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Accounting Policies of Rekvina Laboratories Ltd. Company

Mar 31, 2015

[ A ] REVENUE RECOGNITION :

Income & Expenditure are recognized on Accrual Basis except retirement benefits of employees. Retirement benefits are accounted on cash basis since they are at the option of the employees.

[ B ] Fixed Assets :

Fixed Assets are recorded at cost of acquisition or construction after taking credit of Excise Modvate. They are stated at historical cost.

[ C ] Depreciation :

(a) During the year the company has not provided for the depreciation and to that extent the ;ompany has deviated its policy to provide depreciation on Fixed Assets on Straight Line Method in accordance with the provision of Companies Act, 2013 and at the rates prescribed in Schedule XIV of the Companies Act, 2013.

(b) No Write off has been made in respect of leasehold land.

[ D ] Gratuity':

As there is no employee, no provision of gratuity made [E ] Modvate Benefit:

Modvate benefit is accounted on accrual basis on purchase of materials and appropriated against payment of excise duty on clearance of finished goods, If any.

[ F ] Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

[ G ] Investment:

Long term and unquoted investments are stated at cost and quoted investments are also stated at cost of acquisition.


Mar 31, 2014

[1] Significant Accounting Policies & Practices ;

[A ] REVENUE RECOGNITION :

Income & Expenditure are recognized on Accrual Basis except retirement benefits of employees. Retirement benefits are accounted on cash basis since they are at the option of the employees.

[ B ] Fixed Assets :

Fixed Assets are recorded at cost of acquisition or construction after taking credit of Excise Modvate, They are stated at historical cost,

[ C ] Depreciation :

(a) During the year the company has not provided for the depreciation and to that extent the company has deviated its policy to provide depreciation on Fixed Assets on Straight Line Method in accordance with the provision of Companies Act. 1956 and at the rates prescribed in Schedule XIV of the Companies Act, 1956, as amended in 1996.

(b) No Write off has been made in respect of leasehold land,

[ D ] Gratuity :

As there is no employee, no provision of gratuity made

[E ] Modvate Benefit:

Modvate benefit is accounted on accrual basis on purchase of materials and appropriated against payment of excise duty on clearance of finished goods, if any.

[ F ] Borrowing Costs:

Borrowing costs that -are attributable to the acquisition or construction of qualifying assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs arc charged to revenue.

[ G ] Investment :

Long term and unquoted investments arc stated at cost and quoted investments are also stated at cost of acquisition.


Mar 31, 2013

[ A ] REVENUE RECOGNITION-:

Income & Expenditure are recognized on Accrual Basis except retirement benefits of employees. Retirement benefits are accounted on cash basis since they are at the option of the employees.

[ B ] Fixed Assets :

Fixed Assets are recorded at cost of acquisition or cohttruction after taking credit of Excise Modvate. They are stated at historical cost.

[ C ] Depreciation :

(a) During the year the company has not provided for the depreciation and to that extent the company has deviated its policy to provide depreciation on Fixed Assets on Straight Line Method in accordance with the provision of Companies Act, 1956 and at the rates prescribed in Schedule XIV of the Companies Act, 1956, as amended in 1996.

(b) No Write off has been made in respect of leasehold land. [ D ] Gratuity:

As there is no employee, no provision of gratuity made

[E ] Modvate Benefit:

Modvate benefit is accounted on accrual basis on purchase of materials and appropriated against payment of excise duty on clearance of finished goods.

[ F ] Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

[ G ] Investment:

Long term and unquoted investments are stated at cost and quoted investments are also stated at cost of acquisition.

 
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