Kush Industries Ltd. कंपली की लेखा नीति

Mar 31, 2025

CORPORATE INFORMATION:

Kush Industries Limited (formerly known as SNS Textiles Limited) was incorporated on 04.03.1992 having CIN L74110GJ1992PLC017218 is the listed entity incorporated in India. The registered office of the Company is located at Plot No.129, Near J. B. Chemicals, GIDC, Ankleshwar, Bharuch - 393002. The Company is engaged in the business of trading.

A. SIGNIFICANT ACCOUNTING POLICIES:a) Basis of Preparation and measurement:

These financial statements have been prepared to comply with the Indian Accounting standards (‘Ind AS’), including the rules notified under the relevant provisions of the Companies Act, 2013.

These financial statements have been prepared on a historical cost convention on the accrual basis, except for certain financial assets and liabilities measured at fair value. Based on the nature of products and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

These financial statements are presented in Indian Rupees, which is also its functional currency and all values are rounded to the nearest rupee, except when otherwise indicated.

b) Property, Plant and Equipment:

Property, plant and equipment (PPE) are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.

Expenses incurred relating to PPE during its development stage prior to its intended use are disclosed under Capital Work-in-Progress.

Depreciation on PPE is provided using written down value method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Useful life of PPE is as prescribed under Schedule II of the Companies Act 2013.

Freehold land is not depreciated.

Depreciation is not charged on capital work-in-progress until construction and installation is complete and the PPE is ready for its intended use.

Gains or losses arising from derecognition of a PPE are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

The residual values and useful lives of PPE are reviewed at each financial year end and adjusted prospectively, if appropriate.

c) Investment Property:

Investment property includes property (land or building or both), to earn rentals or for capital appreciation or both, but not for use in the production or supply of goods or services or for administrative purposes or sale in the ordinary course of business.

Investment property is measured at cost less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, transaction costs and any directly attributable

expenditure. Investment property is recognized only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.

Depreciation on investment property is provided using written down value method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

Gains or losses arising from derecognition of investment property are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

The residual values and useful lives of investment property are reviewed at each financial year end and adjusted prospectively, if appropriate.

d) Leases:

Leases are classified as finance leases whenever the terms of the lease, transfers substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Operating lease payments are recognised as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term.

e) Assets held for Sale:

Non-current assets or disposal groups comprising of assets and liabilities, which are retired from active use, are classified as ‘held for sale’ when all of the following criteria are met:

- decision has been made to sell

- the assets are available for immediate sale in its present condition

- the assets are being actively marketed and

- sale has been agreed or is expected to be concluded within 12 months of the Balance Sheet date.

Subsequently, such non-current assets and disposal groups classified as held for sale are measured at the lower of its carrying value and fair value less costs to sell. Non-current assets held for sale are not depreciated or amortised.

f) Borrowing Costs:

Borrowing cost includes interest, ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.

All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.

g) Revenue Recognition:

Effective April 1, 2018, the Company has applied Ind AS115: Revenue from Contracts with Customers which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognised.

Ind AS 115 replaces Ind AS 18 Revenue. The impact of the adoption of the standard on the financial statements of the Company is insignificant.

Revenue from sale of goods is recognised when control of the products being sold is transferred to our customer and when there are no longer any unfulfilled obligations.

The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.

Revenue is measured at fair value of the consideration received or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the government such as goods and services tax, etc.

Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.

Our customers have the contractual right to return goods only when authorised by the Company. An estimate is made of goods that will be returned and a liability is recognised for this amount using a best estimate based on accumulated experience.

Income from services rendered is recognised based on agreements/arrangements with the customers as the service is performed and there are no unfulfilled obligations.( FOR JOBWORK)

Interest income is recognized using the effective interest rate (EIR) method.

Dividend income on investments is recognised when the right to receive dividend is established.

h) Taxes:

Income tax expense for the year comprises of current tax and deferred tax. It is recognised in the Statement of Profit and Loss except to the extent it relates to an item which is recognized directly in equity or in other comprehensive income. In which case, the tax is also recognised in equity or other comprehensive income.

Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous years. Interest income/expenses and penalties, if any, related to income tax are included in current tax expense.

Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognized in respect of carried forward tax losses and tax credits.

i) Fair Value Measurement:

The Company measures financial instruments at fair value at each balance sheet date.

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 accessible by the Company.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

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 as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

j) Inventories:

Inventories were valued at cost and each year reasonable price is reduced for providing for decline in Net Realizable Values. Items of inventories are measured at lower of cost and net realisable value. Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads net of recoverable taxes incurred in bringing them to their respective present location and condition.

k) Earnings per share:

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

l) Provisions and Contingent Liabilities:

Provisions are recognised when the Company has a present obligation(legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date.

If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

m) Financial InstrumentsI. Financial Assets:

a. Initial recognition and measurement

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognised using trade date accounting.

b. Subsequent measurementi. Financial assets carried at amortised cost

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

ii. Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

At present the Company does not have investment in any debt securities classified as FVOCI.

On initial recognition of an equity investment that is not held for trading, the Company has irrevocably elected to present subsequent changes in the investment’s fair value in OCI (designated as FVOCI-equity investment). This election is made on an investment by investment basis.

iii. Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are measured at FVTPL.

c. Other Equity Investments

All other equity investments are measured at fair value, with value changes recognised in Other Comprehensive Income.

d. Impairment of financial assets

In accordance with Ind AS 109, the Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).

Expected credit losses are measured through a loss allowance at an amount equal to:

¦ The 12-months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or

¦ Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument)

For trade receivables Company applies ‘simplified approach’ which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed.

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.

II. Financial Liabilities:

a. Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.

b. Subsequent measurement

Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payable maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments

III. Derecognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for Derecognition under Ind AS 109.

A financial liability (or a part of a financial liability) is derecognized from the Company’s Balance Sheet when contractual obligation is discharged or cancelled or expires.

n) Impairment of Non-Financial Assets

The Company assesses at each reporting date as to whether there is any indication that any non-financial asset or group of assets, called cash generating units (CGU) may be impaired.

If any indication of impairment exists, an estimate of the recoverable amount of the individual asset/CGU is made. Asset/CGU whose carrying value exceeds their recoverable amount are written down to the recoverable amount by recognising the impairment loss as an expense in the Statement of Profit and Loss. The impairment loss is allocated first to reduce the carrying amount of any goodwill (if any)allocated to the cash generating unit and then to the other assets of the unit, pro rata based on the carrying amount of each asset in the unit.

The recoverable amount is higher of an asset’s fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount i.e. an impairment loss recognised for an asset in prior accounting periods may no longer exist or may have decreased.

o) Employee Benefits:

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts.

The Company makes specified monthly contributions towards government administered employees’ provident fund and state insurance schemes. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which the related services are rendered by employees.

The company also makes contribution for gratuity and superannuation benefits, which are covered by policies taken with the LIC. The premium paid under these schemes is charged to profit and loss on actual payment basis when the related services are rendered by employees.

Short-term and long-term compensated absences (leave encashment) are provided for on the basis of an actuarial valuation, using projected unit credit method, as at each balance sheet date. Actuarial losses are taken to the statement of profit and loss and are not deferred.

B. USE OF ESTIMATES AND CRITICAL JUDGEMENTS:

The preparation of financial statements requires the management to make judgements, estimates and assumptions in the application of accounting policies that may affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of financial statements and reported amounts of income and expenses during the reporting period. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively.

Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect on the amounts recognized in the standalone financial statements is included in the following notes:

1. Note-2 - Identification of the land and/or building is an investment property

2. Note-2- Depreciation /Amortization and useful lives of property plant and equipments

3. Note-16 & 28 - recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources (contingent liabilities)

4. 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, 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’s) fair value less costs of disposal and its value in use. Where 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 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.

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Mar 31, 2024

A. SIGNIFICANT ACCOUNTING POLICIES:

a) Basis of Preparation and measurement:

These financial statements have been prepared to comply with the Indian Accounting standards
(‘Ind AS''), including the rules notified under the relevant provisions of the Companies Act,
2013.

These financial statements have been prepared on a historical cost convention on the accrual
basis, except for certain financial assets and liabilities measured at fair value. Based on the
nature of products and the time between acquisition of assets for processing and their realisation
in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months
for the purpose of current or non-current classification of assets and liabilities.

These financial statements are presented in Indian Rupees, which is also its functional currency
and all values are rounded to the nearest rupee, except when otherwise indicated.

b) Property, Plant and Equipment:

Property, plant and equipment (PPE) are stated at cost, net of recoverable taxes, trade discount
and rebates less accumulated depreciation and impairment losses, if any. Such cost includes
purchase price, borrowing cost and any cost directly attributable to bringing the assets to its
working condition for its intended use.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the entity and the cost can be measured reliably.

Expenses incurred relating to PPE during its development stage prior to its intended use are
disclosed under Capital Work-in-Progress.

Depreciation on PPE is provided using written down value method. Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
Useful life of PPE is as prescribed under Schedule II of the Companies Act 2013.

Freehold land is not depreciated.

Depreciation is not charged on capital work-in-progress until construction and installation is
complete and the PPE is ready for its intended use.

Gains or losses arising from derecognition of a PPE are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in the
Statement of Profit and Loss when the asset is derecognised.

The residual values and useful lives of PPE are reviewed at each financial year end and
adjusted prospectively, if appropriate.

c) Investment Property:

Investment property includes property (land or building or both), to earn rentals or for capital
appreciation or both, but not for use in the production or supply of goods or services or for
administrative purposes or sale in the ordinary course of business.

Investment property is measured at cost less accumulated depreciation and impairment losses,
if any. Such cost includes purchase price, transaction costs and any directly attributable
expenditure. Investment property is recognized only when it is probable that future economic
benefits associated with the item will flow to the entity and the cost can be measured reliably.
Depreciation on investment property is provided using written down value method. Depreciation
is provided based on useful life of the assets as prescribed in Schedule II to the Companies
Act, 2013.

Gains or losses arising from derecognition of investment property are measured as the
difference between the net disposal proceeds and the carrying amount of the asset and are
recognised in the Statement of Profit and Loss when the asset is derecognised.

The residual values and useful lives of investment property are reviewed at each financial
year end and adjusted prospectively, if appropriate.

d) Leases:

Leases are classified as finance leases whenever the terms of the lease, transfers substantially
all the risks and rewards of ownership to the lessee. All other leases are classified as operating
leases.

Operating lease payments are recognised as an expense in the Statement of Profit and Loss
on a straight-line basis over the lease term.

e) Assets held for Sale:

Non-current assets or disposal groups comprising of assets and liabilities, which are retired
from active use, are classified as ‘held for sale'' when all of the following criteria are met:

- decision has been made to sell

- the assets are available for immediate sale in its present condition

- the assets are being actively marketed and

- sale has been agreed or is expected to be concluded within 12 months of the Balance
Sheet date.

Subsequently, such non-current assets and disposal groups classified as held for sale are
measured at the lower of its carrying value and fair value less costs to sell. Non-current assets
held for sale are not depreciated or amortised.

f) Borrowing Costs:

Borrowing cost includes interest, ancillary costs incurred in connection with the arrangement
of borrowings and exchange differences arising from foreign currency borrowings to the extent
they are regarded as an adjustment to the interest cost.

Borrowing costs that are directly attributable to the acquisition or construction of qualifying
assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use.

All other borrowing costs are charged to the Statement of Profit and Loss for the period for
which they are incurred.

g) Revenue Recognition:

Effective April 1, 2018, the Company has applied Ind AS 115: Revenue from Contracts with
Customers which establishes a comprehensive framework for determining whether, how much
and when revenue is to be recognised.

Ind AS 115 replaces Ind AS 18 Revenue. The impact of the adoption of the standard on the
financial statements of the Company is insignificant.

Revenue from sale of goods is recognised when control of the products being sold is transferred
to our customer and when there are no longer any unfulfilled obligations.

The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery or
upon formal customer acceptance depending on customer terms.

Revenue is measured at fair value of the consideration received or receivable, after deduction
of any trade discounts, volume rebates and any taxes or duties collected on behalf of the
government such as goods and services tax, etc.

Revenue is only recognised to the extent that it is highly probable a significant reversal will not
occur.

Our customers have the contractual right to return goods only when authorised by the Company.
An estimate is made of goods that will be returned and a liability is recognised for this amount
using a best estimate based on accumulated experience.

Income from services rendered is recognised based on agreements/arrangements with the
customers as the service is performed and there are no unfulfilled obligations.( FOR JOBWORK)

Interest income is recognized using the effective interest rate (EIR) method.

Dividend income on investments is recognised when the right to receive dividend is established.

h) Taxes:

Income tax expense for the year comprises of current tax and deferred tax. It is recognised in
the Statement of Profit and Loss except to the extent it relates to an item which is recognized
directly in equity or in other comprehensive income. In which case, the tax is also recognised
in equity or other comprehensive income.

Current tax is the expected tax payable/receivable on the taxable income/loss for the year
using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of
previous years. Interest income/expenses and penalties, if any, related to income tax are
included in current tax expense.

Deferred tax is recognised in respect of temporary differences between the carrying amount of
assets and liabilities for financial reporting purposes and the corresponding amounts used for
taxation purposes. Deferred tax is also recognized in respect of carried forward tax losses and
tax credits.

i) Fair Value Measurement:

The Company measures financial instruments at fair value at each balance sheet date.

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 accessible by the Company.

A fair value measurement of a non-financial asset takes into account a market participant''s
ability to generate economic benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset in its highest and best use.
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 as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy as explained above.

j) Inventories:

Inventories were valued at cost and each year reasonable price is reduced for providing for
decline in Net Realisable Values. Items of inventories are measured at lower of cost and net
realisable value. Cost of inventories comprises of cost of purchase, cost of conversion and
other costs including manufacturing overheads net of recoverable taxes incurred in bringing
them to their respective present location and condition.

k) Earnings per share:

Basic earnings per share is computed by dividing the net profit for the period attributable to the
equity shareholders of the Company by the weighted average number of equity shares
outstanding during the period. The weighted average number of equity shares outstanding
during the period and for all periods presented is adjusted for events, such as bonus shares,
other than the conversion of potential equity shares that have changed the number of equity
shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable
to equity shareholders and the weighted average number of shares outstanding during the
period is adjusted for the effects of all dilutive potential equity shares.

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Mar 31, 2015

(i) Basis of accounting:

The financial statements have been prepared to comply in all material respects with the Notified Accounting Standard by Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis and in accordance except in case of assets for which provision for impairment is made and revaluation is carried out. The Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(ii) Fixed Assets:

Fixed Assets (except land) are stated at cost of acquisition (or revalued amount as the case may be) (net of CENVAT) less accumulated depreciation and impairment losses if any. Cost comprised purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(iii) Depreciation:

Depreciation on all assets is provided on Straight Line Method basis over the useful lives of the assets estimated by the Management in accordance with Part C of the Schedule II of the Companies Act, 2013.

(iv) Impairment:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

(v) Investments:

All investments have been classified as long term Investments, which are stated at lower of cost of acquisition or net realisable value. No provision is made in respect of diminution in the value of investment, which is temporary in nature.

(vi) Inventories:

Inventories were valued at cost and each year reasonable price is reduced for providing for decline in Net Realizable Values.

(vii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of asset upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i) Sale of Goods:

Sales revenue comprises sale value of goods, and is accounted net off sales returns, discount and rate difference.

ii) Interest:

Revenue is recognized on a time proportion basis taking into account the amount accrued and the interest rate applicable.

iii) Dividends:

Dividend is recognized when the shareholders' right to receive payment is established till the balance sheet date.

(ix) Provisions, Contingent Liabilities and Contingent Assets:

a. 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 an outflow of resources.

b. Liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent, and disclosed by way of notes to the accounts.

c. Contingent Assets are neither recognized nor disclosed in the financial statement, Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

(x) Taxes on income:

In accordance with the Accounting Standard - 22, Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India ('ICAI'), the company has recognized deferred tax assets resulting from timing differences between book and tax profits, unabsorbed depreciation, loss and other provisions at the rate of tax applicable to the company.

(xi) Employee Benefits:

i) Short term Employee Benefits: All employee benefits falling due within twelve months of rendering the service are classified as short term employee benefits. The benefits like salaries, wages, bonus, leave salary, ex-gratia are recognized in the period in which employee renders the related services.

ii) Post Employment Plans:

a) Defined Contribution Plan: Provident fund and pension scheme are the defined contribution plan in the company. The contribution paid /payable under the scheme is recognized during the period in which the employee renders the related services.

b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined benefit plan. The Company makes annual contributions for gratuities to funds administered by trustees and managed by insurance company for amounts notified by the said insurance company. The present value of obligation under such defined benefit plan is determined based on actuarial valuation carried out by an independent actuary.

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Mar 31, 2014

(i) Basis of accounting:

The financial statements have been prepared to comply in all material respects with the Notified Accounting Standard by Companies (Accounting Standard) Rules, 2009 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis and in accordance except in case of assets for which provision for impairment is made and revaluation is carried out. The Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(ii) Fixed Assets:

Fixed Assets (except land) are stated at cost of acquisition (or revalued amount as the case may be) (net of CENVAT) less accumulated depreciation and impairment losses if any. Cost comprised purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(iii) Depreciation:

i) Depreciation has been provided on Straight Line Method at the rates specified in Schedule XIV to the Companies Act, 1956.

ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the year of acquisition.

iii) Depreciation on Fixed assets added/disposed off during the year is provided on pro- rata basis with respect to date of acquisition/disposal.

iv) Custom Duty paid on after 01-04-2009 is depreciated considering remaining useful life of an asset.

(iv) Impairment:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

(v) Investments:

All investments have been classified as long term Investments, which are stated at cost of acquisition. No provision is made in respect of diminution in the value of investment, which is temporary in nature.

(vi) Inventories:

Inventories were valued at cost and each year reasonable price is reduced for providing for decline in Net Realizable Values.

(vii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of asset upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i) Sale of Goods:

Sales revenue comprises sale value of goods, and is accounted net off sales returns, discount and rate difference.

ii) Interest:

Revenue is recognized on a time proportion basis taking into account the amount accrued and the interest rate applicable.

iii) Dividends:

Dividend is recognized when the shareholders'' right to receive payment is established till the balance sheet date.

(ix) Provisions, Contingent Liabilities and Contingent Assets:

a. 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 an outflow of resources.

b. Liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent, and disclosed by way of notes to the accounts.

c. Contingent Assets are neither recognized nor disclosed in the financial statement, Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

(x) Employee Benefits:

i) Short term Employee Benefits: All employee benefits falling due within twelve months of rendering the service are classified as short term employee benefits. The benefits like salaries, wages, bonus, leave salary, ex-gratia are recognized in the period in which employee renders the related services.

ii) Post Employment Plans:

a) Defined Contribution Plan: Provident fund and pension scheme are the defined contribution plan in the company. The contribution paid /payable under the scheme is recognized during the period in which the employee renders the related services.

b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined benefit plan. The Company makes annual contributions for gratuities to funds administered by trustees and managed by insurance company for amounts notified by the said insurance company. The present value of obligation under such defined benefit plan is determined based on actuarial valuation carried out by an independent actuary.

(2) Disclosure as required by AS 29 "Provisions, Contingent Liability and contingent Assets" in respect of provisions as at 31st March, 2014:

(a) Uncalled liability on partly paid up Shares Rs. 2500 (P.Y. Rs.2500).

(b) Excise matters under appeal Rs. 30.42 Lacs (P.Y. Rs. 30.42 lacs)

(c) Sales Tax matter under appeal Rs. 33.00 Lacs (P.Y. Rs. 33.00 Lacs)

(d) Income Tax disallowance, matter pending under appeal Rs. 18.64 Lacs (P.Y Rs.18.64)

(e) The Company has imported certain Plant and Machinery at concessional rate of custom duty under Export promotion Capital Goods (EPCG) scheme. The unit has been granted license for pre-decided export obligation. As such, the liability that may arise for non-fulfillment of export obligation is currently non ascertainable. The said matter is pending with Deputy General of Foreign Trade, Surat.

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Mar 31, 2013

(i) Basis of accounting:

The financial statements have been prepared to comply in all material respects with the Notified Accounting Standard by Companies (Accounting Standard) Rules, 2009 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis and in accordance except in case of assets for which provision for impairment is made and revaluation is carried out. The Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(ii) Fixed Assets:

Fixed Assets (except land) are stated at cost of acquisition (or revalued amount as the case may be) (net of CENVAT) less accumulated depreciation and impairment losses if any. Cost comprised purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(iii) Depreciation:

i) Depreciation has been provided on Straight Line Method at the rates specified in Schedule XIV to the Companies Act, 1956.

ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the year of acquisition.

iii) Depreciation on Fixed assets added/disposed off during the year is provided on pro-rata basis with respect to date of acquisition/disposal.

iv) Custom Duty paid on after 01-04-2009 is depreciated considering remaining useful life of an asset.

(iv) Impairment:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

(v) Investments: All investments have been classified as long term Investments, which are stated at cost of acquisition. No provision is made in respect of diminution in the value of investment, which is temporary in nature.

(vi) Inventories: Inventories are valued at lower of cost and net realizable value using FIFO method.

(vii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of asset upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Revenue Recognition: Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i) Sale of Goods:

Sales revenue comprises sale value of goods, and are accounted net off sales returns, discount, rate difference.

ii) Interest:

Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii) Dividends:

Dividend is recognized when the shareholders'' right to receive payment is established by the balance sheet date.

(ix) Foreign Currency Transactions:

i) Export sales are recorded at Invoice value actually realized.

ii) Other transactions are recorded at the rate of exchange in force at the time transactions are affected.

iii) Realized gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Profit and Loss Account.

(x) Employee Benefits:

i) Short term Employee Benefits: All employee benefits falling due within twelve months of rendering the service are classified as short term employee benefits. The benefits like salaries, wages, bonus, leave salary, ex-gratia are recognized in the period in which employee renders the related services.

ii) Post Employment Plans:

a) Defined Contribution Plan: Provident fund and pension scheme are the defined contribution plan in the company. The contribution paid /payable under the scheme is recognized during the period in which the employee renders the related services.

b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined benefit plan. The Company makes annual contributions for gratuities to funds administered by trustees and managed by insurance company for amounts notified by the said insurance company. The present value of obligation under such defined benefit plan is determined based on actuarial valuation carried out by an independent actuary.

(xi) Provisions, Contingent Liabilities and Contingent Assets:

a. 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 an outflow of resources.

b. Liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent, and disclosed by way of notes to the accounts.

c. Contingent Assets are neither recognized nor disclosed in the financial statement, Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

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Mar 31, 2012

(i) Basis of accounting:

The financial statements have been prepared to comply in all material respects with the Notified Accounting Standard by Companies (Accounting Standard) Rules, 2009 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis and in accordance except in case of assets for which provision for impairment is made and revaluation is carried out. The Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(ii) Fixed Assets:

Fixed Assets (except land) are stated at cost of acquisition (or revalued amount as the case may be) (net of CENVAT) less accumulated depreciation and impairment losses if any. Cost comprised purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(iii) Depreciation:

i) Depreciation has been provided on Straight Line Method at the rates specified in Schedule XIV to the Companies Act, 1956.

ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the year of acquisition.

iii) Depreciation on Fixed assets added/disposed off during the year is provided on pro-rata basis with respect to date of acquisition/disposal.

iv) Custom Duty paid on after 01-04-2009 is depreciated considering remaining useful life of an asset.

(iv) Impairment:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

(v) Investments:

All investments have been classified as long term Investments, which are stated at cost of acquisition. No provision is made in respect of diminution in the value of investment, which is temporary in nature.

(vi) Inventories:

Inventories are valued at lower of cost and net realizable value using FIFO method.

(vii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of asset upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i) Sale of Goods:

Sales revenue comprises sale value of goods, and are accounted net off sales returns, discount, rate difference.

ii) Interest:

Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii) Dividends:

Dividend is recognized when the shareholders' right to receive payment is established by the balance sheet date.

(ix) Foreign Currency Transactions:

i) Export sales are recorded at Invoice value actually realized.

ii) Other transactions are recorded at the rate of exchange in force at the time transactions are affected.

iii) Realized gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Statement of Profit and Loss.

(x) Employee Benefits:

i) Short term Employee Benefits: All employee benefits falling due within twelve months of rendering the service are classified as short term employee benefits. The benefits like salaries, wages, bonus, leave salary, ex-gratia are recognized in the period in which employee renders the related services.

ii) Post Employment Plans:

a) Defined Contribution Plan: Provident fund and pension scheme are the defined contribution plan in the company. The contribution paid /payable under the scheme is recognized during the period in which the employee renders the related services.

b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined benefit plan. The Company makes annual contributions for gratuities to funds administered by trustees and managed by insurance company for amounts notified by the said insurance company. The present value of obligation under such defined benefit plan is determined based on actuarial valuation carried out by an independent actuary.

(xi) Provisions, Contingent Liabilities and Contingent Assets:

a. 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 an outflow of resources.

b. Liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent, and disclosed by way of notes to the accounts.

c. Contingent Assets are neither recognized nor disclosed in the financial statement, Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

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Mar 31, 2011

(i) Basis of accounting:

The financial statements have been prepared to comply in all material respects with the Notified Accounting Standard by Companies (Accounting Standard) Rules, 2009 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis and in accordance except in case of assets for which provision for impairment is made and revaluation is carried out. The Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(ii) Fixed Assets:

Fixed Assets (except land) are stated at cost of acquisition (or revalued amount as the case may be) (net of CENVAT) less accumulated depreciation and impairment losses if any. Cost comprised purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(iii) Depreciation:

i) Depreciation has been provided on straight line method at the rates specified in Schedule XIV to the Companies Act, 1956.

ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the year of acquisition.

iii) Depreciation on Fixed assets added/disposed off during the year is provided on pro-rata basis with respect to date of acquisition/disposal.

iv) Custom Duty paid on after 01-04-2009 is depreciated considering remaining useful life of an asset.

(iv) Impairment:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

(v) Investments:

All investments have been classified as long term Investments, which are stated at cost of acquisition. No provision is made in respect of diminution in the value of investment, which is temporary in nature.

(vi) Inventories:

Inventories of Raw Materials and Work in Progress are valued at cost and Finished Goods are valued at lower of cost and net realizable value using FIFO method.

(vii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of asset upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i) Sale of Goods:

Sales revenue comprises sale value of goods, and are accounted net off sales returns, discount, rate difference.

ii) Interest:

Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii) Dividends:

Dividend is recognized when the shareholders' right to receive payment is established by the balance sheet date.

(ix) Foreign Currency Transactions:

i) Export sales are recorded at Invoice value actually realized.

ii) Other transactions are recorded at the rate of exchange in force at the time transactions are affected.

iii) Realised gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Profit and Loss Account.

(x) Employee Benefits:

i) Short term Employee Benefits: All employee benefits falling due within twelve months of rendering the service are classified as short term employee benefits. The benefits like salaries, wages, bonus, leave salary, exgratia are recognized in the period in which employee renders the related services.

ii) Post Employment Plans:

a) Defined Contribution Plan: Provident fund and pension scheme are the defined contribution plan in the company. The contribution paid /payable under the scheme is recognized during the period in which the employee renders the related services.

b) Defined Benefit Plans: Employee Gratuity fund scheme is the defined benefit plan. The Company makes annual contributions for gratuities to funds administered by trustees and managed by insurance company for amounts notified by the said insurance company. The present value of obligation under such defined benefit plan is determined based on actuarial valuation carried out by an independent actuary.

(xi) Provisions, Contingent Liabilities and Contingent Assets:

i) 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 an outflow of resources.

ii) Liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent, and disclosed by way of notes to the accounts.

iii) Contingent Assets are neither recognized nor disclosed in the financial statement, Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

(xii) Accounting for Excise Duty:

The liability for central excise duty on account of finished goods stock lying in factory has not been provided in the books of accounts, as the same is being accounted for on payment basis and not carried into stock as per practice followed by the company.

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Mar 31, 2010

I) Basis of accounting.

The financial statements have been prepared to comply in all material respects with the Notified Accounting Standard by Companies (Accounting Standard) Rules, 2009 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis and in accordance except in case ot assets for which provision for impairment is made and revaluation is carried out. The Accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(ii) Fixed Assets:

Fixed Assets (except land] are stated at cost of acquisition (or revalued amount as the case may be) (net of CENVAT) less accumulated depreciation and impairment losses if any Cost comprised purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

(iii) Depreciation:

i) Depreciation has been provided on straight line method at the rates specified in Schedule XIV to the Companies Act, 1956.

ii) Fixed Asset costing below Rs. 5,000 are fully depreciated in the year of acquisition.

iii) Depreciation on Fixed assets added/disposed off during the year is provided on pro rata basis with respect to date of acquisition/disposal.

iv) Custom Duty paid on after 01-04-2009 is depreciated considering remaining useful life of an asset.

(iv) Impairment:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal /external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

(v) Investments;

All investments have been classified as long term Investments, which are stated at cost of acquisition. No provision is made in respect of diminution in the value of investment, which is temporary in nature.

(vt) Inventories:

Inventories of Raw Materials and WIP are valued at cost and Finished Goods are valued at lower of cost and net realizable value using FIFO method.

(vii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of asset upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Revenue Recognition- Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i) Sale of Goods.

Sales revenue comprises sale value of goods, and are accounted net off sales returns, discount, rate difference.

n) Interest:

Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii) Dividends:

Dividend is recognized when the shareholders right to receive payment is established by the balance sheet date.

(ix) Foreign Currency Transactions.

i) Export sales are recorded at invoice value actually realized.

ii) Other transactions are recorded at the rate of exchange in force at the time transactions are affected

iii) Realised gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Profit and Loss Account.

(x) Employee Benefits.

Short term Benefits:

Short Term Employee Benefits like Provident Fund and Employee State Insurance Scheme are recognized as an expense at the undiscounted amount in the profit S loss Account of the year in which the related service is rendered.

Long Term Benefits

Post employment and other long term benefits are recognized as per Actuarial Valuation at the end of Financial Year

(xi) Provisions, Contingent Liabilities and Contingent Assets.

i) 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 willl be an outflow of resources.

ii) Liabilities which are material, and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent, and disclosed by way of notes to the accounts.

iii) Contingent Assets are neither recognized nor disclosed in the financial statement, Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date

(xii) Accounting for Excise Duty:

The liability for central excise duty on account of finished goods stock lying in factory has not been provided in the books of accounts, as the same is being accounted for on payment basis and not carried into stock as per practice followed by the Company.