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Accounting Policies of Incap Ltd. Company

Mar 31, 2015

1. GENERAL:

The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 2013 as consistently adopted by the Company. The accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

2. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, taxes and other incidental expenses.

3. DEPRECIATION:

Depreciation on fixed assets is provided on straight line method at the rates specified in schedule XIV to the Companies Act, 2013.

4. IMPAIRMENT:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

5. INVESTMENTS:

Current investments are carried at lower of cost or market value. The determination of the carrying costs of such investments is done on the basis of specific identification.

6. SALES:

Sales are inclusive of Excise Duty, Education Cess, S.H.Education Cess and net of returns.

7. INVENTORIES:

Raw materials and Work-in-progress are value at cost. Finished Goods are valued at cost or net realizable value whichever is less. Consumables are valued at cost.

8. EXCISE DUTY/CUSTOMS DUTY:

In compliance with the requirements of Accounting standard-2, Valuation of Inventories', the company has provided excise duty/customs duty liability on stocks lying in bond as on the Balance Sheet date and included the same in valuation of such stocks. There is no impact on the profit for the year.

9. FOREIGN CURRENCY TRANSACTIONS :

All foreign currency transactions are accounted for at the rates prevailing on the dates of the transactions.

10. EMPLOYEE'S RETIREMENT BENEFITS:

Payment for gratuity liability is made on the basis of premium actuarially assessed and intimated by the Life Insurance Corporation of India, in terms of the policy taken out with them.

11. TAXES ON INCOME :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision on the Income Tax Act, 1961, and based on expected outcome of assessments/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance sheet date.


Mar 31, 2014

1. GENERAL:

The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as consistently adopted by the Company. The accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

2. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, taxes and other incidental expenses.

3. DEPRECIATION:

Depreciation on fixed assets is provided on straight line method at the rates specified in schedule XIV to the Companies Act, 1956.

4. IMPAIRMENT:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

5. INVESTMENTS:

Current investments are carried at lower of cost or market value. The determination of the carrying costs of such investments is done on the basis of specific identification.

6. SALES:

Sales are inclusive of Excise Duty, Education Cess, S.H.Education Cess and net of returns.

7. INVENTORIES:

Raw materials and Work-in-progress are value at cost. Finished Goods are valued at cost or net realizable value whichever is less. Consumables are valued at cost.

8. EXCISE DUTY/CUSTOMS DUTY:

In compliance with the requirements of Accounting standard-2, ''Valuation of Inventories'', the company has provided excise duty/customs duty liability on stocks lying in bond as on the Balance Sheet date and included the same in valuation of such stocks. There is no impact on the profit for the year.

9. FOREIGN CURRENCY TRANSACTIONS :

All foreign currency transactions are accounted for at the rates prevailing on the dates of the transactions.

10. EMPLOYEE''S RETIREMENT BENEFITS:

Payment for gratuity liability is made on the basis of premium actuarially assessed and inti- mated by the Life Insurance Corporation of India, in terms of the policy taken out with them.

11. TAXES ON INCOME :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision on the Income Tax Act, 1961, and based on expected outcome of assessments/appeals.

Deferred tax is recognized on timing differences between the accounting income and the tax- able income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.


Mar 31, 2013

1. GENERAL:

The Financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as consistently adopted by the Company. The accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

2. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition inclusive of freight, taxes and other incidental expenses.

3. DEPRECIATION:

Depreciation on fixed assets is provided on straight line method at the rates specified in schedule XIV to the Companies Act, 1956.

4. IMPAIRMENT:

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

5. INVESTMENTS:

Current investments are carried at lower of cost or market value. The determination of the carrying costs of such investments is done on the basis of specific identification.

6. SALES:

Sales are inclusive of Excise Duty, Education Cess, S.H.Education Cess and net of returns.

7. INVENTORIES:

Raw materials and Work-in-progress are value at cost. Finished Goods are valued at cost or net realizable value whichever is less. Consumables are valued at cost.

8. EXCISE DUTY/CUSTOMS DUTY:

In compliance with the requirements of Accounting standard-2, ''Valuation of Inventories'', the company has provided excise duty/customs duty liability on stocks lying in bond as on the Balance Sheet date and included the same in valuation of such stocks. There is no impact on the profit for the year.

9. FOREIGN CURRENCY TRANSACTIONS :

All foreign currency transactions are accounted for at the rates prevailing on the dates of the transactions.

10. EMPLOYEE''S RETIREMENT BENEFITS:

Payment for gratuity liability is made on the basis of premium actuarially assessed and inti- mated by the Life Insurance Corporation of India, in terms of the policy taken out with them.

11. TAXES ON INCOME :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision on the Income Tax Act, 1961, and based on expected outcome of assessments/appeals.

Deferred tax is recognized on timing differences between the accounting income and the tax- able income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.


Mar 31, 2010

1. GENERAL:

The financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as consistently adopted by the Company. The accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

2. FIXED ASSETS :

Fixed Assets are stated at cost of acquisition inclusive of freight, duties, taxes and incidental expenses.

3. DEPRECIATION:

Depreciation on fixed assets is provided on straight line method at the rates specified in schedule XIV to the Companies Act, 1956.

4. IMPAIRMENT:

The Carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

5. INVESTMENTS:

Current investments are carried at lower of cost or market value. The determination of the carrying costs of such investments is done on the basis of specific identification.

6. SALES :

Sales are inclusive of Excise Duty, Educational Cess, S.H. Education Cess and net of returns.

7. INVENTORIES:

Raw materials and Work-in-progress are valued at cost.

Finished Qoods are valued at cost or net realisable value whichever is less.

Consumables are valued at cost.

8. EXCISE DUTY/CUSTOMS DUTY:

In compliance with the requirements of Accounting standard - 2, Valuation of Inventories the company has provided excise duty/custom duty liability on stocks lying in bond as on the Balance Sheet date and included the same in valuation of such stocks. There is no impact on the profit for the year.

9. FOREIGN CURRENCY TRANSACTIONS :

All foreign currency transactions are accounted for at the rates prevailing on the dates of the transactions.

10: EMPLOYEES RETIREMENT BENEFITS:

Payment for gratuity liability is made on the basis of premium actuarially assessed and intimated by the Life Insurance Corporation of India, in terms of the policy taken out with them.

Payment for leave encashment is charged to profit and loss account on the basis of actual workings.

11. TAXES ON INCOME :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions on the Income Tax Act 1961, and based on expected outcome of assessments / appeals.

Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.



 
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