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Accounting Policies of Expo Gas Containers Ltd. Company

Mar 31, 2015

1.1 Basis of Accounting: -

The accounts are prepared in accordance with the Historical Cost Convention and on the basis of a going concern with revenue recognized and expenses accounted on accrual basis.

1.2 Sales: -

A) Sales of manufacturing items are accounted inclusive of excise duties and sales tax.

B) Sales include billing of Project work on the basis of stipulations specified in each contract. Thus the company does not follow AS-7 as laid down by Institute of Chartered Accountant of India.

1.3 Retirement Benefits:-

A) Retirement benefit in the form of provident fund are accounted on accrual basis.

B) The Company has accounted gratuity & leave encashment liability on cash basis.

1.4 Denreciation:-

A) Depreciation on Fixed assets has been provided on Straight Line Method (SLM) at the rates specified in the Schedule II of the Companies Act, 2013.

B) The Company reassessed the remaining useful life of tangible fixed assets w.e.f 1st April, 2014. Accordingly, the carrying values as on that date are depreciated over their assessed remaining useful lives. Further the carrying amount of assets where remaining useful lives have been reassessed to be nil as at 1st April, 2014 has been recognised in the opening balance of retained earnings as on 1st April, 2014.

1.5 Fixed Assets:-

All Fixed assets are stated at cost of acquisition less accumulated depreciation.

1.6 Inventories:-

Stores and components - At cost

Raw material - At cost

Work in Progress - At Estimated cost.

Scrap - At realizable value.

1.7 Deferred Sales Tax:-

The Company values it obligation for deferred sales tax on net present value basis.

1.8 Income Tax:-

a) The Current year tax has been determined on the basis of Minimum Alternate Tax (MAT) liability under section 115 JB of the Income Tax Act, 1961.

b) Deferred Tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier period. Deferred Tax Assets are recognised only to the extent that there is certainty that sufficient future income will be available to realise the same.

Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.


Mar 31, 2014

1.1 Basis of Accounting: -

The accounts are prepared in accordance with the Historical Cost Convention and on the basis of a going concern with revenue recognized and expenses accounted on accrual basis.

1.2 Sales: -

A) Sales of manufacturing items are accounted inclusive of excise duties and sales tax.

B) Sales include billing of Project work on the basis of stipulations specified in each contract. Thus the company does not follow AS-7 as laid down by Institute of Chartered Accountant of India.

1.3 Retirement Benefits:-

A) Retirement benefit in the form of provident fund are accounted on accrual basis.

B) The Company has accounted gratuity & leave encashment liability on cash basis.

1.4 Depreciation:-

A) Depreciation on Fixed assets has been provided on Straight Line Method (SLM) at the rates specified — in the Schedule XIV of the Companies Act, 1956.

B) In respect of assets acquired/sold/discarded during the year, Depreciation has been provided on a pro- rata basis with reference to the year, each asset was put to use during the year.

1.5 Fixed Assets:-

All Fixed assets are stated at cost of acquisition less accumulated depreciation.

1.6 Inventories:-

Stores and components - At cost

Raw material - At cost

Work in Progress - At Estimated cost.

Scrap - At realizable value.

1.7 Deferred Sales Tax:-

The Company values it obligation for deferred sales tax on net present value basis.

1.8 Income Tax:-

a) The Current year tax has been determined on the basis of Minimum Alternate Tax (MAT) liability under section 115 JB of the Income Tax Act, 1961.

b) Deferred Tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier period. Deferred Tax Assets are recognised only to the extent that there is certainty that sufficient future income will be available to realise the same.

Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.


Mar 31, 2013

1.1 Basis of Accounting: -

The accounts are prepared in accordance with the Historical Cost Convention and on the basis of a going concern with revenue recognized and expenses accounted on accrual basis.

1.2 Sales: -

A) Sales of manufacturing items are accounted inclusive of excise duties and sales tax.

B) Sales include billing of Project work on the basis of stipulations specified in each contract. Thus the company does not follow AS-7 as laid down by Institute of Chartered Accountant of India.

1.3 Retirement Benefits:-

A) Retirement benefit in the form of provident fund are accounted on accrual basis.

B) The Company has accounted gratuity & leave encashment liability on cash basis.

1.4 Depreciation:-

A) Depreciation on Fixed assets has been provided on Straight Line Method (SLM) at the rates specified in the Schedule XIV of the Companies Act, 1956.

B) In respect of assets acquired/sold/discarded during the year, Depreciation has been provided on a pro-rata basis with reference to the year, each asset was put to use during the year.

1.5 Fixed Assets:-

All Fixed assets are stated at cost of acquisition less accumulated depreciation.

1.6 Inventories:-

Stores and components - At cost

Raw material - At cost

Work in Progress - At Estimated cost.

Scrap - At realizable value.

1.7 Deferred Sales Tax:-

The Company values it obligation for deferred sales tax on net present value basis.

1.8 Income Tax:-

The Current year tax has been determined on the basis of Minimum Alternate Tax (MAT) liability under section 115 JB of the Income Tax Act, 1961.


Mar 31, 2010

I. Basis of Accounting: -

The accounts are prepared in accordance with the Historical Cost Convention and on the basis of a going concern with revenue recognized and expenses accounted on accrual basis.

II. Sales: -

a). Sales of manufacturing items are accounted inclusive of excise duties and sales tax.

b). Sales include billing of Project work on the basis of stipulations specified in each contract. Thus the company does not follow AS-7 as laid down by Institute of Chartered Accountant of India.

III. Retirement Benefits:- a) Retirement benefit in the form of provident fund are accounted on accrual basis. b) The Company has accounted gratuity & leave encashment liability on cash basis.

IV. Depreciation:-

a) Depreciation on Fixed assets has been provided on Straight Line Method (SLM) at the rates specified in the Schedule XIV of the Companies Act, 1956.

b) In respect of assets acquired/sold/discarded during the year, Depreciation has been provided on a pro-rata basis with reference to the year, each asset was put to use during the year.

V. Fixed Assets:-

All Fixed assets are stated at cost of acquisition less accumulated depreciation.

VI. Inventories:-

a) Stores and components - At cost

b) Raw material - At cost

c) Work in Progress - At Estimated cost.

d) Scrap - At realizable value.

VII. Deferred Sales Tax:-

The Company values it obligation for deferred sales tax on net present value basis

 
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