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Accounting Policies of Asahi Industries Ltd. Company

Mar 31, 2015

1. General

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 2013

The preparation of financial statements in conformity with Indian GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

2.Fixed Assets :-

Fixed Assets are stated at cost less accumulated depreciation. Cost includes all identifiable expenditure to bring the assets to its present location and condition

3. Inventories:-

Inventories are valued at cost or net realizable value, whichever is lower.

4. Depreciation:-

Depreciation on Fixed Assets has been provided at Straight Line Method and at the rates prescribed in schedule XIV of the companies Act, 2013.

5. Revenue Recognition :-

Revenue on sale of products is recognized when the products are dispatched to customers,

6. Expenses Recognition:-

Expenses are charged to revenue on accrual basis.


Mar 31, 2014

1.1 General

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 1956

The preparation of financial statements in conformity with Indian GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

1.2 Fixed Assets :-

Fixed Assets are stated at cost less accumulated depreciation. Cost includes all identifiable expenditure to bring the assets to its present location and condition

1.3 Inventories:-

Inventories are valued at cost or net realizable value, whichever is lower.

1.4 Depreciation:-

Depreciation on Fixed Assets has been provided at Straight Line Method and at the rates prescribed in schedule XIV of the companies Act, 1956.

1.5 Revenue Recognition :-

Revenue on sale of products is recognized when the products are dispatched to customers,

1.6 Expenses Recognition:-

Expenses are charged to revenue on accrual basis.


Mar 31, 2012

1.1 General :- The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 1956.

The preparation of financial statements in conformity with Indian GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

1.2 Fixed Assets :- Fixed Assets are stated at cost less accumulated depreciation. Cost includes all identifiable expenditure to bring the assets to its present location and condition

1.3 Inventories :- Inventories are valued at cost or net realizable value, whichever is lower.

1.4 Depreciation :- Depreciation on Fixed Assets has been provided at Straight Line Method and at the rates prescribed in schedule XIV of the companies Act, 1956.

1.5 Revenue Recognition :- Revenue on sale of products is recognized when the products are dispatched to customers,

1.6 Expenses Recognition :- Expenses are charged to revenue on accrual basis.


Mar 31, 2011

A) General :-

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted Accounting Principles ("GAAP") and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 1956.

The preparation of financial statements in conformity with GAAP requires that the Management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as on the date of the financial statements. Examples of such estimates include the useful lives of fixed assets, etc. Actual results could differ from these estimates.

b) Fixed Assets :-

Fixed Assets are stated at cost less accumulated depreciation.Cost includes all identifiable expenditure to bring the assets to its present location and condition.

c) Inventories:-

Inventories are valued at cost or net realizable value, whichever is lower.

d) Depreciation:-

Depreciation on Fixed Assets has been provided at Straight Line Method and at the rates prescribed in schedule XIV of the companies Act, 1956.

e) Revenue Recognition :-

Revenue on sale of products is recognized when the products are dispatched to customers.

f) Expenses Recognition:-

Expenses are charged to revenue on accrual basis.


Mar 31, 2010

A) The Company follows the Accrual system of Accounting. The financial statements have been prepared under the historical cost convention except otherwise stated in accordance with the generally accepted accounting principles of the Companies Act, 1956 as adopted consistently by the company.

b) Fixed Assets :-

Fixed Assets are recorded at cost which includes all expenses upto commissioning / putting the assets into use.

c) Inventories:-

Stock of work in progress, Stores and spares and finished goods are valued at cost as certified by the management.

d) Depreciation:-

Depreciation on Fixed Assets has been provided at Straight Line Method and at the rates prescribed in schedule XIV of the companies Act, 1956.

e) Foreign Transactions :-

Foreign currency Liabilities have been converted at the rate prevailing on the last day of the Accounting year and transaction completed during the year are accounted for at the then ruling rate.

f) Revenue Recognition :-

Revenue on sale of products is recognized when the products are dispatched to customers,

g) Expenses Recognition:-

Expenses are charged to revenue on accrual basis.