| 1. The financial statements of the Company have been prepared and
presented in accordance with the generally accepted accounting
principles under the historical cost convention on the accrual basis .
These financial statements have been prepared as going concern and
comply, in all material respects, with the Accounting Standards as
prescribed under Section 133 of the Companies Act, 2013 read with Rule
7 of Companies (Accounts) Rules,2014.
2. The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and reported amount
of revenues and expenses during the reported period . Differences
between the actual results and estimates are recognized in the period
in which the results are known /materialized.
3. Sales:
Sales exclude Excise Duty, Rebates, Discounts, Claims etc.
4. Fixed Assets:
i) Fixed Assets are stated at cost.
ii) Depreciation - Depreciation is provided on straight line method
over the useful life of assets specified in Para C of Schedule II to
the Companies Act, 2013 read with the relevant notification issued by
Department of Company Affairs
5. Deferred Tax:
Deferred Tax Provision made as per Accounting Standard.
6. Exchange Fluctuations:
All exchange fluctuation in foreign currency liabilities and assets not
covered by forward contracts are reinstated at the rate prevailing at
the end of the year. Any material exchange loss arising on such
transactions (except those relating to acquisition of fixed assets
which are adjusted to the cost of the asset) are charged to Profit and
Loss Account under the respective heads of account.
7. Inventories:
i) Raw Materials, stock in process, finished goods are valued at lower
of cost or net releasable value. Cost of stock in process and finished
goods includes materials, labour, manufacturing over heads and other
cost incurred in bringing the inventories to their present location.
ii) Stock of stores, consumables and packing materials are valued at
cost.
8. Contingent Liabilities:
Contingent Liabilities are disclosed by way of notes to the accounts
and no provision for the same is made in accounts.
|