Accounting Policies of Ensa Steel Industries Ltd. Company

Jun 30, 2015

1. Basis of preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India ('Indian GAAP') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value.

Accounting policies not specifically referred to otherwise are consistently followed and are in consonance with generally accepted accounting principles.

All income and expenditures are accounted for on accrual basis unless otherwise specifically stated.

2. Fixed Assets

Fixed Assets are stated at cost less depreciation. Fixed Assets includes all related expenses up to acquisition and installations.

3. Depreciation

Depreciation is provided on a Written Down Value Method basis over the useful lives of assets, which is as stated in Schedule II of Companies Act 2013 or based on technical estimate made by the Company.

4. Investments

Investments are stated at cost.

5. Inventories

Inventories are valued at Cost cornet realizable value, which everisless.

6. Retirement Benefits

Retirement benefits payable to the employees are accounted for on cash basis as and when paid.

7. Revenue Recognition

Sales are recognized at the time of dispatch of the goods.

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Jun 30, 2014

1. Basis of preparation

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and the Provisions of the Companies Act, 1956 as constantly adopted by the Company.

Accounting policies not specifically referred to otherwise are consistently followed and are in consonance with Generally Accepted Accounting Principles.

All income and expenditures are accounted for on accrual basis unless otherwise specifically stated.

2. Fixed Assets

Fixed Assets are stated at cost less depreciation. Fixed Assets includes all related expenses upto acquisition and installations.

3. Depreciation

Depreciation on fixed assets have been provided on Written Down Value Method at the rates specified in the schedule XIV of the Companies Act, 1956.

4. Investments

Investments are stated at cost.

5. Inventories

Inventories are valued at Cost or net realizable value, whichever is less.

6. Retirement Benefits

Retirement benefits payable to the employees are accounted for on cash basis as and when paid.

7. Revenue Recognition

Sales are recognized at the time of dispatch of the goods.

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Jun 30, 2013

1. Basis of preparation

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and the Provisions of the Companies Act, 1956 as constantly adopted by the Company.

Accounting policies not specifically referred to otherwise are consistently followed and are in consonance with Generally Accepted Accounting Principles.

All income and expenditures are accounted for on accrual basis unless otherwise specifically stated.

2. Fixed Assets

Fixed Assets are stated at cost less depreciation. Fixed Assets includes all related expenses up to acquisition and installations.

3. Depreciation

Depreciation on fixed assets have been provided on Written Down Value Method at the rates specified in the schedule XIV of the Companies Act, 1956.

4. Investments

Investments are stated at cost.

5. Inventories

Inventories are valued at Cost or net realizable value, whichever is less.

6. Retirement Benefits

Retirement benefits payable to the employees are accounted for on cash basis as and when paid.

7. Revenue Recognition

Sales are recognized at the time of dispatch of the goods.

We have examined the attached Cash Flow Statement of Ensa Steel Industries Limited for the year ended 30th June 2013. The statement has been prepared by the company in accordance with the listing agreements of the Stock Exchanges and is based on and in agreement with the corresponding Profit & Loss Account and Balance Sheet of the Company covered by our report of the even date to the members of the Company.

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Jun 30, 2011

1. Basis of preparation

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted' Accounting Principles (GAAP), and the Provisions of the Companies Act, 1956 as constantly adopted by the Company.

Accounting policies not specifically referred to otherwise are consistently followed and are in consonance wit Generally Accepted Accounting Principles.

All income and expenditures are accounted for on accrual basis unless otherwise specifically stated.

2. Fixed Assets

Fixed Assets are stated at cost less depreciation. Fixed Assets includes all related expenses up to acquisition and installations.

3. Depreciation

Depreciation on fixed assets have been provided on Written Down Value Method at the rates specified in the schedule XIV of the Companies Act, 1956.

4.Investments

Investments are stated at cost.

5. Inventories

Inventories are valued at Cost or net realizable value, whichever is less.

6. Retirement Benefits

Retirement benefits payable to the employees are accounted for on cash basis as and when paid.

7.Revenue Recognition

Sales are recognized at the time of dispatch of the goods.

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Jun 30, 2010

1. Basis of preparation

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and the Provisions of the Companies Act, 1956 as constantly adopted by the Company.

Accounting policies not specifically referred to otherwise are consistently followed and are in consonance with generally accepted accounting principles.

All income and expenditures are accounted for on accrual basis unless otherwise specifically stated.

2. Fixed Assets

Fixed Assets are stated at cost less depreciation. Fixed Assets includes all related expenses upto acquisition and installations.

3. Depreciation

Depreciation on fixed assets have been provided on Written Down Value Method at the rates specified in the schedule xiv of the Companies Act, 1956.

4. Investments

Investments are stated at cost.

5. Inventories

Inventories are valued at Cost or net realizable value, whichever is less.

6. Retirement Benefits

Retirement benefits payable to the employees are accounted for on cash basis as and when paid.

7. Revenue Recognition

Sales are recognized at the time of dispatch of the goods.

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Jun 30, 2009

1. Basis of preparation

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and the Provisions of the Companies Act, 1956 as constantly adopted by the Company.

Accounting policies not specifically referred to otherwise are consistently followed and are in consonance with generally accepted accounting principles.

All income and expenditures are accounted for on accrual basis unless otherwise specifically stated.

2. Fixed Assets

Fixed Assets are stated at cost less depreciation. Fixed Assets includes all related expenses upto acquisition and installations.

3. Depreciation

Depreciation on fixed assets have been provided on Written Down Value Method at the rates specified in the schedule xiv of the Companies Act, 1956.

4. Investments

Investments are stated at cost.

5. Inventories

Inventories are valued at Cost or net realizable value, whichever is less.

6. Retirement Benefits

Retirement benefits payable to the employees are accounted for on cash basis as and when paid.

7. Revenue Recognition

Sales are recognized at the time of dispatch of the goods.