Mar 31, 2014
A. Basis of Presentation
The accounts have been prepared using historical ooai convention and on
the basis of a going concern, with revenues recognised and expenses
accounted for on accrual (Including tor com mitted obligations), in
accordance with the accounting standard prescribed ui the Companies
(Accounting Standards) Rules, 2006 issued by the Central Government, in
consultation with the Matronal Advisory Committee on Accounting
Standards, to the extent applicable. Insurance and other dams are
accounted tor, as and when admitted by the appropriate authorises.
B. Fixed Assets
a) Capitalized at acquisition cost Including directly attributable cost
such as freight Insurance and specific installation charge for bringing
the asset to its working condition for use.
b) Expenditure relating to existing fixed assets Is added to the oast
of the assets where it Increases Hib performanceflife of the assets as
assessed earlier.
C. Depreciation
Depreciation is charged on Plant and Machineries as per Written down
Value method and on the Other Assets as per the Straight line Method
from the dam of installstton/use asset at the rates and in (he manner
prescribed under schedule XIV to the Companies Act, 1956.
D. Investments
Long Term Investments are stated at costless provision, if any,
lordedine other than temporary in their value.
E. Valuation of Inventories
Inventories ere valued as under: Raw Materials, Work in Progress,
Trading Goods and Finished Goods are vb! ued at lower of Cost or Net
Realizable Value using First in First Out Method.
F. Recognition of Incomes:
?) Revenues' /lncomes are generally accounted on -accrual, as they are
earned.
b) Sale of goods Is recognized on transfer of property ;n goods or on
transfer of SIgnffleant risks and reward of ownership lo the buyer,
which is generally on dispatch of goods.
G. Contingencies and events occurring after the date of Balance sheet
a) Accounting for contingencies (gai ns and las ses) arising nut of
contractual obfigatians ars made only nn the basis of mutual
acceptance.
o) Where material, events cccurring after fhe dare of Balance Sheet are
considered up to the date of adoption of the accounts,
H. Foreign Currency Transactions
Transactions in foreign currency ana recorded at the rotas of exchange
in force at the lime of occuraence the transactions. upon realisation,
the resultant adjusted in the respective account.
i. Prior Period items
Prior Period and Extra Ordinary items and Changes in Accounting
Policies, having a matenail bearing on the financial affairs of the
Company are disclosed separately along with the amount by which any
Item in the financial StatCunarcls is affected by Such change wherever
same is available.
J. Impairment of Assets;
The carrying amounts of assets are reviewed at each balanoe sheet date
if Shore is any indication of impa indent based on internalsexternal
factors. Ah asset Is impaired when the Carrying a mount of Lhe asset
exceeds the recoverable amount An impaimwit loss ;5 charged la the
Profit & Loss Acco urn in t h e ye a r in which an asse t is i d enllf
ie d as impan ud. An impairment loss recognized in prior accounting
penuds is reversed itthere has been ctcunge rn the esti mate of the
teeovemola amount.
K. Use of Estimates :
The prep arm on statements in nforroity with generally acceded
accounting ur irtdples requires estimates and assumptions to be made
that affect lhe reported annou nl of assets and tia h .lilies on the
dele of the find riCia I S talem an ts and the reported amou nls d
revenues and expenses during the reporting pa nod. Ddfarerces between
actual resu ts and estimates are recognized In the period in which the
resulls ere knewnfmaterialized.
L. Borrowing Costs :
I merest and other borrowing costs attributable to qualifying assets
are capital sad Other interest and burrowing ou sts am charged tp
revenue
Mar 31, 2013
A. Basis of Presentation
The accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues recognized and expenses
accounted for on accrual (including for committed obligations), in
accordance with the accounting standard prescribed in the Companies
(Accounting Standards) Rules, 2006 issued by the Central Government, in
consultation with the National Advisory Committee on Accounting
Standards, to the extent applicable. Insurance and other claims are
accounted for, as and when admitted by the appropriate authorities.
B. Fixed Assets
a) Capitalized at acquisition cost including directly attributable cost
such as freight insurance and specific installation charge for bringing
the asset to its working condition for use
b) Expenditure relating to existing fixed assets is added to the cost
of the assets where it increases the performance/life of the assets as
assessed earlier.
C. Depreciation
Depreciation is charged on Plant and Machineries as per Written down
Value method and on the Other Assets as per the Straight Line Method
from the date of installation/use asset at the rates and in the manner
prescribed under schedule X1V to the Companies Act, 1956.
D. Investments
Long Term Investments are stated at cost less provision, if any, for
decline other than temporary in their value.
E. Valuation of Inventories
Inventories are valued as under : Raw Materials, Work in Progress,
Trading Goods and Finished Goods are valued at lower of Cost or Net
Realizable Value using First in First Out Method.
F. Recognition of Incomes:
a) Revenues/Incomes are generally accounted on accrual, as they are
earned.
b) Sale of goods is recognized on transfer of property in goods or on
transfer of significant risks and reward of ownership to the buyer,
which is generally on dispatch of goods.
G. Contingencies and Events occurring after the date of Balance Sheet
a) Accounting for contingencies (gains and losses) arising out of
contractual obligations are made only on the basis of mutual
acceptance.
b) Where material, events occurring after the date of Balance Sheet are
considered up to the date of adoption of the accounts.
H. Foreign Currency Transactions
Transactions in foreign currency are recorded at the rates of exchange
in force at the time of occurrence of the transactions. Upon
realisation, the resultant gain/loss is adjusted in the respective
account.
I. Prior Period Items
Prior Period and Extra Ordinary items and Changes in Accounting
Policies, having a material bearing on the financial affairs of the
Company are disclosed separately along with the amount by which any
item In the financial statements is affected by such change wherever
same is available
J. Impairment of Assets:
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. An impairment loss recognized in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
K. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known/materialized.
L. Borrowing Costs:
Interest and other borrowing costs attributable to qualifying assets
are capitalised. Other interest and borrowing costs are charged to
revenue
Mar 31, 2012
(A) Basis of Presentation
The accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues recognized and expenses
accounted for on accrual (including for committed obligations), in
accordance with the accounting standard prescribed in the Companies
(Accounting Standards) Rules, 2006 issued by the Central Government, in
consultation with the National Advisory Committee on Accounting
Standards, to the extent applicable. Insurance and other claims are
accounted for, as and when admitted by the appropriate authorities.
Where changes in presentation are made, comparative figures for the
previous year are regrouped accordingly.
(B) Fixed Assets
(a) Capitalized at acquisition cost including directly attributable
cost such as freight insurance and specific installation charge for
bringing the asset to its working condition for use
(b) Expenditure relating to existing fixed assets is added to the cost
of the assets where it increases the performance/life of the assets as
assessed earlier.
(C) Depreciation
Depreciation is charged on Plant and Machineries as per Written down
Value method and on the Other Assets as per the Straight Line Method
from the date of installation/use asset at the rates and in the manner
prescribed under schedule X1V to the Companies Act, 1956.
(D) Investments
Long Term Investments are stated at cost less provision, if any, for
decline other than temporary in their value.
(E) Valuation of Inventories
Inventories are valued as under :
Raw Materials, Work in Progress, Trading Goods and Finished Goods are
valued at lower of Cost or Net Realizable Value using First in First
Out Method.
(F) Recognition of Incomes:
(a) Revenues/Incomes are generally accounted on accrual, as they are
earned.
(b) Sale of goods is recognized on transfer of property in goods or on
transfer of significant risks and reward of ownership to the buyer,
which is generally on dispatch of goods.
(G) Contingencies and Events Occurring After the Date of Balance Sheet
Accounting for contingencies (gains and losses) arising out of
contractual obligations are made only on the basis of mutual
acceptance.
Where material, events occurring after the date of Balance Sheet are
considered up to the date of adoption of the accounts.
(H) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rates of exchange
in force at the time of occurrence of the transactions. Upon
realisation, the resultant gain/loss is adjusted in the respective
account.
(I) Payments made under VRS Scheme
Payments made under Voluntary Retirement Scheme, are mortised over a
period of 5 Years commencing from the year of payment.
(J) Prior Period Items
Prior Period and Extra Ordinary items and Changes in Accounting
Policies, having a material bearing on the financial affairs of the
Company are disclosed separately along with the amount by which any
item In the financial statements is affected by such change wherever
same is available
(K) Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. An impairment loss recognized in prior accounting periods is
reversed if there has been change in the estimate of the recoverable
amount.
(L) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known/materialized.
Mar 31, 2010
(A) Basis of Presentation
The accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues recognised and expenses
accounted for on accrual, including for committed obligations. Where
changes in presentation are made, comparative figures for the previous
year have been regrouped accordingly.
(B) Fixed Assets
(a) Capitalized at acquisition cost including directly attributable
cost such as freight insurance and specific installation charge for
bringing the asset to its working condition for use.
(b) Expenditure relating to existing fixed assets is added to the cost
of the assets where it increases the performance/life of the assets as
assessed earlier.
(C) Depreciation
Depreciation is charged on Plant and Machineries as per Written Down
Value method and on the Other Assets as per the Straight Line Method
from the date of installation/use asset at the rates and in the manner
prescribed under schedule X1V to the Companies Act, 1956.
(D) Investments
Long Term Investments are stated at cost less provision, if any, for
decline other than temporary in their value.
(E) Valuation of Inventories
Inventories are valued as under :
(a) Raw Materials, Work in Progress, Trading Goods and Finished Goods
are valued at lower of Cost or Net Realisable Value using First in
First Out Method.
(b) Stores and Spares, Machinery Parts and Packing Materials are valued
at cost using First in First out method.
(F) Sales
Sales are inclusive of Excise duty and exclusive of Sales Tax, VAT if
any.
(G) Contingencies and Events Occurring After the Date of Balance Sheet
Accounting for contingencies (gains and losses) arising out of
contractual obligations are made only on the basis of mutual
acceptance.
Where material, events occurring after the date of Balance Sheet are
considered up to the date of adoption of the accounts.
(H) Benefits to Workmen
Gratuity and encashment of earned privilege leaves are the retirement
benefits available to the employees when they leave the job.
Liabilities in respect of such benefits as on the last day of the year
under report have been determined on the basis of actuarial valuation
and have been provided in the books of accounts.
(I) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rates of exchange
in force at the time of occurrence of the transactions. Upon
realisation, the resultant gain/loss are adjusted in the respective
account.
(J) Payments made under VRS Scheme
Payments made under Voluntary Retirement Scheme, are amortized over a
period of 5 Years commencing from the year of payment.
Mar 31, 2009
(A) Basis of Presentation
The accounts have been prepared using historical cost convention and on
the basis of a going concern, with revenues recognised and expenses
accounted for on accrual, in eluding for committed obligations.
Where changes in presentation are made, comparative figures for the
previous year have been regrouped accordingly.
(B) Fixed Assets
(a) Capitalized at acquisition cost including directly attributable
cost such as freight insurance and specific installation charge for
bringing the asset to its working condition for use.
(b) Expenditure relating to existing fixed assets is added to the cost
of the assets where it increases the performance/life of the assets as
assessed earlier.
(C) Depreciation
Depreciation is charged on Plant and Machineries as per Written Down
Value method and on the Other Assets as per the Straight Line Method
from the date of installation/use asset at the rates and in the manner
prescribed under schedule X1V to the Companies Act, 1956.
(D) Investments
Long Term Investments are stated at cost less provision, if any, for
decline other than temporary in their value.
(E) Valuation of Inventories
Inventories are valued as under:
(a) Raw Materials, Work in Progress, Trading Goods and Finished Goods
are valued at lower of Cost or Net Realisable Value using First in
First Out Method.
(b) Stores and Spares, Machinery Parts and Packing Materials are valued
at cost using First in First out method.
(F) Sales
Sales are inclusive of Excise duty and exclusive of Sales Tax, VAT if
any.
(G) Contingencies and Events Occurring After the Date of Balance Sheet
Accounting for contingencies (gains and losses) arising out of
contractual obligations are made only on the basis of mutual
acceptance.
Where material, events occurring after the date of Balance Sheet are
considered up to the date of adoption of the accounts.
H) Benefits to Workmen
Gratuity and encashment of earned privilege leaves are the retirement
benefits avail able to the employees when they leave the job.
Liabilities in respect of such benefits as on the last day of the year
under report have been determined on the basis of actuarial valuation
and have been provided in the books of accounts.
(J) Payments made under VRS Scheme
Payments made under Voluntary Retirement Scheme, are amortised over a
period of 5 Years commencing from the year of payment.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article