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Accounting Policies of Chordia Food Products Ltd. Company

Mar 31, 2016

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

a. The Financial Statements have been prepared to comply in all material respects with the mandatory Accounting Standards notified.

b. The Company follows mercantile system of accounting and recognizes Income and Expenditure on an accrual basis except those with significant uncertainties.

c. The accounting policies applied by the Company are consistent with those used in the previous year.

d. Previous year’s figures have been regrouped to conform to the current year classification.

2. SIGNIFICANT ACCOUNTING POLICIES

a. Basis for 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 principles generally accepted in India and comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006, which continue to apply under Section 133 of the Companies Act,2013 (“the Act”) read with Rule 7 of the Companies (Accounts) Rules, 2014.

b. Revenue Recognition

Revenue from sale of goods is recognized when the risks and rewards of ownership are transferred to the buyer.

c. Use of Estimates

The preparation of Financial Statement 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 estimated are recognized in the period in which the results are known/materialized.

d. Fixed Assets

Fixed Assets are stated at their original cost of acquisition less accumulated Depreciation.

e. Depreciation

On fixed assets Depreciation has been provided in a manner that amortizes the cost of the Assets over their estimated useful lives on straight line method as per the useful life prescribed under Schedule II the Companies Act, 2013.

f. Foreign Currency Transaction

i. Transaction denomination in Foreign Currencies are normally recorded at the exchange rate prevailing at the date of transaction.

ii. At the Balance Sheet date, monetary items denominated in Foreign Currency (such as Cash, Receivable, Payable etc.) are translated at the exchange rate prevailing on the last day of the accounting year.

iii. The Income or Expenses on account of exchange difference either on settlement or on translation is recognized in Profit and Loss Account expect those relating to acquisition of Fixed Assets which are adjusted to the cost of such assets.

g. Investments

Long term investments are carried at cost less provision for diminution other than temporary, if any, in value of such investments. Current investments are carried at lower of cost and fair value.

h. Inventories

i. Finished goods produced by the Company are carried at lower of cost and net realizable value after providing for the obsolescence, if any.

ii. Semi Finished Goods; Raw material and Packing material are carried at cost.

i. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of Qualifying assets, up to the date when they are ready for their intended use or sale, are capitalized as part of the cost of acquisition. Other borrowing Costs are charged to Profit and Loss Account.

j. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of Income Tax Act, 1961.

k. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the Financial Statements


Mar 31, 2014

1. BASIS OF PREPARATION FINANCIAL STATEMENTS

a. The financial statements have been prepared to comply in all material respects with the mandatory Accounting Standards notified under Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act,1956.

b. The Company follows mercantile system of accounting and recognises Income and Expenditure on an accrual basis except those with significant uncertainties.

c. The accounting policies applied by the Company are consistent with those used in the previous year.

d. Previous years figures have been regrouped to conform to the current year classification.

2. SIGNIFICANT ACCOUNTING POLICIES

a. Basis for Accounting

The financial statement are prepared under the Historical Cost convention on an accrual basis of accounting in accordance with the Generally Accepted Accounting Principles, Accounting Standard notified under Section 211(3C) of the Companies Act, 1956.

(which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September of the Ministry of Corporate Affairs).

b. Revenue Recognition

Revenue from sale of goods is recognized when the risks and rewards of ownership are transferred to the buyer.

c. Use of Estimates

The preparation of Financial Statement 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 estimated are recognized in the period in which the results are known/materialized.

d. Fixed Assets

Fixed assets are stated at their original cost of acquisition less accumulated Depreciation.

e. Depreciation

On fixed assets Depreciation has been provided on Straight Line Method in Accordance with Schedule XIV of Companies Act, 1956.

f. Foreign Currency Transaction

i. Transaction denomination in Foreign Currencies are normally recorded at the exchange rate prevailing at the date of transaction.

ii. At the Balance Sheet date, monetary items denominated in Foreign Currency (such as Cash, Receivable, Payable etc.) are translated at the exchange rate prevailing on the last day of the accounting year.

iii. The Income or Expenses on account of exchange difference either on settlement or on translation is recognized in Profit and Loss Account expect those relating to acquisition of Fixed Assets which are adjusted to the cost of such assets.

g. Investments

Long term investments are carried at cost less provision for diminution other than temporary, if any, in value of such investments. Current investments are carried at lower of cost and fair value.

h. Inventories

i. Finished goods produced by the Company are carried at lower of cost and net realizable value after providing for the obsolescence if any.

ii. Semi finished goods; Raw material and Packing material are carried at cost.

i. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of Qualifying assets, up to the date when they are ready for their intended use or sale, are capitalized as part of the cost of acquisition. Other borrowing Costs are charged to Profit and Loss Account.

j. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of Income Tax Act, 1961.

k. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized not disclosed in the financial statements.

c) TERMS / RIGHTS ATTACHED TO EQUITY SHARES

(i) The Company has only one class of shares referred to as Equity Shares having a par value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share.

(ii) In case any Dividend is declared and paid it is done in Indian Rupees. The Dividend proposed if any by the Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting.

(iii) The Company has not declared or paid any dividend during the year or in respect of the year ended on 31st March 2014.

(iv) In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the shareholders.


Mar 31, 2013

1. BASIS OF PREPARATION FINANCIAL STATEMENTS

a. The financial statements have been prepared to comply in all material respects with the mandatory Accounting Standards notified under Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act,1956.

b. The Company follows mercantile system of accounting and recognises Income and Expenditure on an accrual basis except those with significant uncertainties.

c. The accounting policies applied by the Company are consistent with those used in the previous year.

2. SIGNIFICANT ACCOUNTING POLICIES

a. Basis for Accounting

The financial statement are prepared under the Historical Cost convention on an accrual basis of accounting in accordance with the Generally Accepted Accounting Principles, Accounting Standard notified under Section 211(3C) of the Companies Act, 1956 and the relevant provisions thereof.

b. Revenue Recognition

Revenue from sale of goods is recognized when the risks and rewards of ownership are transferred to the buyer.

c. Use of Estimates

The preparation of financial statement 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 estimated are recognized in the period in which the results are known/materialized.

d. Fixed Assets

Fixed assets are stated at their original cost of acquisition less accumulated Depreciation.

e. Depreciation

On fixed assets Depreciation has been provided on Straight Line Method in Accordance with Schedule XIV of Companies Act, 1956.

f. Foreign Currency Transaction

i. Transaction denomination in Foreign Currencies are normally recorded at the exchange rate prevailing at the date of transaction.

ii. At the Balance Sheet date, monetary items denominated in Foreign Currency (such as Cash, Receivable, Payable etc.) are translated at the exchange rate prevailing on the last day of the accounting year.

iii. The Income or Expenses on account of exchange difference either on settlement or on translation is recognized in Profit and Loss Account expect those relating to acquisition of fixed assets which are adjusted to the cost of such assets.

g. Investments

Long term investments are carried at cost less provision for diminution other than temporary, if any, in value of such investments. Current investments are carried at lower of cost and fair value.

h. Inventories

i. Finished goods produced by the Company are carried at lower of cost and net realizable value after providing for the obsolescence if any.

ii. Semi finished goods; Raw material and Packing material are carried at cost.

i. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of Qualifying assets, up to the date when they are ready for their intended use or sale, are capitalized as part of the cost of acquisition. Other borrowing Costs are charged to Profit and Loss Account.

j. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of Income Tax Act, 1961.

k. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized not disclosed in the financial statements.


Mar 31, 2012

A. Basis for Accounting

The financial statement are prepared under the Historical Cost convention on an accrual basis of accounting in accordance with the Generally Accepted Accounting Principles, Accounting Standard notified under Section 211(3C) of the Companies Act, 1956 and the relevant provisions thereof.

b. Revenue Recognition

Revenue from sale of goods is recognized when the risks and rewards of ownership are transferred to the buyer.

c. Use of Estimates

The preparation of financial statement 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 estimated are recognized in the period in which the results are known/materialized.

d. Fixed Assets

Fixed assets are stated at their original cost of acquisition less accumulated Depreciation.

e. Depreciation

On fixed assets Depreciation has been provided on Straight Line Method in Accordance with Schedule XIV of Companies Act, 1956.

f. Foreign Currency Transaction

i. Transaction denomination in Foreign Currencies are normally recorded at the exchange rate prevailing at the date of transaction.

ii. At the Balance Sheet date, monetary items denominated in Foreign Currency (such as Cash, Receivable, Payable etc.) are translated at the exchange rate prevailing on the last day of the accounting year.

iii. The Income or Expenses on account of exchange difference either on settlement or on translation is recognized in Profit and Loss Account expect those relating to acquisition of fixed assets which are adjusted to the cost of such assets.

g. Investments

Long term investments are carried at cost less provision for diminution other than temporary, if any, in value of such investments. Current investments are carried at lower of cost and fair value.

h. Inventories

i. Finished goods produced by the Company are carried at lower of cost and net realizable value after providing for the obsolescence if any.

ii. Semi finished goods; Raw material and Packing material are carried at cost.

i. Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of Qualifying assets, up to the date when they are ready for their intended use or sale, are capitalized as part of the cost of acquisition. Other borrowing Costs are charged to Profit and Loss Account.

j. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of Income Tax Act, 1961.

k. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized not disclosed in the financial statements.


Mar 31, 2010

1.1 FIXED ASSETS :

Gross Block of Fixed Assets are stated at Cost.

1.2 DEPRECIATION :

On Fixed Assets depreciation has been provided on Straight Line Method in accordance with Schedule XIV of Companies Act, 1956.

1.3 Mercantile System of accounting is followed.

1.4 INVENTORIES :

(a) Finished goods are valued at Cost or Market Price whichever is less.

(b) Semi Finished goods are valued at Cost.

(c) Raw materials and Packing Material are valued at Cost.


Mar 31, 2009

1.1 FIXED ASSETS :

Gross Block of Fixed Assets are stated at Cost.

1.2 DEPRECIATION :

On Fixed Assets depreciation has been provided on Straight Line Method in accordance with Schedule XIV of Companies Act, 1956.

1.3 Mercantile System of accounting is followed.

1.4 INVENTORIES :

(a) Finished goods are valued at Cost or Market Price whichever is less.

(b) Semi Finished goods are valued at Cost.

(c) Raw materials and Packing Material are valued at Cost.

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