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Accounting Policies of Chemo Pharma Laboratories Ltd. Company

Mar 31, 2015



a) General :

The Financial Statement have been prepared on their historical cost convention and in accordance with the normally accept- ed accounting principles on accrual basis.

b) Fixed Assets :

Fixed Assets are valued at cost of acquisition less depreciation.

c) Depreciation :

As per the requirement of Schedule II of the Companies Act, 2013 effective from April 1,2014. The Company has been changing depreciation based on the useful lives of the assets.

d) Investment :

Long Term Investments are valued at cost of acquisition.

e) Employees Retirement Benefits :

1) Company's Contribution to Provident Fund are Charged to Profit & Loss Account.

2) Gratuity payable to Employees is calculated as per provisions of the Gratuity Act. The Company provides for Gratuity Liability in the account as and when paid.

3) Leave encashment benefit at the time of retirement is considered on cash basis as and when paid.


Mar 31, 2014

A) General:

The Financial Statement have been prepared on their historical cost convention and in accordance with the normally accepted accounting principles on accrual basis.

b) Fixed Assets :

Fixed Assets are valued at cost of acquisition less depreciation!

c) Depreciation :

1) Depreciation on Fixed Assets is provided on Written Down Value Method at the rate specified in the Schedule XIV of the Companies Act, 1956.

2) Depreciation on additions / deletions during the year is provided on a pro-rata basis from the month of addition / deletion.

d) Investment:

Long Term Investments are valued at cost of acquisition.

e) Employees Retirement Benefits :

1) Company''s Contribution to Provident Fund are Charged to Profit & Loss Account.

2) Gratuity payable to Employees is calculated as per provisions of the Gratuity Act. The Company provides for Gratuity Liability in the account as and when paid.

3) Leave encashment benefit at the time of retirement is considered on cash basis as and when paid.

B) Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value Rs.10/- per Share. Each Holder of Equity Shares is entitled to one, vote per Share. The Company decalres and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuring Annual General Meeting.

During the year ended 31st March, 2014, the amount of per Share Dividend recognized as distribution to Equity Shareholders was Rs. Nil (31 March 2013 : Rs. Nil)


Mar 31, 2013

A) General

The Financial Statement have been prepared on their historical cost convention and in accordance with the normally accepted accounting principles on accrual basis.

b) Fixed Assets

Fixed Assets are valued at cost of acquisition less depreciation.

c) Depreciation

1) Depreciation on Fixed Assets is provided on Written Down Value Method at the rate specified in the Schedule XIV of the Companies Act, 1956.

2) Depreciation on additions / deletions during the year is provided on a pro-rata basis from the month of addition / deletion.

d) Investment

Long Term Investments are valued at cost of acquisition.

e) Employees Retirement Benefits

1 Company''s Contribution to Provident Fund are Charged to Profit & Loss Account.

2 Gratuity payable to Employees is calculated as per provisions of the Gratuity Act. The Company provides for Gratuity Liability in the account as and when paid.

3 Leave encashment benefit at the time of retirement is considered on cash basis as and when paid.


Mar 31, 2012

A) General

The Financial Statement have been prepared on their historical cost convention and in accordance with the normally accepted accounting principles on accrual basis.

b) Fixed Assets

Fixed Assets are valued at cost of acquisition less depreciation.

c) Depreciation

1) Depreciation on Fixed Assets is provided on Written Down Value Method at the rate specified in the Schedule XIV of the Companies Act, 1956.

2) Depreciation on additions / deletions during the year is provided on a pro-rata basis from the month of addition / deletion.

d) Investment

Long Term Investments are valued at cost of acquisition.

e) Employees Retirement Benefits

1 Company's Contribution to Provident Fund are Charged to Profit & Loss Account.

2 Gratuity payable to Employees is calculated as per provisions of the Gratuity Act. The Company provides for Gratuity Liability in the account as and when paid.

3 Leave encashment benefit at the time of retirement is considered on cash basis as and when paid.


Mar 31, 2011

A) General

The Financial Statement have been prepared on their historical cost convention and in accordance with the normally accepted accounting principles on accrual basis.

b) Fixed Assets

Fixed Assets are valued at cost of acquisition less depreciation.

c) Depreciation

1) Depreciation on Fixed Assets is provided on Written Down Value Method at the rate specified in the Schedule XIV of the Companies Act, 1956.

2) Depreciation on additions / deletions during the year is provided on a pro-rata basis from the month of addition / deletion.

d) Investment

Long Term Investments are valued at cost of acquisition.

e) Valuation of Inventories

Stock of Shares are valued at Cost or market value whichever is lower

f) Employees Retirement Benefits

1. Company's Contribution to Provident Fund are Charged to Profit & Loss Account.

2. Gratuity payable to Employees is calculated as per provisions of the Gratuity Act. The Company provides for Gratuity Liability in the account as and when paid.

3. Leave encashment benefit at the time of retirement is considered on cash basis as and when paid.

g) Previous Year Expenses/Income

Expenses / Income pertaining to previous years are separately accounted for.


Mar 31, 2010

A) General

The Financial Statement have been prepared on their historical cost convention and in accordance with the normally accepted accounting principles on accrual basis.

b) Fixed Assets

Fixed Assets are valued at cost of acquisition less depreciation.

c) Depreciation

1) Leasehold Land are not depreciated.

2) Depreciation on Fixed Assets of Pharmaceutical Division is provided on Written Down Value Method at the rate specified in the Schedule XIV of the Companies Act, 1956.

3) Depreciation on Fixed Assets of Fine Chemicals Division is provided on Straight Line Method: on additions made from the year 1987-88 at the rate specified in the Schedule XIV of the Companies Act, 1956 and on additions made upto 1987-88, in accordance with a circular of Department of Company Affairs, Government of India dated 21st May, 1986, except Extra Multiple Shift Allowance.

4) Depreciation on additions / deletions during the year is provided on a pro-rata basis from the month of addition / deletion.

d) Investment

Long Term Investments are valued at cost of acquisition.

e) Valuation of Inventories

Stock of Shares are valued at Cost Value

f) Employees Retirement Benefits

1. Companys Contribution to Provident Fund are Charged to Profit & Loss Account.

2. Gratuity payable to Employees is calculated as per provisions of the Gratuity Act. The Company provides for Gratuity Liability in the account as and when paid.

3. Leave encashment benefit at the time of retirement is considered on cash basis as and when paid.

g) Previous Year Expenses/Income

Expenses / Income pertaining to previous years are separately accounted for.

 
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