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Accounting Policies of Ind-Agiv Commerce Ltd. Company

Mar 31, 2015

(a) BASIS OF PREPARATION OF ACCOUNTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) USE OF ESTIMATES:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Difference between-the actual and estimates are recognized in the period in which the results are known/materialized.

(c) SALES

Sale of goods are recognized when risks and rewards of ownership of the products are passed on to the customers which is generally on dispatch of goods. Service revenue is recognized as per terms of contract. Sales include amount recovered towards Trade Discounts and are net of returns.

(d) OTHER INCOME:

Other incomes are accounted on accrual basis.

(e) FIXED ASSETS AND DEPRECIATION

Fixed Assets are stated at original cost including incidental expenses related to acquisition and installation less accumulated depreciation.

Depreciation on fixed assets is calculated on written down value in the manner and at the rates as per schedule xiv of the Companies Act, 1956.

(f) LEASEHOLD LAND:

The cost of leasehold land is amortized over the un-expired period of the lease.

(g) INVENTORIES:

Inventories are valued at cost or net realizable value, whichever is lower.

(g) INVESTMENTS:

Investments are stated at cost.

(h) EMPLOYEE BENEFITS:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives, paid annual leave, bonus, leave travel assistance and medical allowance etc. recognized as actual amounts due in which the employee renders the related services.

(i) FOREIGN CURRENCY TRANSACTIONS:

All foreign currency transactions have been accounted at the rate prevailing on the date of transaction. All outstanding foreign currency transactions are valued at the appropriate exchange rate at the close of financial year. The loss or gain due to fluctuations of exchange rates is charged to the Profit and Loss Account except those relating to acquisition of fixed assets which are adjusted to the cost of assets.

(j) TAXATION:

Current tax is determined as the amount of tax payable to the taxation authorities is respect of taxable income for the period. Deferred tax is recognized, subject to the consideration of prudence, on timing difference being differences between taxable income and accounting income, that originate on one period and are capable of reversal in one or more subsequent periods.

(k) PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized only when there is present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made. Contingent liabilities disclosed for:-

Possible obligation which will be confirmed only by future events not wholly within the control of the company, or

Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made. Contingent assets are not recognized in the financial statements, since this may result in recognition if Income that may never be realized.

(l) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act., 1961.

Deferred tax is recognized on timing difference between book profits and taxable income for the year.


Mar 31, 2014

(a) BASIS OF PREPARATION OF ACCOUNTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisionsoftheCompaniesAct, 1956.

(b) USE OF ESTIMATES:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual and estimates are recognized in the period in which the results are known/materialized.

(c) SALES

Sale of goods are recognized when risks and rewards of ownership of the products are passedon to the customers which is generally on dispatch of goods. Service revenue is recognized as per terms of contract. Sales include amount recovered towardsTrade Discounts and are netofreturns.

(d) OTHER INCOME:

Other incomes are accountedonaccrual basis.

(e) FIXED ASSETS AND DEPRECIATION

Fixed Assets are stated at original cost including incidental expenses related to acquisition and installation less accumulated depreciation.

Depreciation on fixed assets is calculated on written down value in the manner and at the rates as per schedule xivofthe CompaniesAct, 1956.

(f) LEASE HOLDLAND:

The cost of lease hold and is amortized over the un-expired period of the lease.

(g) INVENTORIES:

Inventories are valued at cost or net realizable value, whichever is lower.

(g) INVESTMENTS:

Investments are stated atcost.

(h) EMPLOYEE BENEFITS:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives, paid annual leave, bonus, leave travel assistance and medical allowance etc. recognized as actual amounts dueinwhich the employee renders the related services.

(i) FOREIGN CURRENCY TRANSACTIONS:

All foreign currency transactions have been accounted at the rate prevailing on the date of transaction. All outstanding foreign currency transactions are valued at the appropriate exchange rate at the close of financial year. The loss or gain due to fluctuations of exchange rates is charged to the Profit and LossAccount except those relating to acquisition of fixed assets which are adjusted to the cost of assets.

(j) TAXATION:

Current tax is determined as the amount of tax payable to the taxation authorities is respect of taxable income for the period. Deferred tax is recognized, subject to the consideration of prudence, on timing difference being differences between taxable income and accounting income, that originate on one period and are capable of reversal in one or more subsequent periods.

(k) PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized only when there is present obligationas a resultof past events and when a reliable estimate of the amount of the obligation can be made. Contingent liabilities disclosed for:- Possible obligation which will be confirmed only by future events not wholly within the control of the company, or Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made. Contingent assets are not recognized in the financial statements, since this may result in recognition if Income that may never be realized.

(l) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of taxable income for the current accounting year and in accordance with the provisionsofthe IncomeTaxAct.,1961.

Deferred tax is recognized on timing difference between book profits and taxable income for the year.


Mar 31, 2012

(a) BASIS OF PREPARATION OF ACCOUNTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) USE OF ESTIMATES:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual and estimates are recognized in the period in which the results are known/materialized.

(c) SALES

Sale of goods are recognized when risks and rewards of ownership of the products are passed on to the customers which is generally on dispatch of goods. Service revenue is recognized as per terms of contract. Sales include amount recovered towards Trade Discounts and are net of returns.

(d) OTHER INCOME:

Other incomes are accounted on accrual basis.

(e) FIXED ASSETS AND DEPRECIATION

Fixed Assets are stated at original cost including incidental expenses related to acquisition and installation less accumulated depreciation.

Depreciation on fixed assets is calculated on written down value in the manner and at the rates as per schedule xiv of the Companies Act, 1956.

(f) LEASEHOLD LAND:

The cost of leasehold land is amortized over the un-expired period of the lease.

(g) INVENTORIES:

Inventories are valued at cost or net realizable value, whichever is lower.

(h) EMPLOYEE BENEFITS:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives, paid annual leave, bonus, leave travel assistance and medical allowance etc., recognized as actual amounts due in which the employee renders the related services.

(i) FOREIGN CURRENCY TRANSACTIONS:

All foreign currency transactions have been accounted at the rate prevailing on the date of transaction. All outstanding foreign currency transactions are valued at the appropriate exchange rate at the close of financial year. The loss or gain due to fluctuations of exchange rates is charged to the Profit and Loss Account except those relating to acquisition of fixed assets which are adjusted to the cost of assets.

(j) TAXATION:

Current tax is determined as the amount of tax payable to the taxation authorities is respect of taxable income for the period. Deferred tax is recognized, subject to the consideration of prudence, on timing difference being differences between taxable income and accounting income, that originate on one period and are capable of reversal in one or more subsequent periods.

(k) PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognized only when there is present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.

Contingent liabilities disclosed for:

Possible obligation which will be confirmed only by future events not wholly within the control of the company, or

Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made. Contingent assets are not recognized in the financial statements, since this may result in recognition if Income that may never be realized.

(l) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act., 1961.

Deferred tax is recognized on timing difference between book profits and taxable income for the year.


Mar 31, 2011

(a) BASIS OF PREPARATION OF ACCOUNTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) FIXED ASSETS AND DEPRECIATION

Fixed Assets are stated at original cost including incidental expenses related to acquisition and installation less accumulated depreciation.

Depreciation on fixed assets is calculated on written down value in the manner and at the rates as per schedule xiv of the Companies Act, 1956.

(c) LEASEHOLD LAND:

The cost of leasehold land is amortized over the un-expired period of the lease.

(d) OTHER INCOME:

Other incomes are accounted on accrual basis.

(e) INVENTORIES:

Inventories are valued at cost or net realizable value, whichever is lower.

(f) SALES:

Sales are recorded net of Sales Tax, Rebates and Trade Discounts.

(g) INVESTMENTS:

Investments are stated at cost.

(h) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of taxable income for the current accounting year and ir accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing difference between book profits and taxable income for the year.

(i) FOREIGN CURRENCYTRANSACTIONS:

All foreign currency transactions have been accounted at the rate prevailing on the date of transaction. All outstanding foreign currency transactions are valued at the appropriate exchange rate at the close of financial year. The loss or gain due to fluctuations of exchange rates is charged to the Profit and Loss Account except those relating to acquisition of fixed assets which are adjusted to the cost of assets


Mar 31, 2010

(a) BASIS OF PREPARATION OF ACCOUNTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

(b) FIXED ASSETS AND DEPRECIATION

Fixed Assets are stated at original cost including incidental expenses related to acquisition and installation less accumulated depreciation.

Depreciation on fixed assets is calculated on written down value in the manner and at the rates as per schedule xiv of the Companies Act, 1956.

(c) LEASEHOLD LAND:

The cost of leasehold land is amortized over the un-expired period of the lease.

(d) OTHER INCOME:

Other incomes are accounted on accrual basis.

(e) INVENTORIES:

Inventories are valued at cost or net realizable value, whichever is lower.

(f) SALES:

Sales are recorded net of Sales Tax, Rebates and Trade Discounts.

(g) INVESTMENTS:

I nvestments are stated at cost.

(h) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing difference between book profits and taxable income for the year.

(i) FOREIGN CURRENCYTRANSACTIONS:

All foreign currency transactions have been accounted at the rate prevailing on the date of transaction. All outstanding foreign currency transactions are valued at the appropriate exchange rate at the close of financial year. The loss or gain due to fluctuations of exchange rates is charged to the Profit and Loss Account except those relating to acquisition of fixed assets which are adjusted to the cost of assets.

 
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