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Accounting Policies of Jasch Industries Ltd. Company

Mar 31, 2015

A. Basis of Preparation of Financial Statements :

These financial statements have been prepared to comply with General Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. These financial statements are prepared on accrual basis under the historical cost convention. These financial statements are presented in Indian rupees rounded off to the nearest rupee.

All the assets and liabilities have been classified as current or non current as per the Companies normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of the products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle to be twelve months for the purpose of current / non current classification of assets and liabilities.

B. Use of Estimates :

The preparation of financial statements in conformity with Indian GAAP requires judgments, estimate and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

C. Recognition of Revenue / Income and Expenditure :

a) Revenues / Incomes and Cost / Expenditures are accounted for on accrual basis, as they are earned or incurred.

b) Turnover comprises of sale of goods and services. Sales are recorded when supply of goods takes place in accordance with the terms of sales. Turnover includes Excise Duties, VAT and Service Tax.

c) Revenue subsidies like interest subsidy (TUF) is reflected in "other incomes" when actually received.

D. Fixed Assets and Depreciation : Tangible Assets

Tangible Assets are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation where applicable, less accumulated depreciation (other than 'Free Hold Land', where no depreciation is charged) and impairment loss, if any. The cost of tangible assets comprises its purchase price, borrowing cost and any cost directly attributable to bring the asset to its working condition for its intended use, net of charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets if applicable.

Subsequent expenditures related to an item of tangible asset are added to its book value only if they increase the future benefits from the existing assets beyond its previously assessed standard of performance.

Projects under which assets are not ready for their intended use are shown as Capital Work-in-Progress.

Intangible Assets

Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization / depletion and impairment loss, if any. The cost comprises purchase price, borrowing cost, and any cost directly attributable to bring the assets to its working condition for the intended use and net of charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets if applicable

Depreciation

Depreciation is systematically allocated over the useful life of an asset as specified in part C of schedule II of Companies Act, 2013.

E. Impairment of Assets :

An Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

F. Deferred Revenue Expenditure :

Some revenue expenses, the benefit from which is to accrue over on enduring length of time, are treated as Deferred Revenue Expenditure and appropriate portion thereof is charged to Statement of Profit & Loss.

G. Borrowing Costs :

Interest (up to the date of its first use) and other borrowing costs on specific borrowings relatable to qualifying assets are capitalized. Other interest and borrowing costs are charged to revenue.

H. Foreign Currency Transactions :

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing on the date of the transaction.

b) Monetary items denominated in foreign currencies at the year end are stated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of contract is recognized as exchan e difference and premium paid on forward contracts is recognized over the life of contract.

c) Any income or expense on account of exchange difference either on settlement or on translation is recognized in Statement of Profit and Loss, except in case of the long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

I. Liabilities For Customs Duty / Excise Duty / Service Tax :

Liabilities for Customs Duty on the Goods lying at Port are accounted for at the time of clearance of goods. This is no effect on net profits. Excise Duty / Service Tax is accounted on the basis of both payment made in respect of goods cleared / services provided and provisions made for goods laying in bounded warehouse.

J. Expenditure During Construction Period :

In case of new projects and substantial expansion of existing facilities, expenditure capitalized includes interest and financing cost on specific loan prior to commencement of commercial production.

K. Investments :

Trade investments (Long Term / Short Term) are carried as per AS-13 issued by the ICAI.

L. Inventory Valuation.

a) Valuation of Inventories of raw-materials, packing-materials, consumables and Stores is at cost excluding Tax, Duty, Cess actually paid and including incidental expense incurred in bringing the inventories to their present location and condition and is arrived at on FIFO Basis except in case of Release Paper, the cost of which is reduced by 75% directly from the cost price as and when new reel of Release Paper is issued to production.

b) Valuation of Semi-finished goods / Work-in-process is at material cost including cost of conversion wherever applicable.

c) Valuation of Finished Goods includes cost of conversion and other costs incurred in bringing the inventories to their present location and condition or Market Value / Net realizable value, whichever is lower. Finished goods also include excise duty liability in accordance with revised Accounting Standard AS-2.

M. Research And Development Expenditure :

Research expenditure wherever applicable, is charged to Statement of Profit and Loss and Capital Expenditure in relation thereto is added to the cost of Fixed Assets in the year in which it is incurred.

N. Retirement Benefits :

a) Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and is recognized as an expense and debited to Statement of Profit and Loss on accrual basis.

b) Bonus and leave encashment payments are accounted for on accrual basis and charged to Statement of Profit and Loss.

c) Retirement Gratuity Liability is assessed every year as at 31st March, as per actuarial valuation made by LIC of India and premium calculated on the same is paid to LIC of India.

O. Preliminary & Share Issue Expenses :

Preliminary and Share-issued expenses are amortized over a period of 5 years in accordance with the provision of Income Tax Act, 1961.

P. Provision For Current And Deferred Tax :

Provision for current tax is made after using the current applicable tax rates and by taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.

Q. Provisions, Contingent Liabilities And Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2014

A. Basis of Preparation of Financial Statements :

These financial statements have been prepared in accordance with Accounting Principles Generally accepted in India (Indian GAAP), the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956. These financial statements are prepared on accrual basis under the historical cost convention. These financial statements are presented in Indian rupees rounded off to the nearest rupee.

All the assets and liabilities have been classified as current or non current as per the Companies normal operating cycle and other criteria set out in revised Schedule VI to the Companies Act, 1956. Based on the nature of the products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained it operating cycle to be twelve months for the purpose of current - non current classification of assets and liabilities.

B. UseofEstimates :

The preparation of financial statements in conformity with Indian GAAP requires judgments, estimate and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

C. RecognitionofRevenue/Income and Expenditure :

a) Revenues / Incomes and Cost / Expenditures are accounted for on accrual basis, as they are earned or incurred.

b) Turnover comprises of sale of goods and services. Sales are recorded when supply of goods takes place in accordance with the terms of sales. Turnover includes Excise Duties, VAT and Service Tax.

c) Revenue subsidies like interest subsidy (TUFF) is reflected in "other incomes" when actually received.

D. Fixed Assets and Depreciation :

Tangible Assets

Tangible Assets are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation where applicable, less accumulated depreciation (other than ''Free Hold Land'', where no depreciation is charged) and impairment loss, if any. The cost of tangible assets comprises its purchase price, borrowing cost and any cost directly attributable to bring the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets if applicable.

Subsequent expenditures related to an item of tangible asset are added to its book value only if they increase the future benefits from the existing assets beyond its previously assessed standard of performance.

Projects under which assets are not ready for their intended use are shown as Capital Work-in-Progress.

Intangible Assets

Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization / depletion and impairment loss, if any. The cost comprises purchase price, borrowing costs, and any cost directly attributable to bring the assets to its working condition for the intended use and net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets if applicable

Depreciation

Depreciation is provided on Straight Line Method (SLM). Depreciation is provided at the rates and in the manner prescribed in Schedule XIVtothe Companies Act, 1956.

E. Impairment of Assets :

An Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

F. Deferred Revenue Expenditure :

Some revenue expenses, the benefit from which is to accrue over on enduring length of time, are treated as Deferred Revenue Expenditure and appropriate portion thereof is charged to Statement of Profit & Loss.

G. Borrowing Costs :

Interest (up to the date of its first use) and other borrowing costs on specific borrowings relatable to qualifying assets are capitalized. Other interest and borrowing costs are charged to revenue.

H. Foreign Currency Transactions:

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing on the date of the transaction.

b) Monetary items denominated in foreign currencies at the year end are stated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of contract is recognized as exchange difference and premium paid on forward contracts is recognized over the life of contract.

c) Any income or expense on account of exchange difference either on settlement or on translation is recognized in Statement of Profit and Loss, except in case of the long term liabilities, where they relate to acquisition of fixed assets, in which case they are adjusted to the carrying cost of such assets.

I. Liabilities For Customs Duty/Excise Duty/ServiceTax :

Liabilities for Customs Duty on the Goods lying at Port are accounted for at the time of clearance of goods. This is no effect on net profits. Excise Duty / Service Tax is accounted on the basis of both, payment made in respect of goods cleared / services provided and provisions made for goods layinginbounded warehouse.

J. Expenditure During Construction Period :

In case of new projects and substantial expansion of existing facilities, expenditure capitalized includes interest and financing cost on specific loan prior to commencement of commercial production.

K. Investments:

Trade investments (Long Term / Short Term) are carried as per AS-13 issued by the ICAI.

L. Inventory Valuation.

a) Valuation of Inventories of raw-materials, packing-materials, consumables and Stores is at cost excluding Tax, Duty, Cess actually paid and including incidental expense incurred in bringing the inventories to their present location and condition and is arrived at on FIFO Basis except in case of Release Paper, the cost of which is reduced by 50% directly from the cost price as and when new reel of Release Paper is issued to production.

b) Valuation of Semi-finished goods / Work-in-process is at material cost including cost of conversion wherever applicable.

c) Valuation of Finished Goods includes cost of conversion and other costs incurred in bringing the inventories to their present location and condition or Market Value / Net realizable value, whichever is lower. Finished goods also include excise duty liability in accordance with revised Accounting Standard AS-2.

M. Research And Development Expenditure :

Research expenditure wherever applicable, is charged to Statement of Profit and Loss and Capital Expenditure in relation thereto is added to the cost of Fixed Assets in the year in which it is incurred.

N. Retirement Benefits :

a) Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and is recognized as an expense and debited to Statement of Profit and Loss on accrual basis.

b) Bonus and leave encashment payments are accounted for on accrual basis and charged to Statement of Profit and Loss.

c) Retirement Gratuity Liability is assessed every year as at 31st March, as per actuarial valuation made by LIC of India and premium calculated on the same is paid to LIC of India.

O. Preliminary & Share Issue Expenses:

Preliminary and Share-issued expenses are amortized over a period of 5 years in accordance with the provision of Income Tax Act, 1961.

P. Provision For Current And Deferred Tax :

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.

Q. Provisions, Contingent Liabilities And Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2012

A. Basis of Preparation of Financial Statements:

The accounts are prepared on accrual basis under the historical cost convention in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 and other relevant provisions of the said Act.

B. Use of Estimates :

In conformity with generally accepted accounting principles, the preparation of financial statements requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognized in the period in which the results are known / materialized.

C. Recognition of Revenue / Income and Expenditure:

a) Revenues / Incomes and Cost / Expenditures are accounted for on accrual basis, as they are earned or incurred.

b) Turnover comprises of sale of goods and services. Sales are recorded when supply of goods takes place in accordance with the terms of sales. Turnover includes Excise Duties, VAT and Service Tax.

c) Revenue subsidies like interest subsidy (TUFF) is reflected in "other incomes" when actually received.

D. Fixed Assets and Depreciation:

a) Fixed Assets are stated at cost of acquisition and subsequent improvements thereto including taxes, freight and other incidental expenses related to acquisition and installation. Pre-operative expenses for major projects are also capitalized, where appropriate. However, cost of fixed assets does not include CENVAT, VAT and Capital Subsidy (if any received).

b) Expenditure incurred on Capital Work-in-Progress during pre-operative/ installation period is stated at cost.

c) Depreciation has been provided on straight line method on Assets, as per the Rates specified in Schedule XIV of the Companies Act, 1956. Depreciation is charged on the Fixed Assets from the date they are put to use.

d) Depreciation on additions to assets or on sale/discardment of assets, is calculated pro rata from the day of such addition or up to the day such sale / disscardment, as the case may be.

E. Impairment of Assets:

An Asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

F. Intangible Assets:

Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization / depletion. All costs, including financing costs till commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets are capitalized.

G. Deferred Revenue Expenditure:

Some revenue expenses, the benefit from which is to accrue over on enduring length of time, are treated as Deferred Revenue Expenditure and appropriate portion thereof is charged to Statement of Profit & Loss.

H. Borrowing Costs :

Interest (up to the date of its first use) and other borrowing costs on specific borrowings relatable to qualifying assets are capitalized. Other interest and borrowing costs are charged to revenue.

I. Foreign Currency Transactions:

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing on the date of the transaction.

b) Monetary items denominated in foreign currencies at the year end are stated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of contract is recognized as exchange difference and premium paid on forward contracts is recognized over the life of contract.

c) Any income or expense on account of exchange difference either on settlement or when transaction is recognized in Statement of Profit and Loss.

J. Liabilities For Customs Duty:

Liabilities for Customs Duty on the Goods lying at Port are accounted for at the time of clearance of goods. This is no effect on net profits.

K. Expenditure During Construction Period:

In case of new projects and substantial expansion of existing facilities, expenditure capitalized includes interest and financing cost on specific loan prior to commencement of commercial production.

L. Investments:

Trade investments (Long Term / Short Term) are carried as per AS-13 issued by the ICAI.

M. Inventory Valuation.

a) Valuation of Inventories of raw-materials, packing-materials, consumables and Stores is at cost including Tax, Duty, Cess actually paid and incidental expense incurred in bringing the inventories to their present location and condition and is arrived at on FIFO Basis except in case of Release Paper, the cost of which is reduced by 50% directly from the cost price as and when new reel of Release Paper is issued to production.

b) Valuation of Semi-finished goods/Work-in-process is at material cost including cost of conversion wherever applicable.

c) Valuation of Finished Goods includes cost of conversion and other costs incurred in bringing the inventories to their present location and condition or Market Value / Net realizable value, whichever is lower. Finished goods also include excise duty liability in accordance with revised Accounting Standard AS-2

N. Research And Development Expenditure:

Research expenditure wherever applicable, is charged to Statement of Profit and Loss and Capital Expenditure in relation thereto is added to the cost of Fixed Assets in the year in which it is incurred.

O. Retirement Benefits :

a) Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and is recognized as an expense and debited to Statement of Profit and Loss on monthly accrual basis.

b) Bonus and leave encashment payments are accounted for on accrual basis and charged to Statement of Profit and Loss.

c) Retirement Gratuity Liability is assessed every year as at 31st March, as per actuarial valuation made by LIC of India and premium calculated on the same is paid to LIC of India.

P. Preliminary & Share Issue Expenses:

Preliminary and Share-issued expenses are amortized over a period of 5 years in accordance with the provision of Income Tax Act, 1961.

Q. Provision For Current And Deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.

R. Provisions, Contingent Liabilities And Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

S. Accounts balances of the customers and suppliers, in whose case(s) confirmation / reconciliation is not received, are taken as per the balance appearing in the books. Any differences arising on account of such reconciliations, which are not likely to be material, are accounted for as and when these reconciliations are completed.


Mar 31, 2010

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :

The Financial Statements are prepared on accrual basis under the historical cost convention in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 and other relevant provisions of the said Act.

2. USE OF ESTIMATES :

In conformity with generally accepted accounting principles the preparation of financial statements requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognized in the period in which the results are known/materialized.

3. RECOGNITION OF REVENUE/INCOME AND EXPENDITURE :

a) Revenues/Incomes and Cost/Expenditures are generally accounted on accrual, as they are earned on incurred

b) Turnover comprise of sale of goods. Sales are recorded when supply of goods takes place in accordance with the terms of Sales. Turnover include Excise Duties and VAT.

4. FIXED ASSETS AND DEPRECIATION :

a) Fixed Assets are stated at cost of acquisition and subsequent improvements thereto including taxes, freight and other incidental expenses related to acquisition and installation. Pre-operative expenses for major projects are also capitalized, where appropriate. However, cost of fixed assets does note include CENVAT, VAT, Capital Subsidy (if any as and when received) and accumulated depreciation.

b) Expenditure incurred on Capital work-in-progress during pre-operative/installation period is stated at cost.

c) Depreciation has been provided on straight line method on Assets, as per the Rates specified in Schedule XIV of the Companies Act, 1956. Depreciation is charged on the Fixed Assets from the date they are put to use.

d) Depreciation on additions to assets or on sale/discardment of assets, is calculated pro rata from the day of such addition or up to the day such sale/discardment, as the case may be.

5. DEFERRED REVENUE EXPENDITURE :

Some revenue expenses, the benefit from which is to accrue over on enduring length of time, are treated as Deferred Revenue Expenditure and appropriate portion thereof is charged to Profit & Loss Account.

6. BORROWING COSTS :

Interest and other borrowing costs on specific borrowings relatable to qualifying assets are capitalised. Other interest and borrowing costs are charged to revenue.

7. FOREIGN CURRENCY TRANSACTIONS :

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing on the date of the transaction.

b) Monetary items denominated in foreign currencies at the year end are stated at year end rates. In case of items which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of contract is recognized as exchange difference and premium paid on forward contracts is recognized over the life of contract.

c) Any income or expense on account of exchange difference either on settlement or on translation is recognized in profit and loss account.

8. LIABILITIES FOR CUSTOMS DUTY

Liabilities for Customs Duty on the Goods lying at Port are accounted for at the time of clearance of goods. There is no effect on net profits.

9. EXPENDITURE DURING CONSTRUCTION PERIOD :

In case of new projects and substantial expansion of existing facilities, expenditure capitalized includes interest and financing cost on specific loan prior to commencement of commercial production.

10. INVESTMENTS :

Trade investments are carried as per AS-13 issued by the ICAI and reduction in carrying cost is charged to Profit & Loss Account.

11. INVENTORY VALUATION :

a) Valuation of inventories of raw-materials, packing-materials, consumables and Stores is at cost including Tax, duty, cess actually paid and incidental expenses incurred in bringing the inventories to their present location and condition and is arrived at on FIFO Weighted average Basis except valuation of consumables (Release Paper) which is reduced by 45% directly from the cost price as and when new reel of Release Paper issued to production.

b) Valuation of Semi-finished goods/Work-in-process is at material cost including cost of conversion wherever applicable.

c) Finished goods include costs of conversion and other costs incurred in bringing the inventories to their present location and condition or Market Value/Net realizable value whichever is lower. Finished goods also include excise duty liability in accordance with revised Accounting Standard AS-2.

12. RESEARCH AND DEVELOPMENT EXPENDITURE :

Research expenditure wherever applicable, is charged to Profit & Loss Account and Capital Expenditure in relation there to is added to the cost of Fixed Assets in the year in which it is incurred. 26

13. RETIREMENT BENEFITS :

a) Contribution to Provident Fund is made in accordance with the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and is recognised as an expense and debited to Profit & Loss Account on monthly accrual basis.

b) Bonus and leave encashment payments are accounted for on accrual basis and charged to Profit & Loss Account.

c) Retirement Gratuity Liability have been assessed every year as at 31st March, as per acturian valuation and premium calculated on the same is paid to LIC of India.

14. BAD DEBTS WRITE OFF POLICY:

Trade debt, if any, remaining outstanding for more than three years, about which the management is of the opinion that the same is not recoverable, is written off by direct charge to Profit & Loss Account and credit to respective partys account without making provision for bad debts. In case such amount or a part thereof is subsequently recovered, the same is reflected as income of the year in which the same is recovered.

15. REVENUE SUBSIDIES :

Revenue subsidies like interest subsidy is reflected as "other receipts" when actually received.

16. PRELIMINARY & SHARE ISSUE EXPENSES :

Preliminary and Share-issued expenses are amortized over a period of 5 years in accordance with the provision of Income Tax Act 1961.



 
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