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Accounting Policies of Olympia Industries Ltd. Company

Mar 31, 2015

I. Method of Accounting

* The Company follows Mercantile System of accounting except in the case of significant uncertainties.

II. Fixed Assets

* Fixed Assets are stated at historical cost less accumulated depreciation upto date. Cost includes financial charges pertaining to respective assets upto the date of commencement of their commercial production.

III. Depreciation

a. Depreciation on building is provided on straight line method at the rate specified in schedule II to the Companies Act., 2013.

b. Depreciation on assets other than stated in (a) supra is provided on written down value method at the rate specified in Schedule II of the Companies Act., 2013.

c. Depreciation on all assets acquired on or after 1st April, 2014 is provided on straight line method at the rate specified in schedule II of the Companies Act., 2013.

IV. Inventories

The basis of valuation of inventories is as follows:

a. Raw Material at cost

b. Work in Process at cost

c. Finished Goods at cost or market value, whichever is lower.

d. Consumable Stores at cost.

V. Employee's Retirement Benefits

* Incremental liability for gratuity for the year is accounted on accrual basis

VI. Contingent Liabilities

* Contingent liabilities are determined on the basis of available information and no provision has been made in the books of account. However these are separately disclosed by way of Notes to Accounts.

VII. Borrowing Cost

* Borrowing cost incurred in relation to the acquisition, construction of Assets are capitalised as the part of the cost of such assets up to the date when such assets are ready for intended use. Other borrowing cost are charged as expense in the year in which these are incurred.

VIII. Other Accounting Policies

* These are consistent with the generally accepted accounting practices.

IX. Accounting for Taxes on Income

* Current tax is the amount of tax payable on taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax is recognised on timing differences. Being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period.




Mar 31, 2014

I. Method Of Accounting:

The Company follows Mercantile System of accounting except in the case of significant uncertainties.

II. Fixed Assets :

Fixed Assets are stated at historical cost less accumulated depreciation upto date. Cost includes financial charges pertaining to respective assets upto the date of commencement of their commercial production.

III. DEPRECIATION:

a) Depreciation on building is provided on straight line method at the rate specified in schedule XIV to the Companies Act., 1956.

b) Depreciation on assets other than stated in (a) supra is provided on written down value method at the rate specified in Schedule XIV to the Companies Act., 1956.

IV. INVENTORIES:

The basis of valuation of inventories is as follows:

a) Raw Material at cost

b) Work in Process at cost

c) Finished Goods at cost or market value, whichever is lower.

d) Consumable Stores at cost.

V. EMPLOYEE''S RETIREMENT BENEFITS:

Incremental liability for gratuity for the year is accounted on accrual basis.

VI. CONTINGENT LIABILITIES*

Contingent liabilities are determined on the basis of available information and no provision has been made in the books of account. However these are separately disclosed by way of Notes to Accounts.

VII. BORROWING COST:

Borrowing cost incurred in relation to the acquisition, construction of Assets are capitalised as the part of the cost of such assets up to the date when such assets are ready for intended use. Other borrowing costs are charged as expense in the year in which these are incurred.

VIII. OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices.

IX. ACCOUNTING FOR TAXES ON INCOME:

Current tax is the amount of tax payable on taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognised on timing differences. Being the difference between taxable incomes and accounting income that originates in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2012

I. METHOD OF ACCOUNTING:

The Company follows Mercantile System of accounting except in the case of significant uncertainties.

II. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation upto date. Cost includes financial charges pertaining to respective assets upto the date of commencement of their commercial production.

III. DEPRECIATION:

a) Depreciation on building is provided on straight line method at the rate specified in schedule

XIV to the Companies Act.' 1956.

b) Depreciation on assets other than stated in (a) supra is provided on written down value method at the rate specified in Schedule XIV to the Companies Act.' 1956

IV INVENTORIES:

The basis of valuation of inventories is as follows:

a) Raw Material at cost

b) Work in Process at cost

c) Finished Goods at cost or market value' whichever is lower.

d) Consumable Stores at cost.

V EMPLOYEE'S RETIREMENT BENEFITS:

Incremental liability for gratuity for the year is accounted on accrual basis

VI. CONTINGENT LIABILITIES:

Contingent liabilities are determined on the basis of available information and no provision has been made in the books of account. However these are separately disclosed by way of Notes to Accounts.

VII. BORROWING COST:

Borrowing cost incurred in relation to the acquisition' construction of Assets are capitalised as the part of the cost of such assets up to the date when such assets are ready for intended use. Other borrowing cost are charged as expense in the year in which these are incurred.

VIII. OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices.

IX. ACCOUNTING FOR TAXES ON INCOME:

Current tax is the amount of tax payable on taxable income for the year as determined in accordance with the provisions of the Income Tax Act' 1961. Deferred tax is recognised on timing differences. Being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period.

Defined Benefit Plan

None of the employees of the company has put in the qualified 5 years of services' which make them eligible to receive the gratuity. In view of the facts that company is not liable to its employees to pay gratuity the disclosures required inaccordance with AS 15( Revised) pertaining to Defined Benefit Plans are not provided.


Mar 31, 2010

1.METHOD OF ACCOUNTING:

Thq Company follows Mercantile System of accounting except in the case of significant uncertainties.

2.FIXED ASSETS :

Fixed Assets are stated at historical cost less accumulated depreciation upto date . Cost includes financial charges pertaining to respective assets upto the date of commencement of their commercial production.

3.DEPRECIATION:

a) Depreciation on building is provided on straight line method at the rate specified in schedule XIV to the Companies Act ,1956.

b) Depreciation on assets other than stated in (a) supra is provided on written down value method at the rate specified in Schedule XIV to the Companies Act, 1956.

4. INVENTORIES:

The basis of valuation of inventories is as follows:

a) Raw Material at cost

b) Work in Process at cost

c) Finished Goods at cost or market value ,whichever is lower.

d) Consumable Stores at cost.

5.EMPLOYEES RETIREMENT BENEFITS:

Incremental liability for gratuity for the year is accounted on accrual basis

6.CONTINGENT LIABILITIES:

Contingent liabilities are determined on the basis of available information and no provision has been made in the books of account. However these are separately disclosed by way of Notes to Accounts.

7. BORROWING COST:

Borrowing cost incurred in relation to the acquisition, construction of Assets are capitalized as the part of the cost of such assets up to the date when such assets are ready for intended use. Other borrowing cost are charged as expense in the year in which these are incurred.

8.0THER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices.

9.ACCOUNTING FOR TAXES ON INCOME:

Current tax is the amount of tax payable on taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognised on timing differences. Being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period.

 
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