Mar 31, 2015
1. Basis of Accounting:
All the items of income and expenditure having a material bearing on
the financial statements are recognised on accrual basis, except income
by way of dividend, interest on investment and Compensation which are
accounted on cash basis.
2. Sales:
Sales excludes Sales Tax, includes Excise Duty, sales of scrap and is
net of sales return.
3. Use of Estimates:
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
4. Fixed Assets and Depreciation :
i) All fixed assets are valued at cost less depreciation.The cost is
inclusive of incidental expenses related to acquisition and put to use.
Pre-operative expenses including trial run expenses (net of revenue)
are capitalised. Interest on borrowings and financing costs during the
period of construction is added to cost of fixed assets.
ii) Impairement loss, if any is recognised in the year in which
impairement takes place.
iii) Pursuant to the enactment of Companies Act, 2013, the company has
applied the estimated useful lives as specified in Schedule II.
Accordingly the unamortised carrying value is being depreciated/
amortised on straight line basis so as to write off the cost of the
assets over the revised/remaining useful lives. The written down value
of Fixed Assets whose lives have expired as at 1st April 2014 have been
adjusted, in the opening balance of Profit and Loss Account amounting
to Rs. 4,09,612/-
iv) Depreciation on Fixed Assets is provided on Written Down Value
Method at the rate and in the manner specified in Schedule XIV of the
Companies Act, 1956.
v) Depreciation on additions / disposals of the fixed assets during the
year is provided on pro-rata basis according to the period during which
assets are put to use.
5. Investments:
Investments are stated at cost.
6. Preliminary Expenses:
Preliminary expenses are being written off in equal installments over a
period of five financial years.
7. Deferred Tax:
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets arising
from temporary timing differences are recognised to the extent there is
reasonable certainty that the assets can be realised in future.
8. Retirement Benefits:
i) Defined Benefit Plans:
The gratuity scheme is administered through the Life Insurance
Corporation of India. Gratuity liability is accounted as per the
actuarial contribution demanded by Life Insurance Corporation of India.
ii) Leave Liability:
The employees of the company are entitled to leave as per the leave
policy of the company. The liability on account of accumulated leave as
on last day of the accounting year is not recognised.
9. Transaction in Foreign Currency
Transaction in Foreign Currency are recorded at the rate of exchange in
force on the respective date of such/ contracted rates. Exchange
difference on repayment/conversion/transaction are adjusted to
i) Carrying cost of fixed assets, if foreign currency liability relates
to fixed assets.
ii) the Profit & Loss account in other cases.
10. Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11. Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects are
allocated to Fixed Assets in the year of commencement of the commercial
production.
12. Revenue Recognition:
i) Revenue from Sale of goods is recognised when significant risks and
rewards of ownership of the goods have been passed to the buyer.
ii) Service income is recognised as per the terms of contracts with the
customers when the related services are performed or the agreed
milestones are achieved and are net of service tax wherever applicable.
iii) Dividend income is recognised when the unconditional right to
receive the income is established.
iv) Revenue in respect of other income is recognised when no
significant uncertainty as to its determination or realisation exists.
13. Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognised when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability is
made when there is a possible obligation, that may, but probably will
not require an outflow of resources. When there is a possible obligation
or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision / disclosure is made. Contingent
assets are notrecognised in the financial statements. Provisions and
contingencies are reviewed at each balance sheet date and , adjusted to
reflect the correct management estimates.
Mar 31, 2014
1 Basis of Accounting:
All the items of income and expenditure having a material bearing on
the financial statements are recognised on accrual basis, except income
by way of dividend, interest on investment and Compensation which are
accounted on cash basis.
2 Sales:
Sales excludes Sales Tax, includes Excise Duty, sales of scrap and is
net of sales return.
3 Use of Estimates:
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
4 Fixed Assets and Depreciation:
i) All fixed assets are valued at cost less depreciation.The cost is
inclusive of incidental expenses related to acquisition and put to use.
Pre-operative expenses including trial run expenses (net of revenue)
are capitalised. Interest on borrowings and financing costs during the
period of construction is added to cost of fixed assets.
ii) Impairement loss, if any is recognised in the year in which
impairement takes place.
iii) Depreciation on Fixed Assets is provided on Written Down Value
Method at the rate and in the manner
specifiedinScheduleXIVoftheCompaniesAct, 1956.
iv) Depreciation on additions / disposals of the fixed assets during
the year is provided on pro-rata basis according to the period during
which assets are put to use.
5 Investments:
I nvestments are stated at cost.
6 Preliminary Expenses:
Preliminary expenses are being written off in equal installments over a
period of five financial years.
7 Deferred Tax:
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets arising
from temporary timing differences are recognised to the extent there is
reasonable certainty that the assets can be realised in future.
8 Retirement Benefits:
i) Defined Benefit Plans:
The gratuity scheme is administered through the Life Insurance
Corporation of India. Gratuity liability is accounted as per the
actuarial contribution demanded by Life Insurance Corporation of India.
ii) Leave Liability:
The employees of the company are entitled to leave as per the leave
policy of the company. The liability on account of accumulated leave as
on last day of the accounting year is not recognised.
9 Transaction in Foreign Currency
Transaction in Foreign Currency are recorded at the rate of exchange in
force on the respective date of such/contracted rates. Exchange
difference on repayment/conversion/transaction are adjusted to i)
Carrying cost of fixed assets, if foreign currency liability relates to
fixed assets. ii) the Profit & Loss account in other cases.
10 Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects are
allocated to Fixed Assets in the year of commencement of the commercial
production.
12 Revenue Recognition:
i) Revenue from Sale of goods is recognised when significant risks and
rewards of ownership of the goods have been passed to the buyer.
ii) Service income is recognised as per the terms of contracts with the
customers when the related services are performed or the agreed
milestones are achieved and are net of service tax wherever applicable.
iii) Dividend income is recognised when the unconditional rightto
receive the income is established.
iv) Revenue in respect of other income is recognised when no
significant uncertainty as to its determination or realisation exists.
13 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognised when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision / disclosure is made.
Contingent assets are not recognised in the financial statements.
Provisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
B The equity share holders of the Company are entitled to receive
interim and/ or final dividend, if declared and approved by the Board
of Directors and/or the share holders of the Company. The dividend so
declared will be in proportion to the number of equity shares held by
the share holders.
C In the event of the liquidation of the Company, equity share holders
will be entitled to receive remaining assets of the company after
distribution of all preference share holders. However, no such
Preference share capital exist during the period. The distribution will
in proportion to the number of equity shares held by the share holders.
Mar 31, 2013
1 Basis of Accounting:
All the items of income and expenditure having a material bearing on
the financial statements are recognised on accrual basis, except income
by way of dividend, interest on investment and Compensation which are
accounted on cash basis.
2 Sales:
Sales excludes Sales Tax, includes Excise Duty, sales of scrap and is
net of sales return.
3 Use of Estimates:
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
4 Fixed Assets and Depreciation:
i) All fixed assets are valued at cost less depreciation.The cost is
inclusive of incidental expenses related to acquisition and put to use.
Pre-operative expenses including trial run expenses (net of revenue)
are capitalised. Interest on borrowings and financing costs during the
period of construction is added to cost of fixed assets.
ii) Impairement loss, if any is recognised in the year in which
impairement takes place.
iii) Depreciation on Fixed Assets is provided on Written Down Value
Method at the rate and in the manner specified in Schedule XIV of the
Companies Act, 1956.
iv) Depreciation on additions / disposals of the fixed assets during
the year is provided on pro-rata basis according to the period during
which assets are put to use.
5 Investments: Investments are stated at cost.
8 Preliminary Expenses:
Preliminary expenses are being written off in equal installments over a
period of five financial years.
7 Deferred Tax:
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets arising
from temporary timing differences are recognised to the extent there is
reasonable certainty that the assets can be realised in future.
8 Retirement Benefits:
I) Defined Benefit Plans:
The gratuity scheme is administered through the Life Insurance
Corporation of India. Gratuity liability is accounted as per the
actuarial contribution demanded by Life Insurance Corporation of India.
Ii) Leave Liability:
The employees of the company are entitled to leave as per the leave
policy of the company. The liability on
account of accumulated leave as on last day of the accounting year is
not recognised.
9 Transaction in Foreign Currency
Transaction in Foreign Currency are recorded at the rate of exchange in
force on the respective date of such/contracted rates. Exchange
difference on repayment/conversion/transaction are adjusted to i)
Carrying cost of fixed assets, if foreign currency liability relates to
fixed assets. ii) the Profit & Loss account in other cases.
10 Excise Duty:
Excise Duty Is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects are
allocated to Fixed Assets in the year of commencement of the commercial
production.
12 Revenue Recognition:
i) Revenue from Sale of goods is recognised when significant risks and
rewards of ownership of the goods have been passed to the buyer. ii)
Service income is recognised as per the terms of contracts with the
customers when the related services are performed or the agreed
milestones are achieved and are net of service tax wherever applicable.
iii) Dividend income is recognised when the unconditional right to
receive the income is established. iv) Revenue in respect of other
income is recognised when no significant uncertainty as to its
determination or realisation exists.
13 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognised when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision / disclosure is made.
Contingent assets are not recognised in the financial statements.
Paovisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
Mar 31, 2012
1 Basis of Accounting:
All the items of income and expenditure having a material bearing on
the financial statements are recognized on accrual basis, except income
by way of dividend, interest on investment and Compensation which are
accounted on cash basis.
2 Sales:
Sales excludes Sales Tax, includes Excise Duty, sales of scrap and is
net of sales return.
3 Use of Estimates:
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognized prospectively in current and future periods.
4 Fixed Assets and Depreciation:
i) All fixed assets are valued at cost less depreciation. The cost is
inclusive of incidental expenses related to acquisition and put to use.
Pre-operative expenses including trial run expenses (net of revenue)
are capitalized. Interest on borrowings and financing costs during the
period of construction is added to cost of fixed assets.
ii) Impairment loss, if any is recognized in the year in which
impairment takes place.
iii) Depreciation on Fixed Assets is provided on Written Down Value
Method at the rate and in the manner specified in Schedule XIV of the
Companies Act, 1956.
iv) Depreciation on additions / disposals of the fixed assets during
the year is provided on pro-rata basis according to the period during
which assets are put to use.
5 Investments:
Investments are stated at cost.
6 Preliminary Expenses:
Preliminary expenses are being written off in equal installments over a
period of five financial years.
7 Deferred Tax:
Deferred tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets arising
from temporary timing differences are recognized to the extent there is
reasonable certainty that the assets can be realized in future.
8 Retirement Benefits:
i) Defined Benefit Plans:
The gratuity scheme is administered through the Life Insurance
Corporation of India. Gratuity liability is accounted as per the
actuarial contribution demanded by Life Insurance Corporation of India.
ii) Leave Liability:
The employees of the company are entitled to leave as per the leave
policy of the company. The liability on account of accumulated leave as
on last day of the accounting year is not recognized.
9 Transaction in Foreign Currency
Transaction in Foreign Currency are recorded at the rate of exchange in
force on the respective date of such/contracted rates. Exchange
difference on repayment/conversion/transaction are adjusted to
i) Carrying cost of fixed assets, if foreign currency liability relates
to fixed assets.
ii) the Profit & Loss account in other cases.
10 Excise Duty:
Excise Duty is accounted gross of Convert benefit availed on inputs,
fixed assets and eligible services.
11 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects are
allocated to Fixed Assets in the year of commencement of the commercial
production.
12 Revenue Recognition:
i) Revenue from Sale of goods is recognized when significant risks and
rewards of ownership of the goods have been passed to the buyer.
ii) Service income is recognized as per the terms of contracts with the
customers when the related services are performed or the agreed
milestones are achieved and are net of service tax wherever applicable.
iii) Dividend income is recognized when the unconditional right to
receive the income is established.
iv) Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
13 Provisions, Contingent Liabilities and Contingent Assets :
Provision is recognized when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision / disclosure is made.
Contingent assets are not recognized in the financial statements.
Provisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
Mar 31, 2011
A) Basis of Accounting:
All the items of income and expenditure having a material bearing on
the financial statements are recognised on accrual basis, except income
by way of dividend, interest on investment and Compensation which are
accounted on cash basis.
b) Sales:
Sales excludes Sales Tax, includes Excise Duty, goods sold on
consignment, sales of scrap and is net of sales return.
c) Fixed Assets:
I) Fixed Assets are shown at cost less depreciation. The cost is
inclusive of all direct incidental expenses related to acquisition.
ii) Impairment loss, if any is recognised in the year in which
impairment takes place.
d) Depreciation:
Depreciation on Fixed Assets have been provided on Written Down Value
method at the rate and in the manner specified in Schedule XIV of the
Companies Act, 1956.
e) Inventories:
Inventories other than Consignment and Trading goods are valued at
lower of cost or net realisable value. Consignment and Trading goods
are valued at cost.
f) Investments: Investments are stated at cost.
g) Preliminary Expenses:
Preliminary expenses are being written off in equal installments over a
period of five financial years.
h) Deferred Tax:
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets arising
from temporary timing differences are recognised to the extent there is
reasonable certainty that the assets can be realised in future.
i) Retirement Benefits:
Gratuity liability is accounted as per the actuarial contribution
demanded by Life Insurance Corporation of India.
j) Transaction in Foreign Currency
Transaction in Foreign Currency are recorded at the rate of exchange in
force on the respective date of such/contracted rates. Exchange
difference on repayment/conversion/transaction are adjusted to i)
Carrying cost of fixed assets, if foreign currency liability relates to
fixed assets.
Mar 31, 2010
A) Basis of Accounting :
All the items of income and expenditure having a material bearing on
the financial statements are recognised on accrual basis, except income
by way of dividend,interest on investment and Compensation which are
accounted on cash basis.
b) Sales:
Sales excludes Sales Tax,includes Excise Duty, goods sold on
consignment.sales of scrap and is net of sales return.
c) Fixed Assets:
I) Fixed Assets are shown at cost less depreciation. The cost is
inclusive of all direct incidental expenses related to acquisition.
ii) Impairement loos, if any is recognised in the year in which
impairement takes place.
d) Depreciation:
Depreciation on Fixed Assets have been provided on Written Down Value
method at the rate and in the manner specified in Schedule XIV of the
Companies Act, 1956.
e) Inventories:
Inventories other than Consignment and Trading goods are valued at
lower of cost or net realisable value. Consignment and Trading goods
are valued at cost.
f) Investments:
Investments are stated at cost.
g) Preliminary Expenses:
Preliminary expenses are being written off in equal installments over a
period of five financial years.
h) Deferred Tax:
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets arising
from temporary timing differences are recognised to the extent there is
reasonable certainty that the assets can be realised in future.
l)Retirement Benefits:
Gratuity liability is accounted as per the actuarial contribution
demanded by Life Insurance Corporation of India.
j)Transaction in Foreign Currency
Transaction in Foreign Currency are recorded at the rate of exchange in
force on the respective date of such/contracted rates. Exchange
difference on repayment/conversion/transaction are adjusted to
l)Carrying cost of fixed assets, if foreign currency liability relates
to fixed assets.
ii) the Profit & Loss account in other cases.