Mar 31, 2015
A) Basis of Accounts:
Accounts have been prepared on the basis of historical cost. The
Company adopts the accrual system of accounting and the accounts are
prepared on a going concern concept.
b) Fixed Assets:
Fixed assets are stated at cost less depreciation. Cost comprises the
purchase price and any attributable cost of bringing the asset to
working condition for its intended use. Financing cost if any relating
to the acquisition of fixed assets for the period up to the completion
of fixed assets for its intended use are included in the cost of the
asset to which they relate.
c) Depreciation & Amortisation :
Depreciation has been provided on life assigned to each asset in
accordance with schedule II of the Companies Act 2013.
d) Inventories:
Inventories are valued at the lower of cost or estimated net realizable
value. The cost of inventories is arrived at on the following basis:
Raw Material and Stores :- Weighted Average Cost
Stock in Process :- Raw Materials at Weighted Average Cost &
absorption of Labour and Overheads
Finished Goods :- Raw Materials at Weighted Average Cost &
absorption of Labour and Overheads
e) Accounting of Cenvat Credit:
Cenvat credit is taken on the basis of purchases and consumed at the
time of clearance.
f) Foreign Currency Transactions:
(1) Transactions in foreign currencies are generally recorded by
applying to the foreign currency amount, the exchange rate existing at
the time of the transaction.
(2) Gains or losses on settlement, in a subsequent period of
transactions entered into in an earlier period are credited or charged
to the Statement of Profit and Loss.
(3) Monetary items denominated in foreign currencies at the year-end
are restated at the year- end rates.
g) Retirement Benefits:
1. The Gratuity liability is determined based on the Actuarial
Valuation done by Actuary as at balance sheet date in context of the
Revised AS-15 issued by the ICAI, as follows:
The Company has covered Rs.1,55,680/- out of Total Liability of
Rs.1,95,86,328/- by paying yearly premium to Life Insurance Corporation
of India over the past years. And the Company has charged
Rs.34,02,206/- towards contribution paid to LIC to Statement of Profit
And Loss for the year ended 31-03-2015 as per consistent past practice.
2. Liability in respect of Superannuation Benefits extended to
eligible employees is contributed by the Company to Life Insurance
Corporation of India against a Master Policy @ 8% of the Basic Salary
of all the eligible employees.
3. The Company''s contribution Rs.41,35,435/- (P.Y. Rs. 40,95,329/-)
paid / payable for the year to Provident Fund is charged to the
Statement of Profit And Loss.
4. Liability in respect of Leave Encashment is provided on actual
payment basis.
h) Investments :
Investments are generally of Long Term nature and are stated at cost
unless there is a other than temporary diminution in their value as at
the date of Balance Sheet.
i) Revenue Recognition:
1) Sale of goods is generally recognised on dispatch to customers and
excludes the amounts recovered towards Excise Duty, Packing and
Forwarding and VAT / CST.
2) Interest revenues are recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable.
3) Consistent with past practice dividends from investments in Shares
are recognised as and when the same are received.
4) Consistent with past practice Insurance Claim is accounted for as
and when the same has been admitted by the Insurance authorities.
j) Contingent Liabilities:
There is no any contingent liability.
Mar 31, 2014
Significant accounting policies adopted in the preparation and
presentation of accounts are as under:
a) Basis of Accounts:
Accounts have been prepared on the basis of historical cost. The
Company adopts the accrual system of accounting and the accounts are
prepared on a going concern concept.
Mar 31, 2012
A) Basis of Accounts:
Accounts have been prepared on the basis of historical cost. The
Company adopts the accrual system of accounting and the accounts are
prepared on a going concern concept.
b) Fixed Assets:
Fixed assets are stated at cost less depreciation. Cost comprises the
purchase price and any attributable cost of bringing the asset to
working condition for its intended use. Financing cost if any relating
to the acquisition of fixed assets for the period up to the completion
of fixed assets for its intended use are included in the cost of the
asset to which they relate.
c) Depreciation & Amortisation Depreciation has been provided on WDV on
all assets at the rates specified in Schedule XIV of the Companies Act,
1956. Depreciation is provided on pro rata basis: i) From the date of
additions on additions to fixed assets during the year and ii)Up to the
date of disposal on disposal of fixed assets during the year.
d) Inventories: Inventories are valued at the lower of cost or
estimated net realizable value. The cost of inventories is generally
arrived at on the following basis: Raw Material and Stores :Weighted
average cost Stock in Process :- Raw Materials at Weighted Average Cost
& absorption of Labour and Overheads Finished Goods :- Raw Materials at
Weighted Average Cost & absorption of Labour and Overheads
e) Accounting of Cenvat Credit: Cenvat credit is taken on the basis of
purchases and consumed at the time of clearance.
f) Foreign Currency Transaction:
(1) Transaction in foreign currencies are generally recorded by
applying to the foreign currency amount, the exchange rate existing at
the time of the transaction.
(2) Gains or losses on settlement, in a subsequent period of
transactions entered into in an earlier period are credited or charged
to the Statement of Profit and Loss. (3) Monetary items denominated in
foreign currencies at the year-end are restated at the year-end rates.
g) Retirement Benefits:
1. The Gratuity liability is determined based on the Actuarial
Valuation done by Actuary as at balance sheet date in context of the
Revised AS-15 issued by the ICAI, as follows:
The Company has covered Rs. 72,93,084/- out of Total Liability of Rs.
2,53,49,565/- by paying yearly premium to Life Insurance Corporation of
India over the past years. And the Company has charged Rs.
11,82,495/-. towards contribution paid to LIC to Profit & Loss Account
for the year ended 31-03-2012 as per consistent past practice.
2. Liability in respect of Superannuation Benefits extended to
eligible employees is contributed by the Company to Life Insurance
Corporation of India against a Master Policy @ 15% of the Basic Salary
of all the eligible employees.
3. The Company's contribution Rs. 3889176/- (P.Y. Rs. 3685428/-) paid
/ payable for the year to Provident Fund is charged to the Statement of
Profit & Loss.
4. Liability in respect of Leave Encashment is provided on actual
payment basis.
h) Investment:
Investments are generally of Long Term nature and are stated at cost
unless there is a other than temporary diminution in their value as at
the date of Balance Sheet.
i) Revenue Recognition:
1) Sale of goods is generally recognised on dispatch to customers and
excludes the amounts recovered towards Excise Duty, Packing and
Forwarding and VAT/CST.
2) Interest revenues are recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable.
3) Consistent with past practice dividends from investments in Shares
are recognised as and when the same are received.
4) Consistent with past practice Insurance Claim is accounted for as
and when the same has been admitted by the Insurance authorities.
j) Contingent Liabilities:
There is no any Contingent Liability
Mar 31, 2011
1) Accounting Policies:
Significant accounting policies adopted in the preparation and
presentation of accounts are as under:
a) Basis of Accounts:
Accounts have been prepared on the basis of historical cost. The
Company adopts the accrual system of accounting and the accounts are
prepared on a going concern concept.
b) Fixed Assets:
Fixed assets are stated at cost less depreciation. Cost comprises the
purchase price and any attributable cost of bringing the asset to
working condition for its intended use. Financing cost if any relating
to the acquisition of fixed assets for the period up to the completion
of fixed assets for its intended use are included in the cost of the
asset to which they relate.
c) Depreciation:
Depreciation has been provided on WDV on all assets at the rates
specified in Schedule XIV of the Companies Act, 1956. Depreciation is
provided on pro-rata basis: i) From the date of additions on additions
to fixed assets during the year and ii)Up to the date of disposal on
disposal of fixed assets during the year.
d) Inventories:
Inventories are valued at the lower of cost or estimated net realizable
value. The cost of inventories is generally arrived at on the following
basis:
Raw Material and stores :-
Monthly moving weighted average cost
Stock in Process :-
At lower of the cost or realizable value
Finished Goods :-
At lower of the cost or realizable value
e) Accounting of Cenvat Credit:
Cenvat credit is taken on the basis of purchases and consumed at the
time of clearance.
f) Foreign Currency Transaction:
(1) Transaction in foreign currencies are generally recorded by
applying to the foreign
currency amount, the exchange rate existing at the time of the
transaction.
(2) Gains or losses on settlement, in a subsequent period of
transactions entered into in an earlier period are credited or charged
to the Profit and Loss Account.
g) Retirement Benefits:
The Company has covered Rs.83,67,720/- out of Total Liability of
Rs.2,28,86,477/- by paying yearly premium to Life Insurance Corporation
of India over the past years. And the Company has charged Rs.9,87,500/-
towards contribution paid to LIC to Profit & Loss Account for the year
ended 31-03-2011 as per consistent past practice.
Mar 31, 2010
A) Basis of Accounts:
Accounts have been prepared on the basis of historical cost. The
Company adopts the accrual system of accounting and the accounts are
prepared on a going concern concept.
b) Fixed Assets:
Fixed assets are stated at cost less depreciation. Cost comprises the
purchase price and any attributable cost of bringing the asset to
working condition for its intended use. Financing cost if any relating
to the acquisition of fixed assets for the period up to the completion
of fixed assets for its intended use are included in the cost of the
asset to which they relate.
c) Depreciation:
Depreciation has been provided on WDV on all assets at the rates
specified in Schedule XIV of the Companies Act, 1956. Depreciation
is provided on pro-rata basis:
i) From the date of additions on additions to fixed assets during the
year and
ii)Up to the date of disposal on disposal of fixed assets during the year.
d) Inventories:
Inventories are valued at the lower of cost or estimated net realizable
value. The cost of inventories is gene rally arrive d at on the
following basis: Raw Material and stores :- Monthly moving weighted
average cost Stock in Process :-
At lower of the cost or realizable value Finished Goods :-
At lower of the cost or realizable value
e) Accounting of Cenvat Credit:
Cenvat credit is taken on the basis of purchases and consumed at the
time of clearance.
f) Foreign Currency Transaction:
(1) Transaction in fore ign currencies are generally recorded by
applying to the foreign currency amount, the exchange rate existing at
the time of the transaction.
(2) Gains or losses on settlement, in a subsequent period of transactions
entered into in an earlier period are credited or charged to the Profit
and Loss Account.
The Company has covered Rs.97,43,749/- out of Total Liability of
Rs.2,36,34,174/- by paying yearly premium to Life Insurance Corporation
of India over the past years. And the Company has charged
Rs.21,00,000/- towards contribution paid to LIC to Profit & Loss
Account for the year ended 31-03-2010 as per consistent past practice.