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Accounting Policies of Mardia Samyoung Capillary Tubes Co. Ltd. Company

Mar 31, 2015

1. ACCOUNTING CONVENTIONS

The Company generally follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those significant uncertainties, warehousing charges and leave pay.

2. FIXED ASSETS

Fixed assets stated at cost which include all related expenses up to acquisition and installation of fixed assets. The fixed assets have been revalued on 31.3.2008.

3. DEPRECIATION

Depreciation on fixed assets has been provided on pro-rata basis on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. No depreciation is provided on the assets not put to use.

4. INVENTORIES VALUATION

Items of inventories are valued as under:

a. Raw materials : At Cost. On first in first out basis (Including materials with third party)

b. Works in Process : At estimated cost

c. Finished Goods : At estimated cost

d. Stores & Spares : At Cost

e. Scraps : At estimated cost

5. FOREIGN CURRENCY TRANSACTIONS

a. Transaction in foreign currencies, are recorded at exchange rate prevailing on the date of relevant transaction.

b. Balance in form of Current assets and Current liabilities in foreign currency, outstanding at the close of the year, are converted into Indian currency at the appropriate exchange rates prevailing in the date of Balance Sheet.

c. Resultant gain or loss with respect to (a) above is accounted during the year.

6. RETIREMENT BENEFITS

Retirement benefits payable to the employees have been accounted for by making a provision, as regards to Gratuity payable to Employees based on actual valuation. This is in harmony with AS - 15 issued by the Institute of Chartered Accountants of India, which came into force from 01.04.1995

7. MISCELLANEOUS EXPENDITURE

i. Preliminary Expenses & Public issue expenses are amortized over a period of ten years.

8. REVENUE RECOGNITION

i. Sales are recognized at the time of the dispatch of the goods. Sales are exclusive of excise duty and net of return.

ii. Income arising out of lease rent is accounted for as per the terms of the lease agreements entered into with the Lessees.

9. IMPAIRMENT OF ASSETS

The company has not worked out any "Impairment of Assets" as per Accounting standard-28.

10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

(i) The company recognizes as provisions, the liabilities being present obligations arising out of past events, the settlement of which is expected to result in an outflow of resources and which can be measured only by using a substantial degree of eliminations.

(ii) Contingent liabilities are disclosed by way of a note to the financial statement after careful evaluation by the management of the facts and legal aspects of the matter involved.

(iii) Contingent assets are neither recognized nor disclosed.

11. a) Current Tax: Provision for current tax is made on the estimated taxable income at the rate applicable to relevant assessment year.

b) Deferred Tax: In accordance with the accounting standard 22 "Accounting for Taxes on the Income" issued by the Institute of Chartered Accountants of India, the deferred tax for the timing difference is measured using the tax rates and tax la,w that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax asset arising from timing difference are recognized only on the consideration of prudence.

c) Fringe Benefit Tax : Provision for Fringe Benefit Tax is made in accordance with the Provisions of the Income Tax Act, 1961.




Mar 31, 2013

1. ACCOUNTING CONVENTIONS

The Company generally follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those significant uncertainties, warehousing charges and leave pay.

2. FIXED ASSETS

Fixed assets stated at cost which include all related expenses up to acquisition and installation of fixed assets. The fixed assets have been revalued on 31.3.2008.

3. DEPRECIATION

Depreciation on fixed assets has been provided on pro-rata basis on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. No depreciation is provided on the assets not put to use.

4. INVENTORIES VALUATION

Items of inventories are valued as under:

a. Raw materials : At Cost. On first in first out basis (Including materials with third party)

b. Works in Process : At estimated cost

c. Finished Goods : At estimated cost

d. Stores & Spares : At Cost

e. Scraps : At estimated cost

5. FOREIGN CURRENCY TRANSACTIONS

a. Transaction in foreign currencies, are recorded at exchange rate prevailing on the date of relevant transaction.

b. Balance in form of Current assets and Current liabilities in foreign currency, outstanding at the close of the year, are converted into Indian currency at the appropriate exchange rates prevailing in the date of Balance Sheet.

c. Resultant gain or loss with respect to (a) above is accounted during the year.

6. RETIREMENT BENEFITS

Retirement benefits payable to the employees have been accounted for by making a provision, as regards to Gratuity payable to Employees based on actual valuation. This is in harmony with AS -15 issued by the Institute of Chartered Accountants of India, which came into force from 01.04.1995

7. MISCELLANEOUS EXPENDITURE

i. Preliminary Expenses & Public issue expenses are amortized over a period of ten years.

8. REVENUE RECOGNITION

i. Sales are recognized at the time of the dispatch of the goods. Sales are exclusive of excise duty and net of return.

ii. Income arising out of lease rent is accounted for as per the terms of the lease agreements entered into with the Lessees.

9. IMPAIRMENT OF ASSETS

The company has not worked out any "Impairment of Assets" as per Accounting standard-28.

10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

(i) The company recognizes as provisions, the liabilities being present obligations arising out of past events, the settlement of which is expected to result in an outflow of resources and which can be measured only by using a substantial degree of eliminations.

(ii) Contingent liabilities are disclosed by way of a note to the financial statement after careful evaluation by the management of the facts and legal aspects of the matter involved.

(iii) Contingent assets are neither recognized nor disclosed.

ll. a) Current Tax: Provision for current tax is made on the estimated taxable income at the rate applicable to relevant assessment year.

b) Deferred Tax: In accordance with the accounting standard 22 "Accounting for Taxes on the Income" issued by the Institute of Chartered Accountants of India, the deferred tax for the timing difference is measured using the tax rates and tax law that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax asset arising from timing difference are recognized only on the consideration of prudence.

c) Fringe Benefit Tax : Provision for Fringe Benefit Tax is made in accordance with the Provisions of the Income Tax Act, 1961.


Mar 31, 2012

1. ACCOUNTING CONVENTIONS

The Company generally follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those significant uncertainties, warehousing charges and leave pay.

2. FIXED ASSETS

Fixed assets stated at cost which include all related expenses up to acquisition and installation of fixed assets. The fixed assets have been revalued on 31.3.2008.

3. DEPRECIATION

Depreciation on fixed assets has been provided on pro-rata basis; on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. No depreciation is n vided on the assets not put to use.

4. INVENTORIES VALUATION

Items of inventories are valued as under:

a. Raw materials : At Cost. On first in first out basis (Including materials with third party)

b. Works in Process : At estimated cost

c. Finished Goods : At estimated cost

d. Stores & Spares : At Cost

e. Scraps : At estimated cost

5. FOREIGN CURRENCY TRANSACTIONS

a. Transaction in foreign currencies, are recorded at exchange rate prevailing on the date of relevant transaction.

b. Balance in form of Current assets and Consent liabilities in foreign currency, outstanding at the close of the year, are converted into Indian currency at the appropriate exchange rates prevailing in the date of Balance Sheet.

c. Resultant gain or loss with respect to (a) above is accounted during the year.

6. RETIREMENT BENEFITS

Retirement benefits payable to the employees have been accounted for by making a provision, as regards to Gratuity payable to Employees based on actual valuation This is in harmony with AS - 15 issued by the Institute of Chartered Accountants of India, which came into force from 01.04.1995

7. MISCELLANEOUS EXPENDITURE

i. Preliminary Expenses & Public issue expenses are amortized over a period of ten years.

8. REVENUE RECOGNITION

i. Sales are recognized at the time of the dispatch of the goods. Sales are exclusive of excise duty and net of return.

ii. Income arising out of lease rent is accounted for as per the terms of the lease agreements entered into with the Lessees.

9. IMPAIRMENT OF ASSETS

The company has not worked out any "Impairment of Assets" as per Accounting standard-28.

10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

(i) The company recognizes as provisions, the liabilities being present obligations arising out of past events, the settlement of which is expected to result in an outflow of resources and which can be measured only by using a substantial degree of eliminations.

(ii) Contingent liabilities are disclosed by way of a note to the financial statement after careful evaluation by the management of the facts and legal aspects of the matter involved.

(iii) Contingent assets are neither recognized nor disclosed.

11. a) Current Tax: Provision for current tax is made on the estimated taxable income at the rate applicable to relevant assessment year.

b) Deferred Tax: In accordance with the accounting standard 22 "Accounting for Taxes on the Income" issued by the Institute of Chartered Accountants of India, the deferred tax for the timing difference is measured using the tax rates and tax law that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax asset arising from timing difference are recognized only on the consideration of prudence.


Mar 31, 2010

1. ACCOUNTING CONVENTIONS

The Company generally follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those significant uncertainties, warehousing charges and leave pay.

2. FIXED ASSETS

Fixed assets stated at cost which include all related expenses up to acquisition and installation of fixed assets. The fixed assets have been revalued on 31.3.2008.

3. DEPRECIATION

Depreciation on fixed assets has been provided on pro-rata basis on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. No depreciation is provided on the assets not put to use.

4. INVENTORIES VALUATION

Items of inventories are valued as under:

a. Raw materials : At Cost. On first in first out basis (Including materials with third party)

b. Works in Process : At estimated cost

c. Finished Goods : At estimated cost

d. Stores & Spares : At Cost

e. Scraps : At estimated cost

5. FOREIGN CURRENCY TRANSACTIONS

a. Transaction in foreign currencies, are recorded at exchange rate prevailing on the date of relevant transaction.

b. Balance in form of Current assets and Current liabilities in foreign currency, outstanding at the close of the year, are converted into Indian currency at the appropriate exchange rates prevailing in the date of Balance Sheet.

c. Resultant gain or loss with respect to (a) above is accounted during the year.

6. RETIREMENT BENEFITS

Retirement benefits payable to the employees have been accounted for by making a provision, as regards to Gratuity payable to Employees based on actual valuation. This is in harmony with AS -15 issued by the Institute of Chartered Accountants of India, which came into force from 01.04.1995

7. MISCELLANEOUS EXPENDITURE

i. Preliminary Expenses & Public issue expenses are amortized over a period often years.

8. REVENUE RECOGNITION

i. Sales are recognized at the time of the dispatch of the goods. Sales are exclusive of excise duty and net of return.

ii. Income arising out of lease rent is accounted for as per the terms of the lease agreements entered into with the Lessees.

9. IMPAIRMENT OF ASSETS

The company has not worked out any "Impairment of Assets" as per Accounting standard-28.

10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

(i) The company recognizes as provisions, the liabilities being present obligations arising out of past events, the settlement of which is expected to result in an outflow of resources and which can be measured only by using a substantial degree of eliminations.

(ii) Contingent liabilities are disclosed by way of a note to the financial statement after careful evaluation by the management of the facts and legal aspects of the matter involved.

(iii) Contingent assets are neither recognized nor disclosed.

II. a) Current Tax: Provision for current tax is made on the estimated taxable income at the rate applicable to relevant assessment year.

b) Deferred Tax: In accordance with the accounting standard 22 "Accounting for Taxes on the Income" issued by the Institute of Chartered Accountants of India, the deferred tax for the timing difference is measured using the tax rates and tax law that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax asset arising from timing difference are recognized only on the consideration of prudence.

c) Fringe Benefit Tax: Provision for Fringe Benefit Tax is made in accordance with the provisions of the Income Tax Act, 1961.


Mar 31, 2009

1. ACCOUNTING CONVENTIONS

The Company generally follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those significant uncertainties, warehousing charges and leave pay.

2. FIXEDASSETS

Fixed assets stated at cost (net of modvat credit) which include all related expenses up to acquisition and installation of fixed assets. The fixed assets have been revalued on 31.3.2008.

3. DEPRECIATION

Depreciation on fixed assets has been provided on pro-rata basis on straight line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. No depreciation is provided on the assets not put to use.

4. INVENTORIES VALUATION Items of inventories are valued as under:

a. Raw materials : At Cost. On first in first out basis (Including materials with third party)

b. Works in Process : At estimated cost

c. Finished Goods : At estimated cost

d. Stores & Spares : At Cost

e. Scraps : At estimated cost

5. FOREIGN CURRENCYTRANSACTIONS

a. Transaction in foreign currencies, are recorded at exchange rate prevailing on the date of relevant transaction.

b. Balance in form of Current assets and Current liabilities in foreign currency, outstanding at the close of the year, are converted into Indian currency at the appropriate exchange rates prevailing at the date of balance Sheet.

c. Resultant gain or loss with respect to (a) above is accounted during the year.

6. RETIREMENTBENEFITS

Retirement benefits payable to the employees have been accounted for by making a provision, as regards to Gratuity payable to Employees based on actual valuation. This is in harmony with AS - 15 issued by the Institute of Chartered Accountants of India, which came into force from 01.04.1995

7. MISCELLANEOUS EXPENDITURE

I. Preliminary Expenses & Public issue expenses are amortized over a period often years.

8. REVENUE RECOGNITION

i. Sales are recognized at the time of the dispatch of the goods. Sales are exclusive of excise duty and net of return.

ii. Income arising out of lease rent is accounted for as per the terms of the lease agreements entered into with the Lessees.

9. IMPAIRMENT OF ASSETS

The company has not worked out any "Impairment of Assets" as per Accounting standard-28.

10. PROVISIONS, CONTINGENT LIABILITIES AND CONTIGENET ASSETS

(i) The company recognizes as provisions, the liabilities being present obligations arising out of past events, the settlement of which is expected to result in an outflow of resources and which can be measured only by using a substantial degree of eliminations.

(ii) Contingent liabilities are disclosed by way of a note to the financial statement after careful evaluation by the management of the facts and legal aspects of the matter involved.

(iii) Contingent assets are neither recognized nor disclosed.

11. a) Current Tax: Provision for current tax is made on the estimated taxable income at the rate applicable to relevant assessment year.

b) Deferred Tax: In accordance with the accounting standard 22 "Accounting for Taxes on the Income" issued by the Institute of Chartered Accountants of India, the deferred tax for the timing difference is measured using the tax rates and tax law that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax asset arising from timing difference are recognized only on the consideration of prudence.

c) Fringe Benefit Tax: Provision for Fringe Benefit Tax is made in accordance with the provisions of the Income Tax Act, 1961.

 
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