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Accounting Policies of Gennex Laboratories Ltd. Company

Mar 31, 2015

A BASIS OF ACCOUNTING:

Financial Statement are prepared under historical cost convention and in accordance with the normally accepted accounting standards.

b FIXED ASSETS:

a) FIXED ASSETS : Fixed Assets are stated at Cost less depreciation and inclusive of expenses upto Commissioning /putting the assets to use.

b) DEPRECIATION:

Depreciation is systematically allocated over the useful life of the asset as specified in Schedule-II of Companies Act, 2013.

c INVESTMENTS:

Investments are valued at Cost. Provision for diminution in the value of Long Term Investments is made only if, such a decline is other than temporary in the opinion of the Management.

d. REVENUE RECOGNITION:

All the Items of Income and Expenditure are accounted on accrual basis except as stated otherwise.

e. FOREIGN EXCHANGE TRANSACTIONS:

Foreign Currency Transactions are recorded at the exchange rates prevailing on the date of transaction.

Monetary items (Assets & Liabilities) denominated in foreign currency are translated into rupees at the Exchange rates prevailing on the Balance Sheet date. Exchange Differences in translation of foreign currency assets and liabilities and realised gains and losses on foreign exchange translations are recognised in the Profit and Loss Account.

f. VALUATION OF INVENTORIES:

i. Stores & Spares are valued at cost or at net realisable value, whichever is lower.

Cost is arrived at Weighted Average basis.

ii. Raw Material, Semi finished goods, finished goods are valued at cost or market value whichever is lower. Cost is arrived at FIFO method.

iii. Obsolesence and Damaged materials are valued at realisable value.

g. CENTRAL EXCISE:

Central Excise account is treated as current account by making adjustment of the debit and credit given to/taken from the department including relief.

h. EMPLOYEE BENEFITS:

a. Provident Fund is administered through Regional Provident Fund Commisioner. The contribution to the Provident Fund is charged against revenue.

b. Gratuity Liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on Projected Unit Credit Method. The company has created an approved gratuity fund, which has taken a group gratuity cum insurance policy with Life Insurance Corporation of India (LIC) for future payment of gratuity to the employees.

c. Leave Encashment is accounted for on actuarial basis.

i. SEGMENT REPORTING:

Segments are identified having regard to the dominant source and nature of risks and returns and the internal organisation and management structure.Revenues, Expenses and assets which relates to the enterprise as a whole and are not attributable to segments are included under "Unallocable Corporate Expenses/Revenues"

j. TAXES ON INCOME:

Deferred Tax is recognised, subject to the consideration of prudence, on timing diferrences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

k. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed, while Contingent Assets are neither recognized nor disclosed, in the Financial Statements.

l. Pursuant to enactment of Companies Act, 2013, the company has applied the estimate useful life as specified in Schedule II

Accordingly the unamortised carrying value is being depreciated / ammortised over the revised / remaing useful life.

The written down value net off Deferred Tax amounting to Rs.51.48 Lakhs of Fixed Asset whose lives has expired as at 01.04.2014 has been adjusted, in opening balance of Profit and Loss Account.


Mar 31, 2014

A. BASIS OF ACCOUNTING:

Financial Statement are prepared under historical cost convention and in accordance with the normally accepted accounting standards.

b. FIXED ASSETS:

Fixed Assets are valued at the original cost of acquisition net of Modvat including taxes, freight and other incidental expenses relating to acquisition and installation.

c. DEPRECIATION:

Depreciation provided at the rate prescribed under Schedule XIV of the Companies Act, 1956 on Straight line method on pro - rata basis.

d. INVESTMENTS:

Investments are valued at Cost. Provision for diminution in the value of Long Term Investments is made only if, such a decline is other than temporary in the opinion of the Management.

e. REVENUE RECOGNITION:

All the Items of Income and expenditure are accounted on accrual basis except as stated otherwise.

f. FOREIGN EXCHANGE TRANSACTIONS:

Foreign Currency Transactions are recorded at the exchange rates prevailing on the date of transaction.

Monetary items (Assets & Liabilities) denominated in foreign currency are translated into rupees at the Exchange rates prevailing on the Balance Sheet date.Exchange Differences in translation of foreign currency assets and liabilities and realised gains and losses on foreign exchange translations are recognised in the Profit and Loss A/c

g. VALUATION OF INVENTORIES:

i. Stores & Spares are valued at cost or at net realisable value, whichever is lower.

Cost is arrived at Weighted Average basis.

ii. Raw Material, Semi finished goods, finished goods are valued at cost or market value whichever is lower. Cost is arrived at FIFO method.

iii. Obsolesence and Damaged materials are valued at realisable value.

h. CENTRAL EXCISE:

Central Excise account is treated as current account by making adjustment of the debit & credit given to/taken from the department including relief.

i. EMPLOYEE BENEFITS:

a. Provident Fund is administered through Regional Provident Fund Commisioner. The contribution to the Provident Fund is charged against revenue.

b. Gratuity Liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on Projected unit credit method. The company has created an approved gratuity fund, which has taken a group gratuity cum insurance policy with Life Insurance Corporation of India (LIC) for future payment of gratuity to the employees. The company accounts for gratuity liability of its employees on the basis of Actuarial valuation carried out at the year end by LIC.

c. Leave Encashment is accounted for on accrual basis.

j. SEGMENT REPORTING:

Segments are identified having regard to the dominant source and nature of risks and returns and the internal organisation and management structure.Revenues, Expenses and assets which relates to the enterprise as a whole and are not attributable to segments are included under "Unallocable Corporate Expenses/Revenues"

k. TAXES ON INCOME:

Deferred Tax is recognised, subject to the consideration of prudence, on timing diferrences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

l. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measuremnet are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed, while Contingent Assets are neither recognized nor disclosed, in the financial statements.


Mar 31, 2013

A. BASIS OF ACCOUNTING:

Financial Statement are prepared under historical cost convention and in accordance with the normally accepted accounting standards.

b. FIXED ASSETS:

Fixed Assets are valued at the original cost of acquisition net of Modvat including taxes, freight and other incidental expenses relating to acquisition and installation.

c. DEPRECIATION:

Depreciation provided at the rate prescribed under Schedule XIV of the Companies Act, 1956 on Straight line method on pro - rata basis.

d. INVESTMENTS:

Investments are valued at Cost. Provision for diminution in the value of Long Term Investments is made only if, such a decline is other than temporary in the opinion of the Management.

e. REVENUE RECOGNITION:

All the Items of Income and expenditure are accounted on accrual basis except as stated otherwise.

f. FOREIGN EXCHANGE TRANSACTIONS:

Foreign Currency Transactions are recorded at the exchange rates prevailing on the date of transaction.

Monetary items (Assets & Liabilities) denominated in foreign currency are translated into rupees at the Exchange rates prevailing on the Balance Sheet date.Exchange Differences in translation of foreign currency assets and liabilities and realised gains and losses on foreign exchange translations are recognised in the Profit and Loss A/c

g. VALUATION OF INVENTORIES:

i. Stores & Spares are valued at cost or at net realisable value, whichever is lower.

Cost is arrived at Weighted Average basis.

ii. Raw Material, Semi finished goods, finished goods are valued at cost or market value whichever is lower. Cost is arrived at FIFO method.

iii. Obsolesence and Damaged materials are valued at realisable value.

h. CENTRAL EXCISE:

Central Excise account is treated as current account by making adjustment of the debit & credit given to/taken from the department including relief.

i. EMPLOYEE BENEFITS:

a. Provident Fund is administered through Regional Provident Fund Commisioner. The contribution to the Provident Fund is charged against revenue.

b. Gratuity Liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on Projected unit credit method. The company has created an approved gratuity fund, which has taken a group gratuity cum insurance policy with Life Insurance Corporation of India (LIC) for future payment of gratuity to the employees. The company accounts for gratuity liability of its employees on the basis of Actuarial valuation carried out at the year end by LIC.

c. Leave Encashment is accounted for on accrual basis.

j. SEGMENT REPORTING:

Segments are identified having regard to the dominant source and nature of risks and returns and the internal organisation and management structure.Revenues, Expenses and assets which relates to the enterprise as a whole and are not attributable to segments are included under "Unallocable Corporate Expenses/Revenues"

k. TAXES ON INCOME:

Deferred Tax is recognised, subject to the consideration of prudence, on timing diferrences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

l. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measuremnet are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed, while Contingent Assets are neither recognized nor disclosed, in the financial statements.


Mar 31, 2012

A. BASIS OF ACCOUNTING:

Financial Statement are prepared under historical cost convention and in accordance with the normally accepted accounting standards.

b. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS:

During the year ended 31st March, 2012, the revised Schedule VI, notified under the Companies Act, 1956, has become applicable to the Company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable for the current year.

c. FIXED ASSETS:

Fixed Assets are valued at the original cost of acquisition net of Modvat including taxes, freight and other incidental expenses relating to acquisition and installation.

d. DEPRECIATION:

Depreciation provided at the rate prescribed under Schedule XIV of the Companies Act, 1956 on Straight line method on pro-rata basis.

e. INVESTMENTS:

Investments are valued at Cost. Provision for diminution in the value of Long Term Investments is made only if, such a decline is other than temporary in the opinion of the Management.

f. REVENUE RECOGNITION:

All the Items of Income and expenditure are accounted on accrual basis except as stated otherwise.

g. FOREIGN EXCHANGE TRANSACTIONS

Foreign Currency Transactions are recorded at the exchange rates prevailing on the date of transaction.

Monetary items ( Assets & Liabilities) denominated in foreign currency are translated into rupees at the Exchange rates prevailing on the Balance Sheet date.Exchange Differences in translation of foreign currency assets and liabilities and realised gains and losses on foreign exchange translations are recognised in the Profit and Loss A/c.

h. VALUATION OF INVENTORIES:

i. Stores & Spares are valued at cost or at net realisable value, whichever is lower. Cost is arrived at Weighted Average basis.

ii. Raw Material, Semi finished goods, finished goods are valued at cost or market value whichever is lower. Cost is arrived at FIFO method.

iii. Obsolesence and Damaged materials are valued at realisable value.

i. CENTRAL EXCISE

Central Excise account is treated as current account by making adjustment of the debit & credit given to/taken from the department including relief.

j. EMPLOYEE BENEFITS:

a. Provident Fund is administered through Regional Provident Fund Commisioner. The contribution to the Provident Flind is charged against revenue.

b. Gratuity Liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on Projected unit credit method. The company has created an approved gratuity fund, which has taken a group gratuity cum insurance policy with Life Insurance Corporation of India (LIC) for future payment of gratuity to the employees. The company accounts for gratuity liability of its employees on the basis of Actuarial valuation carried out at the year end by LIC.

c. Leave Encashment is accounts for on Cash basis.

k. SEGMENT REPORTING:

Segments are identified having regard to the dominant source and nature of risks and returns and the internal organisation and management structure.Revenues, Expenses and assets which relates to the enterprise as a whole and are not attributable to segments are included under "Unallocable Corporate Expenses/Revenues".

1. TAXES ON INCOME:

Deferred Tax is recognised, subject to the consideration of prudence, on timing diferrences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

m. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed, while Contingent Assets are neither recognized nor disclosed, in the financial statements.


Mar 31, 2010

A. GENERAL:

Financial Statement are prepared under historical cost convention and in accordance with the normally accepted accounting standards.

b. FIXED ASSETS:

Fixed Assets are valued at the original cost of acquisition net of Modvat including taxes, freight and other incidental expenses relating to acquisition and installation.

c. DEPRECIATION:

Depreciation provided at the rate prescribed under Schedule XIV of the Companies Act, 1956 on straight line method on pro-rata basis.

d. INVESTMENTS:

Investments are valued at Cost.Provision for dimunition in the value of Long Term Investments is made only if, such a decline is other than temporary in the opinion of the Management.

e. REVENUE RECOGNITION:

All the Items of Income and expenditure are accounted on accrual basis except as stated otherwise.

f. FOREIGN EXCHANGE TRANSACTIONS:

Foreign Currency Transactions are recorded at the exchange rates prevailing on the date of transaction. Monetary Items (Assets & Liabilities) denominated in foreign currency are translated into rupees at the Exchange rates prevailing on the Balance Sheet date. Exchange Differences in translation of foreign currency assets and liabilities and realised gains and losses on foreign exchange translations are recognised in the Profit and Loss A/c.

g. VALUATION OF INVENTORIES:

i. Stores & Spares are valued at cost or at net realisable value, whichever is lower. Cost is arrived at Weighted Average basis.

ii. Raw Material, Semi finished goods, finished goods are valued at cost or market value whichever is lower. Cost is arrived at FIFO method.

iii. Obsolesence and Damaged materials are valued at realisable value.

h. CENTRAL EXCISE:

Central Excise account is treated as current account by making adjustment of the debit & credit given to/taken from the department including relief.

i. RETIREMENT BENEFITS:

Gratuity/Leave encashment is accounted for on Accrual basis. Contribution to Provident Fund & E S I is charged to Revenue Account.

j. SEGMENT REPORTING:

Segments are identified having regard to the dominant source and nature of risks and returns and the internal organisation and management structure. Revenues, Expenses and assets which relates to the enterprise as a whole and are not attributable to segments are included under "Unallocable Corporate Expenses/Revenues".

k. TAXES ON INCOME:

Deferred Tax is recognised, subject to the consideration of prudence, on timing diferrences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2009

A. GENERAL:

Financial Statement are prepared under historical cost convention and in accordant with the normally accepted accounting standards.

b. FIXED ASSETS:

Fixed Assets are valued at the original cost of acquisition net of Modvat including taxes freight and other incidental expenses relating to acquisition and installation.

c. DEPRECIATION:

Depreciation provided at the rate prescribed under Schedule XIV of the Companies Act 1956 on straight line method on pro-rata basis.

d. INVESTMENTS:

Investments are valued at Cost.Provision for dimunition in the value of Long Tern Investments is made only if, such a decline is other than temporary in the opinion of the Management.

e. REVENUE RECOGNITION:

All the Items of Income and expenditure are accounted on accrual basis except as statec otherwise.

f. FOREIGN EXCHANGE TRANSACTIONS:

Foreign Currency Transactions are recorded at the exchange rates prevailing on the date oi transaction. Monetary Items (Assets & Liabilities) denominated in foreign currency are translated into rupees at the Exchange rates prevailing on the Balance Sheet date. Exchange Differences in translation of foreign currency assets and liabilities and realised gains and losses on foreign exchange translations are recognised in the Profit and Loss A/c.

g. VALUATION OF INVENTORIES:

i. Stores & Spares are valued at cost or at net realisable value, whichever is lower. Cost is arrived at Weighted Average basis.

ii. Raw Material, Semi finished goods, finished goods are valued at cost or market value whichever is lower. Cost is arrived at FIFO method.

iii. Obsolesence and Damaged materials are valued at realisable value.

h. CENTRAL EXCISE:

Central Excise account is treated as current account by making adjustment of the debit & credit given to/taken from the department including relief.

i. RETIREMENT BENEFITS:

Gratuity/Leave encashment is accounted for on Accrual basis. Contribution to Provident

Fund & E SI is charged to Revenue Account.

j. SEGMENT REPORTING:

Segments are identified having regard to the dominant source and nature of risks and returns and the internal organisation and management structure. Revenues, Expenses and assets which relates to the enterprise as a whole and are not attributable to segments are included under "Unallocable Corporate Expenses/Revenues".

k. TAXES ON INCOME:

Deferred Tax is recognised, subject to the consideration of prudence, on timing diferrences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

 
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