Accounting Policies of Panther Industrial Products Ltd. Company

Mar 31, 2015

1 BASIS OF ACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

2 FIXED ASSETS

Fixed Assets are carried at cost less depreciation.

3 DEPRECIATION

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XlV.of the Companies Act, 1956, as amended.

4 INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

5 CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgment of the potential outcome.

6 REVENUE RECOGNITION

Expenses and Income considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realization exists.

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Mar 31, 2014

(a) BASIS OF ACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

(b) FIXED ASSETS

Fixed Assets are carried at cost less depreciation.

(c) DEPRECIATION

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the Companies Act, 1956, as amended.

(d) REVENUE RECOGNITION

Expenses and Incomes considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realisation exists.

(e) INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

(f) CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgement of the potential outcome.

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Mar 31, 2013

(a) BASIS OF ACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

(b) FIXED ASSETS

Fixed Assets are carried at cost less depreciation.

(c) DEPRECIATION

Depredation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the Companies Act, 1956, as amended.

(d) REVENUE RECOGNITION

Expenses and Incomes considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realization exists.

(e) INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

(f) CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgment of the potential outcome.

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Mar 31, 2012

(a) BASIS OFACCOUNTING

The accounts are prepared under historical cost convention on accrual system of accounting.

(b) FIXEDASSETS

Fixed Assets are carried at cost less depreciation.

(c) DEPRECIATION

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the CompaniesAct, 1956, as amended.

(d) REVENUE RECOGNITION

Expenses and Incomes considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realisation exists.

(e) INVESTMENTS

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

(f) CLAIMS, DEMANDSAND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgement of the potential outcome.

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Mar 31, 2009

1. Basis of accounting

The accounts are prepared under historical cost convention on accrual system of accounting.

2. Fixed Assets

Fixed Assets are carried at cost less depreciation.

3. Depreciation

Depreciation is provided on full value of the assets purchased during the year. It is provided on the basis as prescribed in Schedule XIV of the Companies Act, 1956, as amended.

4. Revenue recognition

Expenses and Income considered payable and receivable, respectively, are accounted for on accrual basis when no significant uncertainty as to determination or realisation exists.

5. Investments

Long-term Investments are stated at cost; the costs are determined at FIFO Method.

6. Claims, demands and contingencies

Disputed and/or contingent liabilities are either provided for or disclosed depending on Managements judgement of the potential outcome.