing cash flows. Cash and cash equivalents include
cash on hand and balances with banks in current and deposit accounts
with necessary disclosure of cash and cash equivalent balances that are
not available for use by the company.
14. Impairment of assets :
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine (i) the provision for impairment
loss, if any, required or (ii) the reversal, if any, required of
impairment loss recognised in previous periods. Impairment loss is
recognised when the carrying amount of an asset exceeds its recoverable
amount.
15. Segment Reporting :
Business segments are identified on the basis of the nature of products
/ services, the risk- return profile of individual businesses, the
organizational structure and the internal reporting system of the
Company.
Segment revenue, segment expenses, segment assets and liabilities
include those directly identifiable with the respective segments.
Mar 31, 2010
I. The company adopts accrual basis of accounting.
II. i. Depreciation on Fixed Assets for the year has been provided on
straight line method in accordance with Schedule XIV of the Companies
Act, 1956.
ii. Payments towards Technical Know-how have been classified under
Fixed Assets and has been appropriately depreciated.
III. Fixed Assets are capitalised at cost inclusive of expenses in
connection with acquisition of the assets and net of cenvat credit, if
any.
IV. The Investments are accounted at cost. Diminution in the value of
Investments if any,in respect of long term Investments is recognised.
V. Provision for Gratuity and Leave encashment was made as per
actuarial valuation at the end of the year as per AS 15(Revised).
VI. The value of CENVAT benefits availed have been reduced from the
purchase value of Materials and Capital Items wherever applicable.The
payments under Rule 6(3)(b) of Cenvat Credit Rules, 2002 are added to
purchase value of materials.
VII. The foreign currency transactions are recorded at the exchange
rates prevailing on the date of such transaction. Foreign currency
assets and liabilities at the year end are realigned at the exchange
rate prevailing at the year end and the difference on realignment is
recognised in the Profit and Loss Account.
VIII. Valuation of Inventories is as per Accounting Standard 2 (AS 2)
of The Institute of Chartered Accountants of India.
IX. Current tax liability on income for the period is determined on
the basis of taxable income and tax credits computed in accordance with
the provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessment/appeals.
Deferred tax is recognised on timing differences between the accounting
income and the taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the Balance Sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is reasonable certainty that sufficient future income will
be available against which such deferred tax assets can be realised.
X. As at each balance sheet date ,the carrying amount of assets is
tested for impairment so as to determine (i) the provision for
impairment loss, if any,required or (ii) the reversal,if any, required
of impairment loss recognised in previous periods. Impairment loss is
recognised when the carrying amount of an asset exceeds its recoverable
amount.
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