Mar 31, 2017
Note 23: SIGNIFICANT ACCOUNTING POLICIES:
A) Basis of preparation of financial statements:
The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles (IGAAP) under the historical cost convention as a going concern and on accrual basis and in accordance with the provisions of the Companies Act, 2013 and the Accounting Standards specified under section 133 of the Companies Act. 2013 ("the Act") read with Rule 7 of the Companies.
All assets and liabilities have been classified as current and non-current as per the Company''s normal Operating cycle and other criteria set out in the Schedule III of the Companies Act, 2013. Based on the nature of services and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current/non-current classification of assets and liabilities.
(B) Use of estimates:
The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amount of assets and liabilities (including contingent liabilities) as on the date of financial statements and the reported income and expenses during the reporting period Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.
(C) Revenue recognition:
Revenue is recognized as earned and accrued when it is reasonably certain that its ultimate collection will be made and the revenue is measureable.
Sales are exclusive of VAT and recognized when goods are supplied in accordance with the terms of sales.
Revenue from export sales is recognized only when the bill of lading is received by the company. Purchase are recognized as per terms of purchase with buyer and exclusive of VAT.
Income from Rent is recognized as per terms or the agreement on accrual basis.
Interest Income is accounted on accrual basis by applying the interest rate on loan transactions. Dividend income is accounted on receipt basis.
(D) Fixed Assets:
a. Tangible Assets:
i) Tangible assets are staled at cost of acquisition (including incidental expenses), less accumulated depreciation.
ii) Assets held for sale or disposals are stated at the lower of their net book value and net realizable value.
b. Depreciation Tangible Assets:
Depreciation on tangible assets is charged on Written down Value (WDV) in accordance with the useful lives specified in Schedule II to the Companies Act. 2013 on a pro-rata basis except for following assets in respect of which useful life is taken as estimated by the management based on the actual usage pattern of the assets. -
0 Assets costing less than Rs.5, 000/- are fully depreciated in the period of purchase. n) Residual value of the assets is considered as 5%, reflecting the estimate of realizable values at the end of the useful life of an asset.
c. Intangible Assets:
Intangible assets are stalled at cost less accumulated amortization and impairment loss, if any.
(E) Inventories:
i. Inventories are valued on FIFO al cost or market value, whichever is less.
ii. Materials lying at Port and with third party are recognized upon receipt of commercial invoice from the supplier.
(F) Investments
I. Investments are classified into current and Non - current investments. Non Current Investments are stated at cost. Provision for diminution in the value of noncurrent investments is made only if, such a decline in the opinion of the management is other than temporary.
ii. Investments include shares and securities purchased with the intention of holding them as investments as per board resolutions.
(G) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with the accounting policy of the Company. Revenue and Expenditure have been identified to Segments on the basis of their relationship to operating activities of the segment. Revenue and Expenditure which relate to the enterprises as a whole and are not allocable to segments on a reasonable basis have been included under "Un-allocated Expenses"
Employee Benefits:
Provision for leave encashment to employees is made on payment basis.
(H) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at the prevailing exchange rate on the date of transaction. Gain / Loss arising on all transactions settled during the year are recognized in profit and loss account. Unsettled foreign currency transactions at the yearend are translated at year - end rates.
(I) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources.
(J) Taxation:
, Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Company''s case
Mar 31, 2015
A) Basis of preparation of financial statements:
a) The accompanying financial statements have been prepared in
accordance with the historical cost convention.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis.
c) The company has prepared these financial statements as per the format
prescribed by Schedule 111 to the Companies Act, 2013issuedby Ministry
of Corporate Affairs. Previous periods figures have been
recast/regrouped to confirm to the classification required by the
Schedule III.
B) Fixed Assets:
Tangible Assets. Fixed Assets are carried at cost of acquisition less
depreciation.
C) Depreciation:
Depreciation on Fixed Assets has been provided under Written Down Value
method, in accordance with the provision of Schedule II to the
Companies Act, 2013.
D) Inventories:
a) Inventories are valued on FIFO at cost or market value, whichever is
less.
b), Materials lying at Port and with third party are recognized upon
receipt of commercial invoice from the supplier.
E) Investments:
a) Investments are classified into current and non-current investments.
Noncurrent Investments are stated at cost. Provision for diminution in
the value of non-current investments is made only if, such a decline in
the opinion of the management is other than temporary.
b) Investments include shares and securities purchased with the
intention of holding them as investments as per Board resolutions.
F) Sales:
Sales are exclusive of Vat and recognized when goods are supplied in
accordance with the terms of sale. Revenue from export Sales is
recognized only when the Bills of Lading is received by the company.
G) Purchase:
Purchases are recognized as per terms of purchase with buyer and
exclusive of VAT.
H) Rent:
Income from rent is accounted as per the terms of agreements on accrual
basis.
I) Interest and Dividend:
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis.
J) Employees Benefits:
Company's contributions to Provident Fund Pension Scheme for the year
are charged to Profit & Loss account. Provision for Leave encashment to
employees is made on payment basis.
K) Taxation:
a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Company's case.
b): Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date. Deferred
tax assets in respect of unabsorbed Losses are recognized to the extent
there is reasonable certainty that these assets can be realized in
future.
L) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with
the accounting policy of the Company. Revenue and Expenditure have been
identified to Segments on the basis of their relationship to operating
activities of the segment. Revenue and Expenditure which relate to ;
the enterprises as a wholeand are not allocable to segments on a
reasonable basis have been included under "Un-allocated Expenses"
M) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at
the prevailing exchange rate on the date of transaction. Gain / Loss
arising on all transactions settled during the year are recognized in
profit and loss account. Unsettled foreign currency transactions at the
year end are translated at year - end rates.
N) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation
as a result of a past event that probably. Requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. Disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources.
Mar 31, 2014
A) Basis of preparation of financial statements:
a) The accompanying financial statements have been prepared in
accordance with the historical cost convention.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
c) The company has prepared these financial statements as per the
format prescribed by Revised Schedule VI to the Companies Act, 1956
issued by Ministry of Corporate Affairs. Previous periods figures have
been recast /regrouped to confirm to the classification required by the
Revised Schedule VI.
B) Fixed Assets:
Tangible Assets : Fixed Assets are carried at cost of acquisition less
depreciation.
C) Depreciation:
Depreciation on Fixed Assets has been provided on Written down Value
method at rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation in respect of assets acquired during the year has been
provided on pro-rata basis.
D) Inventories:
a) Inventories are valued on FIFO at cost or market value, whichever is
less.
b) Materials lying at Port and with third party are recognized upon
receipt of commercial invoice from the supplier.
E) Investments:
a) Investments are classified into current and non current investments.
Non current Investments are stated at cost. Provision for diminution in
the value of non current investments is made only if, such a decline in
the opinion of the management is other than temporary.
b) Investments include shares and securities purchased with the
intention of holding them as investments as per Board resolutions.
F) Sales:
Sales are exclusive of Vat and recognized when goods are supplied in
accordance with the terms of sale. Revenue from export Sales is
recognized only when the Bills of Lading is received by the company.
G) Purchase:
Purchases are recognized as per terms of purchase with buyer and
exclusive of VAT.
H) Rent:
Income from rent is accounted as per the terms of agreements on accrual
basis.
I) Interest and Dividend:
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis.
J) Employees Benefits:
Company''s contributions to Provident Fund Pension Scheme for the year
are charged to Statement of Profit & Loss. Provision for Leave
encashment to employees is made on payment basis.
K) Taxation:
a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Company''s case.
b) Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date. Deferred
tax assets in respect of unabsorbed Losses are recognized to the extent
there is reasonable certainty that these assets can be realized in
future.
L) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with
the accounting policy of the Company. Revenue and Expenditure have been
identified to Segments on the basis of their relationship to operating
activities of the segment. Revenue and Expenditure which relate to the
enterprises as a whole and are not allocable to segments on a
reasonable basis have been included under "Un-allocated Expenses"
M) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at
the prevailing exchange rate on the date of transaction. Gain / Loss
arising on all transactions settled during the year are recognized in
Statement of Profit & Loss. Unsettled foreign currency transactions at
the year end are translated at year - end rates.
N) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources.
Mar 31, 2013
A) Basis of preparation of financial statements:
a) The accompanying financial statements have been prepared in
accordance with the historical cost convention.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
c) The company has prepared these financial statements as per the
format prescribed by Revised Schedule VI to the Companies Act, 1956
issued by Ministry of Corporate Affairs. Previous periods figures have
been recast/regrouped to confirm to the classification required by the
Revised Schedule VI.
B) Fixed Assets:
Tangible Assets : Fixed Assets are carried at cost of acquisition less
depreciation.
C) Depreciation:
Depreciation on Fixed Assets has been provided on Written Down Value
method at rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation in respect of assets acquired during the year has been
provided on pro-rata basis.
D) Inventories:
a) Inventories are valued on FIFO at cost or market value whichever is
less.
b) Materials lying at Port and with third party are recognized upon
receipt of commercial invoice from the supplier.
E) Investments:
a) Investments are classified into current and non current investments.
Non current Investments are stated at cost. Provision for diminution in
the value of non current investments is made only if, such a decline in
the opinion of the management is other than temporary.
b) Investments include shares and securities purchased with the
intention of holding them as investments as per Board resolutions.
F) Sales:
Sales are exclusive of Vat and recognized when goods are supplied in
accordance with the terms of sale. Revenue from export Sales is
recognized only when the Bills of Lading is received by the company.
G) Purchase:
Purchases are recognized as per terms of purchase with buyer and
exclusive of VAT.
H) Rent:
Income from rent is accounted as per the terms of agreements on accrual
basis.
I) Interest and Dividend:
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis.
J) Employees Benefits:
Company''s contributions to Provident Fund Pension Scheme for the year
are charged to Profit & Loss account. Provision for Leave encashment to
employees is made on payment basis.
K) Taxation:
a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Company''s case.
b) Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date. Deferred
tax assets in respect of unabsorbed Losses are recognized to the extent
there is reasonable certainty that these assets can be realized in
future.
L) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with
the accounting policy of the Company. Revenue and Expenditure have been
identified to Segments on the basis of their relationship to operating
activities of the segment. Revenue and Expenditure which relate to the
enterprises as a whole and are not allocable to segments on a
reasonable basis have been included under "Un-allocated ExpensesÂ
M) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at
the prevailing exchange rate on the date of transaction. Gain / Loss
arising on all transactions settled during the year are recognized in
profit and loss account. Unsettled foreign currency transactions at the
year end are translated at year  end rates.
N) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources.
Mar 31, 2012
1.1) Basis of preparation of financial statements:
a) The accompanying financial statements have been prepared in
accordance with the historical cost convention.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
c) The company has prepared these financial statements as per the
format prescribed by Revised Schedule VI to the Companies Act, 1956
issued by Ministry of Corporate Affairs. Previous periods figures have
been recast/regrouped to confirm to the classification required by the
Revised Schedule VI.
1.2) Fixed Assets:
Tangible Assets : Fixed Assets are carried at cost of acquisition less
depreciation.
1.3) Depreciation:
- Depreciation on Fixed Assets has been provided on Written Down
Value method at rates specified in Schedule XIV to the Companies Act,
1956. Depreciation in respect of assets acquired during the year has
been provided on pro-rata basis.
1.4) inventories:
a) Inventories are valued on FIFO at cost or market value whichever is
less.
b) Materials lying at Port and with third party are recognized upon
receipt of commercial invoice from the supplier.
1.5) Investments:
a) Investments are classified into current and non current investments.
Non current Investments are stated at cost. Provision for diminution in
the value of non current investments is made only if, such a decline in
the opinion of the management is other than temporary.
b) Investments include shares and securities purchased with the
intention of holding them as investments as per Board resolutions.
1.6) Sales:
Sales are exclusive of Vat and recognized when goods are supplied in
accordance with the terms of sale. Revenue from export Sales is
recognized only when the Bills of Lading is received by the company.
1.7) Purchase:
Purchases are recognized as per terms of purchase with buyer and
exclusive of VAT.
1.8) Rent:
Income from rent is accounted as per the terms of agreements on accrual
basis.
1.9) Interest and Dividend:
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis.
1.10) Employees Benefits:
Company's contributions to Provident Fund Pension Scheme for the year
are charged to Profit & Loss account. Provision for Leave encashment to
employees is made on payment basis.
1.11) Taxation:
a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Company's case.
b) Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date.
- Deferred tax assets in respect of unabsorbed Losses are recognized
to the extent there is reasonable certainty that these assets can be
realized in future.
1.12) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with
the accounting policy of the Company. Revenue and Expenditure have been
identified to Segments on the basis of their relationship to operating
activities of the segment. Revenue and Expenditure which relate to the
enterprises as a whole and are not allocable to segments on a
reasonable basis have been included under "Un-allocated Expenses"
1.13) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at
the prevailing exchange rate on the date of transaction. Gain / Loss
arising on all transactions settled during the year are recognized in
profit and loss account. Unsettled foreign currency transactions at the
year end are translated at year - end rates.
1.14) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation
as a result of a past event- that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources.
Mar 31, 2011
1) Accounting Convention:
a) The accompanying financial statements have been prepared in
accordance with the historical cost convention.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
2) Fixed Assets:
Fixed Assets are carried at cost of acquisition less depreciation.
3) Depreciation:
Depreciation on Fixed Assets has been provided on written Down Value
method at rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation in respect of assets acquired during the year has been
provided on pro-rata basis.
4) Inventories:
a) Inventories are valued on FIFO at cost or market value whichever is
less.
b) Materials lying at Port and with third party are recognized upon
receipt of commercial invoice from the supplier.
5) Investments:
a) Long Term Investments are stated at cost. Provision for diminution
in the value of long term investments is made only if, such a decline
in the opinion of the management is other than temporary.
b) Investments include shares and securities purchased with the
intention of holding them as investments as per Board resolutions.
6) Sales:
Sales are exclusive of Vat and recognized when goods are supplied in
accordance with the terms of sale. Export Sales is recognized only when
the Bills of Lading is received by the company.
7) Purchase:
Purchases are recognized as per terms of purchase with buyer and
exclusive of VAT.
8) Rent:
Income from rent is accounted as per the terms of agreements on accrual
basis.
9) Interest and Dividend:
Interest income is accounted on accrual basis. Dividend is accounted on
receipt basis
10) Employees Benefits:
Company's contributions to Provident Fund Pension Scheme for the year
are charged to Profit & Loss account. Provision for Leave encashment to
employees is made on payment basis.
11) Taxation:
a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Company's case.
b) Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date. Deferred
tax assets in respect of unabsorbed Losses are recognized to the extent
there is reasonable certainty that these assets can be realized in
future.
12) Accounting policies not specifically referred to above are
consistent with earlier years and in consonance with generally accepted
accounting principles.
13) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with
the accounting policy of the Company. Revenue and Expenditure have been
identified to Segments on the basis of their relationship to operating
activities of the segment. Revenue and Expenditure which relate to the
enterprises as a whole and are not allocable to segments on a
reasonable basis have been included under ÃUn-allocated ExpensesÃ
14) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at
the prevailing exchange rate on the date of transaction. Gain / Loss
arising on all transactions settled during the year are recognized in
profit and loss account. Unsettled foreign currency transactions at the
year end are translated at year à end rates.
15) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources.
Mar 31, 2010
1) Accounting Convention:
a) The accompanying financial statements have been prepared in
accordance with the historical cost convention.
b) The company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual basis
2) Fixed Assets:
Fixed Assets are carried at cost of acquisition less depreciation.
3) Depreciation:
Depreciation on Fixed Assets has been provided on written Down Value
method at rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation in respect of assets acquired during the year has been
provided on pro-rata basis.
4) Inventories:
a) Inventories are valued on FIFO at cost or market value whichever is
less.
b) Materials lying at Port and with third party are recognized upon
receipt of commercial invoice from the supplier.
5) Investments:
a) Long Term Investments are stated at cost. Provision for diminution
in the value of long term investments is made only if, such a decline
in the opinion of the management is other than temporary.
b) Investments include shares and securities purchased with the
intention of holding them as investments as per Board resolutions.
6) Sales:
Sales are exclusive of Vat and recognized when goods are supplied in
accordance with the terms of sale. Export Sales is recognized only when
the Bills of Lading is received by the company.
7) Purchase:
Purchases are recognized as per terms of purchase with buyer and
exclusive of VAT.
8) Rent:
Income from rent is accounted as per the terms of agreements on accrual
basis.
9) Interest and Dividend:
Interest income is accounted on accrual basis. Dividend is accounted on
receipt basis
10) Employees Benefits:
Companys contributions to Provident Fund Pension Scheme for the year
are charged to Profit & Loss account. Provision for Leave encashment to
employees is made on payment basis.
11) Taxation:
a) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Companys case.
b) Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date. Deferred
tax assets in respect of unabsorbed Losses are recognized to the extent
there is reasonable certainty that these assets can be realized in
future.
12) Accounting policies not specifically referred to above are
consistent with earlier years and in consonance with generally accepted
accounting principles.
13) Segment Reporting:
The accounting policies adopted for Segment reporting are on line with
the accounting policy of the Company. Revenue and Expenditure have been
identified to Segments on the basis of their relationship to operating
activities of the segment. Revenue and Expenditure which relate to the
enterprises as a whole and are not allocable to segments on a
reasonable basis have been included under "Un-allocated Expenses"
14) Foreign currency Transactions:
Foreign currency transactions entered during the year are recorded at
the prevailing exchange rate on the date of transaction. Gain / Loss
arising on all transactions settled during the year are recognized in
profit and less account. Unsettled foreign currency transactions at the
year end are translated at year - end rates.
15) Provisions and Contingent Liabilities:
The company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources.
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