Mar 31, 2015
(1) BASIS OF ACCOUNTING
The financial statements are prepared under historical cost convention
and comply with applicable accounting standards issued by the Institute
of Chartered Accountants of India and relevant provisions of the
Companies Act, 1956.
(2) FIXED ASSETS:
Fixed assets are stated at cost of acquisition. Acquisition cost
includes taxes, duties, freight, insurance and other incidental
expenses related to acquisition and installation and are net of modvat
credits, where applicable. Revenue expenses incidental and related to
projects are capitalized along with the related fixed assets, where
appropriate.
(3) DEPRECIATION:
Depreciation on fixed assets is provided using the W.D.V. method.
Depreciation is charged on a pro- rata basis for assets purchased/sold
during the year. Individual assets costing less than Rs. 5,000 are
depreciated in full in the year of purchase.
(4) REVENUE RECOGNITION:
Sales exclusive of Vat & WCT and exclusive of Service Tax are
recognized on dispatch. Price adjustments for sales made during a year
are recorded upon receipt of confirmed customer orders.
(6) WARRANTY:
Product warranty costs are guaranteed by Performances Bank Guarantee.
(7) INVENTORIES:
Inventories are stated at the lower of cost and net realizable value
except stores and spares and loose tools, which are stated at cost or
under. 'Cost' is arrived at using FIFO/weighted average methods and
includes appropriate overheads in case of work in progress and finished
goods. Finished goods are stated inclusive of excise duty.
(8) RETIREMENT BENEFITS:
Liability of Leave Encasement is provided on the basis of actuarial
valuation. Contribution towards the Company's gratuity liability
(including for past services rendered) made to the Life Insurance
Corporation of India (L.I.C.) on the basis of actuarial valuation, is
charged to the Profit and Loss Account. As at the year-end, the
Company's gratuity liability is got reassessed from an actuary and any
shortfall is also charged to the Profit and Loss Account.
(9) RESEARCH AND DEVELOPMENT EXPENDITURE :
During the year, The Company has not made any expenditure towards
Research and development expenditure.
(10) TAXATION :
Provision for Income Tax, comprising current tax and deferred tax is
made on the basis of the results of the year.
In Accordance with Accounting Standard 22 Accounting for Taxes on
Income, issued by the Institute of Chartered Accountants of India, the
deferred tax for timing differences between the book and the tax
profits for the year is accounted for using the tax rates and laws that
have been enacted or substantively enacted as of the balance sheet
date.
Deferred tax Liabilities arising from temporary timing differences are
recognized to the extent there is a reasonable certainty that the
assets can be realized in the future.
The accumulated deferred tax liability as on 31st March, 2013 has been
recognized with a corresponding charge to the General Reserve.
(11) SEGMENTAL REPORTING :
The accounting policies applicable to the reportable segment are the
same as those used in the preparation of the financial statements as
set out above.
Segment revenue expenses include amounts which can be directly
identifiable to the segment or allocable on a reasonable basis.
Segment assets include all operating assets used by the segment and
consist primarily of debtors, inventories and fixed assets, segment
liabilities include all operating liabilities and consist primarily of
creditors and statutory liabilities.
(12) Debtors
Debtors are stated at book value after making provisions for doubtful
debts.
Mar 31, 2014
(1) BASIS OF ACCOUNTING
The financial statements are prepared under historical cost convention
and comply with applicable accounting standards issued by the Institute
of Chartered Accountants of India and relevant provisions of the
Companies Act, 1956.
(2) FIXED ASSETS:
Fixed assets are stated at cost of acquisition. Acquisition cost
includes taxes, duties, freight, insurance and other incidental
expenses related to acquisition and installation and are net of modvat
credits, where applicable. Revenue expenses incidental and related to
projects are capitalized along with the related fixed assets, where
appropriate.
(3) DEPRECIATION:
Depreciation on fixed assets is provided using the W.D.V. method.
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year. Individual assets costing less than Rs. 5,000 are
depreciated in full in the year of purchase.
(4) REVENUE RECOGNITION:
Sales exclusive of Vat & WCT and exclusive of Service Tax are
recognized on dispatch. Price adjustments for sales made during a year
are recorded upon receipt of confirmed customer orders.
(5) FOREIGN CURRENCY TRANSACTIONS:
The Company discloses earnings regarding foreign exchange transactions
on accrual basis because these are accounted for after raising all
invoices to the foreign clients who also confirm their balances after
the close of the year and there is hardly any doubt left not receiving
the amount in foreign exchange. However, it has not been found
practicable to show the expenditure on accrual basis. Besides the word
'expenditure' in foreign exchange in its ordinary connotations implies
actual outgo of foreign exchange.
(6) INVENTORIES:
Inventories are stated at the lower of cost and net realizable value
except stores and spares and loose tools, which are stated at cost or
under. 'Cost' is arrived at using FIFO/weighted average methods and
includes appropriate overheads in case of work in progress and finished
goods. Finished goods are stated inclusive of excise duty.
(7) RESEARCH AND DEVELOPMENT EXPENDITURE :
During the year, The Company has not made any expenditure towards
Research and development expenditure.
(8) TAXATION :
Provision for Income Tax, comprising current tax and deferred tax is
made on the basis of the results of the year.
In Accordance with Accounting Standard 22 Accounting for Taxes on
Income, issued by the Institute of Chartered Accountants of India, the
deferred tax for timing differences between the book and the taxprofits
for the year is accounted for using the tax rates and laws that have
been enacted or substantively enacted as of the balance sheet date.
Deferred tax Liabilities arising from temporary timing differences are
recognized to the extent there is a reasonable certainty that the
assets can be realized in the future.The accumulated deferred tax
liability as on 31st March, 2015has been recognized with a
corresponding charge to the General Reserve.
(9) SEGMENTAL REPORTING :
The accounting policies applicable to the reportable segment are the
same as those used in the preparation of the financial statements as
set out above.
Segment revenue expenses include amounts which can be directly
identifiable to the segment or allocable on a reasonable basis.
Segment assets include all operating assets used by the segment and
consist primarily of debtors, inventories and fixed assets, segment
liabilities include all operating liabilities and consist primarily of
creditors and statutory liabilities.
(10) Debtors
Debtors are stated at book value after making provisions for doubtful
debts.
Mar 31, 2013
(1) BASIS OF ACCOUNTING :
The financial statements are prepared under historical cost convention
and comply with applicable accounting standards issued by the Institute
of Chartered Accountants of India and relevant provisions of the
Companies Act, 1956.
(2) FIXED ASSETS :
Fixed assets are stated at cost of acquisition. Acquisition cost
includes taxes, duties, freight, insurance and other incidental
expenses related to acquisition and installation and are net of modvat
credits, where applicable. Revenue expenses incidental and related to
projects are capitalized along with the related fixed assets, where
appropriate.
(3) DEPRECIATION :
Depreciation on fixed assets is provided using the W.D.V. method.
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year. Individual assets costing less than Rs. 5,000 are
depreciated in full in the year of purchase.
(4) REVENUE RECOGNITION :
Sales exclusive of Vat & WCT and exclusive of Service Tax are
recognized on dispatch. Price adjustments for sales made during a year
are recorded upon receipt of confirmed customer orders.
(5) FOREIGN CURRENCY TRANSACTIONS :
During the year, the company has not entered any foreign transaction.
(6) WARRANTY :
Product warranty costs are guaranteed by Performances Bank Guarantee.
(7) INVENTORIES :
Inventories are stated at the lower of cost and net realizable value
except stores and spares and loose tools, which are stated at cost or
under. Cost'' is arrived at using FIFO/weighted average methods and
includes appropriate overheads in case of work in progress and finished
goods. Finished goods are stated inclusive of excise duty.
(8) RETIREMENT BENEFITS :
Liability of Leave Encasement is provided on the basis of actuarial
valuation. Contribution towards the Company''s gratuity liability
(including for past services rendered) made to the Life Insurance
Corporation of India (L.I.C.) on the basis of actuarial valuation, is
charged to the Profit and Loss Account. As at the year-end, the
Company''s gratuity liability is got reassessed from an actuary and any
shortfall is also charged to the Profit and Loss Account.
(9) CONTINGENCY LIABILITIES :
No Contingency liabilities as on 31st March'' 2013.
(10) RESEARCH AND DEVELOPMENT EXPENDITURE :
During the year, The Company has not made any expenditure towards
Research and development expenditure.
(11) TAXATION :
Provision for Income Tax, comprising current tax and deferred tax is
made on the basis of the results of the year.
In Accordance with Accounting Standard 22 Accounting for Taxes on
Income, issued by the Institute of Chartered Accountants of India, the
deferred tax for timing differences between the book and the tax
profits for the year is accounted for using the tax rates and laws that
have been enacted or substantively enacted as of the balance sheet
date.
Deferred tax Liabilities arising from temporary timing differences are
recognized to the extent there is a reasonable certainty that the
assets can be realized in the future.
The accumulated deferred tax liability as on 31st March, 2013 has been
recognized with a corresponding charge to the General Reserve.
(12) SEGMENTAL REPORTING :
The accounting policies applicable to the reportable segment are the
same as those used in the preparation of the financial statements as
set out above.
Segment revenue expenses include amounts which can be directly
identifiable to the segment or allocable on a reasonable basis.
Segment assets include all operating assets used by the segment and
consist primarily of debtors, inventories and fixed assets, segment
liabilities include all operating liabilities and consist primarily of
creditors and statutory liabilities.
(13) DEBTORS :
Debtors are stated at book value after making provisions for doubtful
debts.
Mar 31, 2009
1. Financial Statements are prepared under historical cost in
accordance with accounting standards applicable in India
2. Accounting policies not specified refferred to otherwise are
insistent with generally accepted accounting principles.
3. There is no any type of contingent liabilities.
4. A preliminary expense are amortized in ten equal annual installment
on yearly basis as provided under section 35D of the income tax Act,
1961.
5. Depreciation had been provided on the fixed assets on the S.L.M.
method u/s 205(2)(a) of the Companies Act, 1956 at the rates prescribed
in schedule added or sold during the year has been caculated at
pro-rate basis from the date of such addition or up to date of sale if
any.
6. Fixed assets are stated of cost of Acquisition and Installation,
less accumulated Depreciation.
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