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Accounting Policies of Chemiesynth (Vapi) Ltd. Company

Mar 31, 2014

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

a) METHOD OF ACCOUNTING

The Company follows the accrual system of accounting and recognises income and Expenditure on accrual basis except Insuarance Claim or Refund, Octroi Duty Refund, Sales Tax Refund etc on receipt basis and Insurance Premium, Rates & Taxes, Sales Tax Due on Assessment, Arrears of salary/wages & bonus etc on payment basis.

b) FIXED ASSETS

1. Tangible assets are stated at cost, adjusted by revaluation at current replacement values wherever applicable.

2. The company has provided depreciation on all fixed assets as per the new rates (SLM Method) specified iri Schedule XIV to the Companies Act, 1956 vide notification No 756(E) dated 16.12 1993 issued by the Department of Company affairs

3. The Company has provided depreciation on revalued amounts of fixed assets as per the old rates {SLM Method) specified in schedule XJV to the Companies Act, 1956 and same is recouped from Revalution Reserve.

4 The Company has provided depreciation on additions to assets during the year on prorata basis as required under the Companies Act, 1956

c) INVENTORIES

Raw Materials are valued at cost, Work-in-process is valued at estimated cost, Finished Goods are valued at estimated cost or market value which ever is lower and Packing Materials, Fuel & Stores & Spares are valued at cost,

d) EXCISE DUTY

Excise duly is accounted as and when the same is paid on the dispatch of the goods from factory.

No provision is made for excise duty in respect of finished products lying in the factory, as the same has no impact on the profit of the year,

e) RETIREMENT BENEFITS

Retirement benefits such as Gratuity, Leave encashment are accounted on cash basis.

f) PURCHASE AND SALE

Purchase of raw materials include processing charges paid and is net of resale of raw material.

Sales include job charges received.

g) TAXATION

Income Tax comprises of Current Tax and Deffered Tax, The provision for Current Income Tax is made on ! the assessable income at the rate applicable to relevant Assessement Year. Deferred Tax Asset and Deferred Tax liability are calculated by applying tax rate and taxlaws that have been enacted by the Balance Sheet Date.


Mar 31, 2013

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and provisions of the Companies Act. 1956 as adopted consistently by the Company.

a) METHOD OF ACCOUNTING

The Company follows the accrual system of accounting and recognises Income and Expenditure on accrual basis except Insuarance Claim or Refund, Octroi Duty Refund, Sales Tax Refund etc on receipt basis and Insurance Premium, Rates & Taxes, Sales Tax Due on Assessment, Arrears of saiary/wages & bonus etc on payment basis.

b) FIXED ASSETS

1 Tangible assets are slated at cost, adjusted by revaluation at current replacement values wherever applicable.

2. The company has provided depreciation on all fixed assets as per the new rates (SLM Method) specified in Schedule XIV to the Companies Act, 1956 vide notification No 756(E) dated 16.12.1993 issued by the Department of Company affairs

3. The Company has provided depreciation on revalued amounts of fixed assets as per the ord rates (SLM Method) specified in schedule XIV to the Companies Act, 1956 and same is recouped from Revalutron Reserve.

4. The Company has provided depreciation on additions to assets during the year on prorata basis as required under the Companies Act, 1S56.

c) INVENTORIES

Raw Materials are valued at cost, Work-in-process is valued at estimated cost. Finished Goods are valued at estimated cost or market value which ever is lower and Packing Materials. Fuel & Stores & Spares are valued at cost.

d) EXCISE DUTY

Excise duly is accounted as and when the same is paid on the dispatch of the goods from factory No provision is made for excise duty in respect of finished products lying in the factory, as the same has no impact on the profit of the year.

e) RETIREMENT BENEFITS

Retirement benefits such as Gratuity, Leave encashment are accounted on cash basis

f) PURCHASE AND SALE

Purchase of raw materials include processing charges paid and is net of resale of raw material. Sales include job charges received.

g) TAXATION

Income Tax comprises of Current Tax and Deffered Tax. The provision for Current income Tax is made on the assessable income at the rate applicable to relevant Assessement Year. Deferred Tax Asset and Deferred Tax liability are calculated by applying taxrate and taxlaws that have been enacted by the Balance Sheet Date.


Mar 31, 2012

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

a) METHOD OF ACCOUNTING

The Company follows the accrual system of accounting and recognises Income and Expenditure on accrual basis except Insuarance Claim or Refund, Octroi Duty Refund, Sales Tax Refund etc on receipt basis and Insurance Premium, Rates & Taxes, Sales Tax Due on Assessment, Arrears of salary/wages & bonus etc on payment basis.

b) FIXED ASSETS

1. Tangible assets are stated at cost, adjusted by revaluation at current replacement values whenever applicable.

2. The company has provided depreciation on all fixed assets as per the new rates (SLM Method) specified in Schedule XIV to the Companies Act, 1956 vide notification No 756(E) dated 16 12.1993 issued by the Department of Company affairs

3 The Company has provided depreciation on revalued amounts of fixed assets as per the old rates (SLM Method) specified in schedule XIV to the Companies Act, 1956 and same is recouped from Revalution Reserve.

4 The Company has provided depreciation on additions to assets during the year on prorata basis as required under the Companies Act, 1956.

c) INVENTORIES

Raw Materials are valued at cost. Work-in-process is valued at estimated cost, Finished Goods are valued at estimated cost cr market value which ever is lower and Packing Materials. Fuel & Stores & Spares are valued at cost.

d) EXCISE DUTY

Excise duly is accounted as and when the same is paid on the dispatch of the goods from factory.

No provision is made for excise duty in respect of finished products lying in the factory, as the same has no impact on the profit of the year.

e) RETIREMENT BENEFITS

Retirement benefits such as Gratuity, Leave encashment are accounted on cash basis.

f) PURCHASE AND SALE

Purchase of raw materials include processing charges paid and is net of resale of raw material. Sales include job charges received.

g) TAXATION

income Tax comprises of Current Tax and Deffered Tax. The provision for Current Income Tax is made on the assessable income at the rate applicable to relevant Assessement Year. Deferred Tax Asset and Deferred Tax liability are calculated by applying taxrate and taxlaws that have been enacted by the Balance Sheet Date.



 
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