Mar 31, 2014
(i) Basis of Preparation of financial statements;
The financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises of mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
(ii) Use Of Estimates:-
The presentation of financial statements in conformity with the generally accepted accounting principal requires estimates and assumptions to be made. That affects the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which the results are known/materiaiized.
(iii) Fixed Assets:-
Fixed Assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties (net of tax credits as applicable) levies and any directly attributable cost of bringing the assets to their . working condition for their intended use.
(iv) Depreciation & Amortisation:-
Depredation is provided as per the written down value method at the rate prescribed by Companies Act, 1956. Fixed assets are capitalized at cost inclusive of expenses and interest wherever applicable.
Long term investments are stated at cost. Provision for diminution in value of Long-term investment is made only if such decline is other than temporary in the opinion of management. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower
The valuation of the inventory was done according to the accepted accounting principles, i.e. at Cost or Market realizable Value, whichever is lower.
A provision is recognized when an enterprise has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provision are determined based on management estimate require to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.
(viii) Treatment Of Contingent Liablities:-
Contingent liabilities are disclosed by way of notes. Provision is made in the accounts for those liabilities which are likely to materialize after the year end till the finalization of accounts and having effect on the position stated in the balance sheet as at the year'' end.
Provision for taxation has been made in accordance with the rates of Income Tax Act, 1961 prevailing for the relevant assessment year.
(x) Deferred Taxation:-
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax iaws that have been enacted or substantially enacted at the balance sheet date. Deferred tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet date.
Safes are recognized, net of returns and trade discounts, on dispatch of goods to Customers and are reflected in the accounts at gross realizable value
Mar 31, 2013
Mar 31, 2010
1. Accounting Convention:
The Financial Statements are prepared under the Historical Cost Convention method except so far as they relate to the revaluation of cerrtain Fixed Assets in an earlier year.
2. Revenue Recognition:
a) Sale of goods is recognised at the point of despatch to customers. Sales are inclusive of Excise Duty & Sales Tax.
b) Discounting Charges on Bills are accounted at the paint of occurrence.
c) Other Income is recognised at the point of receipt of consideration
3. Fixed Assets:
a) Assets revalued in earlier years are stated at revalued cost less depreciation.
b) Other assets are stated at their original cost less depreciation
c) The Cost of Assets is net of Modvat & Include directly attributable interest, costs and expenses tor bringing the respective assets to the working condition for their intended use.
Investments are stated at cost.
Mar 31, 2009