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Accounting Policies of Integrated Thermoplastic Ltd. Company

Mar 31, 2014

A) Basis of Accounting:

The financial statements are prepared under historical costs convention on accrual basis and are in compliance with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956, except in case of AS-15 Accounting for Retirement Benefits in the Financial Statements of Employers.

b) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and any other attributable cost of bringing the asset to working condition less excise duty taken as CENVAT credit, VAT for it''s intended use.

c) Depreciation:

Depreciation on fixed Assets is provided on Straight Line Method at the rates specified from time to time in Schedule XIV of the Companies Act, 1956. Depreciation on additions/deductions during the year is calculated on pro rata from/to date of additions deductions.

d) Investments:

Long term investments are carried at cost including accrued interest thereon.

e) Inventories:

Inventories of finished goods are valued at cost or market price whichever is lower, whereas, raw materials and semi-finished reusable scrap and stores and spares are valued at cost, on FIFO basis.

f) Sales : Sales comprises of invoiced value of goods supplied net off discounts, returns and taxes.

g) Staff Benefits : The provisions of Accounting Standard 15 on Accounting for Retirement Benefits in the Financial Statement of employers, issued by the council of the Institute of Chartered Accountants of India is being complied with by the company under the provident Fund Act. The retirement benefits i.e., Gratuity and leave encashment payable are accounted on cash basis. The provision required as on 31.03.2014 is not ascertained.

h) Prior Period and Extra-Ordinary Items : Income and expenditure pertaining to prior period as well as extraordinary items, where material, are disclosed separately.

j) Accounting for Taxes on Income

Current Tax and deferment tax liability for the year is recognised for tax payable on taxable income and for timing differences, subject to consideration of prudence as per Accounting Standard 22.

k) Earning Per Share

Basic and diluted earning per share is calculated in compliance with the provisions of Accounting Standard 20. The denominator for basic/diluted E.P.S. is 6288900 equity shares of Rs. 10/- each, numerator is profit after tax.

l) Provisions and contingent liabilities/assets:

Contingent Liabilities are not recognised in accounts but are disclosed in the notes to accounts. Contingent assets are neither recognised nor disclosed in financial statements. Provisions involving substantial degree of estimation in measurement are recognised when there is present obligation and it is probable that there will be out flow of resources.


Mar 31, 2013

A) Basis of Accounting :

The financial statements are prepared under historical costs convention on accrual basis and are in compliance with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956, except in case of AS-15 Accounting for Retirement Benefits in the Financial Statements of Employers.

b) Fixed Assets :

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and any other attributable cost of bringing the asset to working condition less excise duty taken as CENVAT credit, VAT for it''s intended use.

c) Depreciation :

Depreciation on fixed Assets is provided on Straight Line Method at the rates specified from time to time in Schedule XIV of the Companies Act, 1956. Depreciation on additions / deductions during the year is calculated on pro rata from/to date of additions deductions.

d) Investments :

Long term investments are carried at cost including accrued interest thereon.

e) Inventories :

Inventories of finished goods are valued at cost or market price whichever is lower, whereas, raw materials and semi-finished reusable scrap and stores and spares are valued at cost, on FIFO basis.

f) Sales : Sales comprises of invoiced value of goods supplied net off discounts, returns and taxes.

g) Staff Benefits : The provisions of Accounting Standard 15 on Accounting for Retirement Benefits in the Financial Statement of employers, issued by the council of the Institute of Chartered Accountants of India is being complied with by the company under the provident Fund Act. The retirement benifits i.e., Gratuity and leave encashment payable are accounted on cash basis. The provision required as on 31.03.2013 is not ascertained.

h) Prior Period and Extra-Ordinary Items : Income and expenditure pertaining to prior period as well as extraordinary items, where material, are disclosed separately.

j) Accounting for Taxes on Income

Current Tax and deferment tax liability for the year is recongnised for tax payable on taxable income and for timing differences, subject to consideration of prudence as per Accounting Standard 22

k) Earning Per Share

Basic and diluted earning per share is calculated in compliance with the provisions of Accounting Standard 20. The denominator for basic/diluted E.P.S is 6288900 equity shares of Rs.10/- each, numerator is profit after tax.

I) Provisions and contingent liabilities/assets:

Contingent Liabilities are not recognised in accounts but are disclosed in the notes to accounts. Contingent asset= are neither recognised nor disclosed in financial statements. Provisi«fpJnva[vlng substantial degree of estimation in measurement are recognised when theret is present obligation and it is probable that there will be out flow of resources.


Mar 31, 2010

A) Basis of Accounting:

The financial statements are prepared under historical costs convention on accrual basis and are in compliance with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956, except in case of AS-15 Accounting for Retirement Benefits in the Financial Statements of Employers.

b) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and any other attributable cost of bringing the asset to working condition less excise duty taken as CENVAT credit, for its intended use.

c) Depreciation:

Depreciation on fixed Assets is provided on Straight Line Method at the rates specified from time to time in Schedule XIV of the Companies Act, 1956. Depreciation on additions / deductions during the year is calculated on pro-rata from/to date of additions deductions.

d) Investments :

Long term investments are carried at cost including accrued interest thereon.

e) Inventories:

Inventories of finished goods are valued at cost or market price whichever is lower, whereas, raw materials and semi-finished reusable scrap and stores and spares are valued at cost, on FIFO basis.

f) Sales:

Sales comprises of invoiced value of goods supplied net off discounts and returns.

g) Staff Benefits:

The provisions of Accounting Standard 15 on Accounting for Retirement Benefits in the Financial Statement of employers, issued by the council of the Institute of Chartered Accountants of India is being complied with by the company under the provident Fund Act.

Leave encashment is accounted on cash basis.

h) Prior Period and Extra-Ordinary Items :

Income and expenditure pertaining to prior period as well as extraordinary items, where material, are disclosed separately.

i) Accounting for Taxes on Income

"Accounting for Taxes on Income" has been made as per the accounting standard 22 issued by the Institute of Chartered Accountants of India.

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