Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.
Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.
Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.
Use of estimates
The preparation of financial statements, in conformity with generally accepted accounting p rinciples, requires management to make estimates and assumptions that affect the reported amounts of assets and lia bilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.
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Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.
NOTES TO THE ACCOUNTS
The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
All the investments made by the company are valued at Cost .
Managerial Remuneration:
The inventories (finished) are valued at 90% of their net realizable value and inventories (semi-finished) are valued at 75% of their estimated net realizable value.
All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.
Company has followed ICDS which has notified by the CBDT Notification No. 87/2016 dt. 29 Sept. 2016.
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