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Accounting Policies of Asian Petroproducts & Exports Ltd. Company

Mar 31, 2014

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared as per historical cost convention and in accordance with the generally accepted accounting principle in India, the provisions of the Companies Act, 1956 and the applicable accounting standards issued by the ICAI.

2. INVESTMENTS

Long Term Investments are carried at cost. No provision is made for diminution in value of such investments where, in opinion of the board, such diminution is temporary.

3. CLOSING STOCK

Closing Stock is valued at cost or market price whichever is lower.

4. REVENUE RECOGNITION

Income and Expenditure are generally recognized on accrual basis.

5. FIXED ASSETS

Fixed Assets have been stated at historical cost inclusive of incidental expenses, less accumulated depreciation.

6. DEPRECIATION / AMORTISATION

Depreciation has been provided on written down value as per the rate prescribed in Schedule XIV of the Companies Act, 1956. It is provided proportionately from the date of acquisition in respect of assets acquired during the year.

7. EMPLOYEE BENEFITS

Gratuity / Retirement Benefits are accounted for on payment basis.

8. TAXATION

Tax expenses for a year comprise of current tax and deferred tax. Current tax is measured after taking into consideration, the deductions and exemptions admissible under the provision of Income Tax Act, 1961 and in accordance with Accounting Standard 22 on "Accounting for Taxes on Income", issued by ICAI.

Deferred Tax assets or liabilities are recognized for further tax consequence attributable to timing difference between taxable income and accounting income that are measured at relevant enacted tax rates. At each Balance Sheet date the company reassesses unrecognized deferred tax assets, to the extent they become reasonably certain or virtually certain of realization, as the case may be.


Mar 31, 2013

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared as per historical cost convention and in accordance with the generally accepted accounting principle in India, the provisions of the Companies Act, 1956 and the applicable accounting standards issued by the ICAI.

2. INVESTMENTS

Long Term Investments are carried at cost. No provision is made for diminution in value of such investments where, in opinion of the board, such diminution is temporary.

3. CLOSING STOCK

Closing Stock is valued at cost or market price whichever is lower.

4. REVENUE RECOGNITION

Income and Expenditure are generally recognized on accrual basis.

5. FIXED ASSETS

Fixed Assets have been stated at historical cost inclusive of incidental expenses, less accumulated depreciation.

6. DEPRECIATION / AMORTISATION

Depreciation has been provided on written down value as per the rate prescribed in Schedule XIV of the Companies Act, 1956. It is provided proportionately from the date of acquisition in respect of assets acquired during the year.

7. EMPLOYEE BENEFITS

Gratuity / Retirement Benefits are accounted for on payment basis.

8. TAXATION

Tax expenses for a year comprise of current tax and deferred tax. Current tax is measured after taking into consideration, the deductions and exemptions admissible under the provision of Income Tax Act, 1961 and in accordance with Accounting Standard 22 on "Accounting for Taxes on Income", issued by ICAI.

Deferred Tax assets or liabilities are recognized for further tax consequence attributable to timing difference between taxable income and accounting income that are measured at relevant enacted tax rates. At each Balance Sheet date the company reassesses unrecognized deferred tax assets, to the extent they become reasonably certain or virtually certain of realization, as the case may be.


Mar 31, 2012

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared as per historical cost convention and in accordance with the generally accepted accounting principle in India, the provisions of the Companies Act, 1956 and the applicable accounting standards issued by the ICAI.

2. INVESTMENTS

Long Term Investments are carried at cost. No provision is made for diminution in value of such investments where, in opinion of the board, such diminution is temporary.

3. CLOSING STOCK

Closing Stock is valued at cost or market price whichever is lower.

4. REVENUE RECOGNITION

Income and Expenditure are generally recognized on accrual basis.

5. FIXED ASSETS

Fixed Assets have been stated at historical cost inclusive of incidental expenses, less accumulated depreciation.

6. DEPRECIATION / AMORTISATION

Depreciation has been provided on written down value as per the rate prescribed in Schedule XIV of the Companies Act, 1956. It is provided proportionately from the date of acquisition in respect of assets acquired during the year.

7. EMPLOYEE BENEFITS

Gratuity / Retirement Benefits are accounted for on payment basis.

8. TAXATION

Tax expenses for a year comprise of current tax and deferred tax. Current tax is measured after taking into consideration, the deductions and exemptions admissible under the provision of Income Tax Act, 1961 and in accordance with Accounting Standard 22 on "Accounting for Taxes on Income", issued by ICAI.

Deferred Tax assets or liabilities are recognized for further tax consequence attributable to timing difference between taxable income and accounting income that are measured at relevant enacted tax rates. At each Balance Sheet date the company reassesses unrecognized deferred tax assets, to the extent they become reasonably certain or virtually certain of realization, as the case may be.


Mar 31, 2010

A. BASIS OF ACCOUNTING.

The financial statement are prepared in accordance with historical cost convention, income/revenue and cost/expenditure are generally accounted for on accrual basis except in the case of non performing assets where interest is accounted for on receipt basis. Gratuity and leave encashment are also provided for, as per notes.

FIXED ASSETS

Fixed Assets are stated at cost of acquisition, inclusive of duties taxes and incidental expenses and interest upto date of commissioning.

DEPRECIATION

Depreciation is calculated on Fixed Assets at straight line method in accordance with schedule XIV of the Companies Act, 1956.

INVESTMENTS & STOCK IN TRADE

Investments are classified into current investments and long term investments. Current investments are reflected as stock in trade and valued at lower of cost or market value. Long term investments are valued at cost and depletion is provided for in case of fall in valuations which are more of permanent nature.

REVENUE RECOGNITION

Dividends on Investments are accounted on receipt basis.

Interest is not provided for in case of advances which are non-performing assets.

CONTINGENT LIABILITIES

These are disclosed by way of notes in the Balance Sheet. Provision is made in the accounts in respect of those liabilities which are likely to materialized after the year end till realization of accounts and have material effect on the position stated in the Balance Sheet.



 
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