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Accounting Policies of Bisil Plast Ltd. Company

Mar 31, 2015

1.1 Accounting estimate:

The preparation of financial statements in conformity with the generally accepted accounting principles in India (Indian GAAP) requires management to make estimates and assumptions that effect the reported amounts of Asset and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is prospectively recognized in current and future periods.

1.2 Fixed Assets:

Fixed assets existing as on 31.03.1993 have been revalued as per the report of Government Approved Valuer. The revalued assets are stated at the revalued figure less accumulated depreciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquired after 31.03.1993 are stated at the cost of acquisition including incidental expenses related to acquisition & installation less accumulated depreciation except for lease hold land.

1.3 Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates prescribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use.

1.4 Impairment of Assets:

Pursuant to Accounting Standard (AS-28) - Impairment of Assets issued the Institute of Chartered Accountants of India, the carrying amounts ofthe Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. If at the Balance Sheet date, there is indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is assessed at the recoverable amount subject to maximum of depreciable historical cost.

1.5 Earnings Per Share (EPS)

The basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the year.

1.6 Provision and Contingencies:

A provision is recognized when there is present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

A disclosure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resource. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

1.7 Borrowing Costs:

Borrowing Costs are charged to Profit & Loss account except those which attributed to the acquisition or construction of qualifying assets.


Mar 31, 2014

Note : 1

1 Basis of preparation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as prescribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companies Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been prepared in indian rupees.

Note : 2

The Financial statements for the year ended March 31, 2014 had been prepared as per the then applicable, pre-revised schedules VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2014 are prepared as per Revised Schedule VI. Accordingly, the previous year figure have also been reclassified to confirm to this year''s classification. Such reclassification of previous year figure does not impact recognition and measurement principles followd for preparation of financial statements.

Note : 3

NOTES ON ACCOUNTS

3.1 Accounting estimate:

The preparation of financial statements in conformity with the generally accepted accounting principles in india (Indian GAAP) requires management to make estimates and assumptions that effect the reported amounts of Asset and liabilities and the discloure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is prospectively recognized in current and future periods.

3.2 Fixed Assets:

Fixed assets existing as on 31.03.1993 have been revalued as per the report of Government Approved Valuer. The revalued assets are stated at the revalued figure less accumulated depreciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquried after 31.03.1993 are stated at the cost of acquisiion including incidental expenses related to acquisition & installation less accumulated depreciation except for lease hold land.

3.3 Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates prescribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use.

3.4 Impairment of Assets:

Pursuant to Accounting Standard (AS-28) - Impairment of Assets issued the Institute of Chartered Accountants of India, the carrying amounts of the Company''s assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. If at the Balance Sheet date, there is indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is assessed at the recoverable amount subject to maximum of depreciable historical cost.

3.5 Earnings Per Share (''EPS'')

The basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the year.

3.6 Provision and Contingencies:

A provision is recognized when there is present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

A discloure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resource. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

3.7 Borrowing Costs:

Borrowing Costs are charged to Profit & Loss account except those which attributed to the acquisition or construction of qualifyling assets.


Mar 31, 2013

1.1 Accounting estimate:

The preparation of financial statements in conformity with the generally accepted accounting principles in india (Indian GAAP) requires management to make estimates and assumptions that effect the reported amounts of Asset and liabilities and the discloure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is prospectively recognized in current and future periods.

1.2 Fixed Assets:

Fixed assets existing as on 31.03.1993 have been revalued as per the report of Government Approved Valuer. The revalued assets are stated at the revalued figure less accumulated depreciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquried after 31.03.1993 are stated at the cost of acquisiion including incidental expenses related to acquisition & installation less accumulated depreciation except for lease hold land.

1.3 Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates prescribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use.

1.4 Impairment of Assets:

Pursuant to Accounting Standard (AS-28) - Impairment of Assets issued the Institute of Chartered Accountants of India, the carrying amounts of the Company''s assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. If at the Balance Sheet date, there is indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is assessed at the recoverable amount subject to maximum of depreciable historical cost.

1.5 Earnings Per Share (''EPS'')

The basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the year.

1.6 Provision and Contingencies:

A provision is recognized when there is present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

A discloure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resource. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

1.7 Borrowing Costs:

Borrowing Costs are charged to Statement of Profit & Loss except those which attributed to the acquisition or construction of qualifyling assets.


Mar 31, 2012

1.1 Accounting estimate:

The preparation of financial statements in conformity with the generally accepted accounting principles in India (Indian GAAP) requires management to make estimates and assumptions that effect the reported amounts of Asset and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is prospectively recognized in current and future periods.

1.2 Fixed Assets:

Fixed assets existing as on 31.03.1993 have been revalued as per the report of Government Approved Valuer. The revalued assets are stated at the revalued figure less accumulated depreciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquired after 31.03.1993 are stated at the cost of acquisition including incidental expenses related to acquisition & installation less accumulated depreciation except for lease hold land.

1.3 Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates prescribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use.

1.4 Impairment of Assets:

Pursuant to Accounting Standard (AS-28) - Impairment of Assets issued the Institute of Chartered Accountants of India, the carrying amounts of the Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. If at the Balance Sheet date, there is indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is assessed at the recoverable amount subject to maximum of depreciable historical cost.

1.5 Earnings Per Share ('EPS')

The basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the year.

1.6 Provision and Contingencies:

A provision is recognized when there is present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.

These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate. A discloure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resource. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

1.7 Borrowing Costs:

Borrowing Costs are charged to Profit & Loss account except those which attributed to the acquisition or construction of qualifyling assets.


Mar 31, 2011

The accounts are prepared and presented in accordance with the Generally Accepted accounting Principles and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company Affairs, Ministry of Industry and Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ('ICAI') and notified by the Companies Accounting Standard Rules, 2006 to the extend applicable.

1.1 Basis of Accounting : The financial statements are prepared under the historical cost convetion. The company follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainities.

1.2 Accounting estimate : The preparation of financial statements in conformity with the generally accepted accounting principles in India (Indian GAAP) requires management to make estimate and assumptions that effect the reported amounts of Asset and liabilities and the disclosure of contingent liablities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is prospectively recognized in current and future periods.

1.3 Fixed Asstes : Fixed assets existing as on 31.03.1993 have been revalued as per the report of government approved valuer. The revalued assets are stated at the revalued figure less accumulated depreciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquried after 31.03.1993 are stated at the cost of acquisiion including incicdental expenses related to acuisition & installation less accumulated depreciation except for free hold land.

1.4 Depreciation : Depreciation on fixed assets is provided on straight line method at the rates prescribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use.

1.5 Investments : Investments that are readily realizable and intended to be held for not more than twelve months are classified as current investments. All other investments are classified as long term investments.

Long term investments are stated at cost less any other non temporary diminution in value, determined separately for each individual investment. Current investments are carried at lower of cost and fair value. The comparison of cost and fair value is done separately in respect of each category of investments.

1.6 Impairment of Assets : Pursuant to Accounting Standard (AS-28) - Impairment of Assets issued the Institute of Chartered Accountants of India, the carrying amounts of the Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. If at the Balance Sheet date, there is indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is assessed at the recoverable amount subject to maximum of depreciable historical cost.

1.7 Earnings Share ('EPS') : The basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the year.

1.8 Provision and Contingencies : A provision is recognized when there is present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

A disclosure for a contingent liability is made when there is a possible or present obligation that may, but probably will not require an outflow of resource. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

1.9 Borrowing Costs : Borrowing Costs are charged to Profit & Loss Account except those which attributed to the acquisition or construction of qualifying assets.


Mar 31, 2010

The accounts are prepared in accordance with the accounting principles generally accepted in India and are in line with the relevant Laws as well as the guidelines prescribed by the department ol Company affairs, Ministry of Industry and the Institute of Chartered Accountants of India :

i) Basis of Accounting

The financial statements are prepared under the historical coat convetion on accrual basis.

ii) Fixed Asstes

Fixed assets existing as on 31.03.1993 have been revalued as per the report of government approved valuer. The revalued assets are stated at the revalued figure less accumulated depreciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquried after 31.03.1993 are stated at the cost of acquisiion including incicdental expenses related to acuisition S installation less accumulated depreciation except for free hold land.

iii) Depreciation

Depreciation on fixed assets is provided on straight line method at the rates prescribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use.

iv) Investment

Investments are stated at cost.

v) Inventories

1. Inventories are valued at the lower of cost or net realisable value except [or a stock of Raw Material, Packing Material, Stores S Spares which are valued at cost.

2. No provision for Income Tax has been made in view of carried forward losses.

 
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