Mar 31, 2015
A) BASIS OF PREPERATION OF FINANCIAL STATEMENT :
The financial statements are prepared as a going concern under
historical cost convention on accrual basis, except those with
significant uncertainty and in accordance with the Companies Act, 2013.
Accounting policies not stated explicitly otherwise are consistent with
generally accepted accounting principles.
All assets and liabilities have been classified as current or non
current as per the company's normal operating cycle and other criteria
set out in the schedule III to the companies Act,2013. Based on the
nature of products and the time between the acquisition of assets for
processing and their realisation in cash and cash equivalents, the
company has ascertained its operating cycle as 12 months for the
purpose of current - non current classification of assets and
liabilities.
b) RECOGNITION OF INCOME AND EXPENDITURE :
i) Items of Income and Expenditure are recognised on accrual basis.
ii) Sales & Purchases are accounted for as and when deliveries are
effected.
c) PROVISION FOR CURRENT AND DEFERRED TAX :
Provision for Current Tax is made on the basis of taxable income for
the current accounting period and in accordance with the provisions as
per Income Tax Act, 1961.
Deferred Tax resulting from "timing difference" between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as on the balance
sheet date. The deferred tax asset is recognised and carried forward
only to the extent that there is a reasonable certainty that the assets
will be adjusted in future.
Current income tax is measured at the amount expected to be paid to the
tax authorities, computed in accordance with the applicable tax rates
and tax laws. In case of tax payable as per provisions of MAT under
section 115JB of the Income Tax Act 1961, deferred MAT credit
entitlement is separately recognized under the head " Long-Term loans
and Advances" . Deferred MAT credit entitlement is recognized and
carried forward only if there is a reasonable certanity of it being set
off against regular tax payable within the stipulated statutory period.
d) INVESTMENTS:
Investments are stated at cost.Provision for diminution in long term
investments is made only, if such a decline is other than temporary.
Unquoted investments are stated at Cost.
e) FIXED ASSETS :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
f) DEPRECIATION :
Depreciation on assets is provided on depreciable value of assets using
straight-line method on the basis of useful life specified in Schedule
II of the Companies Act, 2013.
g) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS :
Provision 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 statement.
h) IMPAIRMENT OF ASSETS :
The company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the assets. If
such recoverable amount of the assets or the recoverable amount of the
cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss account. If at the balance sheet date
there is an indication that if a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount.
i) INVENTORIES :
Inventories are valued at lower of cost or net realisable value on FIFO
basis. The cost of inventories include cost of purchase and other costs
incurred in bringing them to their present location and condition.
j) BORROWING COSTS :
Borrowing Cost that are attributable to the acquisition of fixed assets
charged to the respective fixed assets till the date of commercial use.
In respect of others,it is charged to Profit & Loss account in the year
the same has been incurred.
k) RETIREMENT BENEFITS :
Gratuity benefit will be accounted for as and when applicable.
Leave encashment benefit is paid during the year.
l) DERIVATIVE INSTRUMENTS :
In respect of derivative contracts, premium paid, gain/losses on
settlement and provision for losses for cash flow hedges are recognized
in the Profit & Loss Account, except in case, where they relate to
borrowing costs that are attributable to the acquisition or
construction of fixed assets, in which case, they are adjusted to the
carrying cost of such assets.
m) CASH FLOW STATEMENT :
Cash flows are reported using indirect method, where by profit/ (loss)
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company is segregated based
on the available information.
Mar 31, 2014
A) BASIS OF PREPERATION OF FINANCIAL STATEMENT :
The financial statements are prepared as a going concern under
historical cost convention on accrual basis, except those with
significant uncertainty and in accordance with the Companies Act,
1956.Accounting policies not stated explicitly otherwise are consistent
with generally accepted accounting principles.
All assets and liabilities have been classified as current or non
current as per the company''s normal operating cycle and other
criteria set out in the schedule VI (Revised) to the companies
Act,1956. Based on the nature of products and the time between the
acquisition of assets for processing and their realisation in cash and
cash equivalents, the company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities
b) RECOGNITION OF INCOME AND EXPENDITURE :
i) Items of Income and Expenditure are recognised on accrual basis.
ii) Sales & Purchases are accounted for as and when deliveries are
effected.
c) PROVISION FOR CURRENT AND DEFERRED TAX :
Provision for Current Tax is made on the basis of taxable income for
the current accounting period and in accordance with the provisions as
per Income Tax Act, 1961.
Deferred Tax resulting from "timing difference" between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as on the balance
sheet date. The deferred tax asset is recognised and carried forward
only to the extent that there is a reasonable certainty that the assets
will be adjusted in future.
Current income tax is measured at the amount expected to be paid to the
tax authorities, computed in accordance with the applicable tax rates
and tax laws. In case of tax payable as per provisions of MAT under
section 115JB of the Income Tax Act 1961, deferred MAT credit
entitlement is separately recognized under the head " Long-Term loans
and Advances" . Deferred MAT credit entitlement is recognized and
carried forward only if there is a reasonable certanity of it being set
off against regular tax payable within the stipulated statutory period.
d) INVESTMENTS:
Investments are stated at cost.Provision for diminution in long term
investments is made only, if such a decline is other than temporary.
Unquoted investments are stated at Cost.
e) FIXED ASSETS :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
f) DEPRECIATION :
Depreciation on assets is provided on the Straight Line Method at the
rates and in the manner prescribed in Schedule XIV of the Companies
Act,1956.
g) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS :
Provision 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 statement.
h) IMPAIRMENT OF ASSETS :
The company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the assets. If
such recoverable amount of the assets or the recoverable amount of the
cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss account. If at the balance sheet date
there is an indication that if a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount.
i) INVENTORIES :
Inventories are valued at lower of cost or net realisable value on FIFI
basis. The cost of inventories include cost of purchase and other costs
incurred in bringing them to their present location and condition.
j) BORROWING COSTS :
Borrowing Cost that are attributable to the acquisition of fixed assets
charged to the respective fixed assets till the date of commercial use.
In respect of others,it is charged to Profit & Loss account in the year
the same has been incurred.
k) RETIREMENT BENEFITS :
Gratuity benefit will be accounted for as and when applicable.
Leave encashment benefit is paid during the year.
l) DERIVATIVE INSTRUMENTS :
In respect of derivative contracts, premium paid, gain/losses on
settlement and provision for losses for cash flow hedges are recognized
in the Profit & Loss Account, except in case, where they relate to
borrowing costs that are attributable to the acquisition or
construction of fixed assets, in which case, they are adjusted to the
carrying cost of such assets.
m) CASH FLOW STATEMENT :
Cash flows are reported using indirect method, where by profit/ (loss)
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company is segregated based
on the available information.
i) Secured Loan in the nature of working capital has been obtained from
Aditya Birla Finance Ltd, Bajaj Finance Ltd, Citi Corp Finance (India)
Ltd, HSBc InvestDirect Financial services (India) Ltd., CD Equifinance
Pvt. Ltd, JM Financial Products Ltd and Systematix fincorp India Ltd
and are secured by deposit of quoted shares
i) The Company has not received any information from its suppliers
regarding registration under " The Micro small and Medium Enterprises
Development Act, 2006." Hence, the information required to be given in
accordance with section 22 of the said Act, is not ascertainable. Hence
not disclosed
i) Based on the information/documents available with the company, there
was no unpaid dividend amount due and outstanding as on 31st March,
2014 which is to be transferred to Investors Education and Protection
Fund under Section 205C of the companies Act, 1956
Mar 31, 2013
A) BASIS OF PREPERATION OF FINANCIAL STATEMENT :
The financial statements are prepared as a going concern under
historical cost convention on accrual basis, except those with
significant uncertainty and in accordance with the Companies Act, 1956.
Accounting policies not stated explicitly otherwise are consistent with
generally accepted accounting principles.
All assets and liabilities have been classified as current or non
current as per the company''s normal operating cycle and other criteria
set out in the schedule VI (Revised) to the companies Act,1956. Based
on the nature of products and the time between the acquisition of
assets for processing and their realisation in cash and cash
equivalents, the company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities.
b) RECOGNITION OF INCOME AND EXPENDITURE :
i) Items of Income and Expenditure are recognised on accrual basis.
ii) Sales & Purchases are accounted for as and when deliveries are
effected.
c) PROVISION FOR CURRENT AND DEFERRED TAX :
Provision for Current Tax is made on the basis of taxable income for
the current accounting period and in accordance with the provisions as
per Income Tax Act, 1961.
Deferred Tax resulting from "timing difference" between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as on the balance
sheet date. The deferred tax asset is recognised and carried forward
only to the extent that there is a reasonable certainty that the assets
will be adjusted in future.
Current income tax is measured at the amount expected to be paid to the
tax authorities, computed in accordance with the applicable tax rates
and tax laws. In case of tax payable as per provisions of MAT under
section 115JB of the Income Tax Act 1961, deferred MAT credit
entitlement is separately recognized under the head "Long-Term loans
and Advances". Deferred MAT credit entitlement is recognized and
carried forward only if there is a reasonable certanity of it being set
off against regular tax payable within the stipulated statutory period.
d) INVESTMENTS :
Investments are stated at cost.Provision for diminution in long term
investments is made only, if such a decline is other than temporary.
Unquoted investments are stated at Cost.
e) FIXED ASSETS :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
f) DEPRECIATION :
Depreciation on assets is provided on the Straight Line Method at the
rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
g) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS :
Provision 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 statement.
h) IMPAIRMENT OF ASSETS :
The company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the assets. If
such recoverable amount of the assets or the recoverable amount of the
cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognized in the profit and loss account. If at the balance sheet date
there is an indication that if a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount.
i) INVENTORIES :
Inventories are valued at lower of cost or net realisable value. The
cost of inventories include cost of purchase and other costs incurred
in bringing them to their present location and condition.
j) BORROWING COSTS :
Borrowing Cost that are attributable to the acquisition of fixed assets
charged to the respective fixed assets till the date of commercial use.
In respect of others.it is charged to Profit & Loss account in the year
the same has been incurred.
k) RETIREMENT BENEFITS :
Gratuity benefit will be accounted for as and when applicable.
Leave encashment benefit is paid during the year.
I) DERIVATIVE INSTRUMENTS :
The company uses foreign currency forward contracts and currency
options to hedge its risk associated with foreign currency fluctuations
relating to certain firm commitments and forecasted transactions. The
company designate these hedging instruments as cash flow hedges
applying the recognition and measurement principles setout in the
"Accounting Standard 30 "financial Instruments: Regulation and
measurement" (AS-30).
In respect of derivative contracts, premium paid, gain/losses on
settlement and provision for losses for cash flow hedges are recognized
in the Profit & Loss Account, except in case, where they relate to
borrowing costs that are attributable to the acquisition or
construction of fixed assets, in which case, they are adjusted to the
carrying cost of such assets.
m) CASH FLOW STATEMENT :
Cash flows are reported using indirect method, where by profit/ (loss)
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company is segregated based
on the available information.
Mar 31, 2012
A) BASIS OF PREPERATION OF FINANCIAL STATEMENT :
The financial statements are prepared as a going concern under
historical cost convention on accrual basis, except those with
significant uncertainty and in accordance with the Companies Act,
1956.Accounting policies not stated explicitly otherwise are consistent
with generally accepted accounting principles.
All assets and liabilities have been classified as current or non
current as per the company's normal operating cycle and other
criteria set out in the schedule VI (Revised) to the companies
Act,1956. Based on the nature of products and the time between the
acquisition of assets for processing and their realization in cash and
cash equivalents, the company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities.
b) RECOGNITION OF INCOME AND EXPENDITURE :
i) Items of Income and Expenditure are recognized on accrual basis.
ii) Sales & Purchases are accounted for as and when deliveries are
effected.
c) PROVISION FOR CURRENT AND DEFERRED TAX :
Provision for Current Tax is made on the basis of taxable income for
the current accounting period and in accordance with the provisions as
per Income Tax Act, 1961.
Deferred Tax resulting from timing difference' between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as on the balance
sheet date. The deferred tax asset is recognized and carried
forward only to the extent that there is a reasonable certainty that
the assets will be adjusted in future.
Current income tax is measured at the amount expected to be paid to the
tax authorities, computed in accordance with the applicable tax rates
and tax laws. In case of tax payable as per provisions of MAT under
section 115JB of the Income Tax Act 1961, deferred MAT credit
entitlement is separately recognized under the head à Long-Term loans
and Advances" . Deferred MAT credit entitlement is recognized and
carried forward only if there is a reasonable certainty of it being set
off against regular tax payable within the stipulated statutory period.
d) INVESTMENTS :
Investments are stated at cost. Provision for diminution in long term
investments is made only, if such a decline is other than temporary.
Unquoted investments are stated at Cost.
e) FIXED ASSETS :
Fixed Assets are stated at cost of acquisition less accumulated
depreciation.
f) DEPRECIATION :
Depreciation on assets is provided on the Straight Line Method at the
rater and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
g) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS :
Provision 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 recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statement.
h) IMPAIRMENT OF ASSETS : . The company assesses at each balance sheet
date whether there is any indication that an asset may be impaired. If
any such indication exists, the Company estimates the recoverable
amount of the assets. If such recoverable amount of the assets or the
recoverable amount of the cash generating unit to which the asset
belongs is less than its carrying amount, the carrying amount is
reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at
the balance sheet date there is an indication that if a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount. Ã
i) INVENTORIES :
Inventories are valued at lower of cost or net realizable value. The
cost of inventories include cost of purchase and other costs incurred
in bringing them to their present location and condition, j) BORROWING
COSTS :
Borrowing Cost that are attributable to the acquisition of fixed assets
charged to the respective fixed assets till the date of commercial use.
In respect of others. it is charged to Profit & Loss account in the year
the same has been incurred.
k) RETIREMENT BENEFITS :
Gratuity benefit will be accounted for as and when applicable.
Leave encashment benefit is paid during the year.
I) DERIVATIVE INSTRUMENTS :
The company uses foreign currency forward contracts and currency
options to hedge its risk associated with foreign currency fluctuations
relating to certain firm commitments and forecasted transactions. The
company designate these hedging instruments as cash flow hedges
applying the recognition and measurement principles setout in the
ÃAccounting Standard 30 Ãfinancial Instruments: Regulation and
measurementà (AS-30).
In respect of derivative contracts, premium paid, gain/losses on
settlement and provision for losses for cash flow hedges are recognized
in the Profit & Loss Account, except in case, where they relate to
borrowing costs that are attributable to the acquisition or
construction of fixed assets, in which case, they are adjusted to the
carrying cost of such assets,
m) CASH FLOW STATEMENT :
Cash flows are reported using indirect method, where by profit/ (loss)
before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company is segregated based
on the available information.
Mar 31, 2010
1. GENERAL :
The financial statements are prepared as a going concern under
historical cost convention on accrual basis, except those with
significant uncertainty and in accordance with the Companies Act, 1956.
Accounting policies not stated explicitly otherwise are consistent with
generally accepted accounting principles.
2. RECOGNITION OF INCOME AND EXPENDITURE :
Items of Income & Expenditure are recognised on accrual basis.
3. PROVISION FOR CURRENT/DEFERRED TAX :
Provision for current tax is made on the basis of taxable income for
the current accounting period and in accordance with the provision of
Income Tax Act, 1961.
Deferred tax resulting from "timing difference" between book and
taxable profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as on the balance
sheet date. The deferred tax assets is recognised and carried forward
only to the extent that there is a reasonable certainty that the assets
will be adjusted in future.
4. INVESTMENTS :
Investments are stated at cost. Provision for diminution in long term
investments is made only, if such a decline is other than temporary.
5. FIXED ASSETS :
Fixed assets are stated at cost of acquisition less accumulated
depreciation.
6. DEPRECIATION :
Depreciation on assets is provided on the Straight Line Method at the
rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
7. PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS :
Provision 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 statement.
8. IMPAIRMENT OF ASSETS :
Impairment losses, if any, are recognised in accordance with the
Accounting Standard issued by the institute of Chartered Accountants of
India.
9. INVENTORIES :
Inventories are valued at lower of cost or net realisable value. The
cost of inventories include cost of purchase and other costs incurred
in bringing them to their present location and condition.
10. BORROWING COSTS :
Borrowing Cost that are attributable to the acquisition of fixed assets
charged to the respective fixed assets till the date of commercial use.
In respect of others, it is charged to Profit & Loss account in the
year the same has been incurred.
11. Retirement Benefits :
Gratuity benefit will be accounted for as and when applicable. Leave
encashment benefit is paid during the year.
12. Derivative Instruments :
Losses in respect of outstanding derivative contracts at the Balance
sheet date are recognised in the financial statements.