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Accounting Policies of High Street Filatex Ltd. Company

Mar 31, 2015

A Fixed Assets are stated at cost of acquisition/ construction less accumulated depreciation. The cost includes all the pre-operative expenses and the financing cost of borrowings related to the pre production period. In case of revaluation of assets cost of acquisition is substituted by appropriate value in terms of valuation by competent professional.

B Pursuant to requirement of Schedule II of the Companies Act, 2013 (the Act), Company has revised the useful and residual life of assets and depreciation rates as prescribed under the Schedule II of the Act w.e.f. 1st April, 2014. In case of fixed assets where the residual useful life was nil as at 01-04-2014, the Company has adjusted the net written down values aggregating to Rs. 12,94,848 from retained earnings. Further, due to applicability of Schedule II of the Act during the year, the depreciation for the year is lower by Rs. 1,81,690/-.

C Foreign Currency Transactions:

i Export Sales- At the rates as on the date of negotiation or collection ,where export bills are negotiated after the close of the year, then at the year end rate when not covered by forward contract.

ii Expenditure- At the rates as on the date of transaction, receivables, creditors and outstanding liabilities are translated at the rate as at the close of the year, or at forward contract rate, wherever applicable.

iii Foreign Currency Loans for acquiring Fixed Assets and outstanding at the close of the Financial Year - At the contracted /prevailing rate of exchange, at the close of the year. The gain or loss due to decrease/increase in rupee liability due to fluctuations in rates of exchange is adjusted to the cost of the assets acquired through these loans. The depreciation on such increase/decrease in value of assets is provided for prospectively on residual life of the assets.

D Investments are stated at cost.

E Stock of Raw Material, spare parts and work in process are valued at cost.Finished goods are valued at lower of direct cost or net realisable value.

F Expenditure During Construction Period : Expenditure incurred on projects during implementation is capitalised and apportioned to various assets on commissioning of the project.

G Preliminary, Capital Issue and Deferred Revenue Expenses Preliminary, capital issue expenditure are written off in 10 years from the year of commercial production.

H Retirement Benefit : Gratuity:- Provision for gratuity is made on the basis of actual accrued liability if any.


Mar 31, 2014

A Fixed Assets are stated at cost of acquisition/ construction less accumulated depreciation. The cost includes all the pre-operative expenses and the financing cost of borrowings related to the pre production period. In case of revaluation of assets cost of acquisition is substituted by appropriate value in terms of valuation by competent professional. B Depreciation on Fixed Assets is provided on straight line Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired during the year is charged on pro rata basis & part of the month is considered as a full month. Depreciation on revalued assets is recomputed so as to write off the entire value in residual life of assets. C Foreign Currency Transactions:

i Export Sales- At the rates as on the date of negotiation or collection ,where export bills are negotiated after the close of the year, then at the year end rate when not covered by forward contract. ii Expenditure- At the rates as on the date of transaction, receivables, creditors and outstanding liabilities are translated at the rate as at the close of the year, or at forward contract rate, wherever applicable. iii Foreign Currency Loans for acquiring Fixed Assets and outstanding at the close of the Financial Year - At the contracted /prevailing rate of exchange, at the close of the year. The gain or loss due to decrease/increase in rupee liability due to fluctuations in rates of exchange is adjusted to the cost of the assets acquired through these loans. The depreciation on such increase/decrease in value of assets is provided for prospectively on residual life of the assets. D Investments are stated at cost. E Stock of Raw Material, spare parts and work in process are valued at cost.Finished goods are valued at lower of direct cost or net realisable value.

F Expenditure During Construction Period : Expenditure incurred on projects during implementation is capitalised and apportioned to various assets on commissioning of the project.

G Preliminary, Capital Issue and Deferred Revenue Expenses :Preliminary, capital issue expenditure are written off in 10 years from the year of commercial production.

H Retirement Benefit : Gratuity:- Provision for gratuity is made on the basis of actual accrued liability.


Mar 31, 2013

A Fixed Assets are stated at cost of acquisition/ construction less accumulated depreciation. The cost includes all the pre-operative expenses and the financing cost of borrowings related to the pre production period. In case of revaluation of assets cost of acquisition is substituted by appropriate value in terms of valuation by competent professional.

B Depreciation on Fixed Assets is provided on straight line Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired during the year is charged on pro rata basis & part of the month is considered as a full month. Depreciation on revalued assets is recomputed so as to write off the entire value in residual life of assets.

C Foreign Currency Transactions:

i Export Sales- At the rates as on the date of negotiation or collection ,where export bills are negotiated after the close of the year, then at the year end rate when not covered by forward contract.

ii Expenditure- At the rates as on the date of transaction, receivables, creditors and outstanding liabilities are translated at the rate as at the close of the year, or at forward contract rate, wherever applicable.

iii Foreign Currency Loans for acquiring Fixed Assets and outstanding at the close of the Financial Year - At the contracted /prevailing rate of exchange, at the close of the year. The gain or loss due to decrease/increase in rupee liability due to fluctuations in rates of exchange is adjusted to the cost of the assets acquired through these loans. The depreciation on such increase/decrease in value of assets is provided for prospectively on residual life of the assets.

D Investments are stated at cost.

E Stock of Raw Material, spare parts and work in process are valued at cost.Finished goods are valued at lower of direct cost or net realisable value.

F Expenditure During Construction Period :

Expenditure incurred on projects during implementation is capitalised and apportioned to various assets on commissioning of the project.

G Preliminary, Capital Issue and Deferred Revenue Expenses :Preliminary, capital issue expenditure are written off in 10 years from the year of commercial production.

H Retirement Benefit : Gratuity:- Provision for gratuity is made on the basis of actual accrued liability.


Mar 31, 2012

A. Fixed Assets are stated at cost of acquisition/construction less accumulated depreciation. The cost includes all the pre-operative expenses and the financing cost of borrowings related to the pre production period. In case of revaluation of assets cost of acquisition is substituted by appropriate value in terms of valuation by competent professional

B. Depreciation on Fixed Assets is provided on straight line Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired during the year is charged on pro rata basis & part of the month is considered as a full month.. Depreciation on revalued assets is recomputed so as to write off the entire value in residual life of assets.

C. Foreign Currency Transactions

i. Export Sales- At the rates as on the date of negotiation or collection, where export bills are negotiated after the close of the year, then at the year end rate when not covered by forward contract.

ii. Expenditure- At the rates as on the date of transaction, receivables, creditors and outstanding liabilities are translated at the rate as at the close of the year, or at forward contract rate, wherever applicable.

iii. Foreign Currency Loans for acquiring Fixed Assets and outstanding at the close of the Financial Year - At the contracted/prevailing rate of exchange, at the close of the year. The gain or loss due to decrease/ increase in rupee liability due to fluctuations in rates of exchange is adjusted to the cost of the assets acquired through these loans. The depreciation on such increase/decrease in value of assets is provided for prospectively on residual life of the assets.

D. Investments are stated at cost.

E. Stock of Raw Material, spare parts and work in process are valued at cost . Finished goods are valued at lower of direct cost or net realisable value.

F. Expenditure During Construction Period : Expenditure incurred on projects during implementation is capitalised and apportioned to various assets on commissioning of the project.

G. Preliminary, Capital Issue and Deferred Revenue Expenses Preliminary, capital issue expenditure are written off in 10 years from the year of commercial production.

H. Retirement Benefit : Gratuity:- Provision for gratuity is made on the basis of actual accrued liability.


Mar 31, 2010

A The financial statements have been prepared under the historical cost convention In accordance with generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted by the Company

B The Company generally follows mercantile system of accounting, recognises significant items of income and expenditure on accrual basis

B. Fixed Assete and Depreciation

A Fixed Assets are stated at cost of acquisition/ construction less accumulated depreciation. The cost includes all the pre-operative expenses and the financing cost of borrowings related to the pre production period. In case of revaluation of assets cost of acquisition is substituted by appropriate value in terms of valuation by competent professional B Depreciation on Fixed Assets is provided on straight line Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired during the year is charged on pro rata basis & part of the month is considered as a full month.. Depreciation on revalued assets is recomputed so as to write off the entire value in residual life of assets.

C Foreign Currency Transactions

A Export Sales- At the rates as on the date of negotiation or collection .where export bills are negotiated after the close of the year, then at the year end rate when not covered by forward contract. B Expenditure- At the rates as on the date of transaction, receivables, creditors and outstanding liabilities are translated at the rate as at the close of the year, or at forward contract rate, wherever applicable. C Foreign Currency Loans for acquiring Fixed Assets and outstanding at the close of the Financial Year -At the contracted /prevailing rate of exchange, at the close of the year. The gain or loss due to decrease/increase in rupee liability due to fluctuations in rates of exchange is adjusted to the cost of the assets acquired through these loans. The depreciation on such increase/decrease in value of assets is provided for prospectively on residual life of the assets.

D. Investments : Investments are stated at cost.

E Inventories: Stock of Raw Material, spare parts and work in process are valued at cost . Finished goods are valued at lower of direct cost or net realisable value.

F. Expenditure During Construction Period Expenditure incurred on projects during implementation is capitalised and apportioned to various assets on commissioning of the project.

G. Preliminary, Capital Issue and Deferred Revenue Expenses : Preliminary, capital issue expenditure are written off in 10 years from the year of commercial production. H. Retirement Benefit : Gratuity:- Provision for gratuity is made on the basis of actual accrued liability.

 
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