Mar 31, 2015
I. Basis of Accounting
These financial statements have been prepared under historical cost
convention from Books of Accounts maintained on Accrual basis (unless
otherwise stated herewith) in conformity with Accounting principles
generally accepted in India and comply with the Accounting Standards
issued by Institute of Chartered Accountants of India and referred to
Sec 129 and 133 of Companies Act, 2013. The Accounting Policies applied
by the Company are consistent with those used in previous year.
ii. Fixed Assets and Depreciation
Fixed assets are stated at their original cost, which includes
expenditure incurred in the Acquisition of Assets/construction of
assets, Pre-operative expenses till the commencement of operations and
Interest up to the date of commencement of commercial production.
Depreciation on fixed assets has been provided on straight line method
based on life assigned to each asset in accordance with Schedule II of
the Companies Act, 2013.
iii. Impairment of Fixed Assets
Consideration is given at each Balance Sheet date to determine whether
there is any indication of impairment of the carrying amount of the
company's fixed assets. If any indication exists, an asset's
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is greater of the net selling price and
value in use. In assessing the value based in use, the estimated future
cash flows are discounted to their present value based on an
appropriate discount factor.
iv. Foreign Exchange Transactions
Foreign exchange transactions are recorded in the books by applying the
exchange rate as on the date of the transaction. Foreign currency
liabilities (other than for acquisition of fixed assets from outside
India) are converted at exchange rates prevailing on the last working
day of the accounting year or settlement date as applicable and for
fixed assets acquired from outside India the exchange difference is
adjusted to the cost of the assets. Other foreign currency assets and
liabilities are converted at the exchange rate prevailing on the last
working day of the accounting year or settlement date, as applicable
and the exchange difference is adjusted to the Profit and Loss Account.
v. Inventories
Inventories are valued at lower of cost or net realizable value except
stores and spares, which are valued at cost. The determination of cost
of various categories of inventories is as follows:
a. Stores and spares and raw materials are valued at rates determined
on "First In - First Out" method.
b. Work-in-process and finished goods are valued on full absorption
costing method based on annual average cost of production.
vi. Revenue Recognition
Revenue is recognized at the point of dispatch of finished goods to
customers from plant.
vii. Retirement Benefits
Contributions to provident fund are made monthly, at predetermined
rates, and debited to the Profit and Loss Account on an accrual basis.
Provision for Gratuity and Leave encashment has been made on the basis
of Actuarial Valuation as per Accounting Standard AS-15. The Company
has subscribed to group gratuity scheme of LIC for all its employees.
The date of commencement of the scheme is 26-03-2014.
viii. Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes to the accounts.
ix. Taxation
Provision is made for Income tax liability estimated to arise on the
results for the year at the current rate of tax in accordance with
Income Tax Act, 1961.
In accordance with the Accounting Standard 22, Accounting for Taxes on
Income, issued by Institute of Chartered Accountants of India, Deferred
tax resulting from "timing differences" between book profits and Tax
profit is accounted for, at the current rate of tax, to the extent of
timing difference are expected to crystallize.
Mar 31, 2014
The accounts have been prepared under the historical cost convention
and materially comply with the mandatory accounting standards. The
significant accounting policies followed by the company are as stated
below:
i. Fixed Assets and Depreciation
Fixed assets are capitalized at acquisition cost including any directly
attributable cost of bringing the assets to their working condition for
the intended use.
Depreciation on fixed assets is provided on straight line method in
accordance with Schedule XIV to the Companies Act, 1956. Where the
carrying value of an asset has undergone subsequent changes on account
of exchange fluctuation, the depreciation on the revised unamortized
depreciable amount is provided prospectively over the residual useful
life of the asset.
ii. Impairment of Fixed Assets
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
company''s fixed assets. If any indication exists, an asset''s
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is greater of the net selling price and
value in use. In assessing the value based in use, the estimated future
cash flows are discounted to their present value based on an
appropriate discount factor.
iii. Foreign Exchange Transactions
Foreign exchange transactions are recorded in the books by applying the
exchange rate as on the date of the transaction. Foreign currency
liabilities (other than for acquisition of fixed assets from outside
India) are converted at exchange rates prevailing on the last working
day of the accounting year or settlement date as applicable and for
fixed assets acquired from outside India the exchange difference is
adjusted to the cost of the assets. Other foreign currency assets and
liabilities are converted at the exchange rate Prevailing on the last
working day of the accounting year or settlement date, as applicable
and the exchange difference is adjusted to the profit and loss account.
iv. Inventories
Inventories are valued at lower of cost or net realizable value except
stores and spares, which are valued at cost. The determination of cost
of various categories of inventories is as follows:
a. Stores and spares and raw materials are valued at rates determined
on "first in - first out" method.
b. Work-in-process and finished goods are valued on full absorption
costing method based on annual average cost of production. .
v. Revenue Recognition
Revenue is recognized at the point of dispatch of finished goods to
customers from plant.
vi. Retirement Benefits
Contributions to provident fund are made monthly, at predetermined
rates, and debited to the profit and loss account on an accrual basis.
Provision for gratuity and Leave encashment has been made on the basis
of Actuarial Valuation as per Accounting Standard AS-15. The Company
has subscribed to group gratuity scheme of LIC for all its employees.
The date of commencement of the scheme is 26-03-2014. The Gratuity
Liability for the financial year 2013-14 has been deposited into
Gratuity Fund Trust on 31.03.2014.
vii. Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes to the accounts.
viii. Taxes on Income
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date.
Mar 31, 2013
I. Fixed Assets and Depreciation
Fixed assets are capitalized at acquisition cost including any directly
attributable cost of bringing the assets to their working condition for
the intended use.
Depreciation on fixed assets is provided on straight line method in
accordance with Schedule XIV to the Companies Act, 1956. Where the
carrying value of an asset has undergone subsequent changes on account
of exchange fluctuation, the depreciation on the revised unamortised
depreciable amount is provided prospectively over the residual useful
life of the asset.
ii. Impairment of Fixed Assets
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
company''s fixed assets. If any indication exists, an asset''s
recoverable amount is estimated. An impairment loss is recognised
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is greater of the net selling price and
value in use. In assessing the value based in use, the estimated future
cash flows are discounted to their present value based on an
appropriate discount factor.
iii. Foreign Exchange Transactions
Foreign exchange transactions are recorded in the books by applying the
exchange rate as on the date of the transaction. Foreign currency
liabilities (other than for acquisition of fixed assets from outside
India) are converted at exchange rates prevailing on the last working
day of the accounting year or settlement date as applicable and for
fixed assets acquired from outside India the exchange difference is
adjusted to the cost of the assets. Other foreign currency assets and
liabilities are converted at the exchange rate prevailing on the last
working day of the accounting year or settlement date, as applicable
and the exchange difference is adjusted to the profit and loss account.
iv. Inventories
Inventories are valued at lower of cost and net realisable value except
stores and spares, which are valued at cost. The determination of cost
of various categories of inventories is as follows:
a. Stores and spares and raw materials are valued at rates determined
on "first in - first out" method.
b. Work-in-process and finished goods are valued on full absorption
costing method based on annual average cost of production. .
v. Revenue Recognition
Revenue is recognized at the point of dispatch of finished goods to
customers from plant.
vi. Retirement Benefits
Contributions to provident fund are made monthly, at predetermined
rates, and debited to the profit and loss account on an accrual basis.
Provision for gratuity and Leave encashment has been made on the basis
of Actuarial Valuation as per Accounting Standard AS-15. The company
is unable to fund the liability provided due to cash flow problems.
vii. Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes to the accounts.
viii. Taxes on Income
Income taxes are accounted for in accordance with Accounting Standard
22 - Accounting for Taxes on Income issued by the Institute of
Chartered Accountants of India. Deferred tax is accounted under the
liability method, subject to consideration of prudence for deferred tax
assets, at the current rate of tax, on timing differences being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and are measured using tax rates enacted or substantively
enacted as at the Balance Sheet date. The carrying amount of Deferred
Tax Assets and Liabilities are reviewed at each Balance Sheet date
Mar 31, 2012
The accounts have been prepared under the historical cost convention
and materially comply with the mandatory accounting standards. The
significant accounting policies followed by the company are as stated
below:
i. Fixed Assets and Depreciation
Fixed assets are capitalized at acquisition cost including any directly
attributable cost of bringing the assets to their working condition for
the intended use.
Depreciation on fixed assets is provided on straight line method in
accordance with Note 7 to the Companies Act, 1956. Where the carrying
value of an asset has undergone subsequent changes on account of
exchange fluctuation, the depreciation on the revised unamortised
depreciable amount is provided prospectively over the residual useful
life of the asset.
ii. Impairment of Fixed Assets
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
company's fixed assets. If any indication exists, an asset's
recoverable amount is estimated. An impairment loss is recognised
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is greater of the net selling price and
value in use. In assessing the value based in use, the estimated future
cash flows are discounted to their present value based on an
appropriate discount factor.
iii. Foreign Exchange Transactions
Foreign exchange transactions are recorded in the books by applying the
exchange rate as on the date of the transaction. Foreign currency
liabilities (other than for acquisition of fixed assets from outside
India) are converted at exchange rates prevailing on the last working
day of the accounting year or settlement date as applicable and for
fixed assets acquired from outside India the exchange difference is
adjusted to the cost of the assets. Other foreign currency assets and
liabilities are converted at the exchange rate prevailing on the last
working day of the accounting year or settlement date, as applicable
and the exchange difference is adjusted to the profit and loss account.
iv. Inventories
Inventories are valued at lower of cost and net realisable value except
stores and spares, which are valued at cost. The determination of cost
of various categories of inventories is as follows:
a. Stores and spares and raw materials are valued at rates determined
on "First in-First Out" method.
b. Work-in-process and finished goods are valued on full absorption
costing method based on annual average cost of production. .
v. Revenue Recognition
Revenue is recognized at the point of dispatch of finished goods to
customers from plant.
vi. Retirement Benefits
Contributions to provident fund are made monthly, at predetermined
rates, and debited to the profit and loss account on an accrual basis.
Provision for gratuity and Leave encashment has been made on the basis
of Actuarial Valuation as per Accounting Standard AS-15. The company
is unable to fund the liability provided due to cash flow problems.
vii. Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes to the accounts.
viii. Taxes on Income
Income taxes are accounted for in accordance with Accounting Standard
22 - Accounting for Taxes on Income issued by the Institute of
Chartered Accountants of India. Deferred tax is accounted under the
liability method, subject to consideration of prudence for deferred tax
assets, at the current rate of tax, on timing differences being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and are measured using tax rates enacted or substantively
enacted as at the Balance Sheet date. The carrying amount of Deferred
Tax Assets and Liabilities are reviewed at each Balance Sheet date.
Mar 31, 2010
The accounts have been prepared under the historical cost convention
and materially comply with the mandatory accounting standards. The
significant accounting policies followed by the company are as stated
below:
i. Fixed Assets and Depreciation
Fixed assets are capitalized at acquisition cost including any directly
attributable cost of bringing the assets to their working condition for
the intended use. Depreciation on fixed assets is provided on straight
line method in accordance with Schedule XIV to the Companies Act, 1956.
Where the carrying value of an asset has undergone subsequent changes
on account of exchange fluctuation, the depreciation on the revised
unamortised depreciable amount is provided prospectively over the
residual useful life of the asset.
ii. Impairment of Fixed Assets
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
companyÃs fixed assets. If any indication exists, an assetÃs
recoverable amount is estimated. An impairment loss is recognised
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is greater of the net selling price and
value in use. In assessing the value based in use, the estimated future
cash flows are discounted to their present value based on an
appropriate discount factor.
iii. Foreign Exchange Transactions
Foreign exchange transactions are recorded in the books by applying the
exchange rate as on the date of the transaction. Foreign currency
liabilities (other than for acquisition of fixed assets from outside
India) are converted at exchange rates prevailing on the last working
day of the accounting year or settlement date as applicable and for
fixed assets acquired from outside India the exchange difference is
adjusted to the cost of the assets. Other foreign currency assets and
liabilities are converted at the exchange rate prevailing on the last
working day of the accounting year or settlement date, as applicable
and the exchange difference is adjusted to the profit and loss account.
iv. Inventories
Inventories are valued at lower of cost and net realisable value except
stores and spares, which are valued at cost. The determination of cost
of various categories of inventories is as follows:
a. Stores and spares and raw materials are valued at rates determined
on - first in - first outà method.
b. Work-in-process and finished goods are valued on full absorption
costing method based on annual average cost of production.
v. Revenue Recognition
Revenue is recognized at the point of dispatch of finished goods to
customers from plant.
vi. Retirement Benefts
Contributions to provident fund are made monthly, at predetermined
rates, and debited to the profit and loss account on an accrual basis.
Provision for gratuity and Leave encashment has been made on the basis
of Actuarial Valuation as per Accounting Standard AS-15. The company
is unable to fund the liability provided due to cash flow problems.
vii. Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes to the accounts.
viii. Taxes on Income
Income taxes are accounted for in accordance with Accounting Standard
22 - Accounting for Taxes on Income issued by the Institute of
Chartered Accountants of India. Deferred tax is accounted under the
liability method, subject to consideration of prudence for deferred tax
assets, at the current rate of tax, on timing differences being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and are measured using tax rates enacted or substantively
enacted as at the Balance Sheet date. The carrying amount of Deferred
Tax Assets and Liabilities are reviewed at each Balance Sheet date.