Mar 31, 2014
I) Accounting Concepts:
The Company follows the mercantile system of accounting recognizing
Income and Expenditure on accrual basis. The Accounts are prepared on
Historical cost basis and as a going concern. Accounting policies not
referred to otherwise are consistent with generally accepted accounting
principles in India and the applicable Accounting Standards issued by
the Institute of Chartered Accountants of India.
ii) Depreciation:
Depreciation on Fixed Assets is provided on Written Down value basis at
the rates and in the manner given in Schedule XIV of the Companies Act,
1956.
iii) Investments:
Long term investments are valued at cost. A provision for diminution is
made to recognize a decline other than temporary, in the value of long
term investments.
iv) Inventories:
Inventories are valued at the lower of cost and net realizable value.
The cost is determined by using First in First out (FIFO) basis and
includes appropriate allocation of production overheads.
v) . Foreign Exchange Transactions:
Foreign Currency transactions are recorded at the rates prevailing on
the date of transaction. Foreign currency monetary assets and
liabilities are translated at year end rates. Exchange difference
arising on settlement of transactions and translation of monetary terms
are recognized as income or expense in the year in which they arise.
Investment in subsidiary company is expressed in Indian Rupees at the
rate of exchange prevailing on the date of investment.
vi) . Revenue Recognition:
Revenue in respect of sale is recognized when goods are identified as
ready for sale and corresponding invoice is raised. Sales are net of
discounts.
vii) . Retirement Benefit:
Liability for Employees'' gratuity is accounted for on the basis of
contribution determined by Life Insurance Corporation of India under
their Group Gratuity Cash Accumulation Scheme. Leave encashment is
accounted for on payment basis.
Company''s contribution to Provident Fund is charged to Profit & Loss
Account.
viii) . Borrowing Costs:
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized. Other borrowing
costs are recognized as expenses in the period in which they are
incurred.
ix). Provision for Current and deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income tax Act, 1961.
Deferred Tax resulting from "Timing Difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted on the Balance Sheet date. The
deferred Tax Assets is recognized and carried forward only to the
extent there is a reasonable certainty that the assets will be realized
in future.
Mar 31, 2013
I) Accounting Concepts:
The Company follows the mercantile system of accounting recognizing
Income and Expenditure on accrual basis. The Accounts are prepared on
Historical cost basis and as a going concern. Accounting policies not
referred to otherwise are consistent with generally accepted accounting
principles in India and the applicable Accounting Standards issued by
the Institute of Chartered Accountants of India.
ii) Depreciation:
Depreciation on Fixed Assets is provided on Written Down value basis at
the rates and in the manner given in Schedule XIV of the Companies Act,
1956.
iii) Investments:
Long term investments are valued at cost. A provision for diminution
is made to recognize a decline other than temporary, in the value of
long term investments.
iv) Inventories:
Inventories are valued at the lower of cost and net realizable value.
The cost is determined by using First in First out [FIFO) basis and
includes appropriate allocation of production overheads.
v) Foreign Exchange Transactions:
Foreign Currency transactions are recorded at the rates prevailing on
the date of transaction. Foreign currency monetary assets and
liabilities are translated at year end rates. Exchange difference
arising on settlement of transactions and translation of monetary terms
are recognized as income or expense in the year in which they arise.
Investment in subsidiary company is expressed in Indian Rupees at the
rate of exchange prevailing on the date of investment.
vi) Revenue Recognition:
Revenue in respect of sale is recognized when goods are identified as
ready for sale and corresponding invoice is raised.
Sales are net of discounts.
vii) Retirement Benefit:
Liability for Employees'' gratuity is accounted for on the basis of
contribution determined by Life Insurance Corporation of India under
their Group Gratuity Cash Accumulation Scheme. Leave encashment is
accounted for on payment basis, Company''s contribution to Provident
Fund is charged to Profit & Loss Account.
viii) Borrowing Costs:
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized. Other borrowing
costs are recognized as expenses in the period in which they are
incurred.
ix) Provision for Current and deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income tax Act, 1961.
Deferred Tax resulting from "Timing Difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted on the Balance Sheet date. The
deferred Tax Assets is recognized and carried forward only to the
extent there is a reasonable certainly that the assets will be realized
in future.
Mar 31, 2010
I) Accounting Concepts:
The Company follows the mercantile system of accounting recognizing
Income and Expenditure on accrual basis. The Accounts are prepared on
Historical cost basis and as a going concern. Accounting policies not
referred to otherwise are consistent with generally accepted accounting
principles in India and the applicable Accounting Standards issued by
the Institute of Chartered Accountants of India.
ii). Depreciation:
Depreciation on Fixed Assets is provided on Written Down value basis at
the rates and in the manner given in Schedule XIV of the Companies Act,
1956.
iii). Investments:
Long term investments are valued at cost. A provision for diminution is
made to recognize a decline other than temporary, in the value of long
term investments.
iv). Inventories:
Inventories are valued at the lower of cost and net realizable value.
The cost is determined by using First In First Out (FIFO) basis and
includes appropriate allocation of production overheads.
v). Foreign Exchange Transactions:
Foreign Currency transactions are recorded at the rates prevailing on
the date of transaction. Foreign currency monetary assets and
liabilities are translated at year end rates. Exchange difference
arising on settlement of transactions and translation of monetary terms
are recognized as income or expense in the year in which they arise.
Investment in subsidiary company is expressed in Indian Rupees at the
rate of exchange prevailing on the date of investment.
vi). Revenue Recognition:
Revenue in respect of sale is recognized when goods are identified as
ready for sale and corresponding invoice is raised.
Sales are net of discounts.
vii). Retirement Benefit:
Liability for Employees gratuity is accounted for on the basis of
contribution determined by Life Insurance Corporation of India under
their Group Gratuity Cash Accumulation Scheme. Leave encashment is
accounted for on payment basis . Companys contribution to Provident
Fund are charged to Profit & Loss Account.
viii). Borrowing Costs:
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized. Other borrowing
costs are recognized as expenses in the period in which they are
incurred.
ix). Provision for Current and deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income tax Act, 1961.
Deferred Tax resulting from "Timing Difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted on the Balance Sheet date. The
deferred Tax Assets is recognized and carried forward only to the
extent there is a reasonable certainly that the assets will be realized
in future.
Mar 31, 2009
I) Accounting Concepts:
The Company follows the Mercantile system of accounting recognizing
Income and Expenditure on accrual basis. The Accounts are prepared on
Historical cost basis and as a going concern. Accounting policies not
referred to otherwise are consistent with generally accepted accounting
principles in India and the applicable Accounting Standards issued by
the Institute of Chartered Accountants of India.
ii). Depreciation:
Depreciation on Fixed Assets is provided on Written Down value basis at
the rates and in the manner given in Schedule XIV of the Companies Act,
1956.
iii). Investments:
Long term investments are valued at cost. A provision for diminution is
made to recognize a decline other than temporary, in the value of long
term investments.
iv). Inventories:
Inventories are valued at the lower of cost and net realizable value.
The cost is determined by using First In First Out (FIFO) basis and
includes appropriate allocation of production overheads.
v). Foreign Exchange Transactions:
Foreign Currency transactions are recorded at the rates prevailing on
the date of transaction. Foreign currency monetary assets and
liabilities are translated at year end rates. Exchange difference
arising on settlement of transactions and translation of monetary terms
are recognized as income or expense in the year in which they arise.
Investment in subsidiary company is expressed in Indian Rupees at the
rate of exchange prevailing on the date of investment.
vi). Revenue Recognition:
Revenue in respect of sale is recognized when goods are identified as
ready for sale and corresponding invoice is raised. Sales are net of
discounts.
vii). Retirement Benefit:
Liability for Employees gratuity is accounted for on the basis of
contribution determined by Life Insurance Corporation of India under
their Group Gratuity Cash Accumulation Scheme. Leave encashment is
accounted for on payment basis . Companys contribution to Provident
Fund are charged to Profit & Loss Account.
viii). Borrowing Costs:
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized. Other borrowing
costs are recognized as expenses in the period in which they are
incurred.
ix). Provision for Current and deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income tax Act, 1961.
Deferred Tax resulting from "Timing
Difference" between book and taxable profit is accounted for using the
tax rates and laws that have been enacted or substantively enacted on
the Balance Sheet date. The deferred Tax Assets is recognized and
carried forward only to the extent there is a reasonable certainly that
the assets will be realized in future.
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