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Accounting Policies of BGIL Films & Technologies Ltd. Company

Mar 31, 2014

(a) General:

Accounting Principles not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. The company prepares its accounts on accrual basis, except otherwise stated, in accordance with normally accepted policies. The accounts are prepared on historical cost basis and as a going concern.

(b) Revenue Recognition

The Company''s income from operation is accounted for on accrual basis.

(c) Fixed Assets:

All the Fixed Assets have been stated on cost inclusive of incidental expenses less accumulated depreciation.

(d) Depreciation:

Depreciation is calculated on Fixed Assets on straight- line method in accordance with the schedule XIV as amended of the Companies Act, 1956

(e) Investments:

Long term investments are valued at cost, less provision for diminution, other than temporary. Short term investments are valued at cost or market value, which is lower.

(f) Inventory:

(a) Finished goods are valued at cost or net realizable value, whichever is lower.

(b) Raw materials and stores & spares are valued at cost.

(c) Work in progress is valued at the cost incurred.

(d) The cost of inventories comprises all costs of purchase (including duties for which no credit/ rebate is to be received), costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Trade discounts, rebates, duty drawbacks and other similar items are deducted in determining the costs of purchase.

(e) The cost of inventories is arrived by using First- In-First-Out (FIFO) cost formula.

(g) Miscellaneous expenditure:

Preliminary expenses & Public Issue Expenses are being written off over a period of 10 years.

(h) Retirement Benefits:

Provision for Gratuity will be accounted for on the retirement / cessation of employment. No amount has been charged to Profit & Loss Account on account of gratuity during the previous year.

(I) Contingent Liabilities

Unprovided contingent liabilities are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

(i) Taxation

Provision for Taxation has been made in accordance with the Income Tax Act, 1961.

Deferred tax resulting from timing difference between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallise.

The Policies not specifically mentioned above are in agreement with the accounting standards issued by the Institute of Chartered Accountants of India.

(iii) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amonuts. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2013

(a) General:

Accounting Principles not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. The company prepares its accounts on accrual basis, except otherwise stated, in accordance with normally accepted policies. The accounts are prepared on historical cost basis and as a going concern.

(b) Revenue Recognition

The Company''s income from operation is accounted for on accrual basis.

(c) Fixed Assets:

All the Fixed Assets have been stated on cost inclusive of incidental expenses less accumulated depreciation.

(d) Depreciation:

Depreciation is calculated on Fixed Assets on straight-line method in accordance with the schedule XIV as amended of the Companies Act, 1956

(e) Investments:

Investments are stated as cost.

(f) Current Assets:

Current Assets are stated at Cost or Market value whichever is lower except Stock in Trade, held in shares and Debentures, which have been valued at Cost Price.

(g) Miscellaneous expenditure:

Preliminary expenses & Public Issue Expenses are being written off over a period of 10 years.

(h) Retirement Benefits:

Provision for Gratuity will be accounted for on the retirement / cessation of employment. No amount has been charged to Profit & Loss Account on account of gratuity during the previous year.

(I) Contingent Liabilities

Unprovided contingent liabilities are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

(i) Taxation

Provision for Taxation has been made in accordance with the Income Tax Act, 1961.

Deferred tax resulting from timing difference between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallise.

The Policies not specifically mentioned above are in agreement with the accounting standards issued by the Institute of Chartered Accountants Of India.


Mar 31, 2012

(a) General:

Accounting Principles not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. The company prepares its accounts on accrual basis, except otherwise stated, in accordance with normally accepted policies. The accounts are prepared on historical cost basis and as a going concern.

(b) Revenue Recognition

The Company's income from operation is accounted for on accrual basis.

(c) Fixed Assets:

All the Fixed Assets have been stated on cost inclusive of incidental expenses less accumulated depreciation.

(d) Depreciation:

Depreciation is calculated on Fixed Assets on straight-line method in accordance with the schedule XIV as amended of the Companies Act, 1956

(e) Investments:

Investments are stated as cost.

(f) Current Assets:

Current Assets are stated at Cost or Market value whichever is lower except Stock in Trade, held in shares and Debentures, which have been valued at Cost Price.

(g) Miscellaneous expenditure:

Preliminary expenses & Public Issue Expenses are being written off over a period of 10 years.

(h) Retirement Benefits:

Provision for Gratuity will be accounted for on the retirement / cessation of employment. No amount has been charged to Profit & Loss Account on account of gratuity during the previous year.

(I) Contingent Liabilities

Unprovided contingent liabilities are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

(i) Taxation

Provision for Taxation has been made in accordance with the Income Tax Act, 1961.

Deferred tax resulting from timing difference between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallise.

The Policies not specifically mentioned above are in agreement with the accounting standards issued by the Institute of Chartered Accountants Of India.


Mar 31, 2011

(a) General:

Accounting Principles not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. The company prepares its accounts on accrual basis, except otherwise stated, in accordance with normally accepted policies. The accounts are prepared on historical cost basis and as a going concern.

(b) Revenue Recognition

The Company's income from operation is accounted for on accrual basis.

(c) Fixed Assets:

All the Fixed Assets have been stated on cost inclusive of incidental expenses less accumulated depreciation.

(d) Depreciation:

Depreciation is calculated on Fixed Assets on straight-line method in accordance with the schedule XIV as amended of the Companies Act, 1956

(e) Investments:

Investments are stated as cost.

(f) Current Assets:

Current Assets are stated at Cost or Market value whichever is lower except Stock in Trade, held in shares and Debentures, which have been valued at Cost Price.

(g) Miscellaneous expenditure:

Preliminary expenses & Public Issue Expenses are being written off over a period of 10 years.

(h) Retirement Benefits:

Provision for Gratuity will be accounted for on the retirement / cessation of employment. No amount has been charged to Profit & Loss Account on account of gratuity during the previous year.

(I) Contingent Liabilities

Unprovided contingent liabilities are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

(i) Taxation

Provision for Taxation has been made in accordance with the Income Tax Act, 1961.

Deferred tax resulting from timing difference between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallise.

The Policies not specifically mentioned above are in agreement with the accounting standards issued by the Institute of Chartered Accountants Of India.


Mar 31, 2010

(a) General:

Accounting Principles not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. The company prepares its accounts on accrual basis, except otherwise stated, in accordance with normally accepted policies. The accounts are prepared on historical cost basis and as a going concern.

(b) Revenue Recognition

The Companys income from operation is accounted for on accrual basis.

(c) Fixed Assets:

All the Fixed Assets have been stated on cost inclusive of incidental expenses less accumulated depreciation.

(d) Depreciation:

Depreciation is calculated on Fixed Assets on straight-line method in accordance with the schedule XIV as amended of the Companies Act, 1956

(e) Investments:

Investments are stated as cost.

(f) Current Assets:

Current Assets are stated at Cost or Market value whichever is lower except Stock in Trade, held in shares and Debentures, which have been valued at Cost Price.

(g) Miscellaneous expenditure:

Preliminary expenses & Public Issue Expenses are being written off over a period of 10 years.

(h) Retirement Benefits:

Provision for Gratuity will be accounted for on the retirement / cessation of employment. No amount has been charged to Profit & Loss Account on account of gratuity during the previous year.

(I) Contingent Liabilities

Unprovided contingent liabilities are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

(i) Taxation:

Provision for Taxation has been made in accordance with the Income Tax Act, 1961.

Deferred tax resulting from timing difference between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallise.

The Policies not specifically mentioned above are in agreement with the accounting standards issued by the Institute of Chartered Accountants Of India.

 
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