Schedule “P” of notes annexed to and forming part of the Balance Sheet As At 31.03.2016 Notes to Accounts: 01. The significant accounting policies are summarized below: a) Accounting Convention: The financial statements are brpared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant brsentational requirements of the Companies Act, 2013. b) Fixed Assets and Debrciations: Fixed Assets are stated at cost less accumulated debrciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Debrciations have been provided on Fixed Assets on Straight Line Method in the manner and on the basis of useful lives brscribed in Schedule ii to the companies’ act 2013. c) Inventories: i) Raw Material, Stores and Spares, Consumables are valued at Cost. ii) Work in progress valued at estimated cost. iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower. d) Sales: Sales are net of all levies and duties and are recognized on dispatches to the parties. e) Revenue Recognitions: Income and expenditure’s on investments, interest on bills, FDR’s are recorded on receipt basis. f) Retirement Benefits: No provisions for retirement benefits of Gratuity have been made for the period of service of employee’s during the year under consideration. 02. Contingent Liabilities: As per information given to us by the management, there is no contingent liability of the Company as on date, except a sum of Rs 175000/- of penalty / fine / damages imposed by market regulator, SEBI, under violation of takeover code. Since, the same was challenged by Company, not acknowledged as a liability in the books, for the year ended as on date. 03. In the opinion of the Board and to the best of their knowledge and belief, the value of realizations of Current Assets, Loans and Advances, in the ordinary course of business would be not less than the amount at which they are stated in the Balance Sheet except considered doubtful and not provided for. 04. Balance of Sundry Debtors, Sundry Creditors, Loans and Advances and Advances to Capital Goods suppliers are subject to confirmation. 05. Previous years figures were regrouped / recasted / rearranged to confirm to current years classifications. |