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Accounting Policies of S R Industries Ltd. Company
Mar 31, 2025
2.2 Summary of Significant Accounting Policies
(A) Property, Plant & Equipment
Property, Plant and equipment including capital work in progress are stated at cost, less accumulated
depreciation and accumulated impairment losses, if any. The cost comprises of purchase price, taxes,
duties, freight and other incidental expenses, directly attributable and related to acquisition and
installation of the concerned assets and is further adjusted by the amount of GST credit availed wherever
applicable. Cost includes borrowing cost for long term construction projects if recognition criteria are met.
When significant parts of plant and equipment are required to be replaced at intervals, the Company
depreciates them separately based on their respective useful lives. Likewise, when a major inspection is
performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the
recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as
incurred.
An item of property, plant and equipment and any significant part initially recognized is derecognized upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising
on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in the income statement when the asset is derecognized.
The Company identifies and determines cost of each component/ part of the asset separately, if the
component/ part has a cost which is significant to the total cost of the asset and has useful life that is
materially different from that of the remaining asset.
Capital work-in-progress includes cost of property, plant and equipment under installation / under
development as at the balance sheet date.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.
In respect of others assets, depreciation is calculated on a straight-line basis using the rates arrived
at based on the useful lives estimated by the management and in the manner prescribed in
Schedule II of the Companies Act 2013. The useful life is as follows:
However, No Depreciation is being provided for the year as their was no operations in the company during
the year under audit.
(B) Current versus Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on current/ non-current
classification. An asset is treated as current when it is:
^ Expected to be realized or intended to be sold or consumed in normal operating cycle
^ Held primarily for the purpose of trading;
^ Expected to be realized within twelve months after the reporting period, or
^ Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
^ It is expected to be settled in normal operating cycle;
^ It is held primarily for the purpose of trading;
^ It is due to be settled within twelve months after the reporting period or
^ There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets or liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash
and cash equivalents. The Company has identified twelve months as its operating cycle.
(C) Taxes
Current Income Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities in accordance with the Income Tax Act, 1961 (as amended) and Income
Computation and Disclosure Standards (ICDS) enacted in India by using the tax rates and tax laws that are
enacted or substantively enacted, at the reporting date in India where the Company operates and generates
taxable income.
Current income tax relating to items recognized outside profit or loss (either in other comprehensive income
or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or
directly in equity. Management periodically evaluates positions taken in the tax returns with respect to
situations in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate.
(ii) Deferred Tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the reporting date Deferred tax
liabilities are recognized for all taxable temporary differences, except:
^ When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss;
Deferred tax assets (including MAT credit, if any) are recognized for all deductible temporary differences,
the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized
to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences and the carry forward of unused tax credits and unused tax losses can be utilized, except:
^ When the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss
(either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to the
underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set of current
tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same
taxation authority.
Deferred tax including Minimum Alternate Tax (MAT) recognizes MAT credit available as an asset
only to the extent that there is convincing evidence that the Company will pay normal income tax during
specified period, i.e. the period for which MAT credit is allowed to be carried forward. The
Company reviews the "MAT credit entitlement" asset at each reporting date and writes down the
asset to the extent the Company does not have convincing evidence that it will pay normal tax during the
specified period.
Goods & Service Tax (GST) paid on acquisition of assets or on incurrinq expenses
⢠Expenses and assets are recognized net of the amount of GST paid, except:
⢠When the tax incurred on a purchase of assets or services is not recoverable from the taxation
Authority in which case, the tax paid is recognized as part of the cost of acquisition of the asset or as part
of the expense item, as applicable
When receivables and payables are stated with the amount of tax included
The net amount of tax recoverable from, or payable to, the taxation authority is included as part of other
current assets or other current liabilities in the balance sheet.
(D) Inventory
Inventories are valued at the lower of cost and net realizable value.
Costs incurred in bringing each product to its present location and condition is accounted for as
follows:
i) Raw materials/ Stores & Spares: Cost includes cost of purchase and other costs incurred in bringing
the inventories to their present location and condition. Cost is determined on first in, first out basis.
ii) Finished goods and Work In Progress: Cost includes cost of direct materials and labor and a
proportion of manufacturing overheads based on the normal operating capacity, but excluding
borrowing costs. Cost is determined on the basis of cost or net realizable value whichever is
lower.
iii Traded goods: Cost includes cost of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is determined on weighted average
basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
However, the value of all the Inventories are stated as per last Balance Sheet.
(E) Financial Instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.
a) Financial Assets
The Company classified its financial assets in the following measurement categories:
^ Those to be measured subsequently at fair value (either through other comprehensive income or through
profit & loss)
^ Those measured at amortized cost
Initial recognition and measurement
All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at
fair value through profit or loss, transaction costs that are attributable to the acquisition
of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time
frame established by regulation or convention in the market place (regular way trades) are recognized on
the trade date, i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in following categories:
^ Debt instruments at amortized cost
A âdebt instrument'' is measured at the amortized cost if both the following conditions are met:
i. Business model test: The asset is held within a business model whose objective is to hold assets for
collecting contractual cash flows (rather than to sell the instrument prior to its contractual maturity to
released its fair value change), and
ii. Cash flow characteristics test: Contractual terms of the asset give rise on specified dates to cash flows
that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. After initial measurement, such financial assets
are subsequently measured at amortized cost using the effective interest rate (EIR) method.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. EIR is the rate that exactly discounts the estimated future cash
receipts over the expected life of the financial instrument or a shorter period, where appropriate to the gross
carrying amount of financial assets. When calculating the effective interest rate the Company estimates the
expected cash flow by considering all contractual terms of the financial instruments. The EIR amortization
is included in finance income in the profit or loss. The losses arising from impairment are recognized in the
profit or loss. This category generally applies to trade and other receivables.
^ Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
FVTPL is a residual category for financial instruments. Any financial instrument, which does not meet the
criteria for amortized cost or FVTOCI, is classified as at FVTPL. A gain or loss on a Debt instrument that
is subsequently measured at FVTPL and is not a part of a hedging relationship is
recognized in statement of profit or loss and presented net in the statement of profit and loss within other
gains or losses in the period in which it arises. Interest income from these Debt instruments is
included in other income.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial
assets) is primarily derecognized (i.e., removed from the Company''s statement of financial position) when:
1. the rights to receive cash flows from the asset have expired, or
2. the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a "pass through"
arrangement and either;
^ the Company has transferred the rights to receive cash flows from the financial assets or
^ The Company has retained the contractual right to receive the cash flows of the financial asset, but
assumes a contractual obligation to pay the cash flows to one or more recipients. Where the Company has
transferred an asset, the Company evaluates whether it has transferred substantially all the risks and rewards
of the ownership of the financial assets. In such cases, the
financial asset is derecognized. Where the entity has not transferred substantially all the risks and
rewards of the ownership of the financial assets, the financial asset is not derecognized.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards
of ownership of the financial asset, the financial asset is derecognized if the Company has not retained
control of the financial asset. Where the Company retains control of the financial asset, the asset is
continued to be recognized to the extent of continuing involvement in the financial asset.
Impairment of financial assets
In accordance with IND AS 109, the Company applies expected credit losses (ECL) model for
measurement and recognition of impairment loss on the financial asset and credit risk exposure (if any).
Financial assets measured at amortized cost e.g. Loans, security deposits, trade receivable, bank
balance.
The Company follows "simplified approach" for recognition of impairment loss allowance on trade
receivables. Under the simplified approach, the Company does not track changes in credit risk. Rather, it
recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition. The Company uses a provision matrix to determine impairment loss allowance on the portfolio
of trade receivables. The provision matrix is based on its historically
observed default rates over the expected life of trade receivable and is adjusted for forward looking
estimates. At every reporting date, the historical observed default rates are updated and changes in the
forward-looking estimates are analyzed.
For recognition of impairment loss on other financial assets and risk exposure (if any), the Company
determines whether there has been a significant increase in the credit risk since initial recognition. If credit
risk has not increased significantly, 12-month ECL is used to provide for impairment loss.
However, if credit risk has increased significantly, lifetime ECL is used. If, in subsequent period, credit
quality of the instrument improves such that there is no longer a significant increase in credit risk since
initial recognition, then the Company reverts to recognizing impairment loss allowance
based on 12- months ECL.
As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance
on portfolio of trade receivables. The provision matrix is based on its historically observed default rates
over the expected life of the trade receivables and is adjusted for forward- looking estimates. At
every reporting date, the historical observed default rates are updated and changes in the forward- looking
estimates are analyzed.
Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change
in the business model for managing those assets. Changes to the business model are expected to be
infrequent. The Company''s senior management determines change in the business model as a result of
external or internal changes which are significant to the Company''s operations. Such changes are evident
to external parties. A change in the business model occurs when the Company either begins or ceases to
perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies
the reclassification prospectively from the reclassification date which is the first day of the immediately
next reporting period following the change in business model. The Company does not restate any previously
recognized gains, losses (including impairment gains or losses) or interest.
Financial Liabilities
Initial recognition and measurement:
Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or
loss, loans and borrowings, and payables, net of directly attributable transaction costs. The Company
financial liabilities include loans and borrowings including bank overdraft, trade payable, trade deposits
and other payables.
Subsequent measurement:
The measurement of financial liabilities depends on their classification, as described below:
Trade Payables
These amounts represent liabilities for goods and services provided to the Company prior to the end of
financial year which are unpaid. The amounts are unsecured and are usually paid within 0-12 months of
recognition. Trade and other payables are presented as current liabilities unless payment is not due within
12 months after the reporting period. They are recognized initially at fair value and subsequently measured
at amortized cost using EIR method.
Financial Liabilities at fair value through profit & loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. Gains or losses on liabilities held for trading are recognized in the statement of profit and loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as
such at the initial date of recognition, and only if the criteria in IND AS 109 are satisfied. For liabilities
designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk is recognized in
OCI. These gains/losses are not subsequently transferred to profit and loss. However, the Company may
transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are
recognized in the statement of profit or loss.
Loans & Borrowings
Borrowings are initially recognized at fair value, net of transaction cost incurred. After initial
recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the
EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well
as through the EIR amortization process. Amortized cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is
included as finance costs in the statement of profit and loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
medication is treated as the derecognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognized in the statement of profit and loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there
is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on
a net basis, to realize the assets and settle the liabilities simultaneously.
(F) Cash & Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks, cash on hand, other short-term
deposits with original maturities of three months or less which are subject to an insignificant risk of changes
in value.
(G) Mandatorily Redeemable Preference Shares
A mandatorily redeemable preference shares with dividends paid at the issuer''s discretion, which
effectively comprises: a financial liability (the issuer''s obligation to redeem the shares in cash); and an
equity instrument (the holder''s right to receive dividends if declared. Such preference shares are separated
into liability and equity components based on the terms of the contract.
On issuance of the mandatorily redeemable preference shares with dividends declared at the
issuer''s discretion, the present value of the redeemable amount is calculated using a market rate for an
equivalent non-convertible instrument. This amount is classified as a financial liability measured at
amortized cost (net of transaction costs) until it is extinguished on redemption. The unwinding of the
discount on this component is recognized in profit or loss and classified as interest expense.
The remainder of the proceeds is recognized and included in equity as per Ind AS 32. Transaction costs are
deducted from equity, net of associated income tax. The carrying amount of the equity component is not
premeasured in subsequent years.
Transaction costs are apportioned between the liability and equity components of such preference shares
based on the allocation of proceeds to the liability and equity components when the instruments are
initially recognized.
Mar 31, 2024
2. Significant Accounting Policies
2.1 Basis of Preparation of standalone Ind AS financial statements
The financial statements of the Company have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015 (as amended from time to time).
For all periods up to and including the year ended 31st March 2024, the Company prepared it
financial statements in accordance with accounting standards notified under the section 133 of
the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules,
2014 (Indian GAAP).
In respect of financial information for the year ended 31 st March 2024, the Company followed the
same Accounting Policies and accounting policy choices (both mandatory exceptions and optional
exceptions availed as per Ind AS 101) as initially adopted on transition date i.e. 1st April 2016.
The financial statements have been prepared on a historical cost basis, except for the following
assets and liabilities which have been measured at fair value:
⢠Plan assets under defined benefit plans.
⢠Certain financial assets and liabilities.
The financial information is presented in Indian Rupees (INR).
2.2 Summary of Significant Accounting Policies
(A) Property, Plant & Equipment
Property, Plant and equipment including capital work in progress are stated at cost, less
accumulated depreciation and accumulated impairment losses, if any. The cost comprises
of purchase price, taxes, duties, freight and other incidental expenses, directly attributable and
related to acquisition and installation of the concerned assets and is further adjusted by the
amount of GST credit availed wherever applicable. Cost includes borrowing cost for long term
construction projects if recognition criteria are met. When significant parts of plant and equipment
are required to be replaced at intervals, the Company depreciates them separately based on their
respective useful lives. Likewise, when a major inspection is performed, its cost is recognized in
the carrying amount of the plant and equipment as a replacement if the recognition criteria are
satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred.
An item of property, plant and equipment and any significant part initially recognized is
derecognized upon disposal or when no future economic benefits are expected from its use or
disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the income
statement when the asset is derecognized.
The Company identifies and determines cost of each component/ part of the asset separately, if
the component/ part has a cost which is significant to the total cost of the asset and has useful
life that is materially different from that of the remaining asset.
Capital work-in-progress includes cost of property, plant and equipment under installation / under
development as at the balance sheet date.
The residual values, useful lives and methods of depreciation of property, plant and equipment
are reviewed at each financial year end and adjusted prospectively, if appropriate.
In respect of others assets, depreciation is calculated on a straight-line basis using the rates
arrived at based on the useful lives estimated by the management and in the manner
prescribed in Schedule II of the Companies Act 2013. The useful life is as follows:
S. No. Nature of Asset Useful Life (Years)
3 Other Equipment 10 to 15
However, No Depreciation is being provided for the year as their was no operations in the
company during the year under audit.
(B) Current versus Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on current/ non-current
classification. An asset is treated as current when it is:
^ Expected to be realized or intended to be sold or consumed in normal operating cycle
^ Held primarily for the purpose of trading;
^ Expected to be realized within twelve months after the reporting period, or
^ Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
^ It is expected to be settled in normal operating cycle;
^ It is held primarily for the purpose of trading;
^ It is due to be settled within twelve months after the reporting period or
^ There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets or liabilities.
The operating cycle is the time between the acquisition of assets for processing and their
realization in cash and cash equivalents. The Company has identified twelve months as its
operating cycle.
(C) Taxes
Current Income Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered
from or paid to the taxation authorities in accordance with the Income Tax Act, 1961 (as amended)
and Income Computation and Disclosure Standards (ICDS) enacted in India by using the tax rates
and tax laws that are enacted or substantively enacted, at the reporting date in India where the
Company operates and generates taxable income.
Current income tax relating to items recognized outside profit or loss (either in other
comprehensive income or in equity). Current tax items are recognized in correlation to the
underlying transaction either in OCI or directly in equity. Management periodically evaluates
positions taken in the tax returns with respect to situations in which applicable tax regulations are
subject to interpretation and establishes provisions where appropriate.
(ii) Deferred Tax
Deferred tax is provided using the liability method on temporary differences between the tax bases
of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting
date Deferred tax liabilities are recognized for all taxable temporary differences, except:
^ When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss;
Deferred tax assets (including MAT credit, if any) are recognized for all deductible temporary
differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax
assets are recognized to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry forward of unused tax credits and
unused tax losses can be utilized, except:
^ When the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part
of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each
reporting date and are recognized to the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss
(either in other comprehensive income or in equity). Deferred tax items are recognized in
correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
of current tax assets against current tax liabilities and the deferred taxes relate to the same taxable
entity and the same taxation authority.
Deferred tax including Minimum Alternate Tax (MAT) recognizes MAT credit available as an asset
only to the extent that there is convincing evidence that the Company will pay normal income tax
during specified period, i.e. the period for which MAT credit is allowed to be carried forward. The
Company reviews the "MAT credit entitlement" asset at each reporting date and writes down the
asset to the extent the Company does not have convincing evidence that it will pay normal tax
during the specified period.
Goods & Service Tax (GST) paid on acquisition of assets or on incurrinq expenses
⢠Expenses and assets are recognized net of the amount of GST paid, except:
⢠When the tax incurred on a purchase of assets or services is not recoverable from the taxation
Authority in which case, the tax paid is recognized as part of the cost of acquisition of the asset
or as part of the expense item, as applicable
When receivables and payables are stated with the amount of tax included
The net amount of tax recoverable from, or payable to, the taxation authority is included as part
of other current assets or other current liabilities in the balance sheet.
(D) Inventory
Inventories are valued at the lower of cost and net realizable value.
Costs incurred in bringing each product to its present location and condition is accounted for as
follows:
i) Raw materials/ Stores & Spares: Cost includes cost of purchase and other costs incurred
in bringing the inventories to their present location and condition. Cost is determined on
first in, first out basis.
ii) Finished goods and Work In Progress: Cost includes cost of direct materials and labor
and a proportion of manufacturing overheads based on the normal operating capacity,
but excluding borrowing costs. Cost is determined on the basis of cost or net
realizable value whichever is lower.
iii Traded goods: Cost includes cost of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is determined on weighted
average basis.
Net realizable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated costs necessary to make the sale.
However, the value of all the Inventories are stated as per last Balance Sheet. The same was not
Physically verified during the year under audit.
(E) Financial Instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
a) Financial Assets
The Company classified its financial assets in the following measurement categories:
^ Those to be measured subsequently at fair value (either through other comprehensive income
or through profit & loss)
^ Those measured at amortized cost
Initial recognition and measurement
All financial assets are recognized initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition
of the financial asset. Purchases or sales of financial assets that require delivery of assets within
a time frame established by regulation or convention in the market place (regular way trades) are
recognized on the trade date, i.e., the date that the Company commits to purchase or sell the
asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in following categories:
^ Debt instruments at amortized cost
A âdebt instrument'' is measured at the amortized cost if both the following conditions are met:
i. Business model test: The asset is held within a business model whose objective is to hold
assets for collecting contractual cash flows (rather than to sell the instrument prior to its
contractual maturity to released its fair value change), and
ii. Cash flow characteristics test: Contractual terms of the asset give rise on specified dates to
cash flows that are solely payments of principal and interest (SPPI) on the principal amount
outstanding.
This category is the most relevant to the Company. After initial measurement, such financial
assets are subsequently measured at amortized cost using the effective interest rate (EIR)
method.
Amortized cost is calculated by taking into account any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. EIR is the rate that exactly discounts the
estimated future cash receipts over the expected life of the financial instrument or a shorter period,
where appropriate to the gross carrying amount of financial assets. When calculating the effective
interest rate the Company estimates the expected cash flow by considering all contractual terms
of the financial instruments. The EIR amortization is included in finance income in the profit or
loss. The losses arising from impairment are recognized in the profit or loss. This category
generally applies to trade and other receivables.
^ Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
FVTPL is a residual category for financial instruments. Any financial instrument, which does not
meet the criteria for amortized cost or FVTOCI, is classified as at FVTPL. A gain or loss on a Debt
instrument that is subsequently measured at FVTPL and is not a part of a hedging relationship is
recognized in statement of profit or loss and presented net in the statement of profit and loss
within other gains or losses in the period in which it arises. Interest income from these Debt
instruments is included in other income.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar
financial assets) is primarily derecognized (i.e., removed from the Company''s statement of
financial position) when:
1. the rights to receive cash flows from the asset have expired, or
2. the Company has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
"pass through" arrangement and either;
^ the Company has transferred the rights to receive cash flows from the financial assets or
^ The Company has retained the contractual right to receive the cash flows of the financial
asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the Company has transferred an asset, the Company evaluates whether it has transferred
substantially all the risks and rewards of the ownership of the financial assets. In such cases, the
financial asset is derecognized. Where the entity has not transferred substantially all the risks and
rewards of the ownership of the financial assets, the financial asset is not derecognized.
Where the Company has neither transferred a financial asset nor retains substantially all risks
and rewards of ownership of the financial asset, the financial asset is derecognized if the
Company has not retained control of the financial asset. Where the Company retains control of
the financial asset, the asset is continued to be recognized to the extent of continuing involvement
in the financial asset.
Impairment of financial assets
In accordance with IND AS 109, the Company applies expected credit losses (ECL) model for
measurement and recognition of impairment loss on the financial asset and credit risk exposure
(if any).
Financial assets measured at amortized cost e.g. Loans, security deposits, trade receivable, bank
balance.
The Company follows "simplified approach" for recognition of impairment loss allowance on trade
receivables. Under the simplified approach, the Company does not track changes in credit risk.
Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date,
right from its initial recognition. The Company uses a provision matrix to determine impairment
loss allowance on the portfolio of trade receivables. The provision matrix is based on its historically
observed default rates over the expected life of trade receivable and is adjusted for forward
looking estimates. At every reporting date, the historical observed default rates are updated and
changes in the forward-looking estimates are analyzed.
For recognition of impairment loss on other financial assets and risk exposure (if any), the
Company determines whether there has been a significant increase in the credit risk since initial
recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for
impairment loss.
However, if credit risk has increased significantly, lifetime ECL is used. If, in subsequent period,
credit quality of the instrument improves such that there is no longer a significant increase in credit
risk since initial recognition, then the Company reverts to recognizing impairment loss allowance
based on 12- months ECL.
As a practical expedient, the Company uses a provision matrix to determine impairment loss
allowance on portfolio of trade receivables. The provision matrix is based on its historically
observed default rates over the expected life of the trade receivables and is adjusted for forward¬
looking estimates. At every reporting date, the historical observed default rates are updated and
changes in the forward- looking estimates are analyzed.
Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition.
After initial recognition, no reclassification is made for financial assets which are equity
instruments and financial liabilities. For financial assets which are debt instruments, a
reclassification is made only if there is a change in the business model for managing those assets.
Changes to the business model are expected to be infrequent. The Company''s senior
management determines change in the business model as a result of external or internal changes
which are significant to the Company''s operations. Such changes are evident to external parties.
A change in the business model occurs when the Company either begins or ceases to perform
an activity that is significant to its operations. If the Company reclassifies financial assets, it
applies the reclassification prospectively from the reclassification date which is the first day of the
immediately next reporting period following the change in business model. The Company does
not restate any previously recognized gains, losses (including impairment gains or losses) or
interest.
Financial Liabilities
Initial recognition and measurement:
Financial liabilities are classified at initial recognition as financial liabilities at fair value through
profit or loss, loans and borrowings, and payables, net of directly attributable transaction costs.
The Company financial liabilities include loans and borrowings including bank overdraft, trade
payable, trade deposits and other payables.
Subsequent measurement:
The measurement of financial liabilities depends on their classification, as described below:
Trade Payables
These amounts represent liabilities for goods and services provided to the Company prior to the
end of financial year which are unpaid. The amounts are unsecured and are usually paid within
0-12 months of recognition. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months after the reporting period. They are recognized initially at
fair value and subsequently measured at amortized cost using EIR method.
Financial Liabilities at fair value through profit & loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. Gains or losses on liabilities held for trading are recognized in the
statement of profit and loss. Financial liabilities designated upon initial recognition at fair value
through profit or loss are designated as such at the initial date of recognition, and only if the criteria
in IND AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses
attributable to changes in own credit risk is recognized in OCI. These gains/losses are not
subsequently transferred to profit and loss. However, the Company may transfer the cumulative
gain or loss within equity. All other changes in fair value of such liability are recognized in the
statement of profit or loss.
Loans & Borrowings
Borrowings are initially recognized at fair value, net of transaction cost incurred. After initial
recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost
using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process. Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortization is included as finance costs in the statement of profit and
loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or medication is treated as the derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts is
recognized in the statement of profit and loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance
sheet if there is a currently enforceable legal right to offset the recognized amounts and there is
an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
(F) Cash & Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks, cash on hand, other
short-term deposits with original maturities of three months or less which are subject to an
insignificant risk of changes in value.
(G) Mandatorilv Redeemable Preference Shares
A mandatory redeemable preference shares with dividends paid at the issuer''s discretion, which
effectively comprises: a financial liability (the issuer''s obligation to redeem the shares in cash);
and an equity instrument (the holder''s right to receive dividends if declared. Such preference
shares are separated into liability and equity components based on the terms of the contract.
On issuance of the mandatorily redeemable preference shares with dividends declared at the
issuer''s discretion, the present value of the redeemable amount is calculated using a market rate
for an equivalent non-convertible instrument. This amount is classified as a financial liability
measured at amortized cost (net of transaction costs) until it is extinguished on redemption. The
unwinding of the discount on this component is recognized in profit or loss and classified as
interest expense.
The remainder of the proceeds is recognized and included in equity as per Ind AS 32. Transaction
costs are deducted from equity, net of associated income tax. The carrying amount of the equity
component is not premeasured in subsequent years.
Transaction costs are apportioned between the liability and equity components of such preference
shares based on the allocation of proceeds to the liability and equity components when the
instruments are initially recognized.
Mar 31, 2015
1. BASIS OF PREPERATION OF FINANCIAL STATEMENTS
a) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 2013. Accounting
policies not specifically referred to are consistent with generally
accepted accounting policies.
b) The company generally follows mercantile system of accounting and
recognizes significant items of Income & Expenditure on accrual basis.
2. FIXED ASSETS
The fixed assets are recorded at the cost which includes freight,
duties, levies and any directly attributable cost of bringing the
assets to their working condition for intended use, Adjustments arising
from exchange rate fluctuations relating to outstanding liabilities
attributable to the fixed assets are capitalized/ adjusted.
3. INVENTORIES
Inventories are valued on FIFO Method Raw Materials- at lower of cost
or net realizable value. Packing materials, consumable stores and
spares-at cost.
Stock-in-process- Material cost plus appropriate share of production
overheads.
Finished goods- at lower of cost or net realizable value.
4) CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the balance sheet comprise cash at bank,
cash in hand & short term investments
5) EXPENDITURE ON EXPANSION
Expenditure directly relating to constructions/substantial expansion
activity is capitalized. Indirect expenditure incurred during
construction period is capitalized as a part of indirect construction
cost to the extent to which the expenditure is indirectly related to
construction or is incidental thereto. Income earned during
construction period is deducted from the total of indirect expenditure.
As regards indirect expenditure on expansion, only that portion is
capitalized which represents the marginal increase in such expenditure
involved as a result of capital expansion. Both direct and indirect
expenditure are capitalized only if they increase the value of the
asset beyond its original standard of performance.
6) DEPRECIATION
Depreciation is provided on SLM on all the fixed assets on the basis of
life of the assets as prescribed in Schedule II of the Companies Act,
2013.
7) RESEARCH AND DEVELOPMENT
Revenue expenditure incurred on Research & Development is charged to
Profit & Loss Account
8) REVENUE RECOGNITION
Revenue is recognized based on the nature of activity when
consideration can be reasonably measured and there exists reasonable
certainty of its recovery.
(a) Revenue from sale of goods is recognized when the substantial risks
and rewards of ownership are transferred to the buyer under the terms
of the contract.
(b) Other income is accounted for on accrual basis as and when the right
to receive arises.
9) FOREIGN CURRENCY TRANSACTIONS
Export sales are accounted for at exchange rate prevailing on the date
the documents are negotiated/ realized with/ through bank. In case of
direct remittance from buyers the difference between the exchange rates
on the dispatched date and actual exchange rate of foreign currency on
receipt of payment is booked in sales.
The assets and liabilities at the year end are translated at the
closing exchange rate and the difference between the transactions is
taken into profit and loss account.
The foreign currency transactions in respect of payment towards cost of
fixed assets, spares, traveling, commissions etc. are accounted for at
the exchange rates prevailing on the date of transaction/ remittance.
10) BORROWING COST
Borrowing costs that are attributable to the acquisition on
construction of qualifying assets are capitalized as a part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
11) TAXES ON INCOME
Tax expenses comprises of current, deferred income tax and fringe
benefit tax. Provision for current income tax and fringe benefits tax
is made for the amount of tax payable in respect of taxable income for
the year under The Income Tax Act, 1961. Deferred tax is recognized
subject to the consideration of prudence, on timing difference, being
the difference between the book profits and tax profits that originate
in one period and are capable of reversal in one or more subsequent
periods. The deferred tax assets and liabilities are measured using the
tax rates and tax loss that have been enacted or substantively enacted
at the balance sheet date. Deferred tax assets are recognized only to
the extent that there is a reasonable certainty that sufficient further
taxable income will be available against which such deferred tax assets
can be realized. If the company has carry forward of unabsorbed
depreciation and tax losses, deferred tax assets are recognized only
where virtual certainty that such deferred tax assets can be realized
against further taxable profits. Unrecognized deferred tax assets of
earlier years are reassessed and recognized to the extent that it has
become reasonably certain that further taxable income will be available
against which such deferred tax assets can be realized.
12) RETIREMENT BENEFITS
The liability on account of Gratuity is covered by the Group Gratuity
Policy taken from Life Insurance Corporation of India, Contribution to
the Gratuity fund is charged to revenue. The liability of Leave
Encashment is provided on actuarial basis. The contribution to the
Provident Fund is made as per the provisions of The Employees Provident
Fund and Miscellaneous Provisions Act, 1952.
13) USE OF ESTIMATES
The presentation of financial statements require estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known/ materialized.
14) EARNING PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividend & taxes) by the weighted average number
of equity shares outstanding during the financial year. Equity shares
that are partly paid up are treated as a fraction of an equity share to
the extent they entitled to participate in dividends. The weighted
average numbers of equity shares outstanding during the year are
adjusted for events such as bonus issue, bonus element in a right issue
to the existing shareholders, share split and consolidation of shares.
For the purpose of calculating diluted EPS, the net profit or loss
attributable to equity share holders and weighted average number of
equity shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
15) INTANGIBLE ASSETS
An Intangible Asset is recognized if and only if-
a) It is probable that the future economic benefits that attributable
to the assets will flow to the enterprise.
b) The cost of assets can be measured reliably.
An intangible asset is measured initially at cost.
The amortization method will be used to reflect the pattern in which
asset's economic benefits are consumed by the enterprise. If that
pattern cannot be determined reliably, the straight line method will be
used;
16) IMPAIRMENT OF ASSETS
An asset is treated as impaired, when carrying cost of assets exceeds
its recoverable amount. An impaired loss is charged to Profit & Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of the recoverable amount.
17) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Provisions are determined based on the best estimates required to
fulfill the obligation on the balance sheet date. Provisions are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
18) INVESTMENTS
I) Investments are classified as Long Term and current investments.
ii) Long Term Investments are carried at cost. Provision for
Diminution, if any in the value of each long term investment is made to
recognize a decline other than of temporary nature.
iii) Current Investments are stated at lower of cost or market value and
resultant decline, if any, is charged to revenue.
19) SEGMENT REPORTING
a) . Segment accounting policies are in line with the
accounting policies of the company. In addition, the following specific
accounting policies have been followed for segment reporting.
(1) . Segment revenue includes sales and other income directly
identifiable with/allocable to the segment including inter segment
sales.
(2) Expenses that are directly identifiable with/allocabie to segment
are considered for determining the segment result. Expenses which relate
to the Company as a whole and not allocable to segment are included
under un-allocable corporate expenditure.
(3) Income which relates to the company as a whole and not allocable to
segments is included in un-allocable corporate income.
(4) Segment assets and liabilities include those directly identifiable
with the respective segments. Un-allocable corporate assets and
liabilities represent the assets and liabilities that relate to company
as a whole and not allocable to any segment. Un-allocable assets mainly
comprise corporate head office assets, investments and tax deposited
with the Income Tax authorities. Un-allocable liabilities include
mainly unsecured loans and tax payable to Income Tax Authorities.
b) Inter Segment transfer pricing
Segment revenue resulting from transactions with other business
segments is accounted on the basis of cost of production.
20) GOVERNMENT GRANTS AND SUBSIDIES
Grants and subsidies from the government are recognized when there is
reasonable assurance that the grant/subsidy will be received and all
attaching conditions will be complied with.
When grant or subsidy relates to an expense item, it is recognized as
income over the periods necessary to match them on a systematic basis
the cost, which it is intended to compensate. Where grant/subsidy
relates to an asset, its value is deducted in arriving at the carrying
amount of the related asset against which grant/subsidy has been
received and further where the grant/subsidy is in the nature of
promoters contribution the amount of grant/ subsidy is accounted for as
a capital reserve.
Mar 31, 2014
1. BASIS OF PREPERATION OF FINANCIAL STATEMENNTS
a) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956, Accounting
policies not specifically referred to are consistent with generally
accepted accounting policies.
b) The company generally follows mercantile system of accounting and
recognizes significant items of Income & Expenditure on accrual basis,
2. FIXED ASSETS
The fixed assets are recorded at the cost which includes freight,
duties, levies and any directly attributable cost of bringing the
assets to their working condition for intended use, Adjustments arising
from exchange rale fluctuations relating to outstanding liabilities
attributable to the fixed assets are capitalized/ adjusted.
3. INVENTORIES
Inventories are valued on FIFO Method Raw Materials- at lower of cost
or net realizable value, Packing materials, consumable stores and
spares at cost.
Stock-in-process- Material cost plus appropriate share of production
overheads.
Finished goods- at lower of cost or net realizable value.
4) CASH AND CASH EQUIVALENTS
Cash and cash equivalent In the balance sheet comprises cash at bank,
cash in hand & short term investments
5) EXPENDITURE ON EXPANSION
Expenditure directly relating to constructions/substanlial expansion
activity is capitalized. Indirect expenditure incurred during
construction period is capitalized as a part of Indirect construction
cost to the extent to which the expenditure is indirectly related to
construction or is incidental thereto. Income earned during
construction period is deducted from the total of indirect expenditure,
As regards indirect expenditure on expansion, only that portion Is
capitalized which represents the marginal Increase in such expenditure
involved as a result of capital expansion Both direct and indirect
expenditure are capitalized only if they increase the value of the
asset beyond its original standard of performance.
6) DEPRECIATION
Depreciation is provided on Straight Line Method on pro-rata basis on
all the fixed assets at the rates prescribed in Schedule XIV of the
Companies Act, 1956
7) RESEARCH AND DEVELOPMENT
Revenue expenditure Incurred on Research & Development is charged to
Profit & Loss Account
8) REVENUE RECOGNITION
Revenue is recognized based on the nature of activity when
consideration can be reasonably measured and there exists reasonable
certainty of its recovery.
(a) Revenue from sale of goods is recognized when the substantial risks
and rewards of ownership are transferred to the buyer under the terms
of the contract.
(b) Other Income is accounted for on accrual basis as and when the
right to receive arises.
9) FOREIGN CURRENCY TRANSACTIONS
Export sales are accounted for at exchange rate prevailing on the date
the documents are negotiated/ realized with/through bank. In case of
direct remittance from buyers the difference between the exchange rates
on the dispatched date and actual exchange rate of foreign currency on
receipt of payment is booked in sales.
The assets and liabilities at the year end are translated at the
closing exchange rate and the difference between the transactions is
taken into profit and loss account.
The foreign currency transactions in respect Of payment towards cost of
fixed assets, spares, traveling, commissions etc. are accounted for at
the exchange rates prevailing on the date of transaction/ remittance.
10) BORROWING COST
Borrowing costs that are attributable to the acquisition on
construction of qualifying assets are capitalized as a part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue,
11) TAXES ON INCOME
Tax expenses comprises of current, deferred income tax and fringe
benefit tax. Provision for current income tax and fringe benefits tax
is made for the amount of tax payable in respect of taxable income for
the year under The Income Tax Act, 1961. Deferred tax is recognized
subject to the consideration of prudence, on timing difference, being
the difference between the book profits and lax profits that originate
in one period and are capable of reversal in one or more subsequent
periods. The deferred tax assets and liabilities are measured using the
tax rates and tax loss that have been enacted or substantively enacted
at the balance sheet dale. Deferred tax assets are recognized only to
the extent that (here is a reasonable certainty that sufficient further
taxable income will be available against which such deferred tax assets
can be realized. If the company has carry forward of unabsorbed
depreciation and tax losses, deferred tax assets are recognized only
where virtual certainty that such deferred tax assets can be realized
against further taxable profits. Unrecognized deferred tax assets of
earlier years are reassessed and recognized to the extent that it has
become reasonably certain that further taxable income will be available
against which such deferred tax assets can be realized.
12) RETIREMENT BENEFITS
The liability on account of Gratuity is covered by the Group Gratuity
Policy taken from Life Insurance Corporation of India. Contribution to
the Gratuity fund is charged to revenue. The liability of Leave
Encashment is provided on actuarial basis. The contribution to the
Provident Fund Is made as per the provisions of The Employees Provident
Fund and Miscellaneous Provisions Act, 1952.
13) USE OF ESTIMATES
The presentation of financial statements require estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known/ materialized.
14) EARNING PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividend & taxes) by the weighted average number
of equity shares outstanding during the financial year. Equity shares
that are partly paid up are treated as a fraction of an equity share to
the extent they entitled to participate in dividends. The weighted
average numbers of equity shares outstanding during the year are
adjusted for events such as bonus issue, bonus element in a right issue
to the existing shareholders, share split and consolidation of shares.
For the purpose of calculating diluted EPS, the net profit or loss
attributable to equity share holders and weighted average number of
equity shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
15) INTANGIBLE ASSETS
An Intangible Asset is recognized if and only If-
a) It is probable that the future economic benefits that attributable
to the assets will flow to the enterprise.
b) The cost of assets can be measured reliably.
An intangible asset is measured initially at cost.
The amortization method will be used to reflect the pattern in which
asset's economic benefits are consumed by the enterprise. If that
pattern cannot be determined reliably, the straight line method will be
used.
16) IMPAIRMENT OF ASSETS
An asset is treated as impaired, when carrying cost of assets exceeds
Its recoverable amount. An impaired loss is charged to Profit 4 Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized In prior accounting periods is reversed if
there has been a change in the estimate of the recoverable amount.
17) PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions Involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Provisions are determined based on the best estimates required to
fulfill the obligation on the balance sheet date, Provisions are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
16) INVESTMENTS
i) Investments are classified as Long Term and current investments.
ii) Long Term Investments are carried at cost. Provision lor Diminution,
If any In the value of each long term Investment Is made to recognize a
decline other than of temporary nature.
iii) Current Investments are stated at lower of cost or market value and
resultant decline, if any, is charged to revenue.
19) SEGMENT REPORTING
a) Segment accounting policies are In line with the
accounting policies of the company. In addition, the following specific
accounting policies have been followed for segment reporting.
(1). Segment revenue includes sales and other Income
directly Identifiable with/allocable to the segment including inter
segment sales.
(2) Expenses that are directly identifiable wtth/atlocable to segment
are considered'for determining the segment result. Expenses which
relate to the Company as a whole and not allocable to segment are
included under un allocable corporate expenditure.
(3) Income which relates to the company as a whole and not allocable to
segments is included in un-allocable corporate Income.
(4) Segment assets and liabilities include those directly identifiable
with the respective segments. Un-allocable corporate assets and
liabilities represent the assets and liabilities that relate to company
as a whole and not allocable to any segment. Un-allocable assets mainly
comprise corporate head office assets, investments and tax deposited
with the Income Tax authorities. Un-allocable liabilities include
mainly unsecured loans and tax payable to Income Tax Authorities.
b) Inter Segment transfer pricing
Segment revenue resulting from transactions with other business
segments is accounted on the basis of cost of production.
20) GOVERNMENT GRANTS AND SUBSIDIES
Grants and subsidies from the government are recognized when there is
reasonable assurance that the grant/subsidy will be received and all
attaching conditions will be complied with.
When grant or subsidy relates to an expense item, it is recognized as
income over the periods necessary to match them on a systematic basis
the cost, which It is intended to compensate. Where grant/subsidy
relates to an asset, its value is deducted in arriving at the carrying
amount of the related asset against which grant/subsidy has been
received and further where the grant/subsidy is in the nature of
promoters contribution the amount of grant/subsidy is accounted for as
a capital reserve.
Jun 30, 2012
1. BASIS OF PREPERATION OF FINANCIAL STATEMENTS
a) The financial statements are prepared under the historical '' cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956. Accounting
policies not specifically referred to are consistent with generally
accepted accounting policies.
b) The company generally follows mercantile system of accounting and
recognizes significant item of Income & Expenditure on accrual basis.
2. FIXED ASSETS
The fixed assets are recorded at the cost which includes freight,
duties, levies and any directly attributable cost of bringing the
assets to their working condition for their intended use. Adjustments
arising from exchange rate fluctuations relating to outstanding
liabilities attributable to the fixed assets are capitalized/ adjusted.
3. INVENTORIES
Inventories are valued on FIFO Method
- Raw materials- at lower of cost or net realizable value.
- Packing materials, consumable stores and spares-at cost.
- Stock-in-process- Material cost plus appropriate share of production
overheads. .
- Finished goods; at lower of cost or net realizable value.
4. EXPENDITURE ON EXPANSION
Expenditure directly relating to constructions/substantial , expansion
activity is capitalized. Indirect expenditure incurred during
construction period is capitalized as a part of indirect construction
cost to the extent to which the expenditure is indirectly related to
construction or is incidental thereto. Income earned for during
construction period is deducted from the total of indirect expenditure.
As regards indirect expenditure on expansion, only''that portion is
capitalized which represents the marginal increase in such expenditure
involved as a result of capital expansion.
Both direct and indirect expenditure are capitalized onlyjf they
increase the value of the asset beyond its original standard of
performance.
5. DEPRECIATION
Depreciation is provided on Straight Line Method on pro-rata basis on
all the fixed assets at the rates prescribed in Schedule XIV of the
Companies Act, 1956''.
6. FOREIGN CURRENCY TRANSACTIONS
Export sales are accounted for at exchange rate prevailing on the date
the documents are negotiated/ realized with/ through bank. In case of
direct remittance from buyers the difference between the exchange rates
on the dispatch date and actual exchange rate of foreign currency on
receipt of payment is booked in sates.
The assets and liabilities at the year end are translated at the
closing exchange rate and the difference between the transactions is
taken into profit and loss account.
The foreign currency transactions in respect of payment towards cost of
fixed assets, spares, traveling, commissions etc. are accounted for at
the exchange rates prevailing on the date of transaction/ remittance.
7. BORROWING COST
Borrowing costs that are attributable to the acquisition on
construction of qualifying assets are capitalized as a part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
8. TAXES ON INCOME .
- Tax expenses comprises of current, deferred income tax and fringe
benefit tax. Provision for current income tax and fringe benefits tax
is made for the amount of tax payable in respect of taxable income for
the year under The Income Tax Act, 1961. Deferred tax is recognized
subject to the . consideration of prudence, on timing difference,
being the difference between the book profits and tax profits that
originate in one period and are capable of reversal in one or more
subsequent periods. The deferred tax assets and liabilities are
measured using the tax rates and tax toss that - , have been enacted of
substantively enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is a reasonable certainty
that sufficient further taxable income will be available against which
such deferred tax assets can be realized. If the company has carry
forward of unabsorbed depreciation and tax losses,, deferred tax assets
are recognized only where virtual certainty that such deferred tax
assets can be realized against further taxable profits. Unrecognized
deferred tax assets of earlier years are reassessed and recognized to
the extent that it has become reasonably certain that further taxable
income will be available against which such deferred tax assets can be
realized.
9. RETIREMENT BENEFITS
The liability on account of Gratuity Is covered by the Group Gratuity
Policy taken from Life Insurance Corporation of India. Contribution to
the Gratuity fund is charged to revenue. The liability of Leave
Encashment is provided on actuarial basis.
The contribution to the Provident Fund is made as per the provisions of
The Employees Provident Fund and Miscellaneous Provisions Act, 1952.
10. USE OF ESTIMATES
The presentation of financial statements require estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known/ materialized.
11. EARNING PER SHARE
Basic earnings per share are calculated by dividing the net '' profit or
loss for the period attributable to equity shareholders {after
deducting preference dividend & taxes) by the weighted average number
of equity shares outstanding during the financial year. Equity shares
that are partly paid up are treated as a fraction of an equity share to
the extent they entitled to participate in dividends. The weighted
average numbers of equity shares outstanding during the year are
adjusted for events such as bonus issue, bonus eleimnt In a right issue
to the existing shareholders, share split and consolidation of shares.
For the purpose of calculating diluted EPS, the net profit or loss
attributable to equity share holders and weighted average number of
equity shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
12. INTANGIBLE ASSETS
An Intangible Asset is recognized if and only if
a) It is probable that the future economic benefits that attributable
to the assets will flow to the enterprises
b) The cost of assets can be measured reliably.
An intangible asset is measured initially at cost
The amortization method will be used to reflect the pattern in which
asset''s economic benefits are consumed by the enterprise. If that
pattern cannot be determined reliably, the straight line method will be
used.
13. IMPAIRMENT OF ASSETS
An asset is treated, as impaired, when carrying cost of assets exceeds
its recoverable amount An impaired loss is charged to Profit & Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change In the estimate of the recoverable amount
14. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation In measurement
are recognized when there is a preient obligation as a result of past
events and it is probable that there will be outflow of resources.
Provisions are dete rm ined based on the best estimates required to
fulfill the obligation on the balance sheet date. Provisions are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
15. SEGMENT REPORTING
a). Segment accounting policies are in line with the accounting
policies of the company. In addition, the following specific accounting
policies have been followed for segment reporting.
(1) Segment revenue includes sales and other income directly
identifiable with/allocable to the segment including inter segment
sales.
(2) Expenses that are directly identifiable with/allocable to segment
are considered for determining the segment result. Expenses which
relate to the Company as a whole and not allocable to segment are
included under un-allocable corporate expenditure.
(3) Income which relates to the company as a whale and nol allocable to
segments is Included in un-allocable corporate income.
(4) Segment assets and liabilities include those directly identifiable
with the respective segments. Un-allocable corporate assets and
liabilities represent the assets and liabilities that relate to company
as a whole and not allocable to any segment. Un- allocable assets
mainly comprise corporate head office assets, investments and tax
deposited with the Income Tax authorities. Un-allocable liabilities
include mainly unsecured loans and tax payable to Income Tax
Authorities.
b). Inter Segment transfer pricing
Segment revenue resulting, from transactions with other business
segments is accounted on the basis of cost of production.
16. GOVERNMENT GRANTS AND SUBSIDIES
Grants and subsidies from the government are recognized when there is
reasonable assurance that the grant/subsidy will be received and all
attaching conditions will be complied with.
When grant or subsidy relates to an expense item, it is recognized as
income over the periods necessary to match them on a systematic basis
the cost, which it is intended to compensate. Where grant/subsidy
relates to an asset, its value is deducted in arriving at the carrying
amount of the related asset against which grantteubsidy has been
received and further where the grant/subsidy Is in the nature of
promoters contribution the amount of grant/subsidy is accounted for
as a capital reseive.
Mar 31, 2010
1) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956. Accounting
policies not specifically referred to are consistent with generally
accepted accounting policies.
b) The company generaly follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis.
2) FIXED ASSETS
The fixed assets are recorded at the cost which includes freight.
duties. levies and any directly attributable cost of bringing the
assets to their working condition for intended use. Adjustments arising
from exchange rate fluctuations relating to outstanding liabilities
attributable to the fixed assets are capitalised/adjusted.
3) INVENTORIES
Inventories are valued on FIFO method
- Raw materials - at lower of cost or net realisable value.
- Packing materials, consumables and stores & spares - at cost
- Stock-in-process - material cost plus appropriate share of production
overheads.
- Finished goods - at lower of cost or net realisable value.
4) EXPENDITURE ON EXPANSIONS
Expenditure directly relating to construction/substantial expansion
activity is capitalised. Indirect expenditure incurred during
construction period is captalised as part of the indirect construction
cost to the extent to which the expenditure is indirectly related to
construction or is incidental thereto. Income earned during
construction period is deducted from the total of the indirect
expenditure. As regards indirect expenditure on expansion, only that
portion is capitalised which represents the marginal increase in such
expenditure involved as a result of capital expansion. Both direct and
indirect expenditure are capitalised only if they increase the value of
the asset beyond its original standard of performance.
5) DEPRECIATION
Deprecation is provided on Straight Line Method on pro-rata basis on
all the fixed assets at the rates prescribed in Schedule XIV to the
Companies Act, 1956.
6) FOREIGN CURRENCY TRANSACTIONS
Export sates are accounted for at exchange rates prevaiting on the date
the documents are negotiated/realised with/through Bank. In case of
direct remittance from buyers the difference between the exchange rates
on the despatch date and actual exchange rate of foreign currency on
receipt of payrrent is booked in sates.
The assets and liabilities at the year end are translated at the
closing exchange rate and the difference between the transaction is
taken into profit and loss account.
The foreign currency transactions in respect of payments towards cost
of fixed assets, spares, travelling, commission etc. are accounted for
at the exchange rates prevailing on the date of transaction/remittance.
7) BORROWING COST
Borrowing costs that are attributable to he acquisition or construction
of qualifying assets are capitalised as a part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended-use. All other borrowing costs
are charged to revenue.
8) TAXES ON INCOME
Tax expenses comprises of current, deferred and fringe benefit tax.
Provision for current income tax and fringe benefit tax is made for the
amount of tax payable in respect of taxable income for the year under
the Income Tax Act, 1961.
Deferred tax is recognised subject to the consderation of prudence, on
timing difference, being the difference between book profit and tax
profit that originate in one period and are capable of reversal in one
or more subsequent periods.
Deferred tax assets and liabilities are measured using the tax rates
and tax toss that have been enacted or substantively enacted at the
balance sheetdate. Deferredtax assets are recoqnized only to the extent
that there is reasonable certainty that sufficient further taxable
income will be available against which such deferred tax assets can be
realized. If the company has carry forward of unabsobed depreciation
and tax losses, deferred tax assets are recognized only if there is
virtual certainty that such deferred tax assets can be realized against
further taxable profits. Unrecognized deferred tax assets of earlier
years are reassessed and recognized to the extent that it has become
reasonably certain that further taxable income will be available
against which such deferred tax assets can be realized.
9) RETIREMENT BENEFITS
The liability on account of Gratuity is covered by the Group Gratuity
Policy taken from Life Insurance Corporation of India. Contribution to
the gratuity fund is charged to revenue. The liability of leave
encashment is provided on actuarial basis. The contribution to
Provident Fund is made as per the provisions of The Employees
Provident Fund and Miscellaneous Provisions Act 1952.
10) USE OF ESTIMATES
The presentation of financial statements require estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognised in he period in which
the results are known/materialised.
11) EARNING PER SHARE
Basic earnings per share are calculated by dividing the net profit or
toss for he period attributable to equity shareholders after deducting
taxes by the weighted average number of equity shares outstanding
during the year. Equity shares that are party paid up are treated as a
fraction of an equity share to the extent they entitled to participate
in dividends. The weighted average number of equity shares outstandhg
during the year are adjusted for events such as bonus issue, bonus
element in a right issue to the existing shareholders, share split and
consolidation of shares. For the purpose of calculating diluted EPS, he
net profit or toss attributable to equity share holders and weighted
average number of equity shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares
12) INTANGIBLE ASSETS
An intangible asset is recognized if and only if -
a) it is probabte that the future economic benefits that are
attributable to the asset will flow to the enterprise, and
b) the cost of the asset can be measured reliably
An intangible asset is measured initially at cost The amortization
method will be used to reflect the pattern in which the assets economic
benefits are consumed by the enterprise. If that pattern cannot be
determined reliably, the straight line method will be used.
13) IMPAIRMENT OF ASSETS
An asset is treated as impaired, when carrying cost of asset exceeds
its recoverable amount An impaired toss is charged to Profit& Loss
Account in the year in which an asset is identified as impaired. The
impairment toss recognised in prioraccounting periods is reversed if
there has been a change in the estimate of the recoverable amount
14) PROVISIONS, CONTINGENT LIABILITIES AMD CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Provisions are determined based on the best estimates required to
falfill the obligation on the balance sheet date. Provisions are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates. Contingent liabilities are not recognised but are
disclosed In the notes. Contingent Assets are neither recognised nor
disclosed in the financial statements.
Mar 31, 2009
1) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
a) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956. Accounting
policies not specifically referred to are consistent with generally
accepted accounting policies.
b) The company generally follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis.
2) FIXED ASSETS
The fixed assets are recorded at thecostwhich includes freight, duties,
levies and any directly attributable cost of bringing the assets to
their working condition for intended use. Adjustments arising from
exchange rate fluctuations relating to outstanding liabilities
attributable to the fixed assets are capitalised/adjusted.
3) INVENTORIES
Inventories are valued on FIFO method
- Raw materials - at lower of cost or net releasable value.
- Packing materials, consumable and stores & spares - at cost
- Stock-in-process - material cost plus appropriate share of production
overheads.
- Finished goods - at lower of cost or net releasible value.
4) EXPENDITURE ON EXPANSIONS
Expenditure directly relating to construction/substantial expansion
activity is capitalised. Indirect expenditure incurred during
construction period is capitalised as part of the indirect construction
cost to the extent to which the expenditure is indirectly related to
construction or is incidental thereto. Income earned during
construction period is deducted from the total of the indirect
expenditure.
As regards indirect expenditure on expansion, only that portion is
capitalised which represents the marginal increase in such expenditure
involved as a result of capital expansion. Both direct and indirect
expenditure are capitalised only if they increase the value of the
asset beyond its original standard of performance.
5) DEPRECIATION
Depreciation is provided on Straight Line Method on pro-rata basis on
all the fixed assets at the rates prescribed in Schedule XIV to the
Companies Act, 1956.
6) FOREIGN CURRENCY TRANSACTIONS
Export sales are accounted for at exchange rates prevailing on the dale
the documents are negotiated/realised with/through Bank. In case of
direct remittance from buyers the difference between the exchange rates
on the despatch date and actual exchange rate of foreign currency on
receipt of payment is booked h sales.
The assets and liabilities at the year end are translated at the
closing exchange rate and the difference between the transaction is
taken into profit and loss account.
The foreign currency transactions in respect of payments towards cost
of fixed assets, spares, travelling, commission, etc. are accounted for
at the exchange rates prevailing on the date of transaction/remittance.
7) BORROWING COST
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised asapart of thecost
ofsuch assets.Aqualifying asset is one that necessarily takes
substantial period of time to get ready for intended-use. AH other
borrowing costs are charged to revenue.
8) TAXES ON INCOME
Tax expenses comprises of current, deferred and fringe benefit tax.
Provision for current income tax and fringe benefit tax is made for the
amount of tax payable in respect of taxable income for the year under
the Income Tax Act, 1961.
Deferred tax is recognised subject to the consideration of prudence, on
timing difference, being the difference between book profit and tax
profit that originate in one period and are capable of reversal in one
or more subsequent periods.
Deferred tax assets and liabilities are measured using the tax rates
and tax loss that have been enacted or substantively enacted at the
balance sheetdate. Deferred is reasonable certainty that sufficient
further taxable income will be available against which such deferred
tax assets can be realized. If the company has carry forward of
unabsorbed depreciation and tax losses, deferred tax assets are
recognized only if there is virtual certainty that such deferred tax
assets can be realized against further taxable profits. Unrecognized
deferred tax assets of earlier years are reassessed and recognized to
the extent that it has become reasonably certain that further taxable
income will be available against which such deferred tax assets can be
realized.
9) RETIREMENT BENEFITS
The liability on account of Gratuity is covered by the Group Gratuity
Policy taken from Life Insurance Corporation of India. Contribution to
the gratuity fund is charged to revenue. The liability of leave
encashment is provided on actuarial basis. The contribution to
Provident Fund is made as per the provisions of The Employees
Provident Fund, and Miscellaneous Provisions Act,. 1952.
10) USE OF ESTIMATES
The presentation of financial statements require estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
11) EARNING PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders after deducting
taxes by the weighted average number of equity shares outstanding
during the year. Equity shares that are partly paid up are treated as a
fraction of an equity share to the extent they entitled to participate
in dividends. The weighted average number of equity shares outstanding
during the year are adjusted for events such as bonus issue, bonus
element in a right issue to the existing shareholders, share split and
consolidation of shares. For the purpose of calculating diluted EPS,
the net profit or loss attributable to equity share holders and
weighted average number of equity shares outstanding during the period
are adjusted for the effects of all dilutive potential equity shares.
12) INTANGIBLE ASSETS
An intangible asset is recognized if and only if -
a) it is probable that the future economic benefits that are
attributable to the asset will flow to the enterprise, and
b) the cost of the asset can be measured reliably
An intangible asset is measured initially at cost. The amortization
method will be used to reflect the pattern in which the assets economic
benefits are consumed by the enterprise. If that pattern cannot be
determined reliably, the straight line method will be used.
13) IMPAIRMENT OF ASSETS
An asset is treated as impaired, when carrying cost of asset exceeds
its recoverable amount. An impaired loss is charged to Profit & Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognised in prior accounting periods is reversed if
there has been a change in the estimate of the recoverable amount.
14) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Provisions are determined based on the best estimates required to
fulfill the obligation on the balance sheet date. Provisions are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates. Contingent liabilities are not recognised but are
disclosed in the notes. Contingent Assets are neither recognised nor
disclosed in the financial statements.
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