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Accounting Policies of Milestone Global Ltd. Company

Mar 31, 2014

I) Accounting Concepts:

The Company follows the mercantile system of accounting recognizing Income and Expenditure on accrual basis. The Accounts are prepared on Historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles in India and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India.

ii) Depreciation:

Depreciation on Fixed Assets is provided on Written Down value basis at the rates and in the manner given in Schedule XIV of the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost. A provision for diminution is made to recognize a decline other than temporary, in the value of long term investments.

iv) Inventories:

Inventories are valued at the lower of cost and net realizable value. The cost is determined by using First in First out (FIFO) basis and includes appropriate allocation of production overheads.

v) . Foreign Exchange Transactions:

Foreign Currency transactions are recorded at the rates prevailing on the date of transaction. Foreign currency monetary assets and liabilities are translated at year end rates. Exchange difference arising on settlement of transactions and translation of monetary terms are recognized as income or expense in the year in which they arise.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing on the date of investment.

vi) . Revenue Recognition:

Revenue in respect of sale is recognized when goods are identified as ready for sale and corresponding invoice is raised. Sales are net of discounts.

vii) . Retirement Benefit:

Liability for Employees'' gratuity is accounted for on the basis of contribution determined by Life Insurance Corporation of India under their Group Gratuity Cash Accumulation Scheme. Leave encashment is accounted for on payment basis.

Company''s contribution to Provident Fund is charged to Profit & Loss Account.

viii) . Borrowing Costs:

Borrowing costs directly attributable to the acquisition and construction of qualifying assets are capitalized. Other borrowing costs are recognized as expenses in the period in which they are incurred.

ix). Provision for Current and deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income tax Act, 1961. Deferred Tax resulting from "Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted on the Balance Sheet date. The deferred Tax Assets is recognized and carried forward only to the extent there is a reasonable certainty that the assets will be realized in future.


Mar 31, 2013

I) Accounting Concepts:

The Company follows the mercantile system of accounting recognizing Income and Expenditure on accrual basis. The Accounts are prepared on Historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles in India and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India.

ii) Depreciation:

Depreciation on Fixed Assets is provided on Written Down value basis at the rates and in the manner given in Schedule XIV of the Companies Act, 1956.

iii) Investments:

Long term investments are valued at cost. A provision for diminution is made to recognize a decline other than temporary, in the value of long term investments.

iv) Inventories:

Inventories are valued at the lower of cost and net realizable value. The cost is determined by using First in First out [FIFO) basis and includes appropriate allocation of production overheads.

v) Foreign Exchange Transactions:

Foreign Currency transactions are recorded at the rates prevailing on the date of transaction. Foreign currency monetary assets and liabilities are translated at year end rates. Exchange difference arising on settlement of transactions and translation of monetary terms are recognized as income or expense in the year in which they arise.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing on the date of investment.

vi) Revenue Recognition:

Revenue in respect of sale is recognized when goods are identified as ready for sale and corresponding invoice is raised.

Sales are net of discounts.

vii) Retirement Benefit:

Liability for Employees'' gratuity is accounted for on the basis of contribution determined by Life Insurance Corporation of India under their Group Gratuity Cash Accumulation Scheme. Leave encashment is accounted for on payment basis, Company''s contribution to Provident Fund is charged to Profit & Loss Account.

viii) Borrowing Costs:

Borrowing costs directly attributable to the acquisition and construction of qualifying assets are capitalized. Other borrowing costs are recognized as expenses in the period in which they are incurred.

ix) Provision for Current and deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income tax Act, 1961. Deferred Tax resulting from "Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted on the Balance Sheet date. The deferred Tax Assets is recognized and carried forward only to the extent there is a reasonable certainly that the assets will be realized in future.


Mar 31, 2010

I) Accounting Concepts:

The Company follows the mercantile system of accounting recognizing Income and Expenditure on accrual basis. The Accounts are prepared on Historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles in India and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India.

ii). Depreciation:

Depreciation on Fixed Assets is provided on Written Down value basis at the rates and in the manner given in Schedule XIV of the Companies Act, 1956.

iii). Investments:

Long term investments are valued at cost. A provision for diminution is made to recognize a decline other than temporary, in the value of long term investments.

iv). Inventories:

Inventories are valued at the lower of cost and net realizable value. The cost is determined by using First In First Out (FIFO) basis and includes appropriate allocation of production overheads.

v). Foreign Exchange Transactions:

Foreign Currency transactions are recorded at the rates prevailing on the date of transaction. Foreign currency monetary assets and liabilities are translated at year end rates. Exchange difference arising on settlement of transactions and translation of monetary terms are recognized as income or expense in the year in which they arise.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing on the date of investment.

vi). Revenue Recognition:

Revenue in respect of sale is recognized when goods are identified as ready for sale and corresponding invoice is raised.

Sales are net of discounts.

vii). Retirement Benefit:

Liability for Employees gratuity is accounted for on the basis of contribution determined by Life Insurance Corporation of India under their Group Gratuity Cash Accumulation Scheme. Leave encashment is accounted for on payment basis . Companys contribution to Provident Fund are charged to Profit & Loss Account.

viii). Borrowing Costs:

Borrowing costs directly attributable to the acquisition and construction of qualifying assets are capitalized. Other borrowing costs are recognized as expenses in the period in which they are incurred.

ix). Provision for Current and deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income tax Act, 1961. Deferred Tax resulting from "Timing Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted on the Balance Sheet date. The deferred Tax Assets is recognized and carried forward only to the extent there is a reasonable certainly that the assets will be realized in future.


Mar 31, 2009

I) Accounting Concepts:

The Company follows the Mercantile system of accounting recognizing Income and Expenditure on accrual basis. The Accounts are prepared on Historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles in India and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India.

ii). Depreciation:

Depreciation on Fixed Assets is provided on Written Down value basis at the rates and in the manner given in Schedule XIV of the Companies Act, 1956.

iii). Investments:

Long term investments are valued at cost. A provision for diminution is made to recognize a decline other than temporary, in the value of long term investments.

iv). Inventories:

Inventories are valued at the lower of cost and net realizable value. The cost is determined by using First In First Out (FIFO) basis and includes appropriate allocation of production overheads.

v). Foreign Exchange Transactions:

Foreign Currency transactions are recorded at the rates prevailing on the date of transaction. Foreign currency monetary assets and liabilities are translated at year end rates. Exchange difference arising on settlement of transactions and translation of monetary terms are recognized as income or expense in the year in which they arise.

Investment in subsidiary company is expressed in Indian Rupees at the rate of exchange prevailing on the date of investment.

vi). Revenue Recognition:

Revenue in respect of sale is recognized when goods are identified as ready for sale and corresponding invoice is raised. Sales are net of discounts.

vii). Retirement Benefit:

Liability for Employees gratuity is accounted for on the basis of contribution determined by Life Insurance Corporation of India under their Group Gratuity Cash Accumulation Scheme. Leave encashment is accounted for on payment basis . Companys contribution to Provident Fund are charged to Profit & Loss Account.

viii). Borrowing Costs:

Borrowing costs directly attributable to the acquisition and construction of qualifying assets are capitalized. Other borrowing costs are recognized as expenses in the period in which they are incurred.

ix). Provision for Current and deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income tax Act, 1961. Deferred Tax resulting from "Timing

Difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted on the Balance Sheet date. The deferred Tax Assets is recognized and carried forward only to the extent there is a reasonable certainly that the assets will be realized in future.

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