Mar 31, 2014
1. General
(i) The financial statements have been prepared on accrual basis,
except wherever otherwise stated, under the historical cost convention,
in accordance with the accounting principles generally accepted in
India and comply with the Accounting Standards referred to in the
Companies (Accounting Standards) Rules 2006 issued by the Central
Government in exercise of the power conferred under sub-section (1)(a)
of Section 642 and the relevant provisions of the Companies Act, 1956.
(ii) All expenses and income are accounted for on accrual basis except
in cases where they were recognised otherwise.
2. Fixed Assets
Fixed assets are stated at their original cost of acquisition including
incidental expenses related to such acquisition and installation, as
reduced by accumulated depreciation.
3. Depreciation
Depreciation is provided on Straight Line Method at the rates and in
the manner prescribed in the Schedule - XIV to the Companies Act, 1956
and on pro-rata basis with reference to the month of additions/
deductions.
4. Investments
All investments are considered Long Term Investments and are stated at
cost. Provision for permanent diminution in the Investments is made
wherever considered appropriate.
5. Inventories
Inventories are carried at the lower of Cost or Net realisable value.
Cost for the purpose of valuation is determined using weighted average
method.
6. Revenue Recognition
Domestic sales are recognised upon dispatch of goods and raising of
invoice and export sales are recognised on the date of bill of lading.
7. Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange
prevailing on the date of transaction and gains/ losses are recognised
in the Statement of Profit and Loss. Year-end monetary assets and
liabilities are translated at year-end exchange rates and resultant
translation fluctuations are recognised in the Statement of Profit and
Loss.
8. Retirement Benefits / Staff Benefits
The liability in respect of gratuity and leave encashment is determined
using on estimate basis.
Taxation
(i) Provision for Current tax is made in the accounts on the basis of
estimated tax liability considering various reliefs and deductions
available under the Income Tax Act, 1961.
(ii) Deferred Tax Liabilities and assets resulting from timing
differences between book and taxable profits is accounted for using the
tax rate and laws that have been enacted or substantially enacted as on
the Balance Sheet date. Deferred Tax assets on account of losses are
not recognised in the accounts as a matter of prudence since there is
an uncertainty of future taxable income available against such assets.
9. Borrowing Costs
Borrowing cost attributable to acquisition and construction of
qualifying assets are capitalised as a part of the cost of such asset
up to the date when such asset is ready for its intended use. Other
borrowing costs are charged to Statement of Profit and Loss.
10. Impairment of Assets
The carrying amounts of the Company''s assets are reviewed at each
Balance Sheet date. If any indication of impairment exists, an
impairment loss is recognised to the extent of the excess of the
carrying amount over the estimated accountable amount.
11. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in the accounts in respect of present
probable obligations, the amount of which can be reliably estimated.
Contingent Liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the Company.
Contingent assets are neither recognised nor recorded in the financial
statements.
Mar 31, 2012
1. General
(i) The financial statements have been prepared on accrual basis,
except wherever otherwise stated, under the historical cost convention,
in accordance with the accounting principles generally accepted in
India and comply with the Accounting Standards referred to in the
Companies (Accounting Standards) Rules 2006 issued by the Central
Government in exer- cise of the power conferred under sub-section
(1)(a) of Section 642 and the relevant provi- sions of the Companies
Act, 1956.
(ii) All expenses and income are accounted for on accrual basis except
in cases where they were recognised otherwise.
2. Fixed Assets
Fixed assets are stated at their original cost of acquisition including
incidental expenses related to such acquisition and installation, as
reduced by accumulated depreciation.
3. Depreciation
Depreciation is provided on Straight Line Method at the rates and in
the manner prescribed in the Schedule - XIV to the Companies Act, 1956
and on pro-rata basis with reference to the month of additions/
deductions.
4. Investments
All investments are considered Long Term Investments and are stated at
cost. Provision for perma- nent diminution in the Investments is made
wherever considered appropriate.
5. Inventories
Inventories are carried at the lower of Cost or Net realisable value.
Cost for the purpose of valuation is determined using weighted average
method.
6. Revenue Recognition
Domestic sales are recognised upon dispatch of goods and raising of
invoice and export sales are recognised on the date of bill of lading.
7. Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange
prevailing on the date of trans- action and gains/ losses are
recognised in the Profit and Loss Account. Year-end monetary assets
and liabilities are translated at year-end exchange rates and resultant
translation fluctuations are recognised in the Profit and Loss Account.
8. Retirement Benefits / Staff Benefits
The liability in respect of gratuity and leave encashment is determined
using Projected Unit Credit Method with actuarial valuation carried out
as at Balance Sheet date. Actuarial gains and losses are recognized in
full in the Profit & Loss Account for the period in which they occur.
The gratuity obligations recognized in the Balance Sheet represents the
present value of the defined benefit obligation as adjusted for
unrecognized past service cost and as reduced by the fair value of the
gratuity fund.
Taxation
(i) Provision for Current tax is made in the accounts on the basis of
estimated tax liability consid- ering various reliefs and deductions
available under the Income Tax Act, 1961.
(ii) Deferred Tax Liabilities and assets resulting from timing
differences between book and tax- able profits is accounted for using
the tax rate and laws that have been enacted or substantially enacted
as on the Balance Sheet date. Deferred Tax assets on account of losses
are not recog- nised in the accounts as a matter of prudence since
there is an uncertainty of future taxable income available against such
assets.
9. Borrowing Costs
Borrowing cost attributable to acquisition and construction of
qualifying assets are capitalised as a part of the cost of such asset
upto the date when such asset is ready for its intended use. Other
borrowing costs are charged to Profit and Loss Account.
10. Impairment of Assets
The carrying amounts of the Company's assets are reviewed at each
Balance Sheet date. If any indication of impairment exists, an
impairment loss is recognised to the extent of the excess of the
carrying amount over the estimated accountable amount.
11. Provisions. Contingent Liabilities and Contingent Assets
Provisions are recognised in the accounts in respect of present
probable obligations, the amount of which can be reliably estimated.
Contingent Liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain fu- ture events
not wholly within the control of the Company.
Contingent assets are neither recognised nor recorded in the financial
statements.
Mar 31, 2010
1. General
(i) The financial statements have been prepared on accrual basis,
except wherever otherwise stated, under the historical cost convention,
in accordance with the accounting principles generally accepted in
India and comply with the Accounting Standards referred to in the
Companies (Accounting Standards) Rules 2006 issued by the Central
Government in exercise of the power conferred under sub section (l)(a)
of Section 642and the relevant provisions of the Companies Act, 1956.
(ii) All expenses and income are accounted for on accrual basis except
in cases where they were recognised otherwise.
2. Fixed Assets
Fixed assets are stated at their original cost of acquisition including
incidental expenses related to such acquisition and in stallation, as
reducedby accumulated depreciation.
3. Depreciation
Depreciation is provided on Straight Line Method at the rates and in
the manner prescribed in the Schedule-XIV to the Companies Act,1956 and
4. Investments
All investments are considered Long Term Investments and are stated at
cost. Provision for permanent diminution in the Investments is made
wherever considered appropriate.
5. Inventories
Inventories are carried at the lower of Cost or Net realisable value.
Cost for the purpose of valuation is determined usmg weighted average
method.
6. Revenue Recognition
Domestic sales are recognised upon dispatch of goods and raising of
invoice and export sales are recognised on the basis of bill of lading.
7. Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange
prevailing on the date of transaction and gams/ losses are recognised
in the Profit and Loss Account. Year-end monetary assets and
liabilities are translated at year- end exchange rates and resultant
translation fluctuations are recognised in the Profit and Loss Account.
8. RetirementBenefits/StaffBenefits
The liability m respect of gratuity and leave encashment is determined
using Projected Unit Credit Method with actuarial vatoion carried out
as at Balance Sheet date.Actuarial gainsand losses are recognized in
full in the Profit & Loss Account for the period in which they occur.
The gratuity obligations recognized in the Balance Sheet represents the
present value of the defined benefit obligation as adjusted for
unrecognized past service cost and as reduced by the fair value of the
gratuity fund.
9. Taxation
(i) Provision for Current tax is made in the accounts on the basis of
estimated tax liability considering various
reliefs and ded uctionsavailable under the In come Tax Act,1961.
(ii) Deferred Tax Liabilities and assets resulting from timing
differences between book and taxable profits is accounted for using the
tax rate and laws that have been enacted or substantially enacted as on
the Balance Sheet date. Deferred Tax assets on account of losses are
not recognised in the accounts as a matter of prudence since there is
an uncertainty of future taxable income available against such assets.
10. Borrowing Costs
Borrowing cost attributable to acquisition and construction of
qualifying assets are capitalised as a part of the cost of such asset
upto the date when such asset is ready for its intended use. Other
borrowing costs are charged to Profit and Loss Account.
11. Impairment of Assets
The carrying amounts of the Companys assets are reviewed at each
Balance Sheet date. If any indication of impairment exists, an
impairment loss is recognised to the extent of the excess of the
carrying amount over the estimated accountable amount.
12. Provisions. Contingent Liabilities and Contingent Assets
Provisions are recognised in the accounts in respect of present
probable obligations, the amount of which can be reliablyestimated.
Contingent Liabilities are disclosed m respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the Company.
Contingent assets are neither recognised nor recorded in the financial
statements.
13. Miscellaneous Expenditure
Miscellaneous expenditure represents deferred Revenue Expenditure
pertaining to Exhibition and Advertising expenses and is amortised over
a period of 3 years till the period of probable economics benefit
flowing to the Company.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article