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Accounting Policies of Nimbus Foods Industries Ltd. Company

Mar 31, 2015

(a) Basis of Preparation of Financial Statement

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

(b) Fixed Assets and Depreciation:

Fixed assets of the Company are stated at cost renewals and replacements are either Capitalized of charged to revenue, as appropriate, depending upon the nature and long-term utility of such renewals/ replacements. In respect of assets scrapped , discarded or retire during the year, the net block value of such assets is written off as loss an discarded fixed assets. The receipts on sale of such scrapped assets are accounted as and when realized.

(c) Depreciation:

The Company has a policy of providing depreciation on fixed assets on written down basis u/s 205(2)(a) of the Companies Act, 1956 at the rates specified in schedule XIV of the said Act.

(d) Investment:

Investment in shares of companies, quoted or unquoted are carried at cost of acquisition.

(e) Sales, Purchase and Inventories:

Sales are invoiced on delivery of goods. Purchases are accounted on the receipt of title of goods including related cost. Inventories are valued at cost including all related expenses or market value whichever is lower on FIFO Basis .Stock of Educational materials has been valued at cost.

(f) Miscellaneous Expenditure :

Preliminary & Preoperative Expenditure is written off over five years.

(g) Excise Duty :

Excise duty is not applicable to the business in which the company is engaged

(h) Borrowing cost:

The company follows the practice of capitalizing interest on borrowing for capital expenditure up to the date the assets is put to use.

(i) Taxes on Income :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on excepted outcome of assessment /appeals.

Deferred Tax is recognized on timing difference between the accounting income and the taxable income for the year ended and quantified using the tax rates and laws enacted or substantially enacted as on the balance sheet date.


Mar 31, 2014

(a) Basis of Preparation of Financial Statement

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

(b) Fixed Assets and Depreciation:

Fixed assets of the Company are stated at cost renewals and replacements are either Capitalized of charged to revenue, as appropriate, depending upon the nature and long-term utility of such renewals/ replacements. In respect of assets scrapped , discarded or retire during the year, the net block value of such assets is written off as loss an discarded fixed assets. The receipts on sale of such scrapped assets are accounted as and when realized.

(C) Depreciation:

The Company has a policy of providing depreciation on fixed assets on written down basis u/s 205(2)(a) of the Companies Act, 1956 at the rates specified in schedule XIV of the said Act.

(d) Investment:

Investment in shares of companies, quoted or unquoted are carried at cost of acquisition.

(e) Sales, Purchase and Inventories:

Sales are invoiced on delivery of goods. Purchases are accounted on the receipt of title of goods including related cost. Inventories are valued at cost including all related expenses or market value whichever is lower on FIFO Basis .Stock of Educational materials has been valued at cost.

(f) Miscellaneous Expenditure :

Preliminary & Preoperative Expenditure is written off over five years.

(g) Excise Duty :

Excise duty is not applicable to the business in which the company is engaged

(h) Borrowing cost:

The company follows the practice of capitalizing interest on borrowing for capital expenditure up to the date the assets is put to use.

(i) Taxes on Income :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on excepted outcome of assessment /appeals.

Deferred Tax is recognized on timing difference between the accounting income and the taxable income for the year ended and quantified using the tax rates and laws enacted or substantially enacted as on the balance sheet date.


Mar 31, 2013

(a) Basis of Preparation of Financial Statement

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

(b) Fixed Assets and Depreciation:

Fixed assets of the Company are stated at cost renewals and replacements are either Capitalized of charged to revenue, as appropriate, depending upon the nature and long-term utility of such renewals/ replacements. In respect of assets scrapped , discarded or retire during the year, the net block value of such assets is written off as loss an discarded fixed assets. The receipts on sale of such scrapped assets are accounted as and when realized.

(c) Depreciation:

The Company has a policy of providing depreciation on fixed assets on written down basis u/s 205(2)(a) of the Companies Act, 1956 at the rates specified in schedule XIV of the said Act.

(d) Investment:

Investment in shares of companies, quoted or unquoted are carried at cost of acquisition.

(e) Sales, Purchase and Inventories:

Sales are invoiced on delivery of goods. Purchases are accounted on the receipt of title of goods including related cost. Inventories are valued at cost including all related expenses or market value whichever is lower on FIFO Basis. Stock of Educational materials has been valued at cost.

(f) Miscellaneous Expenditure :

Preliminary & Preoperative Expenditure is written off over five years.

(g) Excise Duty :

Excise duty is not applicable to the business in which the company is engaged

(h) Borrowing cost:

The company follows the practice of capitalizing interest on borrowing for capital expenditure up to the date the assets is put to use.

(i) Taxes on Income :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on excepted outcome of assessment /appeals.

Deferred Tax is recognized on timing difference between the accounting income and the taxable income for the year ended and quantified using the tax rates and laws enacted or substantially enacted as on the balance sheet date.


Mar 31, 2012

(a) Basis of Preparation of Financial Statement

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

(b) Fixed Assets and Depreciation:

Fixed assets of the Company are stated at cost renewals and replacements are either Capitalized of charged to revenue, as appropriate, depending upon the nature and long-term utility of such renewals/replacements. In respect of assets scrapped , discarded or retire during the year, the net block value of such assets is written off as loss an discarded fixed assets. The receipts on sale of such scrapped assets are accounted as and when realized.

(c) Depreciation:

The Company has a policy of providing depreciation on fixed assets on written down basis u/s 205(2)(a) of the Companies Act, 1956 at the rates specified in schedule XIV of the said Act.

(d) Investment:

Investment in shares of companies, quoted or unquoted are carried at cost of acquisition.

(e) Sales, Purchase and Inventories:

Sales are invoiced on delivery of goods. Purchases are accounted on the receipt of title of goods including related cost. Inventories are valued at cost including all related expenses or market value whichever is lower on FIFO Basis .Stock of Educational materials has been valued at cost.

(f) Miscellaneous Expenditure :

Preliminary & Preoperative Expenditure is written off over five years.

(g) Excise Duty :

Excise duty is not applicable to the business in which the company is engaged

(h) Borrowing cost:

The company follows the practice of capitalizing interest on borrowing for capital expenditure up to the date the assets is put to use.

(i) Taxes on Income :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on excepted outcome of assessment /appeals.

Deferred Tax is recognized on timing difference between the accounting income and the taxable income for the year ended and quantified using the tax rates and laws enacted or substantially enacted as on the balance sheet date.


Mar 31, 2010

(a) Basis of Preparation of Financial Statement :

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

(b) Fixed Assets and Depreciation :

Fixed assets of the Company are stated at cost renewals and replacements are either Capitalized of charged to revenue, as appropriate, depending upon the nature and long-term utility of such renewals/ replacements. In respect of assets scrapped, discarded or retire during the year, the net block value of such assets is written off as a loss of discarded fixed assets. The receipts on sale of such scrapped assets are accounted as and when realized. (C) Depreciation :

The Company has a policy of providing depreciation on fixed assets on written down basis u/s 205(2) (a) of the Companies Act, 1956 at the rates specified in schedule XIV of the said Act. However company has not provided the depreciation during the year. (Refer note no.: 13)

(d) Investment : Investment in shares of companies, quoted or unquoted are carried at cost of acquisition.

(e) Sales, Purchase and Inventories :

Sales are invoiced on delivery of goods. Purchases are accounted on the receipt of title of goods including related cost. Inventories are valued at cost including all related expenses or market value whichever is lower on FIFO Basis .Stock of Educational materials has been valued at cost.

(f) Miscellaneous Expenditure : Preliminary Expenditure is written off over ten years.

(g) Excise Duty : Excise duty is not applicable to the business in which the company is engaged.

(h) Borrowing cost: The company follows the practice of capitalizing interest on borrowing for capital expenditure up to the date the assets is put to use.

(i) Taxes on Income : Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on excepted outcome of assessment /appeals.

Deferred Tax is recognized on timing difference between the accounting income and the taxable income for the year ended and quantified using the tax rates and laws enacted or substantially enacted as on the balance sheet date.