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Accounting Policies of Dollex Industries Ltd. Company

Mar 31, 2015

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by The Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories:

Raw Material - At cost

Work in Process - At prime cost or market price whichever is less

Finished Goods - At cost of production or market price whichever is less

Scrap - At Realizable Value

Traded Goods - At lower of cost or net realizable Value

Stores, Spares & Packing Material - At Cost

Coal - At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

f) Foreign Currency Transaction:

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account.

2015 2014

Earning in foreign currency NIL NIL

Expenditure in foreign currency NIL NIL

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets.

However, during the year under audit there is no such expenditure.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided as per the provisions of Schedule - II to the Companies Act, 2013.

Depreciation is provided on pro-rata basis from the date of addition.


Mar 31, 2014

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by The Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories:

Raw Material - At cost

Work in Process - At prime cost or market price whichever is less

Finished Goods - At cost of production or market price whichever is less

Scrap - At Realizable Value

Traded Goods - At lower of cost or net realizable Value

Stores, Spares & - At Cost Packing Material

Coal - At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

f) Foreign Currency Transaction:

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account.

Rs. in Lacs

2014 2013

Earning in foreign currency NIL NIL

Expenditure in foreign currency NIL NIL

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets.

However, during the year under audit there is no such expenditure.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956.

Depreciation is provided on pro-rata basis from the date of addition.


Mar 31, 2013

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by The Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories: Raw Material - At cost

Work in Process -At prime cost or market price whichever is less

Finished Goods - At cost of production or market price whichever is less Scrap - At Realizable Value Traded Goods -At lower of cost or net realizable Value Stores, Spares & Packing Material - At Cost Coal-At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount. Dividend income is accounted for on receipt. Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

f) Foreign Currency transaction: Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account.

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets.

However, during the year under audit there is no such expenditure.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956. Depreciation is provided on pro-rata basis from the date of addition.


Mar 31, 2012

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by The Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories:

Raw Material - At cost

Work in Process-At prime cost or market price whichever is less Finished Goods - At cost of production or market price whichever is less Scrap - At Realizable Value

Traded Goods - At lower of cost or net realizable Value Stores, Spares & Packing Material - At Cost Coal-At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount. Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

f) Foreign Currency Transaction:

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account.

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956.Depreciation is provided on pro-rata basis from the date of addition.

c) Accounting Standard 19 - Lease

The Company has entered into an agreement in the nature of lease/leave and license as under: Office at Mumbai w.e.f. 31.01.2011 Sugar Unit w.e.f. 22.08.2006

e) Taxes on Income:

Provision for Income Tax is made in accordance with the Income Tax Act, 1961 Accounting Standard 22-Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book profit and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.


Sep 30, 2011

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by The Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories:

Raw Material - At cost

Work in Process - At prime cost or market price whichever is less

Finished Goods - At cost of production or market price whichever is less

Scrap - At Realizable Value

Traded Goods - At lower of cost or net realizable Value

Stores, Spares & Packing Material - At Cost

Coal - At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount. Dividend income is accounted for on receipt. Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

f) Foreign Currency Transaction:

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates, when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account except for exchange differences relating to fixed assets, which are adjusted in the cost of assets.

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets. However, during the year under audit there is no such expenditure.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided for at the rates specified in Schedule - XIV to the Companies Act, 1956. Depreciation is provided on pro-rata basis from the date of addition.


Sep 30, 2010

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting standards issued by The Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long-term investments. Long-term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories:

Raw Material - At cost

Work in Process - At prime cost or market price whichever is less

Finished Goods - At cost of production or market price whichever is less

Scrap - At Realizable Value

Traded Goods - At lower of cost or net realizable Value

Stores, Spares & Packing Material - At Cost

Coal - At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets. However, during the year under audit there is no such expenditure.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided for at the rates specified in

Schedule - XIV to the Companies Act, 1956.

Depreciation is provided on pro-rata basis from the date of addition.

e) Taxes on Income:

Provision for Income Tax is made in accordance with the Income Tax Act, 1961

Accounting Standard 22 - Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book profit and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enac ted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.

Deferred Tax Liability as of 31 st March, 2010 has been considered since corresponding figures are available as of 31st March only.


Sep 30, 2009

A) Accounting Convention:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India, the accounting s tandards issued by T he Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Fixed Assets:

Fixed Assets ar e stated at cost of acquisition less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets.

c) Investments:

Investments are classified into current and long -term invest ments. Long -term investments are carried at cost. Current investments are stated at lower of cost and net realizable value.

d) Inventories:

Raw Material - At cost

Work in Process - At prime cost or market price whichever is less

Finished Goods - At cost of production or market price whichever is less

Scrap - At Realizable Value

Traded Goods - At lower of cost or net realizable Value

Stores, Spares & Packing Material - At Cost

Coal - At Cost

e) Revenue Recognition:

Sale of goods is recognized on dispatch to customers and is net of excise duty and discount.

Dividend income is accounted for on receipt.

Interest income is recognized on a time proportion basis. However, interest on matured FDR is accounted for on receipt.

f) Foreign Currency Transaction:

Transactions in foreign currency are recorded at exchange rates prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions, remaining unsettled at the year end, are stated at the contracted rates , when covered under forward exchange contracts and at year end rates in other cases. The premium payable on forward foreign exchange contracts is amortized over the period of contract. Exchange gains /losses are recognized in the profit and loss account except for exchange differences relating to fixed assets, which are adjusted in the cost of assets.

Rs. in Lacs 2009 2008

Earning in foreign currency NIL 9.71

Expenditure in foreign currency NIL 0.30

g) Research and Development Expenditure:

Revenue Expenditure on Research and Development is charged to Profit and Loss Account in the year in which it is incurred. Capital expenditure incurred on Research and development is shown as addition to fixed assets. However, during the year under audit there are no such expenditure.

h) Depreciation:

Fixed Assets are depreciated on Straight Line Value Method. Depreciation is provided for at the rates specified in

Schedule - XIV to the Companies Act, 1956.

Depreciation is provided on pro-rata basis from the date of addition.

b) Related parties disclosure as per Accounting Standard 18 i) Related Parties -

Directors Relatives Other associates

Mr. Mehmood Khan Mr. Anis Khan

Mr. Nadeem Khan Mr.Nadeem Khan Mr. Mehmood Khan

Mr. Anis Khan Mr. K.M. Nagraj Mr. G.K.Mishra Mr. K.G. Mittal Mrs. Ruchi Sogani Mr. Radhakrishna Deshraju

Mr. Sanjay Tiwari

c) Accounting Standard 19 - Lease

The Company has entered into an agreement in the nature of lease/leave and licence as under: Office at Mumbai w.e.f. 26.02.2009 Sugar Unit w.e.f. 22.08.2006

e) Taxes on Income:

Provision for Income Tax is made in accordance with the Income Tax Act, 1961

Accounting Standard 22 - Taxes on Income

Current tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book profit and tax profit for the year is accounted using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax assets arising from the timing difference are recognized to the extent that there is reasonable certainty that sufficient future taxable income will be available.

Deferred Tax Liability as of 31 st March, 2009 has been considered since corresponding figures are available as of 31st March only.

(Rs. in lacs) 2009 2008

3.Contingent Liability on A/c of Bank Guarantee NIL NIL

Contingent Liability on A/c of other liabilities 248.00 NIL

Contingent liabilities are generally not provided in the books of account.

8 Small Scale Industrial Undertakings

Name of Small Scale Industrial under takings to whom the company owes a sum exceeding Rs. 1,00,000/- which is outstanding for more than 30 days :- Nil

Deferred Revenue Expenditure _ Preliminary expenses are being amortized in five equal annual installments.

Repairs and maintenance of Sugar unit is amortised over remaining lease period of 6 years.

10 In the opinion of the Board current assets, loans & advances have value of realization in the ordinary course of business at least equal to the amount of which they are stated and that provision for known liabilities is adequate and not in excess of the amount reasonably necessary.

11 Investments/Stock in Trade:

Shares, Debentures and other Securities are accounted under investments/stock in trade with reference to trade dates.

Rights entitlements are accounted for as investments/stock in trade at issue price plus acquisition price, if any.

Bonus entitlements are recognized on ex -bonus dates without any acquisition cost. The cost of investments/stock in trade includes brokerage but does not include stamp duty, which is charged to revenue.

Valuation of Investments

Investments are valued at cost. Provision for diminution in value of investment is made if it is considered as permanent.

Valuation of Stock in trade

Stock in trade is valued at cost or market value whichever is lower taking all the items together.

Determination of Market Value of Investment/Stock in Trade:

Market value of investments/Stock in trade is determined as under:

1. Quoted scripts are taken at the year-end closing market rate.

2. Unquoted shares are valued at cost

 
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