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Accounting Policies of Partani Appliances Ltd. Company

Mar 31, 2015

I) Basis of preparation of financial statements:

The accompanying financial statements are prepared under the historical cost convention in accordance with the Indian Generally Accepted Accounting Principles ("GAAP") comprising the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956 on accrual basis. These accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted by the company.

All assets and liabilities have been classified as current or non current as per the companies normal operating cycle and other criteria set out in the schedule VI to the companies act 1956.

ii) Use of Estimated: .

The presentation of financial statements in conformity with the generally accepted accounting principles required estimates and assumptions to be made That effect 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 period. Difference between actual results and estimates are recognized in the period in which results are known/materialized.

iii) Inventories:

Stocks are valued at lower of cost or net realizable value.

iv) Investment:

Quoted Investment: In the opinion of the management investment in the quoted investment in associate company are of long term nature meant to be held permanently on any diminution in the latest available book value as compared to cost of such shares are considered temporary by the management and hence not provided (not ascertained).

v) Revenue Recognition:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership' of goods is transferred by the company.

vi) Other Income:

Interest Income is recognized on time proportion basis taking into account the amount of outstanding and sale applicable.

Dividend Income is recognized which right to receive the dividend is established.

vii) Employee Benefits:

a) Employee benefits such as salaries, allowances, provident fund and non monitory benefits are which fall due for payment within a period of 12 months after rendering services are charges as expenses to the profit and loss account in the period which services are rendered.

b) Post Employment Benefits:

The company has not yet adopted the revised accounting standard AS-15 and not evolved a policy of making annual contribution to the recognized employees groups gratuity scheme and the gratuity is accounted on payment basis to all persons and super annuation or termination or death in terms of provisions of gratuity (Amendment) Act. 1997.

viii) Taxation:

Tax expenses comprise of current lax. Current tax is measured at the amount expected to be paid to the Tax Authorities in accordance with the Indian Income Tax Act. 1961, provision for current tax is made on the taxable income of the current accounting year in accordance with the Indian Income Tax Act 1961.

ix) Provisions and contingent liabilities:

The company recognizes a provision when there is a present obligation as a result of past event that probably requires in outflow of resources and reliable estimate can be made of the amount of obligation. ,

A disclosure for a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources where there is possible obligation are a present like hood of outflow' of resources is removed no provision or disclosure is made.

x) Earning per share:

In determining earning per share, the company considers the net profit after tax and includes post tax effect of any extra ordinary items. The number of shares used in computing basic earning per share is the weighted average number of shares outstanding during the period.


Mar 31, 2013

I) Basis of preparation of financial statements:

The accompanying financial statements are prepared under the historical cost convention in accordance with the Indian Generally Accepted Accounting Principles ("GAAP") comprising the mandatory accounting standards issued by the Inistitute of Chartered Accountants of India and the provisions of the Companies Act, 1956 on accrual basis. These accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted by the company.

All assets and liabilities have been classified as current or non current as per the companies normal operating cycle and other criteria set out in the schedule VI to the companies act 1956.

ii) Use of Estimated:

The presentation of financial statements in conformity with the generally accepted accounting principles required estimates and assumptions to be made That effect the reported amount of Asets and Liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual results and estimates are recognized in the period in which results are known/materialized.

iii) Inventories:

Stocks are valued at lower of cost or net realizable value.

iv) Investment:

Quoted Investment: In the opinion of the management investment in the quoted investment in associate company are of long term nature meant to be held permanently on any diminution in the latest available book value as compared to cost of such shares are considered temporary by the management and hence not provided (not ascertained).

v) Revenue Recognition:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of goods is transferred by the company.

vi) Other Income:

Interest Income is recognized on time proportion basis taking into account the amount of outstanding and rate applicable.

Dividend Income is recognized which right to receive the dividend is established.

vii) Employee Benefits:

a) Employee benefits such as salaries, allowances, provident fund and non monitory benefits are which fall due for payment within a period of 12 months after rendering services are charges as expenses to the profit and loss account in the period which services are rendered.

b) Post Employment Benefits:

The company has not yet adopted the revised accounting standard AS-15 and not evolved a policy of making annual contribution to the recognized employees groups gratuity scheme and the gratuity is accounted on payment basis to all persons and super annuation or termination or death in terms of provisions of gratuity (Amendment) Act. 1997.

viii) Taxation:

Tax expenses comprise of current tax. Current tax is measured at the amount expected to be paid to the Tax Authorities in accordance with the Indian Income Tax Act. 1961, provision for current tax is made on the taxable income of the current accounting year in accordance with the Indian Income Tax Act 1961.

ix) Provisions and contingent liabilities:

The company recognizes a provision when there is a present obligation as a result of past event that probably requires in outflow of resources and reliable estimate can be made of the amount of obligation.

A disclosure for a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources where there is possible obligation are a present likehood of outflow of resources is removed no provision or disclosure is made.

x) Earning per share:

In determining earning per share, the company considers the net profit after tax and includes post tax effect of any extra ordinary items. The number of shares used in computing basic earning per share is the weighted average number of shares outstanding during the period.




Mar 31, 2012

I) Basis of preparation of financial statements:

The accompanying financial statements are prepared under the historical cost convention in accordance with the Indian Generally Accepted Accounting Principles ("GAAP") comprising the mandatory accounting standards issued by the Inistitute of Chartered Accountants of India and the provisions of the Companies Act, 1956 on accrual basis. These accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted by the company.

All assets and liabilities have been classified as current or non current as per the companies normal operating cycle and other criteria set out in the schedule VI to the companies act 1956.

ii) Use of Estimated:

The presentation of financial statements in conformity with the generallyaccepted accounting principles required estimates and assumptions to be made that effect the reported amount of Asets and Liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual results and estimates are recognized i.n the period in which results are known/materialized.

iii) Inventories:

Stocks are valued at lower of cost or net realizable value.

iv) Investment:

Quoted Investment: In the opinion of the management investment in the quoted investment in associate company are of long term nature meant to be held permanently on any diminution in the latest available book value as compared to cost of such shares are considered temporary by the management and hence not provided (not ascertained).

v) Revenue Recognition:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of goods is transferred by the company.

vi) Other Income:

Interest Income is recognized on time proportion basis taking into account the amount of outstanding and rate applicable.

Dividend Income is recognized which right to receive the dividend is established.

vii) Employee Benefits:

a) Employee benefits such as salaries, allowances, provident fund and non monitory benefits are which fall due for payment within a period of 12 months after rendering services are charges as expenses to the profit and loss account in the period which services are rendered.

b) Post Employment Benefits:

The company has not yet adoted the revised accounting standard AS-15 and not evolved a policy of making annual contribution to the recognized employees groups gratuity scheme and the gratuity is accounted on payment basis to all persons and super annuation or termination or death in terms of provisions of gratuity (Amendment) Act. 1997.

viii) Taxation:

Tax expenses comprise of current tax. Current tax is measured at the amount expected to be paid to the Tax Authorities in accordance with the Indian Income Tax Act. 1961, provision for current tax is made on the taxable income of the current accounting year in accordance with the Indian Income Tax Act 1961.

ix) Provisions and contingent liabilities:

The company recognizes a provision when there is a present obligation as a result of past event that probably requires in outflow of resources and reliable estimate can be made of the amount of obligation.

A disclosure for a contingent liability is made when there is a possible obligation that may but probably will not require an outflow of resources where there is possible obligation are a present likehood of outflow of resources is removed no provision or disclosure is made.

 
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