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Accounting Policies of Medicamen Biotech Ltd. Company

Mar 31, 2015

(I) General : The Accounts are prepared on the historical cost basis and on the accounting principle of going concern. All expenses and incomes to the extent considered payable and receivable respectively unless stated otherwise, have been accounted for on mercantile basis. Accounting Policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles. The value of stock of samples is taken as nil.

(ii) Fixed Assets : The gross block of fixed assets are stated at historical cost which includes duties and taxes after deducting the amount of EXCISE DUTY/CENVAT, except in the case of Plant at Hardwar the same is taken at the historical cost of the assets as CENVAT credit is not available since being in Tax free zone.

(iii) Depreciation: Depreciation is provided on straight line method at the rates and manners specified in schedule II of the Companies Act, 2013 on fixed assets used for the purpose of business.

(iv) Foreign Exchange Transactions: Transactions in foreign currencies are recorded at the rate of exchange in force at the date of transaction. Receivables and Liabilities (considered good), in foreign currency at the year end, are converted at the rate of exchange prevailing at the end of financial year. Export sales are accounted for at the time of dispatch of the material from the factory for export.

(v) Sales: Sales are inclusive of Excise Duty and are net of Trade discount & Returns.

(vi) Export Benefits: Export benefits (Duty Drawback & F.M.S.) are provided on accrual basis on satisfaction of condition relevant to the same.

(vii) Capital Work in Progress: It includes advances to suppliers of building materials, plant & machineries and other capital assets & will be allocated to fixed assets in year in which such assets will be ready for utilisation.

(viii) The closing stock as on 31st March, 2015 is as taken, valued and certified by the management.

* Raw Material, Packing Material and Finished Goods are valued at cost or net realisable value whichever is lower.

* Work in Progress are valued at estimated cost

* Stores and Spares are valued at cost. Closing stock of finished goods does not include excise duty.

(ix) The Company has provided Employees Benefits as per the Accounting Standard- 15 issued by the Institute of Chartered Accountants of India. Provision for Gratuity and Leave Encashment have been made in the books of accounts on the basis of actuarial valuation using the Project Unit Credit Method.

(x) Company has made provision for deferred tax effect on the difference of depreciation between the amount, as per Income tax rules and profit & loss account for the year and accumulated retirement benefit provided for during the year.

(xi) In terms of requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period end by the management based on their present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.


Mar 31, 2014

(i) General: The Accounts are prepared on the historical cost basis and on the accounting principle of going concern. All expenses and incomes to the extent considered payable and receivable respectively unless stated otherwise, have been accounted for on mercantile basis. Accounting Policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles. The value of stock of samples is taken as nil.

(ii) Fixed Assets : The gross block of fixed assets are stated at historical cost which includes duties and taxes after deducting the amount of EXCISE DUTY/CENVAT, except in the case of Plant at Hardwar the same is taken at the historical cost of the assets as CENVAT credit is not available since being in Tax free zone.

(iii) Depreciation: Depreciation is provided on straight line method at the rates and manners specified in schedule XIV of the Companies Act, 1956 on fixed assets used for the purpose of business.

(iv) Foreign Exchange Transactions: Transactions in foreign currencies are recorded at the rate of exchange in force at the date of transaction. Receivables and Liabilities (considered good), in foreign currency at the year end, are converted at the rate of exchange prevailing at the end of financial year. Export sales are accounted for at the time of dispatch of the material from the factory for export.

(v) Sales: Sales are inclusive of Excise Duty and are net of Trade discount & Returns.

(vi) Export Benefits: Export benefits (Duty Drawback & F.M.S.) are provided on accrual basis on satisfaction of condition relevant to the same.

(vii) Capital Work in Progress: It includes advances to suppliers of building materials, plant & machineries and other capital assets & will be allocated to fixed assets in year in which such assets will be ready for utilisation.

(viii) The closing stock as on 31st March, 2014 is as taken, valued and certified by the management.

- Raw Material, Packing Material and Finished Goods are valued at cost or net realisable value whichever is lower.

- Work in Progress are valued at estimated cost.

- Stores and Spares are valued at cost. Closing stock of finished goods does not include excise duty.

(ix) The Company has provided Employees Benefits as per the Accounting Standard-15 issued by the Institute of Chartered Accountants of India. Provision for Gratuity and Leave Encashment have been made in the books of accounts on the basis of actuarial valuation using the Project Unit Credit Method.

(x) Company has made provision for deferred tax effect on the difference of depreciation between the amount, as per Income tax rules and profit & loss account for the year and accumulated retirement benefit provided forduring the year.

(xi) In terms of requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period end by the management based on their present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.


Mar 31, 2013

(i) General : The Accounts are prepared on the historical cost basis and on the accounting principle of going concern. All expenses and incomes to the extent considered payable and receivable respectively unless stated otherwise, have been accounted for on mercantile basis. Accounting Policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles. The value of stock of samples is taken as nil.

(ii) Fixed Assets : The gross block of fixed assets are stated at historical cost which includes duties and taxes after deducting the amount of EXCISE DUTY/CENVAT, except in the case of Plant at Hardwar the same is taken at the historical cost of the assets as CENVAT credit is not available since being in Tax free zone.

(iii) Depreciation: Depreciation is provided on straight line method at the rates and manners specified in schedule XIV of the Companies Act, 1956 on fixed assets used for the purpose of business.

(iv) Foreign Exchange Transactions: Transactions in foreign currencies are recorded at the rate of exchange in force at the date of transaction. Receivables and Liabilities (considered good), in foreign currency at the year end, are converted at the rate of exchange prevailing at the end of financial year. Export sales are accounted for at the time of dispatch of the material from the factory for export.

(v) Sales: Sales are inclusive of Excise Duty and are net of Trade discount & Returns.

(vi) Export Benefits: Export benefits (Duty Drawback & F.M.S.) are provided on accrual basis on satisfaction of condition relevant to the same.

(vii) Capital Work in Progress: It includes advances to suppliers of building materials, plant & machineries and other capital assets & will be allocated to fixed assets in year in which such assets will be ready for utilisation.

(viii) The closing stock as on 31st March, 2013 is as taken, valued and certified by the management.

- Raw Material, Packing Material and Finished Goods are valued at cost or net realisable value whichever is lower.

- Work in Progress are valued at estimated cost.

- Stores and Spares are valued at cost. Closing stock of finished goods does not include excise duty.

(ix) The Company has provided Employees Benefits as per the Accounting Standard-15 issued by the Institute of Chartered Accountants of India. Provision for Gratuity and Leave Encashment have been made in the books of accounts on the basis of actuarial valuation using the Project Unit Credit Method.

(x) Company has made provision for deferred tax effect on the difference of depreciation between the amount, as per Income tax rules and profit & loss account for the year and accumulated retirement benefit provided for during the year.

(xi) In terms of requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period end by the management based on their present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.


Mar 31, 2012

(i) General : The Accounts are prepared on the historical cost basis and on the accounting principle of going concern. All expenses and incomes to the extent considered payable and receivable respectively unless stated otherwise, have been accounted for on mercantile basis. Accounting Policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles. The value of stock of samples is taken as nil.

(ii) Fixed assets : The gross block of fixed assets are stated at historical cost which includes duties and taxes after deducting the amount of EXCISE DUTY/CENVAT, except in the case of Plant at Haridwar the same is taken at the historical cost of the assets as CENVAT credit is not available since being in Tax free zone.

(iii) Depreciation: Depreciation is provided on straight line method at the rates and manners specified in schedule XIV of the Companies Act, 1956 on fixed assets used for the purpose of business.

(iv) Foreign Exchange Transactions: Transactions in foreign currencies are recorded at the rate of exchange in force at the date of transaction. Receivables and Liabilities (considered good), in foreign currency at the year end, are converted at the rate of exchange prevailing at the end of financial year. Export sales are accounted for at the time of dispatch of the material from the factory for export.

(v) Sales: Sales are inclusive of Excise Duty and are net of Trade discount & Returns.

(vi) Export Benefits: Export benefits (D.E.P.B. & F.M.S.) are provided on accrual basis on satisfaction of condition relevant to the same.

(vii) Capital Work in Progress: It includes advances to suppliers of building materials, plant & machineries and other capital assets & will be allocated to fixed assets in year in which such assets will be ready for utilisation.

(viii) The closing stock as on 31st March, 2012 is as taken, valued and certified by the management.

- Raw Material, Packing Material and Finished Goods are valued at cost or net realisable value whichever is lower.

- Work in Progress are valued at estimated cost

- Stores and Spares are valued at cost. Closing stock of finished goods does not include excise duty.

(ix) The Company has provided Employees Benefits as per the Accounting Standard-15 issued by the Institute of Chartered Accountants of India. Provision for Gratuity and Leave Encashment have been made in the books of accounts on the basis of actuarial valuation using the Project Unit Credit Method.

(x) Company has made provision for deferred tax effect on the difference of depreciation between the amount, as per Income tax rules and profit & loss account for the year and accumulated retirement benefit provided for during the year.

(xi) In terms of requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period end by the management based on their present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.


Mar 31, 2011

(i) General : The Accounts are prepared on the historical cost basis and on the accounting principle of going concern. All expenses and Incomes to the extent considered payable and receivable respectively unless stated otherwise, have been accounted for on mercantile basis. Accounting Policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles. The value of stock of samples is taken as nil.

(ii) Fixed assets : The gross block of fixed assets are stated at historical cost which includes duties and taxes after deducting the amount of EXCISE DUTY/ CENVAT. except in the case of Plant at Hardwar the same is taken at the historical cost of the assets as CENVAT credit is not available since being in Tax free zone.

(iii) Depreciation : Depreciation is provided on straight line method at the rates and manners specified in schedule XIV of the Companies Act, 1956 on fixed assets used for the purpose of business.

(iv) Foreign Exchange Transactions :

Transactions in foreign currencies are recorded at the rate of exchange in force at the date of transaction. Receivables and Liabilities (considered good), in foreign currency at the year end, are converted at the rate of exchange prevailing at the end of financial year. Export sales are accounted for at the time of despatch of the material from the factory for export.

(v) Sales : Sales are inclusive of Excise Duty and are net of Trade discounts Returns.

(vi) Export Benefits: Export benefits (D.E.P.B & F.M.S ) are provided on accrual basis on satisfaction of condition relevant to the same.


Mar 31, 2010

(i) General : The Accounts are prepared on the historical cost basis and on the account ing principle of going concern. All expenses and incomes to the extent considered payable and receivable respectively unless stated other wise,have been accounted for on mercantile basis. Accounting Policies not specifically re ferred to otherwise are consistent and in ac cordance with generally accepted accounting principles. The value of stock of samples is taken as nil.

(ii) Fixed assets : The gross block of fixed assets are stated at historical cost which includes duties and taxes after deducting the amount of EXCISE DUTY/ CENVAT.except in the case of Plant at Hardwar the same is taken at the historical cost of the assets as CENVAT credit is not available since being in Tax free zone.

(iii) Depreciation : Depreciation is provided on straight line method at the rates and manners specified in schedule XIV of the Compa nies Act,1956 on fixed assets used for the purpose of business.

(iv) Foreign Exchange Transactions : Transac tions in foreign currencies are recorded at the rate of exchange in force at the date of transaction. Receivables and Liabilities (considered good), in foreign currency at the year end, are converted at the rate of exchange prevailing at the end of financial year. Export sales are accounted for at the time of despatch of the material from the factory for export.

(v) Sales : Sales are inclusive of Excise Duty and are net of Trade discount & Returns.

(vi) Export Benefits : Export benefits (D.E.P.B & F.M.S , F.P.S) are provided on accrual basis on satisfaction of condition relevant to the same.