Mar 31, 2014
(a) Basis of preparation of financial statements:
These financial statements have been prepared on the accrual basis of
accounting, under the historical cost convention, and in accordance
with the Companies Act, 1956 and the applicable accounting standards
issued by The Institute of Chartered Accountants of India.
(b) Use of estimates:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reported period. Differences
between the actual result and estimates are recognised in the period in
which the results are known/ determined.
(c) Fixed Assets:
(i) Fixed Assets are stated at their original cost including incidental
expenses related to acquisition and installation, less accumulated
depreciation. Cost comprises of the purchase price and any other
attributable cost of bringing the assets to its working condition for
its intended use.
(ii) Capital Work in Progress is stated at cost.
(d) Impairment of Assets
An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An
impairment loss is charged to the Profit and Loss Account in the year
in which an asset is identified as impaired. The impairment loss
recognized in prior accounting periods is reversed if there has been a
change in the estimate of recoverable amount.
(e) Borrowing Costs:
Borrowing Costs that are directly attributable to acquisition of
qualifying assets are capitalized for the period until the asset is
ready for intended use. A qualifying asset is an asset that necessarily
takes substantial period of time to get ready for its intended use.
Other borrowing
costs are recognized as an expense in the period in which they are
incurred. No borrowing costs are eligible for capitalization during the
year.
(f) Depreciation:
Depreciation on assets is provided on the Straight Line Method at rates
and in the manner prescribed in schedule XIV to the Companies Act,
1956.
(g) Investments:
Investments are valued at cost. Provision for diminution in the value
of Long Term investment is made only if, such decline is not temporary
in nature in the opinion of the management.
(h) Inventories:
(i) Stock in trade comprising of raw materials (including goods in
transit), packing material, stock in process and finished goods are
valued at the lower of cost and net realizable value after making such
provisions as required on account of damage, unserviceable and obsolete
stocks
(ii) Stocks of stores, spares and consumable are valued at cost.
(i") Value of raw material and packing material does not include excise
duty, counter veiling duty paid to the extent of which CENVAT credit is
available.
(iv) Excise duty on goods manufactured by the company and remaining in
inventory is included as a part of valuation of finished goods.
(i) Retirement Benefits:
(i) Contributions to provident fund are made at predetermined rates to
Government Authority and charged to profit and loss account.
(ii) The Company is accounting for gratuity and leave encashment on
cash basis.
(j) Revenue Recognition:
(i) Sales are recognized when the seller has transferred to the buyer,
the property in the goods, for a price, or all significant risks and
rewards of ownership have been transferred to the buyer without the
seller retaining any effective control over the goods. Sales are stated
at contractual realizable values, net of excise duty, sales tax and
trade discounts.
(ii) Commission income is recognized as per contracts/receipt of credit
note.
(iii) Job work Income is recognized when the goods are transferred to
buyer and where no uncertainty exists regarding realization of revenue.
(k) Foreign Currency Transactions:
(i) Transactions in foreign currencies are recorded at the exchange
rate prevailing on the date of the transaction.
(ii) In respect of monetary items denominated in foreign currencies,
exchange differences arising out of settlement or on conversion at the
closing rate are recognized in the Profit and Loss Account, other than
exchange differences on acquisition of fixed assets, which are adjusted
in the carrying amount of fixed assets.
(l) Stores and Spares:
Items of stores and spares are charged to the revenue at the stage of
purchase and stocks of such items as at the end of the year is
accounted at cost.
(m) Research and Development Expenditure:
Revenue Expenditure in respect of Research and Development is charged
to the Profit and Loss Account and Capital Expenditure is added to the
cost of Fixed Assets in the year in which it is incurred.
(n) Taxation:
Provision for income-tax is based on the taxable income computed in
accordance with the provision of the Income-tax Act, 1961. 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 period.
(o) Provisions. Contingent Liabilities and Contingent AssPts:
Provisions involving substantial degree of estimation in measurement
are recognized 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 statements.
(p) Amortization of Deferred Revenue Expenditure:
The Company is amortizing l/5th of Deferred Revenue Expenditure every
year.
Mar 31, 2012
(a) Basis of preparation of financial statements :
These financial statements have been prepared on the accrual basis of
accounting, under the historical cost convention, and in accordance
with the Companies Act, 1956 and the applicable accounting standard
issued by The Institute of Chartered Accountants of India.
(b) Use of estimates :
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reported period. Differences
between the actual result and estimates are recognised in the period in
which the results are known/ determined.
(c) Fixed Assets :
(i) Fixed Assets are stated at their original cost including incidental
expenses related to acquisition and installation, less accumulated
depreciation. Cost comprises of the purchase price and any other
attributable cost of bringing the assets to its working condition for
its intended use.
(ii) Capital Work in Progress is stated at cost.
(d) Impairment of Assets :
An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
(e) Borrowing Costs :
Borrowing Costs that are directly attributable to acquisition of
qualifying assets are capitalized for the period until the asset is
ready for intended use. A qualifying asset is an asset that necessarily
takes substantial period of time to get ready for its intended use.
Other borrowing costs are recognizing as an expense in the period in
which they are incurred. No borrowing costs are eligible for
capitalization during the year.
(f) Depreciation :
Depreciation on assets is provided on the straight line method at rates
and in the manner prescribed in schedule XIV to the Companies Act,
1956.
(g) Investments :
Investments are valued at cost. Provision for diminution in the value
of Long Term investment is made only if, such decline is not temporary
in nature in the opinion of the management.
(h) Inventories :
(i) Stock in trade comprising of raw materials (including goods in
transit), packing material, stock in process and finished goods are
valued at the lower of cost and net realizable value after making such
provisions as required on account of damage, unserviceable and obsolete
stocks
(ii) Stocks of stores, spares and consumable are valued at cost.
(iii) Value of raw material and packing material does not include
excise duty, counter veiling duty paid to the extent of which CENVAT
credit is available.
(iv) Excise duty on goods manufactured by the company and remaining in
inventory is included s a part of valuation of finished goods.
(i) Retirement Benefits :
(i) Contributions to provident fund are made at predetermined rates to
Government Authority and charged to profit and loss account.
(ii) The Company is accounting for gratuity and leave encashment on
cash basis.
(j) Revenue Recognition :
(i) Sales are recognized when the seller has transferred to the buyer,
the property in the goods, for a price, or all significant risks and
rewards of ownership have been transferred to the buyer without the
seller retaining any effective control over the goods. Sales are stated
at contractual realizable values, net of excise duty, sales tax and
trade discounts.
(ii) Commission income is recognized as per contracts/receipt of credit
note.
(iii) Job work Income is recognized when the goods are transferred to
buyer and where no uncertainty exists regarding realization of revenue.
(k) Foreign Currency Transactions :
(i) Transactions in foreign currencies are recorded at the exchange
rate prevailing on the date of the transaction.
(ii) In respect of monetary items denominated in foreign currencies,
exchange differences arising out of settlement or on conversion at the
closing rate are recognized in the Profit and Loss Account, other than
exchange differences on acquisition of fixed assets, which are adjusted
in the carrying amount of fixed assets.
(l) Stores and Spares :
Items of stores and spares are charged to the revenue at the stage of
purchase and stocks of such items as at the end of the year is
accounted at cost.
(m) Research and Development Expenditure :
Revenue Expenditure in respect of Research and Development is charged
to the Profit and Loss Account and Capital Expenditure is added to the
cost of Fixed Assets in the year in which it is incurred.
(n) Taxation :
Provision for income-tax is based on the taxable income computed in
accordance with the provision of the Income-tax Act, 1961. 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 period.
(o) Provisions, Contingent Liabilities and Contingent Assets :
Provisions involving substantial degree of estimation in measurement
are recognized 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 statements.
(p) Amortization of Deferred Revenue Expenditure :
The Company is amortizing 1/5 of Deferred Revenue Expenditure every
year.
Mar 31, 2010
(a) Basis of preparation of financial statements basis of accounting,
under the historical These financial statements have been prepared on
the accrual basis of accounting cost convention, and in accordance with
the standard issued by The Institute of Chartered Accountants of India.
(b) Use of estimates :
The presentation of financial statements requires estimates and,
statements and effect the reported amount of assets and liabitilties
reported period. Differences between determined,
(c) Fixed Assets : incidental expenses related to acquisition
(i) Fixed Assets are stated at their original cost including purchase
price and any
(ii) Capital Work in Progress is stated at cost.
(d)Impaiment of Assets:
An asset is treated as impired when its carrying cost exceeds its
recverable value An impirment loss is charged to the Profit and Loss
Account in the year in which as asset is identfied as impanired The
impirment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
(e) Borrowing Costs:
Borrowing Costs that are directly attributable to acquisition of
qualfying assets are capitalized for the period unitil the assset is
ready for the period unit the asset is ready for intended use A
qualifying assets is an asset that necassarily takes substantial period
of time to get ready for its intended us Other borrowing costs are
recognize as an expense in the period in which they are incurred. No
borrowing cost are eligible for capitalization during the year.
(f) Depreciation
Depreciation on assets is provided on the straight line method at rates
and in the manner prescribed in schedule XIV to the Companies Act, 1956
(g) Investments:
Investments are valued at cost Provision for diminution in the
value of Long Term investment is made only if, such decline is not
temporary in nature in the opinion of the management.
(h) Inventories:
(i) Stock in trade comprising of raw materials (including goods in
transit), packing material, stock in process and finished goods are
valued at the lower of cost and net realizable value after making such
provisions as required on account of damage, unserviceable and obsolete
stocks
(ii) Stocks of stores, spares and consumable are valued at cost.
(iii) Value of raw material and packing material does not include
excise duty, counter valid duty paid to the extent of which CENVAT
credit is available.
(iv) Excise duty on goods manufactured by the company and remaining in
inventory is included as a part of valuation of finished goods.
(i) Retirement Benefits :
(i) Contributions to provident fund are made at predetermined rates to
Government Authority and charged to profit and loss account.
(ii) The Company is accounting for gratuity and leave encashment on
cash basis.
(j) Revenue Recognition :
(i) Sales are recognized when the seller has transferred to the buyer,
the property in the goods, for a price or all significant risks and
rewards of ownership have been transferred to the buyer without the
seller retaining any effective control over the goods. Sales are stated
at contractual realizable values, net of excise duty, sales tax and
trade discounts.
(ii) Commission income is recognized as per contracts/receipt of credit
note
(iii) Job work Income is recognized when the goods are transferred to
buyer and where no uncertainty exists regarding realization of revenue.
(k) Foreign Currency Transactions :
(i) Transactions in foreign currencies are recorded at the exchange
rate prevailing on the date of the transaction.
(ii) In respect of monetary items denominated in foreign currencies,
exchange differences arising out of settlement or on conversion at the
closing rate are recognized in the Profit and Loss Account, other than
exchange differences on acquisition of fixed assets, which are adjusted
in the carrying amount of fixed assets.
(l) Stores add Spares:
ltems of stores and spares are charged to the revenue at the stage of
purchase and stocks of such items as at the end of the year is
accounted at cost.
(m) Research and Development Expenditure :
Revenue Expenditure in respect of Research and Development is charged
to the Profit and Loss Account and Capital Expenditure is added to the
cost of Fixed Assets in the year in which it is incurred.
(n) Provision for income-tax is based on the taxable income computed in
accordance with the provision of the income-tax Act, 1961. Deferred tax
is recognized, subject to the consideration of prudence, on Snug
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 period. Deferred tax assete
are recognized on unabsorbed depreciation and carry forward of losses
based on virtual certainty that sufficient future taxable income will
be available against which such deferred tax assets can be realized.
(o) Provisions, Contingent Liabilities and Contingent Assets :
Provisions involving substantial degree of estimation in measurement
are recognized 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 statements.
(p) Amortization of Deferred Revenue Expenditure :
The Company is amortizing 1/5th of Deferred Revenue Expenditure every
year.
Mar 31, 2009
(a) Basis of preparation o1| financial statements:
These financial statements have been prepared on the accrual basis of
accounting, under the historical cost convention, and in accordance
with the Companies Act, 1956 and the applicable accounting standard
issued by The Institute of Chartered Accountants of India.
(b) Use of estimates
The presentation of firancial statements requires estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reported period. Differences
between the actual result and estimates are recognised in the period in
which the results are known/ determined.
(c) Fixed Assets:
(i) Fixed Assets are stated at their original cost including incidental
expenses related to acquisition and installation, less accumulated
depreciation. Cost comprises of the purchase price and any other
attributable! cost of bringing the assets to its working condition for
its intended use.
(ii) Capital Work in progress is stated at cost.
(d) Impairment of Assets
An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the à estimate of recoverable amount.
(e) Borrowing Costs:
Borrowing Costs that are directly attributable to acquisition of
qualifying assets are capitalized for the period until the asset is
ready for intended use. A qualifying assets is an asset, that
necessarily takes substantial period of ti|me to get ready for its
intended use. Other borrowing costs are recognize as an expense in the
period in which they are incurred. No borrowing costs are eligible for
capitalization during the year.
(f) Depreciation:
Depreciation on assets is provided on the straight line method at rates
and in the manner prescribed in schedule XIV to the Companies Act,
1956.
(g) Investments:
Investments are valued at cost. Provision for diminution in the value
of Long Term investment is made only if, such decline is not temporary
in nature in the opinion of the management.
(h) Inventories:
(i) Stock in trade comprising of raw materials (including goods in
transit), packing material, stock in process and finished goods are
valued at the lower of cost and net realizable value after making such
provisions as required on account of damage, unserviceable and obsolete
stocks
(ii) Stocks of stores, spares and consumable are valued at cost.
(iii) Value of raw material and packing material does not include
excise duty, counter valid duty paid to the extent of which CENVAT
credit is available.
(iv) Excise duty on goods manufactured by the company and remaining in
inventory is included as a part of valuation of finished goods.
(i) Retirement Benefits:
(i) Contributions to provident fund are made at predetermined rates to
Government Authority and charged to profit and loss account.
(ii) The Company is accounting for gratuity and leave encashment on
cash basis.
(j) Revenue Recognition:
(i) Sales are recognized when the seller has transferred to the buyer,
the property in the goods, for a price, or all significant risks and
rewards of ownership have been transferred to the buyer without the
seller retaining any effective control over the goods. Sales are stated
at contractual realizable values, net of excise duty, sales tax and
trade discounts.
(ii) Commission income is recognized as per contracts/receipt of credit
note.
(iii) Job work Income is recognized when the goods are transferred to
buyer and where no uncertainty exists regarding realisation of revenue.
(k) Foreign Currency Transactions:
(i) Transactions in foreign currencies are recorded at the exchange
rate prevailing on the date of the transaction.
(ii) In respect of monetary items denominated in foreign currencies,
exchange differences arising out of settlement or on conversion at the
closing rate are recognized in the Profit and Loss Account, other than
exchange differences on acquisition of fixed assets, which are adjusted
in the carrying amount of fixed assets.
(l) Stores and Spares:
Items of stores and spares are charged to the revenue at the stage of
purchase and stocks of such items as at the end of the year is
accounted at cost.
(m) Research and Development Expenditure:
Revenue Expenditure in respect of Research and Development is charged
to the Profit and Loss Account and Capital Expenditure is added to the
cost of Fixed Assets in the year in which it is incurred.
(n) Taxation:
Provision for income-tax is based on the taxable income computed in
accordance with the provision of the Income-tax Act, 1961. 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 period. Deferred tax assets are recognized on
unabsorbed depreciation and carry forward of losses based on virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
(o) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized 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 statements.
(p) Amortization of Deferred Revenue Expenditure:
The Company is amortizing 1/5th of Deferred Revenue Expenditure every
year.
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