Mar 31, 2015
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standard notified under the relevant
provisions of the Companies Act, 2013. The financial statements are
prepared on accrual basis under the historical cost convention.
All Assets and liabilities are classified as current or non current as
per the Company's normal operating cycle and other criteria set out in
Schedule III of the Act. Based on the nature of products and the time
between the acquisition of assets for processing and their realisation
in cash and cash equivalents, the company has ascertained its operating
cycle as 12 month for the purpose of current- non current
classification of assets and liabilities.
ii. USE OF ESTIMATES:
The preparation of financial statements in conformity with the GAAP
requires estimates and assumptions to be made that affect the reported
amounts of assets and liabilities on the date of the financial
statements, the reported amounts of revenues and expenses during the
reported period and the disclosures relating to contingent liabilities
as of the date of the financial statements. Although these estimates are
based on the management's best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in
outcomes different from the estimates. Difference between actual results
and estimates are recognised in the period in which the results are
known or materialise.
Appropriate changes in estimates are made as management becomes aware
of changes in circumstances surrounding the estimates. Any revision to
accounting estimates is recognised prospectively in the current and
future periods.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis as a going concern.
iii. Investments
(i) Recognition and Measurement: Investments that are intended to be
held for more than a year, from the date of acquisition, are classified
as long-term investments and are carried at cost. However, provision
for diminution in value of investments is made to recognise a decline,
other than temporary, in the value of the investments.
(ii) Presentation and Disclosure: Investments which are readily
realisable and intended to be held not more than one year from balance
sheet date, are classified as current investments. All other
investments are classified as non-current investments.
iv. Fixed Assets
Fixed Assets are stated at cost less depreciation. Cost of acquisition,
fabrication or construction is inclusive of freight, duties and other
incidental expenses during construction period.
v. Impairment
An asset is considered as impaired in accordance with Accounting
Standard-28 on impairment of assets when at balance sheet date there
are indications of impairment and the carrying amount of the asset
exceeds its recoverable amount. The carrying amount is reduced to the
recoverable amount and the reduction is recognized as an impairment
loss in the Statement of profit and loss .
vi. Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Straight Line Method (SLM). Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act,2013.
Depreciation on assets sold, discarded, demolished or scrapped, is
provided upto the date on which the said asset is sold, discarded,
demolished or scrapped.
vii. Inventories
The Closing stock is valued at lower of cost and net realisable value.
viii. Taxes on income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is recognised on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Where there is unabsorbed depreciation and
carry forward losses, deferred tax assets are recognised only if there
is virtual certainty of realisation of such assets. Other deferred tax
assets are recognised only to the extent there is reasonable certainty
of realisation in future.
ix. Foreign Currency Transaction
Transactions in foreign currencies are recorded at the rate prevalent
on the date of transaction. However, Export/Imports remaining
unrealised/unpaid till the finalisation of accounts are stated at the
exchange rate prevailing at the end of the year.
x. Contingent Liabilities
Liabilities of contingent nature are not provided for in the books and
are disclosed by way of notes on accounts.
Mar 31, 2014
I. Basis of Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and are generally in accordance with the
requirements of the Companies Act, 1956. The accounting policies not
specifically mentioned are consistent with generally accepted
accounting principles.
All Assts and liabilities are classified as current or non current as
per the Company''s normal operating cycle and other criteria set out in
Schedule VI to the Act. Based on the nature of products and the time
between the acquisition of assets for processing and their realisation
in cash and cash equivalents, the company has ascertained its operating
cycle as 12 month for the purpose of current-non current
classification of assets and liabilities.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis as a going concern.
iii. Investments
The investments are stated at cost. Provision for diminution is made to
recognise for decline, other than temporary in the nature of long term
investments.
iv. Fixed Assets
Fixed Assets are stated at cost less depreciation. Cost of acquisition,
fabrication or construction is inclusive of freight, duties and other
incidental expenses during construction period.
v. Impairment
An asset is considered as impaired in accordance with Accounting
Standard-28 on impairment of assets when at balance sheet date there
are indications of impairment and the carrying amount of the asset
exceeds its recoverable amount. The carrying amount is reduced to the
recoverable amount and the reduction is recognized as an impairment
loss in the Statement of profit and loss .
vi. Depreciation
The Company is providing depreciation on straight line method as per
rates given in Schedule XIV of the Companies Act, 1956 on pro rata
basis for the period of use.
vii. Inventories
The Closing stock is valued at lower of cost or net realisable value.
viii. Taxes on income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is recognised on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Where there is unabsorbed depreciation and
carry forward losses, deferred tax assets are recognised only if there
is virtual certainty of realisation of such assets. Other deferred tax
assets are recognised only to the extent there is reasonable certainty
of realisation in future.
ix. Foreign Currency Transaction
Transactions in foreign currencies are recorded at the rate prevalent
on the date of transaction. However, Export/Imports remaining
unrealised/unpaid till the finalisation of accounts are stated at the
exchange rate prevailing at the end of the year.
x. Contingent Liabilities
Liabilities of contingent nature are not provided for in the books and
are disclosed by way of notes on accounts.
Mar 31, 2013
I Basis of Accounting
The fincncial statements ore prepared under the historical cost
convention on accrJal basis and cre generally in accordance with the
requirements of the Companies Act, 1956. The accounting poilcies not
specifically mentioned ore consistent with generally accepted
accounting principles.
All Assts and liabilities are classified as current or non current as
per the Company''s normal operating cycle and other criteria set out in
Schedule VI to the Act. Based on the nature Of products and the time
between the acquisition of assets for processing and their reolisotion
in cash and cash equivalents, the company has ascertained its operating
cycle as 12 month for the purpose of current- non current clossfication
of assets and liabilities.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis as o going concern.
iii. Investments
The investments are slated at cost Provision for diminution is made to
recognise for decline, other than temporary in tne nature at long term
investments.
iv. Fixed Assets
Fixed Assets are stated ct cost less depreciation. Cost of acquisition.
fabrication or construction is inclusive of freight, duties and other
incidental expenses during construction period.
v. Impairment
An asset is considered as impaired in accordance with Accounting
Stondard-28 or impairment of assets when at balance sheet dote there
ore indications of impairment and the carrying amount of tine csset
exceects its recoverable amount. The carrying amount is reduced to the
recoverable amount and the reduction is recognized os an impairment
loss in the Statement of profit and loss.
vi. Depreciation
The Company is providing depreciation on straight line method as per
rates given in Scheoule XIV of the Companies Act, 1956 on pro rota
basis for Ina period of use.
vii. Inventories
The stock has been valued at lower of cost or net realisable value.
viii. Taxes on Income
Current tax is aetermined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is recognised on timing
differences, being the difference between taxaole income and accounting
income that originate in one perioa and are capable of reversal in one
or more subsequent periods. Wnere tnere is uncbsorbed depreciation and
carry forward losses, deferred lax assets are recognised only if there
is virtual certainty of reolisotion of such assets. Other deferred tax
assets ore recognised only to the extert there is reasoncble certainty
of realisation in future.
ix. Foreign Currency Transaction
Transactions in foreign currencies are recorded at the rote prevalent
on the date of transaction. However. Export/lmports remaining
unreclised/unaaid till the finolisalion of accounts are stated at the
excrange rote prevailing at lbe end of the year.
x. Contingent Liabilities
Liabilities of contingent nature are not provided for in the books and
are disclosea by way of rotes on accounts.
Mar 31, 2012
I. Basis of Accounting
The 'financial statements are prepared under the historical cost
convention on accrual basis and are generally in accordance with the
requirements of the Companies Act, 1956. The accounting policies not
specifically mentioned are consistent with generally accepted
accounting principles.
All Assts and liabilities are classified as current or non current as
per the Company's normal operating cycle and other criteria set out in
Schedule VI to the Act. Based on the nature of products and the time
between the acquisition of assets for processing and their realisation
in cash and cash equivalents, the company has ascertained its operating
cycle os 12 month for the purpose of current- non current
classification of assets and liabilities.
ii. Revenue Recognition
The company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis as a going concern.
iii. Investments
The investments are stated at cost. Provision for diminution is mode to
recognise for decline, other than temporary in the nature of long term
investments.
iv. Fixed Assets
.Fixed Assets are stated at cost less depreciation. Cost of
acquisition, fabrication or construction is inclusive of freight,
duties and other incidental expenses during construction period.
v. Impairment
An asset is considered as impaired in accordance with Accounting
Standard-28 on impairment of assets when at balance sheet date there
are indications of impairment and the carrying amount of the asset
exceeds its recoverable amount. The carrying amount is reduced to the
recoverable amount and the reduction is recognized as an impairment
loss in the Statement of profit and loss.
vi. Depreciation
The Company is providing depreciation on straight line method as per
rates given in Schedule XIV of the Companies Act. 1956 on pro rate
basis for the period of use.
vii. Inventories
The stock has been valued at lower of cost or net realisable value.
viii. Taxes on income
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is recognised on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Where there is unabsorbed depreciation and
cany forward losses, deferred fax assets are recognised only it there
is virtual certainty of realisation of such assets. Other deferred tax
assets are recognised only to the extent there is reasonable certainty
of realisation in future.
ix. Foreign Currency Transaction
Transactions in foreign currencies are recorded at the rate prevalent
on the date of transaction. However. Export/lmports remaining
unrealised/unpard till the finalisation of accounts are stated of the
exchange rate prevailing at the end of the year,
x. Contingent liabilities
Liabilities of contingent nature are not provided for in the books and
are disclosed by way of notes on
Mar 31, 2011
I. Notes 0f Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and are generally fri accordance with the
requirements of the Companies Act. 1956. The accounting policies not
specifically mentioned are consistent with generally accepted
accounling principles
ii. Revenue Recognition
The company follows the mercanlite system 01 accounting and recognizes
income and expenditure on accrual basis as a going concern.
iii. Investments
The inveslinents are staled al. cost. Provision for diminution is made
to recognise for decline, other than temporary in The nature of long
term investments.
iv. Fixed Assets
Fixed Assets are stated at cost less depreciation. Cost of acquisition,
fabrication or construction is inclusive of freight, duties and other
incidental expenses during construction period.
v. Impairment
An assel is considered as impaired in accordance with Accounling
Stondard-28 on imperilment of assets when at balance sheet dale there
are indications of impairment and the carrying amount of the asset
exceeds its recoverable amount. ,The carrying amount is reduced to the
recoverable amount and the reduction is recogniied as an impairment
loss in the profit and loss account.
vi. Depreciation
The Cpmpany is providing depreciation on straight line methed os per
rates given in Schedule XlV of the Companies Act, 1956 on pro rata
basis for the period of use.
vii. Inventories
The stock has been valued at lower of cost or not reollsoble value.
vii. Taxes on income
Current lax is determined as the amount of tax payable in respect of
taxable income for the year. Deterred fox is recognised on liming
differences, being !he difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods. Where there is unabsorbed depreciation and
carry forward losses, deferred lox assets are recognised only If there
Is virtual certainty of realisalion of such assets. Other deferred tax
assets are recognised only to the extent there'' is reasonable certainly
of realisation in future.
ix. Foreign Currency Transoclion
Transactions in foreign currencies are recorded at the rate prevalent
on the date of fransocfion. However. Export/Imports remaining
unrealised/unpaid fill Ine finalisation at accounts Ore stated at the
exchange rote prevailing ol the end of the year.
x. Contingent Liabilities
Liabilities of contingent nature are not provided for in the books and
are disclosed by way of notes on accounts.
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