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Accounting Policies of Kappac Pharma Ltd. Company

Mar 31, 2014

1. BASIS OF ACCOUNTING: The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION :

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES: The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: The Company does not have any Fixed Assets.

5. INVENTORY: The company has not held any inventory during the year

6. SALES are accounted for on accrual basis

7. GRATUITY: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU- GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION:

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY: All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account".


Mar 31, 2013

1. BASIS OF ACCOUNTING:

The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION :

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES: The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: The Company does not have any Fixed Assets.

5. INVENTORY: The company has not held any inventory during the year

6. SALES are accounted for on accrual basis

7. GRATUITY: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU- GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION:

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY: All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account''''.


Mar 31, 2012

1. BASIS OF ACCOUNTING:- The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES: -The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: The Company does not have any Fixed Assets.

5. INVENTORY: The company has not held any inventory during the year

6. SALES are accounted for on accrual basis

7. GRATUITY: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION:

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY: All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account''.


Mar 31, 2010

1. BASIS OF ACCOUNTING :-

The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES : -

The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: The Company does not have any Fixed Assets.

5. INVENTORY: The company has not held any inventory during the year

6. SALES are accounted for on accrual basis

7. GRATUITY:

No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS

Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY

All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account".


Mar 31, 2009

I. System of Accounting.

ii. The company follows the Mercantile system of Accounting & recognize.

iii. Income & Expenditures as accrual basis.

B. FIXED ASSETS: There are no fixed Assets.

C. INVENTORY No Inventory

D. SALES are accounted for on accrual basis

E. GRATUITY:

No provision for retirement benefits for employees has been made Since the Gratuity Act Provident Fund Act not applicable to the Company and the company has adopted PAY-AS-YOU-GO method For the payment of other retirement benefits if any payable to the Employees.

F. TAXATION

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

G. INVESTMENTS

Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

H. CONTINGENT LIABLITY

All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account".

I. Transaction in foreign currencies are recorded at the exchange rate prevailing at the time of occurrence of transaction.

 
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