Mar 31, 2015
A. BASIS OF PREPARATION
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with generally accepted
accounting principles in India.
b. USE OF ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of financial
statements and reported amounts of revenues and expenses during the
reporting period. Actual result could differ from these estimates and
differences between the actual results and estimates are recognised in
the period in which the results are known/ materialised.
c. Recognition of Income and Expenditure
I) The Company recognizes revenue when the significant terms of the
arrangements are enforceable, services have been delivered and the
collectability is reasonably assured. The method for recognizing
revenues and costs depends on the nature of the services rendered.
ii) Direct fiscal duties and taxes are charged out as an expense in the
year in which they are paid or provided.
d. Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition and include other
direct/indirect and incidental expenses incurred to put them into use
but excludes CENVAT availed on such assets
Borrowing costs directly attributable to acquisition or construction of
those fixed assets which necessarily take a substantial period of time
to get ready for their intended use are capitalized.
The Company provides depreciation on written down value method.
Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013. Depreciation on
additions to / deductions from assets is calculated pro-rata from the
date the assets are put to use /till the date the assets are sold/
disposed off. Intangible assets are amortised equally over their useful
life.
e. Investments
Investments are classified as current investments and long term
investments. Current investments are stated at lower of cost and fair
value. Long term investments are stated at cost less provision for
permanent diminution in value of such investments.
f. Cash Flow statement is prepared in accordance with AS-3.
g. EMPLOYEE BENEFIT:
1. Short term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
2. Long term benefits:
a) Defined Contribution Plan:
Provident Fund:
The PF Act is not applicable to company.
b) Defined Benefit Plan:
Gratuity : Gratuity payable under the Payment of Gratuity Act, 1972 and
liability if any, will be accounted on payment basis.
h. Taxes on Income:
i) Current tax is determined, under the tax payable method on the
liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment.
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent period.
Mar 31, 2014
1 . BASIS OF PREPARATION
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with generally accepted
accounting principles in India.
2. USE OF ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of financial
statements and reported amounts of revenues and expenses during the
reporting period. Actual result could differ from these estimates and
differences between the actual results and estimates are recognised in
the period in which the results are known/ materialised.
3. Recognition of Income and Expenditure
i) The company recognizes revenue when the significant terms of the
arrangements are enforceable, services have been delivered and the
collectability is reasonably assured. The method for recognizing
revenues and costs depends on the nature of the services rendered.
ii) Direct fiscal duties and taxes are charged out as an expense in the
year in which they are paid or provided.
4. Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition and include other
direct/indirect and incidental expenses incurred to put them into use
but excludes CENVAT availed on such assets
Borrowing costs directly attributable to acquisition or construction of
those fixed assets which necessarily take a substantial period of time
to get ready for their intended use are capitalized.
Depreciation on fixed assets is provided using the Written Down Value
method at the rates specified in Schedule XIV to the Companies Act,
1956. Depreciation is calculated on a pro-rata basis from the date of
installation till the date the assets are sold or disposed. Individual
assets costing less than Rs. 5,000/- are depreciated full in the year
of acquisition.
5. Investments
Investments are classified as current investments and long term
investments. Current investments are stated at lower of cost and fair
value. Long term investments are stated at cost less provision for
permanent diminution in value of such investments.
6. Inventories
Inventories are valued at the lower of cost and net realizable value,
including necessary provisions for obsolescence. Cost is determined
using the weighted average method. Cost of work -in-progress and
finished goods include material cost and appropriate share of
manufacturing overheads.
7. Cash Flow statement is prepared in accordance with AS-3.
8. Sales Revenue from sale of products is recognized when the product
has been delivered in accordance with the sales contract. Revenue from
product sales are shown as net of excise duty, sales tax separately
charged and applicable discounts. Commission is recognized based on the
agreement & arrangements made with the parties. Interest is recognized
based on the rates agreed as per the agreements.
9. Foreign Currency Transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of the transaction. Monetary foreign currency
assets and liabilities are translated into Rupee at the rate of
exchange prevailing on the balance sheet date. The difference in
translation of monetary assets and liabilities and realized gains and
losses on foreign currency transactions, other than those relating to
fixed assets acquired outside India are recognized in the profit and
loss account
10 Retiring benefits :
i) Retiring Benefits in the form of Provident Fund is not Applicable in
the view of non applicability of the provident Fund Act.
ii) The Gratuity Act is not applicable in the non- completion of
qualifying years of service by the employees.
iii) Leave encashment is paid and payable at the end of the each
calendar year and necessary provisions if any, required is being made
in the accounts.
11. Taxes on Income:
i) Current tax is determine, under the tax payable method on the
liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment.
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent period.
Mar 31, 2013
1. BASIS OF PREPARATION
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with generally accepted
accounting principles in India.
2. USE OF ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of financial
statements and reported amounts of revenues and expenses during the
reporting period. Actual result could differ from these estimates and
differences between the actual results and estimates are recognised in
the period in which the results are known/ materialised.
3. Recognition of Income and Expenditure
i) The company recognizes revenue when the significant terms of the
arrangements are enforceable, services have been delivered and the
collectability is reasonably assured. The method for recognizing
revenues and costs depends on the nature of the services rendered.
ii) Direct fiscal duties and taxes are charged out as an expense in the
year in which they are paid or provided.
4. Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition and include other
direct/indirect and incidental expenses incurred to put them into use
but excludes CENVAT availed on such assets
Borrowing costs directly attributable to acquisition or construction of
those fixed assets which necessarily take a substantial period of time
to get ready for their intended use are capitalized.
Depreciation on fixed assets is provided using the Written Down Value
method at the rates specified in Schedule XIV to the Companies Act,
1956. Depreciation is calculated on a pro Ârata basis from the date of
installation till the date the assets are sold or disposed. Individual
assets costing less than Rs. 5,000/- are depreciated full in the year
of acquisition.
5. Investments
Investments are classified as current investments and long term
investments. Current investments are stated at lower of cost and fair
value. Long term investments are stated at cost less provision for
permanent diminution in value of such investments.
6. Inventories
Inventories are valued at the lower of cost and net realizable value,
including necessary provisions for obsolescence. Cost is determined
using the weighted average method. Cost of work  in-progress and
finished goods include material cost and appropriate share of
manufacturing overheads.
7. Cash Flow statement is prepared in accordance with AS-3 except in
case of Subsidiaries for which cash flow is not available due to non
availability of information.
8. Sales
Revenue from sale of products is recognized when the product has been
delivered in accordance with the sales contract. Revenue from product
sales are shown as net of excise duty, sales tax separately charged and
applicable discounts. Commission is recognized based on the agreement &
arrangements made with the parties. Interest is recognized based on the
rates agreed as per the agreements.
9. Foreign Currency Transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of the transaction. Monetary foreign currency
assets and liabilities are translated into Rupee at the rate of
exchange prevailing on the balance sheet date. The difference in
translation of monetary assets and liabilities and realized gains and
losses on foreign currency transactions, other than those relating to
fixed assets acquired outside India are recognized in the profit and
loss account
10 Retiring benefits :
i) Retiring Benefits in the form of Provident Fund is not Applicable in
the view of non applicability of the provident Fund Act.
ii) The Gratuity Act is not applicable in the non- completion of
qualifying years of service by the employees.
iii) Leave encashment is paid and payable at the end of the each
calendar year and necessary provisions if any, required is being made
in the accounts.
11. Taxes on Income:
i) Current tax is determine, under the tax payable method on the
liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment.
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent period.
12. Contingent liabilities
a) i) Liability towards irrevocable letters of credit established: Rs.
Nil. (PY Rs. NIL)
ii) Liability in respect of Bank Guarantees: Rs. NIL. (PY Rs. NIL)
iii) Corporate Guarantees given for other group Companies: Rs. Nil. (PY
Rs. NIL)
iv) Corporate guarantees given to Customers: Rs. NIL. (PY Rs. NIL)
b) Show cause notices against the company not acknowledged as debt : Rs
NIL (PY Rs. NIL)
Mar 31, 2011
1. Principles of Consolidation
a). The Financial statements of the company and its subsidiary
companies are combined on a line- by- line basis by adding together the
book values of like items of assets, liabilities, income & expenditure,
after fully eliminating intra- group balances and intra- group
transactions and unrealized gain or loss in accordance with accounting
Standard ( AS-21) - " Consolidated Financial Statements".
b) In case of foreign subsidiaries, being non-integral foreign
operations, revenue items are consolidated at an average rate
prevailing during the year. All assets are converted at rates
prevailing at the end of the year. Any exchange arising during
consolidation is recognized in the exchange fluctuation reserve.
c) The difference between the costs of investment in subsidiaries, over
the net assets at the time of acquisition of shares in the subsidiaries
is recognized in the financial statements as Goodwill or Capital
Reserve as the case may be.
d) Minority Interest's share of net profit of consolidated subsidiaries
for the year is identified and adjusted against the income of the group
in order to arrive at the net income attributable to the shareholders
of the company.
e) Minority Interest's share of net assets of consolidated subsidiaries
is identified and presented in consolidated balance sheet separate from
the liabilities and equity of the Company's shareholders.
f) As far as possible, the consolidated financial statements are
prepared using uniform accounting policies for like transactions and
other events in similar circumstances and are presented in the same
manner as the Company's separate inancial statements
2. The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with generally accepted
accounting principles in India.
3. Recognition of Income and Expenditure
i) The company recognizes revenue when the significant terms of the
arrangements are enforceable, services have been delivered and the
collectability is reasonably assured. The method for recognizing
revenues and costs depends on the nature of the services rendered.
ii) Direct fiscal duties and taxes are charged out as an expense in the
year in which they are paid or provided.
4. Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition and include other
direct/indirect and incidental expenses incurred to put them into use
but excludes CENVAT availed on such assets
Borrowing costs directly attributable to acquisition or construction of
those fixed assets which necessarily take a substantial period of time
to get ready for their intended use are capitalized.
Depreciation on fixed assets is provided using the Written Down Value
method at the rates specified in Schedule XIV to the Companies Act,
1956. Depreciation is calculated on a pro Ãrata basis from the date of
installation till the date the assets are sold or disposed. Individual
assets costing less than Rs. 5,000/- are depreciated full in the year
of acquisition.
5. Investments
Investments are classified as current investments and long term
investments. Current investments are stated at lower of cost and fair
value. Long term investments are stated at cost less provision for
permanent diminution in value of such investments.
6. Inventories
Inventories are valued at the lower of cost and net realizable value,
including necessary provisions for obsolescence. Cost is determined
using the weighted average method. Cost of work - in-progress and
finished goods include material cost and appropriate share of
manufacturing overheads.
7. Cash Flow statement is prepared in accordance with AS-3 except in
case of Subsidiaries for which cash flow is not available due to non
availability of information
8. Sales
Revenue from sale of products is recognized when the product has been
delivered in accordance with the sales contract. Revenue from product
sales are shown as net of excise duty, sales tax separately charged and
applicable discounts. Commission is recognized based on the agreement &
arrangements made with the parties.
9. Foreign Currency Transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of the transaction. Monetary foreign currency
assets and liabilities are translated into Rupee at the rate of
exchange prevailing on the balance sheet date. The difference in
translation of monetary assets and liabilities and realized gains and
losses on foreign currency transactions, other than those relating to
fixed assets acquired outside India are recognized in the profit and
loss account.
10. Foreign Currency Translation
In respect of non-integral foreign operations the translation to India
Rupees for the purpose of Consolidation is performed for Balance Sheet
Accounts using theaverage exchange rates in effect at the Balance Sheet
date and revenues and expenses accounts at average exchange rates for
the respective periods. The gains or losses resulting from such
translations are reported as separate component as a 'Exchange
Fluctuation Reserve.
11. Retiring benefits :
i) Retiring Benefits in the form of Provident Fund is not Applicable in
the view of non applicability of the provident Fund Act.
ii) The Gratuity Act is not applicable in the non- completion of
qualifying years of service by the employees.
iii) Leave encashment is paid and payable at the end of the each
calendar year and necessary provisions if any, required is being made
in the accounts.
12. Taxes on Income:
i) Current tax is determine, under the tax payable method on the
liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment.
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent period.
13. Contingent liabilities NIL
a) i) Liability towards irrevocable letters of
credit established: Rs. Nil. (PY Rs. NIL)
ii) Liability in respect of Bank Guarantees :
Rs. NIL . (PY NIL)
iii) Corporate Guarantees given for other
group Companies: Rs. Nil. (PY NIL)
iv) Corporate guarantees given to Customers:
Rs. NIL. (PY NIL)
b) Show cause notices against the company not acknowledged as debt : Rs
NIL ( PY - NIL)
Mar 31, 2010
1. Principles of Consolidation
a) The Financial statements of the company and its subsidiary companies
are combined on a line-by-line basis by adding together the book values
of like items of assets, liabilities, income and expenses, after fully
eliminating intra-group balances and intra- group transactions in
accordance with Accounting Standard(AS)21-"Consolidated Financial
Statements ".
b) In case of foreign subsidiaries, being non-integral foreign
operations, revenue items are consolidated at an average rate
prevailing during the year. All assets are converted at rates
prevailing at the end of the year. Any exchange arising during
consolidation is recognized in the exchange fluctuation reserve.
c) The difference between the costs of investment in subsidiaries, over
the net assets at the time of acquisition of shares in the subsidiaries
is recognized in the financial statements as Goodwill or Capital
Reserve as the case may be.
d) Minority InterestÃs share of net profit of consolidated subsidiaries
for the year is identified and adjusted against the income of the group
in order to arrive at the net income attributable to the shareholders
of the company.
e) Minority InterestÃs share of net assets of consolidated subsidiaries
is identified and presented in consolidated balance sheet separate from
the liabilities and equity of the CompanyÃs shareholders.
f) As far as possible, the consolidated financial statements are
prepared using uniform accounting policies for like transactions and
other events in similar circumstances and are presented in the same
manner as the CompanyÃs separate financial statements.
2. The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with generally accepted
accounting principles in India.
3. Preliminary expenses incurred in connection with the incorporation
of the company are amortized in five equal installments.
4. Recognition of Income and Expenditure
i) Revenue / Expenditure is generally accounted as they are earned /
incurred.
ii) Direct fiscal duties and taxes are charged out as an expense in the
year in which they are paid or provided.
5. Fixed Assets and Depreciation
Fixed assets are stated at cost of acquisition and include other
direct/indirect and incidental expenses incurred to put them into use
but excludes CENVAT availed on such assets.
Borrowing costs directly attributable to acquisition or construction of
those fixed assets which necessarily take a substantial period of time
to get ready for their intended use are capitalized.
Depreciation on fixed assets is provided using the straight line method
at the rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation is calculated on a pro-rata basis from the date of
installation till the date the assets are sold or disposed. Individual
assets costing less than Rs.5, 000/- are depreciated full in the year
of acquisition.
6. Investments
Investments are classified as current investments and long term
investments. Current investments are stated at lower of cost and fair
value. Long term investments are stated at cost less provision for
permanent diminution in value of such investments.
7. Inventories
Inventories are valued at the lower of cost and net realisable value.
Cost is determined on a moving weighted average basis and includes all
applicable costs incurred in bringing goods to their present location
and condition. Cost of work-in-progress and finished goods include all
applicable manufacturing overheads.
8. Cash Flow statement is prepared in accordance with AS-3 except in
case of Subsidiaries for which cash flow is not available due to
difference in financial year.
9. Sales
i) Net Sales and Service Income represent sale value of goods and value
of services net of recoveries on account of excise duty, sales tax and
service tax.
ii) Export sales are accounted at the rate prevailing on the date of
invoice and exchange variation on realisation is accounted in the year
of receipt of sale proceeds.
8. Foreign Currency Transactions:
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of the transaction. Monetary foreign currency
assets and liabilities are translated into Rupee at the rate of
exchange prevailing on the balance sheet date. The difference in
translation of monetary assets and liabilities and realised gains and
losses on foreign currency transactions, other than those relating to
fixed assets acquired outside India are recognised in the profit and
loss account.
9. Foreign Currency Translation
In respect of non-integral foreign operations the translation to Indian
Rupees for the purpose of Consolidation is performed for Balance Sheet
Accounts using the average exchange rates in effect at the Balance
Sheet date and revenues and expenses accounts at average exchange rates
for the respective periods. The gains or losses resulting from such
translations are reported as separate component as a ÃExchange
Fluctuation Reserve.
10. Retirement Benefits
i. Retirement Benefits in the form of Provident Fund is not applicable
in view of non- applicability of the Provident Fund Act.
ii. The Gratuity Act is not applicable in view of non- completion of
qualifying years of service by the employees
iii. Leave encashment is paid and payable at the end of the each
calendar year and necessary provision if any, required is being made in
the accounts.
11. Taxes on Income
i. Current tax is determined, under the tax payable method based on the
liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment.
ii. Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent periods.