Mar 31, 2014
ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
respect of additions/deductions during the year depreciation is charged
on pro-rata basis. Assets costing less than Rs. 5000/- each are fully
depreciated in the year of acquisition.
IMPAIRMENT OF ASSETS: At each balance sheet date, the Company assesses
whether there is any indication that an asset may be impaired. If any
such indication exists, the Company estimates the recoverable amount.
If the carrying amount of the asset exceeds its recoverable amount, an
impairment loss is recognized in the Profit & Loss Account to the
extent the carrying amount exceeds recoverable amount.
INVENTORIES: Inventories are valued at lower of cost and net realizable
value. In determining cost FIFO method is used.
MISCELLANEOUS EXPENDITURE: Preliminary expenses are written off over a
period of five years.
INCOME TAXES: Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act.
Deferred tax is recognized, subject to consideration of prudence, on
timing differences, representing the difference between the taxable
income /(loss) and accounting income /(loss) that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred Tax assets and liabilities are measured using tax rates and
tax laws that have been enacted or substantively enacted by the Balance
Sheet date.
RETIREMENT BENEFITS: This act is not applicable to the company
SALES: Sales are accounted for on dispatch of goods to the Customers,
net of Sales Tax.
EARNINGS PER SHARE: In accordance with the Accounting Standard 20 "
Earnings per Share " issued by the Institute of Chartered Accountants
of India , basic earnings per share is computed using the weighted
average number of shares outstanding during the year.
PROVISIONS AND CONTINGENT LIABILITIES: Provisions are recognized when
the Company has a legal and constructive obligation as a result of past
event, for which it is probable that a cash outflow will be required
and a reliable estimate can be made of the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2013
ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
respect of additions/deductions during the year depreciation is charged
on pro-rata basis. Assets costing less than Rs. 5000/- each are fully
depreciated in the year of acquisition.
IMPAIRMENT OF ASSETS: At each balance sheet date, the Company assesses
whether there is any indication that an asset may be impaired. If any
such indication exists, the Company estimates the recoverable amount.
If the carrying amount of the asset exceeds its recoverable amount, an
impairment loss is recognized in the Profit & Loss Account to the
extent the carrying amount exceeds recoverable amount.
INVENTORIES: Inventories are valued at lower of cost and net realizable
value. In determining cost FIFO method is used.
MISCELLANEOUS EXPENDITURE: Preliminary expenses are written off over a
period of five years.
INCOME TAXES: Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act.
Deferred tax is recognized, subject to consideration of prudence, on
timing differences, representing the difference between the taxable
income /(loss) and accounting income /(loss) that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred Tax assets and liabilities are measured using tax rates and
tax laws that have been enacted or substantively enacted by the Balance
Sheet date.
RETIREMENT BENEFITS: This act is not applicable to the company
SALES: Sales are accounted for on dispatch of goods to the Customers,
net of Sales Tax.
EARNINGS PER SHARE: In accordance with the Accounting Standard 20 "
Earnings per Share " issued by the Institute of Chartered Accountants
of India , basic earnings per share is computed using the weighted
average number of shares outstanding during the year.
PROVISIONS AND CONTINGENT LIABILITIES: Provisions are recognized when
the Company has a legal and constructive obligation as a result of past
event, for which it is probable that a cash outflow will be required
and a reliable estimate can be made of the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2012
ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
respect of additions/deductions during the year depreciation is charged
on pro-rata basis. Assets costing less than Rs. 5000/- each are fully
depreciated in the year of acquisition.
IMPAIRMENT OF ASSETS: At each balance sheet date, the Company assesses
whether there is any indication that an asset may be impaired. If any
such indication exists, the Company estimates the recoverable amount.
If the carrying amount of the asset exceeds its recoverable amount, an
impairment loss is recognized in the Profit & Loss Account to the
extent the carrying amount exceeds recoverable amount.
INVENTORIES: Inventories are valued at lower of cost and net realizable
value. In determining cost FIFO method is used.
MISCELLANEOUS EXPENDITURE: Preliminary expenses are written off over a
period of five years.
INCOME TAXES: Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act.
Deferred tax is recognized, subject to consideration of prudence, on
timing differences, representing the difference between the taxable
income /(loss) and accounting income /(loss) that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred Tax assets and liabilities are measured using tax rates and
tax laws that have been enacted or substantively enacted by the Balance
Sheet date.
RETIREMENT BENEFITS: This act is not applicable to the company
SALES: Sales are accounted for on dispatch of goods to the Customers,
net of Sales Tax.
EARNINGS PER SHARE: In accordance with the Accounting Standard 20 "
Earnings per Share " issued by the Institute of Chartered Accountants
of India , basic earnings per share is computed using the weighted
average number of shares outstanding during the year.
PROVISIONS AND CONTINGENT LIABILITIES: Provisions are recognized when
the Company has a legal and constructive obligation as a result of past
event, for which it is probable that a cash outflow will be required
and a reliable estimate can be made of the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2010
1. ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
2. FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
respect of additions/deductions during the year depreciation is charged
on pro-rata basis. Assets costing less than Rs. 5000/- each are fully
depreciated in the year of acquisition.
3. IMPAIRMENT OF ASSETS
At each balance sheet date, the Company assesses whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount. If the carrying
amount of the asset exceeds its recoverable amount, an impairment loss
is recognized in the Profit & Loss Account to the extent the carrying
amount exceeds recoverable amount .
4. INVENTORIES
Inventories are valued at lower of cost and net realizable value. In
determining cost FIFO method is used.
5. MISCELLANEOUS EXPENDITURE
Preliminary expenses are written off over a period of ten years.
6. INCOME TAXES
Tax expense comprises of current and deferred tax.
Current income tax and fringe benefit tax is measured at the amount
expected to be paid to the tax authorities in accordance with the
Income Tax Act.
Deferred tax is recognized, subject to consideration of prudence, on
timing differences, representing the difference between the taxable
income /(loss) and accounting income /(loss) that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred Tax assets and liabilities are measured using tax rates and
tax laws that have been enacted or substantively enacted by the Balance
Sheet date.
7. RETIREMENT BENEFITS.
Liability in respect of retirement benefits is provided for and/or
funded and charged to Profit & Loss as follows:
a. Provident/Family Pension Fund: As a percentage of Salary/Wages for
eligible employees.
b. Liability in respect of gratuity to employees is provided on basis
of 15 days salary last drawn for each completed year of service.
8. SALES
Sales are accounted for on dispatch of goods to the Customers, net of
Sales Tax.
9. EARNINGS PER SHARE
In accordance with the Accounting Standard 20 " Earnings per Share "
issued by the Institute of Chartered Accountants of India , basic
earnings per share is computed using the weighted average number of
shares outstanding during the year.
10. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized when the Company has a legal and constructive
obligation as a result of past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2009
1. ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
2. FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
respect of additions/deductions during-the year depreciation is charged
on pro-rata basis. Assets costing less than Rs. 5000/- each are fully
depreciated in the year of acquisition.
3. IMPAIRMENT OF ASSETS
At each balance sheet date, the Company assesse whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount. If the carrying
amount of the asset exceeds its recoverable amount, an impairment loss
is recognized in the Profit & Loss Account to the extent the carrying
amount exceeds recoverable amount.
4. INVENTORIES
Inventories are valued at lower of cost and net realizable value. In
determining cost FIFO method is used.
5. MISCELLANEOUS EXPENDITURE
Preliminary expenses are written off over a period of ten years.
6. INCOME TAX
Current income tax and fringe benefit tax is measured at the amount
expected to be paid to the tax authorities in accordance with the
Income Tax Act.
Deferred tax is. recognized, subject to consideration of prudence, on
timing differences, representing the difference between the taxable
income /(loss) and accounting income /(loss) that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred Tax assets and liabilities are measured using tax rates and
tax laws that have been enacted or substantively enacted by the Balance
Sheet date.
7. RETIREMENT BENEFITS.
Liability in respect of retirement benefits is provided for and/or
funded and charged to Profit & Loss as follows:
a. Provident/Family Pension Fund: As a percentage of Salary/Wages for
eligible employees.
b. Liability in respect of gratuity to employees is provided on basis
of 15 days salary last drawn for each completed year of service.
8. SALES
Sales are accounted for on dispatch of goods to the Customers, net of
Sales Tax.
9. EARNINGS PER SHARE
In accordance with the Accounting Standard 20" Earnings per Share"
issued by the Institute of Chartered Accountants of India , basic
earnings per share is computed using the weighted average number of
shares outstanding during the year.
10. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized when the Company has a legal and constructive
obligation as a result of past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
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