Mar 31, 2015
A) Basis of preparation of Financial Statements:
The financial statements have been prepared under the historical cost
convention in accordance with the generally accepted accounting
principle and the provisions of the Companies Act, 2013.
b) Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. The costs of Fixed Assets are inclusive of freight,
duties (net of Cenvat) and other incidental expenses incurred during
construction period.
Depreciation on Fixed assets is provided on WDV method in accordance
with the rates and in the manner specified in schedule II of the
Companies Act, 2013.
During the year, the Company has adopted estimated useful life of fixed
assets as stipulated by Schedule II to the Companies Act, 2013.
Accordingly, depreciation of Rs. 10.92 lacs on account of assets whose
useful life is already exhausted on April 01,2014 has been adjusted
against General Reserve.
c) Impairment of Assets
An asset is impaired if there are sufficient indication that the
carrying cost would exceed the recoverable amount of cash generating
assets. In that event an impairment loss so computed is recognized in
the account in the relevant year.
d) Investments:
Long Term Investments are stated at cost. Provision is made for
diminution, other than temporary, in the value of such investment.
e) Inventories;
Raw materials are valued at cost less Cenvat claimed on it and stores
and spare parts are valued at cost. Finished Goods are valued at cost
added with the excise duties on clearance payable or net realizable
value whichever is lower. Work in Process in supply contracts with
installation is calculated on cost or net realizable value whichever is
lower. The cost is determined on FIFO basis. Scrap is valued at
estimated realizable value.
f) Revenue Recognition;
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Sales Tax
and Discount but inclusive of excise duty.
g) Foreign Currency Transactions:
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of transaction. The profit or loss on account of
exchange fluctuation (on revenue transactions) is charged to the Profit
& Loss A/c.,
h) Provisions and Contingent Liabilities:
Provisions in respect of present obligations arising out of past events
are recognized when reliable estimates can be made of the amount of
obligation. The contingent liabilities are disclosed byway of notes on
accounts forming part of Balance Sheet.
Mar 31, 2014
A) Basis of preparation of Financial Statements:
The financial statements have prepared under the historical cost
convention in accordance with the generally accepted accounting
principle and the provisions of the Companies Act, 2013.
b) Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. The costs of Fixed Assets are inclusive of freight,
duties (net of Cenvat) and other incidental expenses incurred during
construction period.
Depreciation on tangible fixed assets is provided on WDV method in
accordance with the rate and in the manner specified in schedule II of
the Companies Act, 2013
c) Impairment of Assets
An asset is impaired if there are sufficient indication that the
carrying cost would exceed the recoverable amount of cash generating
assets. In that event an impairment loss so computed is recognized in
the account in the relevant year.
d) Investments:
Long Term Investments are stated at cost. Provision is made for
diminution, other than temporary, in the value of such investment.
e) Inventories;
Raw materials are valued at cost less Cenvat claimed on it and stores
and spare parts are valued at cost. Finished Goods are valued at cost
added with the excise duties on clearance payable or net realizable
value whichever is lower. Work in Process in supply contracts with
installation is calculated on cost or net realizable value whichever is
lower. The cost is determined on FIFO basis. Scrap is valued at
estimated realizable value.
f) Revenue Recognition;
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Sales Tax
and Discount but inclusive of excise duty.
g) Foreign Currency Transactions:
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of transaction. The profit or loss on account of
exchange fluctuation (on revenue transactions) is charged to the Profit
& Loss A/c.
h) Provisions and Contingent Liabilities:
Provisions in respect of present obligations arising out of past events
are recognized when reliable estimates can be made of the amount of
obligation. The contingent liabilities are disclosed by way of notes on
accounts forming part of Balance Sheet.
Mar 31, 2013
A) Basis of preparation of Financial Statements:
The financial statements have prepared under the historical cost
convention in accordance with the generally accepted accounting
principle and the provisions of the Companies Act, 1956.
b) Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. The costs of Fixed Assets are inclusive of freight,
duties (net of Cenvat) and other incidental expenses incurred during
construction period.
Depreciation on tangible fixed assets is provided on WDV method in
accordance with the rate and in the manner specified in schedule XIV of
the Companies Act, 1956.
c) Impairment of Assets:
An asset is impaired if there are sufficient indication that the
carrying cost would exceed the recoverable amount of cash generating
assets. In that event an impairment loss so computed is recognized in
the account in the relevant year.
d) Investments:
Long Term Investments are stated at cost. Provision is made for
diminution, other than temporary, in the value of such investment.
e) Inventories:
Raw materials are valued at cost less Cenvat claimed on it and stores
and spare parts are valued at cost. Finished Goods are valued at cost
added with the excise duties on clearance payable or net realizable
value whichever is lower. Work in Process in supply contracts with
installation is calculated on cost or net realizable value whichever is
lower. The cost is determined on FIFO basis. Scrap is valued at
estimated realizable value.
f) Revenue Recognition:
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Sales Tax
and Discount but inclusive of excise duty.
g) Foreign Currency Transactions:
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of transaction. The profit or loss on account of
exchange fluctuation (on revenue transactions) is charged to the Profit
& Loss A/c.
h) Provisions and Contingent Liabilities:
Provisions in respect of present obligations arising out of past events
are recognized wnen reliable estimates can be made of the amount of
obligation. The contingent liabilities are disclosed by way of notes on
accounts forming part of Balance Sheet.
Mar 31, 2012
A. Basis of preparation of Financial Statements:
The financial statements have prepared under the historical cost
convention in accordance with the generally accepted accounting
principle and the provisions of the Companies Act, 1956.
b. Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. The costs of Fixed Assets are inclusive of freight,
duties (net of Cenvat) and other incidental expenses incurred during
construction period.
Depreciation on tangible fixed assets is provided on WDV method in
accordance with the rate and in the manner specified in schedule XIV of
the Companies Act, 1956.
c. Impairment of Assets
An asset is impaired if there are sufficient indication that the
carrying cost would exceed the recoverable amount of cash generating
assets. In that event an impairment loss so computed is recognized in
the account in the relevant year.
d. Investments:
Long Term Investments are stated at cost. Provision is made for
diminution, other than temporary, in the value of such investment.
e. Inventories;
Raw materials are valued at cost less Cenvat claimed on it and stores
and spare parts are valued at cost. Finished Goods are valued at cost
added with the excise duties on clearance payable or net realizable
value whichever is lower. Work in Process in supply contracts with
installation is calculated on cost or net realizable value whichever is
lower. The cost is determined on FIFO basis. Scrap is valued at
estimated realizable value.
f. Revenue Recognition;
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Sales Tax
and Discount but inclusive of excise duty.
g. Foreign Currency Transactions:
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of transaction. The profit or loss on account of
exchange fluctuation (on revenue transactions) is charged to the Profit
& Loss A/c.
h. Provisions and Contingent Liabilities:
Provisions in respect of present obligations arising out of past events
are recognized when reliable estimates can be made of the amount of
obligation. The contingent liabilities are disclosed by way of notes on
accounts forming part of Balance Sheet.
Mar 31, 2011
1. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of preparation of Financial Statements:
The financial statements have prepared under the historical cost
convention in accordance with the generally accepted accounting
principle and the provisions of the Companies Act, 1956.
b. Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. The costs of Fixed Assets are inclusive of freight,
duties (net of Convert) and other incidental expenses incurred during
construction period.
Depreciation on tangible fixed assets is provided on WDV method in
accordance with the rate and in the manner specified in schedule XIV of
the Companies Act, 1956. Depreciation on intangible fixed assets i.e.
computer application software is amortized in two and half years on
straight line method.
c. Impairment of Assets
An asset is impaired if there are sufficient indication that the
carrying cost would exceed the recoverable amount of cash generating
assets. In that event an impairment loss so computed is recognized in
the account in the relevant year.
d. Investments:
Long Term Investments are stated at cost. Provision is made for
diminution, other than temporary, in the value of such investment.
e. Inventories;
Raw materials are valued at cost less Convent claimed on it and stores
and spare parts are valued at cost. Finished Goods are valued at cost
added with the excise duties on clearance payable or net realizable
value whichever is lower. Work in Progress in supply contracts with
installation is calculated on cost or net realizable value whichever is
lower. The cost is determined on FIFO basis. Scrap is valued at
estimated realizable value.
f. Revenue Recognition;
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Sales Tax
and inclusive of excise duty.
g. Foreign Currency Transactions:
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of transaction. The profit or loss on account of
exchange fluctuation (on revenue transactions) is charged to the Profit
& Loss A/c.
h. Provisions and Contingent Liabilities:
Provisions in respect of present obligations arising out of past events
are recognized when reliable estimates can be made of the amount of
obligation. The contingent liabilities are disclosed by way of notes on
accounts forming part of Balance Sheet.
1. Employee Benefits:
i. Short term benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit & loss account of the year in which
the related service is rendered.
ii. Post employment benefits
Gratuity and leave encashment which are defined benefits are accrued
based on the actuarial valuation as at Balance sheet date by an
independent actuary. The Company has opted for a Group Gratuity cum
life Insurance Scheme of the Life Insurance Corporation of India for
part of the employees and the contribution is charged to the profit and
loss account each year. For other than funded plan, the expense is
recognized, as calculated on the basis of present value of the amount
payable determined by the actuarial valuation. The liability recognized
in the balance sheet is the present value of the defined benefit
obligation less the fair value of funded plans. All actuary gain and
losses are charged to the profit and loss account.
Mar 31, 2010
A. Basis of preparation of Financial Statements:
The financial statements have been prepared under the historical cost
convention in accordance with the generally accepted accounting
principle and the provisions of the Companies Act, 1956.
b. Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
depreciation. The costs of Fixed Assets are inclusive of freight,
duties (net of Cenvat) and other incidental expenses incurred during
construction period.
Deprecation on tangible fixed assets is provided on WDV method in
accordance with the rate and in the manner specified in schedule XIV of
the Companies Act, 1956. Deprecation on intangible fixed assets i.e.
computer application software is amortised in two and half years on
straight line method.
c. Impairment of Assets
An asset is impaired if there are sufficient indication that the
carrying cost would exceed the recoverable amount of cash generating
assets. In that event an impairment loss so computed would be
recognized in the account in the relevant year.
d. Investments:
Long Term Investments are stated at cost. Provision is made for
diminution, other than temporary, in the value of such investment.
e. Inventories:
Raw materials are valued at cost less Cenvat claimed on it and stores
and spare parts are valued at cost. Finished Goods are valued at cost
added with the excise duties on clearance payable or net realisable
value whichever is lower. Work in Progress in supply contracts with
installation is calculated on cost or net realisable value whichever is
lower. The cost is determined on FIFO basis. Scrap is valued at
estimated realisable value.
f. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Sales are net of Sales Tax
and inclusive of excise duty.
g. Foreign Currency Transactions
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of transaction. The profit or loss on account of
exchange fluctuation (on revenue transactions) is charged to the Profit
& Loss A/c.
h. Provisions and Contingent Liabilities:
Provisions in respect of present obligations arising out of past events
are recognized when reliable estimates can be made of the amount of
obligation. The contingent liabilities are disclosed by way of notes on
Balance Sheet.
i. Employee Benefits:
i. Short term benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit & loss account of the year in which
the related service is rendered.
ii. Post employment benefits
Gratuity and Leave encashment which are defined benefits are accrued
based on the actuarial valuation as at balance sheet date by an
independent actuary. The Company has opted for a Group Gratuity cum
Life Insurance Scheme of the Life Insurance Corporation of India for
part of the employees and the contribution is charged to the profit and
loss account each year. For other than funded plan, the expense is
recognized calculated on the basis of present value of the amount
payable determined by the actuarial valuation. The liability recognized
in the balance sheet is the present value of the defined benefit
obligation less the fair value of funded plans. All actuary rain and
losses are charged to the profit and loss account.