Accounting Policies of Marble City India Ltd. Company

Mar 31, 2025

2 Statement of Significant Accounting Policies

a Basis of preparation of Financial Statements

The accounts have been prepared in accordance with the provisions of Companies Act 2013 and Indian Accounting
Standards (Ind AS) and Disclosures thereon comply with requirements of Ind AS, stipulations contained in Schedule-
III (revised) as applicable under Section 133 of the Companies Act, 2013 read with, Companies (Indian Accounting
Standards) Rules 2015 as amended from time to time, MSMED Act, 2006, other pronouncement of ICAI, provisions
of the Companies Act and Rules and guidelines issued by SEBI as applicable.

All assets and liabilities have been classified as current or no-current as per the company’s normal operating cycle.
Based on the nature of business and the time between the acquisition of assets and their realization in cash and cash
equivalents, the company has ascertained its operating cycle as12 months for the purpose of current and non-current
classification of assets and liabilities.

The company is a Small and Medium sized company (SMC) as defined in the General Instructions in respect of
Accounting Standards notified under the Companies Act. Accordingly, the company has complied with the
Accounting Standards as applicable to a Small and Medium Sized Company.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

Use of Estimates:

No use of estimates
Statement of Compliance:

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of
the Companies Act, 2013 (“the Companies Act”), as applicable . The Ind AS are prescribed under Section 133 of the
Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian
Accounting Standards) Amendment Rules, 2016.

The financial statements have been approved by the Board of Directors of the Company at their meeting held on
30th May 2025.

Functional and Presentation Currency:

The financial statements are presented in Indian Rupees, which is the functional currency of the Company.

b Property Plant & Equipment and Intangible Assets

i) Property Plant & Equipment are stated at original cost of acquisition and includes insurance, freight, Finance
Charge and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RIICO at the time of
transfer in favour of the Company.

iii) Intangible assets are carried at cost less accumulated amortization and impairment losses, if any.
c Depreciation

The Company depreciates property, plant and equipment over the estimated useful life on a written down value basis
from the date the assets are available for use. The estimated useful life of assets are reviewed and where appropriate
are adjusted, annually.

Lease hold land is not depreciable.

The amortization of an intangible asset has been made as per stright line method with a finite useful life reflects the
manner in which the economic benefit is expected to be generated.

d Impairment of Property Plant & Equipment and Intangible Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value, an impairement loss is
charged to the statement of profit and loss in the year in which asset is identidied as impaired. The impairement loss
recognised in prior accounting period is reversed if there has been change in the estimate of recoverable amount. No
impairment Profit or Loss has been identified during the year.

e Investments

Investments are stated at cost.

f Valuation of Inventories

Raw materials are carried at cost. However, raw materials are considered to be realizable at replacement cost if the
finished goods, in which they will be sold, are expected to be sold below cost. Cost includes purchase price
(excluding those subsequently recoverable by the enterprise from the concerned revenue authorities and GST),
freight inwards and other expenditure incurred in bringing such inventories to their present location and condition. In
determining the cost, standard cost method is used which approximates to the actual cost.

Finished goods are valued at the lower of cost and net realizable value. Cost of work in progress and manufactured
finished goods comprises of direct material, cost of conversion and other costs incurred in bringing these inventories
to their present location and condition. Net realizable value is estimated selling price in the ordinary course of
business, less estimated cost of completion necessary to make sale. The comparison of cost and net realizable value
is made on an item by item basis.

g Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, bank balances in saving/current accounts and deposits.

h Foreign currency transactions

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All
exchange gains and losses are accounted for in the Profit and Loss Account under respective heads. Balances
outstanding as on 31 st March, 2024 are recorded at foreign currency rate as on that date

i Revenue recognition

Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer,
usually on delivery of the goods.

j Operating Leases:

Lease arrangements where the risk and rewards incident to ownership of an asset substantially vest with the lessor
are recognized as operating lease. Lease rent under operating leases are charged to the profit and loss account on a
straight-line basis over the lease term.

k Finance Leases:

Leases under which the company assumes substantially all the risks and rewards of ownership are classified as
finance leases. The lower of fair value of asset and present value of minimum lease rentals is capitalized as fixed
assets with corresponding amount shown as lease liability. The principal component in the lease rentals is adjusted
against the lease liability and interest component is charged to profit & loss account. There is no financial lease
transaction during the current financial year. The Company has no Finance Lease.

l Segment Reporting Policies

The Company prepares its segment information. Turnover details as given under notes to accounts.
m Retirement and other employee benefits

Retirement benefits in the form of Provident Fund are defined contribution schemes and the contributions are
charged to the Profit and Loss Account of the year when the contribution to the fund is due. There are no other
obligations other than the contribution payable to that fund.

The short-term employee benefits such as salaries, wages and bonus etc., are accounted for on accrual basis. The
Company has got Acturial valuation during the year and as made provision for Gratuity as per valuation Reoprt in
compliance with the Ind AS 19 “Employee Benefits”,

n Borrowing cost

Borrowing costs that are attributable to the acquisition or construction of any Qualifying Asset 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. Interest on borrowings is recognized on a tie
proportion basis taking into account the amount outstanding and the rate applicable on the borrowings. However
there no such case during the year.

o T axes on Income

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid
to the tax authorities in accordance with the Income Tax Act, 1961. Deferred income taxes reflect the impact of
current year timing differences between taxable income and accounting income for the year and reversal of timing
differences of earlier years.

p Contingenices and events occuring after Balance Sheet Date

Accounting for contingencies (gains or losses) arising out of contractual obligations are made on the basis of mutual
acceptance. Events occurring after the date of Balance Sheet are considered up to the date of finalization of
accounts, wherever material.

q Earning Per share

Basic Earning Per Share is calculated by dividing the net profit or loss for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating Diluted Earning Per Share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of
all dilutive potential equity shares.

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Mar 31, 2024

1 Corporate Information

Marble City India Limited (hereinafter referred to as ''the Company'') was incorporated on December 13, 1993. The Company is a Public Limited company having five Directors namely Mr. Saket Dalmia, Mr. Amit Dalmia, Mr. Pradip Asopa, Mr. Anil Kumar and Mrs. Usha Sharma and its shares are listed on the Bombay Stock Exchange Limited (BSE Limited) & The Calcutta Stock Exchange. The Company is engaged in the manufacturing, processing, trading and selling of Marble Blocks/Slabs.

2 Statement of Significant Accounting Policies

a Basis of preparation of Financial Statements

The accounts have been prepared in accordance with the provisions of Companies Act 2013 and Indian Accounting Standards (Ind AS) and Disclosures thereon comply with requirements of Ind AS, stipulations contained in Schedule-III (revised) as applicable under Section 133 of the Companies Act, 2013 read with, Companies (Indian Accounting Standards) Rules 2015 as amended from time to time, MSMED Act, 2006, other pronouncement of ICAI, provisions of the Companies Act and Rules and guidelines issued by SEBI as applicable.

All assets and liabilities have been classified as current or no-current as per the company’s normal operating cycle. Based on the nature of business and the time between the acquisition of assets and their realization in cash and cash equivalents, the company has ascertained its operating cycle as12 months for the purpose of current and non-current classification of assets and liabilities.

The company is a Small and Medium sized company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act. Accordingly, the company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

Use of Estimates:

No use of estimates Statement of Compliance:

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable . The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

The financial statements have been approved by the Board of Directors of the Company at their meeting held on 11th July 2024.

Functional and Presentation Currency:

The financial statements are presented in Indian Rupees, which is the functional currency of the Company.

b Property Plant & Equipment and Intangible Assets

i) Property Plant & Equipment are stated at original cost of acquisition and includes insurance, freight, Finance Charge and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RIICO at the time of transfer in favour of the Company.

iii) Intangible assets are carried at cost less accumulated amortization and impairment losses, if any. c Depreciation

The Company depreciates property, plant and equipment over the estimated useful life on a written down value basis from the date the assets are available for use. The estimated useful life of assets are reviewed and where appropriate are adjusted, annually.

Lease hold land is not depreciable.

The amortization of an intangible asset has been made as per stright line method with a finite useful life reflects the manner in which the economic benefit is expected to be generated.

d Impairment of Property Plant & Equipment and Intangible Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value, an impairement loss is charged to the statement of profit and loss in the year in which asset is identidied as impaired. The impairement loss recognised in prior accounting period is reversed if there has been change in the estimate of recoverable amount. No impairment Profit or Loss has been identified during the year.

e Investments

Investments are stated at cost.

f Valuation of Inventories

Raw materials are carried at cost. However, raw materials are considered to be realizable at replacement cost if the finished goods, in which they will be sold, are expected to be sold below cost. Cost includes purchase price (excluding those subsequently recoverable by the enterprise from the concerned revenue authorities and GST), freight inwards and other expenditure incurred in bringing such inventories to their present location and condition. In determining the cost, standard cost method is used which approximates to the actual cost.

Finished goods are valued at the lower of cost and net realizable value. Cost of work in progress and manufactured finished goods comprises of direct material, cost of conversion and other costs incurred in bringing these inventories to their present location and condition. Net realizable value is estimated selling price in the ordinary course of business, less estimated cost of completion necessary to make sale. The comparison of cost and net realizable value is made on an item by item basis.

g Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, bank balances in saving/current accounts and deposits. h Foreign currency transactions

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All exchange gains and losses are accounted for in the Profit and Loss Account under respective heads. Balances outstanding as on 31st March, 2024 are recorded at foreign currency rate as on that date

i Revenue recognition

Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods.

j Operating Leases:

Lease arrangements where the risk and rewards incident to ownership of an asset substantially vest with the lessor are recognized as operating lease. Lease rent under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

k Finance Leases:

Leases under which the company assumes substantially all the risks and rewards of ownership are classified as finance leases. The lower of fair value of asset and present value of minimum lease rentals is capitalized as fixed assets with corresponding amount shown as lease liability. The principal component in the lease rentals is adjusted against the lease liability and interest component is charged to profit & loss account. There is no financial lease transaction during the current financial year.

l Segment Reporting Policies

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

m Retirement and other employee benefits

Retirement benefits in the form of Provident Fund are defined contribution schemes and the contributions are charged to the Profit and Loss Account of the year when the contribution to the fund is due. There are no other obligations other than the contribution payable to that fund.

The short-term employee benefits such as salaries, wages and bonus etc., are accounted for on accrual basis. As per management, the other long term employee benefits will be accounted for on payment basis.

n Borrowing cost

Borrowing costs that are attributable to the acquisition or construction of any Qualifying Asset 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. Interest on borrowings is recognized on a tie proportion basis taking into account the amount outstanding and the rate applicable on the borrowings.

o Taxes on Income

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961. Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

p Contingenices and events occuring after Balance Sheet Date

Accounting for contingencies (gains or losses) arising out of contractual obligations are made on the basis of mutual acceptance. Events occurring after the date of Balance Sheet are considered up to the date of finalization of accounts, wherever material.

q Earning Per share

Basic Earning Per Share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating Diluted Earning Per Share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

r Provision, Contingent liabilities and Contingent Assets

The company creates a provision when there is a present obligation as a result of past event that probably ensures an outflow of resources and a reliable estimate can be made of the amount of the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company and/or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is termed as contingent liability.

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Mar 31, 2014

1 Nature of Operations

P G Industry Limited (hereinafter referred to as ''the Company'') was incorporated on December 13, 1993 and is engaged in the manufacturing and selling of Marble Blocks/Slabs.

2 Statement of Significant Accounting Policies a Basis of preparation of Financial Statements

The accounts of the Company are prepared on going concern basis, under the historical cost convention, as per applicable accounting standards and generally accepted Accounting principles, and the company adopts the accrual basis in the preparation of the accounts, unless otherwise stated.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

b Tangible fixed assets

i) Fixed Assets are stated at original cost of acquisition and includes insurance, freight, Finance Charge and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RIICO at the time of transfer in favour of the Company.

c Depreciation

Depreciation on assets is provided on the straight line method at the rates computed based on estimated useful life of the assets which are equal to corresponding rates specified in Schedule XIV to the Companies Act, 1956. Lease hold land is not depreciable. d Impairment of tangible and intangible assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value, an impairement loss is charged to the statement of profit and loss in the year in which asset is identidied as impaired. The impairement loss recognised in prior accounting period is reversed if there has been change in the estimate of recoverable amount. No impairment Profit or Loss has been identified during the year.

e Valuation of Inventories

Inventories are valued as follows:

Inventories are valued at cost. Cost includes cost for manufactured goods/process stock components of material, custom duty, shipping freight, inland freight, transportation cost, consumables and labour charges etc. Closing stock has been calculated following FIFO method.

f Foreign currency transactions

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All exchange gains and losses are accounted for in the Profit and Loss Account.

g Revenue recognition

(i) Sale of goods

Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods.

(ii) Income from Job Work

Revenue from Job Work Contracts is recognized on an accrual basis in accordance with the terms of the accounting policy adopted by the company

h Segment Reporting Policies

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

i Retirement and other employee benefits

Retirement benefits in the form of Provident Fund are defined contribution schemes and the contributions are charged to the Profit and Loss Account of the year when the contribution to the fund is due. There are no other obligations other than the contribution payable to that fund.

j Income tax

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961. Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

k Earning Per share

Basic Earning Per Share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating Diluted Earning Per Share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

l Provision, Contingent liabilities and Contingent Assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

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Mar 31, 2013

A Basis of preparation of Financial Statements

The accounts of the Company are prepared on going concern basis, under the historical cost convention, as per applicable accounting standards and generally accepted Accounting principles, and the company adopts the accrual basis in the preparation of the accounts, unless otherwise stated.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

b Tangible fixed assets

i) Fixed Assets are stated at original cost of acquisition and includes insurance, freight, Finance Charge and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RIICO at the time of transfer in favour of the Company.

c Depreciation

Depreciation on assets is provided on the straight line method at the rates computed based on estimated useful life of the assets which are equal to corresponding rates specified in Schedule XIV to the Companies Act, 1956. Lease hold land is not depreciable.

d Impairment of tangible and intangible assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value, an impairment loss is charged to the statement of profit and loss in the year in which asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been change in the estimate of recoverable amount. No impairment Profit or Loss has been identified during the year.

e Valuation of Inventories

Inventories are valued as follows:

Inventories are valued at cost. Cost includes cost for manufactured goods/process stock components of material, custom duty, shipping freight, inland freight, transportation cost, consumables and labor charges etc. Closing stock has been calculated following FIFO method.

f Foreign currency transactions

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All exchange gains and losses are accounted for in the Profit and Loss Account.

g Revenue recognition

(i) Sale of goods

Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods.

(ii) Income from Job Work

Revenue from Job Work Contracts is recognized on an accrual basis in accordance with the terms of the accounting policy adopted by the company

h Segment Reporting Policies

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

i Retirement and other employee benefits

Retirement benefits in the form of Provident Fund are defined contribution schemes and the contributions are charged to the Profit and Loss Account of the year when the contribution to the fund is due. There are no other obligations other than the contribution payable to that fund.

j Income tax

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961. Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

k Earning Per share

Basic Earning Per Share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating Diluted Earning Per Share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

l Provision, Contingent liabilities and Contingent Assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

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Mar 31, 2012

A Basis of preparation of Financial Statements

The accounts of the Company are prepared on going concern basis' under the historical cost convention' as per applicable accounting standards and generally accepted Accounting principles' and the company adopts the accrual basis in the preparation of the accounts' unless otherwise stated.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

b Change in presentation and disclosure of financial statements

During the year ended 31 March 2012' the revised Schedule VI notified under the Companies Act 1956' has become applicable to the Company' for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However' it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

c 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 year end. Although these estimates are based upon management's best knowledge of current events and actions' actual results could differ from these estimates.

d Tangible fixed assets

i) Fixed Assets are stated at original cost of acquisition and includes insurance' freight' Finance Charge and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RIICO at the time of transfer in favour of the Company.

e Depreciation

Depreciation on assets is provided on the straight line method at the rates computed based on estimated useful life of the assets which are equal to corresponding rates specified in Schedule XIV to the Companies Act' 1956. Lease hold land is not depreciable.

f Impairment of tangible and intangible assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value' an impairement loss is charged to the statement of profit and loss in the year in which asset is identidied as impaired. The impairement loss recognised in prior accounting period is reversed if there has been change in the estimate of recoverable amount

g Valuation of Inventories

Inventories are valued as follows:

Inventories are valued at cost. Cost includes cost for manufactured goods/process stock components of material' custom duty' shipping freight' inland freight' transportation cost' consumables and labour charges etc. Closing stock has been calculated following FIFO method.

h Foreign currency transactions

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All exchange gains and losses are accounted for in the Profit and Loss Account.

i Revenue recognition

(i) Sale of goods

Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the

buyer' usually on delivery of the goods.

(ii) Income from Job Work

Revenue from Job Work Contracts is recognized on an accrual basis in accordance with the terms of the relevant contracts.

j Segment Reporting Policies

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

k Retirement and other employee benefits

Retirement benefits in the form of Provident Fund are defined contribution schemes and the contributions are charged to the Profit and Loss Account of the year when the contribution to the fund is due. There are no other obligations other than the contribution payable to that fund.

1 Income tax

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act' 1961. Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

m Earning Per share

Basic Earning Per Share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating Diluted Earning Per Share' the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

n Provision' Contingent liabilities and Contingent Assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

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Mar 31, 2011

A) Basis of Accounting

The accounts of the Company are prepared on going concern basis, under the historical cost convention, as per applicable accounting standards and generally accepted Accounting principles, and the company adopts the accrual basis in the preparation of the accounts, unless otherwise stated.

b) Income and Expenditure

Income and Expenditure have been recognized on accrual basis.

c) Fixed Assets

i) Fixed Assets are stated at original cost of acquisition and includes insurance, freight and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RTICO at the time of transfer in favour of the Company.

d) Depreciation

i) Depreciation has been provided on assets under the Straight Line Method at the rates and in the manner specified under schedule XIV of the Companies Act, 1956 as amended up to the date.

ii) Lease hold land is not depreciable.

e) Inventories

Inventories are valued at cost. Cost includes cost for manufactured goods/process stock components of material, custom duty, shipping freight, inland freight, transportation cost, consumables and labour charges etc. Closing stock has been calculated following FIFO method.

f) Revenue Recognition

Revenue from sale of goods is recognized on completion of sale of goods.

g) Sales

Sales have been booked in the books when the ownership of the material transferred to the buyers.

h) Foreign Exchange Transaction

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All exchange gains and losses are accounted for in the Profit and Loss Account.

i) Contingent Liabilities

Contingent Liabilities are generally not provided for in the accounts.

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Mar 31, 2010

A) Basis of Accounting

The accounts of the Company are prepared on going concern basis, under the historical cost convention, as per applicable accounting standards and generally accepted Accounting principles, and the company adopts the accrual basis in the preparation of the accounts, unless otherwise stated.

b) Income and Expenditure

Income and Expenditure have been recognized on accrual basis.

c) Fixed Assets

i) Fixed Assets are stated at original cost of acquisition and includes insurance, freight and installation expenses.

ii) The costs of leasehold land shown in the balance sheet represent the consideration paid to RIICO at the time of transfer in favour of the Company.

d) Depreciation

i) Depreciation has been provided on assets under the Straight Line Method at the rates and in the manner specified under schedule XIV of the Companies Act, 1956 as amended up to the date.

ii) Lease hold land is not depreciable.

e) Inventories

Inventories are valued at cost. Cost includes cost for manufactured goods/process stock components of material, custom duty, shipping freight, inland freight, transportation cost, consumables and labour charges etc.

f) Revenue Recognition

Revenue from sale of goods is recognized on completion of sale of goods.

g) Sales

Sales have been booked in the books when the ownership of the material transferred to the buyers.

h) Foreign Exchange Transaction

Transactions in the foreign exchange are recorded at prevailing rate on/or near to the date of transaction. All exchange gains and losses are accounted for in the Profit and Loss Account.

i) Contingent Liabilities

Contingent Liabilities are generally not provided for in the accounts.