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Accounting Policies of Mohite Industries Ltd. Company

Mar 31, 2014

I) Basic of Accounting:

The financial statements are prepared on accrual basis under the historical cost convention, in accordance with Generally Accepted Accounting Principles in India, and in compliance with the Accounting Standards referred to in Section 211 (3C) and requirements of the Companies Act, 1956.

ii) Fixed Assets:

Fixed assets are stated at cost of acquisition, including interest during construction period if any, less accumulated depreciation.

iii) Investments:

Non Current Investments are carried at cost less provision, if any, for diminution in value other than temporary nature. Current investments are carried atlowerofcostormarketvalue.

iv) Inventories:

Inventories are valued as under-

a] Stock of cotton, stores, spares, packing material at lower of cost and market value.

b] Stock in process at lower of cost and market value.

c] Finished Yarn at lower of cost and market value.

d] Cotton waste at net realizable value.

v) Income Recognition:

The income is generally accounted for on accrual basis.

vi) Depreciation :

Depreciation for the current financial year is provided on ''Straight Line Method'' at the rates prescribed under Schedule XIV ofthe CompaniesAct, 1956.

vii) Foreign Exchange Transactions:

a] Transactions in foreign currency are recorded at actual exchange rates applied by the bankers of the company.

b] Receivables, balances in bank and payables denominated in foreign currency outstanding at the end of the year are translated at closing rates.

viii) Excise Duty:

Since the excise duty rate applicable to Company''s product is zero percent, no provision is required to be made in the accounts for excise duty payable on goods manufactured and lying in the factory premises.

ix) Provision for Taxation:

Provision for taxation is made attherates applicable under the IncomeTaxAct, 1961 after claiming deduction allowable under its various provisions. Deferred Tax has not been recognized as a matter of prudence in absence of reasonable certainty of income in near future.


Mar 31, 2013

I) Basic of Accounting :

The financial statements are prepared on accrual basis under the historical cost convention, in accordance with Generally Accepted Accounting Principles in India, and in compliance with the Accounting Standards referred to in Section 211 (3C) and requirements of the Companies Act, 1956.

ii) Fixed Assets :

Fixed assets are stated at cost of acquisition, including interest during construction period if any, less accumulated depreciation.

iii) Investments :

Non Current Investments are carried at cost less provision, if any, for diminution in value other than temporary nature.

Current investments are carried at lower of cost or market value.

iv) Inventories :

Inventories are valued as under- a] Stock of cotton, stores, spares, packing material at lower of cost and market value.

b] Stock in process at lower of cost and market value.

c] Finished Yarn at lower of cost and market value.

d] Cotton waste at net realizable value.

v) Income Recognition :

The income is generally accounted for on accrual basis.

vi) Depreciation :

Depreciation for the current financial year is provided on ‘Straight Line Method’ at the rates prescribed under Schedule XIV of the Companies Act, 1956.

vii) Foreign Exchange Transactions :

a] Transactions in foreign currency are recorded at actual exchange rates applied by the bankers of the company.

b] Receivables, balances in bank and payables denominated in foreign currency outstanding at the end of the year are translated at closing rates.

viii) Excise Duty :

Since the excise duty rate applicable to Company’s product is zero percent, no provision is required to be made in the accounts for excise duty payable on goods manufactured and lying inthe factory premises.

ix) Provision for Taxation :

Provision for taxation is made at the rates applicable under the Income Tax Act, 1961 after claiming deduction allowable under its various provisions.


Mar 31, 2012

(i) Basic of Accounting

The Financial Statements are prepared on accrual basis under the historical cost convention, in accordance with Generally Accepted Accounting Principles in India, and in compliance with the Accounting Standards referred to in Section 211 (3C) and requirements of the Companies Act, 1956.

(ii) Fixed Assets:

Fixed assets are stated at cost of acquisition, including interest during construction period if any, less accumulated depreciation.

(iii) Investments:

Non Current Investments are carried at cost less provision, if any, for diminution in value other than temporary nature.

Current investments a re carried at lower of cost or ma rket value.

(iv) Inventories :

Inventories are valued as under:

[a] Stock of cotton, stores, spares, packing material at lower of cost and market value.

[b] Stock in process - at lower of cost and market value.

[c] Finished Yarn at lower of cost and market value.

[d] Cotton waste at net realizable value.

(v) Income Recognition :

The income is generally accounted for on accrual basis.

(vi) Depreciation :

Depreciation for the current financial year is provided on 'Straight Line Method' at the rates prescribed under Schedule XIV of the Companies Act, 1956.

(vii) Foreign Exchange Transactions :

[a] Transactions in foreign currency are recorded at actual exchange rates applied by the bankers of the Company.

[b] Receivables, balances in bank and payables denominated in foreign currency outstanding at the end of the year are translated at closing rates.

(viii) Excise Duty:

Since the excise duty rate applicable to Company's product is zero percent, no provision is required to be made in the accounts for excise duty payable on goods manufactured and lying in the factory premises.

(ix) Provision for Taxation:

Provision for taxation is made at the rates applicable under the Income Tax Act, 1961 after claiming deduction allowable under its various provisions.

 
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