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Accounting Policies of Jauss Polymers Ltd. Company

Mar 31, 2015

1.1 Basis of preparation of financial statements

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

1.2 Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

1.3 Change in Accounting Estimate

Pursuant to the requirements of Schedule II of the Companies Act, 2013, the management has revised the useful lives of fixed assets to bring it in line with the requirements of the said schedule. The depreciation charge for the year is lower by Rs. 8,42,281/- as a result of this change.

1.4 Sale/Revenue Recognition

Revenue (income) is recognized where no significant uncertainty as to determination or realization exists. Sales are recognized ex works and are including of excise duty but net of trade discounts and sales tax. Job work income is recognized on delivery of finished goods.

Other Income: Interest income is recognized on time proportion basis taking into account the amount outstanding and the rate applicable

1.5 Inventories

Raw Materials, Store & Spares, and Packing Materials are valued at cost*.

Finished Goods :- Lower of Cost* or Net realizable value.

* Cost is determined on the basis of first in first out (FIFO) method.

1.6 Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use including borrowing cost and incidental expenditure during construction incurred up to the date when the assets are ready to use and share issue expenses related to funds raised for financing the project.

1.7 Depreciation/ Amortisation

i) Depreciation on fixed assets is provided as per the Schedule-II of the Companies Act, 2013. As per this Schedule the carrying amount of the asset as on 1 April 2014—(a) shall be depreciated over the remaining useful life of the asset (as defined in the schedule-II) ;(b) after retaining the residual value, shall be recognised in the opening balance of retained earnings where the remaining useful life of an asset is nil.

ii) Depreciation is provided on pro-rata basis from the date on which assets are put to use in case of addition and provided upto the date of sale/disposal in case of sale/disposal.

iii) Depreciation on Plant & Machinery and Moulds is provided on written down value method.

iv) Depreciation on fixed assets, other than Plant & Machinery and Moulds is provided on straight line method.

1.8 Employee Benefits

a) Contribution to the Provident Fund and Employees State Insurance is deposited in accordance with the provisions of the relevant acts and is charged to profit and loss account.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year. Actuarial gains or losses are recognized in the Statement of Profit and Loss.

1.9 Provisions

A provision is made based on a realizable estimate made. It is probable that an outflow of resources embodying economic benefits will be realized to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.

1.10 Taxes on Income

Tax expense for the year comprising current tax and deferred tax is included in determining the net profit/(loss) for the year.

Deferred tax assets are recognised for all deductible timing differences and carried forward to the extent there is reasonable certainty that sufficient future taxable profit will be available against which such deferred tax assets can be realised. Deferred tax assets to the extent they pertain to brought forward losses and unabsorbed depreciation, are recognised only if there is virtual certainty of realisation, based on expected profitability in the future as estimated by the Company.

Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantively enacted by the balance sheet date.

1.11 Earning per Share

In determining earning per share, the company considers net profit after tax. Basic earning per share is computed using the weighted average number of equity shares outstanding during the year.Diluted earning per share is computed using the weighted average number of equity shares outstanding including dilutive potential equity shares during the year.




Mar 31, 2014

1.1 Basis of preparation of financial statements

The financial statements are prepared under historical cost convention, on a going concern basis and in accordance with the applicable accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government and relevant provisions of the Companies Act, 1956. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

1.2 Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

1.3 Sale/Revenue Recognition

Revenue (income) is recognized where no significant uncertainty as to determination or realization exists. Sales are recognized ex works and are including of excise duty but net of trade discounts and sales tax. Job work income is recognized on delivery of finished goods.

1.4 Inventories

Raw Materials and Packing Materials are valued at cost*.

Finished Goods are valued at Cost* or Net realizable value, Whichever is lower.

* Cost is determined on the basis of first in first out (FIFO) method.

1.5 Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use including borrowing cost and incidental expenditure during construction incurred up to the date when the assets are ready to use and share issue expenses related to funds raised for financing the project.

1.6 Depreciation/ Amortisation

i) Depreciation on fixed assets, other than plant and machinery and moulds is provided on straight line method as per Schedule-XIV of the Companies Act, 1956.

ii) Depreciation on plant and machinery and moulds is provided on written down value method as per Schedule-XIV of the Companies Act, 1956.

iii) Depreciation is provided on pro-rata basis from the date on which assets are put to use in case of addition and provided upto the date of sale/disposal in case of sale/disposal.

iv) Leasehold improvement assets are amortised over the period of lease.

1.7 Employee Benefits

a) Contribution to the Provident Fund and Employees State Insurance is deposited in accordance with the provisions of the relevant acts and is charged to profit and loss account.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year. Actuarial gains or losses are recognized in the Statement of Profit and Loss.

1.8 Provisions

A provision is made based on a realizable estimate made. It is probable that an outflow of resources embodying economic benefits will be realized to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.

1.9 Taxes on Income

Tax expense for the year comprising current tax and deferred tax is included in determining the net profit/(loss) for the year.

Deferred tax assets are recognised for all deductible timing differences and carried forward to the extent there is reasonable certainty that sufficient future taxable profit will be available against which such deferred tax assets can be realised. Deferred tax assets to the extent they pertain to brought forward losses and unabsorbed depreciation, are recognised only if there is virtual certainty of realisation, based on expected profitability in the future as estimated by the Company. Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantively enacted by the balance sheet date.

1.10 Earning per Share

In determining earning per share, the company considers net profit after tax. Basic earning per share is computed using the weighted average number of equity shares outstanding during the year. Diluted earning per share is computed using the weighted average number of equity shares outstanding including dilutive potential equity shares during the year.

1.11 Chit Fund Loss

Loss on chit is accounted in the year of closure of chit.


Jun 30, 2013

1.1 Basis of preparation of financial statements

The financial statements are prepared under historical cost convention, on a going concern basis and in accordance with the applicable accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards and relevant provisions of the Companies Act, 1956. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

1.2 Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

1.3 Sale/Revenue Recognition

Revenue (income) is recognized where no significant uncertainty as to determination or realization exists. Sales are recognized ex works and are including of excise duty but net of trade discounts and sales tax. Job work income is recognized on delivery of finished goods.

1.4 Inventories

Raw Materials and Packing Materials are valued at cost*.

Finished Goods are valued at Cost* or Net realizable value, Whichever is lower.

*Cost is determined on the basis of first in first out (FIFO) method.

1.5 Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use including borrowing cost and incidental expenditure during construction incurred up to the date when the assets are ready to use and share issue expenses related to funds raised for financing the project.

1.6 Depreciation/ Amortization

i) Depreciation on fixed assets, other than plant and machinery and moulds is provided on straight line method as per Schedule-XIV of the Companies Act, 1956.

ii) Depreciation on plant and machinery and moulds is provided on written down value method as per Schedule-XIV of the Companies Act, 1956.

iii) Depreciation is provided on pro-rata basis from the date on which assets are put to use in case of addition and provided up to the date of sale/disposal in case of sale/disposal.

iv) Leasehold improvement assets are amortized over the period of lease.

1.7 Employee Benefits

a) Contribution to the Provident Fund and Employees State Insurance is deposited in accordance with the provisions of the relevant acts and is charged to profit and loss account.

b) Provision for gratuity and leave encashment is made on the basis of actuarial valuation at the end of the year. Actuarial gains or losses are recognized in the Statement of Profit and Loss.

1.8 Provisions

A provision is made based on a realizable estimate made. It is probable that an outflow of resources embodying economic benefits will be realized to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.

1.9 Taxes on Income

Tax expense for the year comprising current tax and deferred tax is included in determining the net profit/(loss) for the year.

Deferred tax assets are recognized for all deductible timing differences and carried forward to the extent there is reasonable certainty that sufficient future taxable profit will be available against which such deferred tax assets can be realized. Deferred tax assets to the extent they pertain to brought forward losses and unabsorbed depreciation, are recognized only if there is virtual certainty of realization, based on expected profitability in the future as estimated by the Company.

Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantively enacted by the balance sheet date.


Jun 30, 2011

A) General

The Company generally follows accrual basis of accounting, except otherwise stated specifically and wherever it is not possible to determine the quantum of accrual with reasonable certainty e.g. insurance/other claims, overdue interest payable/receivable and liquidated damages, these continue to be accounted for on settlement basis.

b) Revenue Recognition

Revenue (income) is recognized where no significant uncertainty as to determination or realization exists. Sales are recognized ex works and are including of excise duty but net of trade discounts and sales tax.

c) Inventories

Inventories are valued at lower of cost or net realisable value. Cost is determined on First in First out (FIFO) method basis.

d) Fixed Assets / Depreciation

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets is provided on straight line method as per Schedule-XIV of the Companies Act, 1956 except on building constructed on leased premises which is depreciated over the lease period.

iii) Depreciation is provided on pro-rata basis from the date on which assets are put to use in case of addition and provided upto the date of sale/disposal in case of sale/disposal.

e) Retirement and Other Employee Benefits

i) Company's contribution to Government administered Provident Fund and Employee's State Insurance Corporation are charged to Profit & Loss Account.

ii) Defined benefit contributions in respect of gratuity and leave encashment are provided on the basis of actuarial valuation made at the end of the financial year. Actuarial gains or loss arising from such valuations are charged to revenue in the year in which they arise.

iii) Short term employee benefit obligations are measured on an undiscounted basis and charged to the Profit & Loss Account on accrual basis.

f) Contingencies & Provisions

A provision is made based on a reasonable estimate. It is probable that an outflow of resources embodying economic benefits will be realised to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are not recognised or disclosed in the financial statement.

g) Impairment of Assets

Impairment loss assessment is done at the balance sheet date to determine whether there is any indication of impairment and in the carrying amount of the company's fixed assets. If any such indication exists, the assets recoverable amount is estimated. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. After recognition of impairment loss, the depreciation charge for the assets is adjusted in future periods to allocate the assets revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.


Mar 31, 2010

A) The Company generally follows accrual basis of accounting, except otherwise stated specifically and wherever it is not possible to determine the quantum of accrual with reasonable certainty e.g. insurance/other claims, overdue interest payable/receivable and liquidated damages, these continue to be accounted for on settlement basis.

b) Revenue (income) is recognized where no significant uncertainty as to determination or realization exists. Sales are recognized ex works and are including of excise duty but net of trade discounts and sales tax.

c) Inventories

Raw Material, Packing Materials At Cost.

Finished Goods At lower of cost or net

realisable value.

Cost is determined on First in First out (FIFO) method.

d) Fixed assets / depreciation

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets is provided on straight line method as per Schedule-XI V of the Companies Act, 1956 except on building constructed on leased premises which is depreciated over the lease period.

iii) Depreciation is provided on pro-rata basis from the date on which assets are put to use in case of addition and provided upto the date of sale/disposal in case of sale/disposal.

e) Employee benefits

i) Companys contribution to Government administered Provident Fund and Employees State Insurance Corporation are charged to Profit & Loss Account.

ii) Defined benefit contributions in respect of gratuity and leave encashment are provided on the basis of actuarial valuation made at the end of the financial year. Actuarial gains or loss arising from such valuations are charged to revenue in the year in which they arise.

f) A provision is made based on a reasonable estimate. It is probable that an outflow of resources embodying economic benefits will be realised to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are not recognised or disclosed in the financial statement.

g) Impairment loss assessment is done at the balance sheet date to determine whether there is any indication of impairment and in the carrying amount of the companys fixed assets. If any such indication exists, the assets recoverable amount is estimated. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. After recognition of impairment loss, the depreciation charge for the assets is adjusted in future periods to allocate the assets revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.


Mar 31, 2009

A) The Company generally follows accrual basis of accounting, except otherwise stated specifically and wherever it is not possible to determine the quantum of accrual with reasonable certainty e.g. insurance/ other claims, overdue interest payable/receivable and liquidated damages, these continue to be accounted for on settlement basis.

b) Revenue (income) is recognized where no significant uncertainty as to determination or realization exists. Sales are recognized ex works and are including of excise duty but net of trade discounts and sales tax.

c) Inventories

Raw Material, Packing Materials : At Cost. Finished Goods : At lower of cost or net realizable value.

Cost is determined on First in First out (FIFO) method.

d) Fixed assets / depreciation

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on fixed assets is provided on straight line method as per Schedule-XIV of the Companies Act, 1956.

iii) Depreciation is provided on pro-rata basis from the date on which assets are put to use in case of addition and provided upto the date of sale/disposal in case of sale/disposal.

e) Employee benefits

i) Companys contribution to Government administered Provident Fund and Employees State Insurance Corporation are charged to Profit & Loss Account.

ii) Defined benefit contributions in respect of gratuity and leave encashment are provided on the basis of actuarial valuation made at the end of the financial year. Actuarial gains or loss arising from such valua- tions are charged to revenue in the year in which they arise.

(f) A provision is made based on a realizable estimate. It is probable that an outflow of resources embodying economic benefits will be realized to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are not recognized or disclosed in the financial statements.

g) Impairment loss assessment is done at the balance sheet date to determine whether there is any indication of impairment and in the carrying amount of the companys fixed assets. If any such indication exists, the assets recoverable amount is estimated. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. After recognition of impairment loss, the depreciation charge for the assets is adjusted in future periods to allocate the assets revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

 
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