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Accounting Policies of Everlon Synthetics Ltd. Company

Mar 31, 2015

A) Recognition of Income and Expenditure:

The Accounts are prepared on accrual basis,

b) Fixed Assets and Depreciation:

I) Fixed Assets includes all expenditure of Capital nature and are stated at cost of Acquistion, Installation and commissioning less depreciation, Fixed Assets are stated at historical cost,

II) Depreciation on Fixed Assets other than Land & Plant and Machinery is provided as per written down value method of Income Tax Act, 1961,which is not lower than minimum rates prescribed under schedule XIV of Companies Act in case of following Assets:-

1. Computer 60% and in case of following assets, depreciation rates are lower than minimum prescribed rates:-

2. Furniture & Fixtures 10%

3. Vehicles 15%

4. Electrical Installation 10%

5. Air Conditioning 15%

6. Testing Equipment 15%

7. Office Equipment 15%

III) In case of Plant and Machinery, Coompany has provided Depreciation on Straight Line method as per schedule XIV of Companies Act, 1956,

IV) No Depreciation has been provided on assets sold/discarded during the year

c) Investments:

Investments are valued at cost inclusive of expenses incidental to their acquisition, Investments meant for long term are carried at cost and any diminution in value of permanent nature are provided for in accounts,

d) Valuation of Inventories:

1) Raw Materials, Consumable,

At Cost and other expenditure incurred inclusive of excise duty to bring the inventories to its present location and conditions, Cost is determined on FIFO basis,

2) Work-in-progress

At Cost of material and labour together with relevant factory overheads,

3) Finished Goods

At Cost of material and labour together with relevant factory overheads (inclusive of excise duty ) or net realisable value whichever is lower

e) Impairment of Assets:

If internal /external indications suggest that an asset of the company may be impaired, the recoverable amount of asset/ cash generating unit is determined on the Balance Sheet date and if it is less than its carrying amount, the carrying amount of the asset / cash generating unit is reduced to the said recoverable amount, The recoverable amount is measured as the higher of net selling price and value in use of such assets / cash generating unit, which is determined by the present value of the estimated future Cash Flows,

f) Provision for Retirement Benefits:

Provision for gratuity is made in accounts assuming that all the employee retire at the end of the year, The Company has carried out acturial valuation of Retirement Benefits during the year.

g) Contingent Liabilities:

Contingent liabilities are not provided for in the accounts and are disclosed separately in Notes on Accounts


Mar 31, 2014

01. ACCOUNTING POLICIES:

a) Recognition of Income and Expenditure: The Accounts are prepared on accrual basis.

b) Fixed Assets and Depreciation:

I) Fixed Assets includes all expenditure of Capital nature and are stated at cost of Acquistion, Installation and commissioning less depreciation. Fixed Assets are stated at historical cost.

II) Depreciation on Fixed Assets other than Land & Plant and Machinery is provided as per written down value method of Income Tax Act, 1961 .which is not lower than minimum rates prescribed under schedule XIV of Companies Act in case of following Assets:-

1. Computer 60%

and in case of following assets, depreciation rates are lower than minimum prescribed rates:-

2. Furniture & Fixtures 10%

3. Vehicles 15%

4. Electrical Installation 10%

5. Air Conditioning 15%

6. Testing Equipment 15%

7. Office Equipment 15%

III) In case of Plant and Machinery, Coompany has provided Depreciation on Straight Line method as per schedule XIV of Companies Act, 1956.

IV) No Depreciation has been provided on assets sold/discarded during the year

c) Investments:

Investments are valued at cost inclusive of expenses incidental to their acquisition. Investments meant for long term are carried at cost and any diminution in value of permanent nature are provided for in accounts.

d) Valuation of Inventories:

1) Raw Materials, Consumable, At Cost and other expenditure incurred inclusive of excise

duty to bring the inventories to its present location and conditions. Cost is determined on FIFO basis.

2) Work-in-progress At Cost of material and labour together with relevant factory overheads.

3) Finished Goods At Cost of material and labour together with relevant factory overheads (inclusive of excise duty) or net realisable value whichever is lower

e) Impairment of Assets:

If internal /external indications suggest that an asset of the company may be impaired, the recoverable amount of asset/ cash generating unit is determined on the Balance Sheet date and if it is less than its carrying amount, the carrying amount of the asset/cash generating unit is reduced to the said recoverable amount. The recoverable amount is measured as the higher of net selling price and value in use of such assets /cash generating unit, which isdetermined by the present value of the estimated future Cash Flows.

f) Provision for Retirement Benefits:

Provision for gratuity is made in accounts assuming that all the employee retire at the end of the year. The Company has carried out acturial valuation of Retirement Benefits during the year.

g) Contingent Liabilities:

Contingent liabilities are not provided for in the accounts and are disclosed separately in Notes on Accounts


Mar 31, 2013

A) Recognition of Income and Expenditure:

The Accounts are prepared on accrual basis.

b) Fixed Assets and Depreciation:

I) Fixed Assets includes all expenditure of Capital nature and are stated at cost of Acquistion, Installation and commissioning less depreciation. Fixed Assets are stated at historical cost.

II) Depreciation on Fixed Assets other than Land & Plant and Machinery is provided as per written down value method of Income Tax Act, 1961,which is not lower than minimum rates prescribed under schedule XIV of Companies Act in case of following Assets:- 1. Computer 60% and in case of following assets, depreciation rates are lower than minimum prescribed rates:-

2. Furniture & Fixtures 10%

3. Vehicles 15%

4. Electrical Installation 10%

5. Air Conditioning 15%

6. Testing Equipment 15%

7. Office Equipment 15%

III) In case of Plant and Machinery, Coompany has provided Depreciation on Straight Line method as perschedule XIV of Companies Act,1956.

IV) No Depreciation has been provided on assets sold/discarded during the year

c) Investments:

Investments are valued at cost inclusive of expenses incidental to their acquisition. Investments meant for long term are carried at cost and any diminution in value of permanent nature are provided for in accounts.

d) Valuation of Inventories:

1) Raw Materials, Consumable, At Cost and other expenditure incurred inclusive of excise duty to bring the inventories to its present location and conditions.

Cost is determined on FIFO basis.

2) Work-in-progress At Cost of material and labour together

with relevant factory overheads.

3) Finished Goods At Cost of material and labour together

with relevant factory overheads ( inclusive of excise duty ) or net realisable value whichever is lower

e) Impairment of Assets:

If internal /external indications suggest that an asset of the company may be impaired, the recoverable amount of asset/ cash generating unit is determined on the Balance Sheet date and if it is less than its carrying amount, the carrying amount of the asset / cash generating unit is reduced to the said recoverable amount. The recoverable amount is measured as the higher of net selling price and value in use of such assets / cash generating unit, which is determined by the present value of the estimated future Cash Flows.

f) Provision for Retirement Benefits:

Provision for gratuity is made in accounts assuming that all the employee retire at the end of the year However, acturial valuation not carried out by the company.

g) Contingent Liabilities:

Contingent liabilities are not provided for in the accounts and are disclosed separately in Note on Accounts


Mar 31, 2012

A) Recognition of Income and Expenditure:

The Accounts are prepared on accrual basis.

b) Fixed Assets and Depreciation:

I) Fixed Assets includes all expenditure of Capital nature and are stated at cost of Acquistion, Installation and commissioning less depreciation. Fixed Assets are stated at historical cost.

II) Depreciation on Fixed Assets other than Land is provided as per written down value method of Income Tax Act, 1961 .which is not lower than minimum rates prescribed under schedule XIV of Companies Act in case of following Assets:-

c) Investments:

Investments are valued at cost inclusive of expenses incidental to their acquisition. Investments meant for long term are carried at cost and any diminution in value of permanent nature are provided for in accounts.

e) impairment of Assets:

If internal /external indications suggest that an asset of the company may be impaired, the recoverable amount of asset/ cash generating unit is determined on the Balance Sheet date and if it is less than its carrying amount, the carrying amount of the asset / cash generating unit is reduced to the said recoverable amount. The recoverable amount is measured as the higher of net selling price and value in use of such assets / cash generating unit, which is determined by the present value of the estimated future Cash Flows.

f) Provision for Retirement Benefits:

Provision for gratuity is made in accounts assuming that all the employee retire at the end of the year However, acturial valuation not carried out by the company.

g) Contingent Liabilities:

Contingent liabilities are not provided for in the accounts and are disclosed separately in Notes on Accounts


Mar 31, 2010

01. ACCOUNTING POLICIES:

a) Recognition of Income and Expenditure: The Accounts are prepared on accrual basis.

b) Fixed Assets and Depreciation:

I) Fixed Assets includes all expenditure of Capital nature and are stated at cost of acquistion, installation and commissioning less depreciation. Fixed Assets are stated at historical cost.

II) Depreciation on Fixed Assets other than Land is provided as per written down value method of Income Tax Act, 1961 .which is not lower than minimum rates prescribed under schedule XIV of Companies Act in case of following Assets:-

1. Computer 60%

and in case of following assets, depreciation rates are lower than minimum prescribed rates: -

1. Furniture & Fixtures 10%

2. Vehicles 15%

3. Plant & Machinery 15%

4. Electrical Installation 10%

5. Air Conditioning 15%

6. Testing Equipment 15%

7. Office Equipment 15%

III) No Depreciation has been provided on assets sold/discarded during the year

c) Investments:

Investments are valued at cost inclusive of expenses incidental to their acquisition. Investments meant for long term are carried at cost and any diminution in value of permanent nature are provided for in accounts.

d) Valuation of Inventories:

1) Raw Materials, Consumable, : At Cost and other expenditure incurred inclusive of excise duty to bring the inventories to its present location and conditions. Cost is determined on FIFO basis.

2) Work-in-progress : At Cost of material and labour together with relevant factory overheads.

3) Finished Goods : At Cost of material and labour together with relevant factory overheads (inclusive of excise duty) or net realisable value whichever is lower

4) Stock of Shares : At cost

e) Impairment of Assets:

If internal /external indications suggest that an asset of the company may be impaired, the recoverable amount of asset/ cash generating unit is determined on the Balance Sheet date and if it is less than its carrying amount, the carrying amount of the asset/ cash generating unit is reduced to the said recoverable amount. The recoverable amount is measured as the higher of net selling price and value in use of such assets/ cash generating unit, which is determined by the present value of the estimated future Cash Flows.

f) Provision for Retirement Benefits:

Provision for gratuity is made in accounts assuming that all the employee retir, at the end of the year However, acturial valuation not carried out by the company.

g) Contingent Liabilities:

Contingent liabilities are not provided for in the accounts and are disclosed separately in Notes on Accounts

 
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