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Accounting Policies of Bacil Pharma Ltd. Company

Mar 31, 2014

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1 956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. INVESTMENTS:

Investments being Long Term Investments are stated at cost. Fluctuation in Value of investments is accounted on realisation.

IV. Capital Work in Progress includes Land, Building, Plant and Machineries at MIDC, Lote, capital advances, material at site and incidental expenses.

V. Project Pre-operative, Public Issue and Preliminary Expenses, pending allocation, are deferred to be adjusted till commencement of commercial production.

VI. No provision for retirement i.e. bonus & gratuity has been made as no employee is eligible for entitlements of said benefits.

VII. Quantitative Information

31.3.2014 31.3.2013

DESCRIPTION M.T. Rs. M.T. Rs.

Purchases

Guar Dal (M.T.) 0 0 10 31,10,000 Guar Split Broken 0 0 10 21,30,000

Sales

Guar Dal (M.T.) 0 0 30 85,20,000 Guar Split Broken 0 0 10 21,15,000

Closing Stock

Guar Dal (M.T.) 0 0 0 0 Guar Split Broken 0 0 0 0

VIII. Contingent Liabilities

Estimated amount of contract remain to be executed Nil.

IX. In the opinion of the board, current assets, loans and advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

X. Payment to Auditors

Current Year Previous Year Description (Rs.) (Rs.)

Audit Fees 5,000 10,000

5,000 10,000

XI. Amount outstanding for payment to SSI Units over Rs. 1 Lac for 30 days or more: NIL (Previous year: NIL).

XII. In view of project in progress, the deferred tax assets/liabilities is not ascertained on prudent basis.

XIII. No Impairment of Assets has been ascertained and the same will be accounting on discarding/disposal of the assets.

XIV. There are no reportable segments.

XV. Previous year figures have been regrouped/rearranged wherever necessary.

XVI. Figures have been rounded off to nearest rupees.


Mar 31, 2012

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31* March 2012, the revised Schedule VI notified under the Companies Act 1956. has become applicable to the company, for preparation and presentation ot Its financial statements. However, It has significant Impact on presentation and disclosures made In the financial statements. The company has also re-ctasslfted the previous year figures In accordance wtth the Agues of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis. In accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted In India and comply with the Accounting Standards notified by the Companies (Accounting Standards] Rules, 2006.

III. INVESTMENTS:

Investments being Long Term Investments ore stated at cost. Fluctuation In Value of Investments Is accounted on realisation.


Mar 31, 2010

A) The Financial Statements are prepared under historical cost convention on an accrual basis.

b) Fixed Assets are stated at cost of acquisition less accumulated depreciation

c) Depreciation is provided on the Written Down Value Method at the rates and the manner specified in Schedule XIV of the Companies Act, 1956, and the name is added to project pre operative expenses pending allocation.

d) Investments being Long Term Investments are stated at cost. Fluctuation in Value of investments Is accounted on realisation.

e) Capital Work in Progress Includes Land, Building, Plant and Machineries at MIDC, Lote, capital advances, material at site and Incidental expenses.

f) Project Pre-operative, Public Issue and Preliminary Expenses, pending allocation, are deferred to be adjusted till commencement of commercial production.

g) No provision for retirement i.e. bonus & gratuity has been made as no employee is eligible for entitlements of said benefits.