Accounting Policies of Pet Plastics Ltd. Company

Mar 31, 2014

1. ACCOUNTING POLICIES:

i. The Company follows the mercantile system of Accounting recognizing both income and expenditure account on accrual basis.

ii. Financial statements are prepared in accordance with requirements of the Companies Act, 1956 under historical cost convention on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation.

3. REVENUE RECOGNITION:

Company''s earning is from Manufacturing of Raw Materials to Finish Goods i.e. Export Conversion, Manufacturing, Trading, Re-packaging, Re-labeling and Export Service Provider Activity from Kandla Special Economic Zone.

4. INVENTORIES:

Inventories are valued as under:

1) Raw materials:

Stores & Spares and other materials are valued at weighted average cost.

2) Process Stock:

Valued at cost of materials plus labour & other related overheads.

3) Finished Goods:

Valued at lower of cost or net reliable value.

5. INVESTMENTS:

Tong term investments are made through the company Factoring Business Division.

6. DEPRECIATION:

i) Depreciation on the Assets of the company have been provided on straight line method basis as per the rates prescribed under schedule XIV of the Companies Act, 1956.

ii) Depreciation on all the assets acquired / disposed off during the year is provided on prorata basis from the date of addition/deletion.

7. RETIREMENT BENEFITS:

i. Number or Employees in receipt of or entitled to receive remuneration aggregating to Rs.6,00,000/- if employed through out the year or Rs.50,000/- per month if employed for part of the year- 0.00 (Previous year- 0.00)

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Mar 31, 2013

1. ACCOUNTING POLICIES:

i. The Company follows the mercantile system of Accounting recognizing both income and expenditure account on accrual basis.

ii. ''Financial statements are prepared in accordance with requirements of the Companies Act, 1956 under historical cost convention on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation.

3. REVENUE RECOGNITION:

Company''s earning is from Manufacturing of Raw Materials to Finish Goods i.e. fixport Conversion, Manufacturing, Trading, Re-packaging, Re-labeling and Export Service Provider Activity from Kandla Special Economic Zone. D

4. INVENTORIES:

Inventories are valued as under:

1) Raw materials:

Stores & Spares and other materials are valued at weighted average cost.

2) Process Stock:

Valued at cost of materials plus labour & other related overheads.

3) Finished Goods:

Valued at lower of cost or net reliable value.

5. INVESTMENTS: .

Long term investments are made through the company Factoring Business Division.

6. DEPRECIATION:

i) Depreciation on the Assets of the company have been provided on straight line method basis as per the rates prescribed under schedule XIV of the Companies Act. 1956.

ii) Depreciation on all the assets acquired / disposed off during the year is provided on prorata basis from the date of addition/deletion.

7. RETIREMENT BENEFITS:

i. Number or Employees in receipt of or entitled to receive remuneration aggregating to Rs.6,00,000/- if employed through out the year or Rs.50,000/- per month if employ ;d for part of the year - 0.00 (Previous year - 0.00)

ii. Since there are no company employees, hence the question of paying & providing retirement benefit does not arise.

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Mar 31, 2011

1. ACCOUNTING POLICIES:

i. The Company follows the mercantile system of Accounting recognizing both income and expenditure account on accrual basis. ii. Financial statements are prepared in accordance with requirements of the Companies Act, 1956 under historical cost convention on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation.

3. REVENUE RECOGNITION:

Company's earning is from Manufacturing of Raw Materials to Finish Goods i.e. Export Conversion, Manufacturing, Trading, Re-packaging, Re-labeling and Export Service Provider Activity from Kandla Special Economic Zone.

4. INVENTORIES: Inventories are valued as under:

1) Raw materials:

Stores & Spares and other materials are valued at weighted average cost.

2) Process Stock:

Valued at cost of materials plus labour & other related overheads.

3) Finished Goods:

Valued at lower of cost or net reliable value.

5. INVESTMENTS:

Long term investments are made through the company Factoring Business Division.

6. DEPRECIATION:

i) Depreciation on the Assets of the company have been provided on straight line method basis as per the rates prescribed under schedule XIV of the Companies Act, 1956.

ii) Depreciation on all the assets acquired / disposed off during the year is provided on pro-rata basis from the date of addition/deletion.

7. RETIREMENT BENEFITS:

i. Number or Employees in receipt of or entitled to receive remuneration aggregating to Rs.6,00,000/- if employed through out the year or Rs.50,000/- per month if employed for part of the year – 0.00 (Previous year – 0.00) ii. Since there are no company employees, hence the question of paying & providing retirement benefit does not arise.

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Mar 31, 2010

1. The Company "follows the mercantile system of Accounting recognizing Both income and expenditure account on accrual basis.

ii. Financial statements are prepared in accordance with requirements of the Companies Act, 1956 under historical cost convention on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation.

3. REVENUE RECOGNITION:

Companys earning is from Manufacturing of Raw Materials to Finish Goods i.e. Export Conversion, Manufacturing, Trading, Repackaging, Relabeling and Export Service Provider Activity from Kandla Special Economic Zone.

4. INVENTORIES:

Inventories are valued as under:

1) Raw materials:

Stores & Spares and other materials are valued at weighted average cost.

2) Process Stock:

Valued at cost of materials plus labour & other related overheads.

3) Finished Goods:

Valued at lower of cost or net reliable value.

5. INVESTMENTS:

Long term investments are made through the company Factoring Business Division.

6. DEPRECIATION:

i) Depreciation on the Assets of the company have been provided on straight line method basis as per the rates prescribed under schedule XIV of the Companies Act, 1956.

ii) Depreciation on all the assets acquired / disposed off during the year is provided on pro rata basis from the date of addition/deletion.

7. RETIREMENT BENEFITS:

i. Number or Employees in receipt of or entitled to receive remuneration aggregating to Rs.6,00,000/ if employed through out the year or Rs.50,000/ per month if employed for part of the year 0.00 (Previous year 0.00)

ii. Since there are no company employees, hence the question of paying & providing retirement benefit does not arise.

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Mar 31, 2003

I. The Company follows the mercantile system of Accounting recognizing both income and expenditure account on accrual basis.

ii. Financial statements are prepared in accordance with requirements of the Companies Act, 1956 under historical cost convention on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation.

3. REVENUE RECOGNITION:

Companys earning is from Manufacturing of Raw Materials to Finish Goods i.e. Export Conversion, Manufacturing, Trading, Re-packaging, Re-labeling and Export Service Provider Activity from Kandla Special Economic Zone.

4. INVENTORIES:

Inventories are valued as under:

1) Raw materials:

Stores & Spares and other materials are valued at weighted average cost.

2) Process Stock:

Valued at cost of materials plus labour & other related overheads.

3) Finished Goods:

Valued at lower of cost or net reliable value.

5. INVESTMENTS:

There are no investments made during the year, hence the same have not been reflected in the books.

6. DEPRECIATION:

i) Depreciation on the Assets of the company have been provided on straight line method basis as per the rates prescribed under schedule XIV of the Companies Act, 1956.

ii) Depreciation on all the assets acquired / disposed off during the year is provided on pro- rata basis from the date of addition/deletion.

7. RETIREMENT BENEFITS:

i. Number or Employees in receipt of or entitled to receive remuneration aggregating to Rs.6,00,000/- if employed through out the year or Rs.50,000/- per month if employed for part of the year - NIL (Previous year - NIL)

ii. Since there are no company employees, hence the question of paying & providing retirement benefit does not arise.

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Mar 31, 2002

1. ACCOUNTING POLICIES:

i. The Company follows the mercantile system of Accounting recognizing both income and expenditure account on accrual basis.

ii. Financial statements are prepared in accordance with requirements of the Companies Act, 1956 under historical cost convention on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at historical cost less accumulated depreciation.

3. REVENUE RECOGNITION:

Companys earning is from Manufacturing of Raw Materials to Finish Goods i. e. Export Conversion, Trading, Re-packaging and Re-labeling Activity from Kandla Special Economic Zone.

4. INVENTORIES:

Inventories are valued as under: 1) Raw materials:

Stores & Spares and other materials are valued at weighted average cost.