Accounting Policies of Advance Powerinfra Tech Ltd. Company

Mar 31, 2014

I) System of Accounting

The accounts and financial statements have been prepared on historical cost basis as a going concern.

ii) Income

The company follows the practice of accounting for income on accrual basis.

iii) Expenses

It is the company''s policy to account for all expenses on accrual basis, except for provision of gratuity and leave encashment.

iv) Fixed Assets and Depreciation Fixed Assets

Fixed Assets are carried at cost of acquisition less accumulated depreciation.

Depreciation

Depreciation has been provided on straight-line method in terms of section 205(2)(b) of the Companies Act, 1956, at the rate specified in schedule XIV of the said Act.

v) Investment

Investments are valued at cost.

vi) Inventories

Inventories are valued at Cost or Net Realizable Value whichever is lower.

vii) Retirement Benefits

Contributions to Employee State Insurance, Provident fund are made accordingly with appropriate authorities during the period. Provision for leave encashment as per Accounting Standard 15 is being made, as and when the liability for the same arises.

M/s. Advance Power Technologies Ltd. have been merged with the company in terms of the order of Hon''ble High Court at Calcutta on 27.07.2014 Income Tax Department has on 22nd September, 1998 seized 100000 Equity Shares of Marson''s Textiles Limited and held under Stock in Trade.

There were no amount overdue and remaining outstanding to small scale and / or ancillary industrial Suppliers as per information available.

In view of the Company primarily engaged in manufacturing of transformer and other related accessories activities, and there being no separate reportable ''Segments'' AS-17 is not applicable Earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the number of Weighted Average Equity shares outstanding during the period.

Deferred Tax resulting from "timing differences" between book and taxable profit is accounted for using the. Deferred tax resulting from "timing differences" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on balance sheet date.

The provision for deferred tax has been made accordingly as per AS - 22 issued by ICAI for the period of 1st April 2013 to 31st March 2014.

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Mar 31, 2011

I) System of Accounting

The accounts and financial statements have been prepared on historical cost basis as a going concern.

ii) Income

a) The company follows the practice of accounting for income on accrual basis.

iii) Expenses

a) It is the company''s policy to account for all expenses on accrual basis, except for provision of gratuity and leave encashment.

b) Delayed payment charges are accounted on the basis of claims by the parties and its acceptance by the company.

iv) Fixed Assets and Depreciation

a) Fixed Assets

Fixed Assets are carried at cost of acquisition less accumulated depreciation.

b) Depreciation

Depreciation has been provided on straight-line method in terms of section 205(2)(b) of the Companies Act, 1956, at the rate specified in schedule XIV of the said Act.

v) Investment

Investments are valued at cost plus stamp charges, being long term.

vi) Inventories

Shares and securities have been valued at cost.

vii) Retirement Benefits

Contribution to Employee State Insurance and provision for Gratuity is not made as the relevant laws, are not applicable. Provision for leave encashment as per Accounting Standard 15, is being made, as and when the liability for the same arises.

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Mar 31, 2010

I) System of Accounting

The accounts and financial statements have been prepared on historical cost basis as a going concern

ii) Income

a) The company follows the practice of accounting for income on accrual basis.

iii) Expenses

a) It is the companys policy to account for all expenses on accrual basis, except for provision of gratuity and leave encashment.

b} Delayed payment charges are accounted on the basts of claims by the parties and its acceptance by the company,

iv) Fixed Assets and Depreciation

a) Fixed Assets

Fixed Assets are carried at cost of acquisition less accumulated depreciation.

b) Depreciation

Depreciation has been provided on straight line method in terms of section 205(2)(b) of the Companies Actr 1956, at the rate specified in schedule XIV of the said Act.

v) Investment

Investments are valued at cost plus stamp charges, being long term and provision for diminution is made, if decline is not temporary in nature.

vi) Inventories

Shares and securities have been valued at cost.

vii) Retirement Benefits

Contribution to Employee State Insurance and provision for Gratuity is not made as the relevant laws, are not applicable. Provision for leave encashment as per Accounting Standard 15, is being made, as and when the liability for the same arises.