Mar 31, 2015
A. Basis of Preparation of Financial Statements:
The Financial Statements have been prepared under the historical cost
convention on accrual method of accounting, in accordance with, the
generally accepted accounting principles in India, mandatory Accounting
Standard notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 2013
B. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions that affect the reported amount of assets, liabilities,
revenue and expenses during the reporting period. Although such
estimates and assumptions are made on a reasonable and prudent basis
taking into account all available information, actual results could
differ from these estimates & assumptions and such differences are
recognized in the period in which the results are crystallized.
C. Fixed Assets
All fixed assets are capitalised at cost inclusive of installation and
direct attributable expenses.
Fixed Assets are stated at cost. Cost includes interest on borrowed
capital used for construction of fixed assets and of expenditure
incurred during the construction period on a fair and reasonable basis
D. Intangible Assets
Intangible Assets are stated at cost of acquisition less accumulated
amortization/depletion.
E. Depreciation
Depreciation on fixed assets has been charged on straight line method
and provided over the useful life of the assets based on technological
evaluation or the useful life for the tangible assets prescribed under
Schedule II of Companies Act, 2013.
The cost of Intangible assets is amortized over a period of fifteen
years the estimated economic life of the assets.
F. Inventories
Inventories are valued at lower of cost and net realisable value as
estimated by the management. Cost of Inventories is calculated on
Standard Cost basis. Cost comprises of all cost of purchase, cost of
conversion and other cost incurred in bringing the inventories to their
present location and condition.
G. Foreign Currency Transactions and Translations:
Foreign Currency transactions are recorded at the exchange rate
prevailing on the date of transaction. Exchange rate differences
arising on the date of settlement of transaction are recognised as
Currency Exchange Fluctuation Account in Profit And Loss Account.
Year end balance of foreign currency loans and other
liabilities/receivables denominated in foreign currency are translated
at the applicable year end rates, and the resultant gains and losses
are recognised as Currency Exchange Fluctuation Account in Profit and
Loss Account
H. Revenue Recognition
1) Consignment Sales
The consignment sales have been accounted for on sales effected by the
consignee.
2) Other Sales
Sales are accounted for net of CST and VAT. Sale of products are
recognized on transfer of property in goods as per agreed terms.
3) Other Incomes
All income items in all material aspects having bearing on the
financial statement are recognized on accrual basis.
I. Provisions and Contingent Liabilities
A provision is recognised when the company has a present obligation as
a result of a past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are determined based
on management estimate required to settle the obligation at the balance
sheet date and are not discounted to present value. Contingent
liabilities are disclosed on the basis of judgment of the
management/independent experts. These are reviewed at each balance
sheet date and are adjusted to reflect the current management estimate.
J. Employees' Benefits
1) Short Term Employee Benefits:-
Short Term Employee Benefits are recognized as an expense on an
undiscounted basis in the Profit & Loss account of the year in which
the related service is rendered.
2) Post Employment Benefits:-
(a) Defined Contribution Plan:
The Employer's contribution to the Provident Fund and Pension Scheme, a
defined contribution plan is made in accordance with the Provident Fund
Act, 1952 read with the Employees Pension Scheme, 1995
(b) Defined Benefit Plan:
The liability for gratuity is provided through a policy taken from Life
Insurance Corporation of India (LIC) by an approved trust formed for
that purpose. The present value of the company's obligation is
determined on the basis of actuarial valuation at the year end and the
fair value of plan assets is reduced from the gross obligations under
the gratuity scheme to recognize the obligation on a net basis
K. Taxation
(a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961.
(b) Deferred tax assets and liability are recognised for timing
differences between the accounting and taxable income, based on tax
rates that have been enacted or substantively enacted by the Balance
Sheet date. Where there are unabsorbed depreciation or carry forward
losses, Deferred tax assets are recognised only if there is virtual
certainly of realisation of such assets. Other deferred tax assets a r
e recognised only to the extent there is reasonable certainly of
realisation in future
L. Borrowing Costs
Borrowing costs that are attributable to the acquisition of or
construction of qualifying
assets are capitalized as part of the cost of such assets. A qualifying
assets is one that necessarily takes substantial period of time to get
ready for its intended use. All other borrowing costs are charged to
revenue.
M. Impairment of Assets
If the carrying amount of fixed assets exceeds the recoverable amount
on the reporting date, the carrying amount is reduced to the
recoverable amount. The recoverable amount is measured as the higher of
the net selling price or the value in use determined by the present
value of estimated future cash flows.
N. Earning Per Share
The earnings considered in ascertaining the Company's EPS comprises the
net profit after tax as per Accounting Standard-20 on "Earning per
share", issued by the Institute of Chartered Accountants of India. The
number of shares used in computing basic EPS is the weighted average
number of shares outstanding during the period. The diluted EPS is
calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive share is anti-dilutive.
Mar 31, 2014
A. Basis of Preparation of Financial Statements:
The Financial Statements have been prepared under the historical cost
convention on accrual method of accounting, in accordance with, the
generally accepted accounting principles in India, mandatory Accounting
Standard notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956,
B. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions that affect the reported amount of assets, liabilities,
revenue and expenses during the reporting period. Although such
estimates and assumptions are made on a reasonable and prudent basis
taking into account all available information, actual results could
differ from these estimates & assumptions and such differences are
recognized in the period in which the results are crystallized.
C. Fixed Assets
All fixed assets are capitalised at cost inclusive of installation and
direct attributable expenses.
Fixed Assets are stated at cost. Cost includes interest on borrowed
capital used for construction of fixed assets and of expenditure
incurred during the construction period on a fair and reasonable basis
D. Intangible Assets
Intangible Assets are stated at cost of acquisition less accumulated
amortization/depletion.
E. Depreciation
Depreciation on fixed assets has been charged on straight line method,
in the manner and at rates specified in Schedule XIV to the Companies
Act, 1956. In respect of additions depreciation is provided on pro-rata
basis with reference to the number of days of addition. On assets sold,
discarded, etc. during the year, depreciation is provided upto the
date of sale/discard.
F. Inventories
Inventories are valued at lower of cost and net realisable value as
estimated by the management. Cost of Inventories is calculated on
Standard Cost basis. Cost comprises of all cost of purchase, cost of
conversion and other cost incurred in bringing the inventories to their
present location and condition.
G. Foreign Currency Transactions and Translations:
Foreign Currency transactions are recorded at the exchange rate
prevailing on the date of transaction. Exchange rate differences
arising on the date of settlement of transaction are recognised as
Currency Exchange Fluctuation Account in Profit And Loss Account.
Year end balance of foreign currency loans and other
liabilities/receivables denominated in foreign currency are translated
at the applicable year end rates, and the resultant gains and losses
are recognised as Currency Exchange Fluctuation Account in Profit and
Loss Account.
H. Revenue Recognition
1) Consignment Sales
The consignment sales have been accounted for on sales effected by the
consignee.
2) Other Sales
Sales are accounted for net of CST and VAT. Sale of products are
recognized on transfer of property in goods as per agreed terms.
3) Other Incomes
All income items in all material aspects having bearing on the
financial statement are recognized on accrual basis.
I. Provisions and Contingent Liabilities
A provision is recognised when the company has a present obligation as
a result of a past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are determined based
on management estimate required to settle the obligation at the balance
sheet date and are not discounted to present value. Contingent
liabilities are disclosed on the basis of judgment of the
management/independent experts. These are reviewed at each balance
sheet date and are adjusted to reflect the current management estimate.
J. Employees'' Benefits
1) Short Term Employee Benefits:-
Short Term Employee Benefits are recognized as an expense on an
undiscounted basis in the Profit & Loss account of the year in which
the related service is rendered.
2) Post Employment Benefits:-
(a) Defined Contribution Plan:
The Employer''s contribution to the Provident Fund and Pension Scheme, a
defined contribution plan is made in accordance with the Provident Fund
Act, 1952 read with the Employees Pension Scheme, 1995
(b) Defined Benefit Plan:
The liability for gratuity is provided through a policy taken from Life
Insurance Corporation of India (LIC) by an approved trust formed for
that purpose. The present value of the company''s obligation is
determined on the basis of actuarial valuation at the year end and the
fair value of plan assets is reduced from the gross obligations under
the gratuity scheme to recognize the obligation on a net basis
K. Taxation
(a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961.
(b) Deferred tax assets and liability are recognised for timing
differences between the accounting and taxable income, based on tax
rates that have been enacted or substantively enacted by the Balance
Sheet date. Where there are unabsorbed depreciation or carry forward
losses, Deferred tax assets are recognised only if there is virtual
certainly of realisation of such assets. Other deferred tax assets are
recognised only to the extent there is reasonable certainly of
realisation in future
L. Borrowing Costs
Borrowing costs that are attributable to the acquisition of or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
M. Impairment of Assets
If the carrying amount of fixed assets exceeds the recoverable amount
on the reporting date, the carrying amount is reduced to the
recoverable amount. The recoverable amount is measured as the higher of
the net selling price or the value in use determined by the present
value of estimated future cash flows.
N. Earning Per Share
The earnings considered in ascertaining the Company''s EPS comprises the
net profit after tax as per Accounting Standard-20 on "Earning per
share", issued by the Institute of Chartered Accountants of India. The
number of shares used in computing basic EPS is the weighted average
number of shares outstanding during the period. The diluted EPS is
calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive share is anti-dilutive.
Mar 31, 2013
A. Basis of Preparation of Financial Statements:
The Financial Statements have been prepared under the historical cost
convention on accrual method of accounting, in accordance with, the
gener- ally accepted accounting principles in India, mandatory
Accounting Standard notified by the Companies (Accounting Standards)
Rules, 2006 and the relevant provisions of the Companies Act, 1956.
B. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions that affect the reported amount of assets, liabilities,
revenue and ex- penses during the reporting period. Although such
estimates and assumptions are made on a reasonable and prudent basis
taking into account all available information, actual results could
differ from these estimates & assumptions and such differences are
recognized in the period in which the results are crystallized.
C. Fixed Assets
All fixed assets are capitalised at cost inclusive of installation and
direct attributable expenses.
Fixed Assets are stated at cost. Cost includes interest on borrowed
capital used for construction of fixed assets and of expenditure
incurred during the construction period on a fair and reasonable basis
D. Intangible Assets
Intangible Assets are stated at cost of acquisition less accumulated
amortization/depletion.
E. Depreciation
Depreciation on fixed assets has been charged on straight line method,
in the manner and at Ratesspecified in Schedule XIV to the Companies
Act, 1956. In respect of additions depreciation is provided on pro-rata
basis with reference to the number of days of addition. On assets sold,
discarded, etc. during the year, depreciation is provided upto the date
of sale/discard.
F. Inventories
Inventories are valued at lower of cost and net realisable value as
estimated by the management. Cost of Inventories is calculated on
Standard Cost basis. Cost comprises of all cost of purchase, cost of
conversion and other cost incurred in bringing the inventories to their
present location and condition.
G. Foreign Currency Transactions and Translations:
Foreign Currency transactions are recorded at the exchange rate
prevailing on the date of transaction. Exchange rate differences
arising on the date of settlement of transaction are recognised as
Currency Exchange Fluctuation Account in Profit And Loss Account.
Year end balance of foreign currency loans and other
liabilities/receivables denominated in foreign currency are translated
at the applicable year end rates, and the resultant gains and losses
are recognised as Currency Exchange Fluctuation Account in Profit and
Loss Account.
H. Revenue Recognition
1) Consignment Sales
The consignment sales have been accounted for on sales effected by the
consignee.
2) Other Sales
Sales are accounted for net of CST and VAT. Sale of products are
recognized on transfer of property in goods as per agreed terms.
3) Other Incomes
All income items in all material aspects having bearing on the
financial statement are recognized on accrual basis.
I. Provisions and Contingent Liabilities
A provision is recognised when the company has a present obligation as
a result of a past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are determined based
on management estimate required to settle the obligation at the balance
sheet date and are not discounted to present value. Contingent
liabilities are disclosed on the basis of judgment of the
management/independent experts. These are reviewed at each balance
sheet date and are adjusted to reflect the current manage- ment
estimate.
J. Employees'' Benefits
1) Short Term Employee Benefits:-
Short Term Employee Benefits are recognized as an expense on an
undiscounted basis in the Profit & Loss account of the year in which
the related service is rendered.
2) Post Employment Benefits:-
(a) Defined Contribution Plan:
The Employer''s contribution to the Provident Fund and Pension Scheme, a
defined contribution plan is made in accordance with the Provident Fund
Act, 1952 read with the Employees Pension Scheme, 1995.
(b) Defined Benefit Plan:
The liability for gratuity is provided through a policy taken from Life
Insurance Corporation of India (LIC) by an approved trust formed for
that purpose. The present value of the company''s obligation is
determined on the basis of actuarial valuation at the year end and the
fair value of plan assets is reduced from the gross obligations under
the gratuity scheme to recognize the obligation on a net basis.
K. Taxation
(a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961.
(b) Deferred tax assets and liability are recognised for timing
differences between the accounting and taxable income, based on tax
rates that have been enacted or substantively enacted by the Balance
Sheet date. Where there are unabsorbed depreciation or carry forward
losses, Deferred tax assets are recognised only ifthere isvirtual
certainly of realisation of such assets. Other deferred tax assets are
recognised only to the extent there is reasonable certainly of
realisation in future.
L. Borrowing Costs
Borrowing costs that are attributable to the acquisition of or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
M. Impairment of Assets
If the carrying amount of fixed assets exceeds the recoverable amount
on the reporting date, the carrying amount is reduced to the
recoverable amount. The recoverable amount ismeasured as the higher of
the net selling price or the value in use determined by thepresent
value of estimated future cash flows.
N. Earning Per Share
The earnings considered in ascertaining the Company''s EPS comprises the
net profit after tax as per Accounting Standard-20 on "Earning per
share", issued by the Institute of Chartered Accountants of India. The
number of shares used in computing basic EPS is the weighted average
number of shares outstanding during the period. The diluted EPS is
calculated on the same basis as basic EPS, after adjusting for the
effects of potential dilutive equity shares unless the effect of the
potential dilutive share is anti-dilutive.
Mar 31, 2010
A. ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost
convention on accrual basis and comply with Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956.
B. FIXED ASSETS
Fixed Assets are stated at cost of acquisition or construction, less
accumulated depreciation.
C. INVENTORIES
Finished goods : Finished goods are valued at lower of cost or net
realisable value. Cost is determined using First in First out (FIFO)
method.
Stock-in-process : Stock-in-process is valued at cost, if any.
Raw Materials : Raw materials/consumables/designs are valued at cost.
Cost is determined using FIFO Method.
D. DEPRECIATION
Depreciation on Fixed Assets has been provided on the basis of straight
line method, at the rates prescribed under Schedule XIV of the
Companies Act, 1956.
E. SALES
Sale of goods is recognised on despatches to customers for both,
Domestic Sales as well as Export Sales and is inclusive of Export
Incentives. (wherever applicable).
F. EMPLOYEES RETIREMENT AND OTHER BENEFITS
Contributions in respect of gratuity are made to the Life Insurance
Corporation of India as per the actuarial valuation given by LIC.
G. FOREIGN CURENCY TRANSACTIONS
Transactions in foreign currency are accounted for at the exchange
rates prevalent on the date of transaction. Monetary assets and
monetary liabilities related to foreign currency transactions remaining
unsettled at the end of the year are worked out at the exchange rate
prevalent on the last day of the financial year and exchange difference
is charged to Profit & Loss Account.
H. TAXATION
Provision for tax for the year comprises estimated current income-tax
determined to be payable in respect of taxable income. Deferred tax
being the tax effect of timing differences representing the difference
between taxable and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods.
I. PROVISION FOR DOUBTFUL DEBTS
The company does not make provision for doubtful debts, and follow the
practice of writing off bad debts, as and when determined.
J. BORROWING COST
Borrowing cost that are directly attributable to the acquisition,
constructions or production of qualifying asset are capitalised as part
of the cost of that asset. Other borrowing costs are recognised as an
expense during the period in which they are incurred.