NOTESTOACCOUNTS SIGNIFICANT ACCOUNTING POLICIES 1 The financial statements have been brpared in accordance with the Revised Schedule VI of the Companies Act 2013 to the extent applicable and the necessary details have been disclosed in the said statement as per Part I & II of the Schedule. Fixed Assets: Fixed Assets up to 31st March 2006 are stated at Revalued cost and Fixed Assets purchased after 1st April 2006 are stated at Historical Cost inclusive of duties, Sales Tax, freight and installation Cost. During the Current Financial year Land and Buildings are again revalued. Debrciation: Debrciation is provided as per Written Down Value method at the rates specified in the Schedule - II of the Companies Act, 2013. "Current Assets. INVENTORIES: 1. Raw Materials are valued at cost on first in first out method. 2. Packing Materials are valued at cost on first in first out method. 3. Stock in process is valued at cost, including manufacturing expenses. 4. Finished Goods are valued at cost of materials and process ." Sundry Debtors: Sundry Debtors are taken at book value after Providing for un-realisable. Income & Expenditure: Accounted on accrual concept Revenue Recognition : Sales includes Sales Tax and Excise Duty. Segment Reporting: The Company operates in a solitary business segment i.e., pharmaceuticals and Bulk Drugs, comprising mainly manufacture of formulations and creams which as per Accounting Standard - AS17 is considered as the only one reportable business segment. The company also manufactures skin/face Creams and tooth paste both covered under Drugs & Cosmetics Act, with valid Drug Licenses obtained and they are also treated as same business segment. Accordingly, no further financial information for business segment is required to be given. 2. Regrouping and rearrangement of Previous year's figures 3. Previous year's figures have been regrouped/ rearranged wherever necessary. As per our report even date attached For K.S.RAMAKRISHNA & CO CHARTERED ACCOUNTANTS F.R.N. 002888S Sd/-(M. Naresh Kumar) PARTNER M.No: 223154 For and on behalf of Board of Directors Sd/-MANEESH R. SAPTE MANAGING DIRECTOR DIN: 00020450 Sd/-Y.N.BHASKAR RAO WHOLE-TIME DIRECTOR DIN: 00019052 Place: HYDERABAD Date: 29-05-2015 |