Mar 31, 2015
A. Basis of preparation of financial statements:
* These financial statements have been prepared to comply with the
Accounting Principles generally accepted in India (India GAAP), the
Accounting Standards notified under the companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 2013.
B. Use of Estimates:
* The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates, judgements and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expense during the reporting period.
Differences between actual results and estimates are recognised in the
period in which the results are known/materialise.
C. Fixed Assets:
Tangible Assets
Depreciation on fixed assets is provided to the extent of depreciable
amount on the Straight Line Method (SLM). Depreciation is provided
based on the useful life of the assets as prescribed in the schedule II
of the companies Act, 2013. In respect of additions or extensions
forming an integral part of existing assets and insurance spares,
including incremental cost arising on account of translation of foreign
currency liabilities for acquisition of fixed assets, depreciation is
provided from the date of such addition is put to use by the company.
Assets having opening balance as on the last day of previous year and
useful life thereof has been "Nil" as per the provisions of the
schedule II of the companies Act, 2013 has been written off during the
year to the extent of "salvage Value" or "Opening Balance" whichever is
lower and adjusted to "Reserve and Surplus" of the Company.
D. Investments:
Long term Investments are stated at cost and where there is permanent
diminution in the value of investments a provision is made wherever
applicable. Current Investments are carried at lower of cost or
quoted/fair value, computed category wise. Dividend is accounted for as
and when received.
E. Impairment:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the statement of
profit and loss in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed if
there has been a change in the estimate of the recoverable amount.
However, No Impairment loss is charged to Profit and loss for the
current reporting period.
F. Inventories:
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence, if any, except in case of
by-products which are valued at net realisable value. Cost of
inventories comprises of cost of purchase, cost of conversion and other
costs including manufacturing overheads incurred in bringing them to
their respective present location and condition.
Cost of raw materials, process chemicals, stores and spares, packing
materials, trading and other products are determined on FIFO Method.
G. Revenue Recognition:
Revenue is recognised only when risks and rewards incidental to
ownership are transferred to the customer, it can be reliably measured
and it is reasonable to expect ultimate collection. Revenue from
operations includes sale of goods, services, service tax, excise duty
and sales during trial run period, adjusted for discounts (net), and
gain/loss on corresponding hedge contracts.
Interest income is recognised on a time proportion basis taking into
account outstanding and the interest rate applicable.
EXCISE DUTY/SERVICE TAX
Excise duty/Service Tax is accounted on the basis of both, payment made
in respect of goods cleared / services provided and provisions made for
goods lying in bonded warehouses.
H. Earnings per Share:
Basic earning per equity share is computed by dividing net profit after
tax by the weighted average number of equity shares outstanding during
the year. Diluted earnings per equity share is computed by dividing
adjusted net profit after tax by the aggregate of weighted average
number of equity shares and dilutive potential equity shares
outstanding during the year.
I. Employee Benefits
The undiscounted amount of short -term benefits expected to be paid in
exchange for the services rendered by employees are recognised as an
expense during the period when employees render the services. These
benefits include performance incentive and compensated absences.
Post-employment benefits are not being treated as expenditure in the
year in which the amount is liable to be paid by the company. No
provision is made for such post-employment benefits.
J. Borrowing Cost
Borrowing cost related to acquisition or construction of qualifying
specific Fixed Assets have been capitalised. A qualifying asset is one
that takes substantial period of time to get ready for intended use or
sale. However, if the cost is not bifurcable to specific Fixed assets,
such costs have been treated as pre operative expenses and such
expenses to write off within next five years. All other borrowing costs
are charged to revenue.
K. Income Taxes:
Tax expense comprises of Current tax as well as deferred Tax. Current
tax is measured at the amount expected to be paid to the tax
authorities, using the applicable tax rates. Deferred income tax
reflect the current period timing differences between taxable income
and accounting income for the period and reversal of timing differences
of earlier years/period. Deferred tax asset are recognised only to the
extent that there is a reasonable certainty that sufficient future
income will be available except that deferred tax assets, in case there
are unabsorbed depreciation or losses, are recognised if there is
virtual certainty that sufficient future taxable income will be
available to realise the same. However, due to depreciation losses
during the current financial year, no provision for Income Tax is made
for the year.
In accordance with Accounting Standard 22 - Taxes on income, deferred
tax is recognised, subject to consideration of prudence, being the
difference between accounting and taxable income that originate in one
year and are capable of reversal in a subsequent year. Deferred Tax
assets and liabilities are measured using the tax rates and tax law
that have been enacted or substantively enacted by the Balance Sheet
Date.
L. Impairment of Assets:
At each balance sheet date, the Company assesses whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount. If the carrying
amount of the asset exceeds its recoverable amounts, an impairment loss
is recognised in the statement of profit and loss to the extent that
carrying amount exceeds the recoverable amount. There is no impairment
loss during the year.
M. Provisions and Contingencies:
The Company creates a provision when there is a present obligation as
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of obligation. A
disclosure of contingent liability is made when there is a possible
obligation or a present obligation that will probably not require
outflow of resources or where a reliable estimate of the obligation
cannot be made. The Provisions, Contingent Liabilities and Contingent
Asset are reviewed at each balance sheet date.
N. PRELIMINARY AND PRE-OPERATIVE EXPENSES
Expenditures regarding incorporation of the company including business
establishment expenses are treated as pre-operative expenditure. Any
Expenditures recurring in nature incurred for commencement of
production and are treated as Pre-operative Expenses. Such kind of
expenses are capitalised and charged to profit and loss account in such
a way that the same get written off within Five Financial year.
O. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision is recognised in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made. Provisions are not discounted to their
present value and determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimates.
Contingent liabilities are disclosed unless the possibility of outflow
of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2014
Not Available.
Mar 31, 2012
1.1 Nil Shares out of the issued, subscribed and paid up share capital
were allotted as Bonus Shares in the last five years by capitalisation
of Securities Premium and Reserves.
1.2 Nil Shares out of the issued, subscribed and paid up share capital
were allotted in the last five years pursuant to the various Schemes of
amalgamation without payment being received in cash.
1.3 Nil Shares out of the issued, subscribed and paid up share capital
were allotted on conversion / surrender of Debentures and Bonds,
conversion of Term Loans, exercise of warrants, against Global
Depository Shares (GDS) and re-issue of forfeited equity shares, since
inception.
1.4 NIL Shares out of the issued, subscribed and paid up share capital
held by Subsidiaries do not have Voting Rights and are not eligible for
Bonus Shares.
1.5 375,000 Shares out of the issued, subscribed and paid up share
capital were alloted as fully paidup Bonus Shares by way of
capitalisation of reserves.
Mar 31, 2011
Basis of Accounting:The accounts are prepared on accrual basis under
the historical cost convention in accordance with mandatory accounting
standards and relevant presentation requirments of the Companies Act,
1956.
Fixed Assets: Fixed assets are stated at cost of acquisition or
construction including indirect cost related to construction.
Depreciation: Depreciation is provided on Straight Line Method at the
rates prescribed in Schedule XIV to the Companies Act, 1956, on pro
rata basis.
Inventories : Stocks are valued at cost or net realisable value
whichever is lower.
Revenue Recognition:Revenue is recognised when no significant
uncertainty as to determination or realisation exit.
Foreign Exchange Transactions:Transactions in foreign currencies are
recorded at the exchange rate prevailing at the date of the
reminttance.Current assets, current liabilities and loans denominated
in foreign currencies are recorded on the date of transaction.
Borrowing Costs:Borrowing costs that are attributable to the
acquisition or construction of qualifying assets are capitalised as
part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its
intended use. All other borrowing costs are charged to revenue.
Investments: Long term assets are stated at cost. However diminution in
value other than temporary is provided. The profit/loss arising on
account of sales is recognised in the Profit & Loss A/c.
Taxation:
i) Current year charge The provision for taxation is made based on an
estimate of assessable income determined by the company under the
Income Tax Act, 1961.
ii) Deferred Tax Deferred tax is recognised, subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent years.
Treatment of Contingent Liability
Contingent Liabilities are disclosed by way of Notes to Accounts.
Mar 31, 2010
Basis of Accounting: The accounts are prepared on accrual basis under
the historical cost convention in accordance with mandatory accounting
standards and relevant presentation requirments of the Companies Act,
1956.
Fixed Assets: Fixed assets are stated at cost of acquisition or
construction including indirect cost related to construction.
Depreciation: Depreciation is provided on Straight Line Method at the
rates prescribed in Schedule XIV to the Companies Act, 1956, on pro
rata basis.
Inventories: Stocks are valued at cost or net realisable value
whichever is lower.
Revenue Recognition: Revenue is recognised when no significant
uncertainty as to determination or realisation exit.
Foreign Exchange Transactions: Transactions in foreign currencies are
recorded at the exchange rate prevailing at the date of the remittance.
Current assets, current liabilities and loans denominated in foreign
currencies are recorded on the date of transaction.
Borrowing Costs: Borrowing costs that are attributable to the
acquisition or construction of qualifying assets are capitalised as
part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its
intended use. All other borrowing costs are charged to revenue.
Investments: Long term assets are stated at cost. However diminution in
value other than temporary is provided. The profit/loss arising on
account of sales is recognised in the Profit & Loss A/c.
Taxation:
i) Current year charge: The provision for taxation is made based on an
estimate of assessable income determined by the company under the
lncome Tax Act, 1961.
ii) Deferred Tax: Deferred tax is recognised, subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent years.
Treatment of Contingent Liability
Contingent Liabilities are disclosed by way of Notes to Accounts.