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Accounting Policies of Excel Castronics Ltd. Company

Mar 31, 2015

A. Basis of Preparation of Financial Statements:

The financial statements are prepared under the historical cost convention, in accordance with Indian Generally Accepted Accounting Principles ("GAAP") comprising the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, on the accrual basis, as adopted consistently by the company.

The preparation of the financial statements in conformity with GAAP requires that the management of the company ("Management") make estimates and assumptions that affect the reported amounts of revenue and expenses for the year, reported balances of assets and liabilities, and disclosure relating to contingent liabilities as of the date of the financial statement.

b. Revenue Recognition:

All Income and expenses are recognized on Accrual basis.

c. Fixed Assets:

All Fixed Assets are stated at its cost of acquisition / construction including any attributable expenses incurred for bringing the asset into working condition for its intended use, less accumulated depreciation.

Depreciation on assets have been provided on straight line method at the rates, and in the manner prescribed in Schedule III to the Companies' Act 2013.

Depreciation on assets and their respective additions / deduction have been provided on pro- rata basis according to the period for which each such assets have been put to use.

d. Earning Per Share:

In considering the Earning Per Share, the company considers the Net Profit after tax and includes the post - tax effect of any extra - ordinary items. The number of shares used in computing both basic and diluted earning per share is the weighted average number of share outstanding during the period. There are no potentially dilutive equity shares.

e. Income Tax:

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period in which related revenue and expenses arise. A provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions.

The differences that result between the profit offered for income taxes and the profit as per the financial statements are identified and thereafter a deferred tax assets or deferred tax liability is recorded for timing differences, namely the differences that originate in one accounting period and reverse in another, based on the tax effect of the aggregate amount being considered. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted or substantially enacted regulations. Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

f. Inventories:

The closing stock has been valued at Cost or Market Value which ever is less as per Accounting Standard AS-2.

g. Employee Benefits:

As per the explanation received from the management there are no employees in the company, Accounting Standard 15 (Revised) - Retirement Benefits as issued by the institute of Chartered Accountants of India is not applicable.

h. Investments:

Investments are shown at cost. In case of shares were market value is not ascertainable face value has been considered as market value.

i. Segment Reporting:

The company is engaged in the business of Trading of Castror Seeds. The products are similar in nature and therefore are not subject to different risks and returns. Moreover, the company caters only to the needs of Indian Markets. Hence there are no reportable business segments/geographical segments.


Mar 31, 2013

1 CORPORATE INFORMATION :

Excel Castronics Limited (Earlier Known as Ahmedabad Gases Limited), Regd Off : 306, Sarthik Complex, Nr. Fun Republic,Iscon Cross Road, Satellite, Ahmedabad 380015 is engaged in the business of Trading in Castor Seeds. The shares of the company are listed with The Stock Exchange, Ahmedabad & The Stock Exchange, Bombay.

2 SIGNIFICANT ACCOUNTING POLICIES

a. Basis of Preparation of Financial Statements:

The financial statements are prepared under the historical cost convention, in accordance with Indian Generally Accepted Accounting Principles ("GAAP") comprising the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, on the accrual basis, as adopted consistently by the company.

The preparation of the financial statements in conformity with GAAP requires that the management of the company ("Management") make estimates and assumptions that affect the reported amounts of revenue and expenses for the year, reported balances of assets and liabilities, and disclosure relating to contingent liabilities as of the date of the financial statement.

b. Revenue Recognition:

All Income and expenses are recognized on Accrual basis.

c. Fixed Assets:

All Fixed Assets are stated at its cost of acquisition / construction including any attributable expenses incurred for bringing the asset into working condition for its intended use, less accumulated depreciation.

Depreciation on assets have been provided on straight line method at the rates, and in the manner prescribed in Schedule XIV to the Companies'' Act 1956

Depreciation on assets and their respective additions / deduction have been provided on pro– rata basis according to the period for which each such assets have been put to use.

d. Earning Per Share:

In considering the Earning Per Share, the company considers the Net Profit after tax and includes the post – tax effect of any extra – ordinary items. The number of shares used in computing both basic and diluted earning per share is the weighted average number of share outstanding during the period. There are no potentially dilutive equity shares.

e. Income Tax:

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period in which related revenue and expenses arise. A provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions.

The differences that result between the profit offered for income taxes and the profit as per the financial statements are identified and thereafter a deferred tax assets or deferred tax liability is recorded for timing differences, namely the differences that originate in one accounting period and reverse in another, based on the tax effect of the aggregate amount being considered. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted or substantially enacted regulations. Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

f. Inventories:

The closing stock has been valued at Cost or Market Value which ever is less as per Accounting Standard AS-2.

g. Employee Benefits:

As per the explanation received from the management there are no employees in the company, Accounting Standard 15 (Revised) – Retirement Benefits as issued by the institute of Chartered Accountants of India is not applicable.

h. Investments:

Investments are shown at cost. In case of shares were market value is not ascertainable face value has been considered as market value.

i. Segment Reporting:

The company is engaged in the business of Trading of Castror Seeds. The products are similar in nature and therefore are not subject to different risks and returns. Moreover, the company caters only to the needs of Indian Markets. Hence there are no reportable business segments/geographical segments.

j. Amalgamation:

The company has complied with the Accounting Stardard - 14 Accounting for Amalgamation as issued by the Institute of Chartered Accountant of India by performing Amalgation by way of Pooling of Interest Method.


Mar 31, 2012

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The Financial statements have been prepared on a historical cost convention on an accrual basis and generally comply with the requirements of the Companies' Act, 1956.

b. REVENUE RECOGNITION:

All Income and expenses are recognized on Accrual basis.

c. FIXED ASSETS AND DEPRECIATION:

All Fixed Assets are stated at its cost of acquisition/construction including any attributable expenses incurred for bringing the asset into working condition for its intended use, less accumulated depreciation.

Depreciation on assets have been provided on straight line method at the rates, and in the manner prescribed in Schedule XIV to the Companies' Act 1956.

Depreciation for assets purchased / sold during the period is proportionately charged.

d. INVENTORIES:

There are no closing stocks at the end of year under report.

e. INVESTMENTS:

There are no investments made during the year under report.

f. RETIREMENT BENEFITS TO EMPLOYEES:

As per the explanation received from the management no provision for gratuity has been made since none of the employees of the Company have completed the specified period of service. However, the same is in contravention to the Accounting Standard 15 (Revised) - Retirement Benefits as issued by the institute of Chartered Accountants of India.

g. TAXATION:

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period the related revenue and expenses arise. A provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions. The deferred tax is recognized on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent period.

h. EARNINGS PER SHARE:

In determining earning per share, the company considers the net profit/loss after tax and includes the post - tax effect of any extra - ordinary items. The number of shares used in computing diluted earnings per share is the weighted average number of shares outstanding during the period. There are no potentially dilutive equity shares.

i. SEGMENT REPORTING:

The company is engaged in the business of industrial gases. The products are similar in nature and therefore are not subject to different risks and returns. Moreover, the company caters only to the needs of Indian Markets. Hence there are no reportable business segments/geographical segments.


Mar 31, 2010

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :

The Financial statements have been prepared on a historical cost convention on an accrual basis and generally comply with the requirements of the Companies Act, 1956.

b. REVENUE RECOGNITION :

All Income and expenses are recognized on Accrual basis.

C. FIXED ASSETS AND DEPRECIATION :

All Fixed Assets are stated at its cost of acquisition/construction including any attributable expenses incurred for bringing the asset into working condition for its intended use, less accumulated depreciation.

Depreciation on assets have been provided on straight line method at the rates, and in the manner prescribed in Schedule XIV to the Companies Act 1956.

Depreciation for assets purchased / sold during the period is proportionately charged

d. INVENTORIES :

There are no closing stocks at the end of year under report.

e. INVESTMENTS :

There are no investments made during the year under report.

f. RETIREMENT BENEFITS TO EMPLOYEES:

As per the explanation received from the management no provision for gratuity has been made since none of the employees of the Company have completed the specified period of service. However, the same is in contravention to the Accounting Standard 15 (Revised) - Retirement Benefits as issued by the institute of Chartered Accountants of India.

g. TAXATION:

Income taxes are computed using the tax effect accounting method, where taxes are accrued in the same period the related revenue and expenses arise provision is made for income tax annually based on the tax liability computed after considering tax allowances and exemptions. The deferred tax is recognized on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent period. Deferred Tax Asset in respect of unabsorbed depreciation and carried forward of losses and allowances and other items are recognized if there is virtual certainty that there will be sufficient future taxable income.

h. EARNINGS PER SHARE :

In determining earning per share, the company considers the net profit/loss after tax and includes the post - tax effect of any extra - ordinary items. The number of shares used in computing diluted earnings per share is the weighted average number of shares outstanding during the period. There are no potentially dilutive equity shares.

i. SEGMENT REPORTING :

The company is engaged in the business of industrial gases. The products are similar in nature and therefore are not subject to different risks and returns. Moreover, the company caters only to the needs of Indian Markets. Hence there are no reportable business segments/geographical segments.

EXPENDITURE BY THE COMPANY ON EMPLOYEES :

a. If employed throughout the financial year and were in receipt of remuneration for that year which in aggregate was not less than Rs. 24.00 Lacs ; Rs. - NIL -

b. If employed for a part of the financial year and were in receipt of remuneration for that year which in aggregate was not less than Rs. 2.00 Lacs ; Rs. - NIL. -

 
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