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Accounting Policies of Asian Flora Ltd. Company

Mar 31, 2011

A The accounts have been prepared using historical cost convention in accordance with generally Accepted Accounting Principles and provisions of the Companies Act, 1956 as applicable to the Company.

B The Company is not having manufacturing activity since 2001. Since this is the only activity it shows the impact / effect on the "Going Concern Concept".

C The Company has not provided the interest on secured loans and thus not followed the "accrual concepts".

D All fixed asstes are stated at cost less depreciation. E Depreciation :

i) Depreciation is provided for on straight line method on pro-rata basis at the rates specified in Schedule XIV of the Companies Act, 1956 on all the assets except Rose Plants.

ii) The Company has not provided Depreciation on Vehicle since the same is not kept in use during the year.

iii) The Company could not continue the operations in the Farm since December, 2001 due to interference of Main Financiers M/sKSIIDC, Bangalore as Loans extended have become overdue. It resulted in complete damage to all the Rose Plants and hence the value of Rose Plants has been written off during the previous years.

F As the premises of operations is under the control of KSIIDC, Bangalore, there is no possibility of continuation of business operations till the loans are cleared. Hence the interest on loans has been provided for accured basis.


Mar 31, 2010

The following are the significant accounting policies adopted by the Company in the preparation and presentation of financial statements:

A The accounts have been prepared using historical cost convention in accordance with generally Accepted Accounting Principles and provisions of the Companies Act, 1956 as applicable to the Company.

B The Company is not having manufacturing activity since 2001. Since this is the only activity it shows the impact / effect on the "Going Concern Concept".

C The Company has not provided the interest on secured loans and thus not followed the "accrual concepts".

D All fixed asstes are stated at cost less depreciation.

E Depreciation :

i) Depreciation is provided for on straight line method on pro-rata basis at the rates specified in Schedule XIV of the Companies Act, 1956 on all the assets except Rose Plants.

ii) The Company has not provided Depreciation on Vehicle since the same is not kept in use during the year.

iii) The Company could not continue the operations in the Farm yard since December, 2001 due to interference of Main Financiers M/s KSIIDC, Bangalore in the event of Loans extended. It resulted to complete damage to all the Rose Plants and hence the value of Rose Plants has been written off during the previous years.

F As the premises of operations are under the control of KSIIDC, Bangalore, there is no possibility of continuation of business operations till the loans are cleared. Hence the interest on loans has been provided for accured basis.


Mar 31, 2009

A. The accounts have been prepared using historical cost Convention in accordance with Generally Accepted Accounting Principles and provisions of the Companies Act, 1956 as applicable to the Company.

b. The company is not having manufacturing activity since 2001. Since this is the only activity it shows the impact / effect on the "Going Concern Concept".

c. The company has not provided the interest on secured loans and thus not followed the "accrual concepts".

d. All fixed Assets are stated at cost less depreciation.

e. Depreciation:

i) Depreciation is provided for on straight line method on pro-rata basis at the rates specified in Schedule XIV of the Companies Act, 1956 on all the assets except Rose Plants.

ii) The Company has not provided Depreciation on Vehicle since the same is not kept in use during the year.

iii) The Company could not continue the operations in the Firm yard since December 2001 due to interference of Main Financiers M/s KSIIDC, Bangalore in the event of Loans extended. It resulted to complete damage to all Rose Plants and hence the value of Rose Plants as on 01.04.08 is written off during the previous year 2008-09.

f. As the premises of operations are under the control of KSIIDC, Bangalore, there is no possibility of continuation of business Operations till the loans are cleared. Hence. interest on loans has been provided for accrued basis.


Mar 31, 2008

A. The accounts have been prepared using historical cost Convention in accordance with Generally Accepted Accounting Principles and provisions of the Companies Act, 1956 as applicable to the Company.

b. The company is not having manufacturing activity since 2001. Since this is the only activity it shows the impact / effect on the "Going Concern Concept".

c. The company has not provided the interest on secured loans and thus not followed the "accrual concepts".

d. All fixed Assets are stated at cost less depreciation.

e. Depreciation:

i) Depreciation is provided for on straight line method on pro-rata basis at the rates specified in Schedule XIV of the Companies Act, 1956 on all the assets except Rose Plants.

ii) The Company has not provided Depreciation on Vehicle since the same is not kept in use during the year.

iii) The Company could not continue the operations in the Firm yard since December 2001 due to interference of Main Financiers M/s KSIIDC, Bangalore in the event of Loans extended. It resulted to complete damage to all Rose Plants and hence the value of Rose Plants as on 01.04.07 is written off during the previous year 2007-08.

f. As the premises of operations is under the control of KSIIDC, Bangalore, there is no possibility of continuation of business Operations till the loans are cleared. Hence interest on loans has been provided for accrued basis.

 
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