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Accounting Policies of N B Footwear Ltd. Company

Mar 31, 2015

1 These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance with all materials aspects, with the generally accepted in India ("Indian GAAP) and comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 which continue to apply under Section 133 of the Companies Act, 2013 ("the Act") read with Rule 7 of the Companies (Accounts) Rules, 2014 and other relevant provisions of the Companies Act, 1956 to the extent applicable. „

1. Current/Non Current Classification

Any asset or liability is classified as current if it satisfies any of the following conditions

i) it is expected to be realized or settled or is intended for sale or consumption in the Company's normal operating cycle;

ii) it is expected to be realized or settled within twelve months from the reporting date

iii) In the case of an asset,

it is primarily held for the purpose of being trades; or

it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liabilitty for at least twelve months after the reporting date.

in the case of liability, the Company does not have an unconditional right to defer settlement of the liability for at leat twelve months from the reporting date. All other assets are classified as non-current.

For the purposes of current/non-current classification of assets and liabilities, the Company has ascertained its normal operating cycle as twelve months. This is based on nature of service and the time between the acquisition of assets or inventories for processing and their realization in cash and cash equivalents.

2. Tangible Fixed Assets

Expenditure which are of a capital nature are capitalised at cost. As the entire block of assets were sold in the year 2011-12 itself' provision of depreciation does not arise.

3. Revenue Recognition

Revenue is recognised excepting for significant uncertainty as to its determination or realisation.

Interest income is recognized on the time proportion basis.

Employee Benefits

There are no permanent employees eligible for reitrement benefits and hence no provision has been made in the accounts for Gratuity, Leave encashment and other retirement benefits.


Mar 31, 2014

(annexed to and forming part of the financial statements for the year ended 31.03.2014)

1 These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance with all materials aspects, with the applicable accounting principles in India, the applicable accounting standards notified under Section 211 (3C) and the other relevant provisions of the Companies Act 1956.

All the assets and liabilities have been classified as current or non current as per the Company''s normal operating cycle and other criteria set out in Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle to be less than 12 months.

(I) FIXED ASSETS AND DEPRECIATION

Expenditure which are of a capital nature are capitalised at cost. As the entire block of assets were sold in the year 2011-12 itself, provision of depreciation does not arise.

(ii) REVENUE RECOGNITION

Revenue from sales and conversion charges is recognised at the point of despatch of goods to customers.

(iii) RETIREMENT BENEFITS

Contribution to Provident Fund is made monthly at a predetermined rate to the authorities and debited to the Profit and Loss Account on accrual basis.

Gratuity has not been provided in the books of accounts.


Mar 31, 2013

I) All the assets and liabilities have been classified as current or non current as per the Company’s normal operating cycle and other criteria set out in Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle to be less than 12 months.

ii) FIXED ASSETS AND DEPRECIATION

Expenditure which are of a capital nature are capitalized at cost. As the entire block of assets were sold in the year 2011 -12 itself, provision of depreciation does not arise.

fish REVENUE RECOGNITION

Revenue from sales and conversion charges is recognized at the point of dispatch of goods to customers.

RETIREMENT BENEFITS

Contribution to Provident Fund is made monthly at a predetermined rate to the authorities and debited to the Profit and Loss Account on accrual basis.

Gratuity has not been provided in the books of accounts.


Mar 31, 2010

The accounts are prepared under the historical cost convention and materially comply with the mandatory accounting standards.

The significant accounting policies followed by the company are as stated below:

(i) FIXED ASSETS AND DEPRECIATION

Expenditure which are of a capital nature are capitalised at cost. Depreciation is charged on straight-line method in accordance with the rates specified under Schedule XIV to the Companies Act, 1956. Full years depreciation is provided in the year of addition and no depreciation is provided in the year of sale/disposal.

(ii) REVENUE RECOGNITION

Revenue from sales and conversion charges is recognised at the point of despatch of goods to customers.

(iii) RETIREMENT BENEFITS

Contribution to Provident Fund is made monthly at a predetermined rate to the authorities and debited to the Profit and Loss Account on accrual basis. Gratuity has not been provided in the books of accounts.


Mar 31, 2009

The accounts are prepared under the historical cost convention and materially comply with the mandatory accounting standards.

The significant accounting policies followed by the company are as stated below:

FIXED ASSETS AND DEPRECIATION

Expenditure which are of a capital nature are capitalised at cost Depreciation is charged on straight-line method in accordance with the rates specified under Schedule XIV to the Companies Act, 1956. Full years depreciation is provided in the year of addition and no depreciation is provided in the year of sale/disposal.

REVENUE RECOGNITION

Revenue from sales and conversion charges is recognised at the point of despatch of goods to customers.

 
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