Home  »  Company  »  Piccadily Agro I  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Piccadily Agro Industries Ltd. Company

Mar 31, 2015

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared In accordance with generally accepted accounting principles in India. The Company has prepared these financial statements to comply in all material respects with the Account- ing Standards, notified under section 133 of the Companies Act. 2013 read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention The accounting policies adopted in the preparation of financial statements are consistent with those of previous year,

2 USE OF ESTIMATES

The preparation of financial statements in conformity with Accounting Principles generally accepted In India, requires judgements, estimates and assumptions to be made that affect the reported amount of assets and li- abilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/materialised.

3 Fixed Assets & Depreciation

Due to application of schedule II to the Companies Act, 2013 with effect from April 1,2014, the management has re-estimated useful life and residual values of all Its fixed assets and determined separate useful life for each major asset, if they have useful life i.e. materially different from that of remaining asset. The management believes that the depreciation rates currently used fairly reflect its estimate of the useful life and residual value of fixed asset. If asset has zero remaining useful life on the date of Schedule II becoming effective, i.e. April 01, 2014, its carrying amount, atter retaining any residual value, is charged to the opening balance of retained earnings. The carrying amount of other assets I.e.. whose remaining useful life is not nil on April 01, 2014, is depreciated over their remaining useful life Uplo March 2014. the assets are depreciated on Straight Line Method as per Schedule XIV of the Companies Act, 1956

4 Inventories:

Raw Matena! At cost on FIFO basis

Work in Process At estimated cost including expenses attrib- utable to production on percentage completion basis/ Net Realizable value, whichever Is low.

Finished Goods At weighted average cost/net realizable value which ever is low, including Excise duty and all expenses attributable to production.

By Products At Net realisable value inclusive ol Excise Duty.

Stores and spares At Cost

5 FOREIGN CURRENCY TRANSACTIONS

a Transactions denominated in foreign currencies are recorded at the exchange rale prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated In foreign currencies at Ihe year end are restated at year end rates. In case of Hems which are covered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference.

c. Any income or expense on account of exchange difference either on settlement or on translation is recognised In the Statement of Profit and Loss.

6 INVESTMENTS

Current investments are carried at lower of cost and quoted/fair value, computed category-wise.

Long-term investments are stated at cost.

7 RECOGNITION OF INCOME AND EXPENDITURE

Sale are recognised whe goods are supplied and are recorded net of rebates and sale tax bul inclusive of excise duty Expenses are accounted for an accrual basis.

8 CURRENT & DEFERRED TAX

Tax expense comprises of current tax and deferred tax. Current lax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of liming differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed deprecia- tion or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realise the same.

Deferred tax assets and liabilities are measured using the tax rales and tax law that have been enacted or sub- stantively enacted by the Balance Sheet date.

9 PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision is recognised in the accounts when there is a present obfigation as a result of past event(s) and it is probable lhat an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.

Contingent assets are neither recognised nor disclosed in the financial statements.

10 CORPORATE SOCIAL RESPONSIBILITY (CSR)

In accordance with the clarification issued by the Institute of Chartered Accountants of India, vide FAQ's on the provisions of CSR applicability under the Companies Act, 2013, the Company has adopted the policy to charge CSR expenditure incurred as an appropriation of prdlfit with effect from April 0t. 2014.

11 Accounting policies not specificajly referred to are in consistent with generally accepted accounting principles.


Mar 31, 2014

1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The Company prepares its accounts on accrual basis, except otherwise stated, in accordance with the normally accepted Accounting Principles and Accounting Standards & Relevant Provisions of The Companies Act, 1956. The financial statements are prepared on accrual basis under the historical cost convention and on the basis of going concern.

2 USE OF ESTIMATES

The preparation of financial statements in conformity with Accounting Principles generally accepted in India, requires judgements, estimates and assumptions to be made to that affect the reported amount of assets and liablities, disclosure of contingent liabili- ties on the date of the financial statements and the reported amount of revenues and expenses during the reporting periood. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

3 Fixed Assets & Depreciation : Fixed Assets are stated at their original cost of acquisition including all related expenses on acquisition and installation. Depreciation on fixed assets (includes composite depreciation charged on factory building and other building) has been provided on straight line method on pro-rata basis as per rates briefed in schedule - XIV of the Companies Act, 1956. Fixed Assets individ- ually costing less than Rs. 5,000/- are depreciated at the rate of 100% in the year of purchase.

4. Inventories

Raw Material : At cost on FIFO basis

Work in Process : At estimated cost including expenses attributable to production on percentage

completion basis/ Net Realizable value, whichever is low. Finished Goods : At weighted average cost/net realizable value which ever is low, including

Excise duty and all expenses attributable to production. By Products : At Net realisable value inclusive of Excise Duty.

Stores and spares : At cost

5 FOREIGN CURRENCY TRANSACTIONS

a. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the transaction.

b. Monetary items denominated in foreign currencies at the year end are restated at year end rates. In case of items which are cov- ered by forward exchange contracts, the difference between the year end rate and rate on the date of the contract is recognised as exchange difference.

c. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Statement of Profit and Loss.

6 INVESTMENTS

Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Long-term investments are stated at cost.

7 RECOGNITION OF INCOME AND EXPENDITURE

Sale are recognised when goods are supplied and are recorded net of rebates and sale tax but inclusive of excise duty. Expenses are accounted for on accrual basis.

8 CURRENT & DEFERRED TAX

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future tax- able income will be available to realise the same.

Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.

9 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision is recognised in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. Contingent assets are neither recognised nor disclosed in the financial statements.

10 Accounting policies not specifically referred to are in consistent with generally accepted accounting principles.

2. RIGHT OF SHAREHOLDERS

A) Each Shareholder is entitled to one vote per share.

B) Each Shareholder has the right in profit/surplus in proportion to amount paid up with respect to share holding.

C) In the event of winding up, the equity shareholders will be entitled to receive the remaining balance of assets, if any, in propor- tionate to their individual shareholding in the paid up equity capital of the company.

D) There is no change in the Number of Share outstanding at the beginning and at the end of the Financial year.


Mar 31, 2012

1. The Company prepares its accounts on accrual basis, except otherwise stated, in accordance with the normally accepted • Accounting Principles and Accounting Standards & Relevant Provisions of The Companies Act, 1956.

2. Fixed Assets & Depreciation

a) Fixed Assets are stated at their original cost of acquisition including all related expenses on acquisition and installation. Depreciation on fixed assets (includes composite depreciation charged on factory building and other building) has been provided on straight line method on pro-rata basis as per rates briefed in schedule - XIV of the Companies Act, 1956. Fixed Assets individ- ually costing less than Rs. 5,000/- are depreciated at the rate of 100% in the year of purchase.

3. Inventories:

a) Raw Material : At cost on FIFO basis.

b) Work in Process: At estimated cost including expenses attributable to production on percentage completion basis/ Net Realizable value, whichever is low.

c) Finished Goods:- At weighted average cost/net realizable value which ever is low, including Excise duty and all expenses attribut- able to production.

d) By Products: At Net realisable value inclusive of Excise Duty.

e) Stores and spares: At cost

4. Sales are inclusive of Excise Duty.

5. Borrowing cost directly attributable to acquisition / construction of qualifying assets have been capitalized as part of cost of that asset.

6. Long term investments are carried at cost.

7. Contingent liabilities are not provided for and are disclosed by way of notes.

8. Accounting policies not specifically referred to are consistent with generally accepted accounting principles.


Mar 31, 2010

1. The Company prepares its accounts on accrual basis, except otherwise stated, in accordance with the normally accepted accounting principles andAccounting Standards & Relevant Provisions of The Companies Act, 1956.

2. Fixed Assets & Depreciation

a) Fixed Assets are stated at their original cost of acquisition including all related expenses on acquisition and installation. Depreciation on fixed assets (includes composite depreciation charged on factory building and other building) has been pro- vided on straight line method on pro-rata basis as per rates briefed in schedule - XIV of the Companies Act, 1956. Fixed Assets individually costing less than Rs. 5,000/- are depreciated at the rate of 100% in the year of purchase.

3. Inventories:

a) Raw Material : At cost on FIFO basis.

b) Work in Process : At estimated cost including expenses attributable to production on percentage completion basis/ Net Realisable value, whichever is low.

c) Finished Goods:- At weighted average cost/net realisable value which ever is low, including Excise duty and all expenses attributable to production.

d) By Products: At Net realisable value inclusive of Excise Duty.

e) Stores and spares: At cost

4. Sales are inclusive of Excise Duty.

5. Gratuity Liability has been provided on the basis of acturial valuation.

6. Borrowing cost directly attributable to acquisition / construction of qualifying assets have been capitalized as part of cost of that asset.

7. Long term investments are carried at cost.

8. Contingent liabilities are not provided for and are disclosed by way of notes.

9. Accounting policies not specifically referred to are consistent with generally accepted accounting principles.

Find IFSC