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Accounting Policies of Celestial Biolabs Ltd. Company

Mar 31, 2015

A) BASIS OF ACCOUNTING :

- The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 and relevant presentational requirements of the Companies Act, 2013.

- Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

- All revenues, expenses, assets and liabilities having material bearing on the financial statements are recognized on accrual basis, unless otherwise stated.

b) 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 results and estimates are recognized in the period in which the results are known/materialized.

c) FIXED ASSETS:

i) Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for the intended use, are capitalized.

ii) Assets under installation/construction, advances paid towards acquisition of fixed assets, direct costs and related incidental expenses incurred on assets that are not ready for their intended use or not put to use as on the Balance Sheet date are stated as capital work in progress and Incidental Expenditure pending allocation.

d) DEPRECIATION:

i) Depreciation on fixed assets has been provided on Written Down method at the rates specified in schedule XIV to the Companies Act, 1956, except for the following assets, for which management has estimated the useful life and provided depreciation accordingly.

ii) The company has provided depreciation at 100% in respect of assets costing less than Rs. 5,000/- each and depreciation on the assets acquired during the year is provided on pro-rata basis.

e) Product Development Expenditure:

Expenditure incurred on research of new products has been treated as Product Development expenditure and the same has been written off in 10 years equally yearly installments from the year in which it is incurred.

f) Retirement Benefits:

There are no permanent employees on the rolls of the company and the company is not liable to pay any retirement benefits. Hence, Provision for Retirement benefits is not made in the books of account.

g) Sales and Revenue Recognition:

Revenue from service is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customer. Revenue from domestic sales is recognized on dispatch of products from the company.

h). Taxes on Income

Income Tax is provided on the profits of the company as per the Income Tax Act 1961 and other applicable rules and regulations to the company.

Deferred Tax is recognized on time difference between the accounting income and taxable income for the period and quantified using the tax rates and laws enacted or substantially enacted on the balance sheet date.

i) Earning Per Share (EPS)

The basic Earnings per share (EPS) are computed by dividing the net profit after tax for the year by the weighted average number of equity share outstanding during the year.

j) Inventories:

According to the Records of Company Physical verification has been conducted by the Management at reasonable intervals in respect of Stocks are in my opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.


Mar 31, 2014

A) BASIS OF ACCOUNTING :

The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 and relevant presentational requirements of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

All revenues, expenses, assets and liabilities having material bearing on the financial statements are recognized on accrual basis, unless otherwise stated.

b) 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 results and estimates are recognized in the period in which the results are known/materialized.

c) FIXED ASSETS:

i) Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for the intended use, are capitalized.

ii) Assets under installation/construction, advances paid towards acquisition of fixed assets, direct costs and related incidental expenses incurred on assets that are not ready for their intended use or not put to use as on the Balance Sheet date are stated as capital work in progress and Incidental Expenditure pending allocation.

d) DEPRECIATION:

i) Depreciation on fixed assets has been provided on Straight Line method at the rates specified in schedule XIV to the Companies Act, 1956, except for the following assets, for which management has estimated the useful life and provided depreciation accordingly.

ii) The company has provided depreciation at 100% in respect of assets costing less than Rs. 5,000/- each and depreciation on the assets acquired during the year is provided on pro-rata basis.

e) Product Development Expenditure:

Expenditure incurred on research of new products has been treated as Product Development expenditure and the same has been written off in 10 years equally yearly installments from the year in which it is incurred.

f) RETIREMENT BENEFITS:

There are no permanent employees on the rolls of the company and the company is not liable to pay any retirement benefits. Hence, Provision for Retirement benefits is not made in the books of account. g). Sales and Revenue Recognition:

Revenue from service is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customer. Revenue from domestic sales is recognized on dispatch of products from the company.

h). Taxes on Income

Income Tax is provided on the profits of the company as per the Income Tax Act 1961 and other applicable rules and regulations to the company.

Deferred Tax is recognized on time difference between the accounting income and taxable income for the period and quantified using the tax rates and laws enacted or substantially enacted on the balance sheet date. i). Earning Per Share ( EPS ) The basic Earnings per share (EPS) are computed by dividing the net profit after tax for the year by the weighted average number of equity share outstanding during the year.

j). Inventories : According to the Records of Company Physical verification has been conducted by the Management at reasonable intervals in respect of Stocks are in my opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.


Mar 31, 2013

A) BASIS OF ACCOUNTING :

- The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 and relevant presentational requirements of the Companies Act, 1956.

- Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

- All revenues, expenses, assets and liabilities having material bearing on the financial statements are recognized on accrual basis, unless otherwise stated.

b) 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 results and estimates are recognized in the period in which the results are known/materialized.

c) FIXED ASSETS:

i) Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for the intended use, are capitalized.

ii) Assets under installation/construction, advances paid towards acquisition of fixed assets, direct costs and related incidental expenses incurred on assets that are not ready for their intended use or not put to use as on the Balance Sheet date are stated as capital work in progress and Incidental Expenditure pending allocation.

d) DEPRECIATION:

i) Depreciation on fixed assets has been provided on Straight Line method at the rates specified in schedule XIV to the Companies Act, 1956, except for the following assets, for which management has estimated the useful life and provided depreciation accordingly.

ii) The company has provided depreciation at 100% in respect of assets costing less than Rs. 5,000 each and depreciation on the assets acquired during the year is provided on pro-rata basis.

e) Product Development Expenditure:

Expenditure incurred on research of new products has been treated as Product Development expenditure and the same has been written off in 10 years equally yearly installments from the year in which it is incurred.

f) RETIREMENT BENEFITS:

There are no permanent employees on the rolls of the company and the company is not liable to pay any retirement benefits. Hence, Provision for Retirement benefits is not made in the books of account.

g). Sales and Revenue Recognition:

Revenue from service is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customer. Revenue from domestic sales is recorgnized on dispatch of products from the company.

h). Taxes on Income

Income Tax is provided on the profits of the company as per the Income Tax Act 1961 and other applicable rules and regulations to the company.

Deferred Tax is recognized on time difference between the accounting income and taxable income for the period and quantified using the tax rates and laws enacted or substantially enacted on the balance sheet date.

i). Earning Per Share ( EPS )

The basic Earnings per share (EPS) are computed by dividing the net profit after tax for the year by the weighted average number of equity share outstanding during the year.

j). Inventories :

According to the Records of Company Physical verification has been conducted by the Management at reasonable intervals in respect of Stocks are in my opinion, reasonable and adequate in relation to the size of the Compnay and the nature of its business.


Mar 31, 2012

A) BASIS OF ACCOUNTING :

- The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 and relevant presentational requirements of the Companies Act, 1956.

- Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

- All revenues, expenses, assets and liabilities having material bearing on the financial statements are recognized on accrual basis, unless otherwise stated.

b) 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 results and estimates are recognized in the period in which the results are known/materialized.

c) FIXED ASSETS:

i) Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for the intended use, are capitalized.

ii) Assets under installation/construction, advances paid towards acquisition of fixed assets, direct costs and related incidental expenses incurred on assets that are not ready for their intended use or not put to use as on the Balance Sheet date are stated as capital work in progress and Incidental Expenditure pending allocation.

d) DEPRECIATION:

i) Depreciation on fixed assets has been provided on Straight Line method at the rates specified in schedule XIV to the Companies Act, 1956, except for the following assets, for which management has estimated the useful life and provided depreciation accordingly.

ii) The company has provided depreciation at 100% in respect of assets costing less than Rs. 5,000/- each and depreciation on the assets acquired during the year is provided on pro-rata basis.

e) Product Development Expenditure:

Expenditure incurred on research of new products has been treated as Product Development expenditure and the same has been written off in 10 years equally yearly installments from the year in which it is incurred.

f) RETIREMENT BENEFITS:

There are no permanent employees on the rolls of the company and the company is not liable to pay any retirement benefits. Hence, Provision for Retirement benefits is not made in the books of account.

g) Sales and Revenue Recognition:

Revenue from service is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customer. Revenue from domestic sales is recorgnized on dispatch of products from the company.

h) Taxes on Income

Income Tax is provided on the profits of the company as per the Income Tax Act 1961 and other applicable rules and regulations to the company.

Deferred Tax is recognized on time difference between the accounting income and taxable income for the period and quantified using the tax rates and laws enacted or substantially enacted on the balance sheet date.

i). Earning Per Share ( EPS )

The basic Earnings per share (EPS) are computed by dividing the net profit after tax for the year by the weighted average number of equity share outstanding during the year.

j). Inventories :

According to the Records of Company Physical verification has been conducted by the Management at reasonable intervals in respect of Stocks are in my opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.


Mar 31, 2011

1. Basis of Accounting:

The Financial Statements have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting policies generally accepted in India ("GAAP") and comply with the mandatory Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI") to the extent applicable and the relevant provisions of the Companies Act, 1956.

2. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Actual results could differ from these estimates. Any revision of accounting estimates is recognized prospectively in the current and future periods The previous period's figures have been rearranged/regrouped/reclassified wherever necessary.

3. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for the intended use, are capitalized.

4. Depreciation & Amortization:

Depreciation on Fixed Assets has been provided on the Straight Line method and Depreciation on the assets acquired during the year is provided on Pro-rata basis at the rates specified in Schedule XIV of the Companies Act, 1956.

5. Product Development Expenditure:

Expenditure incurred on research of new products has been treated as Product Development expenditure and the same has been written off in 10 years equally yearly installments from the year in which it is incurred.

6. Retirement Benefits:

a) Provident Fund: The Company is contributing to the funds maintained by the Government towards Provident Fund to employees.

b) Gratuity: No provision for gratuity has been made as none of the employees had completed the minimum stipulated period for entitlement of gratuity.

7. Sales and Revenue Recognition:

Revenue from services is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customer. Revenue from domestic sales is recognized on dispatch of products from the company.

8. Foreign Currency transactions

The reporting currency of the company is Indian Rupee. Expenditure in Foreign currency during the month is accounted at a rate, which approximates the actual rate during that month. The exchange differences arising on foreign currency translation during the year are recognized as income or expenses in the profit and loss account.

9. Taxes on Income

Income tax is provided on the profits of the company as per the Income Tax Act, 1961 and other applicable rules and regulations to the company.

Deferred Tax is recognized on time difference between the accounting income and taxable income for the period and quantified using the tax rates and laws enacted or substantially enacted on the balance sheet date.

10. Earning Per Share (EPS):

The basic Earnings per Share ("EPS") are computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the year.


Mar 31, 2010

1. Basis of Accounting:

The Financial Statements have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the accounting policies generally accepted in India ("GAAP") and comply with the mandatory Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI") to the extent applicable and the relevant provisions of the Companies Act, 1956.

2. USE OF ESTIMATES:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Actual results could differ from these estimates. Any revision of accounting estimates is recognized prospectively in the current and future periods The previous periods figures have been rearranged/regrouped/reclassifled wherever necessary.

3. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for the intended use, are capitalized.

4. Depreciation & Amortization:

Depreciation on Fixed Assets has been provided on the Straight Line method and Depreciation on the assets acquired during the year is provided on Pro-rata basis at the rates specified in Schedule XIV of the Companies Act, 1956.

5. Deferred Revenue Expenditure:

Expenditure incurred on research of new products has been treated as deferred revenue expenditure and the same has been written off in 10 years equally yearly installments from the year in which it is incurred.

6. Retirement Benefits:

a) Provident Fund:The Company iscontributing to the funds maintained by the Government towards Provident Fund to employees.

b). Gratuity: No provision for gratuity has been made as none of the employees had completed the minimum stipulated period for entitlement of gratuity.

7. Sales and Revenue Recognition:

Revenue from services is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customer. Revenue from domestic sales is recognized on dispatch of products from the company.

8. Foreign Currency transactions

The reporting currency of the company is Indian Rupee. Expenditure in Foreign currency during the month is accounted at a rate, which approximates the actual rate during that month. The exchange differences arising on foreign currency translation during the year are recognized as income or expenses in the profit and loss account.

9. Taxes on Income

Income tax is provided on the profits of the company as per the Income Tax Act, 1961 and other applicable rules and regulations to the company.

Deferred Tax is recognized on time difference between the accounting income and taxable income for the period and quantified using the tax rates and laws enacted or substantially enacted on the balance sheet date.

10. Earning Per Share (EPS):

The basic Earnings per Share ("EPS") is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the year. The number of shares used in computing diluted earnings per share comprises the weighted average shares considered for deriving basic earnings per share, and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares.

 
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