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Accounting Policies of Betex India Ltd. Company

Mar 31, 2015

1.1 GENERAL

I) The Financial statements have generally, been prepared in accordance with applicable Accounting Standards on the historical cost Convention on accrual basis.

II) Accounting Policies, not specifically referred to otherwise, are in consonance with generally accepted accounting policies.

1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS (AS -1):

The Company generally follows mercantile system of accounting except otherwise herein stated.

1.3 FIXED ASSETS (AS-10)

Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation. Cost comprises of Purchase price and all other cost attributable to bringing the assets to its working condition for its intended use. As per the requirement of Sch.ll of Companies Act 2013, Residual value of 5% of Gross Amount of the assets is must to be kept. To adher the provision, the Company has reinstated the Residual value of certain fixed assets. Due this reinstatement, Profit & Loss account is increased by Rs. 14,83,928/- and Assets has been increased with the same amount.

1.4 DEPRECIATION (AS-6)

Depreciation has been provided in accordance with the provision of schedule II of the Companies Act 2013, on Straight Line method, except Wind Mill Unit, on which Depreciation has been provided as per Written Down Value Method. Remaining useful life of the assets is as confirmed by the management. Depreciation on assets exist as on 31.03.2014 is computed based on remaining useful life of asset confirmed by the management.

1.5 INVESTMENTS (AS-13)

Investments are stated at Cost. Investment in Share & Securities are considered as long term and valued at cost. No provision for shortfall in value at the end of the year is provided for

1.6 INVENTORIES (AS-2)

a). Raw Materials At Cost.

b). Stores & Spares At Cost

c). WIP At average cost (including all overheads)

c). Power Unit At Cost

Cost of Inventories is ascertained under FIFO Basis.

1.7 REVENUE AND EXPENDITURE RECOGNITION (AS-9)

Expenses and incomes, not specifically referred to otherwise consider payable and receivable respectively accounted for on accrual basis except claims, Claims in respect of materials purchased and sold and Rebate & Discount etc. which are accounted on cash basis.

1.8 IMPAIRMENT OF ASSETS (AS-28)

An assets is treated as impairment when the carrying cost of the assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an assets is identified as impaired.

1.9 RETIREMENT BENEFIT (AS-15)

aII the Retirement Benefits to the employees are being made on the payment basis.

1.10 INCOME TAX (AS-22)

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Tax expenses for the year, comprising Current Tax and Deferred Tax is included in determining the Net Profit for the year. Deferred Tax Assets and Liabilities are recognised for the Future Tax consequences of temporary difference between the carrying value of assets and liabilities in their respective tax base, and operating loss carry forward. The Deferred Tax Assets are recognised subject to managements judgements that realisation is more likely than not. Deferred Tax Assets and Liabilities are measured using the enacted tax rates expected to apply to taxable income in the year in which the temporary difference are expected to be reviewed or settled.

1.11 BORROWING COSTS

Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Costs in connection with the borrowing of funds to the extent not directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the date of capitalisation of such asset is added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted.


Mar 31, 2014

1.1 GENERAL :

I) The Financial statements have generally, been prepared in accordance with applicable Accounting Standards on the historical cost Convention on accrual basis.

II) Accounting Policies, not specifically referred to otherwise, are in consonance with generally accepted accounting policies.

1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS (AS -1):

The Company generally follows mercantile system of accounting except otherwise herein stated.

1.3 FIXED ASSETS (AS-10):

Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation. Cost comprises of Purchase price and all other cost attributable to bringing the assets to its working condition for its intended use

1.4 DEPRECIATION (AS-6) :

Depreciation has been provided at the rates and in accordance with the provision of schedule XIV of the Companies Act 1956, on Straight Line method, except Wind Mill Unit, on which Depreciation has been provided as per Written Down Value Method of Companies Act, 1956

1.5 INVESTMENTS (AS-13) :

Investments are stated at Cost. Investment in Share & Securities are considered as long term and valued at cost. No provision for shortfall in value at the end of the year is provided for.

1.6 INVENTORIES (AS-2):

a). Raw Materials : At Cost.

b). Stores & Spares : At Cost

b). Power Unit : At Cost

Cost of Inventories is ascertained under FIFO Basis.

1.7 REVENUE AND EXPENDITURE RECOGNITION (AS-9) :

Expenses and incomes, not specifically referred to otherwise consider payable and receivable respectively accounted for on accrual basis except claims, Claims in respect of materials purchased and sold and Rebate & Discount etc. which are accounted on cash basis.

1.8 IMPAIRMENT OF ASSETS (AS-28) :

An assets is treated as impairment when the carrying cost of the assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an assets is identified as impaired.

1.9 RETIREMENT BENEFIT (AS-15):

All the Retirement Benefits to the employees are being made on the payment basis.

1.10 INCOME TAX (AS-22):

Current tax is the amount of tax payable on the taxable income for the year as determined in accodance with the provisions of the Income Tax Act, 1961. Tax expenses for the year, comprising Current Tax and Deferred Tax is included in determining the Net Profit for the year. Deferred Tax Assets and Liabilities are recognised for the Future Tax consequences of temporary difference between the carrying value of assets and liabilities in their respective tax base, and operating loss carry forward. The Deferred Tax Assets are recognised subject to managements judgements that realisation is more likely than not. Deferred Tax Assets and Liabilities are measured using the enacted tax rates expected to apply to taxable income in the year in which the temporary difference are expected to be reviewed or settled.

1.11 BORROWING COSTS :

Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Costs in connection with the borrowing of funds to the extent not directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the date of capitalisation of such asset is added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted.


Mar 31, 2013

1.1 GENERAL:

I) The Financial statements have generally, been prepared in accordance with applicable Accounting Standards on the historical cost Convention on accrual basis.

II) Accounting Policies, not specifically referred to otherwise, are in consonance with generally accepted accounting policies.

1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS (AS -1):

The Company generally follows mercantile system of accounting except otherwise herein stated.

1.3 FIXED ASSETS (AS-10):

Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation. Cost comprises of Purchase price and all other cost attributable to bringing the assets to its working condition for its intended use

1.4 DEPRECIATION (AS-6):

Depreciation has been provided at the rates and in accordance with the provision of schedule XIV of the Companies Act 1956, on Straight Line method, except Wind Mill Unit, on which Depreciation has been provided as per Written Down Value Method of Companies Act, 1956

1.5 INVESTMENTS (AS-13):

Investments are stated at Cost. Investments Share & Securities are considered as long term and valued at cost. No provision for shortfall in value at the end of the year is provided for.

1.6 INVENTORIES (AS-2):

a). Raw Materials : At Cost.

b). Stores & Spares : At Cost

b). Power Unit : At Cost

Cost of Inventories is ascertained under FIFO Basis.

1.7 REVENUE AND EXPENDITURE RECOGNITION (AS-9) :

Expenses and incomes, not specifically referred to otherwise consider payable and receivable respectively accounted for on accrual basis except claims, Claims in respect of materials purchased and sold and Rebate & Discount etc. which are accounted on cash basis.

1.8 IMPAIRMENT OF ASSETS (AS-28) :

An assets is treated as impairment when the carrying cost of the assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an assets is identified as impaired.

1.9 RETIREMENT BENEFIT (AS-15):

All the Retirement Benefits to the employees are being made on the payment basis.

1.10 INCOME TAX (AS-22):

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Tax Expenses for the year, comprising Current Tax and Deferred Tax is-- included in determining the Net Profit for the year. Deferred Tax Assets and Liabilities are recognised for the Future Tax consequences of temporary difference between the carrying value of assets and liabilities in their , respective tax base, and operating loss carry forward. The Deferred Tax Assets are recognised subject to '' managements judgements that realisation is more likely than not. Deferred Tax Assets and Liabilities are measured using the enacted tax rates expected to apply to taxable income in the year in which the temporary difference are expected to be reviewed or settled.

1.11 BORROWING COSTS :

Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Costs in connection with thejsorrowing of funds to the extent not directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / > development of the qualifying asset upto the date of capitalisation of such asset is added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted.

i. The Company has Two class of shares referred to as equity shares having face value of Rs. 10/- each and Non- Convertible Redeemable Preferance Shares having face value of Rs. 10/- each. Each holder of equity share is entitled to one vote per share

ii. The holder of equity shares are entitled to dividends, if any proposed by the Board of Directors and approved by share holder at the Annual General Meeting.

iii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive ap/''of the remaining assets of the Company, after distribution of all preferential amounts,. However. No such~preferential amounts exists currently. The distribution will be in proportion to the numbers of equity shares held by the Share holders.

iv. Non-convertible Redeemable Pref. shares does not carried any votting rights

(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period: Provision for Deferred Tax Liabilities/ Assets (net) amounting to Rs. 4,41,719/- is based on accounting standard for deferred tax (AS-22) being "Timing differences" between books and taxable profit which will be adjusted/reversed in future when these expenditure would be accounted for on accrual basis or allowed for tax purposes. The major component of deferred tax assets and liability arising out timing difference as above.

The details of status of suppliers whether MSME or Otherwise are not available to the company, hence due/ payable to creditors are not separately given as required under the Companies Act. The information regarding the suppliers, whether they are registered with the authority specified under the Micro, Small & Medium Enterprises Development Act, 2006 is not available with the auditee. Hence we are unable to calculate the amount of interest paid or payable to them U/s.23 of that Act.


Mar 31, 2011

1 GENERAL:

I) The Financial statements have generally, been prepared on the historical cost Convention.

II) Accounting Policies, not specifically referred to otherwise, are in consonance with generally accepted accounting policies.

2 BASIC OF ACCOUNTING (AS-1) :

The Company generally follows mercantile system of accounting except otherwise herein stated.

3 FIXED ASSETS (AS-10) :

Fixed Asset are stated at cost of acquisition or Construction less accumulated depreciation. Cost Comprises of Purchase price and all other Cost attributable to bringing the Assets to its working Condition for its intended Use.

4 DEPRECIATION (AS-6):

Depreciation has been provided at the rates and in accordance with the provisions of schedule XIV of the Companies Act., 1956, on Straight Line Method, Except the WINDMILL UNIT, on which Depreciation has been provided as per Written Down Value Method of Companies Act, 1956.

5 INVESTMENTS (AS-13)

Investments are stated at cost. Investment in share & securities are considered as long term and valued at cost. No provision for shortfall in value at the end of the year is provided for.

6 REVENUE AND EXPENDITURE RECOGNITION (AS-9) :

Expenses and incomes, not specifically referred to otherwise consider payable and receivable respectively accounted for on accrual basis except claims, Claims in respect of materials purchased and sold and Rebate & Discount etc which are accounted on cash basis.

7 IMPAIRMENT OF ASSETS

An assets is treated as impairment when the carrying cost of the assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an assets is identified as impaired.

8 RETIREMENT BENEFIT (AS-15):

All the Retirement Benefits to the employees are being made on the payment basis. The Company is member of Recognised Provident Fund scheme established by Govt. of Gujarat. The Company is contributing the eligible amount under the scheme every month.

9 INCOME TAX (AS -22):

Tax Expenses for the year, comprising Current Tax and Deferred Tax is included in determining the Net Profit for the year. Deferred Tax Assets and Liabilities are recognised for the Future tax consequences of temporary difference between the carrying value of assets and Liabilities in their respective Tax Base, and operating Loss Carry Forward. The Deferred Tax Assets are recognised subject to managements judgment that realisation is more likely than not. Deferred Tax Assets and Liabilities are measured using the enacted Tax Rates expected to apply to Taxable income in the year in which the temporary difference are expected to be reviewed. or settled.


Mar 31, 2010

1 GENERAL:

I) The Financial statements have generally, been prepared on the historical cost Convention.

II) Accounting Policies, not specifically referred to otherwise, are In consonnance with generally accepted accounting policies.

2 BASIC OF ACCOUNTING :

The Company generally follows mercantile system of accounting except otherwise herein stated.

3 FIXED ASSETS :

Fixed asset are stated at cost of acquisition less accumulated depreciatlon.Depreciatton has been provided at the rates and in accordance with the provisions of schedule XIV of the Companies Act., 1956, on straight line method, except the WINDMILL UNIT, on which Depreciation has been provided as per Written Down Value Method of Companies Act, 1956.

4 INVESTMENTS Investments are stated at cost.

5 INVENTORIES :

Inventories are stated on Cost or Market Value which ever is lower. Power Unit kept as deposit with G.E.B. are valued at cost or Market Value whichever is lower.

6 REVENUE AND EXPENDITURE RECOGNITION :

Revenue are recognised and expenditure is accounted for on accrual basis except claims, Claims In respect of materials purchased and sold and Rebate & Discount etc which are accounted on cash basis.

7 RETIREMENT BENEFIT

All the retirement benefits to the employees are being made on the payment basis.


Mar 31, 2009

1 GENERAL:

I) The Financial statements have generally, been prepared on the historical cost Convention.

II) Accounting Policies, not specifically referred to otherwise, are in consonnance with generally accepted accounting policies.

2 BASIC OF ACCOUNTING :

The Company generally follows mercantile system of accounting except otherwise herein stated.

3 FIXED ASSETS :

Fixed asset are stated at cost of acquisition less accumulated depreciation.Depreciation has been provided at the rates and in accordance with the provisions of schedule XIV of the Companies Act., 1956, on straight line method, except the WINDMILL UNIT, on which Depreciation has been provided as per Written Down Value Method of Companies Act, 1956.

4 INVESTMENTS Investments are stated at cost.

5 INVENTORIES :

Inventories are stated on Cost or Market Value which ever is lower. Power Unit kept as deposit with G.E.B. are valued at cost or Market Value whichever is lower.

6 REVENUE AND EXPENDITURE RECOGNITION :

Revenue are recognised and expenditure is accounted for on accrual basis except claims, Claims in respect of materials purchased and sold and Rebate & Discount etc which are accounted on cash basis.

7 RETIREMENT BENEFIT

All the retirement benefits to the employees are being made on the payment basis.

 
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