Accounting Policies of Yashraj Containeurs Ltd. Company

Mar 31, 2024

Note 2 - Statement of Significant Accounting Policies

The Company has prepared financial statements for the year ended March 31, 2024 in
accordance with Indian Accounting Standards (Ind AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015 (as amended) read with Section 133 of the
Companies Act, 2013, (the ‘Act’) and other relevant provision of the act together
with the comparative data as at and for the year ended March 31,2023.

The financial statements are presented in Indian Rupees which is the functional currency of
the company All the financials information is presented in Indian rupees and are rounded to
the nearest rupees in lakhs except when otherwise indicated.

2.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, except for:

(i) certain financial instruments that are measured at fair values at the end of each
reporting period;

(ii) defined benefit plans - plan assets that are measured at fair values at the end of
each reporting period, as explained in the accounting policies below. Historical
cost is generally based on the fair value of the consideration given in exchange
for goods and services.

The Company has consistently applied the following accounting policies to all
periods Presented in these financial statements,

a) Use of estimates and judgements

The preparation of Company’s financial statements in conformity with the recognition
and measurement principles of Ind AS requires management of the Company to
make estimates and judgements that affect the reported balances of assets and
liabilities, disclosures of contingent liabilities as at the date of company financial
statements and the reported amounts of income and expenses for the periods
presented. Estimates and underlying assumptions are reviewed on an ongoing
basis, Revisions to accounting estimates are recognised in the period in which
the estimates are revised and future periods are affected. The Company uses the
following critical accounting estimates in; preparation of its standalone financial
statements: ( * / y

I J A f \

b) Current versus non-current classification

Assets and Liabilities are classified as current or non- current, inter-alia
considering the normal operating cycle of the company’s operations and the
expected realization/settlement thereof within 12 Months after the Balance Sheet
date.

Deferred tax assets and liabilities are classified as non-current assets and
liabilities.

c) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date. The fair value measurement is based on the presumption that the
transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset
or liability

The principal or the most advantageous market must be accessible by the
Company.

The fair value of an asset or a liability is measured using the assumptions that market
participants would use when pricing the asset or liability, assuming that market
participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, maximising the use of relevant
observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorised within the fair value hierarchy, described as follows,
based on the lowest level input that is significant to the fair value measurement
as a whole:

• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or
liabilities

• Level 2 - Valuation techniques for which the lowest level input that is significant
to the fair value measurement is directly or indirectly observable

• Level 3 - Valuation techniques for which the lowest level input that is significant
to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring
basis, the Company determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorisation (based on the lowest level input that is
significant to the fair value measurement^ssg=wh$|e) at the end of each reporting period.

d) Revenue recognition

Revenue from contracts with customers is recognised when control of the goods or
services are transferred to the customer at an amount that reflects the consideration
to which the Company expects to be entitled in exchange for those goods or services.

The Company has generally concluded that it is the principal in its revenue
arrangements, since it is the primary obligor in all of its revenue arrangement, as it has
pricing latitude and is exposed to inventory and credit risks.

Revenue is stated net of goods and service tax and net of returns, chargebacks, rebates
and other similar allowances. These are calculated on the basis of historical
experience and the specific terms in the individual contracts.

In determining the transaction price, the Company considers the effects of variable
consideration, the existence of significant financing components, noncash
consideration, and consideration payable to the customer (if any).

The Company estimates variable consideration at contract inception until it is highly
probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable
consideration is subsequently resolved.

Royalties: Royalty revenue is recognised on an accrual basis in accordance with the
substance of the relevant agreement (provided that it is probable that economic
benefits will flow to the Company and the amount of revenue can be measured reliably).
Royalty arrangements that are based on production, sales and other- measures are
recognised by reference to the underlying arrangement.

e) Cash and cash equivalents

The Company considers all highly liquid investments, which are readily convertible into
known amounts of cash that are subject to an insignificant risk of change in value, to
be cash equivalents. Cash and cash equivalents consist of balances with banks which are
unrestricted for withdrawal and usage.

interest: Interest income is recognised on a time proportion basis taking into account
the amount outstanding and the applicable interest applicable, Interest income is included
under the head “Other income” in the statement of profit & loss account.

Dividends: Dividend income is recognised when the Company’s right to receive

Dividend is established by the balance sheet date.

I) Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are
held within a business whose objective is to hold these assets in order to collect contractual
cash flows and the contractual at terms of the financial assets give rise on specified dates
to cash flows that are solely payments oj^qsriaeinal and interest on the principal amount
outstanding.

„ CX-r

g) Financial assets at face value through other comprehensive income

Financial assets are measured at fair value through other comprehensive income if these
financial assets are held within a business whose objective is achieved by both collecting
contractual cash flows on specified dates that are solely payments of principal and
interest on the principal amount outstanding and selling financial assets. The Company
has made an irrevocable election to present subsequent changes in the fair value
of equity investments not held for trading in other comprehensive income.

h) Financial assets at fair value through profit or loss

Financial assets are measured at fair value through profit or loss unless they are
measured at amortised cost or at fair value through other comprehensive income on
initial recognition. The transaction costs directly attributable to the acquisition of financial
assets and liabilities at fair value through profit or loss are immediately recognised in
statement of profit and loss.

i) Income Tax.

Income tax expense consists of current and deferred tax. Income tax expense is recognised
in profit or loss except to the extent that it relates to items recognised in OCI or
directly in equity, in which case it is recognised in OCI or directly in equity respectively

i. Current income tax

Current tax is the expected tax payable on the taxable profit for the year, using tax
rates enacted or substantively enacted by the end of the reporting period, and any
adjustment to tax payable in respect of previous years. Current tax assets and tax
liabilities are offset where the Company has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise the asset and settle the liability
simultaneously. Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities.

Current income tax relating to items recognised outside profit or loss is recognised
outside profit or loss (either in other comprehensive income or in equity). Current
tax items are recognised 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.

The Govt, of India had issued the Taxation Laws {Amendment] Act 20 19 which
provides Domestic Companies an option to pay corporate tax at reduced rates from
April 1, 2019 subject to certain conditions. The company intends to opt for lower tax
regime. No tax provision has been made for the year in view of losses. The
company has recognised consequentiaL^impact by reversing deferred tax assets

-A\

. _

\ / \-V> „ . .O- ,» iCfrx

ii. Deferred tax

Deferred tax is provided using the liability method or 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 recognised for all taxable temporary differences, except:

• When the deferred tax liability 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

• In respect of taxable temporary differences associated with investments in
subsidiaries and interests in joint ventures when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary
differences will not reverse in the foreseeable future

Deferred tax assets are recognised for all deductible temporary differences and the
carry forward of any unused tax losses. Deferred tax assets are recognised 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 losses can be
utilised, 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

• In respect of deductible temporary differences associated with investments in
subsidiaries and interests in joint ventures deferred tax assets are recognised only to
the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the temporary
differences can be utilised.

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 utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised 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 realised 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 recognised outside profit or loss is recognised
outside profit or loss (either in other comprehensive income or in equity). Deferred tax
items are recognised in correlation to-&e_=r4Jnderlying 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 off current tax assets against current tax liabilities and the deferred
taxes relate to the same taxable entity and the same taxation authority.

j) Property, plant and equipment

Plant and equipment is stated at cost of acquisition or constructions including
attributable borrowing cost till such assets are ready for their intended use, less of
accumulated depreciation and accumulated impairment losses, if any. Cost of
acquisition for the aforesaid purpose comprises its purchase price, including
import duties and other now-refundable taxes or levies and any directly
attributable cost of bringing the asset to its working condition for its intended use, net
of trade discounts, rebates and credits received if any.

Such cost includes the cost of replacing part of the plant and equipment and
borrowing costs for long-term construction projects if the 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 specific useful
lives. Likewise, when a major inspection is performed, its cost is recognised 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 recognised in
profit or loss as incurred.

Property Plant and equipment are eliminated from financial statements, either on
disposal or when retired from active use. Losses arising in case of retirement of
Property, Plant and equipment and gains or losses arising from disposal of
property, plant and equipment are recognised in statement of profit and loss in the
year of occurrence.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the
assets. Useful lives used by the Company are same as prescribed rates prescribed
under Schedule II of the Companies Act 2013. The range of useful lives of the property,
plant and equipment are as follows:

Intangible assets acquired separately are measured on initial recognition at cost.
Following initial recognition, intangible assets are carried at cost less any

accumulated amortisation and accumulated impairment losses. Internally

generated intangibles are riot capitalised and the related expenditure is reflected in
profit or loss in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite. Intangible
assets with finite lives are amortised over the useful economic life and assessed for
impairment whenever there is an indication that the intangible asset may be impaired,
Intangible assets are amortised as follows:

-Software - 5 years

Software for internal use, which is primarily acquired from third-party vendors and
which is an integral part of a tangible asset, including consultancy charges for
implementing the software, is capitalised as part of the related tangible asset.
Subsequent costs associated with maintaining such software are recognised as expense
as incurred. The capitalised costs are amortised over the lower of the estimated
useful life of the software and the remaining useful life of the tangible fixed asset.

1) Investments in the nature of equity In subsidiaries.

The Company has elected to recognise its investments in equity instruments in
subsidiaries and associates at cost in the separate financial statements in
accordance with the option available in Ind AS 27, ‘Separate Financial

Statements’.

ni) Investment properties

Investment properties comprise portions of office buildings and residential
premises that are held for long-term rental yields and / or for capital appreciation.
Investment properties are initially recognised at cost. Subsequently investment
property comprising of building is carried at cost less accumulated depreciation and
accumulated impairment losses.

The cost includes the cost of replacing parts and borrowing costs for long-term
construction projects if the recognition criteria are met. When significant parts of
the investment property are required to be replaced at intervals, the Group
depreciates them separately based on their specific useful lives. All other repair and
maintenance costs are recognised in profit and loss as incurred.

Depreciation on building is provided over the estimated useful lives as specified in
Schedule II to the Companies Act, 2013. The residual values, useful lives and
depreciation method of investment properties are reviewed, and adjusted on
prospective basis as appropriate, at each financial year end. The effects of any
revision are included in the statement of profit and loss when the changes arise.

Though the group measures investment property using cost based measurement, the
fair value of investment property is disclosed hi--the notes.

Investment properties are derecognised when either they have been disposed of or
when the investment property is permanently withdrawn from use and no future
economic benefit is expected from its disposal.

The difference between the net disposal proceeds and the carrying amount of the
asset is recognised in the statement of profit and loss in the period of
de-recognition.

n) Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an
asset may be impaired. If any indication exists, or when annual impairment testing
for an asset is required, the Company estimates the asset’s recoverable amount. An
asset’s recoverable amount is the higher of an asset''s or cash-generating
units (CGU) fair value less costs of disposal and its value in use. Recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or Company’s assets. When
the carrying amount of an asset or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market

assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into
account. If no such transactions can be identified, an appropriate valuation model is
used.

Impairment losses of continuing operations, including impairment on inventories, are
recognised in the statement of profit and loss.

An assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have
decreased, if Such indication exists, the Company estimates the asset’s or CGU’s
recoverable amount. A previously recognised impairment loos is reversed only if

there has been a change in the assumptions used to determine the asset’s

recoverable amount since the last impairment loss was recognised. The reversal is
limited so that the carrying amount of the asset does not exceed its recoverable
amount, nor exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years.
Such reversal is recognised in the statement of profit or loss.

0) Non- current Asset held for sale.

Non-current assets and disposal groups are classified as held for sale if their

carrying amount will be recovered principally through a sale transaction rather than
through continuing use. This condition is regarded as met only when the asset (or
disposal group) is available for immediate sale in its present condition subject only
to terms that are usual and customaai^^g^a^Jes of such asset (or disposal group)
and its sale is highly probable. M^Sgeiror^^vst be committed to the sale, which
should be expected to qualify for recognition as a completed sale within one year
from the date of classification. Non-current assets (and disposal groups) classified
as held for sale are measured at the lower of their carrying amount and fair
value less costs to sell. Non-current assets are not depreciated or amortised.

p) Borrowing costs:

a. Borrowing costs that are attributable to the acquisition, construction, or
production of a qualifying asset are capitalised as a part of the cost of such asset
till such time the asset is ready for its intended use or sale. A qualifying asset is an
asset that necessarily requires a substantial period of time (generally over twelve
months) to get ready for its intended use or sale.

b. All other borrowing costs are recognised as expense in the period in which they
are incurred,

q) Leases

The Company evaluates each contract or arrangement, whether it qualifies as lease as
defined under Ind. AS 116.

The Company as a lessee:

The Company enters into an arrangement for lease of land, buildings, plant and
machinery including computer equipment and vehicles. Such arrangements are
generally for a fixed period but may have extension or termination options. The
Company assesses, whether the contract is, or contains, a lease, at its inception. A contract
is, or contains, a lease if the contract conveys the right to

a) Control the use of an identified asset,

b) Obtain substantially all the economic benefits from use of the identified asset. And

c) Direct the use of the identified asset.

The Company determines the lease term as the non-cancellable period of a lease,
together with periods covered by an option to extend the lease, where the Company
is reasonably certain to exercise that option.

The Company at the commencement of the lease contract recognizes a
Right-of-Use RoU asset at cost and corresponding lease liability, except for leases
with term of less than twelve months (short term leases) and low-value assets. For
these short term anal low value leases, the Company recognizes the lease
payments as an operating expense or a straight-line basis over the lease term.

The cost of the right-of-use asset comprises the amount of the initial measurement of
the lease liability, any lease payments made at or before the inception date of the
lease, plus any initial direct costs, less any lease incentives received.
Subsequently, the right-of-use assets are measured at cost less any accumulated
depreciation and accumulated impairment losses, if any. The right-of-use assets are
depreciated using the straight-line method from the commencement date over the
shorter of lease term or useful lifb^f=Ftaht-of-use asset. The estimated useful lives
of right-of-use assets are determined on the same basis as those of property, plant
and equipment.

The Company applies Ind. AS 36 to determine whether an RoU asset is impaired
and accounts for any identified impairment loss as described in the impairment of
non-financial assets below.

For lease liabilities at the commencement of the lease, the Company measures the
lease liability at the present value of the lease payments that are not paid at that
date. The lease payments are discounted using the interest rate implicit in the lease, if
that rate can be readily determined, if that rate is not readily determined, the lease
payments are discounted using the incremental borrowing rate that the Company
would have to pay to borrow funds, including the consideration of factors such
as the nature of the asset and location, collateral, market terms and conditions, as
applicable in a similar economic environment.

After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. The Company
recognizes the amount of the re-measurement of lease liability as an adjustment to the
right-of-use assets. Where the carrying amount of the right-of-use asset is
reduced to zero and there is a further reduction in the measurement of the lease
liability, the Company recognizes any remaining amount of the re-measurement in
statement of profit and loss. Lease liability payments are classified as cash used in
financing activities in the statement of cash flows.

The Company as a lessor

Leases under which the Company is a lessor are classified as finance or operating
leases. Lease contracts where all the risks and rewards are substantially
transferred to the lessee, the lease contracts are classified as finance leases. All other
leases are classified as operating leases. For leases under which the Company is
an intermediate lessor, the Company accounts for the head-lease and the sub-lease
as two separate contracts. The sub-lease is further classified either as a finance lease
or an operating lease by reference to the RoU asset arising from the head-lease.

r) Corporate Social Responsibility (CSR) Expenditure

CSR spend are charged to the statement of profit and loss as an expense in the
Period they are incurred.

---

Mar 31, 2015

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of companies Act 2013 read with rule 7 of the companies Accounts Rule 2014 and other relevent provision of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the historical cost convention basis. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2.1 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialised.

2.2 Inventories

Inventories are valued at lower of cost and Net realisable value (First in first out) after providing for obsolescence and other losses, where considered necessary. Raw material and work in progress is valued at cost exclusive of CENVAT in accordance with the AS-2 of the Institute of Chartered Accountants of India. Scrap is valued at estimated realizable value. Finished goods are valued at cost or estimated realizable value inclusive of excise duty payable thereupon at the time of dispatch, whichever is lower.

2.3 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

2.4 Depreciation and amortisation

Depreciation on all the assets is calculated on Useful Life method at the rates specified in Schedule II to the Companies Act, 2013.

Assets costing less than Rs. 5,000/- each are fully depreciated in the year of capitalisation.

The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation method is revised to reflect the changed pattern.

2.5 Revenue recognition

The Revenue is recognized on the basis of Mercantile System of Accounting. The Expenses and income considered payable and receivable respectively are accounted on accrual basis except Investment income is accounted for on cash basis as and when received.

Revenue from sale of goods is recognised when significant risk and reward of ownership is transfered to the customer and the commodity has been delivered to the customer.

Other Income

Interest income is accounted on time proportion basis by reference to the principal outstanding and at the interest rate applicable. Dividend income is accounted for when the right to receive it is established.

2.6 Tangible fixed assets and Intangible Fixed Assets

Fixed Assets are stated at their historical cost, net of CENVAT Credit but include expenditure incurred in their acquisition and construction/installation and other related expenses including pre-operational expenses.

Fixed assets acquired in full or part exchange for another asset are recorded at the fair market value or the net book value of the asset given up, adjusted for any balancing cash consideration. Fair market value is determined either for the assets acquired or asset given up, whichever is more clearly evident. Fixed assets acquired in exchange for securities of the Company are recorded at the fair market value of the assets or the fair market value of the securities issued, whichever is more clearly evident.

Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately in the Balance Sheet.

2.7 Investments

Long-term investments are carried at Cost less provision for diminution, other than temporary, in the value of the investments, if any.

Current investments are carried at lower of cost or fair value.

2.8 Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences, long service awards and post-employment medical benefits.

Defined contribution plans

The Company's contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be made.

Defined benefit plans

For defined benefit plans in the form of gratuity fund and post-employment medical benefits, the cost of providing benefits is determined using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested and otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the schemes.

2.9 Segment reporting

The Company is in the business of manufacturing of MS barrel and operated in only one country i.e. India hence there are no operating or geographical segments applicable to the company.

2.10 Leases

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.

2.11 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

2.12 Impairment of assets

The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

2.13 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.

2.14 Service tax input credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.

---

Mar 31, 2014

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention basis. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

2.1 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

2.2 Inventories

Inventories are valued at lower of cost and Net realisable value (First in first out) after providing for obsolescence and other losses, where considered necessary. Raw material and work in progress is valued at cost exclusive of CENVAT in accordance with the AS-2 of the Institute of chartered Accountants of India Scrap is valued at estimated realizable value. Finished goods are valued at cost or estimated realizable value inclusive of excise duty payable thereupon at the time of dispatch, whichever is lower.

2.3 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

2.4 Depreciation and amortisation

"Depreciation on all the assets is calculated on Straight Line method at the rates specified in Schedule XIV to the Companies Act 1956. Depreciation on account of revaluation is charged along with regular depreciation and a corresponding credit is withdrawn from revaluation reserves and credited to the profit & loss account. Hence the effect on profit & loss account due to depreciation of revalued assets is nullified. Amount credited on account of revaluation reserve is considered as extra - ordinery item and disclosed seperately.

Assets costing less than Rs. 5,000 each are fully depreciated in the year of capitalisation

Amortisation of Computer software over 8 years is based on the economic benefits that are expected to accrue to the Company over such period.

Leasehold land is amortised over the duration of the lease.

The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation method is revised to reflect the changed pattern.

2.5 Revenue recognition

The Revenue is recognized on the basis of Mercantile System of Accounting. The Expenses and income considered payable and receivable respectively are accounted on accrual basis except Investment income is accounted for on cash basis as and when received.

Revenue from sale of goods is recognised when significant risk and reward of ownership is transferred to the customer and the commodity has been delivered to the customer.

Other Income

Interest income is accounted on time proportion basis by reference to the principal outstanding and at the interest rate applicable. Dividend income is accounted for when the right to receive it is established.

2.6 Tangible fixed assets and Intangible Fixed Assets

Fixed Assets are stated at their historical cost, net of CENVAT Credit but include expenditure incurred in their acquisition and construction/installation and other related expenses including pre-operational expenses.

Fixed assets acquired in full or part exchange for another asset are recorded at the fair market value or the net book value of the asset given up, adjusted for any balancing cash consideration. Fair market value is determined either for the assets acquired or asset given up, whichever is more clearly evident. Fixed assets acquired in exchange for securities of the Company are recorded at the fair market value of the assets or the fair market value of the securities issued, whichever is more clearly evident.

Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately in the Balance Sheet.

2.7 Investments

Long-term investments are carried at Cost less provision for diminution, other than temporary, in the value of the investments, if any.

Current investments are carried at lower of cost or fair value.

2.8 Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences, long service awards and post-employment medical benefits.

Defined contribution plans

The Company''s contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be made.

Defined benefit plans

For defined benefit plans in the form of gratuity fund and post-employment medical benefits, the cost of providing benefits is determined using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested and otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the schemes.

---

Mar 31, 2013

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention basis. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

1.1 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.2 Inventories

Inventories are valued at lower of cost and Net realisable value (First in first out) after providing for obsolescence and other losses, where considered necessary. Raw material and work in progress is valued at cost exclusive of CENVAT in accordance with the AS-2 of the Institute of chartered Accountants of India Scrap is valued at estimated realizable value. Finished goods are valued at cost or estimated realizable value inclusive of excise duty payable thereupon at the time of dispatch, whichever is lower.

1.3 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.4 Depreciation and amortisation

"Depreciation on all the assets is calculated on Straight Line method at the rates specified in Schedule XIV to the Companies Act 1956. Depreciation on account of revaluation is charged along with regular depreciation and a corresponding credit is withdrawn from revaluation reserves and credited to the profit & loss account. Hence the effect on profit & loss account due to depreciation of revalued assets is nullified. Amount credited on account of revaluation reserve is considered as extra - ordinery item and disclosed seperately.

Assets costing less than Rs. 5,000 each are fully depreciated in the year of capitalisation Amortisation of Computer software over 8 years is based on the economic benefits that are expected to accrue to the Company over such period.

Leasehold land is amortised over the duration of the lease.

The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation method is revised to reflect the changed pattern.

1.5 Revenue recognition

The Revenue is recognized on the basis of Mercantile System of Accounting. The Expenses and income considered payable and receivable respectively are accounted on accrual basis except Investment income is accounted for on cash basis as and when received.

Revenue from sale of goods is recognised when significant risk and reward of ownership is transfered to the customer and the commodity has been delivered to the customer.

Other Income

Interest income is accounted on time proportion basis by reference to the principal outstanding and at the interest rate applicable.

Dividend income is accounted for when the right to receive it is established.

1.6 Tangible fixed assets and Intangible Fixed Assets

Fixed Assets are stated at their historical cost, net of CENVAT Credit but include expenditure incurred in their acquisition and construction/installation and other related expenses including pre-operational expenses.

Fixed assets acquired in full or part exchange for another asset are recorded at the fair market value or the net book value of the asset given up, adjusted for any balancing cash consideration. Fair market value is determined either for the assets acquired or asset given up, whichever is more clearly evident. Fixed assets acquired in exchange for securities of the Company are recorded at the fair market value of the assets or the fair market value of the securities issued, whichever is more clearly evident. Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately in the Balance Sheet.

1.7 Investments

Long-term investments are carried at Cost less provision for diminution, other than temporary, in the value of the investments, if any.

Current investments are carried at lower of cost or fair value.

1.8 Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences, long service awards and post-employment medical benefits.

Defined contribution plans

The Company''s contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be made.

Defined benefit plans

For defined benefit plans in the form of gratuity fund and post-employment medical benefits, the cost of providing benefits is determined using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date.

Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested and otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the schemes.

1.9 Segment reporting

The Company is in the business of manufacturing of MS barrel and operated in only one country i.e. India hence there are no operating or geographical segments applicable to the company.

1.10 Leases

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.

1.11 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

1.12 Impairment of assets

The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

1.13 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.

1.14 Service tax input credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.

---

Mar 31, 2012

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention basis. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

1.1 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.2 Inventories

Inventories are valued at lower of cost and Net realisable value (First in first out) after providing for obsolescence and other losses, where considered necessary. Raw material and work in progress is valued at cost exclusive of CENVAT in accordance with the AS-2 of the Institute of Chartered Accountants of India. Scrap is valued at estimated realizable value. Finished goods are valued at cost or estimated realizable value inclusive of excise duty payable thereupon at the time of dispatch, whichever is lower.

1.3 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary ifems and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.4 Depreciation and amortisation

"Depreciation on all the assets is calculated on Straight Line method at the rates specified in Schedule XIV to the Companies Act 1956. Depreciation on account of revaluation is charged along with regular depreciation and a corresponding credit is withdrawn from revaluation reserves and credited to the profit & loss account. Hence the effect on profit & loss account due to depreciation of revalued assets is nullified. Amount credited on account of revaluation reserve is considered as extra-ordinary item and disclosed seperately.

Assets costing less than Rs. 5,000/- each are fully depreciated in the year of capitalisation.

Amortisation of Computer software over 8 years is based on the economic benefits that are expected to accrue to the Company over such period.

Leasehold land is amortised over the duration of the lease.

The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation method is revised to reflect the changed pattern.

1.5 Revenue recognition

"The Revenue is recognized on the basis of Mercantile System of Accounting. The Expenses and income considered payable and receivable respectively are accounted on accrual basis except Investment income is accounted for on cash basis as and when received.

Revenue from sale of goods is recognised when significant risk and reward of ownership is transfered to the customer and the commodity has been delivered to the customer.

Other Income

Interest income is accounted on time proportion basis by reference to the principal outstanding and at the interest rate applicable. Dividend income is accounted for when the right to receive it is established.

1.6 Tangible fixed assets and Intangible Fixed Assets

Fixed Assets are stated at their historical cost, net of CENVAT Credit but include expenditure incurred in their acquisition and construction/installation and other related expenses including pre-operational expenses.

Fixed assets acquired in full or part exchange for another asset are recorded at the fair market value or the net book value of the asset given up, adjusted for any balancing cash consideration. Fair market value is determined either for the assets acquired or asset given up, whichever is more clearly evident. Fixed assets acquired in exchange for securities of the Company are recorded at the fair market value of the assets or the fair market value of the securities issued, whichever is more clearly evident.

Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately in the Balance Sheet.

1.7 Investments

Long-term investments are carried at Cost less provision for diminution, other than temporary, in the value of the investments, if any.

Current investments are carried at lower of cost or fair value.

1.8 Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences, long service awards and post-employment medical benefits.

Defined contribution plans

The Company’s contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be made.

Defined benefit plans

For defined benefit plans in the form of gratuity fund and post-employment medical benefits, the cost of providing benefits is determined using the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested and otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognised past service cost, as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the schemes.

1.9 Segment reporting

The Company is in the business of manufacturing of MS barrel and operated in only one country i.e. India hence there are no operating or geographical segments applicable to the company.

1.10 Leases

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.

1.11 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their readability.

1.12 Impairment of assets

The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

1.13 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.

1.14 Service tax input credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.

---

Mar 31, 2011

1. LEGAL STATUS:

The assessee is a Public Limited Company, formed vide Certificate of Incorporation dated 27th July, 1993, assessed to Income Tax at Mumbai.

2. BUSINESS ACTIVITY :

The Assessee is into the business of Manufacturing of Barrels and Trading of CRCA Coil.

3. SIGNIFICANT ACCOUNTING POLICIES : General:

The accounts are prepared on the historical cost basis and on the accounting principles of a going concern except as stated below. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

Revenue Recognition:

The Revenue is recognized on the basis of Mercantile System of Accounting. The Expenses and income considered payable and receivable respectively are accounted on accrual basis except Investment income is accounted for on cash basis as and when received.

Valuation of inventories:

i) Raw Material:

a) Raw material is valued at cost exclusive of CENVAT in accordance with the AS-2 of the Institute of chartered Accountants of India.

b) Scrap is valued at estimated realisable value.

c) Semi finished goods are valued at cost

ii) Finished Goods:

Finished goods are valued at cost or estimated realizable value inclusive of excise duty payable Thereupon at the time of dispatch, whichever is lower.

The stocks at the year end are valued verified and certified by the management.

Fixed Assets:

Fixed Assets are stated at their historical cost, net of CENVAT Credit but include expenditure incurred in their acquisition and construction/installation and other related expenses including pre-operational expenses.

Depreciation:

Depreciation on all the assets is calculated on Straight Line method at the rates specified in Schedule XIV to the Companies Act 1956. Depreciation on account of revaluation is charged along with regular depreciation and a corresponding credit is withdrawn from revaluation reserves and credited to the profit & loss account. Hence the effect on profit & loss account due to depreciation of revalued assets is nullified.

Investments:

Long-term investments are carried at Cost.

Retirement Benefits:

Liability in respect of retirement benefits is provided and charged to the Profit & Loss account as follows:

Provident fund:

on actual liability basis.

- Gratuity: on the assumption that such benefits are payable to all eligible employees at the end of each accounting year and is charged to the Profit & Loss account each year.

- Leave. Encashment: on actual liability basis.

Excise Duty & Sales-tax:

Purchases are exclusive of CENVAT/VAT duty whereas Sales are inclusive of excise. The balance of CENVAT/VAT credit & PLA balance, if any, is reflected as current assets under the head Loans & Advances.

Prior Period Adjustment:

All identifiable items of income and expenditure pertaining to prior period irrespective of period of accrual are accounted as Prior Period Adjustment.

The Units of Yashraj Containers Limited at Chennai, Howrah & Sonepat are on Rental Basis.

---

Mar 31, 2010

General:

The accounts are prepared on the historical cost basis and on the accounting principles of a going concern except as stated below. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

(A) NO PROVISION HAS BEEN MADE FOR LEAVE ENCASHMENT AND DUE TO NON-AVAILABILITY OF THE EXACT AMOUNT, IMPACT ON THE PROFIT FOR THE YEAR IS NOT ASCERTAINABLE.

Revenue Recognition:

The Revenue is recognized on the basis of Mercantile System of Accounting. The Expenses and income considered payable and receivable respectively are accounted for on accrual basis except Investment income is accounted for on cash basis as and when received.

Valuation of Inventories: i) Raw Material :

a) Raw material is valued at cost exclusive of CENVAT in accordance with the AS-2 of the Institute of chartered Accountants of India.

b) Scrap is valued at estimated realisable value.

ii) Finished Goods :

a) Finished goods are valued at cost or estimated realiasible value inclusive of excise duty payable thereupon at the time of dispatch, whichever is lower.

b) Semi finished goods are valued at cost.

The stocks at the year end are valued verified and certified by the management.

Fixed Assets:

Fixed Assets are stated at their historical cost, net of CENVAT Credit but include expenditure incurred in their acquisition and construction/installation and other related expenses including pre-operational expenses.

Depreciation:

Depreciation on all the assets is calculated on Straight Line method at the rates specified in Schedule XIV to the Companies Act 1956. Depreciation on account of revaluation is charged along with regular depreciation and a corresponding credit is withdrawn from revaluation reserves and credited to the profit & loss account. Hence the effect on profit & loss account due to depreciation of revalued assets is nullified.

Investments:

Long-term investments are carried at Cost.

Retirement Benefits:

Liability in respect of retirement benefits is provided and charged to the Profit & Loss account as follows:

Provident fund: „

on actual liability basis.

- Gratuity: on the assumption that such benefits are payable to all eligible employees at the end of each accounting year and is charged to the Profit & Loss account each year.

Leave Encashment: Not provided, accounted for as & when paid.

Excise Duty & Sales-tax:

Purchases are exclusive of CENVAT/VAT duty whereas Sales are inclusive of Excise. The balance of CENVAT/VAT credit & PLA balance, if any, is reflected as current assets under the head Loans & Advances.

Prior Period Adjustment:

All identifiable items of income and expenditure pertaining to prior period irrespective of period of accrual are accounted as Prior Period Adjustment.

The Units of Yashraj Containeurs Limited at Chennai, Howrah & Sonepat are on Rental Basis.