Mar 31, 2014
1. GENERAL:
Unless otherwise stated hereunder the financial accounts have been
drawn up on Historical Cost Convention generally following accrual
basis of accounting.
2. REVENUE RECOGNITION:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Sale of Products:
Revenue Is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer. Sales are disclosed
net of sales tax/VAT, discounts and returns, as applicable.
3. FIXED ASSETS:
Tangible
Fixed Assets are recorded at cost of acquisition/construction, which
comprises of purchase consideration and other directly attributable
cost of bringing an assets to Its working condition for the Intended
use.
4. DEPRECIATION:
Depreciation on Fixed Assets has been provided on Straight Line Method
In accordance with the rates prescribed In Schedule XIV of the
Companies Act, 1956 as amended by the Notification GSR 756 (E) dated
16.12.93 Issued by the department of Company Affairs.
5. INVE8TMENT8:
Long Term Investments are stated at cost. However, provision for
diminution In value Is made to recognize a decline other than temporary
In the value of the Investments.
6. INVENTORIES:
Inventories are valued on the basis given below:
(a) Raw Material ¦ At lower of cost and net realizable value. Cost Is
determined on FIFO bails.
(b) Semi Finished Goods - At lower of cost and net realizable value.
Cost Inoludes Raw Materials and Conversion Coat, exoept thoae purchased
directly whloh are valued at cost.
(o) Finished Goods - At lowar of cost and net realizable valua. Coat la
determined using the abaorptlon coating prlnolplaa,
(d) Packing Materials - At lowar of oost and net realizable valua. Coat
la determined on walghtad average baala.
7. EMPLOYEE BENEFIT SCHEMES:
(a) Provident Fund- Eligible employeea of the Company receive benefits
under the Provldant Fund whloh la a defined contribution plan, where
both tha employee and tha Company make monthly oontrlbutlona aqual to
speolfled percentage of the covered employee''a salary. Theae
contributions are made to tha funds administered and managed by the
Government, The Company''a monthly oontrlbutlona are charged to revenue
In the period they are Incurred.
(b) Gratuity = In accordance with the Payment of Gratuity Act 1972, the
Company provldea for gratuity a defined retirement benefit plan ("the
Gratuity Plan") covering eligible employeea. Liabilities with regard!
to auoh Gratuity Plan are determined by actuarial valuation and the
exoets of aotuarlal valuation over the fund available ¦- oorpua under
Company''a LIC Group Gratuity Polloy Is provided and charged to revenue
in the period along with the contribution made to the aald policy.
(o) Provision for unutilized Leave- The accrual for unutilized leave la
determined for the entire available leave balanoe standing to the
credit of the employees at the year and and charged to tha revenue In
the period.
8. FOREIGN CURRENCY TRANSACTIONS:
Tranaaotlona In Foreign Currency are aooounted at the exohange rate
prevailing on the date of the transaction, Year end balances of the
foreign ourrenoy transactions are translated at the year end rate and
the oorreapondlng effect Is given In the respective account,
9. EXCISE DUTY:
(a) Exclae duty Is charged to Statement of Profit end Loaa In the year
of oleeranoe of gooda.
(b) CENVAT credits on materials purohaaed for production are taken Into
aooount at the time of purohaae and oenvat oredlta on purchase of
oapltal Itema wherever applicable are taken Into aooount aa and when
the assets are Installed to the oredlt of respective purchase and asset
accounts. The Cenvat oredlta so taken are utilised for payment of
exolso duty on goods manufactured. The unutilised Cenvat credit Is
carried forward In the books,
10. EARNING PER SHARE:
In determining earnings per share, the Company considers the net
profit/(loss) after tax for the year attributable to equity
shareholders. The number of shares used in computing basic earnings per
share is the we jhted average number of shares outstanding during the
year. The number of shares used in computing diluted earnings per share
comprises the weighted average shares considered for deriving basic
earnings per share, and also the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
Mar 31, 2013
1. GENERAL:
Unless otherwise stated hereunder the financial accounts have been
drawn up on Historical Cost Convention generally following accrual
basis of accounting.
2. REVENUE RECOGNITION:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Sale of Products:
Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer. Sales are disclosed
net of sales tax/VAT, discounts and returns, as applicable.
3. FIXEDASSETS:
Tangible
Fixed Assets are recorded at cost of acquisition/construction, which
comprises of purchase consideration and other directly attributable
cost of bringing an assets to its working condition for the intended
use.
4. DEPRECIATION:
Depreciation on Fixed Assets has been provided on Straight Line Method
in accordance with the rates prescribed in Schedule XIV of the
Companies Act, 1956 as amended by the Notification GSR 756 (E) dated
16.12.93 issued by the department of Company Affairs.
5. INVESTMENTS:
Long Term Investments are stated at cost. However, provision for
diminution in value is made to recognize a decline other than temporary
in the value of the investments.
6. INVENTORIES:
Inventories are valued on the basis given below:
(a) Raw Material -At lower of cost and net realizable value. Cost is
determined on FIFO basis.
(b) Semi Finished Goods - At lower of cost and net realizable value.
Cost includes Raw Materials and Conversion Cost, except those purchased
directly which are valued at cost.
(c) Finished Goods - At lower of cost and net realizable value. Cost is
determined using the absorption costing principles.
(d) Packing Materials - At lowerofcost and net realizable value. Cost
is determined on weighted average basis.
7. EMPLOYEE BENEFIT SCHEMES:
(a) Provident Fund- Eligible employees of the Company receive benefits
under the Provident Fund which is a defined contribution plan, where
both the employee and the Company make monthly contributions equal to
specified percentage of the covered employee''s salary. These
contributions are made to the funds administered and managed by the
Government. The Company''s monthly contributions are charged to revenue
in the period they are incurred.
(b) Gratuity - In accordance with the Payment of Gratuity Act 1972, the
Company provides for gratuity a defined retirement benefit plan ("the
Gratuity Plan") covering eligible employees. Liabilities with regards
to such Gratuity Plan are determined by actuarial valuation and the
excess of actuarial valuation over the fund available as corpus under
Company''s LIC Group Gratuity Policy is provided and charged to revenue
in the period along with the contribution made to the said policy.
(c) Provision for unutilized Leave- The accrual for unutilized leave is
determined for the entire available leave balance standing to the
credit of the employees at the year end and charged to the revenue in
the period.
8. FOREIGN CURRENCY TRANSACTIONS:
Transactions in Foreign Currency are accounted at the exchange rate
prevailing on the date of the transaction. Year end balances of the
foreign currency transactions are translated at the year end rate and
the corresponding effect is given in the respective account.
9. EXCISE DUTY:
(a) Excise duty is charged to Statement of Profit and Loss in the year
of clearance of goods.
(b) CENVAT credits on materials purchased for production are taken into
account at the time of purchase and cenvat credits on purchase of
capital items wherever applicable are taken into account as and when
the assets are installed to the credit of respective purchase and asset
accounts. The Cenvat credits so taken are utilised for payment of
excise duty on goods manufactured. The unutilised Cenvat credit is
carried forward in the books.
Mar 31, 2012
1. GENERAL:
Unless otherwise stated hereunder the financial accounts have been
drawn up on Historical Cost Convention generally following accrual
basis of accounting.
2. FIXED ASSETS:
Fixed Assets are recorded at cost of acquisition/construction.
3. DEPRECIATION:
Depreciation on Fixed Assets has been provided on Straight Line Method
in accordance with the rates prescribed in Schedule XIV of the
Companies Act, 1956 as amended by the Notification GSR 756 (E) dated
16.12.93 issued by the department of Company Affairs.
4. INVESTMENTS:
Investments are recorded at cost.
5. INVENTORIES:
Inventories are valued on the basis given below:
(a) Raw Material -At Cost.
(b) Semi Finished Goods - At Direct Cost i.e. Raw Materials and
Conversion Cost, except those purchased directly which are valued at
cost.
(c) Finished Goods - At Absorption Cost.
(d) Packing Materials-At Cost.
6. EMPLOYEE BENEFIT SCHEMES:
(a) Provident Fund- Eligible employees of the Company receive benefits
under the Provident Fund which is a defined contribution plan, where
both the employee and the Company make monthly contributions equal to
specified percentage of the covered employee's salary. These
contributions are made to the funds administered and managed by the
Government. The Company's monthly contributions are charged to
revenue in the period they are incurred.
(b) Gratuity - In accordance with the Payment of Gratuity Act 1972, the
Company provides for gratuity a defined retirement benefit plan ("the
Gratuity Plan") covering eligible employees. Liabilities with regards
to such Gratuity Plan are determined by actuarial valuation and the
excess of actuarial valuation over the fund available as corpus under
Company's LIC Group Gratuity Policy is provided and charged to revenue
in the period along with the contribution made to the said policy.
(c) Provision for unutilized Leave- The accrual for unutilized leave is
determined for the entire available leave balance standing to the
credit of the employees at the year end and charged to the revenue in
the period.
7. FOREIGN CURRENCY TRANSACTIONS:
Transactions in Foreign Currency are accounted at the exchange rate
prevailing on the date of the transaction. Year end balances of the
foreign currency transactions are translated at the year end rate and
the corresponding effect is given in the respective account.
8 EXCISE DUTY:
(a) Excise duty is charged to Profit and Loss Account in the year of
clearance of goods.
(b) CENVAT credits on materials purchased for production are taken into
account at the time of purchase and cenvat credits on purchase of
capital items wherever applicable are taken into account as and when
the assets are installed to the credit of respective purchase and asset
accounts. The Cenvat credits so taken are utilised for payment of
excise duty on goods manufactured. The unutilised Cenvat credit is
carried forward in the books.
9. EARNING PER SHARE:
In determining earnings per share, the Company considers the net
profit/(loss) after tax for the year attributable to equity
shareholders. The number of shares used in computing basic earnings per
share is the weighted average number of shares outstanding during the
year. The number of shares used in computing diluted earnings per share
comprises the weighted average shares considered for deriving basic
earnings per share, and also the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
Mar 31, 2010
1. GENERAL:
Unless otherwise stated hereunder the financial accounts have been
drawn up on Historical Cost Convention generally following accrual
basis of accounting.
2. FIXEDASSETS:
Fixed Assets are recorded at cost of acquisition/construction.
3. DEPRECIATION:
Depreciation on Fixed Assets has been provided on Straight Line Method
in accordance with the rates prescribed in Schedule XIV of the
Companies Act, 1956 as amended by the Notification GSR 756 (E) dated
16.12.93 issued by the department of Company Affairs.
4. INVESTMENTS:
Investments are recorded at cost.
5. INVENTORIES:
Inventories are valued on the basis given below:
(a) Raw Material -At Cost.
(b) Semi Finished Goods - At Direct Cost i.e. Raw Materials and
Conversion Cost, except those purchased directly which are valued at
cost.
(c) Finished Goods-At Absorption Cost.
(d) Packing Materials-At Cost.
6 EMPLOYEE BENEFIT SCHEMES:
(a) Provident Fund- Eligible employees of the company receive benefits
underthe Provident Fund which is a defined contribution plan, where
both the employee and the company make monthly contributions equal to
specified percentage of the covered employees salary. These
contributions are made to the funds administered and managed by the
Government. The Companys monthly contributions are charged to revenue
in the period they are incurred.
(b) Gratuity - In accordance with the Payment of Gratuity Act 1972, the
company provides for gratuity a defined retirement benefit plan ("the
Gratuity Plan") covering eligible employees. Liabilities with regards
to such Gratuity Plan are determined by actuarial valuation and the
excess of actuarial valuation over the fund available as corpus under
companys LIC Group Gratuity Policy is provided and charged to revenue
in the period along with the contribution made to the said policy. The
actuarial assumptions in arriving at the provision of gratuity
liability as at the year end amounting to Rs. 1,14,453 are as follows;
i) Discount Rate (p.a.)(%) 7.00
ii) Salary escalation rate 4%
iii) Retirement age 60 Years.
(c) Provision for unutilized Leave- The accrual for unutilized leave is
determined for the entire available leave balance standing to the
credit of the employees at the year end and charged to the revenue in
the period.
7. FOREIGN CURRENCY TRANSACTIONS:
Transactions in Foreign Currency are accounted at the exchange rate
prevailing on the date of the transaction. Year end balances of the
foreign currency transactions are translated at the year end rate and
the corresponding effect is given in the respective account.
8. EXCISE DUTY:
(a) Excise duty is charged to Profit and Loss Account in the year of
clearance of goods.
(b) CENVAT credits on materials purchased for production are taken into
account at the time of purchase and cenvat credits on purchase of
capital items wherever applicable are taken into account as and when
the assets are installed to the credit of respective purchase and asset
accounts. The Cenvat credits so taken are utilised for payment of
excise duty on goods manufactured. The unutilised Cenvat credit is
carried forward in the books.
9. EARNING PER SHARE:
In determining earnings per share, the Company considers the net
profit/(loss) after tax for the year attributable to equity
shareholders. The number of shares used in computing basic earnings per
share is the weighted average number of shares outstanding during the
year. The number of shares used in computing diluted earnings per share
comprises the weighted average shares considered for deriving basic
earnings per share, and also the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.