Accounting Policies of Steelco Gujarat Ltd. Company
Mar 31, 2016
SIGNIFICANT ACCOUNTING POLICIES Company Overview
Steelco Gujarat Limited was incorporated on 9th January 1989 and is a listed entity. The Companyâs commercial Production of Cold Rolled Steel products started in FY 1994 with cold rolling of Steel Continuous Hot Dip Galvanising Line in FY 1997. The Company is engaged in manufacturing of GP/GC Coil Sheets & CR Coils & Sheets and the factory and office is located at Palej - 392220, Bharuch, Gujarat. The company is accredited with ISO 9001:2000 and ISO 14001:2004 certification on quality management standards for the manufacturing and supply of CR steel sheet/coils/strips and CR galvanized plain/ corrugated sheet/coil/strips. The products manufactured by the company are also meeting the international standard such as BIS, JIS, DIN etc.
Significant Accounting Policies
1 Basis of Accounting:
The financial statements are prepared under âhistorical cost conventionâ on a going concern assumption (Please refer note no.36) on âAccrual Conceptâ of accountancy in accordance with the accounting principles generally accepted in India and comply with Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government to the extent applicable and with the applicable provisions of the Companies Act, 1956 and the provisions of the Companies Act, 2013, which are made effective from and after 12th September, 2013. The company has consistently applied the Accounting Policies in preparation and presentation of the financial statements.
2 Use of Estimates:
The presentation of financial statements in conformity with the generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as at the date of financial statements and reported amount of income and expenses during the year. Actual results/outcome could differ from these estimates. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Any revision to the accounting estimates is recognized prospectively in the year in which such estimates are actually materialized.
3 Fixed Assets and Depreciation:
A All Fixed Assets are valued at cost less depreciation / amortization. Cost [net of Cenvat credit available ] comprises the purchase price and any attributable costs of bringing the asset to its working condition for its intended use. Financing costs directly attributable to the construction of qualifying fixed assets are also included to the extent they relate to the period till such assets are ready for their intended use.
Cost of addition or extension to an existing asset, which is of a capital nature and/or which becomes an integral part of the existing asset is capitalized and added to the gross book value of that asset.
All fixed assets are stated at their Historical Costs.
B Pursuant to the enactment of Companies Act 2013, the Company has applied the estimated useful lives as specified in Schedule II except in cases of Buildings and Plant and Machineries, where the estimated useful life has been estimated at a longer period than that is specified in Schedule
- II based on an external technical assessment and evaluation independent technical assessors. Accordingly the unamortized carrying value is being depreciated / amortized over the revised/remaining useful lives. As per the management policy, the said extended useful life will be reviewed at the end of 3 Years or any indication which requires revision in useful life.
C Leasehold Land is being amortized over the life of the lease. While all other assets are depreciated over its estimated residual useful life.
D For determining the appropriate depreciation rates, plant and machinery falling under the category of continuous process plant has been identified on the basis of technical opinion obtained.
E Depreciation on additions to and disposals of the Fixed Assets during the period has been provided on pro-rata basis, according to the period each such asset was used during the period except in case of low value items not exceeding Rs, 10,000/-, which are depreciated fully in the period of addition.
F Depreciation on addition or extension to the existing Fixed Assets, which becomes integral part of that asset is provided on pro-rata basis according to the remaining useful life of the existing assets.
4 Impairment of Assets:
A If at a balance sheet date, there is an indication above impairment of any item of Fixed Assets, the same is treated as impairment loss and is charged to the statement of Profit and Loss.
B After impairment of an asset, the depreciation is provided on the revised carrying amount of the assets over its remaining useful life.
C At a balance sheet date, if there is an indication that a previously recognized impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at recoverable amount and previously recognized impairment loss is reversed.
5 Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition/ construction of qualifying Fixed Assets are capitalized as a part of the cost of the respective asset up to the date when such assets are ready for their intended use and borrowing costs other than these costs are charged to Statement of Profit and Loss.
6 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects is carried forward as âPre-operative and Project expenditure pending allocation/capitalizationâ and are allocated to Fixed Assets in the period of commencement of the commercial production / respective assets being put to use.
7 Inventories:
A Inventories consisting of Raw Materials, Work-in-Process and Finished Goods are valued at lower of cost and net realizable value.
B For this purpose, the cost of raw material is determined using Quarterly Moving Average Cost method (net of Cenvat credit availed).
C Cost of finished goods and Work-in-process is determined by taking average material costs (net of Cenvat credit availed) and other appropriate and relevant manufacturing overheads.
D Inventories consisting of Stores, Consumables, Spare Parts, and Packing Materials etc. are valued at lower of cost and net realizable value.
For this purpose direct costs, and appropriate relevant overheads are apportioned using the FIFO method.
8 Revenue Recognition:
A Revenue is recognized to the extent it is possible that economic benefits will flow to the company and the revenue can be reliably measured and there is a reasonable certainty regarding ultimate collection.
B Revenue from sale of products is recognized on transfer of all significant risks and rewards of ownership of the goods to the customers, which generally coincides with the dispatch of goods. Sales are stated exclusive of Sales Tax / VAT, trade discounts and sales returns.
C Export benefits / incentives are accounted on accrual basis in accordance with various government schemes in respect thereof and are shown under âOther Operating Revenueâ.
D Interest income is recognized on a time proportionate basis taking into account the amount outstanding and the rate applicable.
E Revenue in respect of other income is recognized when no significant uncertainty as to its determination or realization exists.
9 Foreign Currency Transactions:
A The transactions in foreign currencies are converted into Indian Rupees at the rates of exchange prevailing on the date of transactions.
B The balances in Current Assets and Current Liabilities in foreign currencies at the date of Balance Sheet have been converted into Indian Rupees at the rate of exchange prevalent on that date. The resultant net gain/loss arising out of such foreign exchange translations is taken to Profit and Loss Account except in respect of such differences related to acquisition of fixed assets from a country outside India which are capitalized as a part of cost of respective fixed assets.
10 Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs, fixed assets and eligible services.
11 Employee Benefits: A Defined Contribution Plans:
The Company contributes on a defined contribution basis to Employeesâ Provident Fund towards post employment benefits, all of which are administered by the respective Government authorities, and it has no further obligation beyond making its contribution, which is expensed in the period to which it pertains.
B Defined Benefit Plans:
The Superannuation scheme is administered through the Life Insurance Corporation of India (LIC). The liability for the defined benefit plan is funded by way of payment of premium as determined by the LIC of India and the same is administered by LIC and the Company has no further obligation beyond making its contribution, which is expensed in the period to which it pertains.
The Company administers the gratuity scheme being unfunded liability. The liability for the defined benefit plan of Gratuity is determined on the basis of an actuarial valuation by an independent actuary at the year end, which is calculated using projected unit credit method. Actuarial gains and losses, which comprise experience adjustment and the effect of changes in actuarial assumptions are recognized in the Profit and Loss Account.
C Leave Entitlements (Long Term Employee Benefit):
The employees of the Company are entitled to leave as per the leave policy of the Company. The unfunded liability in respect of unutilized leave balances is provided based on an actuarial valuation carried out by an independent actuary, which is calculated using projected unit credit method as at the year end and charged to the Statement of Profit and Loss.
12 Provision for Bad and Doubtful Debts/Advances:
Provision is made for Bad & Doubtful Debts / Advances which in the opinion of the management is considered doubtful of recovery.
13 Taxes on Income:
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the basis of relief and deductions available in accordance with the provisions of Indian Income Tax Act, 1961 and includes Minimum Alternate Tax (âMATâ) paid by the company on book profits in accordance with the provisions of the Income Tax Act, 1961.
C MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period and will be able to set off such MAT credit entitlement.
D Deferred income tax reflects the impact of the current year reversible timing differences between the taxable income and accounting income for the Year and reversal of timing differences of the earlier Year.
Deferred tax is measured based on the tax rates and tax laws enacted or substantively enacted as at the balance sheet date. Deferred tax assets are recognized only to the extent there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.
14 Leases:
Leases are classified as operating leases where the less or effectively retains substantially all the risks and benefits of the whole ownership of the leased assets. Operating lease payments are recognized as expenses in the statement of Profit and Loss as and when paid.
15 Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognized when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.
Contingent liability is disclosed for:
A Possible obligations which will be confirmed by future events not wholly within the control of the Company, or
B Present obligation arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognized in the financial statements since this may result in the recognition of income that may never be realized.
B The equity shares rank parri passu and carry equal rights with respect to voting and dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remained after distribution of all preferential amounts. C 12.50 % Cumulative Redeemable Non-Convertible Preference Shares are redeemable after a period of 18 years from the date of its issues i.e.29-09-2008.
The said shares do not carry any voting rights nor do they participate in the profits of the Company, except that they carry preferential right in respect of cumulative arrears of unpaid dividend. In the event of liquidation of the Company, the preference shareholders shall be entitled to proportionate share of their holding in the assets remained after distribution of all other preferential amounts but before distribution to the equity shareholders.
D 7.00 % Cumulative Redeemable Non-Convertible Preference Shares are redeemable after a period of 15 years from the date of its issues i.e.21-02-2014.
The said shares do not carry any voting rights nor do they participate in the profits of the Company, except that they carry preferential right in respect of cumulative arrears of unpaid dividend. In the event of liquidation of the Company, the preference shareholders shall be entitled to proportionate share of their holding in the assets remained after distribution of all other preferential amounts but before distribution to the equity shareholders._
Rupee Term Loans:
Rupee Term Loan of Rs, 3663.64 Lakhs is secured by way of joint mortgage of immovable properties of the Company situated at Plot No.2, GIDC Estate, Palej, Dist. Bharuch, Gujarat (India) both present and future and by way of hypothecation of whole of immovable property of the Company, including plant and machinery and other movables, both present and future (Save and except inventories and book debts) whether installed or not, or in the course of transit by way of first charge to the lenders subject to the first charge on specified movable assets created in favour of banks providing Working capital finance) to rank on â pari- passu basis.
The secured borrowings are further secured by way of pledge of 3,19,21,366 Equity Shares held by the promoters in favour of the Consortium of Bankers and corporate guarantee of Spica Business Corp., Panama, the holding company of Spica Investments Ltd., Mauritius.
The loans are rescheduled in terms of Corporate Debts Restructuring Scheme as is approved by the Corporate Debt Restructuring Cell vide its approval letter dtd June 27, 2012. Accordingly the loans are now repayable in stepped-up quarterly 30 installments commencing from December 2013 as detailed hereunder.
Rate of Interest is linked to SBI PLR Rate 1%. Presently 9.30 % (SBI PLR) 1% = 10.30% p.a.
B Default in repayment of monthly Interest and Term Loan Installments:
During the year, the Company has made delays in payment of interest on long term borrowings in the range of 2 to 50 days.
Interest accrued & due as at 31st March, 2016 has been paid subsequent to the date of financial statement.
During the year the company has made delays in repayment of principal value of long term borrowings in the range of 3 to 43 days. There are no continuous default as on 31st March, 2016.
C Terms of Repayment for Unsecured Long Term Borrowings:
Finance obligations of Rs, 36.30 Lakhs is taken against Hypothecation of respective vehicles and it is repayable as per the repayment schedule 36 equal monthly installments along with interest for the year. The outstanding amount as at 31st March, 2016 is Rs, 19.36 Lakhs. [As at 31st March, 2015: Rs, 36.33 Lakhs]. There is no default by the Company in repayment of such loan during the year.
D Unsecure Loan from Shareholders:
Unsecured, long term borrowings from the ultimate holding Company, Spica Business Corp. Panama, is interest free and do not carry any specific terms of repayment. However, there is no amount to be repaid during next 12 months from the balance sheet date.
A General Description:
Gratuity [Defined Benefit Plan]: The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years or more, gets a gratuity on death or resignation or retirement at 15 days salary [last drawn salary] for each completed year of service. The gratuity scheme is administered by the Company, being unfunded liability.
Leave Wages [Long Term Employment Benefit]: The employees of the Company are entitled to leave as per the leave policy of the Company. The liability on account of accumulated leave as on last day of the accounting year is recognized at present value of the defined obligation at the balance sheet date based on the actuarial valuation carried out by an independent actuary using projected unit credit method. The Leave encashment obligation is administered by the Company, being unfunded liability.
Mar 31, 2015
1 Basis of Accounting:
The financial statements are prepared under "historical cost
convention" on a going concern assumption (as detailed in note no.35)
except in case of certain revalued fixed assets, on "Accrual Concept"
of accountancy in accordance with the accounting principles generally
accepted in India and comply with Accounting Standards prescribed in
the Companies (Accounting Standards) Rules, 2006 issued by the Central
Government to the extent applicable and with the applicable provisions
of the Companies Act, 1956 and the provisions of the Companies Act,
2013, which are made effective from and after 12th September. 2013. The
company has consistently applied the Accounting Policies in preparation
and presentation of the financial statements.
2 Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires management to make
certain estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities as at
the date of financial statements and reported amount of income and
expenses during the Year. Actual results/outcome could differ from
these estimates. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable. Any
revision to the accounting estimates is recognised prospectively in the
year in which such estimates are actually materialized.
3 Fixed Assets and Depreciation:
A All Fixed Assets are valued at cost less depreciation / amortization.
Cost [net of Cenvat credit available] comprises the purchase price and
any attributable costs of bringing the asset to its working condition
for its intended use. Financing costs directly attributable to the
construction of qualifying fixed assets are also included to the extent
they relate to the period till such assets are ready for their intended
use. Cost of addition or extension to an existing asset, which is of a
capital nature and/or which becomes an integral part of the existing
asset is capitalised and added to the gross book value of that asset.
All fixed assets are stated at their Historical Costs as against the
revalued amounts at which they were stated upto 31st March, 2014.
B Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II except
in cases of Buildings and Plant and Machineries, where the estimated
useful life has been estimated at a longer period than that is
specified in Schedule - II based on an external technical assessment
and evaluation independent technical assessors. Accordingly the
unamortised carrying value is being depreciated / amortised over the
revised/remaining useful lives.
C The written down value of fixed Assets whose lives have expired as at
1st April 2014 have been adjusted in the Profit and Loss Account after
retaining its residual value.
D Leasehold Land is being amortised over the life of the lease.
E Depreciation is now provided on a Straight Line basis for all assets
as against the policy of providing on written down value basis for some
assets and Straight line basis for others.
F For determining the appropriate depreciation rates, plant and
machinery falling under the category of continuous process plant has
been identified on the basis of technical opinion obtained.
G Depreciation on additions to and disposals of the Fixed Assets during
the period has been provided on pro-rata basis, according to the period
each such asset was used during the period except in case of low value
items not exceeding Rs. 10,000/-, which are depreciated fully in the
period of addition.
H Depreciation on addition or extension to the existing Fixed Asset,
which becomes integral part of that asset is provided on pro-rata basis
according to the remaining useful life of the existing asset.
4 Impairment of Assets:
A The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates recoverable amount of the asset, being
higher of the net selling price and value in use. Value in use is
determined from the present value of estimated future cash flows from
continuing use of such assets discounted at weighted average cost of
capital.
B If recoverable amount of such asset or the recoverable amount of the
cash generating unit to which such asset belong is found to be lower
than its carrying amount, then carrying amount of such asset is reduced
to the extent of its recoverable amount. Such reduction is treated as
impairment loss and is charged to the statement of Profit and Loss.
C After impairment of an asset, the depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D At a balance sheet date, if there is an indication that a previously
recognised impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at recoverable amount and
previously recognised impairment loss is reversed.
5 Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition/
construction of qualifying Fixed Assets are capitalized as a part of
the cost of the respective asset upto the date when such assets are
ready for their intended use and borrowing costs other than these costs
are charged to Profit and Loss Account.
6 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects is carried
forward as "Pre-operative and Project expenditure pending
allocation/capitalization" and are allocated to Fixed Assets in the
period of commencement of the commercial production / respective assets
being put to use.
7 Inventories:
A Inventories consisting of Raw Materials, Work-in-Process and Finished
Goods are valued at lower of cost and net realizable value.
B For this purpose, the cost of raw material is determined using
quarterly moving average cost method (net of Cenvat credit availed).
C Cost of finished goods and Work-in-process is determined by taking
average material costs ( net of Cenvat credit availed) and other
appropriate and relevant manufacturing overheads.
D Inventories consisting of Stores, Consumables, Spare Parts, and
Packing Materials etc. are valued at lower of cost and net realizable
value.
For this purpose direct costs, and appropriate relevant overheads are
apportioned using the FIFO method. 8 Revenue Recognition:
A Revenue is recognised to the extent it is possible that economic
benefits will flow to the company and the revenue can be reliably
measured and there is a reasonable certainty regarding ultimate
collection.
B Revenue from sale of products is recognised on transfer of all
significant risks and rewards of ownership of the goods to the
customers, which generally coincides with the dispatch of goods. Sales
are stated exclusive of Sales Tax / VAT, trade discounts and sales
returns.
C Export benefits / incentives are accounted on accrual basis in
accordance with various government schemes in respect thereof and are
shown under"Other Operating Revenue".
D Interest income is recognised on a time proportionate basis taking
into account the amount outstanding and the rate applicable.
E Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
9 Foreign Currency Transactions:
A The transactions in foreign currencies are converted into Indian
Rupees at the rates of exchange prevailing on the date of transactions.
B The Company is exposed to the risks of foreign currency fluctuations
on foreign currency assets, liabilities and forecasted cash flows
denominated in foreign currency. The Company limits the effects of
foreign exchange rates fluctuations by using various risk mitigation
alternatives available. The company enters into forward contracts where
the counter parties are banks. The gain/loss on the contracts settled
during the year is recognised in the Profit and Loss Account. The
outstanding forward contracts meant for hedging the receivable /
payable outstanding as at balance sheet date are marked to market and
resultant loss / gain is recognised in Profit and Loss Account.
However, the gain or loss on forward contracts outstanding as at the
Balance Sheet date meant for hedging the currency fluctuation risks in
respect of the forecasted cash flows resulting from sales expected
during the subsequent period based on the orders on hand as on the
Balance Sheet date is computed taking the difference between contracted
rate and the spot rate on the balance sheet date. Such gain/loss will
be recognised in the statement of the Profit and Loss Account of the
period during which such hedged transaction are actually crystallized.
Such loss/gain would be contra set off by the corresponding effect on
actual sales realisation.
C The balances in Current Assets and Current Liabilities in foreign
currencies at the date of Balance Sheet have been converted into Indian
Rupees at the rate of exchange prevalent on that date. The resultant
net gain/loss arising out of such foreign exchange translations is
taken to Profit and Loss Account except in respect of such differences
related to acquisition of fixed assets from a country outside India
which are capitalized as a part of cost of respective fixed asset.
10 Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11 Employee Benefits:
A Defined Contribution Plans:
The Company contributes on a defined contribution basis to Employees'
Provident Fund towards post employment benefits, all of which are
administered by the respective Government authorities, and it has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains.
B Defined Benefit Plans:
The Superannuation scheme is administered through the Life Insurance
Corporation of India (LIC). The liability for the defined benefit plan
is funded by way of payment of premium as determined by the LIC of
India and the same is administered by LIC and the Company has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains.
The Company administers the gratuity scheme being unfunded liability.
The liability for the defined benefit plan of Gratuity is determined on
the basis of an actuarial valuation by an independent actuary at the
year end, which is calculated using projected unit credit method.
Actuarial gains and losses, which comprise experience adjustment and
the effect of changes in actuarial assumptions are recognised in the
Profit and Loss Account.
C Leave Entitlements (Long Term Employee Benefit):
The employees of the company are entitled to leave as per the leave
policy of the Company. The unfunded liability in respect of unutilized
leave balances is provided based on an actuarial valuation carried out
by an independent actuary, which is calculated using projected unit
credit method as at the year end and charged to the Profit and Loss
Account.
12 Provision for Bad and Doubtful Debts/Advances:
Provision is made for Bad & Doubtful Debts / Advances which in the
opinion of the management is considered doubtful of recovery.
13 Taxes on Income:
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the
basis of relief and deductions available in accordance with the
provisions of Indian Income Tax Act, 1961 and includes Minimum Alternate
Tax ("MAT") paid by the company on book profits in accordance with the
provisions of the Income Tax Act, 1961.
C MAT credit is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income
tax during the specified period and will be able to set off such MAT
credit entitlement.
D Deferred income tax reflects the impact of the current year
reversible timing differences between the taxable income and accounting
income for the Year and reversal of timing differences of the earlier
Year.
Deferred tax is measured based on the tax rates and tax laws enacted or
substantively enacted as at the balance sheet date. Deferred tax assets
are recognised only to the extent there is virtual certainty that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
14 Leases:
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the whole ownership
of the leased assets. Operating lease payments are recognized as
expenses in the statement of Profit and Loss as and when paid.
15 Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognised when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
Contingent liability is disclosed for:
A Possible obligations which will be confirmed by future events not
wholly within the control of the Company, or
B Present obligation arising from past events where it is not probable
that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realized.
Mar 31, 2014
1 Basis of Accounting:
The financial statements are prepared under "historical cost
convention" on a going concern assumption (as detailed in note no.35)
except in case of certain revalued fixed assets, on "Accrual Concept"
of accountancy in accordance with the accounting principles generally
accepted in India and comply with Accounting Standards prescribed in
the Companies (Accounting Standards) Rules, 2006 issued by the Central
Government to the extent applicable and with the applicable provisions
of the Companies Act, 1956 and the provisions of the Companies Act,
2013, which are made effictive from 12th September. 2013. The company
has consistently applied the Accounting Policies in preparation and
presentation of the financial statements.
2 Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires management to make
certain estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities as at
the date of financial statements and reported amount of income and
expenses during the Year.
Actual results/outcome could differ from these estimates. Management
believes that the estimates used in preparation of the financial
statements are prudent and reasonable. Any revision to the accounting
estimates is recognised prospectively in the year in which such
estimates are actually materialized.
3 Fixed Assets and Depreciation:
A All Fixed Assets are valued at cost less depreciation / amortization.
Cost [net of Cenvat credit available] comprises the purchase price and
any attributable costs of bringing the asset to its working condition
for its intended use. Financing costs directly attributable to the
construction of qualifying fixed assets are also included to the extent
they relate to the period till such assets are ready for their intended
use.
Cost of addition or extension to an existing asset, which is of a
capital nature and/or which becomes an integral part of the existing
asset is capitalised and added to the gross book value of that asset.
Certain assets were revalued as on 31st March, 2011 and resultant
surplus has been added to the cost of the assets with a corresponding
credit to Revaluation Reserve Account. [Refer Note No. 10 (1) to the
financial statements.]
B Leasehold Land is being amortised over the life of the lease.
C Depreciation on Buildings & Electrical Installations, Furniture,
Fixtures, Office Equipment and Vehicles has been provided on Written
Down Value Method, as per Section 205(2) (a) of the Companies Act, 1956
at the rates prescribed in Schedule XIV thereto.
D Depreciation on all other assets has been provided on Straight Line
Method, as per Section 205(2)(b) of the Companies Act, 1956, at the
rates prescribed in Schedule XIV thereto.
For determining the appropriate depreciation rates, plant and machinery
falling under the category of continuous process plant has been
identified on the basis of technical opinion obtained.
E Depreciation on additions to and disposals of the Fixed Assets during
the period has been provided on pro-rata basis, according to the period
each such asset was used during the period except in case of low value
items not exceeding Rs. 10,000/-, which are depreciated fully in the
period of addition.
F Depreciation on addition or extension to the existing Fixed Asset,
which becomes integral part of that asset is provided on pro-rata basis
according to the remaining useful life of the existing asset.
4 Impairment of Assets:
A The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates recoverable amount of the asset,being
higher of the net selling price and value in use.
Value in use is determined from the present value of estimated future
cash flows from continuing use of such assets discounted at weighted
average cost of capital.
B If recoverable amount of such asset or the recoverable amount of the
cash generating unit to which such asset belong is found to be lower
than its carrying amount, then carrying amount of such asset is reduced
to the extent of its recoverable amount.
Such reduction is treated as impairment loss and is charged to the
statement of Profit and Loss.
C After impairment of an asset, the depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D At a balance sheet date, if there is an indication that a previously
recognised impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at recoverable amount and
previously recognised impairment loss is reversed.
5 Borrowing Costs:
Borrowing costs that are directly attributable to the
acquisition/construction of qualifying Fixed Assets are capitalized as
a part of the cost of the respective asset upto the date when such
assets are ready for their intended use and borrowing costs other than
these costs are charged to Profit and Loss Account.
6 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects is carried
forward as "Pre-operative and Project expenditure pending
allocation/capitalization" and are allocated to Fixed Assets in the
period of commencement of the commercial production / respective assets
being put to use.
7 Inventories:
A Inventories consisting of Raw Materials, Work-in-Process and Finished
Goods are valued at lower of cost and net realizable value.
B For this purpose, the cost of raw material is determined using
quarterly moving average cost method (net of Cenvat credit availed).
C Cost of finished goods and Work-in-process is determined by taking
quarterly moving average material costs (net of Cenvat credit availed)
and other appropriate and relevant manufacturing overheads.
D Inventories consisting of Stores, Consumables, Spare Parts, and
Packing Materials etc. are valued at lower of cost and net realizable
value. For this purpose direct costs, and appropriate relevant
overheads are apportioned using the FIFO method.
8 Revenue Recognition:
A Revenue is recognised to the extent it is possible that economic
benefits will flow to the company and the revenue can be reliably
measured and there is a reasonable certainty regarding ultimate
collection.
B Revenue from sale of products is recognised on transfer of all
significant risks and rewards of ownership of the goods to the
customers, which generally coincides with the dispatch of goods. Sales
are stated exclusive of Sales Tax / VAT, trade discounts and sales
returns.
C Export benefits / incentives are accounted on accrual basis in
accordance with various government schemes in respect thereof and are
shown under"Other Operating Revenue".
D Interest income is recognised on a time proportionate basis taking
into account the amount outstanding and the rate applicable.
E Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
9 Foreign Currency Transactions:
A The transactions in foreign currencies are converted into Indian
Rupees at the rates of exchange prevailing on the date of transactions.
B The Company is exposed to the risks of foreign currency fluctuations
on foreign currency assets, liabilities and forecasted cash flows
denominated in foreign currency. The Company limits the effects of
foreign exchange rates fluctuations by using various risk mitigation
alternatives available. The company enters into forward contracts where
the counter parties are banks. The gain/loss on the contracts settled
during the year is recognised in the Profit and Loss Account. The
outstanding forward contracts meant for hedging the receivable /
payable outstanding as at balance sheet date are marked to market and
resultant loss / gain is recognised in Profit and Loss Account.
However, the gain or loss on forward contracts outstanding as at the
Balance Sheet date meant for hedging the currency fluctuation risks in
respect of the forecasted cash flows resulting from sales expected
during the subsequent period based on the orders on hand as on the
Balance Sheet date is computed taking the difference between contracted
rate and the spot rate on the balance sheet date. Such gain/loss will
be recognised in the statement of the Profit and Loss Account of the
period during which such hedged transaction are actually crystallized.
Such loss/gain would be contra set off by the corresponding effect on
actual sales realisation.
C The balances in Current Assets and Current Liabilities in foreign
currencies at the date of Balance Sheet have been converted into Indian
Rupees at the rate of exchange prevalent on that date. The resultant
net gain/loss arising out of such foreign exchange translations is
taken to Profit and Loss Account except in respect of such differences
related to acquisition of fixed assets from a country outside India
which are capitalized as a part of cost of respective fixed asset.
10 Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11 Employee Benefits:
A Defined Contribution Plans:
The Company contributes on a defined contribution basis to Employees''
Provident Fund towards post employment benefits, all of which are
administered by the respective Government authorities, and it has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains.
B Defined Benefit Plans:
The Superannuation scheme is administered through the Life Insurance
Corporation of India (LIC). The liability for the defined benefit plan
is funded by way of payment of premium as determined by the LIC of
India and the same is administered by LIC and the Company has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains.
The Company administers the gratuity scheme being unfunded liability.
The liability for the defined benefit plan of Gratuity is determined on
the basis of an actuarial valuation by an independent actuary at the
year end, which is calculated using projected unit credit method.
Actuarial gains and losses, which comprise experience adjustment and
the effect of changes in actuarial assumptions are recognised in the
Profit and Loss Account.
C Leave Entitlements (Long Term Employee Benefit):
The employees of the company are entitled to leave as per the leave
policy of the Company. The unfunded liability in respect of unutilized
leave balances is provided based on an actuarial valuation carried out
by an independent actuary, which is calculated using projected unit
credit method as at the year end and charged to the Profit and Loss
Account.
12 Provision for Bad and Doubtful Debts/Advances:
Provision is made for Bad & Doubtful Debts / Advances which in the
opinion of the management is considered doubtful of recovery.
13 Taxes on Income:
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the
basis of relief and deductions available in accordance with the
provisions of Indian Income Tax Act, 1961 and includes Minimum
Alternate Tax ("MAT") paid by the company on book profits in accordance
with the provisions of the IncomeTax Act, 1961.
C MAT credit is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income
tax during the specified period and will be able to set off such MAT
credit entitlement.
D Deferred income tax reflects the impact of the current year
reversible timing differences between the taxable income and accounting
income for the Year and reversal of timing differences of the earlier
Year.
Deferred tax is measured based on the tax rates and tax laws enacted or
substantively enacted as at the balance sheet date.
Deferred tax assets are recognised only to the extent there is virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
14 Leases:
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the whole ownership
of the leased assets. Operating lease payments are recognized as
expenses in the statement of Profit and Loss as and when paid.
15 Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognised when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
Mar 31, 2013
1 Basis of Accounting:
The financial statements are prepared under "historical cost
convention" except in case of certai n revalued fixed assets, on
"Accrual Concept" of accountancy in accordance with the accounting
principles generally accepted i n India and comply with Accounting
Standards prescribed in the Companies (Accounting Standards) Rules,
2006 issued by the Central Government to the extent applicable and with
the applicable provisions of the Companies Act, 1956. The Company has
consistently applied the Accounting Policies in preparation and
presentation of the financial statements.
2 Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires management to make
certain estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities as at
the date of financial statements and reported amount of income and
expenses during the year. Actual results/ outcome could differ from
these estimates. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable. Any
revision to the accounting estimates is recognised prospectively in the
year in which such estimates are actually materialized.
3 Fixed Assets and Depreciation:
A All Fixed Assets are valued at cost less depreciation / amortization.
Cost [net of Cenvat credit available] comprises the purchase price and
any attributable costs of bringing the asset to its working condition
for its intended use. Financial costs directly attributable to the
construction of qualifying fixed assets are also included to the extent
they relate to the period till such assets are ready for their intended
use.
Cost of addition or extension to an existing asset, which is of a
capital nature and/or which becomes an integral part of the existing
asset is capitalised and added to the gross book value of that asset.
Certain assets were revalued as on 31st March, 2011 and resultant
surplus has been added to the cost of the assets with a corresponding
credit to Revaluation Reserve Account. (Refer Note No. 10 (1) to the
financial statements.
B Leasehold Land is being amortised over the life of the lease.
C Depreciation on Buildings & Electrical Installations, Furniture,
Fixtures, Office Equipment and Vehicles has been provided on Written
Down Value Method, as per section 205(2) (a) of the Companies Act, 1956
at the rates prescribed in Schedule XIV thereto.
D Depreciation on all other assets has been provided on Straight Line
Method, as per section 205(2)(b) of the Companies Act, 1956, at the
rates prescribed in Schedule XIV thereto.
For determining the appropriate depreciation rates, plant and machinery
falling under the category of continuous process plant has been
identified on the basis of technical opinion obtained.
E Depreciation on additions to and disposals of the Fixed Assets during
the period has been provided on pro-rata basis, according to the period
each such asset was used except in case of low value items not
exceeding Rs. 10,000/-, which are depreciated fully in the period of
addition.
F Depreciation on addition or extension to the existing Fixed Asset
which becomes integral part of that asset, is provided on pro-rata
basis according to the remaining useful life of the existing asset.
4 Impairment of Assets:
A The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates recoverable amount of the asset, being
higher of the net selling price and value in use.
Value in use is determined from the present value of estimated future
cash flows from continuing use of such assets discounted at weighted
average cost of capital.
B If recoverable amount of such asset or the recoverable amount of the
cash generating unit to which such asset belong is found to be lower
than its carrying amount, then carrying amount of such asset is reduced
to the extent of its recoverable amount.
Such reduction is treated as impairment loss and is charged to the
statement of Profit and Loss.
C After impairment of an asset, the depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
D At a balance sheet date, if there is an indication that a previously
recognised impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at recoverable amount and
previously recognised impairment loss is reversed.
5 Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition /
construction of qualifying Fixed Assets are capitalized as a part of
the cost of the respective asset upto the date when such assets are
ready for their intended use and borrowing costs other than these costs
are charged to Profit and Loss Account.
6 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects is carried
forward as "Pre-operative and Project expenditure pending allocation /
capitalization" and are allocated to Fixed Assets in the period of
commencement of the commercial production.
7 Inventories:
A Inventories consisting of Raw Materials, Work-in-Process and Finished
Goods are valued at lower of cost and net realizable value.
B For this purpose, the cost of raw material is determined using annual
weighted average cost method (net of Cenvat credit availed).
C Cost of finished goods and Work-in-process is determined by taking
annual weighted average material costs (net of Cenvat credit availed)
and other appropriate and relevant manufacturing overheads.
D Inventories consisting of Stores, Consumables, Spare Parts and
Packing Materials etc. are valued at lower of cost and net realizable
value. For this purpose direct costs and appropriate relevant overheads
are apportioned using the FIFO method.
8 Revenue Recognition:
A Revenue is recognised to the extent it is possible that economic
benefits will flow to the company and the revenue can be reliably
measured and there is a reasonable certainty regarding ultimate
collection.
B Revenue from sale of products is recognised on transfer of all
significant risks and rewards of ownership of the goods to the
customers, which generally coincides with the dispatch of goods. Sales
are stated exclusive of Sales Tax / VAT, trade discounts and sales
returns.
C Export benefits / incentives are accounted on accrual basis in
accordance with various government schemes and are shown under "Other
Operating Revenue".
D Interest income is recognised on a time proportionate basis taking
into account the amount outstanding and the rate applicable.
E Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
9 Foreign Currency Transactions:
A The transactions in foreign currencies are converted into Indian
Rupees at the rates of exchange prevailing on the date of transactions.
B The Company is exposed to the risks of foreign currency fluctuations
on foreign currency assets, liabilities and forecasted cash flows
denominated in foreign currency. The Company limits the effects of
foreign exchange rates fluctuations by following established risk
management policies. The Company enters into forward contracts where
the counter parties are banks. The gain/loss on the contracts settled
during the year is recognised in the Profit and Loss Account. The
outstanding forward contracts meant for hedging the receivable
outstanding as at balance sheet date are marked to market and resultant
loss/gain is recognised in Profit and Loss Account. However, the gain
or loss on forward contracts outstanding as at the Balance Sheet date
meant for hedging the currency fluctuation risks in respect of the
forecasted cash flows resulting from sales expected during the
subsequent period based on the orders on hand as on the Balance Sheet
date is computed taking the difference between contracted rate and the
spot rate on the balance sheet date. Such gain/loss will be recognised
in the statement of the Profit and Loss Account of the period during
which such hedged transactions are actually crystallized. Such
loss/gain would be contra set off by the corresponding effect on actual
sales realisation.
C The balances in Current Assets and Current Liabilities in foreign
currencies at the date of Balance Sheet have been converted into Indian
Rupees at the rate of exchange prevalent on that date. The resultant
net gain/loss arising out of such foreign exchange translations is
taken to Profit and Loss Account except in respect of such differences
related to acquisition of fixed assets from a country outside India
which are capitalized as a part of respective fixed asset.
10 Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11 Employee Benefits:
A Defined Contribution Plans:
The Company contributes on a defined contribution basis to
Employees''Provident Fund towards post em ployment benefits, all of
which are administered by the respective Government authorities, and it
has no further obligation beyond making its contribution, which is
expensed in the period to which it pertains.
B Defined Benefit Plans:
The Superannuation scheme is administered through the Life Insurance
Corporation of India (LIC). The liability for the defined benefit plan
is funded by way of payment of premium as determined by the LIC of
India and the same is administered by LIC and the Company has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains.
The Company administers the gratuity scheme being unfunded liability.
The liability for defined benefit plan of Gratuity is determined on the
basis of an actuarial valuation by an independent actuary at the year
end, which is calculated using projected unit credit method. Actuarial
gains and losses, which comprise experience adjustment and the effect
of changes in actuarial assumptions are recognised in the Profit and
Loss Account.
C Leave Entitlements (Long Term Employee Benefit):
The employees of the company are entitled to leave as per the leave
policy of the Company. The unfunded liability in respect of unutilized
leave balances is provided based on an actuarial valuation carried out
by an independent actuary, which is calculated using projected unit
credit method as at the year end and charged to the Profit and Loss
Account.
12 Provision for Bad and Doubtful Debts/Advances:
Provision is made for Bad & Doubtful Debts / Advances which in the
opinion of the management is considered doubtful of recovery.
13 Taxes on Income:
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the
basis of relief and deductions available in accordance with the
provisions of Indian IncomeTax Act, 1961 and includes Minimum Alternate
Tax ("MAT") paid by the Company on book profits in accordance with the
provisions of the IncomeTax Act, 1961.
C MAT credit is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income
tax during the specified period and will be able to set off such M AT
credit entitlement.
D Deferred income tax reflects the impact of the current year
reversible timing differences between the taxable income and accounting
income for the year and reversal of timing differences of the earlier
year.
Deferred tax is measured based on the tax rates and tax laws enacted or
substantively enacted as at the balance sheet date.
Deferred tax assets are recognised only to the extent there is virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
14 Leases:
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the whole ownership
of the leased assets. Operating lease payments are recognized as
expenses in the statement of Profit and Loss as and when paid.
15 Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognised when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
Contingent liability is disclosed for:
A Possible obligations which will be confirmed by future events not
wholly within the control of the Company, or
B Present obligation arising from past events where it is not probable
that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realized.
Mar 31, 2012
1 Basis of Accounting:
The financial,statements are prepared under "historical cost
convention" except in case of certain revalued fixed assets, on
"Accrual Concept" of accountancy in accordance with the accounting
principles generally accepted in India and comply with Accounting
Standards prescribed in the'Companies (Accounting Standards) Rules,
2006 issued by the Central Government to the extent applicable and with
the applicable provisions of the Companies Act, 1956. The company hds
consistently applied the Accounting Policies; except change in the
basis of inventory valuation effected during the period as detailed in
Note No. 13 to the financial statements. '
2 Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and reported amount of income and expenses during
the reporting period. Actual results/outcome could differ from these
estimates. Management believes that the estimates used in preparation
of the financial statements are prudent and reasonable. Any revision to
the accounting estimates is recognised prospectively fn the period in
which such estimates are actually materialized.
3 Fixed Assets and Depreciation:
A All Fixed Assets are valued at cost less depreciation/amortization.
Cost [net of Cenvat credit available] comprises the purchase price and
any attributable costs of bringing the asset to its working condition
for its intended use. Financing costs directly attributable to the
construction of qualifying fixed assets are also included to the extent
they relate to the period till such assets are ready for their intended
use. t
Cost of addition or extension to an existing asset, which is of a
capital nature and/or which becomes an integral part of the existing
asset is capitalised and added to the gross book value of that asset.
Certain assets were revalued as on 31 st March, 2011 and resultant
surplus has been added to the cost of the assets with a corresponding
credit to Revaluation Reserve Account. (Refer Note No. 10 (1) to the
financial statements. *
B Leasehold Land is being amortised over the life of the lease.
C Depreciation on Buildings & Electrical Installations, Furniture,
Fixtures, Office Equipment and Vehicles has been provided on Written
Down Value Method, as per Section 205(2) (a) of the Companies Act, 1956
at the rates prescribed in Schedule XIV thereto. .
D Depreciation on all other assets has been provided on Straight Line
Method, as per Section 205(2)(b) of the Cbmpanies Act, 1956, at the
rates prescribed in Schedule XIV thereto.
For determining the appropriate depreciation rates, plant and machinery
falling under the category of continuous process plant has been
identified on the basis of technical opinion obtained.
E Depreciation on additions to and disposals of the Fixed Assets during
the period has been provided on pro-rata basis, according to the period
each such asset was used during the period except in case of low value
items not exceeding Rs. 10,000/-, which are depreciated fully in the
period of addition.
F Depreciation on addition or extension to the existing Fixed Asset,
which becomes integral part of that asset is provided on pro-rata basis
according to the remaining useful life of the existing asset.
4 Impairment of Assets:
A The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates recoverable amount of the asset being
higher of the net selling price and value in use. .
Value in use is determined 'from the present value of estimated future
cash flows from continuing use of such assets discounted at weighted
average cost of capital. ,
B If recoverable amount of such asset or the recoverable amount of the
cash generating unit to which such asset belong is found to be lower
than its carrying amount, then carry.nq amount of such asset is reduced
to the extent of its recoverable - amount.
Such reduction is treated as impairment loss and is charged to the
Profit and loss Account.
C After impairment of an asset, the depreciation is provided on the
revised carrying amount of the assets ever its remaining useful life.
. ,
D At a balance sheet date, if there is an indication that a previously
recognised impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at recoverable anÃ,cunt and
previously recognised impairment loss is reversed. .
5 Borrowing Costs: .
Borrowing costs that are directly attributable to the
acquisition/construction of qualifying Fixed Assets are capitalized as
a part of
the cost of the respective asset upto the date when such assets are
ready for their intended use and borrowing costs other than
these costs are charged to Profit and Loss Account.
6 Expenditure during the Construction Period:
The expenditure incidental to the expansion / new projects is carried
forward as "Pre-operative and Project expenditure pending
allocation/capitalization" and are allocated to Fixed Assets in the
period of commencement of the commercial production.
7 Inventories: . . .
A Inventories consisting of Raw Materials, Work-in-Process and Finished
Goods are valued at lower of cost and net realizable value.
B For this purpose, the cost of rawjmaterial is determined using annual
weighted average cost method (net of Cenvat availed). (Refer Note No.
13 to the financial statements.)
C Cost of finished goods and Work-in-process is determined by taking
annual weighted average material costs (net of Cenvat availed) and
other appropriate and relevant manufacturing overheads. x
D Inventories consisting of Stores, Consumables, Spare Parts and
Packing Materials etc. are valued at lower of cost and net realizable
value. For this purpose direct costs, and appropriate relevant
overheads are apportioned using the FIFO method.
8 Revenue Recognition:
A Revenue is recognised to the extent it is possible that economic
benefits will flow to the company and the revenue can be reliably
measured and there is a reasonable certainty regarding ultimate
collection.
B Revenue from sale of products is recognised on transfer of all
significant risks and rewards of ownership of the goods to , the
customers, which generally coincides with the dispatch of goods. Sales
are stated exclusive of Sales Tax / VAT, trade discounts and sales
returns. '
' C Export benefits / incentives are accounted on accrual basis in
accordance with various government schemes in respect thereof and are
shown under"Other Operating Revenue".
D Interest income is recognised on a time proportionate basis taking
into account the amount outstanding and the rate applicable. ,
E Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
9 Foreign Currency Transactions: _
A The transactions in foreign currencies are converted into Indian
Rupees at the rates of exchange prevailing on the date of transactions.
B The Company is exposed to the risks of foreign currency fluctuations
on foreign currency assets, liabilities and forecasted cash flows
denominated in foreign currency. The Company limits the effects of
foreign exchange rates fluctuations by following established risk
management policies. The company enters into forward contracts where
the counter parties are banks. The gain/loss on the contracts settled
during the period is recognised in the Profit and Loss Account. The
outstanding forward contracts meant for hedging the receivable
outstanding as at balance sheet date are marked to market and resultant
loss/gain is recognised in Profit and Loss Account. However, the gain
or loss on forward contracts outstanding as at the Balance Sheet date
meant for hedging the currency fluctuation risks in respect of the
forecasted cash flows resulting from sales expected during the
subsequent period based on the orders on hand as on the Balance Sheet
date is computed taking the difference between contracted rate and the
spot rate on the balance sheet date. Such gain/loss will be recognised
in the statement of the Profit and Loss Account of the period during
which such hedged transactions are actually crystallized.
Such loss/gain would be contra set off by the corresponding effect on
actual sales realisation.
C The balances in Current Assets and Current Liabilities in foreign
currencies at the date of Balance Sheet have been converted into Indian
Rupees at the rate of exchange prevalent on that date. The resultant
net gain/loss arising out of such foreign exchange translations is
taken to Profit and Loss Account except in respect of such differences
related to acquisition of fixed assets from a country outside India
which are capitalized as a part of respective fixed asset.
10 Excise Duty:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
11 Employee Benefits:
A Defined Contribution Plans:
The Company contributes on a defined contribution basis to Employees'
Provident Fund towards post employment benefits, all of which are
administered by the respective Government authorities and it has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains.
B Defined Benefit Plans:
The Superannuation scheme is administered through the Life Insurance
Corporation of India (LIC). The liability for the defined benefit plan
is funded by way of payment of premium, as determined by the LIC of
India and the same is administered by.LIC and the Company has no
further obligation beyond making its contribution, which is expensed in
the period to which it pertains. -
The Company administers the gratuity scheme, being unfunded liability.
The liability for the defined benefit plan of Gratuity is determined on
the basis of an actuarial valuation by an independent actuary at the
period end, which is calculated using projected unit credit method.
Actuarial gains and losses, which comprise experience adjustment and
the effect of changes in actuarial assumptions are recognised in the
Profit and Loss Account. æ
C Leave Entitlements (Long Term Employee Benefit):
The employees of the company are entitled to leave as per the leave
policy of the Company. The unfunded liability in respect of unutilized
leave balances is provided based on an actuarial valuation carried out
by an independent actuary, which is calculated using projected unit
credit method as at the period end and charged to the Profit and Loss
Account.
12 Provision for Bad and Doubtful Debts/Advances:
Provision is made for Bad & Doubtful Debts / Advances which in the
opinion of the management is considered doubtful of recovery.
13 Taxes on Income:
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the
basis of relief.and deductions available in accordance with the
provisions of Indian Income Tax Act, 1961.
C MAT credit is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income
tax during the specified period.
D Deferred income tax reflects the impact of the current period timing
differences between the taxable income and accounting income for the
reporting period and reversal of timing differences of this earlier
reporting period.
Deferred tax is measured based on the tax rates and tax Jaws enacted or
substantively enacted as at the balance sheet date.
Deferred tax assets are recognised only to the extent there is virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
14 Leases:
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the whole ownership
of the leased assets. Operating lease payments are recognized as
expenses in the statement of Profit and Loss as and when paid.
15 Provisions, Contingent Liabilities and Contingent Assets:
Provisions are recognised when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
Contingent liability is disclosed for: '
A Possible obligations which will be confirmed by future events not
wholly within the control of the Company, or
B Present obligation arising from past events where it is not probable
that an outflow of resources will be required to settle the obligation
or a reliable estimate of the amount of the obligation cannot be made.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realized.
Mar 31, 2011
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements are prepared under "historical cost
convention" except in case of certain fixed assets, which are revalued
during the year, on "Accrual Concept" of accountancy in accordance with
the accounting principles generally accepted in India and comply with
Accounting Standards prescribed in the Companies (Accounting Standards)
Rules, 2006 issued by the Central Government to the extent applicable
and with the applicable provisions of the Companies Act, 1956. The
company has consistently applied the Accounting Policies.
B. USE OF ESTIMATES:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires management lo make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities as at the date of
financial statements and reported amount of income and expenses during
the reporting year. Actual results/outcome could differ from these
estimates. Management believes that the estimates used in preparation
of the financial statements are prudent and reasonable. Any revision to
the accounting estimates is recognised prospectively in the period in
which such results are materialized.
C. FIXED ASSETS:
All Fixed Assets are valued at cost less depreciation / amortization.
Cost [net of Cenvat credit available] comprises the purchase price and
any attributable costs of bringing the asset to its working condition
for its intended use. Financing costs directly attributable to the
construction of qualifying fixed assets are also included to the extent
they relate to the period till such assets are ready for their intended
use.
Cost of addition or extension to an existing asset, which is of a
capital nature and/or which becomes an integral part of the existing
asset is capitalised and added to the gross book value of that asset.
Certain assets are revalued as on 31st March, 2011 and resultant
surplus has been added to the cost of the assets with a corresponding
credit to Revaluation Reserve Account. (Refer Note No. II - (1)).
D. DEPRECIATION:
(i) Leasehold Land is being amortised over the life of the lease.
(ii) Depreciation on Buildings & Electrical Installations, Furniture,
Fixtures, Office Equipment and Vehicles has been provided on Written
Down Value Method, as per Section 205(2) (a) of the Companies Act, 1956
at the rates prescribed in Schedule XIV thereto.
(iii) Depreciation on all other assets has been provided on Straight
Line Method, as per Section 205(2)(b) of the Companies Act, 1956, at
the rates prescribed in Schedule XIV thereto.
For determining the appropriate depreciation rates, plant and machinery
falling under the category of continuous process plant has been
identified on the basis of technical opinion obtained.
(iv) Depreciation on additions to and disposals of the Fixed Assets
during the year has been provided on pro-rata basis, according to the
period each such asset was used during the year except in case of low
value items not exceeding Rs. 5000/-, which are depreciated fully in
the year of addition.
(v) Depreciation on addition or extension to the existing Fixed Asset,
which becomes integral part of that asset is provided on pro rata basis
according to the remaining useful life of the existing asset.
E. BORROWING COSTS:
Borrowing costs that are directly attributable to the acquisition /
construction of qualifying Fixed Assets are capitalized as a part of
the cost of the respective asset upto the date when such assets are
ready for their intended use and borrowing costs other than these costs
are charged to Profit and Loss Account.
F. IMPAIRMENT OF ASSETS:
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates recoverable amount of the asset being
higher of the net selling price and value in use. Value in use is
determined from the present value of estimated future cash flows from
continuing use of such assets discounted at weighted average cost of
capital.
If recoverable amount of such asset or the recoverable amount of the
cash generating unit to which such asset belong is found to be lower
than its carrying amount, then carrying amount of such asset is reduced
to the extent of its recoverable amount. Such reduction is treated as
impairment loss and is charged to the Profit and Loss Account.
After impairment of an asset, the depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
At a balance sheet date, if there is an indication that a previously
recognised impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at recoverable amount and
previously recognised impairment loss is reversed.
G. EXPENDITURE DURING THE CONSTRUCTION PERIOD:
The expenditure incidental to the expansion / new projects is carried
forward as "Pre-operative and Project expenditure pending
allocation/capitalization and are allocated to Fixed Assets in the year
of commencement of the Commercial production.
H. INVENTORIES:
Inventories consisting of Raw Materials, Work-in-Process and Finished
Goods are valued at lower of cost and net realizable value.
For this purpose, the cost of raw material is determined using monthly
moving average cost method (net of Cenvat availed).
Cost of finished goods and Work-in-process is determined by taking
monthly moving average material costs (net of Convat availed) and other
appropriate and relevant manufacturing overheads.
Inventories consisting of Stores, Consumables, Spare Parts, and Packing
Materials etc. are valued at lower of cost and net realizable value.
For this purpose direct costs and appropriate relevant overheads are
apportioned using the FIFO method.
I. REVENUE RECOGNITION:
(i) Revenue is recognised to the extent it is possible that economic
benefits will flow to the company and the revenue can be reliably
measured and there is a reasonable certainty regarding ultimate
collection.
(ii) Revenue from sale of products is recognised on transfer of all
significant risks and rewards of ownership of the goods to the
customers, which generally coincides with the dispatch of goods. Sales
are stated exclusive of Sales Tax / VAT, trade discounts and sales
returns.
(iii) Export benefits / incentives are accounted on accrual basis in
accordance with various government schemes in respect thereof and are
shown under "Other Income".
(iv) Interest income is recognised on a time proportionate basis taking
into account the amount outstanding and the rate applicable.
(v) Revenue in respect of other income is recognised when no
significant uncertainty as to its determination or realisation exists.
J. EXCISE DUTY:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
K. SEGMENT REPORTING:
The Company identifies business segment as primary, taking into account
the nature of products and services, risks and returns, the
organisation structure and the internal reporting system.
The geographical segment is demarcated into Indian and Overseas
markets.
L. FOREIGN CURRENCY TRANSACTIONS:
(i) The transactions in foreign currencies are converted into Indian
Rupees at the rates of exchange prevailing on the date of transactions.
(ii) The Company is exposed to the risks of foreign currency
fluctuations on foreign currency assets, liabilities and forecasted
cash flows denominated in foreign currency. The Company limits the
effects of foreign exchange rates fluctuations by following established
risk management policies. The company enters into forward contracts
where the counter parties are banks. The gain/loss on the contracts
settled during the year is recognised in the Profit and Loss Account.
The outstanding forward contracts meant for hedging the receivable
outstanding as at balance sheet date are marked to market and resultant
loss/gain is recognised in Profit and Loss Account. However, the gain
or loss on forward contracts outstanding as at the Balance Sheet date
meant for hedging the currency fluctuation risks in respect of the
forecasted cash flows resulting from sales expected during the
subsequent period based on the orders on hand as on the Balance Sheet
date is computed taking the difference between contracted rate and the
spot rate on the balance sheet date. Such gain/loss will be recognised
in the statement of the Profit and Loss Account of the period during
which such hedged transaction are actually crystallized. Such loss/gain
would be contra set off by the corresponding effect on actual sales
realisation.
(iii) The balances in Current Assets and Current Liabilities in foreign
currencies at the date of Balance Sheet have been converted into Indian
Rupees at the rate of exchange prevalent on that date. The resultant
net gain/loss arising out of such foreign exchange translations is
taken to Profit and Loss Account except in respect of such differences
related to acquisition of fixed assets from a country outside India
which are capitalized as a part of respective fixed asset.
M. TAXES ON INCOME:
(i) Tax expense comprises current tax and deferred tax.
(ii) Current tax is measured at the amount expected to be paid on the
basis of relief and deductions available in accordance with the
provisions of Indian Income Tax Act, 1961.
(iii) MAT credit is recognised as an asset only when and to the extent
there is convincing evidence that the Company will pay normal income
tax during the specified period.
(iv) Deferred income tax reflects the impact of the current year timing
differences between the taxable income and accounting income for the
year and reversal of timing differences of the earlier years.
Deferred tax is measured based on the tax rates and tax laws enacted or
substantively enacted as at the balance sheet date. Deferred tax
assets are recognised only to the extent there is virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
N. EMPLOYEE BENEFITS:
Defined Contribution Plans:-
The company contributes on defined contribution basis to Employee's
Provident Fund towards post employment benefits, all of which are
administered by the respective Government Authorities and it has no
further obligation beyond making its contribution, which is expensed in
the year to which it pertains.
Defined Benefit Plans:-
The Superannuation scheme is administered through the Life Insurance
Corporation of India (LIC). The liability for the defined benefit plan
is funded by way of payment of premium as determined by the LIC of
India and the same is administered by LIC and the Company has no
further obligation beyond making its contribution, which is expensed in
the yearto which it pertains.
The Company administers the gratuity scheme being unfunded liability.
The liability for the defined benefit plan of Gratuity is determined on
the basis of an actuarial valuation by an independent actuary at the
year end, which is calculated using projected unit credit method.
Actuarial gains and losses, which comprise experience adjustment and
the effect of changes in actuarial assumptions are recognised in the
Profit and Loss Account.
Leave Entitlements (Long Term Employee Benefit):-
The employees of the company are entitled to leave as per the leave
policy of the Company. The unfunded liability in respect of unutilized
leave balances is provided based on an actuarial valuation carried out
by an independent actuary, which is calculated using projected unit
credit method as at the year end and charged to the Profit and Loss
Account.
0. PROVISION FOR BAD AND DOUBTFUL DEBTS / ADVANCE:
Provision is made for Bad & Doubtful Debts / Advances which in the
opinion of the management is considered doubtful of recovery.
P. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions are recognised when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
Contingent liability is disclosed for:
(i) Possible obligations which will be confirmed by future events not
wholly within the control of the Company, or
(ii) Present obligation arising from past events where it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation can
not be made.
Contingent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realized.
Mar 31, 2010
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements are prepared under "historical cost
convention" on "Accrual Concept" of accountancy in accordance with the
accounting principles generally accepted in India and comply with
Accounting Standards prescribed in the Companies ( Accounting Standards
) Rules, 2006 issued by the Central Government to the extent applicable
and with the applicable provisions of the Companies Act, 1956. The
Accounting Policies have been consistently applied by the company.
B. USE OF ESTIMATES :
The presentation of financial statements in conformity with the
generally accepted accounting principles requires management to make
estimates and assumptions in respect of certain items like doubtful
debts, employee benefits, provision for liabilities etc. that affect
the reported amount of assets and liabilities and disclosure of
contingent liabilities as at the date of financial statements and
reported amount of income and expenses during the reporting year.
Actual results/outcome could differ from these estimates. Any revision
to the accounting estimates is recognized prospectively in the period
in which such results are materialized.
C. FIXED ASSETS:
All Fixed Assets are valued at cost less depreciation / amortization.
Cost [net of Cenvat credit available] comprises the purchase price and
any attributable costs of bringing the asset to its working condition
for its intended use. Financing costs directly attributable to the
construction of qualifying fixed assets are also included to the extent
they relate to the period till such assets are ready for their intended
use.
Cost of addition or extension to an existing asset, which is of a
capital nature and/or which becomes an integral part of the existing
asset is capitalised and added to the gross book value of that asset.
D. DEPRECIATION:
(i) Leasehold Land is being amortised over the life of the lease.
(ii) Depreciation on Buildings & Electrical Installations, Furniture,
Fixtures, Office Equipment and Vehicles has been provided on Written
Down Value Method, as per Section 205(2) (a) of the Companies Act, 1956
at the rates prescribed in Schedule XIV thereto.
(iii) Depreciation on all other assets has been provided on Straight
Line Method, as per Section 205(2)(b) of the Companies Act, 1956, it
the rates prescribed in Schedule XIV thereto.
For determining the appropriate depreciation rates, plant and machinery
falling under the category of continuous process plant has been
identified on the basis of technical opinion obtained.
(iv) Depreciation on additions to and disposals of the Fixed Assets
during the year has been provided on pro-rata basis, according to the
period each such asset was used during the year.
(v) Depreciation on addition or extension to the existing Fixed Asset,
which becomes integral part of that asset is provided on pro rata basis
according to the remaining useful life of the existing asset.
E. BORROWING COSTS:
Interest and other costs in connection with the borrowing of the funds
to the extent directly attributable to the acquisition / construction
of qualifying Fixed Assets are capitalized upto the date when such
assets are ready for their intended use and borrowing costs other than
these costs are charged to Profit and Loss Account.
F. IMPAIRMENT OF ASSETS:
The company assess at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the company estimates recoverable amount of the asset being
higher of the net selling price and value in use. Value in use is
determined from the present value of estimated future cash flows from
continuing use of such assets discounted at weighted average cost of
capital.
If recoverable amount of such asset or the recoverable amount of the
cash generating unit to which such asset belong is found to be lower
than its carrying amount, then carrying amount of such asset is reduced
to the extent of its recoverable amount. Such reduction is treated as
impairment loss and is charged to the Profit and Loss Account.
After impairment of an asset, the depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
At a balance sheet date, if there is an indication that a previously
recognized impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at recoverable amount and
previously recognized impairment loss is reversed.
G. EXPENDITURE DURING THE CONSTRUCTION PERIOD:
The expenditure incidental to the expansion / new projects is allocated
to Fixed Assets in the year of commencement of the . commercial
production.
H. INVENTORIES:
Inventories consisting of Raw Materials, Work-in-Process and Finished
Goods are valued at lower of cost and net realizable value.
For this purpose, the cost of raw material is determined using monthly
moving average cost method (net of Cenvat availed).
Cost of finished goods and Work-in-process is determined by taking
material costs (net of Cenvat availed) and other appropriate and
relevant manufacturing overheads.
Inventories consisting of Stores, Consumables, Spare Parts, and Packing
Materials etc. are valued at lower of cost and net realizable value.
For this purpose direct costs, and appropriate and relevant overheads,
are apportioned using the FIFO method.
I. REVENUE RECOGNITION:
(i) Revenue is recognised to the extent it is possible that economic
benefits will flow to the company and the revenue can be reliably
measured.
(ii) Revenue from sale of products is recognised on transfer of all
significant risks and rewards of ownership of the goods to the
customers, which generally coincides with the dispatch of goods. Sales
are stated exclusive of Sales Tax / VAT, trade discounts and sales
returns.
(iii) Export benefits / incentives are accounted on accrual basis and
are shown under "Other Income".
(iv) Interest income is recognised on a time proportionate basis taking
into account; the amount outstanding and the rate applicable.
(v) Revenue in respect of other income is recognised when no
significant uncertainty as to its determination or realisation exists.
J. EXCISE DUTY:
Excise Duty is accounted gross of Cenvat benefit availed on inputs,
fixed assets and eligible services.
K. SEGMENT REPORTING:
The company identifies business segment as primary, taking into account
the nature of products and services, risks and returns, the
organisation structure and the internal reporting system.
The geographical segment is demarcated into Indian and Overseas
markets.
L. FOREIGN CURRENCY TRANSACTIONS:
(i) The transactions in foreign currencies are converted into Indian
Rupees at the rates of exchange prevailing on the date of transactions.
(ii) The premium / discount arising at the inception of forward
contract intended for hedging is amortized as expense / income over the
life of the contract. Any profit or loss arising on cancellation or
renewal of the forward contract is recognised as income or expense for
the year. The outstanding forward contracts meant for hedging the
receivable outstanding as at balance sheet date are marked to market
and resultant loss/gain is recognised in Profit and Loss Account.
(iii) The company is exposed to the risks of foreign currency
fluctuations on foreign currency assets, liabilities and forecasted
cash flows denominated in foreign currency. The company limits the
effects of foreign exchange rates fluctuations by following established
risk management policies. The company enters into forward contracts
where the counter parties are banks. The gain/loss on the contracts
settled during the year are recognized in the Profit and Loss Account.
However, the gain or loss on forward contracts outstanding as at the
Balance Sheet date meant for hedging the currency fluctuation risks in
respect of the sales expected during the subsequent period based on the
orders on hand as on the Balance Sheet date is computed being the
difference between contracted rate and the spot rate on the balance
sheet date. Such gain/loss will be recognized in the statement of the
Profit and Loss Account of the period during which such hedged
transaction are actually crystallized. Such loss/gain would be contra
set off by the corresponding effect on actual sales realisation.
(iv) The balances in Current Assets and Current Liabilities in foreign
currencies at the date of Balance Sheet have been converted into Indian
Rupees at the rate of exchange prevalent on that date. The resultant
net gain/loss arising out of such foreign exchange translations is
taken to Profit and Loss Account.
M. TAXES ON INCOME:
(i) Tax expense comprises current tax and deferred tax.
(ii) Current tax is measured at the amount expected to be paid in
accordance with the provisions of Indian Income Tax Act.
(iii) Deferred income tax reflects the impact of the current year
timing differences between the taxable income and accounting income for
the year and reversal of timing differences of the earlier years.
Deferred tax is measured based on the tax rates and tax laws enacted or
substantively enacted as at the balance sheet date. Deferred tax assets
are recognized only to the extent there is reasonable certainty that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
N. EMPLOYEE BENEFITS:
Defined Contribution Plans:-
The company contributes on defined contribution basis to Employees
Provident Fund towards post employment benefits, all of which are
administered by the respective Government Authorities and it has no
further obligation beyond making its contribution, which is expensed in
the year to which it pertains.
Defined Benefit Plans:-
The Superannuation scheme is administered through the Life Insurance
Corporation of India (LIC). The liability for the defined benefit plan
is funded by way of payment of premium as determined by the LIC of
India and the same is administered by LIC and the company has no
further obligation beyond making its contribution, which is expensed in
the year to which it pertains. The company administers the gratuity
scheme being unfunded liability. The liability for the defined benefit
plan of Gratuity is determined on the basis of an actuarial valuation
by an independent actuary at the year end, which is calculated using
projected unit credit method. Actuarial gains and losses, which
comprise experience adjustment and the effect of changes in actuarial
assumptions are recognised in the Profit and Loss Account. Leave
Entitlements (Long Term Employee Benefit):-
The employees of the company are entitled to leave as per the leave
policy of the company. The unfunded liability in respect of unutilized
leave balances is provided based on an actuarial valuation carried out
by an independent actuary, which is calculated using projected unit
credit method as at the year end and charged to the Profit and Loss
Account.
0. PROVISION FOR BAD AND DOUBTFUL DEBTS / ADVANCE:
Provision is made for Bad & Doubtful Debts / Advances which in the
opinion of the management is considered doubtful of recovery.
P. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions are recognized when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
Contingent liability is disclosed for:
(i) Possible obligations which will be confirmed by future events not
wholly within the control of the Company, or
(ii) Present obligation arising from past events where it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation
cannot be made.
Contingent assets are not recognized in the financial statements since
this may result in the recognition of income that may never be
realized.
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