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Accounting Policies of Phaarmasia Ltd. Company

Mar 31, 2015

1 The financial statements have been prepared in accordance with the Revised Schedule VI of the Companies Act 2013 to the extent applicable and the necessary details have been disclosed in the said statement as per Part I & II of the Schedule.

Fixed Assets: Fixed Assets up to 31st March 2006 are stated at Revalued cost and Fixed Assets purchased after 1st April 2006 are stated at Historical Cost inclusive of duties, Sales Tax, freight and installation Cost. During the Current Financial year Land and Buildings are again revalued.

Depreciation: Depreciation is provided as per Written Down Value method at the rates specified in the Schedule - II of the Companies Act, 2013.

"Current Assets.

INVENTORIES:

1. Raw Materials are valued at cost on first in first out method.

2. Packing Materials are valued at cost on first in first out method.

3. Stock in process is valued at cost, including manufacturing expenses.

4. Finished Goods are valued at cost of materials and process ."

Sundry Debtors: Sundry Debtors are taken at book value after Providing for un-realisable.

Income & Expenditure: Accounted on accrual concept Revenue Recognition : Sales includes Sales Tax and Excise Duty.

Segment Reporting:

The Company operates in a solitary business segment i.e., pharmaceuticals and Bulk Drugs, comprising mainly manufacture of formulations and creams which as per Accounting Standard - AS17 is considered as the only one reportable business segment. The company also manufactures skin/face Creams and tooth paste both covered under Drugs & Cosmetics Act, with valid Drug Licenses obtained and they are also treated as same business segment. Accordingly, no further financial information for business segment is required to be given.

2.5 The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company the holders of equity shares will be entiled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2014

1 The financial statements have been prepared in accordance with the Revised Schedule VI of the Companies Act 1956 to the extent applicable and the necessary details have been disclosed in the said statement as per Part I & II of the Schedule.

Fixed Assets: Fixed Assets up to 31st March 2006 are stated at Revalued cost and Fixed Assets purchased after 1st April 2006 are stated at Historical Cost inclusive of duties, Sales Tax, freight and installation Cost.

Depreciation: Depreciation is provided as per Written Down Value method at the rates specified in the Schedule - XIV of the Companies Act, 1956 on Single Shift Basis on the values excluding Revaluation amount Current Assets INVENTORIES:

1. Raw Materials are valued at cost on first in first out method.

2. Packing Materials are valued at cost on first in first out method.

3. Stock in process is valued at cost, including manufacturing expenses.

4. Finished Goods are valued at cost of materials and process

Sundry Debtors:Sundry Debtors are taken at book value after Providing for un-realisable.

Income & Expenditure: Accounted on accrual concept

Revenue Recognition : Sales includes Sales Tax and Excise Duty.

Segment Reporting:

The Company operates in a solitary business segment i.e., pharmaceuticals and Bulk Drugs, comprising mainly manufacture of formulations and creams which as per Accounting Standard - AS17 is considered as the only one reportable business segment. The company also manufactures skin/face Creams and tooth paste both covered under Drugs & Cosmetics Act, with valid Drug Licenses obtained and they are also treated as same business segment. Accordingly, no further financial information for business segment is required to be given.ses.


Mar 31, 2013

1 The financial statements have been prepared in accordance with the Revised Schedule VI of the Companies Act 1956 to the extent applicable and the necessary details have been disclosed in the said statement as per Part I & II of the Schedule.

Fixed Assets:Fixed Assets up to 31st March 2006 are stated at Revalued cost and Fixed Assets purchased after 1 st April 2006 are stated at Historical Cost inclusive of duties, Sales Tax, freight and installation Cost.

Depreciation:Depreciation is provided as per Written Down Value method at the rates specified in the Schedule - XIV of the Companies Act, 1956 on Single Shift Basis on the values excluding Revaluation amount

Current Asset. INVENTORIES:

1. Raw Materials are valued at cost on first in first out method.

2. Packing Materials are valued at cost on first in first out method.

3. Stock in process is valued at cost, including manufacturing expenses.

4. Finished Goods are valued at cost of materials and process .

Sundry Debtors.Sundry Debtors are taken at book value after Providing for un-realisable.

Income & ExpenditurerAccounted on accrual concept

Revenue Recognition : Sales includes Sales Tax and Excise Duty.

The Company operates in a solitary business segment i.e., pharmaceuticals and Bulk Drugs, comprising mainly manufacture of formulations and creams which as per Accounting Standard - AS17 is considered as the only one reportable business segment. The company also manufactures skin/face Creams and tooth paste both covered under Drugs & Cosmetics Act, with valid Drug Licenses obtained and there are also treated as same business segment. Accordingly, no further financial information for business segment is required to be given.The geographical Segmentation is not relevant, as there are no exports for this year.


Mar 31, 2012

1. The Financial statements have been prepared in accordance with the Revised Schedule VI of the Companies Act 1956 to the extent applicable and the necessary details have been disclosed in the said statement as per part I & II of the Schedule.

Fixed Assets: Fixed Assets up to 31st March 2006 are stated at Revalued cost and Fixed Assets purchased after 1st April 2006 are stated at Historical Cost Inclusive of duties, Sales Tax, freight and installation Cost.

Depreciation: Depreciation is provided as per Written Down Value method at the rates specified in the Schedule -XIV of the Companies Act, 1956 on Single Shift Basis on the values excluding Revaluation amount.

Current Assets INVENTORIES:

1. Raw Materials are valued at cost on first in first out method.

2. Packing Materials are valued at cost on first in first out method.

3. Stock in process is valued at cost, including manufacturing expenses.

4. Finished Goods are valued at cost of materials and process.

5. Sundry Debtors are taken at book value after providing for un-realisable.

Income & Expenditure Accounted on accrual concent

Revenue Recognition: Sales includes sales Tax and Excise Duty.

The Company operates in a Solitary business segment i.e., pharmaceuticals and Bulk Drugs, corrprising mainly manufacture of formulations and creams which as per Accounting Standard - AS 17 is considered as the only one reportable business segment. The company also manufactures skirt / Taco Creams and tooth paste both covered under Drugs & Cosmetics Act, with valid Drug Licenses obtained and there are also treated as same business segment. Accordingly no further financial information for business segment as required to be given. The geographical segmentation is not relevant, as there are no exports for this year.


Mar 31, 2011

1 Basis of Accounting : Accounts are prepared under historical cost Convention and on the assumption of going concern and on accrual basis.

2. Fixed Assets : Fixed Assets up to 31st March 2006 are stated at Revalued cost and Fixed Assets purchased after 1st April 2006 are stated at Historical Cost inclusive of duties, Sales Tax, freight and installation Cost.

3. Depreciation : Depreciation is provided as per Written Down Value method at the rates specified in the Schedule - XIV of the Companies Act, 1956 on Single Shift Basis on the values excluding Revaluation amount.

4. Current Assets : INVENTORIES:

1. Raw Materials are valued at cost on first in first out method.

2. Packing Materials are valued at cost on first in first out method.

3. Stock in process is valued at cost, including manufacturing expenses.

4. Finished Goods are valued at cost of materials and process.

5. Sundry Debtors : Sundry Debtors are taken at book value after Providing for un-realisable.

6. Retiring Benefits : Gratuity has been provided as per the payment Of Gratuity Act for all the eligible employees upto 31st March,11.

No provision has been made for leave encashment as company's H.R.Policy does not allow encashment

7. Income & Expenditure: Accounted on accrual concept.

8. Revenue Recognition: Sales and procesing fee include Excise Duty and Sales Tax.


Mar 31, 2010

1 Basis of Accounting

Accounts are prepared under historical cost Convention and on the assumption of going concern and on accrual basis.

2.Fixed Assets

Fixed Assets up to 31 st March 2006 are stated at Revalued cost and Fixed Assets purchased after 15th April 2006 are stated at Historical Cost inclusive of duties,Sales Tax,freight and installation Cost.

3.Depreciation

Depreciation is provided as per Written Down Value method at the rates specified in the Schedule -XIV of the Companies Act,1956 on Single Shift Basis on the value excluding Revaluation amount.

4.Current Assets

INVENTORIES:

1.Raw Materials are valued at cost on first in first out method.

2.Packing Materials are valued at cost on first in first out method.

3.Stock in process is valued at cost, including manufacturing expenses.

4.Finished Goods are valued at cost of material and process.

5.Sundry Debtors

Sundry Debtors are taken at book value after Providing for un-realisable.

6.Retiring Benefits

Gratuity has been provided as per the payment of Gratuity Act for all the eligible employees upto 31 st March,10. No provision has been made for leave encashment as companys H.R.Policy does not allow encashment

7.Income &Expenditure

Accounted on accrual concept.

8.Revenue Recognition

Sales include Excise Duty and Sales Tax.

 
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