Mar 31, 2016
A. Basis of Accounting
a. The financial statements have been prepared in accordance with the historical cost convention on an accrual basis and comply with the applicable Accounting Standards specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. These financial statements have been prepared as required under relevant provision of the Companies Act, 2013 and the presentation is based on the Schedule III of the Companies Act, 2013. All assets and liabilities are classified into current and non-current generally based on the criteria of realization / settlement within twelve months period from the balance sheet date.
b. Use of Estimates
The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires the management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the year. Example of such estimates include provisions for doubtful debts, employee retirement benefits plans, provision for income tax, provision for warranty cost and the useful lives of fixed assets. The difference between the actual results and estimates are recognized in the period in which the results are known and materialized.
B. Fixed Assets
Fixed Assets are stated at cost, less accumulated depreciation / amortization and impairment loss, if any. The actual cost is inclusive of freight, installation cost, duties, taxes, financing cost and other incidental expenses related to the acquisition and installation of the respective assets but does not include tax/duty credits availed.
C. Depreciation
Depreciation on fixed assets is provided on WDV Method at the rates specified in Schedule II of the Companies Act
D. Impairment of Assets
The Fixed Assets or a group of assets (cash generating units) are reviewed for impairment at each Balance Sheet date.
In case of any such indication, the recoverable amount of these assets is determined, and if such recoverable amount of the asset or cash generating unit to which the asset belongs is less than it''s carrying amount, the impairment loss is recognized by writing down such assets to their recoverable amount. An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased.
E. Investments
Quoted Investments are valued at cost or market value whichever is lower. Unquoted Investments are stated at Cost. The decline in the value of the Unquoted Investments, other than temporary, is provided for. Cost is inclusive of brokerage, fees and duties but excludes Securities Transaction Tax, if any.
F. Inventories
Inventories are valued at cost or net realizable value whichever is lower. Cost of inventories comprises all costs of purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average basis.
G. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of an qualifying asset are capitalized as part of the cost of that asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.
H. CENVAT/Value Added Tax
CENVAT/Value Added Tax benefit is accounted for by reducing the purchase cost of the materials/fixed assets/service
I. Revenue Recognition
a. Revenue is recognized on transfer of significant risk and reward in respect of ownership.
b. Sales/Turnover for the year includes sales value of goods and other recoveries such as insurance, transportation and packing charges but excludes sales tax, value added tax and recovery of finance and discounting charges.
c. Insurance, Duty Drawback and other claims are accounted for as and when admitted by the appropriate authorities.
d. Dividend on investments is recognized when the right to receive is established.
J. Foreign Currency Transactions
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transactions. Foreign Currency Monetary Assets and Liabilities are translated at the yearend rate. The difference between the rate prevailing on the date of transaction and on the date of settlement as also on translation of Monetary Items at the end of the year is recognized, as the case may be, as income or expense for the year.
K. Employee Benefits
Short Term Employees Benefits
Short Term Employees Benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the related services are rendered.
L. Taxation
Income tax comprises of current tax and deferred tax. Provision for current income tax is made on the assessable income/benefits at the rate applicable to relevant assessment year. Deferred tax assets and liabilities are recognized for the future tax consequences of timing differences, subject to the consideration of prudence. Deferred tax assets and liabilities are measured using the tax rates enacted or substantively enacted by the Balance Sheet date. The carrying amount of deferred tax asset/liability are reviewed at each Balance Sheet date and recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.
Minimum Alternate Tax (MAT) paid on the book profits, which give rise to future economic benefits in the form of tax credit against future income-tax liability, is recognized as an asset in the Balance Sheet if there is convincing evidence that the Company will pay normal tax within the period specified for utilization of such credit.
M. Provisions, Contingent Liabilities and Contingent Assets
Provisions 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 in respect of which reliable estimate can be made.
Contingent Liabilities are disclosed by way of Notes to Accounts. Disputed demands in respect of Central Excise, Customs, Income-tax and Sales Tax are disclosed as contingent liabilities. Payment in respect of such demands, if any, is shown as an advance, till the final outcome of the matter.
Contingent assets are not recognized in the financial statements.
N. Prior period items
Prior period items are included in the respective heads of accounts and material items are disclosed by way of Notes to Accounts.
O. Other Accounting Policies
These are consistent with the generally accepted accounting principles.
Mar 31, 2015
A. Basis of Accounting
a. The financial statements have been prepared in accordance with the
historical cost convention on an accrual basis and comply with the
applicable Accounting Standards specified under section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,
2014. These financial statements have been prepared as required under
relevant provision of the Companies Act, 2013 and the presentation is
based on the Schedule III of the Companies Act, 2013. All assets and
liabilities are classified into current and non-current generally based
on the criteria of realization / settlement within twelve months period
from the balance sheet date.
b. Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) requires the management of the
Company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the year. Example of
such estimates include provisions for doubtful debts, employee
retirement benefits plans, provision for income tax, provision for
warranty cost and the useful lives of fixed assets. The difference
between the actual results and estimates are recognised in the period
in which the results are known and materialised.
B. Fixed Assets
Fixed Assets are stated at cost, less accumulated depreciation /
amortisation and impairment loss, if any. The actual cost is inclusive
of freight, installation cost, duties, taxes, financing cost and other
incidental expenses related to the acquisition and installation of the
respective assets but does not include tax/duty credits availed.
C. Depreciation
Depreciation on fixed assets is provided on WDV Method at the rates
specified in Schedule II of the Companies Act 2013
D. Impairment of Assets
The Fixed Assets or a group of assets (cash generating units) are
reviewed for impairment at each Balance Sheet date. In case of any
such indication, the recoverable amount of these assets is determined,
and if such recoverable amount of the asset or cash generating unit to
which the asset belongs is less than it's carrying amount, the
impairment loss is recognised by writing down such assets to their
recoverable amount. An impairment loss is reversed if there is change
in the recoverable amount and such loss either no longer exists or has
decreased.
E. Investments
Quoted Investments are valued at cost or market value whichever is
lower. Unquoted Investments are stated at Cost. The decline in the
value of the Unquoted Investments, other than temporary, is provided
for. Cost is inclusive of brokerage, fees and duties but excludes
Securities Transaction Tax, if any.
F. Inventories
Inventories are valued at cost or net realisable value whichever is
lower. Cost of inventories comprises all costs of purchase, conversion
and other costs incurred in bringing the inventories to their present
location and condition. Cost is determined on weighted average basis.
G. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of an qualifying asset are capitalised as
part of the cost of that asset. A qualifying asset is one that
necessarily takes substantial period of time to get ready for intended
use.Other borrowing costs are recognised as an expense in the period in
which they are incurred.
H. CENVAT/Value Added Tax
CENVAT/Value Added Tax benefit is accounted for by reducing the
purchase cost of the materials/fixed assets/services.
I. Revenue Recognition
a. Revenue is recongnised on transfer of significant risk and reward
in respect of ownership.
b. Sales/Turnover for the year includes sales value of goods and other
recoveries such as insurance, transportation and packing charges but
excludes sales tax, value added tax and recovery of finance and
discounting charges.
c. Insurance, Duty Drawback and other claims are accounted for as and
when admitted by the appropriate authorities.
d. Dividend on investments is recognised when the right to receive is
established.
J. Foreign Currency Transactions
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of transactions. Foreign Currency Monetary
Assets and Liabilities are translated at the year end rate. The
difference between the rate prevailing on the date of transaction and
on the date of settlement as also on translation of Monetary Items at
the end of the year is recognised, as the case may be, as income or
expense for the year.
K. Employee Benefits
Short Term Employees Benefits
Short Term Employees Benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related services are rendered.
L. Taxation
Income tax comprises of current tax and deferred tax. Provision for
current income tax is made on the assessable income/ benefits at the
rate applicable to relevant assessment year. Deferred tax assets and
liabilities are recognised for the future tax consequences of timing
differences, subject to the consideration of prudence. Deferred tax
assets and liabilities are measured using the tax rates enacted or
substantively enacted by the Balance Sheet date. The carrying amount of
deferred tax asset/liability are reviewed at each Balance Sheet date
and recognised and carried forward only to the extent that there is a
reasonable certainty that the asset will be realised in future.
Minimum Alternate Tax (MAT) paid on the book profits, which give rise
to future economic benefits in the form of tax credit against future
income-tax liability, is recognised as an asset in the Balance Sheet if
there is convincing evidence that the Company will pay normal tax
within the period specified for utilisation of such credit.
M. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when there is a present obligation as a
result of past events and it is probable that there will be an outflow
of resources in respect of which reliable estimate can be made.
Contingent Liabilities are disclosed by way of Notes to Accounts.
Disputed demands in respect of Central Excise, Customs, Income-tax and
Sales Tax are disclosed as contingent liabilities. Payment in respect
of such demands, if any, is shown as an advance, till the final outcome
of the matter.
Contingent assets are not recognised in the financial statements.
N. Prior period items
Prior period items are included in the respective heads of accounts and
material items are disclosed by way of Notes to Accounts.
O. Other Accounting Policies
These are consistent with the generally accepted accounting principles.
Mar 31, 2014
A. Basis of Accounting
a. The financial statements are prepared under the historical cost
convention using the accrual system of accounting in accordance with
the accounting principles generally accepted in India (Indian GAAP) and
the requirements of the Companies Act, 1956, including the mandatory
Accounting Standards as prescribed by the Companies (Accounting
Standards) Rules 2006.
b. Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) requires the management of the
Company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date off the financial statements and
reported amounts of Income and expenses during the year. Example of
such estimates induce provisions for doubtful debts, employee
retirement benefits plans, provision for income tax, provision for
warranty cost and the useful lives of fixed assets. The difference
between the actual results and estimates are recognised in the period
in which the results are known and materialised.
B. Fixed Assets
Fixed Assets are stated at cost, less accumulated depreciation/
amortlisation and impairment loss, if any. The actual cost is inclusive
of freight, installation cost, duties, taxes, financing cost and other
incidental expenses related to the acquisition and installation of the
respective assets but does not include tax/duty credits availed.
C. Depreciation
Depreciation on fixed assets is provided on WDV Method at the rates
specified in The Companies Act 1956.
D. Impairment of Assets
The Fixed Assets or a group of assets (cash generating units) are
reviewed for impairment at each Balance Sheet date. In case of any such
indication, the recoverable amount of these assets is determined, and
if such recoverable amount of the asset or cash generating unit to
which the asset belongs Is less than its carrying amount, the
impairment loss is recognised by writing down such assets to their
recoverable amount. An impairment loss is reversed if there is change n
the recoverable amount and such loss either no longer exists or has
decreased.
E. Investments
Quoted Investments are valued at cost or market value whichever is
lower. Unquoted Investments are stated at Cost. The decline in the
value of the Unquoted investments, other than temporary, s provided
for. Cost is inclusive of brokerage, fees and duties but excludes
Securities Transaction Tax, if any.
F. Inventories
Inventories are valued at cost or net realisable value whichever Is
lower. Cost of inventories comprises all costs of purchase, conversion
and other costs incurred in bringing the inventories to their present
location and condition. Cost is determined on weighted average basis.
G. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of an qualifying asset are capitalised as
part of the cost of that asset. A qualifying asset is one that
necessarily takes substantia! period of time to get ready for intended
use. Other borrowing costs are recognised as an expense in the period
in which they are incurred.
H. CENVAT/Value Added Tax
CENVAT/Value Added Tax benefit is accounted for by reducing the
purchase cost of the materials/fixed assets/services.
I. Revenue Recognition
a. Revenue is recognised on transfer of significant risk and reward in
respect of ownership.
b. Sales/Turnover for the year includes sales value of goods and other
recoveries such as insurance, transportation and packing charges but
excludes sales tax, value added tax and recovery of finance and
discounting charges.
c. Insurance, Duty Drawback, and other claims are accounted for as and
when admitted by the appropriate authorities.
d. Dividend on investments is recognised when the right to receive is
established.
J. Foreign Currency Transactions
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of transactions. Foreign Currency Monetary
Assets and Liabilities are translated at the year end rate. The
difference between the rate prevailing on the date of transaction and
on the date of settlement as also on translation of Monetary Items at
the end of the year is recognised, as the case may be, as income or
expense for the year.
K. Employee Benefits
Short Term Employees Benefits
Short Term Employees Benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related services are rendered.
L. Taxation
Income tax comprises of current tax and deferred tax, Provision for
current income tax is made on the assessable income/benefits at the
rate applicable to relevant assessment year. Deferred tax assets and
liabilities are recognised for the future tax consequences of timing
differences, subject to the consideration of prudence. Deferred tax
assets and liabilities are measured using the tax rates enacted or
substantively enacted by the Balance Sheet date. The carrying amount of
deferred tax asset/liability are reviewed at each Balance Sheet date
and recognised and carried forward only to the extent that there e a
reasonable certainty that the asset will be reaIised in future.
Minimum Alternate Tax (MAT) paid on the book profits, which give rise
to future economic benefits in the form of tax credit against future
income-tax liability, is recognised as an asset in the Balance Sheet if
there is convincing evidence that the Company will pay normal tax
within the period specified for utilisation of such credit.
M. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when there is a present obligation as a
result of past events and it is probable that there will be an outflow
of resources in respect of which reliable estimate can he made.
Contingent Liabilities are disclosed by way of Notes to Accounts.
Disputed demands In respect of Central Excise, Customs, Income tax and
Sales Tax are disclosed as contingent liabilities. Payment in respect
of such demands, if any, is shown as an advance, till the final outcome
of the matter.
Contingent assets are not recognised in the financial statements.
N. Prior period Items
Prior period items are included in the respective heads of accounts and
material items are disclosed by way of Notes to Accounts.
O. Other Accounting Policies
These are consistent with the generally accepted accounting principles.
Mar 31, 2012
Not Available
Mar 31, 2010
1. The accounts have been prepared under historical cost convention in
accordance with the normally accepted accounting principles and the
provisions of the companies Act, 1956. The Company follows Mercantile
system of Accounting on a going concern basis.
2. Fixed Assets:
Fixed assets are stated at revalued figures less accumulated
depreciation.
3. Depreciation:
Depreciation is provided on straight Line method on prorata basis at
the rates prescribed in schedule XTV of the companies Act, 1956. On
additions and/or deletions,is is calculated prorata basis.
4. Investments:
Investments in the Units of mutual fund have been stated at cost only.
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