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Accounting Policies of MW Unitexx Ltd. Company

Mar 31, 2014

1. General

(i) The financial statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of the power conferred under sub-section (1)(a) of Section 642 and the relevant provisions of the Companies Act, 1956.

(ii) All expenses and income are accounted for on accrual basis except in cases where they were recognised otherwise.

2. Fixed Assets

Fixed assets are stated at their original cost of acquisition including incidental expenses related to such acquisition and installation, as reduced by accumulated depreciation.

3. Depreciation

Depreciation is provided on Straight Line Method at the rates and in the manner prescribed in the Schedule - XIV to the Companies Act, 1956 and on pro-rata basis with reference to the month of additions/ deductions.

4. Investments

All investments are considered Long Term Investments and are stated at cost. Provision for permanent diminution in the Investments is made wherever considered appropriate.

5. Inventories

Inventories are carried at the lower of Cost or Net realisable value. Cost for the purpose of valuation is determined using weighted average method.

6. Revenue Recognition

Domestic sales are recognised upon dispatch of goods and raising of invoice and export sales are recognised on the date of bill of lading.

7. Foreign Currency Transactions

Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction and gains/ losses are recognised in the Statement of Profit and Loss. Year-end monetary assets and liabilities are translated at year-end exchange rates and resultant translation fluctuations are recognised in the Statement of Profit and Loss.

8. Retirement Benefits / Staff Benefits

The liability in respect of gratuity and leave encashment is determined using on estimate basis.

Taxation

(i) Provision for Current tax is made in the accounts on the basis of estimated tax liability considering various reliefs and deductions available under the Income Tax Act, 1961.

(ii) Deferred Tax Liabilities and assets resulting from timing differences between book and taxable profits is accounted for using the tax rate and laws that have been enacted or substantially enacted as on the Balance Sheet date. Deferred Tax assets on account of losses are not recognised in the accounts as a matter of prudence since there is an uncertainty of future taxable income available against such assets.

9. Borrowing Costs

Borrowing cost attributable to acquisition and construction of qualifying assets are capitalised as a part of the cost of such asset up to the date when such asset is ready for its intended use. Other borrowing costs are charged to Statement of Profit and Loss.

10. Impairment of Assets

The carrying amounts of the Company''s assets are reviewed at each Balance Sheet date. If any indication of impairment exists, an impairment loss is recognised to the extent of the excess of the carrying amount over the estimated accountable amount.

11. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company.

Contingent assets are neither recognised nor recorded in the financial statements.


Mar 31, 2012

1. General

(i) The financial statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exer- cise of the power conferred under sub-section (1)(a) of Section 642 and the relevant provi- sions of the Companies Act, 1956.

(ii) All expenses and income are accounted for on accrual basis except in cases where they were recognised otherwise.

2. Fixed Assets

Fixed assets are stated at their original cost of acquisition including incidental expenses related to such acquisition and installation, as reduced by accumulated depreciation.

3. Depreciation

Depreciation is provided on Straight Line Method at the rates and in the manner prescribed in the Schedule - XIV to the Companies Act, 1956 and on pro-rata basis with reference to the month of additions/ deductions.

4. Investments

All investments are considered Long Term Investments and are stated at cost. Provision for perma- nent diminution in the Investments is made wherever considered appropriate.

5. Inventories

Inventories are carried at the lower of Cost or Net realisable value. Cost for the purpose of valuation is determined using weighted average method.

6. Revenue Recognition

Domestic sales are recognised upon dispatch of goods and raising of invoice and export sales are recognised on the date of bill of lading.

7. Foreign Currency Transactions

Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of trans- action and gains/ losses are recognised in the Profit and Loss Account. Year-end monetary assets

and liabilities are translated at year-end exchange rates and resultant translation fluctuations are recognised in the Profit and Loss Account.

8. Retirement Benefits / Staff Benefits

The liability in respect of gratuity and leave encashment is determined using Projected Unit Credit Method with actuarial valuation carried out as at Balance Sheet date. Actuarial gains and losses are recognized in full in the Profit & Loss Account for the period in which they occur. The gratuity obligations recognized in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognized past service cost and as reduced by the fair value of the gratuity fund.

Taxation

(i) Provision for Current tax is made in the accounts on the basis of estimated tax liability consid- ering various reliefs and deductions available under the Income Tax Act, 1961.

(ii) Deferred Tax Liabilities and assets resulting from timing differences between book and tax- able profits is accounted for using the tax rate and laws that have been enacted or substantially enacted as on the Balance Sheet date. Deferred Tax assets on account of losses are not recog- nised in the accounts as a matter of prudence since there is an uncertainty of future taxable income available against such assets.

9. Borrowing Costs

Borrowing cost attributable to acquisition and construction of qualifying assets are capitalised as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other borrowing costs are charged to Profit and Loss Account.

10. Impairment of Assets

The carrying amounts of the Company's assets are reviewed at each Balance Sheet date. If any indication of impairment exists, an impairment loss is recognised to the extent of the excess of the carrying amount over the estimated accountable amount.

11. Provisions. Contingent Liabilities and Contingent Assets

Provisions are recognised in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain fu- ture events not wholly within the control of the Company.

Contingent assets are neither recognised nor recorded in the financial statements.


Mar 31, 2010

1. General

(i) The financial statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of the power conferred under sub section (l)(a) of Section 642and the relevant provisions of the Companies Act, 1956.

(ii) All expenses and income are accounted for on accrual basis except in cases where they were recognised otherwise.

2. Fixed Assets

Fixed assets are stated at their original cost of acquisition including incidental expenses related to such acquisition and in stallation, as reducedby accumulated depreciation.

3. Depreciation

Depreciation is provided on Straight Line Method at the rates and in the manner prescribed in the Schedule-XIV to the Companies Act,1956 and

4. Investments

All investments are considered Long Term Investments and are stated at cost. Provision for permanent diminution in the Investments is made wherever considered appropriate.

5. Inventories

Inventories are carried at the lower of Cost or Net realisable value. Cost for the purpose of valuation is determined usmg weighted average method.

6. Revenue Recognition

Domestic sales are recognised upon dispatch of goods and raising of invoice and export sales are recognised on the basis of bill of lading.

7. Foreign Currency Transactions

Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction and gams/ losses are recognised in the Profit and Loss Account. Year-end monetary assets and liabilities are translated at year- end exchange rates and resultant translation fluctuations are recognised in the Profit and Loss Account.

8. RetirementBenefits/StaffBenefits

The liability m respect of gratuity and leave encashment is determined using Projected Unit Credit Method with actuarial vatoion carried out as at Balance Sheet date.Actuarial gainsand losses are recognized in full in the Profit & Loss Account for the period in which they occur. The gratuity obligations recognized in the Balance Sheet represents the present value of the defined benefit obligation as adjusted for unrecognized past service cost and as reduced by the fair value of the gratuity fund.

9. Taxation

(i) Provision for Current tax is made in the accounts on the basis of estimated tax liability considering various reliefs and ded uctionsavailable under the In come Tax Act,1961.

(ii) Deferred Tax Liabilities and assets resulting from timing differences between book and taxable profits is accounted for using the tax rate and laws that have been enacted or substantially enacted as on the Balance Sheet date. Deferred Tax assets on account of losses are not recognised in the accounts as a matter of prudence since there is an uncertainty of future taxable income available against such assets.

10. Borrowing Costs

Borrowing cost attributable to acquisition and construction of qualifying assets are capitalised as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other borrowing costs are charged to Profit and Loss Account.

11. Impairment of Assets

The carrying amounts of the Companys assets are reviewed at each Balance Sheet date. If any indication of impairment exists, an impairment loss is recognised to the extent of the excess of the carrying amount over the estimated accountable amount.

12. Provisions. Contingent Liabilities and Contingent Assets

Provisions are recognised in the accounts in respect of present probable obligations, the amount of which can be reliablyestimated.

Contingent Liabilities are disclosed m respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company.

Contingent assets are neither recognised nor recorded in the financial statements.

13. Miscellaneous Expenditure

Miscellaneous expenditure represents deferred Revenue Expenditure pertaining to Exhibition and Advertising expenses and is amortised over a period of 3 years till the period of probable economics benefit flowing to the Company.

 
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