Mar 31, 2015
1 General :
These financial statements have been prepared in accordance with the
generally accepted accounting principles in india under the historical
cost convention on accrual basis. Pursuant to circular 15/2013dated
13-9-2013 read with circular 08/2014 dated 4-4-2014, till the stan-
dards of Accounting or any addendum there to are prescribed by Central
Government in con- sultation and recommendation of the National
Financial Reporting Authority, the existing Ac- counting Standards
notified under the Companies Act, 1956 shall continue to
apply.Consequently, these financial statements have been prepared to
comply in all material aspects with the Accounting Standards notified
under section 211(3C) ( Companies Account- ing Standards) Rules, 2006,
as amended) and other relevant provisions of the Companies Act,1956.
All the asstes and liabilities have been classified as current and non
current as per the Company's normal aperating cycle and other criteria
set out in Schedule VI of the Companies Act,1956. Based on the nature
of products and the time between the acqusition of assets for
processing and their realisation in cash and cash equivalent, the
Company has ascertained its operating cycle to be 12 months for purpose
of current - non current clasification of assets and liabilities.
2 Recognisation of Income and Expenditure :
i Revenues / Incomes and Costs / Expenditure are generally accounted on
accrual, as they are earned or incurred.
ii Sale of Goods is recognised on transfer of significant risks and
rewards of ownership which is generally on the dispatch of goods.
3 Use of Estimates:
The preparation of financial statements in confirmity with generally
accepted accounting prin- ciples requires estimates and assumptions to
be made that affect the reported amounts of assets and liabilities on
the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Difference between
actual results and estimates are recognised in the period in which the
results are known/ materialised.
4 Fixed Assets :
i Land Free Hold - At Cost
ii Other Fixed Assets - At Cost less Depreciation
'Cost' for the aforesaid purpose comprises of its purchase price and
attributable cost for bringing the asset to its working condition for
its intended use.
5 Depreciation :
i Depreciation on Fixed Assets is provided on Straight Line Method in
accordance with the provisions of Company Act, 1956 at the rates
specified in Schedule XIV of the Companies Act 1956, as revised by GSR
No.756(E) Dated 10.12.93 by the Central Government, except in case of
following Assets, which are amortised over the period as estimated by
the management, as under. :-
Nature of Assets Period of Amortisation
Goodwill ( Generated in Amalgamation) 5 years
Patents 15 years
Trademark, Formulation etc 15 years
ii Depreciation on Fixed Assets acquired during the year is provided
from the month in which assets is put to use.
iii Plant & Machinery acquired during the year but not put to use are
shown as Capital Work- In-Progress and no depreciation is claimed
thereon.
iv Depreciation on Fixed Assets dispossed off during the period under
consideration is pro- vided up to the month of dispossal.
6 Investments :
Non- current investments are stated at cost.
7 Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
8 Impairment of Assets
Impairment loss is provided to the extent the carrying amount(s) of
assets exceed their recovereble amount. Recoverable amount is the
higher of an asset's net selling price and its value in use. Value in
use is the present value of estimated future cash-flows expected to
arise from the continuing use of the asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
sale of the asset in an arm's length transaction between knowledgeable,
willing parties, less the costs of disposal.
9 Inventories
Items of inventory are valued at Cost or Net Reaslizable Value,
whichever is lower. Cost is determined on the following basis. :-
Raw Materials, Stores and Spares FIFO
Work In Process and Finished Goods At material cost plus appropriate
value of overheads
Trading Goods FIFO
10 Retirement Benefitis to Employees
i The Company contributes towards Provident Fund and Family Pension
Fund, which are defined contribution schemes. Liability in respect
thereof is determind on the basis of contribution as required under the
statutes / rules.
ii Gratituty laibility as on 31-03-2015 has been recognised in Balance
Sheet. No provision is required to be made for leave encashment.
11 Foreign Currency Transactions
T ransactions in foregion currency are recorded at the original rates
of exchange in force at the time transactions are effected. At the
year-end, monetary items denominated in foreign cur- rency and exchange
contracts are reported using closing rates of exchange. Exchange
differ- ences arrising thereon and on realization of foreign exchange
are accounted in the relevant year, as income or expense.
12 Taxes on Income
Tax expense comprises of both current and deferred tax at the applicable
enacted / substan- tively enacted rates. Current tax represents the
amount of income-tax payable in respect of the taxable income for the
reporting period. Deffered tax represents the effect of cuttrnt year
timing differences between taxable income and accounting income for the
reporting period that originate in one period and are capable of
reversal in one or more subsequent periods.
Deferred Tax Assets are recognised only 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. In
absence of reasonable certainty, Deferred Tax Asset worked out as under
has not been recognised. :-
Deferred Tax Liabilities 31-03-2014 31-03-2013
Related to Fixed Assets 3,066,693 4,165,668
Deferred Tax Assets
Related to Disallowance under
income tax Act, 1961 1,537,192 265,479
Related to Carried forward Losses
& Unabsorbed Depreciation 23,563,155 22,626,622
Net Deferred Tax Assets 22,033,654 18,726,433
13 The accounts of customers / suppliers are under reconciliation /
confirmation and the same have been taken as per balances appearing in
the books. Any difference arising on account of such reconciliation,
which are not likely to be material , will be accounted for as and when
these reconciliation are completed.
14 Previous year's figures have been regrouped / reclassified wherever
considered necessary.
Mar 31, 2014
1 General :
These financial statements have been prepared in accordance with the
generally accepted accounting principles in india under the historical
cost convention on accrual basis. Pursuant to circular 15/2013dated
13-9-2013 read with circular 08/2014 dated 4-4-2014, till the standards
of Accounting or any addendum there to are prescribed by Central
Government in consultation and recommendation of the National Financial
Reporting Authority, the existing Accounting Standards notified under
the Companies Act, 1956 shall continue to apply.Consequently, these
financial statements have been prepared to comply in all material
aspects with the Accounting Standards notified under section 211(3C) (
Companies Accounting Standards) Rules, 2006, as amended) and other
relevant provisions of the Companies Act,1956.
All the asstes and liabilities have been classified as current and non
current as per the Company''s normal aperating cycle and other criteria
set out in Schedule VI of the Companies Act,1956. Based on the nature
of products and the time between the acqusition of assets for
processing and their realisation in cash and cash equivalent, the
Company has ascertained its operating cycle to be 12 months for purpose
of current - non current clasification of assets and liabilities.
2 Recognisation of Income and Expenditure:
i Revenues / Incomes and Costs / Expenditure are generally accounted on
accrual, as they are earned or incurred.
ii Sale of Goods is recognised on transfer of significant risks and
rewards of ownership which is generally on the dispatch of goods.
3 Use of Estimates:
The preparation of financial statements in confirmity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognised in the period in which the results
are known/ materialised.
4 Fixed Assets :
i Land Free Hold - At Cost
ii Other Fixed Assets - At Cost less Depreciation
''Cost'' for the aforesaid purpose comprises of its purchase price and
attributable cost for bringing the asset to its working condition for
its intended use.
5 Depreciation :
i Depreciation on Fixed Assets is provided on Straight Line Method in
accordance with the provisions of Company Act, 1956 at the rates
specified in Schedule XIV of the Companies Act 1956, as revised by GSR
No.756(E) Dated 10.12.93 by the Central Government, except in case of
following Assets, which are amortised over the period as estimated by
the management, as under. :-
Nature of Assets Period of
Goodwill ( Generated in Amalgamation) 5 years
Patents 15 years
Trademark, Formulation etc 15 years
ii Depreciation on Fixed Assets acquired during the year is provided
from the month in which assets is put to use.
iii Plant & Machinery acquired during the year but not put to use are
shown as Capital Work-In-Progress and no depreciation is claimed
thereon.
iv Depreciation on Fixed Assets dispossed off during the period under
consideration is provided up to the month of dispossal.
6 Investments:
Non- current investments are stated at cost.
7 Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
8 Impairment of Assets
Impairment loss is provided to the extent the carrying amount(s) of
assets exceed their recovereble amount. Recoverable amount is the
higher of an asset''s net selling price and its value in use. Value in
use is the present value of estimated future cash-flows expected to
arise from the continuing use of the asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
sale of the asset in an arm''s length transaction between knowledgeable,
willing parties, less the costs of disposal.
9 Inventories
Items of inventory are valued at Cost or Net Reaslizable Value,
whichever is lower. Cost is determined on the following basis. :-
Raw Materials, Stores and Spares F IF O
Work In Process and At material cost plus appropriate value of
overheads
Trading Goods FIFO
10 Retirement Benefitis to Employees
i The Company contributes towards Provident Fund and Family Pension
Fund, which are defined contribution schemes. Liability in respect
thereof is determind on the basis of contribution as required under the
statutes / rules.
ii Gratituty laibility as on 31-03-2014 has been recognised in Balance
Sheet. No provision is required to be made for leave encashment.
11 Foreign Currency Transactions
Transactions in foregion currency are recorded at the original rates of
exchange in force at the time transactions are effected. At the
year-end, monetary items denominated in foreign currency and exchange
contracts are reported using closing rates of exchange. Exchange
differences arrising thereon and on realization of foreign exchange are
accounted in the relevant year, as income or expense.
12 Taxes on Income
Tax expense comprises of both current and deferred tax at the
applicable enacted / substantively enacted rates. Current tax
represents the amount of income-tax payable in respect of the taxable
income for the reporting period. Deffered tax represents the effect of
cuttrnt year timing differences between taxable income and accounting
income for the reporting period that originate in one period and are
capable of reversal in one or more subsequent periods.
Deferred Tax Assets are recognised only 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. In
absence of reasonable certainty, Deferred Tax Asset worked out as under
has not been recognised. :-
13 The accounts of customers / suppliers are under reconciliation /
confirmation and the same have been taken as per balances appearing in
the books. Any difference arising on account of such reconciliation,
which are not likely to be material , will be accounted for as and when
these reconciliation are completed.
14 Previous year''s figures have been regrouped / reclassified wherever
considered necessary.
Mar 31, 2013
1 General :
i The accounts are prepared on historic cost basis.
ii The company follows accrual system of accounting as requires under
section 209(3)(b) of the Companies Act 1956 generally.
2 Recognisation of Income and Expenditure:
i Revenues / Incomes and Costs / Expenditure are generally accounted on
accrual, as they are earned or incurred.
ii Sale of Goods is recognized on transfer of significant risks and
rewards of ownership which is generally on the dispatch of goods.
3 Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognized in the period in which the results
are known/ materialized.
4 Basis of Valuation of Fixed Assets :
i Land Free Hold - At Cost
ii Other Fixed Assets - At Cost less Depreciation ''Cost'' for the
aforesaid purpose comprises of its purchase price and attributable cost
for bringing the asset to its working condition for its intended use.
5 Depreciation :
i Depreciation on Fixed Assets is provided on Straight Line Method in
accordance with the provisions of Company Act, 1956 at the rates
specified in Schedule XIV of the Companies Act 1956, as revised by GSR
No.756(E) Dated 10.12.93 by the Central Government, except in case of
following Assets, which are amortized over the period as estimated by
the management, as under. :-
Nature of Assets Period of Amortization
Goodwill ( Generated in Amalgamation) 5 years
Patents 15 years
Trademark, Formulation etc 15 years
ii Depreciation on Fixed Assets acquired during the year is provided
from the month in which assets is put to use.
iii Plant & Machinery acquired during the year but not put to use are
shown as Capital Work-In-Progress and no depreciation is claimed
thereon.
iv Depreciation on Fixed Assets disposed off during the period under
consideration is provided up to the month of disposal.
6 Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
7 Impairment of Assets
Impairment loss is provided to the extent the carrying amount(s) of
assets exceed their recoverable amount.
Recoverable amount is the higher of an asset''s net selling price and
its value in use. Value in use is the present value of estimated future
cash-flows expected to arise from the continuing use of the asset and
from its disposal at the end of its useful life. Net selling price is
the amount obtainable from sale of the asset in an arm''s length
transaction between knowledgeable, willing parties, less the costs of
disposal.
12 The accounts of customers / suppliers are under reconciliation /
confirmation and the same have been taken as per balances appearing in
the books. Any difference arising on account of such reconciliation,
which are not likely to be material , will be accounted for as and when
these reconciliation are completed.
13 Previous year''s figures have been regrouped / reclassified
wherever considered necessary.
9 Retirement Benefits to Employees
i The Company contributes towards Provident Fund and Family Pension
Fund, which are defined contribution schemes. Liability in respect
thereof is determined on the basis of contribution as required under the
statutes / rules.
ii Gratitude liability as on 31-03-2013 has been recognized in Balance
Sheet. No provision is required to be made for leave encashment.
10 Foreign Currency Transactions
Transactions in foregoing currency are recorded at the original rates of
exchange in force at the time transactions are affected. At the
year-end, monetary items denominated in foreign currency and exchange
contracts are reported using closing rates of exchange. Exchange
differences arising thereon and on realization of foreign exchange are
accounted in the relevant year, as income or expense.
11 Taxes on Income
Tax expense comprises of both current and deferred tax at the
applicable enacted / substantively enacted rates. Current tax
represents the amount of income-tax payable in respect of the taxable
income for the reporting period. Differed tax represents the effect of
cutting year timing differences between taxable income and accounting
income for the reporting period that originate in one period and are
capable of reversal in one or more subsequent periods.
Deferred Tax Assets are recognized only 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 realized. In
absence of reasonable certainty, Deferred Tax Asset worked out as under
has not been recognized.
Mar 31, 2012
1. General :
i. The accounts are prepared on historic cost basis.
ii. The company follows accrual system of accounting as requires under
section 209(3)[b) of the Companies Act 1956 generally.
2. Recolonisation of Income and Expenditure:
i. Revenues/Incomes and Costs/Expenditure are generally accounted on
accrual, as they are earned or incurred.
ii. Sale of Goods is recognised on transfer of significant risks and
rewards of ownership which is generally on the dispatch of goods.
3. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates end assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognised in the period in which the results
are known/materialised.
4. Basis of Valuation of Fixed Assets :
i. Land Free Hold - At Cost
ii. Other Fixed Assets - At Cast less Depreciation
Cost for the aforesaid purpose comprises of its purchase price and
attributable cost for bringing the asset to its working condition for
its intended use.
5. Depreciation :
i. Depreciation on Fixed Assets is provided on Straight Line Method in
accordance with the provisions of Company Act, 1956 at the rates
specified in Schedule XIV of the Companies Act 1956. as revised by GSR
No. 756(E) Dated 10,12.93 by the Central Government except in case of
following Assets, which are amortised over the period as estimated by
the management, as under:-
Nature of Assets Period of Amortisation
Goodwill (Generated In Amalgamation) 5 years
Patents 15 years
Trade Mark, Formulation etc 15 years
ii. Depreciation on Fixed Assets acquired during the year is provided
from the month in which assets is put to use.
iii. Plants Machinery acquired during the year but not put to use are
shown as Capital Work In Progress and no depreciation is claimed
thereon.
iv Depreciation on Fixed Assets disposed off during the period under
consideration is provided up to the month of disposal.
6. Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised hut are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements,
7. Impairment of Assets
Impairment loss is provided to the extent the carrying amount(s) of
assets exceed their recoverable amount Recoverable amount is the higher
of an assets net selling price and its value in use. Value in use is
the present value of estimated future cash-flows expected to arise from
the continuing use of the asset and from its disposal at the end of its
useful life. Net selling price is the amount obtainable from sale of
the asset in an arm's length transaction between knowledgeable, willing
parties, less the costs of disposal.
8. Inventories
Items of inventory are valued at Cost or Net Realisable Value,
whichever is lower. Cost is determined on the following basis:-
Raw Materials, Stores and Spares FIFO
Work in Process and Finished Goods At material cost plus
appropriate value of
overheads
Trading Goods FIFO
9. Retirement Benefit's to Employees
i. The Company contributes to wards Provident Fund and Family Pension
Fund, which are defined contribution schemes. Liability in respect
thereof is determined on the basis of contribution as required under
the statutes/rules.
ii. Gratuity liability as on 31-03-2012 has been recognised in Balance
Sheet. No provision is required to be made for leave encashment
10. Foreign Currency Transactions
Transactions in foreign currency are recorded at the original rates of
exchange in force at the time transactions are affected. At the
year-end, monetary items denominated In foreign currency and exchange
contracts are reported using closing rates of exchange. Exchange
differences arising thereon and on realization of foreign exchange are
accounted in the relevant year, as income or expense.
11. Taxes on Income
Tax expense comprises of both current and deferred tax at the
applicable enacted/substantively enacted rates. Current tax represents
the amount of income-tax payable in respect of the taxable income for
the reporting period. Defferred tax represents the effect of current
year timing differences between taxable income and accounting income
for the reporting period that originate in one period and are capable
of reversal in one or more subsequent periods.
Deferred Tax Assets are recognised only 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. In
absence of reasonable certainty, Deferred Tax Asset worked out as under
has not been recognised.
Mar 31, 2010
A) GENERAL:
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B) BASIS OF VALUATION OF FIXED ASSETS:
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c) DEPRECIATION:
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D) Provision, Contingent Liabilitlea and Contingent Assets:
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E) Impaiment of Assets
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F) AMORTISATION OF PRELIMINARY SHARE ISSUE AND DEFERNED
REVENUE EXPENSES:
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G) INVESTMENTS:
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H) INVENTORIES:
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