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Accounting Policies of Belapur Industries Ltd. Company

Mar 31, 2014

I) Basis of Preparation of Financial Statement:

The financial statements have been prepared using historical cost convention and on the of going concern in accordance with generally accepted principles in India, Accounting standars notified under Section 211(3C) of the Companies Act, 1956 and otherrelevant provisions of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the financial statements and the reported amount of revenues and expenses during the reporting period. Difference Between the actual result and estimates are recognized in the period in which the result are known / materialized.

iii) Revenue Recognition:

'' All revenue and expenses are accounted for on accrual basis. Revenue in recognized when no significant uncertainites exist in relation to the amount of eventual receipt.

(a) Sales are recognized on dispatch of goods to customers.

iv) Fixed Assets:

Fixed assets are stated at their original cost of acquisition / installation, net of accumulated despreciation. amortization and impairment losses.

v) Depreciation and Amortization:

Depreciation is provided on the "written Down Value Method" in the manner and at the rates specified in schedule XIV of the Companies Act, 1956 as specified in the accounting policies.

vi) Investments:

Long Term Investments are valued at cost. Provision for diminution in value is made only if in the opinion of management such a decline is other than temporary.

vii) Provision and Contingencies:

Provision is recognized when there is a present obligation as a result of past event that prbably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure on contingent liability is made when there is a possible obligation or present obligation that probably will not require an out flow of resources or where reliable estimate of the amount of the obligation cannot be made. However contingent assets are neither provided for nor disclosed.

vill) Lease Accounting: 1

Leasing of assets whereby the lessor essentially remains the owner of the asset are classified as operting leases. Therefore Income from such lease is credited to Profit & loss Account.

1. Convention:

The Financial statements have been prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant Presentational requirements of the Companies Act, 1956.

2. Fixed Assets:

Fixed Assets (other than those which have been revalued) are stated at their original cost. In the case of revalued assets, the book value is inclusive of revaluation factor with corresponding credit under Revaluation Reserve.

3. Depreciation:

Depreciation on fixed assets is charged on written down value basis in accordance with Schedule XIV of the Companies Act, 1956. Depreciation on revalued portion of fixed assets is charged to Revaluation Reserve.

4. Investments:

Investments are shown at cost. Dividends are accounted for when realised.

5. Retirement Benefits:

Company''s contribution paid/payable to Provident Fund & other Funds are charged to the Profit and Loss Account.


Mar 31, 2013

I) Basis of Preparation of Financial Statement:

The financial statements have been prepared using historical cost convention and on the of going concern in accordance with generally accepted principles in India, Accounting standars notified under Section 211(3C) of the Companies Act, 1956 and other relevant provisions of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the financial statements and the reported amount of revenues and expenses during the reporting period. Difference Between the actual result and estimates are recognized in the period in which the result are known / materialized.

iii) Revenue Recognition:

All revenue and expenses are accounted for on accrual basis. Revenue in recognized when no significant uncertainites exist in relation to the amount of eventual receipt.

(a) Sales are recognized on dispatch of goods to customers.

iv) Fixed Assets:

Fixed assets are stated at their original cost of acquisition / installation, net of accumultated despreciation. amortization and impairment losses.

v) Depreciation and Amortization:

Depreciation is provided on the "written Down Value Method" in the manner and at the rates specified in schedule XIV of the Companies Act, 1956 as specified in the accounting policies.

vi) Investments:

Long Term Investments are valued at cost. Provision for diminution in value is made only if in the opinion of management such a decline is other than temporary.

vii) Provision and Contingencies:

Provision is recognized when there is a present obligation as a result of past event that prbably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure on contingent liability is made when there is a possible obligation or present obligation that probably will not require an out flow of resources or where reliable estimate of the amount of the obligation cannot be made. However contingent assets are neither provided for nor disclosed.

vill) Lease Accounting:

Leasing of assets whereby the lessor essentially remains the owner of the asset are classified as operting leases. Therefore Income from such lease is credited to Profit & loss Account.

1. Convention :

The Financial statements have been prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

2. Fixed Assets:

Fixed Assets (other than those which have been revalued) are stated at their original cost. In the case of revalued assets, the book value is inclusive of revaluation factor with corresponding credit under Revaluation Reserve.

3. Depreciation:

Depreciation on fixed assets is charged on written down value basis in accordance with Schedule XIV of the Companies Act, 1956. Depreciation on revalued portion of fixed assets is charged to Revaluation Reserve.

4. Investments:

Investments are shown at cost. Dividends are accounted for when realised.

5. Retirement Benefits:

Company''s contribution paid/payable to Provident Fund & other Funds are charged to the Profit and Loss Account.


Mar 31, 2012

I) Basis of Preparation of Financial Statements :

The financial statements have been prepared using historical cost convention and on the basis of going concern in accordance with generally accepted accounting principles in India, Accounting standards notified under Section 211(3C) of the Companies Act, 1956 and other relevant provisions of the Companies Act, 1956.

ii) Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference Between the actual result and estimates are recognized in the period in which trie result are known /materialized.

iii) Revenue Recognition:

All revenue and expenses are accounted for on accrual basis. Revenue is recognized when no significant uncertainties exist in relation to the amount of eventual receipt. (a) Sales are recognized on dispatch of goods to customers

iv) Fixed Assets :

Fixed assets are stated at their original cost of acquisition / installation, net of accumulated despreciation, amortization and impairment losses.

v) Depreciation and Amortization :

Depreciation is provided on the "written Down Value Method" in the manner and at the rates specified in schedule XIV of the Comoanies Act, 1956 as specified in the accounting policies

vi) Investments :

Long Term Investments are valued at cost. Provision for diminution in value is made only if in the opinion of management such a decline is other than temporary.

vii) Provision and Contingencies:

Provision is recognized when there is a present obligation as a result of past event that prbably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure on contingent liability is made when there is a possible obligation or present obligation that probably will not require an out flow of resources or where reliable estimate of the amount of the obligation cannot be made. However contingent assets are neither provided for nor disclosed.

viii) Earning Per Share :

Calaulation of Earning Per shar is not applicable as company has incurred losses in the current year.

ix) Lease Accounting:

Leasing of assets whereby the lessor essentially remains the owner of the asset are classified as operating leases. Therefore Income from such lease is credited to Profit & loss Account.

1 Convention :

The Financial statements have been prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational require- ments of the Companies Act, 1956.

2. Fixed Assets :

Fixed Assets (other than those which have been revalued) are stated at their original cost. In the case of revalued assets, the book value is inclusive of revaluation factor with corresponding credit under Revaluation Reserve.

3. Depreciation :

Depreciation on fixed assets is charged on written down value basis in accordance with Schedule XIV of the Companies Act, 1956. Depreciation on revalued portion of fixed assets is charged to Revaluation Reserve.

4. Investments :

Investments are shown at cost. Dividends are accounted for when realised.

5. Retirement Benefits :

Company's contribution paid/payable to Provident Fund & other Funds are charged to the Profit and Loss Account.


Mar 31, 2010

1. Convention:

The Financial statements have been prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

2. Fixed Assets:

Fixed Assets (other than those which have been revalued) are stated at their original cost. In the case of revalued assets, the book value is inclusive of revaluation factor with corresponding credit under Revaluation Reserve.

3. Depreciation:

Depreciation on fixed assets is charged on written down value basis in accordance with Schedule XIV of the Companies Act, 1956. Depreciation on revalued portion of fixed assets is charged to Revaluation Reserve.

4. Investments:

Investments are shown at cost. Dividends are accounted for when realised.

5. Retirement Benefits:

Companys contribution paid/payable to Provident Fund & other Funds are charged to the Profit and Loss Account.

 
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