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Accounting Policies of Alfavision Overseas (India) Ltd. Company

Mar 31, 2015

A. ACCOUNTING POLICIES :

1. Recognition of Income & Expenditure: The Financial Statements have been prepared under the historical cost convention in accordance with applicable Accounting Standards in India and the provisions of the Companies Act, 1956 . The Company generally follows mercantile system of Accounting and recognizes significant items of income and Expenditure on accrual basis .

2. Use of Estimates: The presentation of Financial Statements in conformity with the generally accepted accounting principles requires estimates and assumption to be made, that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period . Differences between the actual result and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets: Fixed Assets are stated at cost net of Modvat/ Cenvat and including expenses related to acquisition, installation less accumulated depreciation.

4. Depreciation: Depreciation on Fixed Assets has been provided on Written Down Value Method at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

5. Impairment of Assets: Consideration is given at Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company's Fixed Assets. If any indication exists, an asset's recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of assets exceeds the recoverable amount.

6. Investments: Long term Investment is valued at cost.

7. Inventory valuation: Inventories are valued at Cost or estimated realizable value which ever is lower.

8. Foreign Currency Transaction: There was no foreign currency transaction during the year.

9. Treatment of Retirement Benefits: No provision for Retirement benefits has been made as at employees has not put in the qualifying period of service for entitlement of this benefit.

10. Borrowing Cost: Borrowing Cost that is attributable to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying assets is one that necessarily takes substantial period of time to get ready for intended use. All other borrowings costs are charged to revenue.

11. Taxes on Income: Provisions for current Tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deffered tax is recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date ; and the assets if arising ,is recognized if there being reasonable certainty of its absorption against profits expected to be earned in the not too distant future periods.

12. Earnings per Share: In accordance with the Accounting Standards 20 "Earning per Share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

13. Treatment of Continent Liability: Contingent liabilities are not provided for. These are being disclosed in the Notes on Accounts.


Mar 31, 2014

1. Recognition of Income & Expenditure: The Financial Statements have been prepared under the historical cost convention in accordance with applicable Accounting Standards in India and the provisions of the Companies Act , 1956 .

The Company generally follows mercantile system of Accounting and recognizes significant items of income and Expenditure on accrual basis .

2. Use of Estimates: The presentation of Financial Statements in conformity with the generally accepted accounting principles requires estimates and assumption to be made, that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period . Differences between the actual result and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets: Fixed Assets are stated at cost net of Modvat/ Cenvat and including expenses related to acquisition, installation less accumulated depreciation.

4. Depreciation: Depreciation on Fixed Assets has been provided on Written Down Value Method at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

5. Impairment of Assets: Consideration is given at Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company''s Fixed Assets. If any indication exists, an asset''s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of assets exceeds the recoverable amount.

6. Investments: Long term Investment is valued at cost.

7. Inventory valuation: Inventories are valued at Cost or estimated realizable value which ever is lower.

8. Foreign Currency Transaction: There was no foreign currency transaction during the year.

9. Treatment of Retirement Benefits: No provision for Retirement benefits has been made as at employees has not put in the qualifying period of service for entitlement of this benefit.

10. Borrowing Cost: Borrowing Cost that is attributable to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying assets is one that necessarily takes substantial period of time to get ready for intended use. All other borrowings costs are charged to revenue.

11. Taxes on Income: Provisions for current Tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act , 1961. Deffered tax is recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date ; and the assets if arising ,is recognized if there being reasonable certainty of its absorption against profits expected to be earned in the not too distant future periods.

12. Earnings per Share: In accordance with the Accounting Standards 20 "Earning per Share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

13. Treatment of Continent Liability: Contingent liabilities are not provided for. These are being disclosed in the Notes on Accounts.


Mar 31, 2013

1. Recognition of Income & Expenditure: The Financial Statements have been prepared under the historical cost convention in accordance with applicable Accounting Standards in India and the provisions of the Companies Act, 1956 . The Company generally follows mercantile system of Accounting and recognizes significant items of income and Expenditure on accrual basis .

2. Use of Estimates: The presentation of Financial Statements in conformity with the generally accepted accounting principles requires estimates and assumption to be made, that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period . Differences between the actual result and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets: Fixed Assets are stated at cost net of Modvat/ Cenvat and including expenses related to acquisition, installation less accumulated depreciation.

4. Depreciation: Depreciation on Fixed Assets has been provided on Written Down Value Method at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

5. Impairment of Assets: Consideration is given at Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company''s Fixed Assets. If any indication exists, an asset''s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of assets exceeds the recoverable amount.

6. Investments: Long term Investment is valued at cost.

7. Inventory valuation: Inventories are valued at Cost or estimated realizable value whichever is lower.

8. Foreign Currency Transaction: There was no foreign currency transaction during the year.

9. Treatment of Retirement Benefits: No provision for Retirement benefits has been made as at employees has not put in the qualifying period of service for entitlement of this benefit.

10. Borrowing Cost: Borrowing Cost that is attributable to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying assets is one that necessarily takes substantial period of time to get ready for intended use. All other borrowings costs are charged to revenue.

11. Taxes on Income: Provisions for current Tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act , 1961. Differed tax is recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date ; and the assets if arising ,is recognized if there being reasonable certainty of its absorption against profits expected to be earned in the not too distant future periods.

12. Earnings per Share: In accordance with the Accounting Standards 20 "Earnings per Share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

13. Treatment of Continent Liability: Contingent liabilities are not provided for. These are being disclosed in the Notes on Accounts.


Mar 31, 2010

1. Recognition of Income & Expenditure: The Financial Statements have been prepared under the historical cost convention in accordance with applicable Accounting Standards in India and the provisions of the Companies Act, 1956 . The Company generally follows mercantile system of Accounting and recognizes significant items of income and Expenditure on accrual basis .

2. Use of Estimates: The presentation of Financial Statements in conformity with the generally accepted accounting principles requires estimates and assumption to be made, that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period . Differences between the actual result and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets: Fixed Assets are stated at cost net of Modvat/ Cenvat and including expenses related to acquisition, installation less accumulated depreciation.

4. Depreciation: Depreciation on Fixed Assets has been provided on Written Down Value Method at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

5. Impairment of Assets: Consideration is given at Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company's Fixed Assets. If any indication exists, an asset's recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of assets exceeds the recoverable amount.

6. Investments: Long term Investment is valued at cost.

7. Inventory valuation: Inventories are valued at Cost or estimated realizable value which ever is lower.

8. Foreign Currency Transaction: There was no foreign currency transaction during the year.

9. Treatment of Retirement Benefits: No provision for Retirement benefits has been made as at employees has not put in the qualifying period of service for entitlement of this benefit.

10. Borrowing Cost: Borrowing Cost that is attributable to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying assets is one that necessarily takes substantial period of time to get ready for intended use. All other borrowings costs are charged to revenue.

11. Taxes on Income: Provisions for current Tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deffered tax is recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and Jaws enacted or substantively enacted as on the Balance Sheet date ; and the assets if arising ,is recognized if there being reasonable certainty of its absorption against profits expected to be earned in the not too distant future periods.

12. Earnings per Share: In accordance with the Accounting Standards 20 "Earning per Share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

13. Treatment of Continent Liability: Contingent liabilities are not provided for. These are being disclosed in the Notes on Accounts.


Mar 31, 2009

1. Recognition of Income & Expenditure: The Financial Statements have been prepared under the historical cost convention in accordance with applicable Accounting Standards in India and the provisions of the Companies Act, 1956.

The Company generally follows mercantile system of Accounting and recognizes significant items of income and Expenditure on accrual basis.

2. Use of Estimates: The presentation of Financial Statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made, that affect the repotted amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period. Differences between the actual result and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets: Fixed Assets are stated at cost net of Modvat/ Cenvat and including expenses related to acquisition, installation less accumulated depreciation.

4. Depreciation: Depreciation on Fixed Assets has been provided on Written Down Value Method at the rates prescribed in the Schedule X(V of the Companies Act, 1956.

5. Impairment of Assets: Consideration is given at each Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company's Fixed Assets. If any indication exists, an asset's recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of assets exceeds the recoverable amount.

6. Investments: Long term Investment is valued at cost.

7. Inventory Valuation: Agriculture products are valued at Cost or estimated realizable value which ever is lower. Management had converted Script into Investment after March 05 but before June 05, which was included in the stock upto last year.

8. Foreign Currency Transactions: There was no foreign currency transaction.

9. Treatment of Retirement Benefits: No provision for Retirement benefits has been made as at employees has not put in the qualifying period of service for entitlement of this benefit.

10. Borrowing Cost: Borrowing cost that is attributable to the acquisition or construction of qualifying assets are capitalized as pan of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

11. Taxes on Income: Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax is recognised on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.; and the assets if arising, is recognised if there being reasonable certainty of its absorption against profits expected to be earned in the not too distant future periods.

12. Earnings per Share: In accordance with the Accounting Standard 20 "Earnings per Share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

13. Treatment of Contingent Liability: Contingent liabilities are no- provided for .These are being disclosed in the Notes on Accounts.


Mar 31, 2008

1. Recognition of Income & Expenditure: The Financial Statements have been prepared under the historical cost convention in accordance with applicable Accounting Standards in India and the provisions of the Companies Act, 1956.

The Company generally follows mercantile system of Accounting and recognizes significant items of income and Expenditure on accrual basis.

2. Use of Estimates: The presentation of Financial Statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the period. Differences between the actual result and estimates are recognized in the period in which the results are known/materialized.

3. Fixed Assets: Fixed Assets are stated at cost net of Modvat/ Cenvat and including expenses related to acquisition, installation less accumulated depreciation.

4. Depreciation: Depreciation on Fixed Assets has been provided on Written Down Value Method at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

5. Impairment of Assets: Consideration is given at each Balance Sheet date to determine whether there is any indication of impairment of the carrying amount of the Company's Fixed Assets. If any indication exists, an asset's recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of assets exceeds the recoverable amount.

6. Investments: Long term Investment is valued at cost.

7. Inventory Valuation: Agriculture products are valued at Cost or estimated realizable value which ever is lower. Management had converted Script into Investment after March 05 but before June 05, which was included in the stock upto last year.

8. Foreign Currency Transactions: There was no foreign currency transaction.

9. Treatment of Retirement Benefits: No provision for Retirement benefits has been made as at employees has not put in the qualifying period of service for entitlement of this benefit.

10. Borrowing Cost: Borrowing cost that is attributable to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying asset is one that.aecessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

11. Taxes on Income: Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax is recognised on timing difference between the.accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.; and the assets if arising, is recognised if there being reasonable certainty of its absorption against profits expected to be earned in the not too distant future periods.

12. Earnings per Share: In accordance with the Accounting Standard 20 "Earnings per Share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

13. Treatment of Contingent Liability: Contingent liabilities are not provided for .These are being disclosed in the Notes on Accounts.

 
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