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Accounting Policies of Neil Industries Ltd. Company

Mar 31, 2015

The Financial statements are prepared to comply in all material aspects with the applicable accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of "The Companies Act, 2013". The Significant Accounting Policies are as follows:-

(a) Basis of Preparation of Financial Statements:

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956. The company is following accrual basis of accounting on a going concern concept. Accounting policies are suitably disclosed as notes annexed to the Balance Sheet and Profit & Loss Account.

(b) Use of Accounting Estimates:

The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting year.

(c) Fixed Assets:

Fixed Assets are stated at cost of acquisition, including any attributable cost for bringing the asset to its working condition for its intended use, less accumulated depreciation and impairment loss if any.

(d) Depreciation :

Depreciation on fixed assets has been provided on a Written Down method at the rates and in the manner as prescribed in Schedule II to the Companies Act, 2013.

(e) Revenue Recognition:

Revenue on sale of goods is recognised when the company transfers to its buyer the property in the goods for a determined price along with all significant risks & rewards of the ownership in the goods without retaining any effective control of the goods. Sales are shown net of discount & sales return.

(f) Inventories Valuation

Finished goods are valued at cost or net realizable value which are lower and are arrived as per FIFO basis.

(g) Recognition of Expenditure:

a. Employee Benefits:

Short Term Employee Benefit is recognised as an expense in the Profit and Loss Account of the year in which related service is rendered.

Post employment and other Long term Benefit are not yet being provided for in the accounts. These benefit scheme has not yet been framed by the company.

b. Taxes on Income:

Provision for current taxation has been made in accordance with the Income Tax Laws prevailing for the relevant Assessment Year.

(h) Provisions :

Provisions are recognized when the company has legal and constructive obligation as a result of past event for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of obligation.


Mar 31, 2014

The Financial statements are prepared to comply in all material aspects with the applicable accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of "The Companies Act, 1956". The Significant Accounting Policies are as follows:-

(a) Basis of Preparation of Financial Statements:

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956. The company is following accrual basis of accounting on a going concern concept.

Accounting policies are suitably disclosed as notes annexed to the Balance Sheet and Profit & Loss Account.

(b) Use of Accounting Estimates:

The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting year.

(c) Fixed Assets:

Fixed Assets are stated at cost of acquisition, including any attributable cost for bringing the asset to its working condition for its intended use, less accumulated depreciation and impairment loss if any.

(d) Depreciation :

Depreciation on fixed assets has been provided on a Written Down method at the rates and in the manner as prescribed in Schedule XIV to the Companies Act, 1956.

(e) Revenue Recognition:

Revenue on sale of goods is recognised when the company transfers to its buyer the property in the goods for a determined price along with all significant risks & rewards of the ownership in the goods without retaining any effective control of the goods. Sales are shown net of discount & sales return.

(f) Inventories Valuation

Finished goods are valued at cost or net realizable value which are lower and are arrived as per FIFO basis.

(g) Recognition of Expenditure:

a. Employee Benefits:

Short Term Employee Benefit is recognised as an expense in the Profit and Loss Account of the year in which related service is rendered.

Post employment and other Long term Benefit are not yet being provided for in the accounts. These benefit scheme has not yet been framed by the company.

b. Taxes on Income:

Provision for current taxation has been made in accordance with the Income Tax Laws prevailing for the relevant Assessment Year.

(h) Provisions :

Provisions are recognized when the company has legal and constructive obligation as a result of past event for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of obligation.

The Company has not received any intimation from its suppliers regarding their status under The ( c) Micro, Small and Medium Enterprise Development Act, 2006 and hence no disclosure required under the said Act can be made.

There was no impairment loss on Fixed Assets on the basis of review carried out by the (d) Management in accordance with the Accounting Standard 28 issued by The Institute of Chartered Accountants of India.


Mar 31, 2013

The Financial statements are prepared to comply in all material aspects with the applicable accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of "The Companies Act, 1956". The Significant Accounting Policies are as follows:-

(a) Basis of Preparation of Financial Statements:

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956. The company is following accrual basis of accounting on a going concern concept. Accounting policies are suitably disclosed as notes annexed to the Balance Sheet and Profit & Loss Account.

(b) Use of Accounting Estimates:

The presentation of finacial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting year.

(c) Fixed Assets & Depreciation:

Fixed Assete are stated at cost of acquisition, including any attributable cost for bringing the asset to its working condition for its intended use, less accumulated depreciation and impairment loss if any.

Depreciation on fixed assets has been provided on a Written Down method at the rates and in the manner as prescribed in Schedule XIV to the Companies Act, 1956.

(d) Revenue Recognition:

On Sale of Goods

Revenue on sale of goods is recognised when the company transfers to its buyer the property in the goods for a determined price along with all significant risks & rewards of the ownership in the goods without retaining any effective control of the goods. Sales are shown net of discount & sales return.

(e) Inventories Valuation

Finished goods are valued at cost or net realizable value which are lower and are arrived as per FIFO basis.

(f) Recognition of Expenditure:

a. Employee Benefits:

Short Term Employee Benefit is recognised as an expense in the Profit and Loss Account of the year in which related service is rendered.

Post employment and other Long term Benefit are not yet being provided for in the accounts. These benefit scheme has not yet been framed by the company.

b. Taxes on Income:

Provision for current taxation has been made in accordance with the Income Tax Laws prevailing for the relevant Assessment Year.

(g) Provisions and Contingent Liabilities:

Provisions are recognized when the company has legal and constructive obligation as a result of past event for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of obligation.

Contingent Liabilities are disclosed when the company has possible or present obligation and it is probable that a cash outflow will not be required to settle that obligation.

(h) Contingencies and Events Occurring after the Balance Sheet Date:

There are no contingencies and events after the Balance Sheet dates that materially affect the financial position of the company.

(i) Net Profit or loss for the year, prior period items and changes in accounting policies:

Revenue statement does not contain any item materially affecting and having reference of prior period. Prior Period expenses/income are accounted under the respective heads.


Mar 31, 2012

1. Significant Accounting Policies:

(a) Basis of Accounting:

The Accounts are kept on the basis of historical cost convention.

(b) Method of Accounting:

The Accounts are prepared under accrual system of accounting.

(c) Fixed Assets:

Fixed Assets are stated at cost less depreciation, wherever applicable.

(d) Depreciation:

Depreciation is provided under written down value method at the rates prescribed in Schedule-XIV of the Companies Act, 1956.

(e) Investments:

Investments held by the company are in the nature of long term investment and are being stated at cost.

The Accounting policies not specifically referred to above are consistent and in accordance with the generally accepted accounting principles.

2. The Previous year''s figure has been regrouped/re-arranged, wherever found necessary.

 
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