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Accounting Policies of B&A Packaging India Ltd. Company

Mar 31, 2014

1.1 Accounting System

These financial statements have been prepared on going concern assumptions under the historical cost convention on an accrual basis and in conformity with the relevant accounting standards as notified under the Companies (Accounting Standards) Rules , 2006 and the Companies Act, 1956.

1.2 Fixed Assets

Fixed Assets are stated at cost ( or revalued amounts, as the case may be), less accumulated depreciation and impairment, if any. The cost of acquisition comprises purchase price inclusive of duties (net of Cenvat), taxes, incidental expenses, erection/commissioning/trial run expenses and interest etc, up to the date the assets are ready for intended use. Capital Work-in-Progress comprises of the cost of fixed assets that are not yet ready for their intended use at the reporting date.

1.3 Inventories

Raw Materials and Stores and Spares - Valued at cost.

Finished Goods - Valued at cost or realisable price whichever is lower.

Materials-in-process - Valued at a percentage of cost or realisable price whichever is lower.

1.4 Depreciation and Amortization

Depreciation is provided on Straight Line Method in accordance with the provision of Schedule XIV to the Companies Act,1956 effecting writing off upto ninety-five percent of original cost of individual Fixed Assets.

1.5 Sales

Gross Sales include Excise Duty and Central Sales Tax but does not include Value Added Tax.

Export sales are accounted for on the basis of actual Rupee realisation.

1.6 Import of Raw Materials

Import of Raw Materials are accounted for on the basis of actual rupee payments.

1.7 Borrowing Cost

Borrowing costs attributable to acquisition of fixed assets and capital work in progress, are treated as part of cost of such assets and capitalised upto the stage of commercial production. All other borrowing costs are charged to revenue.

1.8 Employees'' benefits

a) Short term benefits like Salaries, Wages , Contribution to Provident Fund and Pension Scheme and other non- monetary benefits are recognised on actual basis; pending final calculation of Allocable Surplus for the current year as required under the Payment of Bonus Act,1965, provision for bonus is calculated on the basis of last year.

b) The Company''s Rules do not provide for either accumulation or compensation for leave of its employees.

c) Long-term employee benefits are recognised as an expense in the Profit & Loss Account for the year in which the employee has rendered services.The expense is recognised at the present value of the amount payable as per Actuarial valuation. Actuarial gains and losses in respect of such benefits are recognised in the Profit and Loss A/c.

1.9 Foreign Currency Transactions

(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

(b) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account; exchange difference relating to acquisition of fixed assets are adjusted to the carrying cost of such assets.

1.10 Tax

(a) Current Tax payable for the year is computed as per provisions of Income Tax Act,1961.

(b) Deferred Tax, being tax on difference between profit considered for income tax purpose and profit as per the financial Statement , is recognised as per requirement of Accounting Standard 22.

1.11 Proposed Dividend

Dividend proposed by the Board of Directors is provided for in the books of account pending approval at the Annual General Meeting.


Mar 31, 2013

1.1 Accounting System

These financial statements have been prepared on going concern assumptions under the historical cost convention on an accrual basis and in conformity with the relevant accounting standards as notified under the Companies (Accounting Standards) Rules , 2006 and the Companies Act, 1956.

1.2 Fixed assets

Fixed Assets are stated at cost ( or revalued amounts, as the case may be), less accumulated depreciation and impairment , if any. The cost of acquisition comprises purchase price inclusive of duties (net of Cenvat ), taxes, incidental ''expenses, erection/commissioning/trial run expenses and interest etc, up to the date the assets are ready for intended use. Capital Work-in-Progress comprises of the Cost of fixed assets that are not yet ready for their intended use at the reporting date.

1.3 Inventories

Raw Materials and Stores and Spares - Valued at cost.

Finished Goods - Valued at cost or realisable price whichever is lower.

Materials-in-process - Valued at a percentage of cost or realisable price whichever is lower.

1.4 Depreciation and Amortization

Depreciation is provided on Straight Line Method in accordance with the provision of Schedule XIV to the Companies Act,1956 effecting writing off upto ninety-five percent of original cost of individual Fixed Assets.

1.5 Sales

Gross Sales include Excise Duty and Central Sales Tax but does not include Value Added Tax. Export sales are accounted for on the basis of actual Rupee realisation.

1.6 Import of Raw Materials

Import of Raw Materials are accounted for on the basis of actual rupee payments.

1.7 Borrowing Cost

Borrowing costs attributable to acquisition of fixed assets and capital work in progress, are treated as part of cost of such assets and Capitalised upto the stage of commercial production. All other borrowing costs are charged to revenue.

1.8 Employees'' benefits

a) Short term benefits like Salaries, Wages , Contribution to Provident Fund and Pension Scheme and other non- monetary benefits are recognised on actual basis; pending final calculation of Allocable Surplus for the current year as required under the Payment of Bonus Act,1965, provision for bonus is calculated on the basis of last year.

b) The Company''s Rules do not provide for either accumulation or compensation for leave of its employees.

c) Long-term employee benefits are recognised as an expense in the Profit & Loss Account for the year in which the employee has rendered services.The expense is recognised at the present value of the amount payable as per Actuarial valuations. Actuarial gains and losses in respect of such benefits are recognised in the Profit and Loss A/c.

1.9 Foreign Currency Transactions

(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

(b) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account; exchange difference relating to acquisition of fixed assets are adjusted to the carrying cost of such assets.

1.10 Tax

(a) Current Tax payable for the year is computed as per provision of I.T.Act.

(b) Deferred Tax, being tax on difference between profit considered for income tax purpose and profit as per the financial Statement , is recognised as per requirement of Accounting Standard 22.

1.11 Proposed Dividend

Dividend proposed by the Board of Directors is provided for in the books of account pending approval at the Annual General Meeting.


Mar 31, 2012

1.1 Accounting System

These financial statements have been prepared on going concern assumptions under the historical cost convention on an accrual basis and in conformity with the relevant accounting standards as notified under the Companies (Accounting Standards) Rules , 2006 and the Companies Act, 1956.

1.2 Fixed assets

Fixed Assets are stated at cost ( or revalued amounts, as the case may be), less accumulated depreciation and impairment , if any. The cost of acquisition comprises purchase price inclusive of duties (net of Cenvat ), taxes, incidental expenses, erection / commissioning / trial run expenses and interest etc, up to the date the assets are ready for intended use. Capital Work-in-Progress comprises of the Cost of fixed assets that are not yet ready for their intended use at the reporting date.

1.3 Inventories

Raw Materials and Stores and Spares - Valued at cost.

Finished Goods - Valued at cost or realisable price whichever is lower.

Materials-in-process - Valued at a percentage of cost or realisable price whichever is lower.

1.4 Depreciation and Amortization

Depreciation is provided on Straight Line Method in accordance with the provision of Schedule XIV to the Companies Act,1956 effecting writing off upto ninety-five percent of original cost of individual Fixed Assets.

1.5 Sales

Gross Sales include Excise Duty and Central Sales Tax but does not include Value Added Tax.

Export sales are accounted for on the basis of actual Rupee realisation.

1.6 Import of Raw Materials

Import of Raw Materials are accounted for on the basis of actual rupee payments.

1.7 Borrowing Cost

Borrowing costs attributable to acquisition of fixed assets and capital work in progress, are treated as part of cost of such assets and Capitalised upto the stage of commercial production. All other borrowing costs are charged to revenue.

1.8 Employees' benefits

a) Short term benefits like Salaries, Wages , Contribution to Provident Fund and Pension Scheme and other non- monetary benefits are recognised on actual basis; pending final calculation of Allocable Surplus for the current year as required under the Payment of Bonus Act,1965 , provision for bonus is calculated on the basis of last year.

b) The Company's Rules do not provide for either accumulation or compensation for leave of its employees.

c) Long-term employee benefits are recognised as an expense in the Profit & Loss Account for the year in which the employee has rendered services.The expense is recognised at the present value of the amount payable as per Actuarial valuations. Actuarial gains and losses in respect of such benefits are recognised in the Profit and Loss A/c.

1.9 Foreign Currency Transactions

(a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

(b) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account; exchange difference relating to acquisition of fixed assets are adjusted to the carrying cost of such assets.

1.10 Tax

(a) Current Tax payable for the year is computed as per provision of I.T. Act.

(b) Deferred Tax, being tax on difference between profit considered for income tax purpose and profit as per the financial Statement , is recognised as per requirement of Accounting Standard 22.

1.11 Proposed Dividend

Dividend proposed by the Board of Directors is provided for in the books of account pending approval at the Annual General Meeting.


Mar 31, 2011

1) Accounting System

These financial statements have been prepared on going concern assumptions under the historical cost convention on an accrual basis and in conformity with the relevant accounting standards as notified under the Companies (Accounting Standards) Rules, 2006 and the Companies Act, 1956.

2) Fixed Assets

Fixed Assets are stated at cost (or revalued amounts, as the case may be), less accumulated depreciation and impairment, if any. The cost of acquisition comprises purchase price inclusive of duties (net of Cenvat), taxes, incidental expenses, erection/ commissioning/trial run expenses and interest etc. up to the date the assets are ready for intended use.

3) Inventories

Raw Materials and Stores and Spares - Valued at cost. Finished Goods - Valued at cost or Realisable price whichever is lower. Materials-in-process - Valued at a percentage of cost or realisable price whichever is lower.

4) Depreciation

Depreciation is provided on Straight Line Method in accordance with the provision of Schedule XIV to the Companies Act, 1956 effecting writing off upto ninety-five percent of original cost of individual Fixed Assets.

5) Sales

Gross Sales include Excise Duty and Central Sales Tax but does not include Value Added Tax. Export sales are accounted for on the basis of actual rupee realisation.

6) Import of Raw Materials

Import of Raw Materials are accounted for on the basis of actual rupee payments.

7) Borrowing Cost

Borrowing cost attributable to acquisition of fixed assets and capital work in progress, are treated as part of cost of such assets and Capitalised upto the stage of commercial production. All other borrowing costs are charged to revenue.

8) Employees' benefits

a) Short term benefits like Salaries, Wages, Contribution to Provident Fund and Pension Scheme and other nonmonetary benefits are recognised on actual basis; pending final calculation of Allocable Surplus for the current year as required under the Payment of Bonus Act 1965, provision for bonus is calculated on the basis of last year.

b) The Company's rules do not provide for either accumulation or compensation for leave of its employees.

c) Long-term employee benefits are recognised as an expense in the Profit & Loss Acount for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable as per Actuarial valuations. Actuarial gains and losses in respect of such benefits are recognised in the Profit and Loss A/c.

9) Foreign Currency Transactions

a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

b) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in cases where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.


Dec 31, 2009

1) Accounting System

The Company follows the concept of mercantile system of accounting in preparation of the accounts.

2) Fixed Assets

All Fixed Assets are stated at cost.

3) Inventories

Raw Materials and Stores and Spares - Valued at cost.

Finished Goods - Valued at cost or Realisable price whichever is lower.

Materials-in-process - Valued at a percentage of cost or realisable price whichever is lower.

4) Depreciation

Depreciation is provided on Straight Line Method in accordance with the provision of Schedule XIV to the Companies Act, 1956 as amended.

5) Sales

Gross Sales include Excise Duty and Central Sales Tax but does not include Value Added Tax. Export sales are accounted for on the basis of actual Rupee realisation.

6) Import of Raw Materials

Import of Raw Materials are accounted for on the basis of actual rupee payments.

7) Borrowing Cost

Borrowing cost attributable to acquisition of fixed assets and capital work in progress, are treated as part of cost of such assets and Capitalised upto the stage of commercial production. All other borrowing costs are charged to revenue.

8) AS-15 (Employees benefits)

The Company has recognised AS-15 (Employees benefits) as revised and accordingly:

a) Paid/Provided for short term benefits like Salaries, Wages and Contribution to Provident Fund and Pension Scheme (as per the Employees Provident Funds and Miscellaneous Provision Act, 1952 as amended); pending final calculation of Allocable Surplus for the current year as required under the payment of Bonus Act, 1965, provision for bonus has been calculated on the basis of last year; other non-monetary benefits have been provided for on actual basis

b) The Companys Rules do not provide for either accumulation or compensation for leave of its employees.

c) Long-term employee benefits are recognised as an expense in the Profit & Loss Acount for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable as per Actuarial valuations. Actuarial gains and losses in respect of such benefits are recognised in the Profit and Loss A/c. 9) Foreign Currency Transactions

a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

b) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in cases where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets

 
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