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Accounting Policies of Planter's Polysacks Ltd. Company

Mar 31, 2015

1.01 DISCLOSURE AND BASIS OF ACCOUNTING:

a. Financial Statements have been prepared under the historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 2013. The Company has complied with the applicable Accounting Standards

b. The accounts are prepared on the basis of going concern concept and all expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

c. All assets and liabilities have been classified as current and non-current as per the Company's normal operating cycle and other criteria set out in the Companies Act, 2013.

1.02 VALUATION OF INVENTORIES:

The Finished goods are valued at Cost or market price whichever is lower, however there are no inventories.

1.03 NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS:

a. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

b. Prior period items are disclosed separately in the profit and loss accounts below the line.

1.04 DEPRECIATION:

Depreciation on fixed assets has been provided at the rates specified in Schedule II of the Companies Act, 2013. However there are no fixed assets in the Company.

1.05 REVENUE / INCOME RECOGNITION:

The Company recognises its revenue and expenditure on accrual basis.

1.06 EARNINGS PER SHARE:

The Company reports basic and diluted Earnings Per Share (EPS) in accordance with Accounting Standard 20 on "Earnings per share". Basic EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

1.07 CASH FLOW STATEMENT

The Cash flow Statement is prepared by the "indirect method" set out in Accounting Standard 3 on "Cash Flow Statements" and presents the cash flows by operating, investing and financing activities of the Company.

Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.

1.08 FIXED ASSETS:

Fixed Assets are shown at cost less accumulated depreciation. However, there are no assets in the Company.

1.09 EMPLOYEES' BENEFITS:

No Provision for gratuity is provided by the company since there is no employee who has been in continuous service of more than 5 years.

1.10 SCHEME OF ARRANGEMENT:

The Hon'ble High Court adjudicator at Bombay vide its order dated 9th January, 2015 in the matter of Company Scheme Petition No.808 of 2014 had approved the Scheme of Arrangement and accordingly in terms of provisions of Section 100 - 104 of the Companies Act, 1956 and relevant provisions of Companies Act, 2013 and rules made there under the paid up capital of the company is reduced from 14,00,000 Equity Shares of Rs.10 each to 1,40,000 Equity Shares of Rs.10 each.


Mar 31, 2014

1. DISCLOSURE AND BASIS OF ACCOUNTING:

a. Financial Statements have been prepared under the Historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 1956. The Company has complied with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) and as referred U/s 211(3C) of the Companies Act, 1956.

b. The accounts are prepared on the basis of going concern concept.

c. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

d. All assets and liabilities have been classified as current and non-current as per the Company''s normal operating cycle and other criteria set out in the revised Schedule VI to the Companies Act, 1956.

2. VALUATION OF INVENTORIES:

The Finished goods are valued at Cost or market price whichever is lower, however there are no inventories.

3. NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS:

a. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

b. Prior period items are disclosed separately in the profit and loss accounts below the line.

A. DEPRECIATION:

Depreciation on fixed assets has been provided on W.D.V. method at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation has been provided on the addition of assets on pro- rata basis.

B. REVENUE / INCOME RECOGNITION:

The Company recognise its revenue and expenditure on accrual basis.

C. FIXED ASSETS:

Fixed Assets are shown at cost less accumulated depreciation. However, there are no assets in the Company.


Mar 31, 2013

1 DISCLOSURE AND BASIS OF ACCOUNTING:

a. Financial Statements have been prepared under the Historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 1956. The Company has complied with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) and as referred U/s 211(3C) of the Companies Act, 1956.

b. The accounts are prepared on the basis of going concern concept.

c. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

d. All assets and liabilities have been classified as current and non-current as per the Company''s normal operating cycle and other criteria set out in the revised Schedule VI to the Companies Act, 1956.

2 VALUATION OF INVENTORIES

The Finished goods are valued at Cost or market price whichever is lower, however there are no inventories as there are no business activities during the year.

3 NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS

a. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

b. Prior period items are disclosed separately in the profit and loss accounts below the line.


Mar 31, 2012

1 AS -1. DISCLOSURE AND BASIS OF ACCOUNTING:

1. Financial Statements have been prepared under the Historical convention which is in accordance with the Generally Accepted Accounting Principles and provisions of the Companies Act, 1956. The Company has complied with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) and as referred U/s 211(3C) of the Companies Act, 1956.

2. The accounts are prepared on the basis of going concern concept.

3. The company has been consistently following the accrual basis of accounting in respect of its income and expenditure.

2 AS-2. VALUATION OF INVENTORIES

The Finished goods are valued at Cost or market price whichever is lower.

3 AS-5. NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS

1. All items of income and expenses pertaining to the year are included in arriving at the net profit for the year unless specially mentioned elsewhere in the financial statements or as required by accounting standards.

2. Prior period items are disclosed separately in the profit and loss accounts below the line.

4 AS-6. DEPRECIATION

Depreciation on fixed assets has been provided on W.D.V. method at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation has been provided on the addition of assets on pro-rata basis.

5 AS-9. REVENUE / INCOME RECOGNITION

The Company recognise its revenue and expenditure on accrual basis.

6 AS -10. FIXED ASSETS

Fixed Assets are shown at cost less accumulated depreciation.

7 AS-15. EMPLOYEES' BENEFITS

No Provision for gratuity is provided by the company since there is no employee who has been in continuous service of more than 5 years.

8 AS-18. RELATED PARTY DISCLOSURE -

The Related parties as defined by Accounting standard 18 "Related Party disclosure" issued by the Institute of Chartered Accountants of India, in respect of which the Dire closure have been made and identified on the basis of Disclosures made by the Company;

10 AS 22- TAXES ON INCOME

Deferred tax as on 31.03.2012 has not been recognized since there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

11 AS - 28. IMPAIRMENT OF ASSETS

An asset is impaired when the carrying amount of the assets exceeds its recoverable amount. An impairment loss is charged to Profit and loss account in the year in which an asset is identified as impaired.


Mar 31, 2000

Expenditure in foregin currency during the financial year on account of royalty, professional consultation fees, Interest and other matters: Nil (P. Year :Nil)

Value of Imported raw material spare part and components consumed during the year and the value of all indigenous raw materials, spare part and components, similarly consumed and the percentage of each to the total consumption is not applicable.

Debit & Credit Balance are subject to confirmation.

 
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