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Accounting Policies of Nutricircle Ltd. Company

Mar 31, 2015

A. Basis of preparation of financial statements:

The Net worth of the company almost eroded but the accounts are prepared on Historical cost basis and on accounting principles of a going concern as directors are confident of turning around the operations in near future

b. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

c. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Physical verification of Fixed assets have been carried out by the management. Management certify the correctness of the assets.

Depreciation on Fixed Assets provided on W.D.V Method at the rates prescribed by schedule II of the companies Act, 2013

d. Inventories: In respect of VAT goods it is valued at cost or net receivable value which ever is less, on FIFO basis

e. Transactions in Foreign Currencies are normally recorded at the exchange rate prevailing on the dates of transactions in case of purchase of materials and sale of goods /services , the exchange Gain/Losses on settlements during the year , are adjusted to Profit and Loss Account.

f. Deferred Tax resulting from the timing difference between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date.

g. Segment Reporting:

The company has no reportable segments under AS-17.


Mar 31, 2014

A. Basis of preparation of financial statements:

The accounts are prepared on Historical cost basis and on accounting principles of a going concern.

b. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

c. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Physical verification of Fixed assets have been carried out by the management. Management certify the correctness of the assets.

Depreciation on Fixed Assets provided on W.D.V Method at the rates prescribed by schedule XTV of the companies Act, 1956.

d. As on year ending 31-03-2014 there is no inventory.

e. Transactions in Foreign Currencies are normally recorded at the exchange rate prevailing on the dates of transactions in case of purchase of materials and sale of goods /services, the exchange Gain/Losses on settlements during the year, are adjusted to Profit and Loss Account.

f. Deferred Tax resulting from the timing difference between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date.

g. Segment Reporting:

The company has no reportable segments under AS-17.


Mar 31, 2013

BASIS OF PREPARATION

The Financial statements of the company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the companies (Accounting standards) Rules 2006, (as amended) and the relevant provisions of the companies act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The company is a small and medium sized company (SMC) as defined in the general instructions in respect of Accounting standards notified under the companies Act 1956. Accordingly the Company has compiled with Accounting standards as applicable to an SMC.

CHANGE IN ACCOUNTING POLICIES

Presentation and Disclosure of Financial Statements during the year ended 31st March 2012, the revised schedule VI notified under the Companies Act, 1956 has become applicable to the company, for preparation and presentation of Financial statements. The adoption of Revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous years figures in accordance with the requirements applicable in the current year.

TANGIBLE FIXED ASSETS

Fixed assets are started at cost, net of accumulated depreciation and accumulated impairment of losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and Rebates are deducted in arriving at the purchase price. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in the statement of profit and loss when the asset is derecognized.

DEPRECIATION OF TANGIBLE FIXED ASSETS

Depreciation on fixed assets is calculated on a written down value basis using the rates arrived at based on the useful lives estimated by the management, or those prescribed under the schedule XIV to the Companies Act, 1956, whichever is higher.

INTANGIBLE ASSETS

Intangible assets acquired separately are measured on initial recognition at coat. The carrying value of Intangible asset is revived for impairment annually when the asset is not in use or otherwise when events or changes in circumstances indicate that the carrying value may not be recoverable.

RESEARCH AND DEVELOPMENT COSTS

Research costs are expensed as incurred

REVENUE RECOGNITION

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured


Mar 31, 2012

1. FIXED ASSETS:

To state Fixed Assets at cost of acquisition inclusive of inward freight duties, taxes and incidental expenses related to acquisition.

2. VALUATION OF INVENTORY:

Cost or Market value whichever is lower and certified by the management.

3. DEPRECIATION:

The Depreciation is calculated on Written down method under Schedule xiv of the Companies Act, 1956.

4. RECOGNITION OF INCOME & EXPENDITURE:

Revenues/Incomes and Costs/Expenditures are generally accounted on the basis of as they are earned or incurred.

5. REVENUE RECOGNITION:

All the Expenses and income is recognized on accrual basis and provision is made for all known losses and liabilities. Revenue is recognized as per billings made to customers.

6. BASIS OF PREPARATION

The Finacial statements of the company have been prepared in accordance with the generally accepted accounting principles in india (indian GAAP).The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the companies (Accounting standards) Rules 2006,(as amended)and the relevant provisons of the companies act ,1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The company is a small and medium sized company (SMC) as defined in the general instructions in respect of Accounting standards notified under the companies Act 1956. Accordingly the Company has compiled with Accounting standards as applicable to an SMC.

7. CHANGE IN ACCUNTING POLICIES

Presentation and Disclosure of Finacial Statements

During the year ended 31st March 2012, the revised shedule VI notified under the Companies Act, 1956 has become applicable to the company , for preparation and presentation of Finacial statements. The adoption of Revised shedule VI does not impact recognition and measurment principles followed for preparation of financial statements . However it has significant impact on presentation and disclosures made in the financial statements.The company has also reclassified the previous years figures in accordance with the requirements applicable in the current year.

8. TANGIBLE FIXED ASSETS

Fixed assets are started at cost, net of accumulated depreciation and accumulated impairment of losses, ,if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and Rebates are deducted in arriving at the purchase price.Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in the statement of profit and loss when the asset is derecognized.

9. DEPRECIATION ON TANGIBLE FIXED ASSETS

Depreciation on fixed assets is calculated on a written down value basis using the rates arrived at based on the useful lives estimated by the management, or those prescribed under the shedule XIV to the Companies Act, 1956, whichever is higer.

10. INTANGIBLE ASSETS

Intangible assets acquired seperately are measured on initial recognition at coat.The carrying value of Intangible asset is reviewd for impairment annually when the asset is not in use or otherwise when events or changes in circumstances indicate that the carrying value may not be recoverable.

11. RESEARCH AND DEVELOPMENT COSTS

Research costs are expensed as incurred

12. REVENUE RECOGNITION

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenuecan be reliably measured.


Mar 31, 2010

1. BASIS OF ACCOUNTING:

The Financial statements are prepared under Historical costs convention on actual method of accounting and are in accordance with the requirements of the Companies Act, 1956.

2. FIXED ASSETS:

To state Fixed Assets at cost of acquisition inclusive of inward freight duties, taxes and incidental expenses related to acquisition.

3. VALUATION OF INVENTORY:

Cost or Market value which ever is Lower and certified by the management.

4. DEPRECIATION:

The Depreciation is calculated on Straight-line method under Schedule xiv of the Companies Act, 1956.During the year no operations exist, hence no depreciation is calculated.

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