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Accounting Policies of India Motor Parts & Accessories Ltd. Company

Mar 31, 2015

(a) Sales are net of trade discounts, returns and exclusive of VAT/Central Sales Tax .

(b) 1. Fixed Assets values are at cost less depreciation.

2. Depreciation has been provided in accordance with Schedule II of the Companies Act, 2013. WDV less 5% of the original cost of the Fixed Assets, whose useful life were over as on 1st April 2014, amounting to Rs.0.33 lakh (Net) has been written back against retained earnings in line with Schedule II of the Companies Act, 2013.

3. Depreciation on lease hold assets are amortised over the period of lease.

(c) Inventories are valued at lower of cost or net realisable value in line with the Accounting Standard (AS 2 ).

(d) Unquoted Long term investments are carried at cost and provision for decline in value, if any , other than temporary, are made whenever necessary. Current Investments are stated at lower of cost or market value

(e) Employees Benefits:

A) Short Term Employees Benefits:

Short Term Employees Benefits for services rendered by them are recognized during the period when the services are rendered

B) Post employment benefits:

Defined Contribution Plan

a) Provident Fund

Contributions are made to the company's Employees Provident Fund Trust in accordance with the fund rules. The interest rate payable by the trust to the beneficiaries every year is notified by the Government.

The Company has an obligation to make good the shortfall, if any, between the return from the investment of the trust and the notified interest rate.

The Company also contributes to government administrated pension fund and to Employees' State Insurance Schemes on behalf of its employees.

b) Superannuation

The Company makes fixed contributions as a percentage on salary to the superannuation fund, which is administered by trustees and managed by the Life Insurance Corporation of India (LIC). Defined Benefit Plan

a) Gratuity

The Company makes contribution to gratuity fund, (as per actuarial valuation), which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

b) Leave Encashment

Liability on account of encashment of leave to employees is provided on the basis of actuarial valuation.

The expenses and actuarial gain / loss on account of the above benefit plans are recognised in the profit and loss statement.

C) Other Long Term Employee Benefits:

The estimated liability in respect of other long term benefits like entitlement of leave has been provided on the basis of actuarial valuation.

The above contributions are charged to the Profit and Loss Statement.

(f) Insurance claims are accounted as and when the claims are settled.

(g) Deferred tax resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise.

The present value of obligation towards compensated absences and entitlement of leave, as per actuarial certificate, as on 31-03-2015 is Rs.29.11 lakhs (previous year Rs.18.93 Lakhs) and is provided for in the books of accounts.


Mar 31, 2014

(a) Sales are net of trade discounts, returns and exclusive of VAT/Sales Tax .

(b) 1. Fixed Assets values are at cost less depreciation.

2. Depreciation has been provided based on written down value method , in accordance with Schedule XIV of the Companies Act, 1956.

3. Individual assets costing less than Rs.5,000/- are depreciated in full in the year of purchase.

4. Depreciation on lease hold assets are amortised over the period of lease.

(c) Inventories are valued in line with the Accounting Standard (AS 2).

(d) Long term investments are carried at cost and provision for decline in value, if any , other than temporary, are made whenever necessary. Current Investments are stated at lower of cost or market value.

(e) Employees benefits:

A) Short Term Employees benefits:

Short Term Employees benefits for services rendered by them are recognized during the period when the services are rendered

B) Post employment benefits: Defined Contribution Plan

a) Provident Fund

Contributions are made to the company''s Employees Provident Fund Trust in accordance with the fund rules. The interest rate payable by the trust to the benefciaries every year is notifed by the Government.

The Company has an obligation to make good the shortfall, if any, between the return from the invest- ment of the trust and the notifed interest rate.

The Company also contributes to government administrated pension fund and to Employees'' State Insurance Schemes on behalf of its employees.

b) Superannuation

The Company makes fixed contributions as a percentage on salary to the superannuation fund, which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

Defined benefit Plan

a) Gratuity

The Company makes contribution to gratuity fund, (as per actuarial valuation), which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

b) Leave Encashment

Liability on account of encashment of leave to employees is provided on the basis of actuarial valuation. The expenses and actuarial gain / loss on account of the above benefit plans are recognised in the Profit and loss statement.

C) Other Long Term Employee benefits:

The estimated liability in respect of other long term benefits like entitlement of sick leave has been provided on the basis of actuarial valuation.

The above contributions are charged to the Profit and Loss Statement.

(f) Insurance claims are accounted as and when the claims are settled.

(g) Deferred tax resulting from timing differences between book and tax Profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise.


Mar 31, 2013

(a) Sales are net of trade discounts, returns and exclusive of VAT/Sales Tax .

(b) 1. Fixed Assets values are at cost less depreciation.

2. Depreciation has been provided based on written down value method , in accordance with Schedule XIV of the Companies Act, 1956.

3. Individual assets costing less than Rs.5,000/- are depreciated in full in the year of purchase.

4. Depreciation on lease hold assets are amortised over the period of lease.

(c) Inventories are valued in line with the Accounting Standard (AS 2 ).

(d) Long term investments are carried at cost and provision for decline in value, if any , other than temporary, are made whenever necessary. Current Investments are stated at lower of cost or market value.

(e) Employees Benefts:

A) Short Term Employees Benefts:

Short Term Employees Benefts for services rendered by them are recognized during the period when the services are rendered

B) Post employment benefts: Defned Contribution Plan

a) Provident Fund

Contributions are made to the company''s Employees Provident Fund Trust in accordance with the fund rules. The interest rate payable by the trust to the benefciaries every year is notifed by the Government.

The Company has an obligation to make good the shortfall, if any, between the return from the invest- ment of the trust and the notifed interest rate.

The Company also contributes to government administrated pension fund and to Employees'' State Insurance Schemes on behalf of its employees.

b) Superannuation

The Company makes fxed contributions as a percentage on salary to the superannuation fund, which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

Defned Beneft Plan

a) Gratuity

The Company makes contribution to gratuity fund, (as per actuarial valuation), which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

b) Leave Encashment

Liability on account of encashment of leave to employees is provided on the basis of actuarial valuation. The expenses and actuarial gain / loss on account of the above beneft plans are recognised in the proft and loss statement.

C) Other Long Term Employee Benefts:

The estimated liability in respect of other long term benefts like entitlement of sick leave has been provided on the basis of actuarial valuation.

The above contributions are charged to the Proft and Loss Statement.

(f) Insurance claims are accounted as and when the claims are settled.

(g) Deferred tax resulting from timing differences between book and tax profts is accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise.


Mar 31, 2012

(a) Sales are net of trade discounts, returns and exclusive of VAT/Sales Tax .

(b) 1. Fixed Assets values are at cost less depreciation.

2. Depreciation has been provided based on written down value method , in accordance with Schedule XIV of the Companies Act, 1956.

3. Individual assets costing less than Rs.5,000/- are depreciated in full in the year of purchase.

4. Depreciation on lease hold assets are amortised over the period of lease.

(c) Inventories are valued in line with the Accounting Standard (AS 2).

(d) Long term investments are carried at cost and provision for decline in value, if any, other than temporary, are made whenever necessary. Current Investments are stated at lower of cost or market value.

(e) Employees Benefits:

A) Short Term Employees Benefits:

Short Term Employees Benefits for services rendered by them are recognized during the period when the services are rendered

B) Post employment benefits:

Defined Contribution Plan

a) Provident Fund

Contributions are made to the company's Employees Provident Fund Trust in accordance with the fund rules. The interest rate payable by the trust to the beneficiaries every year is notified by the Government.

The Company has an obligation to make good the shortfall, if any, between the return from the investment of the trust and the notified interest rate.

The Company also contributes to government administrated pension fund and to Employees' State Insurance Schemes on behalf of its employees.

b) Superannuation

The Company makes fixed contributions as a percentage on salary to the superannuation fund, which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

Defined Benefit Plan

a) Gratuity

The Company makes contribution to gratuity fund, (as per actuarial valuation), which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

b) Leave Encashment

Liability on account of encashment of leave to employees is provided on the basis of an actuarial valuation.

The expenses and actuarial gain / loss on account of the above benefit plans are recognised in the profit and loss statement.

C) Other Long Term Employee Benefits:

The estimated liability in respect of other long term benefits like entitlement of sick leave has been provided on the basis of actuarial valuation.

The above contributions are charged to the Profit and Loss Statement.

(f) Insurance claims are accounted as and when the claims are settled.

(g) Deferred tax resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise.


Mar 31, 2011

(a) Sales are net of trade discounts, returns and exclusive of VAT/Sales Tax .

(b) 1. Fixed Assets are valued at cost less depreciation.

2. Depreciation has been provided based on written down value method, in accordance with Schedule XIV of the Companies Act, 1956.

3. Individual assets costing less than Rs.5,000/- are depreciated in full in the year of purchase.

4. Depreciation on lease hold assets are amortised over the period of lease.

(c) Inventories are valued in line with the Accounting Standard (AS 2). Cost of inventories is net of VAT in respect of Local Purchases.

(d) Long term investments are carried at cost and provision for decline in value, if any, other than temporary are made whenever necessary. Current Investments are stated at lower of cost or market value.

(e) Employees Benefits:

A) Short Term Employees Benefits:

Short Term Employees Benefits for services rendered by them are recognized during the period when the services are rendered

B) Post employment benefits: Defined Contribution Plan

a) Provident Fund

Contributions are made to the company's Employees Provident Fund Trust in accordance with the fund rules. The interest rate payable by the trust to the beneficiaries every year is notified by the Government. The Company has an obligation to make good the shortfall, if any, between the return from the investment of the trust and the notified interest rate. The Company also contributes to government administrated pension fund and to Employees' State Insurance Schemes on behalf of its employees.

b) Superannuation

The Company makes fixed contributions as a percentage on salary to the superannuation fund, which is administered by trustees and managed by the Life Insurance Corporation of India (LIC). Defined Benefit Plan

a) Gratuity

The Company makes contribution to gratuity fund, as per actuarial valuation, which is administered by trustees and managed by the Life Insurance Corporation of India (LIC).

b) Leave Encashment

Liability on account of encashment of leave to employees is provided on the basis of an actuarial valuation. The expenses and actuarial gain / loss on account of the above benefit plans are recognised in the profit and loss account on the basis of an actuarial valuation.

C) Other Long Term Employee Benefits:

The estimated liability in respect of other long term benefits like entitlement of sick leave has been provided on the basis of actuarial valuation.

The above contributions are charged to the Profit and Loss Account.

(f) Insurance claims are accounted as and when the claims are settled.

(g) Deferred tax resulting from timing differences between book and tax profits is accounted for at the current rate of tax to the extent that the timing differences are expected to crystalise.

 
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