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Accounting Policies of Peeti Securities Ltd. Company

Mar 31, 2014

A) Accounting sumption :

The Accoun ha e been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual, including provision/adjustments for committed obligations and amounts determined as payable or receiable during the year.

b) Fixed Assets and Depreciation :

I) Fixed Assets are stated at historical cost less accumulated depreciation. The cost of the sets includes Purchase price, freight, installation cost, duties, taxes and other direct incidental expenses for bringing the assets to working condition.

ii) Depreciation has been provided on straight-line method on pro-rata basis at the rates prescribed in Schedule XIV of the Companies Act, 1956.

c) Inventories.

Finished goods are valued at lower of Cost or Estimated Net realizable Value. The Cost is based on the ''First in First out method''.

d) Revenue Recognition:

i) Revenue is recognized on sale of grey cloth and finished cloth on dispatch of goods from the factory. Sales are recorded net of rebate, trade discounts and returns.

ii) Dividend is accounted on an accrual basis when the right to receive the dividend is established.

iii) Interest income on loans & advances is recognized in the profit & loss account as it accrues.

e) Retirement Benefits:

Gratuity: Provision is made towards retirement gratuity for the Employees who have completed 5 years of service and those in the opinion of the board are expected to complete 5 years of service in the future.

f) Income Tax:

Provision for current tax is made on the basis of Estimated Taxable Income of the Current Accounting Year in accordance with Income Tax Act, 1961. The Deferred Tax liability/asset for timing difference between the book and tax profits for the year is accounted for, based on current tax Rates. Deferred Tax assets are recognized and carried forward only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such asset items can be realized

g) Investments:

Long term investments are carried at cost less provision for permanent diminution in value of such investments. Current investments are carried at lower of cost and fair value. Unit of mutual funds though held as current investments and are valued at cost.


Mar 31, 2013

A) Accounting Assumption :

The Accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual, including provision/adjustments for committed obligations and amounts determined as payable or receivable during the year.

) Fixed Assets and Depreciation :

i) Fixed Assets are stated at historical cost less accumulated depreciation. The cost of the Assets includes Purchase price, freight, installation cost, duties, taxes and other direct incidental expenses for bringing the assets to working condition.

ii) Depreciation has been provided on straight-line method on pro-rata basis at the rates prescribed in Schedule XIV of the Companies Act, 1956.

c) Inventories.

Finished goods are valued at lower of Cost or Estimated Net realizable Value. The Cost is based on the ''First in First out method''.

d) Revenue Recognition :

i) Revenue is recognized on sale of grey cloth and finished cloth on dispatch of goods from the

factory. Sales are recorded net of rebate, trade discounts and returns. ii) Dividend is accounted on an accrual basis when the right to receive the dividend is established. iii) Interest income on loans & advances is recognized in the profit & loss account as it accrues.

e) Retirement Benefits :

Gratuity: Provision is made towards retirement gratuity for the Employees who have completed 5 years of service and those in the opinion of the board are expected to complete 5 years of service in the future.

f) Income Tax:

Provision for current tax is made on the basis of Estimated Taxable Income of the Current Accounting Year in accordance with Income Tax Act, 1961. The Deferred Tax liability/asset for timing difference between the book and tax profits for the year is accounted for, based on current tax Rates. Deferred Tax assets are recognized and carried forward only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such asset items can be realized

g) Investments:

Long term investments are carried at cost less provision for permanent diminution in value of such investments. Current investments are carried at lower of cost and fair value. Unit of mutual funds though held as current investments and are valued at cost.


Mar 31, 2011

A) Accounting Assumption:

The Accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual including provision/adjustments for committed obligations and amounts determined as payable or receivable during the year.

b) Fixed Assets and Depreciation

i) Fixed Assets are stated at historical cost less accumulated depreciation, The cost of the Assets includes Purchase price, freight, installation cost, duties, taxes and other direct incidental expenses for bringing the assets to working condition.

ii) Depreciation has been provided on straight-line method on pro-rata basis at the rates prescribed in Schedule XIV of the Companies Act, 1956.

c) Inventories.

Stock of Shares is valued at lower of Cost or Estimated Net realizable Value. Incase realizable value is not ascertainable due to non-availability of Quotation in the Stock Markets, the value of such Shares is adopted at Rs.0.10 np per Share.

Finished goods are valued at lower of Cost or Estimated Net realizable Value. The Cost is based on the 'First in First out method'.

d) Revenue Recognition:

i) Revenue is recognized on sale of yam, grey cloth and finished cloth on dispatch of goods from the factory. Sales are recorded net of rebate, trade discounts and returns but include excise duty

ii) Dividend is accounted on an accrual basis when the right to receive the dividend is established

iii) Interest income on loans advances is recognized in the profit & loss account as it accrues.

e) Retirement Benefits :

Gratuity: Provision is made towards retirement gratuity for the Employees who have completed 5 years of service and those in the opinion of the board are expected to complete 5 years of service in the future.

f) Income Tax:

Provision for current tax is made on the basis of Estimated Taxable Income of the Current Accounting Year in accordance with Income Tax Act. 1961. The Deferred Tax liability asset for timing difference between the book and tax profits for the year is accounted for. based on current tax Bates. Deferred Tax assets are recognized and carried forward only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such asset items can be realized

g) Investments:

Long term investments are carried at cost less provision for permanent diminution in value of such investments. Current investments are carried at lower of cost and fair value Unit of mutual funds though held as current investments and are valued at cost.


Mar 31, 2010

A) Accounting Assumption:

The Accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual, including provision/adjustments for committed obligations and amounts determined as payable or receivable during the year.

b) Fixed Assets and Depreciation

i) Fixed Assets are stated at historical cost less accumulated depreciation. The cost of the Assets includes Purchase price, freight, installation cost, duties, taxes and other direct incidental expenses for bringing the assets to working condition.

ii) Depreciation has been provided on straight-line method on pro-rata basis at the rates prescribed in Schedule XIV of the Companies Act, 1956.

c) Inventories.

Stock of Shares is valued at lower of Cost or Estimated Net realizable Value. Incase realizable value is not ascertainable due to non-availability of Quotation in the Stock Markets, the value of such Shares is adopted at Rs.0.10 np per Share.

The Raw materials & Work in progress is valued at cost. Finished goods are valued at lower of Cost or Estimated Net realizable Value. The Cost is based on the First in First out method.

d) Revenue Recognition:

i) Revenue is recognized on sale of yarn, grey cloth and finished cloth on dispatch of goods from the factory. Sales arerecorded net of rebate, trade discounts and returns but include excise duty.

ii) Dividend is accounted on an accrual basis when the right to receive the dividend is established.

iii) Interest income on loans advances is recognized in the profit & loss account as it accrues.

e) Retirement Benefits :

Gratuity: Provision is made towards retirement gratuity for the Employees who have completed 5 years of service and those in the opinion of the board are expected to complete 5 years of service in the future.

f) Income Tax:

Provision for current tax is made, on the basis of Estimated Taxable Income of the Current Accounting Year in accordance with Income Tax Act, 1961. The Deferred Tax liability/ asset for timing difference between the book and tax profits for the year is accounted for, based on current tax Rates. Deferred Tax assets are recognized and carried forward only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such asset items can be realized

g) Investments:

Long term investments are carried at cost less provision for permanent diminution in value of such investments. Current investments are carried at lower of cost and fair value. Unit of mutual funds though held as current investments and are valued at cost.

 
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