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Accounting Policies of Alpha Hi-Tech Fuel Ltd. Company

Mar 31, 2014

(a) Basis of Accounting

The accounts have been prepared on the basis of historical costs and in accordance with applicable accounting standards except where otherwise stated. For recognition of profits and losses, mercantile system of accounting is followed, except certain expenditure and income which are accounted for on its ascertainment or on cash basis, where it is not possible to ascertain, with reasonable certainty, their quantum of accruals.

(b) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost comprises of the purchase price and any attributable cost of bringing the assets to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded, their cost and accumulated depreciation is removed from the account and any gain or loss, resulting from their disposal, is included in the the statement of Profit and Loss.

(c) Depreciation

Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation is provided on new Plant and Machinery as and from the date it is put to its commercial use.

(d) Inventories

Inventories (other than Stores, Spares and Consumables and packing materials) are valued at lower of cost or estimated net realisable value. In the circumstances when the utility of goods is no longer as great as its cost, due to evaporation and loss of weight, valuation is done keeping in line with Accounting Standard AS-2 on Valuation of Inventories issued by The Institute of Chartered Accountants of India. The cost of inventories is arrived at on the following basis:

Raw materials - First in first out/annual average method.

WIP and finished goods -

Average cost of last quarter''s production/average annual cost, computed on full absorption costing method. In case of similar items purchased and produced, valuation at the weighted average rate.

(e) Taxation

Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Appropriate adjustments are made in reserves and surplus to provide for Deferred Tax Liability.


Mar 31, 2013

(a) Basis of Accounting

The accounts have been prepared on the basis of historical costs and in accordance with applicable accounting standards except where otherwise stated. For recognition of profits and losses, mercantile system of accounting is followed, except certain expenditure and income which are accounted for on its ascertainment or on cash basis, where it is not possible to ascertain, with reasonable certainty, their quantum of accruals.

(b) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost comprises of the purchase price and any attributable cost of bringing the assets to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded, their cost and accumulated depreciation is removed from the account and any gain or loss, resulting from their disposal, is included in the Profit and Loss Account.

(c) Depreciation

Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation is provided on new Plant and Machinery as and from the date it is put to its commercial use.

(d) Inventories

Inventories (other than Stores, Spares and Consumables and packing materials) are valued at lower of cost or estimated net realisable value. In the circumstances when the utility of goods is no longer as great as its cost, due to evaporation and loss of weight, valuation is done keeping in line with Accounting Standard AS-2 on Valuation of Inventories issued by The Institute of Chartered Accountants of India. The cost of inventories is arrived at on the following basis:

Raw materials - First in first out/annual average method.

WIP and finished goods - Average cost of last quarter''s production/ average annual

cost, computed on full absorption costing method. In case of similar items purchased and produced, valuation at the weighted average rate.

(e) Taxation

Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Appropriate adjustments are made in reserves and surplus to provide for Deferred Tax Liability.


Mar 31, 2012

(a) Basis of Accounting

The accounts have been prepared on the basis of historical costs and in accordance with applicable accounting standards except where otherwise stated. For recognition of profits and losses, mercantile system of accounting is followed, except certain expenditure and income which are accounted for on its ascertainment or on cash basis, where it is not possible to ascertain, with reasonable certainty, their quantum of accruals.

(b) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost comprises of the purchase price and any attributable cost of bringing the assets to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded, their cost and accumulated depreciation is removed from the account and any gain or loss, resulting from their disposal, is included in the Profit and Loss Account.

(c) Depreciation

Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation is provided on new Plant and Machinery as and from the date it is put to its commercial use.

(d) Inventories

Inventories (other than Stores, Spares and Consumables and packing materials) are valued at lower of cost or estimated net realisable value. In the circumstances when the utility of goods is no longer as great as its cost, due to evaporation and loss of weight, valuation is done keeping in line with Accounting Standard AS-2 on Valuation of Inventories issued by The Institute of Chartered Accountants of India. The cost of inventories is arrived at on the following basis:

Raw materials - First in first out/annual average method.

WIP and finished goods - Average cost of last quarter's production/ average annual cost, computed on full absorption costing method. In case of similar items purchased and produced, valuation at the weighted average rate.

(e) Taxation

Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Appropriate adjustments are made in reserves and surplus to provide for Deferred Tax Liability.


Mar 31, 2011

(a) Basis of Accounting

The accounts have been prepared on the basis of historical costs and in accordance with applicable accounting standards except where otherwise stated. For recognition of profits and losses, mercantile system of accounting is followed, except certain expenditure and income which are accounted for on its ascertainment or on cash basis, where it is not possible to ascertain, with reasonable certainty, their quantum of accruals.

(b) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost comprises of the purchase price and any attributable cost of bringing the assets to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded, their cost and accumulated depreciation is removed from the account and any gain or loss, resulting from their disposal, is included in the Profit and Loss Account.

(c) Depreciation

Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation is provided on new Plant and Machinery as and from the date it is put to its commercial use.

(d) Inventories

Inventories (other than Stores, Spares and Consumables and packing materials) are valued at lower of cost or estimated net realisable value. In the circumstances when the utility of goods is no longer as great as its cost, due to evaporation and loss of weight, valuation is done keeping in line with Accounting Standard AS-2 on Valuation of Inventories issued by The Institute of Chartered Accountants of India. The cost of inventories is arrived at on the following basis:

Raw materials - First in first out/annual average method.

WIP and finished goods - Average cost of last quarter's production/ average annual cost, computed on full absorption costing method. In case of similar items purchased and produced, valuation at the weighted average rate.

(e) Taxation

Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Appropriate adjustments are made in reserves and surplus to provide for Deferred Tax Liability.


Mar 31, 2010

(a) Basis of Accounting

The accounts have been prepared on the basis of historical costs and in accordance with applicable accounting standards except where otherwise stated. For recognition of profits and losses, mercantile system of accounting is followed, except certain expenditure and income which are accounted for on iti ascertainment or on cash basis, where it is not possible to ascertain, with reasonable certainty, the quantum of accruals.

(b) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost comprises of the purchase price and any attributable cost of bringing the assets to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded, their cost and accumulated depreciation is removed from the account and any gain or loss, resulting from their disposal, is included in the Profit and Loss Account.

(c) Depreciation

Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation is provided on new Plant and Machinery as and from the date it is put to its commercial use.

(d) Inventories

Inventories (other than Stores, Spares and Consumables and packing materials) are valued at lower c cost or estimated net realisable value. In the circumstances when the utility of goods is no longer as great as its cost, due to evaporation and loss of weight, valuation is done keeping in line with Accounting Standard AS-2 on Valuation of Inventories issued by The Institute of Chartered Accountants of India. The cost of inventories is arrived at on the following basis:

Raw materials - First in first out/annual average method.

WIP and finished goods - Average cost of last quarters production/average annual cost, computed on full absorption costing method. In case of similar items purchased and produced, valuation at the weighted average rate.

(e) Taxation

Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax assets, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Appropriate adjustments are made in reserves and surplus to provide for Deferred Tax Liability.

 
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