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Accounting Policies of Kiran Print Pack Ltd. Company

Mar 31, 2014

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the applicable accounting standards notified under the Companies (Accounting Standards) Rules, 2006 and relevant presentational requirements of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. Accounting policies not stated explicitly otherwise are consistent with the generally accepted accounting principles.

a. Presentation and disclosure of financial statements

The financial statements are prepared as per revised Schedule VI notified under the Companies Act, 1956.

b. Tangible fixed assets

Tangible fixed assets are stated at their original cost including incidental expenses related to acquisition and installation, less accumulated depreciation.

c. Depreciation on tangible fixed assets

Depreciation on all tangible fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired and/or sold during the year is provided on pro-rata basis.

d. Investments

Long term investments are carried at cost and any diminution in value is not recognized as the same is considered to be temporary in nature.

e. Inventories

Inventories of Materials and Printing Consumables are valued at lower of cost and net realiseable value after providing for obsolescence and other losses wherever considered necessary.

f. Income Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer. Revenues from services are recognized when the services are rendered. The Company collects applicable Sales Tax and Value Added Tax on behalf of the Government and therefore these are not economic benefits flowing to the Company and are excluded from the revenue.

g. Employee benefits

The Company''s employees are covered under the Employees Group Gratuity Assurance Scheme of Life Insurance Corporation of India. The Company accounts for Gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year. Bonus is accounted on cash basis.

h. Taxes on Income

Current Tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets and are reviewed at each Balance Sheet date.

b. Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

c. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

The Company has neither issued any bonus shares nor for consideration other than cash and has also not bought back any shares during the period of five years immediately preceding the reporting date.

d. Details of shareholder holding more than 5 % shares in the Company

(As per the records of the Company)

Equity shares of Rs. 10 each fully paid


Mar 31, 2013

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the applicable accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and relevant presentational requirements of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. Accounting policies not stated explicitly otherwise are consistent with the generally accepted accounting principles.

a. Presentation and disclosure of financial statements

The financial statements are prepared as per revised Schedule VI notified under the Companies Act, 1956.

b. Tangible fixed assets

Tangible fixed assets are stated at their original cost including incidental expenses related to acquisition and installation, less accumulated depreciation.

c. Depreciation on tangible fixed assets

Depreciation on all tangible fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired and/or sold during the year is provided on pro-rata basis.

d. Investments

Long term investments are carried at cost and any diminution in value is not recognized as the same is considered to be temporary in nature.

e. Inventories

Inventories of Materials and Printing Consumables are valued at lower of cost and net realiseable value after providing for obsolescence and other losses wherever considered necessary.

f. Income Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from sale of goods is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer. Revenues from services are recognized when the services are rendered. The Company collects applicable Sales Tax and Value Added Tax on behalf of the Government and therefore these are not economic benefits flowing to the Company and are excluded from the revenue.

g. Employee benefits

The Company''s employees are covered under the Employees Group Gratuity Assurance Scheme of Life Insurance Corporation of India. The Company accounts for Gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year. Bonus is accounted on cash basis.

h. Taxes on Income

Current Tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets and are reviewed at each Balance Sheet date.


Mar 31, 2012

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the applicable accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and relevant presentational requirements of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. Accounting policies not stated explicitly otherwise are consistent with the generally accepted accounting principles.

a.Presentation and disclosure of financial statements

During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company, for the preparation and presentation of its financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

b.Tangible fixed assets

Tangible fixed assets are stated at their original cost including incidental expenses related to acquisition and installation, less accumulated depreciation.

c.Depreciation on tangible fixed assets

Depreciation on all tangible fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired and/or sold during the year is provided on pro-rata basis.

d.Investments

Long term investments are carried at cost and any diminution in value is not recognized as the same is considered to be temporary in nature.

e.Inventories

Inventories of Materials and Printing Consumables are valued at lower of cost and net realiseable value after providing for obsolescence and other losses where considered necessary.

f.Income Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow t o the Company and the revenue can be reliably measured. Revenue from sale of goods are recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer. Revenues from services are recognized when the services are rendered. The Company collects applicable Sales Tax, Value Added Tax and Service Tax on behalf of the Government and therefore these are not economic benefits flowing to the Company and are excluded from the revenue.

g.Employee benefits

The Company’s employees are covered under the Employees Group Gratuity Assurance Scheme of Life Insurance Corporation of India. The Company accounts for Gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year. Bonus is accounted on cash basis.

h.Taxes on Income

Current Tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets and are reviewed at each Balance Sheet date.


Mar 31, 2010

A. Accounting Convention

The accompanying financial statements are prepared under the historical cost convention in accordance with applicable accounting standards and relevant presentational requirements of the Companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with the generally accepted accounting principles.

b. Fixed Assets

Fixed Assets are stated at their original cost including incidental expenses related to acquisition and installation, less accumulated depreciation.

c. Depreciation

Depreciation on all fixed assets has been provided on straight fine method as per the rates prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets acquired and/or sold during the year is provided on pro-rata basis.

d. Investments

Investments are carried at cost and any diminution in value is not recognized as the same is considered to be temporary in nature.

e. Inventories

Inventor es of Materials and Printing Consumables are valued at lower of cost and net realiseable value.

f. Income Recognition

Sales tax and Service Tax collections are treated as liability and not as revenue of the Company.

g. Employee benefits

The Companys employees are covered under the Employees Group Gratuity Assurance Scheme of Life Insurance Corporation of India. The Company accounts for Gratuity liability equivalent to the premium amount payable to Life Insurance Corporation of India every year and the same is included under Salaries, Wages & Other Emoluments. Bonus is accounted on cash basis.

h. Provision for Taxation

Provision for Tax is made for both current and deferred taxes. Provision for current income tax is made in accordance with the Indian Income Tax Act, 1961. The Company provides for deferred tax based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax liability. Deferred tax asset is recognized if there is a reasonable certainty of realization. The effect of deferred taxes of a change in tax rates is recognized in the Profit & Loss Account and.is reviewed at the end of each year.