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Accounting Policies of Anjani Foods Ltd. Company

Mar 31, 2014

A. ACCOUNTING CONVENTION:

The financial statements have been prepared on the basis of going concern, under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India.

B. FIXED ASSETS:

Fixed Assets are accounted for on historical cost. Cost includes all costs incidental to acquisition, installation and commissioning of the assets until they are ready for intended use.

C. DEPRECIATION

Depreciation on Fixed Assets (including Leased Assets) is provided on straight line method in accordance with the provisions of Schedule XIV of the Companies Act, 1956 as amended from time to time.

D. INVESTMENTS:

Long Term Investments are valued at cost after providing for any permanent diminution in value.

E. BORROWING COSTS:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost 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.

F. TAXES ON INCOME

a) The provision for current tax is made for the tax payable in accordancewith provisions of Income Tax Act, 1961.

b) Deferred Tax is recognized in accordance with the Accounting Standard-22"Accounting for Taxes on Income". Deferred Tax Asset is recognized only if there is virtual certainty of its realization.

G. REVENUE RECOGNITION:

Interest and other income are recognized on accrual basis.

H. EMPLOYEE BENEFITS:

a) Provident Fund is administered through Regional Provident Fund Commissioner. The contributions to the above said funds are charged against revenue.

b) In respect of gratuity, the company has covered all eligible employees under group gratuity scheme of LIC. Accordingly the company pays annual premium toLIC and difference between annual gratuity liability and annual premium paid is provided in books.

c) Leave encashment to employees is provided on an estimated basis.

I. CONTINGENT LIABILITIES:

Contingent liabilities arising from claims, litigations, assessments, fines, penalties, etc., are provided when it is probable that a liability may be incurred and the amount can be reliably estimated.

J. IMPAIRMENT OF ASSETS:

All fixed assets are tested for any indications of impairment at the end of each financial year. On such indication, impairment loss, being the excess of carrying value over recoverable value of the assets, is charged to profit and loss account in the respective financial years. The impairment loss recognised in the prior years is reversed in cases where the recoverable value exceeds the carrying value upon reassessments in the subsequent years.


Mar 31, 2013

A. ACCOUNTING CONVENTION:

The financial statements have been prepared on the basis of going concern, under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India.

B. FIXED ASSETS:

Fixed Assets are accounted for on historical cost. Cost includes all costs incidental to acquisition, installation and commissioning of the assets until they are ready for intended use.

C. DEPRECIATION

Depreciation on Fixed Assets (including Leased Assets) is provided on straight line method in accordance with the provisions of Schedule XIV of the Companies Act, 1956 as amended from time to time.

D. INVESTMENTS:

Long Term Investments are valued at cost after providing for any permanent diminution in value.

E. BORROWING COSTS:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost 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.

F. TAXES ON INCOME

a) The provision for current tax is made for the tax payable in accordance with provisions of Income Tax Act, 1961.

b) Deferred Tax is recognized in accordance with the Accounting Standard - 22" Accounting for Taxes on Income". Deferred Tax Asset is recognized only if there is virtual certainty of its realization.

G. REVENUE RECOGNITION:

Interest and other income are recognized on accrual basis. H. EMPLOYEE BENEFITS:

(a) Provident Fund is administered through Regional Provident Fund Commissioner. The contributions to the above said funds are charged against revenue.

(b) In respect of gratuity, the company has covered all eligible employees under group gratuity scheme of LIC. Accordingly the company pays annual premium to LIC and difference between annual gratuity liability and annual premium paid is provided in books.

(c) Leave encashment to employees is provided on an estimated basis.

I. CONTINGENT LIABILITIES:

Contingent liabilities arising from claims, litigations, assessments, fines, penalties, etc., are provided when it is probable that a liability may be incurred and the amount can be reliably estimated.

J. IMPAIRMENT OF ASSETS:

All fixed assets are tested for any indications of impairment at the end of each financial year. On such indication, impairment loss, being the excess of carrying value over recoverable value of the assets, is charged to profit and loss account in the respective financial years. The impairment loss recognised in the prior years is reversed in cases where the recoverable value exceeds the carrying value upon reassessments in the subsequent years.


Mar 31, 2012

A. ACCOUNTING CONVENTION:

The financial statements have been prepared on the basis of going concern, under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India.

B. FIXED ASSETS:

Fixed Assets are accounted for on historical cost. Cost includes all costs incidental to acquisition, installation and commissioning of the assets until they are ready for intended use.

C. DEPRECIATION

Depreciation on Fixed Assets (including Leased Assets) is provided on straight line method in accordance with the provisions of Schedule XIV of the Companies Act, 1956 as amended from time to time.

D. INVESTMENTS:

Long Term Investments are valued at cost after providing for any permanent diminution in value.

E. BORROWING COSTS:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost 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.

F. TAXES ON INCOME

a) The provision for current tax is made for the tax payable in accordance with provisions of Income Tax Act, 1961.

b) Deferred Tax is recognized in accordance with the Accounting Standard - 22" Accounting for Taxes on Income". Deferred Tax Asset is recognized only if there is virtual certainty of its realization.

G. REVENUE RECOGNITION:

Interest and other income are recognized on accrual basis.

H. EMPLOYEE BENEFITS:

(a) Provident Fund is administered through Regional Provident Fund Commissioner. The contributions to the above said funds are charged against revenue.

(b) In respect of gratuity, the company has covered all eligible employees under group gratuity scheme of LIC. Accordingly the company pays annual premium to LIC and difference between annual gratuity liability and annual premium paid is provided in books.

(c) Leave encashment to employees is provided on an estimated basis.

I. CONTINGENT LIABILITIES:

Contingent liabilities arising from claims, litigations, assessments, fines, penalties, etc., are provided when it is probable that a liability may be incurred and the amount can be reliably estimated.

J. IMPAIRMENT OF ASSETS:

All fixed assets are tested for any indications of impairment at the end of each financial year. On such indication, impairment loss, being the excess of carrying value over recoverable value of the assets, is charged to profit and loss account in the respective financial years. The impairment loss recognised in the prior years is reversed in cases where the recoverable value exceeds the carrying value upon reassessments in the subsequent years.


Mar 31, 2011

1. ACCOUNTING CONVENTION:

The financial statements have been prepared on the basis of going concern, under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India.

2. FIXED ASSETS:

Fixed Assets are accounted for on historical cost. Cost includes all costs incidental to acquisition, installation and commissioning of the assets until they are ready for intended use.

3. DEPRECIATION

Depreciation on Fixed Assets (including Leased Assets) is provided on straight line method in accordance with the provisions of Schedule XIV of the Companies Act, 1 956 as amended from time to time.

4. INVESTMENTS:

Long Term Investments are valued at cost after providing for any permanent diminution in value.

5. BORROWING COSTS:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost 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.

6. TAXES ON INCOME

a) The provision for current tax is made for the tax payable in accordance with provisions of Income Tax Act, 1 961.

b) Deferred Tax is recognized in accordance with the Accounting Standard - 22" Accounting for Taxes on Income". Deferred Tax Asset is recognized only if there is virtual certainty of its realization.

7. REVENUE RECOGNITION:

Interest and other income are recognized on accrual basis.

8. EMPLOYEE BENEFITS:

a) Provident Fund is administered through Regional Provident Fund Commissioner. The contributions to the above said funds are charged against revenue.

b) In respect of gratuity, the company has covered all eligible employees under group gratuity scheme of LIC. Accordingly the company pays annual premium to LIC and difference between annual gratuity liability and annual premium paid is provided in books.

c) Leave encashment to employees is provided on an estimated basis.

9. CONTINGENT LIABILITIES:

Contingent liabilities arising from claims, litigations, assessments, fines, penalties, etc., are provided when it is probable that a liability may be incurred and the amount can be reliably estimated.

10. IMPAIRMENT OF ASSETS:

All fixed assets are tested for any indications of impairment at the end of each financial year. On such indication, impairment loss, being the excess of carrying value over recoverable value of the assets, is charged to profit and loss account in the respective financial years. The impairment loss recognised in the prior years is reversed in cases where the recoverable value exceeds the carrying value upon reassess- ments in the subsequent years.


Mar 31, 2010

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with

Generally Accepted Accounting Principles (GAAP) in India.

1. INCOME RECOGNITION:

Income from lease transaction, interest and other income are recognized on accrual basis.

2. EXPENSES ACCOUNTING:

a) In respect of gratuity, the company has covered all eligible employees under group gratuity scheme of LIC. Accordingly the company pays annual premium to LIC and difference between annual gratuity liability and annual premium paid is provided in books.

b) Leave encashment to employees is provided on an estimated basis.

3. FIXED ASSETS AND DEPRECIATION:

a) Fixed Assets including Leased Assets are accounted for on historical cost.

b) Depreciation on Fixed Assets including Leased Assets is provided on straight-line method at rates and in the manner stipulated in Schedule XIV to the Companies Act, 1 956.

c) All fixed assets are tested for any indications of impairment at the end of each financial year. On such indication, impairment loss, being the excess of carrying value over recoverable value of the assets, is charged to profit and loss account in the respective financial years. The impairment loss recognised in the prior years is reversed in cases where the recoverable value exceeds the carrying value upon reassessments in the subsequent years.

4. VALUATION:

Long Term Investments are valued at cost after providing for any permanent diminution in value.

5. Borrowing Costs:

Borrowing costs that are 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 intended use. All other borrowing costs are charged to revenue.

6. Taxes on Income

a) The provision for current tax is made for the tax payable in accordance with provisions of Income Tax Act, 1961.

b) Deferred Tax is recognised in accordance with the Accounting Standard - 22" Accounting for Taxes on Income".

7. Contingent Liabilities:

Contingent liabilities arising from claims, litigations, assessments, fines, penalties, etc., are provided when it is probable that a liability may be incurred and the amount can be reliably estimated.

 
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