Mar 31, 2014
1.1 Use of Estimates:
The preparation of financial statements is in conformity with Indian
GAAP requires the management to make judgments, estimates and
assumptions that affect the reported amounts of revenue, expenses,
assets and liabilities and the disclosure of contingent liabilities, at
the end of the reporting period. Although these estimates are based on
the management''s best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result In the
outcomes requiring a material adjustment to the carrying amounts of
assets or liabilities in future periods.
1.2 Fixed Assets
Fixed assets are carried at the cost of acquisition less accumulated
depreciation. All costs including the financing costs and Pre operative
expenses incurred till the commencement of commercial production are
capitalised.
1.3 Depreciation
Depreciation on Fixed Assets has been provided on straight line basis
at the rates and in the manner laid down in Schedule XIV of the
Companies Act, 1956. Individual items of assets valuing less than Rs.
5,000/- have been fully depreciated. Intangible assets are amortized
over a period of three years.
1.4 Investments:
Current Investments are carried at lower of cost or market value
determined on an individual investment basis. Long term investments are
carried at cost. Provision for diminution in value of long term
investments Is made only if such decline is Other than temporary. On
disposal of an investment, the difference between its carrying amount
and net disposal proceeds is charged or credited to the Statement of
Profit and Loss.
1.5 Revenue Recognition
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured. The following specific recognition criteria are met before
revenue is recognized:
a) Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "Revenue from Operations" in
the statement of profit and loss.
b) Dividend
Dividend income is recognized when the company''s right to receive
dividend is established by the reporting date, c} Other Income
Other items of revenue are recognized in accordance with the Accounting
Standard (A5-9) "Revenue Recognition",
1.6 Provision for Income Tax Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually hased
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
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 laws 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 he
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date
1.7 Provisions, contingent Liabilities and contingent Assets:
Provision involving substantial degree of estimation in measurement is
recognised when there is a present obligation as a result of past event
and it is prohable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in notes to
accounts. Contingent Assets are neither recognised nor disclosed in
financial statements.
1.8 Other Accounting Policies
These are consistent with generally accepted accounting practices,
Mar 31, 2013
1.1 Use of Estimates:
The preparation of financial statements is in conformity with Indian
GAAP requires the management to make judgments, estimates and
assumptions that affect the reported amounts of revenue, expenses,
assets and liabilities and the disclosure of contingent liabilities, at
the end of the reporting period. Although these estimates are based on
the management''s best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring a material adjustment to the carrying amounts of
assets or liabilities in future periods.
1.2 Fixed Assets
Fixed assets are carried at the cost of acquisition less accumulated
depreciation. All costs including the financing costs and Pre-operative
expenses incurred till the commencement of commercial production are
capitalised.
1.3 Depreciation
Depreciation on Fixed Assets has been provided on straight line basis
at the rates and in the manner laid down in Schedule XIV of the
Companies Act, 1956. Individual items of assets valuing less than Rs.
5,000/- have been fully depreciated. Intangible assets are amortized
over a period of three years.
1.4 Investments:
Current Investments are carried at lower of cost or market value
determined on an individual investment basis. Long term investments are
carried at cost. Provision for diminution in value of long term
investments is made only if such decline is other than temporary. On
disposal of an investment, the difference between its carrying amount
and net disposal proceeds is charged or credited to the Statement of
Profit and Loss.
1.5 Revenue Recognition
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured. The following specific recognition criteria are met before
revenue is recognized:
a)Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "Revenue from Operations" in
the statement of profit and loss.
b) Dividend
Dividend income is recognized when the company''s right to receive
dividend is established by the reporting date.
c) Other Income
Other items of revenue are recognized in accordance with the Accounting
Standard [AS-9) "Revenue Recongnition".
1.6 Provision for Income Tax Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions. Deferred Taxes
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 laws 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
1.7 Provisions, contingent Liabilities and contingent Assets:
Provision involving substantial degree of estimation in measurement is
recognised when there is a present obligation as a result of past event
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in notes to
accounts. Contingent Assets are neither recognised nor disclosed in
financial statements.
1.8 Other Accounting Policies
These are consistent with generally accepted accounting practices.
Mar 31, 2012
1.1 Basis of preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006, (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
1.2 Use of Estimates:
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
13 Fixed Assets
Fixed assets are carried at the cost of acquisition less accumulated
depreciation. All costs including the financing costs and Pre-operative
expenses incurred till the commencement of commercial production are
capitalised.
1.4 Depreciation
Depreciation on Fixed Assets has been provided on straight line basis
at the rates and in the manner laid down in Schedule XIV of the
Companies Act, 1956. Individual items of assets valuing less than Rs.
5,000/- have been fully depreciated. Intangible assets are amortized
over a period of three years.
1.5 Investments:
Current Investments are carried at lower of cost or market value
determined on an individual investment basis. Long term investments are
carried at cost. Provision for diminution in value of long term
investments is made only if such decline is other than temporary. On
disposal of an investment, the difference between its carrying amount
and net disposal proceeds is charged or credited to the Statement of
Profit and Loss.
1.6 Revenue Recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured. The following specific recognition criteria are met
before revenue is recognized:
a) Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "Revenue from Operations" in
the statement of profit and loss.
b) Dividend
Dividend income is recognized when the company's right to receive
dividend is established by the reporting date.
c) Other Income
Other items of revenue are recognized in accordance with the Accounting
Standard (AS-9) "Revenue Recongnition".
1.7 Provision for Income Tax
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax ass<ãls 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 laws 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
1.8 Provisions, contingent Liabilities and contingent Assets:
Provision involving substantial degree of estimation in measurement is
recognised when there is a present obligation as a result of past event
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in notes to
accounts. Contingent Assets are neither recognised nor disclosed in
financial statements.
1.9 Other Accounting Policies
These are consistent with generally accepted accounting practices.
Mar 31, 2010
1. Basis of Accounting
The Financial Statements are prepared on accrual basis under the
historical cost convention, in conformity with all material aspects
with the generally accepted accounting principles in India, the
Accounting Standards issued by the Institute of Chartered Accountants
of India and the requirements of the Companies Act, 1956.
2. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires that the management of the
company makes estimates and assumptions that affect the reported
amounts of income and expenses of the year, the reported balances of
assets and liabilities and the disclosures relating to contingent
liabilities as of the date of the financial statements.
3. Revenue Recognition:
Income and expenses are recognized on accrual basis.
4. Fixed Assets:
Fixed Assets are stated at Original cost less Accumulated depreciation
All direct cost attributable to acquisition / Installation of Assets
are capitalized
5. Depreciation on Fixed assets:
Depreciation on Fixed Assets has been provided on Straight Line Method
at the rate prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on addition is charged proportionally from the date of
acquisition / installation of Assets.
6. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. Recoverable amount is the higher of an assets
net selling price and its value in use. Value in use is the present
value of estimated future cash flows expected to arise from the
continuing use of the asset and from its disposal at the end of its
useful life. Net selling price is the amount obtainable from sale of
the asset in an arms length transaction between knowledgeable, willing
parties less the cost of disposal. An impairment loss is charged to the
profit and loss in the year in which an asset is identified as
impaired.
Mar 31, 2009
1. Basis of Accounting
The Financial Statements are prepared on accrual basis under the
historical cost convention, in conformity with all material aspects
with the generally accepted accounting principles in India, the
Accounting Standards issued by the Institute of Chartered Accountants
of India and the requirements of the Companies Act, 1956.
2. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires that the management of the
company makes estimates and assumptions that affect the reported
amounts of income and expenses of the year, the reported balances of
assets and liabilities and the disclosures relating to contingent
liabilities as of the date of the financial statements. Examples of
such estimates include the useful lives of fixed assets, provision for
doubtful debts / advances, future obligations in respect of retirement
benefit plans etc. Actual results could differ from these estimates.
3. Revenue Recognition:
Income and expenses are recognized on accrual basis.
4. Fixed Assets:
Fixed Assets are stated at Original cost less Accumulated depredation .
All direct cost attributable to acquisition / installation of Assets
are capitalized
5. Depreciation on Fixed assets:
Depredation on Fixed Assets has been provided on Straight Line Method
at the rate prescribed in Schedule XIV of the Companies Act, 1956.
Depredation on addition is charged proportionally from the date of
acquisition / installation of Assets.
6. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. Recoverable amount is the higher of an assets
net selling price and its value in use. Value in use is the present
value of estimated future cash flows expected to arise from the
continuing use of the asset and from its disposal at the end of its
useful life. Net selling price is the amount obtainable from sale of
the asset in an arms length transaction between knowledgeable, willing
parties less the cost of disposal. An impairment loss is charged to the
profit and loss in the year in which an asset is identified as
impaired.
7. Taxes on Income:
(i) Current Taxation
Taxes are accounted for in accordance with Accounting Standard - 22
"Accounting for taxes on income" Current tax are determined as the
amount of tax payable in respect of taxable income for the year. A
provision is made for income tax annually based on the tax liability
computed, after considering tax allowances and exemptions. Provisions
are recorded when it is estimated that a liability due to disallowances
or other matters is probable.
(iii) Fringe Benefit Tax
Fringe Benefit tax is determined at current applicable rates on
expenses falling within the ambit of "Fringe Benefit" as defined under
the Income Tax Act, 1961.
8. Provisions, Contingent Liabilities and contingent assets
Provision involving substantial degree of estimation in measurement is
recognized when there is a present obligation as a result of past event
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 not disclosed in the
financial statements
9. Unless specifically stated to be otherwise, these policies are
consistently followed.
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