Mar 31, 2015
A) The financial statements have been prepared under the Historical
Cost Concept & as per Applicable Indian Accounting Standards issued by
Institute of Chartered Accountants of India in accordance with
accounting principles generally accepted in India.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis. The claims, rate difference, discounts and interest on Debtors &
Creditors are unascertainable and accounted for as and when settled.
2. FIXED ASSETS AND DEPRECIATION
a) Fixed Assets are stated at cost (including addition in value due to
revaluation) less accumulated depreciation and impairments.
b) Expenditure including cost of financing incurred in the cost of
construction installation and commis- sioning of project, property,
plant or equipment till the commencement of the commercial production
are capitalized and included in the cost of respective fixed assets.
c) Depreciation is provided on straight line method based on useful
lives of assets as prescribed under the transitional provisions of
Schedule II of Companies Act, 2013 on pro-rata basis. As the Schedule
II comes into effect from 1 April 2014, the carrying amount of the
assets as on that date have been depreciated over the remaining useful
life of the asset after retaining the residual value, as prescribed by
the relevant schedule. Reassessment of useful life of certain assets,
where ever done, is based on the external technical advice taken by the
company.
d) Depreciation on increase in value of fixed assets due to revaluation
is charged to Revaluation Reserve Account & Fixed asset directly.
e) Company have a policy to fully depreciate assets upto Rs.5000/- in
the year of acquisition. Hence the assets costing less than Rs.5000/-
have been fully depreciated in the year of acquisition.
3. IMPAIRMENT OF ASSETS
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
a. the provision for impairment loss, if any, required or
b. the reversal, if any, required for impairment loss recognized in
previous periods.
Impairment loss is recognized when the carrying amount of an asset
exceed its recoverable amount. Recov- erable amount is determined
a. in the case of an individual asset, at the higher of net selling
price and the value in use.
b. in the case of cash generating unit (a group of assets that
generates identified independent cash flows), at higher of the cash
generating unit's selling price and the value in use.
Value in use is determined as the present value of estimated future
cash flow from the continuing use of assets and from its disposal at
the end of its useful life.
4. INVENTORIES
Inventories of Raw Material, Semi Finished Goods and Finished Goods are
stated at cost or net realizable value whichever is lower. Stores and
Spares, packing Material are stated at cost. Cost comprises of cost of
purchase, cost of conversion and other cost incurred in bringing the
inventories to their present location and condition. Cost formulae used
are 'First-in-First-out', 'Weighted Average cost' or 'specific
identification', as applicable.
5. EMPLOYEE'S BENEFITS
Short term and long term employee's benefit including Gratuity and
Leave Encashment are recognized as an expense at the un-discounted
amount in the profit and loss account of the year in which related
service is rendered. .
6. MISCELLANEOUS EXPENDITURE
Public Issue Expenses are amortized over a period of 10 years.
7. TAXATION
Income tax comprises current tax and deferred tax charge or credit. The
deferred tax asset and deferred tax liability is calculated by applying
tax rate and tax laws that have been enacted or substantially enacted
by the balance sheet date. Deferred tax assets are recognized if there
is a reasonable certainty of realization.
8. FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of transaction. Monetary items
denominated in foreign currencies remaining unsettled at the end of the
year are translated at year-end rate. Exchange differences arising on
the settlement of monetary items or on restate- ment of monetary items
at rates different from those at which they were initially recorded
during the year, or reported in previous financial statements, are
recognized as income or as expenses in the year in which they arise.
9. BORROWING COST
Borrowing costs that are directly attributable to the acquisition/
construction of fixed assets, till the time such assets are ready for
intended use, are capitalized as part of the cost of the assets. Other
borrowing costs are recognized as an expense in the year in which they
are incurred.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estima- tion, if
* the Company has a present obligation as a result of past event,
* a probable outflow of resources is expected to settle the obligation
and
* the amount of the obligation can be reliably estimated Contingent
Liability is disclosed in case of
a. a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
b. a possible obligation, unless the probability of outflow of
resources is remote.
Contingent Assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet Date.
Significant Accounting Policies
The accompanying notes are an integral part of the financial statements
Mar 31, 2014
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements have been prepared under the Historical
Cost Concept.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis. The claims, rate difference, discounts and interest on Debtors &
Creditors are unascertainable and accounted for as and when settled.
2. FIXED ASSETS AND DEPRECIATION
a) Fixed Assets are stated at cost (including addition in value due to
revaluation) less accumulated depreciation and impairments.
b) Depreciation on Fixed Assets is provided on straight-line method at
the rate and in manner pre- scribed in Schedule XIV to the Companies
Act, 1956 on pro-rata basis. Depreciation on increase in value of fixed
assets due to revaluation is charged to Revaluation Reserve Account.
3. IMPAIRMENT OF ASSETS
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
a. the provision for impairment loss, if any, required or
b. the reversal, if any, required for impairment loss recognized in
previous periods.
Impairment loss is recognized when the carrying amount of an asset
exceed its recoverable amount. Recoverable amount is determined
a. in the case of an individual asset, at the higher of net selling
price and the value in use.
b. in the case of cash generating unit (a group of assets that
generates identified independent cash flows), at higher of the cash
generating unit''s selling price and the value in use.
Value in use is determined as the present value of estimated future
cash flow from the continuing use of assets and from its disposal at
the end of its useful life.
4. INVENTORIES
Inventories of Raw Material, Semi Finished Goods and Finished Goods are
stated at cost or net realizable value whichever is lower. Stores and
Spares, packing Material are stated at cost. Cost comprises of cost of
purchase, cost of conversion and other cost incurred in bringing the
inventories to their present location and condition. Cost formulae used
are ''First-in-First-out'', ''Weighted Average cost'' or ''specific
identification'', as applicable.
5. EMPLOYEE''S BENEFITS
Short term and long term employee''s benefit including Gratuity and
Leave Encashment are recognized as an expense at the un-discounted
amount in the profit and loss account of the year in which related
service is rendered. .
6. MISCELLANEOUS EXPENDITURE
Public Issue Expenses are amortized over a period of 10 years.
7. TAXATION
Income tax comprises current tax and deferred tax charge or credit. The
deferred tax asset and deferred tax liability is calculated by applying
tax rate and tax laws that have been enacted or substantially enacted
by the balance sheet date. Deferred tax assets are recognized if there
is a reasonable certainty of realization.
8. FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of transaction. Monetary items
denominated in foreign currencies remaining unsettled at the end of the
year are translated at year-end rate. Exchange differences arising on
the settlement of monetary items or on restatement of monetary items at
rates different from those at which they were initially recorded during
the year, or reported in previous financial statements, are recognized
as income or as expenses in the year in which they arise.
9. BORROWING COST
Borrowing costs that are directly attributable to the acquisition/
construction of fixed assets, till the time such assets are ready for
intended use, are capitalized as part of the cost of the assets. Other
borrowing costs are recognized as an expense in the year in which they
are incurred.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estima- tion, if the Company has a
present obligation as a result of past event, a probable outflow of
resources is expected to settle the obligation and " the amount of the
obligation can be reliably estimated Contingent Liability is disclosed
in case of
a. a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
b. a possible obligation, unless the probability of outflow of
resources is remote.
Contingent Assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet Date.
Mar 31, 2013
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements have been prepared under the Historical
Cost Concept.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis. The claims, rate difference, discounts and interest on Debtors &
Creditors are unascertainable and accounted for as and when settled.
2. FIXED ASSETS AND DEPRECIATION
a) Fixed Assets are stated at cost (including addition in value due to
revaluation) less accumulated depreciation and impairments.
b) Depreciation on Fixed Assets is provided on straight-line method at
the rate and in manner prescribed in Schedule XIV to the Companies Act,
1956 on pro-rata basis. Depreciation on increase in value of fixed
assets due to revaluation is charged to Revaluation Reserve Account.
3. IMPAIRMENT OF ASSETS
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
a. the provision for impairment loss, if any, required or
b. the reversal, if any, required for impairment loss recognized in
previous periods.
Impairment loss is recognized when the carrying amount of an asset
exceed its recoverable amount. Recoverable amount is determined
a. in the case of an individual asset, at the higher of net selling
price and the value in use.
b. in the case of cash generating unit (a group of assets that
generates identified independent cash flows), at higher of the cash
generating unit''s selling price and the value in use.
Value in use is determined as the present value of estimated future
cash flow from the continuing use of assets and from its disposal at
the end of its useful life.
4. INVENTORIES
Inventories of Raw Material, Semi Finished Goods and Finished Goods are
stated at cost or net realizable value whichever is lower. Stores and
Spares, packing Material are stated at cost. Cost comprises of cost of
purchase, cost of conversion and other cost incurred in bringing the
inventories to their present location and condition. Cost formulae used
are ''First-in-First-out'', ''Weighted Average cost'' or ''specific
identification'', as applicable,
5. EMPLOYEE''S BENEFITS
Short term and long term employee''s benefit including Gratuity and
Leave Encashment are recognized as an expense at the un-discounted
amount in the profit and loss account of the year in which related
service is rendered. .
6. MISCELLANEOUS EXPENDITURE
Public Issue Expenses are amortized over a period of 10 years.
7. TAXATION
Income tax comprises current tax and deferred tax charge or credit. The
deferred tax asset and deferred tax liability is calculated by applying
tax rate and tax laws that have been enacted or substantially enacted
by the balance sheet date. Deferred tax assets are recognized if there
is a reasonable certainty of realization.
8. FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of transaction. Monetary items
denominated in foreign currencies remaining unsettled at the end of the
year are translated at year-end rate. Exchange differences arising on
the settlement of monetary items or on restatement of monetary items at
rates different from those at which they were initially recorded during
the year, or reported in previous financial statements, are recognized
as income or as expenses in the year in which they arise.
9. BORROWING COST
Borrowing costs that are directly attributable to the acquisition/
construction of fixed assets, till the time such assets are ready for
intended use, are capitalized as part of the cost of the assets. Other
borrowing costs are recognized as an expense in the year in which they
are incurred.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if the Company has a present
obligation as a result of past event, a probable outflow of resources
is expected to settle the obligation and the amount of the obligation
can be reliably estimated.
Contingent Liability is disclosed in case of
a. a present obligation arising from a past event, when it is not
probable that an outflow of resources with be required to settle the
obligation
b. a possible obligation, unless the probability of outflow of
resources is remote.
Contingent Assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet Date.
Mar 31, 2012
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements have been prepared under the Historical
Cost Concept.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis. The claims, rate difference, discounts and interest on Debtors &
Creditors are unascertainable and accounted for as and when settled.
2. FIXED ASSETS AND DEPRECIATION
a) Fixed Assets are stated at cost (including addition in value due to
revaluation) less accumulated depreciation and impairments.
b) Depreciation on Fixed Assets is provided on straight-line method at
the rate and in manner prescribed in Schedule XIV to the Companies Act,
1956 on pro-rata basis. Depreciation on increase in value of fixed
assets due to revaluation is charged to Revaluation Reserve Account.
3. IMPAIRMENT OF ASSETS
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
a. the provision for impairment loss, if any, required or
b. the reversal, if any, required for impairment loss recognized in
previous periods. Impairment loss is recognized when the carrying
amount of an asset exceed its recoverable amount. Recover- able amount
is determined
a. in the case of an individual asset, at the higher of net selling
price and the value in use.
b. in the case of cash generating unit (a group of assets that
generates identified independent cash flows), at higher of the cash
generating unit's selling price and the value in use. Value in use is
determined as the present value of estimated future cash flow from the
continuing use of assets and from its disposal at the end of its useful
life.
4. INVENTORIES
Inventories of Raw Material, Semi Finished Goods and Finished Goods are
stated at cost or net realizable value whichever is lower. Stores and
Spares, packing Material are stated at cost. Cost comprises of cost of
purchase, cost of conversion and other cost incurred in bringing the
inventories to their present location and condition. Cost formulae used
are 'First-in-First-out', 'Weighted Average cost' or 'specific
identification', as applicable.
5. EMPLOYEE'S BENEFITS
Short term and long term employee's benefit including Gratuity and
Leave Encashment are recognized as an expense at the un-discounted
amount in the profit and loss account of the year in which related
service is rendered. .
6. MISCELLANEOUS EXPENDITURE
Public Issue Expenses are amortized over a period of 10 years.
7. TAXATION
Income tax comprises current tax and deferred tax charge or credit. The
deferred tax asset and deferred tax liability is calculated by applying
tax rate and tax laws that have been enacted or substantially enacted
by the balance sheet date. Deferred tax assets are recognized if there
is a reasonable certainty of realization.
8. FOREIGN CURRENCYTRANSACTIONS
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of transaction. Monetary items
denominated in foreign currencies remaining unsettled at the end of the
year are translated at year-end rate. Exchange differences arising on
the settlement of monetary items or on restatement of monetary items at
rates different from those at which they were initially recorded during
the year, or reported in previous financial statements, are recognized
as income or as expenses in the year in which they arise.
9. BORROWING COST
Borrowing costs that are directly attributable to the acquisition/
construction of fixed assets, till the time such assets are ready for
intended use, are capitalized as part of the cost of the assets. Other
borrowing costs are recognized as an expense in the year in which they
are incurred.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if the Company has a present
obligation as a result of past event, " a probable outflow of resources
is expected to settle the obligation and " the amount of the
obligation can be reliably estimated " Contingent Liability is
disclosed in case of
a. a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
b. a possible obligation, unless the probability of outflow of
resources is remote.
Contingent Assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet Date.
Mar 31, 2010
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements have been prepared under the Historical
Cost Concept.
b) The company generally follows mercantile system of accounting and
recognizes significant herns of income and expenditure on accrual
basis. The claims, rate difference, discounts and interest on Debtors &
Creditors are unascertainable and accounted for as and when settled.
B) FIXED ASSETS AND DEPRECIATION
a) Fixed Assets are stated at cost (including addition in value due to
revaluation) less accumulated depreciation and impairments.
b) Depreciation on Fixed Assets is provided on straight-line method at
the rate and in manner prescribed in Schedule XIV to the Companies Act,
1956 on pro-rata basis. Depreciation on increase in value of fixed
assets due to revaluation is charged to Revaluation Reserve Account.
C) IMPAIRMENT OF ASSETS
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine
a. the provision for impairment loss, if any, required or
b. the reversal, if any, required for impairment loss recognized in
previous periods.
Impairment loss is recognized when the carrying amount of an asset
exceed its recoverable amount. Recoverable amount is determined
a. in the case of an individual asset, at the higher of net selling
price and the value in use.
b. in the case of cash generating unit (a group of assets that
generates identified independent cash flows), at higher of the cash
generating units selling price and the value in use. Value in use is
determined as the present value of estimated future cash flow from the
continuing use of assets and from its disposal at the end of its useful
life.
D) INVENTORIES
Inventories of Raw Material, Semi Finished Goods and Finished Goods are
stated at cost or net realizable value whichever is lower. Stores and
Spares, packing Material are stated at cost. Cost comprises of cost of
purchase, cost of conversion and other cost incurred in bringing the
inventories to their present location and condition. Cost formulae used
are First-in-First-out, Weighted Average cost or specific
identification, as applicable.
E) SALES
Sales are stated net of trade discount.
F) PURCHASES
Purchases of Raw material include late payment charges.
G) EMPLOYEES BENEFITS
Short term and long term employees benefit including Gratuity and
Leave Encashment are recog- nized as an expense at the un-discounted
amount in the profit and loss account of the year in which related
service is rendered.
H) MISCELLANEOUS EXPENDITURE
Public Issue Expenses are amortized over a period of 10 years.
I) TAXATION
Income tax comprises current tax and deferred tax charge or credit. The
deferred tax asset and deferred tax liability is calculated by applying
tax rate and tax laws that have been enacted or substan- tially enacted
by the balance sheet date. Deferred tax assets are recognized if there
is a reasonable certainty of realization.
J) FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of transaction. Monetary items
denominated in foreign currencies remaining unsettled at the end of the
year are translated at year-end rate. Exchange differences arising on
the settlement of monetary items or on restatement of monetary items at
rates different from those at which they were initially
jecorded during the year, or reported in previous financial statements,
are recognized as income or as expenses in the year in which they
arise.
K) BORROWING COST
Borrowing costs that are directly attributable to the
acquisition/construction of fixed assets, till the time such assets are
ready for intended use, are capitalized as part of the cost of the
assets Other borrow- ing costs are recognized as an expense in the year
in which they are incurred.
L) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a. the Company has a present obligation as a result of past event,
b. a probable outflow of resources is expected to settle the
obligation and j c, the amount of the obligation can be reliably
estimated
Contingent Liability is discosed in case of
a. a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation
b. a possible obligation, unless the probability of outflow of
resources is remote. Contingent Assets are neither recognized, nor
disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed
at each Balance Sheet Date.