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Accounting Policies of Kilpest India Ltd. Company

Mar 31, 2015

1. General

1. Basis of Accounting:

The financial statements are prepared on a going concern basis under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and comply with the Accounting Standards specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable, as adopted consistently by the company.

2. Revenue Recognition :

Sales comprise sale of goods inclusive of Excise Duty and VAT/Central Sales Tax and are net of allowances for discounts, rate differences and leakages.

3. Fixed Assets:

In order to relate memory closely to current replacement values, all the fixed assets acquire up to 31st March, 1993 were revalued as on that dale and are accordingly carried at revalued figures. Fixed assets acquired after 31st March, 1993 are stated at cost inclusive of freight, taxes and incidental expenses related thereto.

4. Depreciation:

I) Depreciation has been calculated on straight line method at die rates provided in Schedule II to t he Companies

Act, 2013. ii) Depreciation on additions during the year has been provided for full year.

5. Inventories :-

I) Finished products produced by the Company are carried at lower of cost or market value.

ii) Raw materials, Packing Materials and Stores and Spare Parts are carried at cost.

iii) Cost is arrived at mainly on a 'First in first out' basis and is inclusive of freight and expenses incurred.

6. Investments :-

Investments classified as Long Term Investments are stated at cost.

7. Contingent Liabilities :-

Contingent liabilities are not provided for and are disclosed by way of notes.

8. Employees' Retirement Benefits.

I) Company's contributions to Provident Fund are charged to Profit & Loss Account. ii) Gratuity is accounted for as and when the same is paid.

9. Deferred Tax is accounted for by computing the tax effect of timing difference which arise during the year and reverse subsequent periods.


Mar 31, 2014

1. General

1. Basis for Prearation of accounts :

The accounts have been prepared to comply in all material aspect with applicable Accounting Principles in India, the applicable Accounting Standards notified under Section 211 (3C) of the Companies Act 1956 and the relevant provisions thereof. Financial Statements are prepared based on historical cost and on the basis of a going concern. The Company follows the mercantile system of Accounting and recognizes income and expenditure on an accrual basis.

2. Revenue Recognition :

Sales comprise sale of goods inclusive of Excise Duty and VAT/Central Sales Tax and are net of allowances for discounts, rate differences and leakages.

3. Fixed Assets :

In order to relate them more closely to current rep lacement values, all the fixed assets acquire up to 31st March, 1993 were revalued as on that date and are accordingly carried at revalued figures. Fixed assets acquired after 31st March, 1993 are stated at cost inclusive of freight, taxes and inc idental expenses related thereto.

4. Depreciation :

I) Depreciation has been calculated on straigh t line method at the rates provided in Schedule XIV to t he Companies Act, 1956. ii) Depreciation on additions during the year has been provided for full year.

5. Inventories :-

I) Finished products produced by the Compan y are carried at lower of cost or market value.

ii) Raw materials, Packing Materials and Stores an d Spare Parts are carried at cost.

iii) Cost is arrived at mainly on a "First in first out'' basis and is inclusive of freight and expen ses incurred.

6. Investments :-

Investments classified as Long Term Investments are stated at cost.

7. Contingent Liabilities :-

Contingent liabilities are not provided for and are disclosed by way of notes.

8. Employees'' Retirement Benefits.

I) Company''s contributions to Provident Fund are charged to Profit & Loss Account.

ii) Gratuity is accounted for as and when the same is paid.

9. Deferred Tax is accounted for by computing the tax effect of timing difference which arise during the year and reverse subsequent periods.


Mar 31, 2013

1. Accounting Convention

The financial statements are prepared under the historical cost convention on accrual basis and comply with Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

2. Revenue Recognition

Sales comprise sale of goods inclusive of Excise Duty and VAT/Central Sales Tax and are net of allowances for discounts, rate differences and leakages.

3. Fixed Assets :

In order to relate them more closely to current replacement values, all the fixed assets acquired up to 31st March, 1993 were revalued as on that date and are accordingly carried at revalued figures. Fixed assets acquired after 31st March, 1993 are stated at cost inclusive of freight, taxes and incidental expenses related thereto.

4. Depreciation :

i) Depreciation has been calculated on straight line method at the rates provided in Schedule XIV to the Companies

Act, 1956. ii) Depreciation on additions during the year has been provided for full year.

5. Inventories :-

i) Finished products produced by the Company are carried at lower of cost or market value.

ii) Raw materials, Packing Materials and Stores and Spare Parts are carried at cost.

iii) Cost is arrived at mainly on a First in first out'' basis and is inclusive of freight and expenses incurred.

6. Investments :-

Investments classified as Long Term Investments are stated at cost.

7. Contingent Liabilities :- Contingent liabilities are not provided for and are disclosed by way of notes.

8. Employees'' Retirement Benefits.

i) Company''s contributions to Provident Fund are charged to Profit & Loss Account.

ii) Gratuity is accounted for as and when the same is paid.

9. Deferred Tax is accounted for by computing the tax effect of timing difference which arise during the year and reverse in subsequent periods.


Mar 31, 2010

1. General

Accounting Convention

The financial statements are prepared under the historical cost convention on accrual basis and comply with Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

2. Revenue Recognition

Sales comprise sale of goods inclusive of Excise Duty and VAT/Central Sales Tax and are net of allowances for discounts, rate differences and leakages.

3. Excise Duty :

Liability for Excise Duty on Finished Goods is accounted as and when they are cleared from the factory premises after taking credit of Cenvat benefit available. No provision is made in the accounts for the goods manufactured and lying in factory premises.

4. Fixed Assets :

In order to relate them more closely to current replacement values, all the fixed assets acquired up to 31st March, 1993 were revalued as on that date and are accordingly carried at revalued figures. Fixed assets acquired after 31 st March, 1993 are stated at cost inclusive of freight, taxes and incidental expenses related thereto.

5. Depreciation:

i) Depreciation has been calculated on straight line method at the rates provided in Schedule XlV to the Companies Act, 1956.

ii) Depreciation on additions during the year has been provided for full year.

6. Inventories :-

i) Finished products produced by the Company are carried at lower of cost or market value.

ii) Raw materials, Packing Materials and Stores and Spare Parts are carried at cost.

iii) Cost is arrived at mainly on a First in first out basis and is inclusive of freight and expenses incurred.

7. Investments :-

Investments classified as Long Term Investments are stated at cost.

8. Contingent Liabilities :-

Contingent liabilities are not provided for and are disclosed by way of notes.

9. Employees Retirement Benefits.

i) Companys contributions to Provident Fund are charged to Profit & Loss Account.

ii) Gratuity is accounted for as and when the same is paid.

10. Deferred Tax is accounted for by computing the tax effect of timing difference which arise during the year and reverse in subsequent periods.

 
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