Home  »  Company  »  Bloom Industries  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Bloom Industries Ltd. Company

Mar 31, 2014

1.01 FIXED ASSETS AND DEPRECIATION:

(i) Fixed Assets are stated at cost inclusive of other identifiable direct expenses and errection expenses up to the date of the assets put to use and on commencement of production.

(ii) The company is charging depreciation under the straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956.

2.02 INVESTMENTS:

Investments are stated at cost and valued on FIFO basis. In the management''s opinion the decline in the value of shares on the concerned stock exchange is of short-term nature and no provision for the decline in the value of investment is considered necessary as on the date of the balance sheet.

2.03 INVENTORIES :

The Company had followed the value of inventories as cost or market value whichever is lower. However Raw Materials, Material-in-Process, Stores and spare parts during the year are Nil.

2.04 SALES:

Sales, Labour Job charges, Warehousing charges, Sale of goods & Services given net of trade discounts.

2.05 PURCHASE:

Purchases shown in the books of account are purchase cost and other direct expenses incurred.

2.06 EXCISE DUTY:

The company has not liable to pay or charge excise duty as there is no any exciseable goods manufacturing activities during the year.

2.07 CENVAT

Benefit of Cenvat credit in respect of Service Tax is directly reduce from the respective expenses /Fixed Assets.

2.08 TAXATION

Current Income tax are measured at the amount expected to be paid to Tax authorities in accordance with the Income Tax Act 1961 Tax paid under MAT if any is to be charge to profit & loss a/c.

2.09 TREATMENT OF RETIREMENT BENEFITS:

Retirement benefits are recorded only on the Crystalisation of liability.

2.10 CONTINGENT LIABILITY :

Contingent liabilities are determined on the basis of available information and are disclosed byway of a note to the accounts.

2.11 FORIEGN CURRENCY TRANSCATION :

Foreign Currency transaction are recorded in the books of the Company at the rates prevailing on the date of payment.

18. FORFEITURE OF EQUITY SHARES

Out of the forfeited equity shares of Rs.32.03 Lacs which were forfeited in financial year 1994-95. Some allotees filed case against forfeiture in respect of 10400 Equity Shares of Rs.10A each which are pending before various courts. In this respect company has not made any provisions.

19. MANAGERIAL REMUNERATION :

(a) Director''s Remuneration: Rs. 1,80,000/- (previous year Rs.1,80,000/-)

(b) The remuneration stated above is in accordance with the provisions of and Schedule XIII to the Companies Act, 1956.

Since the remuneration stated above is the within the limit of remuneration paid to the managerial personnel, calculation of managerial remuneration under Section 198 of the Companies Act, 1956 is not applicable.


Mar 31, 2013

1.01 FIXED ASSETS AND DEPRECIATION :

(i) Fixed Assets are stated at cost inclusive of other identifiable direct expenses and erection expenses up to the date of the assets put to use and on commencement of production.

(ii) The company is charging depreciation under the straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956.

1.02 INVESTMENTS:

Investments are stated at cost and valued on FIFO basis. In the management''s opinion the decline in the value of shares on the concerned stock exchange is of short-term nature and no provision for the decline in the value of investment is considered necessary as on the date of the balance sheet.

1.03 INVENTORIES:

The Company had followed the value of inventories as cost or market value whichever is lower However Raw Materials, Material-in-Process, Stores and spare parts during the yearare Nil

1.04 SALES:

Sales, Labour Job, Warehousing charges, comprise sale of goods, Services given net of trade discounts.

1.05 PURCHASE:

Purchases shown in the books of account are purchase cost and other direct expenses incurred.

1.06 EXCISE DUTY:

The company has not liable to pay or charge excise duty as there is no any exciseable goods manufacturing activities during the year.

1.07 CENVAT

Benefit of Cenvat credit in respect of Service Tax is directly reduce from the respective expenses /Fixed Assets.

1.08 TAXATION

Current Income tax are measured at the amount expected to be paid to Tax authorities in accordance with the Income Tax Act 1961. Tax paid under MAT if any is to be charge to profits loss a/c.

1.09 TREATMENTOF RETIREMENT BENEFITS .

Retirement benefits are recorded only on the Crystalisation of liability.

1.10 CONTINGENT LIABILITY :

Contingent liabilities are determined on the basis of available information and are disclosed by way of a note to the accounts.

1.11 FORIEGN CURRENCY TRANSCATION .

Foreign Currency transaction are recorded in the books of the Company at the rates prevailing on the date of payment.


Mar 31, 2012

1.01 FIXEDASSETSANO DE PRECIATION:

(i) Fixed Assets a reslaled at cost inclusive of olher identifiable dfr ect expenses and erreetion expenses up lo the date of the asseis put to use and on commencement of production.

(ii) The company is charging depredation under the straight line met hod at the rates prescribed under scheduleX lV of the Companies Act, avisos

1.02 INVESTMENTS:

investments are staled at cost and valued on FIFO basis. In (he management's opinion the dedine in the value of shares on ihe concerned stock exchange is of shod-term nature and no provision for the decline in Ihe value of investment is considered necessary as on Ihe dale of the balance sheet

1.03 INVENTORIES:

The Company had followed the value of inventories as cost or market value whichever is lower However Raw Materials. Male rial-in-F recess. Stores and spa re parts during Ihe yea rare Nit.

1.04 SALES:

Sales, Labour Job, Warehousing charges, comprisesele of goods. Services given net Df trade discounts.

1.05 PURCHASE:

Purchases shown in the books of account are purchase cost and other direct expenses incurred.

1.06 EXCISE DUTY:

The company has not liable to pay or charge excise duty as there Is no any exdseaWe goods manufacturing activities during the year.

1.07 CENVAT

Benefit of Cenvat credit In respect of Service Tax is directly reduce from (he respective expenses /Fixed Assets.

1.08 TAXATION

Current I ncame [a x a re measured a t the a mo u ni expected to be paid to Tax authorities in accordance with the Income Tax Act 1561. Tax paid under MAT if any is to be charge to profit & lossa/c.

1.08 TREA'TMENTOF RETIREMENT BENEFITS:

Retirement benefits are recorded only on the Crystalisatian of liability.

1.10 CONTINGENT LIABILITY :

Contingent liabilities are determined on the basis of available Information and are disclosed by way of a rule to the accounts.

1.11 FORIEG IMCURRENCY TRANSCAT10N :

Foreign Currency transaction are recorded in the books of the Company at the rales prevailing on the date of payment


Mar 31, 2010

A] FIXED ASSETS AND DEPRECIATION:

(i) Fixed Assets are stated at cost inclusive of other identifiable direct expenses and errection expenses up to the date of the assets put to use and on commencement of production.

(ii) The company is charging depreciation underthe straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956.

B] INVESTMENTS:

Investments are stated at cost and valued on FIFO basis. In the managements opinion the decline in the value of shares on the concerned stock exchange is of short-term nature and no provision for the decline in the value of investment is considered necessary as on the date of the balance sheet.

C] INVENTORIES:

The Company had followed the value of inventories as cost or market value whichever is lower. However Raw Materials, Material-in-Process, Stores and spare parts during the year are Nil.

D] SALES:

Sales comprise sale of goods net of trade discounts.

E] PURCHASE.

Purchases shown in the books of account are purchase cost and other direct expenses incurred.

F] EXCISE DUTY:

The company has not liable to pay or charge excise duty as there is no any exciseable goods manufacturing activities during the year.

G] CENVAT

Benefit of Cenvat credit in respect of Service Tax is directly reduce from the respective expenses /Fixed Assets A/C.

H] TAXATION

Current Income tax and Fringe Benefit tax are measured at the amount expected to be paid to Tax authorities in accordance with the Income Tax Act 1961. Tax paid under MAT if any is to be charge to profit & loss a/c.

I] TREATMENT OF RETIREMENT BENEFITS:

Retirement benefits are recorded only on the Crystalisation of liability.

J] CONTINGENT LIABILITY :

Contingent liabilities are determined on the basis of available information and are disclosed by way of a note to the accounts.

K] FORIEGN CURRENCY TRANSCATION :

Foreign Currency transaction are recorded in the books of the Company at the rates prevailing on the date of payment.


Mar 31, 2009

A] FIXED ASSETS AND DEPRECIATION:

(i) Fixed Assets are stated at cost inclusive of other identifiable direct expenses and errection expenses up to the date of the assets put to use and on commencement of production.

(ii) The company is charging depreciation under the straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956.

B] INVESTMENTS:

Investments are stated at cost and valued on FIFO basis. In the managements opinion the decline in the value of shares on the concerned stock exchange is of short-term nature and no provision for the decline in the value of investment is considered necessary as on the date of the balance sheet

C] INVENTORIES:

The Company had followed the value of inventories as cost or market value whichever is lower. However Raw Materials, Material-in-Process, Stores and spare parts during the year are Nil.

D] SALES:

Sales comprise sale of goods net of trade discounts.

E] PURCHASE:

Purchases shown in the books of account are purchase cost and other direct expenses incurred.

F] EXCISE DUTY:

The company has not liable to pay or charge excise duty as there is no any exciseable goods manufacturing activities during the year.

G] CENVAT

Benefit of Cenvat credit in respect of Service Tax is directly reduce from the respective expenses /Fixed Assets A/C.

H] TAXATION

Current Income tax and Fringe Benefit tax are measured at the amount expected to be paid to Tax authorities in accordance with the Income Tax Act 1961. Tax paid under MAT if any is to be charge to profit & loss a/c.

I] TREATMENTOF RETIREMENT BENEFITS:

Retirement benefits are recorded only on the Crystalisation of liability

J] CONTINGENT LIABILITY :

Contingent liabilities are determined on the basis of available information and are disclosed by way of a note to the accounts.

K] FORIEGN CURRENCY TRANSCATION :

Foreign Currency transaction are recorded in the books of the Company at the rates prevailing on the date of payment.