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Accounting Policies of Banaras Beads Ltd. Company

Mar 31, 2016

1. BASIS OF ACCOUNTING:

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies referred to otherwise are consistent with generally accepted accounting policies. The company fellows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2 FIXED ASSETS-

Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATION-

Depreciation on fixed asset is provided to the extent of depreciable amount on written down value method based on useful life of the assets as prescribed in Schedule II to the Companies Act, on single shift basis.

4. INVESTMENTS:

Long Term Investments are shown at fluctuations in the market price of quoted shares are not provided for. Current Investments are valued at lower of cost or realizable value and any reduction in realizable value is debited Statement Profit &Loss If realizable value of current investment increases in subsequent years the increase in value of current investment to the level of the cost credited Statement of Profit & Loss

5. INVENTORIES:

Basis of valuation

Raw Materials : At average cost

Finished / Semi finished goods : At cost or market value whichever is lower

Stores, spare parts : At cost and in appropriate cases charged to manufacturing expenses in the year of purchase .

6. FOREIGN CURRENCY TRANSACTIONS:

Transactions in foreign currency are accounted for in accordance with by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transaction Intimated in a foreign currency and outstanding at the Balance Sheet date are transaction change rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expense in the year in which items denominated in foreign currency are carried at the exchange in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Company''s contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis

(ii) Liability for gratuity in respect of Jokes is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy, are charged to Profit &Loss Account. The short fall in as the Fund, indicated by the L.I.C. is provided: by the Company as gratuity liability.

(iii) The leave salary payable in respect of encashable leave is provided for according to the service rule of the leave, which is not encashable during the continuance of service is provide for.

8. ACCOUNTING FOR DUTY CREDIT SCRIPT UNDER MERCHANDISE EXPORT INCENTIVE SCHEME/EXPORT PROMOTION CAPITAL GOODS/ ADVANCE AUTHORISATION INCENTIVE SCRIPT SCHEMES:

Duty Credit Script under Merchandise Export incentive Scheme/Export promotion/ Advance Authorization a incentive Script Schemes are normally consumed in payments of custom duty against imports made. Entries for such consumption is maiden respect purchase account on the amount of custom duty adjusted. Entries for transferred are accounted for on realized Credit Script under Merchandise Export incentive Scheme/Export promotion Capital Goods/ Advance Authorization Incentive Scheme receivable at the end of accounting year is accounted on estimate realizable value .

9. CONTINGENT LIABILITIES:

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

10. SALES:

Sales include export sales whether made directly or third parties .

11. The accounting policies have been consistently followed and there has been no significant change in such policies for changes made for statutory compliance


Mar 31, 2015

1. BASIS OF ACCOUNTING:

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting policies. The company generally follows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2. FIXED ASSETS:-

Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATION:-

Depreciation on fixed assets is provided to the extent of depreciable amount on written down value method based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 on single shift basis.

4. INVESTMENTS:

Long Term Investments are shown at cost and fluctuations in the market price of quoted shares are not provided for. Current Investments are valued at lower of cost or realizable value and any reduction in realizable value is debited to the Statement of Profit & Loss. If realizable value of current investment increases in subsequent years the increase in value of current investment to the level of the cost is credited to the Statement of Profit & Loss.

5. INVENTORIES:

Basis of valuation

Raw Materials : At average cost

Finished / Semi-finished goods : At cost or market value whichever is lower

Stores, spare parts : At cost and in appropriate cases charged to manufacturing expenses in the year of purchase.

6. FOREIGN CURRENCY TRANSACTIONS:

Transactions in foreign currency are accounted for in accordance with AS-11 issued by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transactions. Monetary items denominated in a foreign currency and outstanding at the Balance Sheet date are translated at the exchange rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expense in the year in which they arise. Non-monetary items denominated in foreign currency are carried at the exchange rate in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Company''s contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis.

(ii) Liability for gratuity in respect of employees is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy, are charged to Profit & Loss Account. The short fall in the Fund, as indicated by the L.I.C. is provided for by the Company as gratuity liability.

(iii) The leave salary payable in respect of encashable leave is provided for according to the service rule of the Company. Unavailed leave, which is not encashable during the continuance of service is not provided for.

8. ACCOUNTING FOR DUTY CREDIT SCRIPT UNDER FOCUS PRODUCT/VISHESH KRISHI UDYOG YOJNA AND STATUS HOLDER INCENTIVE SCRIPT :

Duty Credit Script under Focus Product/VKUY and Status Holder Incentive Script Schemes are normally consumed in payments of custom duty against imports made. Entries for such consumption is made in respective purchase account on the amount of custom duty adjusted. Entries for scripts transferred are accounted for on realised value. Duty Credit Script under Focus Product and Status Holder Incentive Script Scheme receivable at the end of accounting year is accounted on estimated realizable value.

9. CONTINGENT LIABILITIES:

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

10. SALES:

Sales include export sales whether made directly or through third parties.

11. The accounting policies have been consistently followed and there has been no significant change in such policies during the year except for changes made for statutory compliance.


Mar 31, 2013

1. BASIS OF ACCOUNTING:

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting policies. The company generally follows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2. FIXED ASSETS:- Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATION:- Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV to the Companies Act, 1956 on single shift basis.

4. INVESTMENTS:

Long Term Investments are shown at cost and fluctuations in the market price of quoted shares are not provided for. Current Investments are valued at lower of cost or realizable value and any reduction in realizable value is debited to the Profit & Loss Account. If realizable value of current investment increases in subsequent years the increase in value of current investment to the level of the cost is credited to the Profit & Loss Account.

5. INVENTORIES:

Basis of valuation

Raw Materials : At average cost

Finished / Semi-finished goods : At cost or market value whichever is lower

Stores, spare parts : At cost and in appropriate cases charged to manufacturing expenses in the year of purchase.

6. FOREIGN CURRENCY TRANSACTIONS :

Transactions in foreign currency are accounted for in accordance with AS-11 issued by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transactions. Monetary items denominated in a foreign currency and outstanding at the Balance Sheet date are translated at the exchange rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expense in the year in which they arise. Non-monetary items denominated in foreign currency are carried at the exchange rate in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Company''s contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis.

(ii) Liability for gratuity in respect of employees is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy, are charged to Profit & Loss Account. The short fall in the Fund, as indicated by the L.I.C. is provided for by the Company as gratuity liability.

(iii) The leave salary payable in respect of encashable leave is provided for according to the service rule of the Company. Unavailed leave, which is not encashable during the continuance of service is not provided for.

8. ACCOUNTING FOR DUTY CREDIT SCRIPT UNDER FOCUS PRODUCT/VISHESH KRISHI UDYOG YOJNA AND STATUS HOLDER INCENTIVE SCRIPT :

Duty Credit Script under Focus Product/VKUY and Status Holder Incentive Script Schemes are normally consumed in payments of custom duty against imports made. Entries for such consumption is made in respective purchase account on the amount of custom duty adjusted. Entries for scripts transferred are accounted for on realised value. Duty Credit Script under Focus Product and Status Holder Incentive Script Scheme receivable at the end of accounting year is accounted on estimated realizable value.

9. CONTINGENT LIABILITIES :

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

10. SALES:

Sales include export sales whether made directly or through third parties.

11. The accounting policies have been consistently followed and there has been no significant change in such policies during the year.


Mar 31, 2012

Not Available


Mar 31, 2011

1. BASIS OF ACCOUNTING:

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting policies. The company generally follows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2. FIXED ASSETS:-

Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATION:

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV to the Companies Act, 1956 on single shift basis.

4. INVESTMENTS:

Long Term Investments are shown at cost and fluctuations in the market price of quoted shares are not provided for. Current Investments are valued at lower of cost or realizable value and any reduction in realizable value is debited to the Profit & Loss Account. If realizable value of current investment increases in subsequent years the increase in value of current investment to the level of the cost is credited to the Profit & Loss Account.

5. INVENTORIES:

Basis of valuation

Raw Materials : At average cost

Finished / Semi-finished goods : At cost or market value whichever is lower

Stores, spare parts : At cost and in appropriate cases charged to manufacturing expenses in the year of purchase.

6. FOREIGN CURRENCY TRANSACTIONS :

Transactions in foreign currency are accounted for in accordance with AS-11 issued by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transactions. Monetary items denominated in a foreign currency and outstanding at the Balance Sheet date are translated at the exchange rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expense in the year in which they arise. Non-monetary items denominated in foreign currency are carried at the exchange rate in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Company's contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis.

(ii) Liability for gratuity in respect of employees is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy, are charged to Profit & Loss Account. The short fall in the Fund, as indicated by the LLC. is provided for by the Company as gratuity liability.

(iii) The leave salary payable in respect of encashable leave is provided for according to the service rule of the Company. Unavailed leave, which is not encashable during the continuance of service is not provided for.

8. ACCOUNTING FOR DUTY CREDIT SCRIPT UNDER FOCUS PRODUCT SCHEME:

Duty Credit Script under Focus Product Scheme are normally consumed in payments of custom duty against imports made. Entries for scripts transferred are accounted for on realised value. Duty Credit Script under Focus Product Scheme receivable at the end of accounting year is accounted on estimated realizable value.

9. CONTINGENT LIABILITIES:

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

10. SALES:

Sales include export sales whether made directly or through third parties.

11. The accounting policies have been consistently followed and there has been no significant change in such policies during the year.


Mar 31, 2010

1. BASIS OF ACCOUNTING:

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting policies. The company generally follows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATION:

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV to the Companies Act, 1956 on single shift basis.

4- INVESTMENTS:

Long Term Investments are shown at cost and fluctuations in the market price of quoted shares are not provided for. Current Investments are valued at lower of cost or realizable value and any reduction in realizable value is debited to the Profit & Loss Account. If realizable value of current investment increases in subsequent years the increase in value of current investment to the level of the cost is credited to the Profit & Loss Account.

5. INVENTORIES:

Basis of valuation

Raw Materials : At average cost

Finished / Semi-finished goods : At cost or market value whichever is lower

Stores, spare parts : At cost and in appropriate cases charged to manufacturing expenses in the year of purchase.

6. FOREIGN CURRENCY TRANSACTIONS :

Transactions in foreign currency are accounted for in accordance with AS-tl issued by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transactions. Monetary items denominated in a foreign currency and outstanding at the Balance Sheet date are translated at the exchange rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expense in die year in which they arise. Non-monetary items denominated in foreign currency are carried at the exchange rate in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Companys contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis.

(ii) Liability for gratuity in respect of employees is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy, are charged to Profit & Loss Account. The short fall in the Fund, as indicated by the L.I.C. is provided for by the Company as gratuity liability.

(iii) The leave salary payable in respect of encashable leave is provided for according to the service rule of the Company. Unavailed leave, which is not encashable during the continuance of service is not provided for.

8. CONTINGENT LIABILITIES :

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

9. SALES:

Sales include export sales whether made directly or through third parties.

10. The accounting policies have been consistently followed and there has been no significant change in such policies during the year.


Mar 31, 2001

1. BASIS OF ACCOUNTING :

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting policies. The company generally follows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2. FIXED ASSETS :-

Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATION:-

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV to the Companies Act, 1956 on single shift basis.

4. INVESTMENTS :-

Long Term Investments are shown at cost and fluctuations in the market price of quoted shares are not provided for and short term Instruments are shown at market value as per As-13 issued by the Institute of Chartered Accountatnts of India.

5. INVENTORIES:-

Basis of valuation :

Raw materials : at average cost

Semi-finished goods : at cost or market value whichever is lower

Finished goods : at cost or market value whichever is ower

Stores, spare parts : at cost and in appropriate cases charged to manufacturing expenses in the year of purchase.

6. FOREIGN CURRENCY TRANSACTIONS :

Accounting for transactions in foreign currency, according to new AS-11 issued by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transactions. Monetary items denominated in a foreign currency and outstanding at the Balance Sheet date are translated at the exchange rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expenses in the year in which they arise. Non-monetary items denominated in foreign currency are carried at the exchange rate in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Companys contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis.

(ii) Liability for gratuity in respect of employees of Varanasi Unit is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy are charged to Profit & Loss Account. The short fall in the Fund as indicated by the L.I.C. is provided for by the Company as gratuity liability. In respect of employees of Delhi Unit, gratuity is provided for on accrual basis.

8. CONTINGENT LIABILITIES;

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

9. SALES:

Sales includes export sales whether made directly or through third parties.

10. The accounting policies have been consistently followed and there has been no significant deviations in such policies during the year.


Mar 31, 2000

1. BASIS OF ACCOUNTING :

The accounts have been prepared on the basis of historical cost convention and as a going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting policies. The company generally follows the mercantile system of accounting recognizing both income and expenditure on accrual basis.

2. FIXED ASSETS :-

Fixed Assets are stated at cost of acquisition less depreciation.

3. DEPRECIATIQN:-

Depreciation on fixed assets is provided on written down value method at the rates specified in Schedule XIV to the Companies Act, 1956 on single shift basis.

4. INVESTMENTS:-

Long Term Investments are shown at cost and fluctuations in the market price of quoted shares are not provided for.

5. INVENTORIES:-

Basis of valuation :

Raw materials : at average cost

Semi-finished goods : at cost or market value whichever is lower

Finished goods : at cost or market value whichever is ower

Stores, spare parts : at cost and in appropriate cases charged to manufacturing expenses in the year of purchase.

6. FOREIGN CURRENCY TRANSACTIONS :

Accounting for transactions in foreign currency, according to new AS-11 issued by the Institute of Chartered Accountants of India. Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of the transactions. Monetary items denominated in a foreign currency and outstanding at the Balance Sheet date are translated at the exchange rate prevailing at the year end and the difference arising on account of variation in exchange rate is recognized as income or expenses in the year in which they arise. Non-monetary items denominated in foreign currency are carried at the exchange rate in force at the date of the transaction.

7. RETIREMENT BENEFITS:

(i) Companys contribution to Provident Fund, Family Pension Fund, ESI etc. are charged to Profit & Loss Account on accrual basis.

(ii) Liability for gratuity in respect of employees of Varanasi Unit is covered under the Group Gratuity Policy taken by the company from Life Insurance Corporation of India. The premium payable under the Policy are charged to Profit & Loss Account. The short fall in the Fund as indicated by the L.I.C. is provided for by the Company as gratuity liability. In respect of employees of Delhi Unit, gratuity is provided for on accrual basis.

8. CONTINGENT LIABILITIES:

Contingent Liabilities are generally not provided for in the Accounts and are shown by way of Notes on Accounts.

9. SALES:

Sales includes export sales whether made directly or through third parties.

10. The accounting policies have been consistently followed and there has been no significant deviations in such policies during the year.

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