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Accounting Policies of Kkalpana Plastick Ltd. Company

Mar 31, 2014

Basis of preparation of Financial Statements:

i) These accounts have been prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis.

ii) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. The cost of acquisition comprises purchase price inclusive of duties (Net of Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto the date the assets are put to use.

iii) Depreciation:

(a) Depreciation on Fixed Assets is provided on straight line method at rates as specified in Schedule XIV to the Companies Act, 1956.

(b) Depreciation on Fixed Assets added/disposed off during the period is provided on prorata basis with reference to the date of addition/ disposal.

iv) Inventories:

Finished goods are valued at cost or net realizable value whichever is lower.

v) Taxes on Income:

Deferred Taxes: The Company has unabsorbed carry forward losses/ depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits / charge for the year have not been recognized in these accounts on prudent basis.

vi) Revenue recognition:

Revenue is recognized of the extent it is probable that the economic benefits will flow to the Company & the revenue can be reliably measured. Interest Income is recognized on a time proportionate basis taking into account the amount outstanding & the rate applicable.


Mar 31, 2013

Basis of preparation of Financial Statements:

i) These accounts have been prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis.

ii) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. The cost of acquisition comprises purchase price inclusive of duties (Net of Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto the date the assets are put to use.

iii) Depreciation:

(a) Depreciation on Fixed Assets is provided on straight line method at rates as specified in Schedule XIV to the Companies Act, 1956.

(b) Depreciation on Fixed Assets added/disposed off during the period is provided on prorata basis with reference to the date of addition/ disposal.

iv) Inventories:

Finished goods are valued at cost or net realizable value whichever is lower.

v) Taxes on Income:

Deferred Taxes: the Company has unabsorbed carry forward losses/ depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits / charge for the year have not been recognized in these accounts on prudent basis.

vi) Revenue recognition:

Revenue is recognized of the extent it is probable that the economic benefits will flow to the Company & the revenue can be reliably measured. Interest Income is recognized on a time proportionate basis taking into account the amount outstanding & the rate applicable.


Mar 31, 2012

I) These accountants have been prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis.

ii) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. The cost of acquisition comprises purchase price inclusive of duties (Net of Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto the date the assets are put to use.

iii) Depreciation:

(a) Depreciation on Fixed Assets is provided on straight line method at rates as specified in Schedule XIV to the Companies Act, 1956.

(b) Depreciation on Fixed Assets added/disposed off during the period is provided on prorata basis with reference to the date of addition/ disposal.

iv) Inventories:

Finished goods are values at cost or net realizable value whichever is lower.

v) Taxes on Income:

Deferred Taxes: the Company has unabsorbed carry forward losses/ depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits / charge for the year have not been recognized in these accounts on prudent basis.


Mar 31, 2010

I) These accountants have been prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis.

ii) Fixed Assets :

Fixed Assets are stated at cost less accumulated depreciation. The cost of acquisition comprises purchase price inclusive of duties (Net of Cenvat), taxes, incidental expenses, erection/ commissioning etc. upto the date the assets are put to use.

iii) Depreciation:

(a) Depreciation on Fixed Assets is provided on straight line method at rates as specified in Schedule XIV to the Companies Act, 1956.

(b) Depreciation on Fixed Assets added/disposed off during the period is provided on prorata basis with reference to the date of addition/ disposal.

iv) Inventories:

Finished goods are values at cost or net realizable value whichever is lower.

v) Taxes on Income:

Deferred Taxes: the Company has unabsorbed carry forward losses/ depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits / charge for the year have not been recognized in these accounts on prudent basis.

 
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