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Accounting Policies of S S Organics Ltd. Company

Mar 31, 2015

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance with the useful life prescribed under Schedule II of the Companies Act, 2013.

c) The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First-Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost or net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company's contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies:

Loss arising from claims, litigation, assessments, fines, penalties etc, are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2014

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First-Out (FIFO)" basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost or net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue Recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies:

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2013

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO)" basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue Recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies:

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2012

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India. Even though the factory is under closure from 15th April'' 06 as per the closure Orders of the Pollution Control Board, since the company is contesting the said order at higher legal forum and confident of appropriate legal remedy for restart of the factory. As on date of 31st March 2012, the Company is not a Going Concern However as on date of this report, the Company is a going concern as on the date of this Report and accordingly financials has bee prepared.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies.

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2011

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India. Even though the factory is under closure from 15th April'' 06 as per the closure Orders of the Pollution Control Board, since the company is contesting the said order at higher legal forum and confident of appropriate legal remedy for restart of the factory. As on date of 31st March 2011, the Company is not a Going Concern. However as on date of this report, the Company is a going concern as on the date of this Report and accordingly financials has bee prepared.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies.

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2010

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India. Even though the factory is . _er closure from 15th April'' 06 as per the closure Orders of the Pollution Control Board, since the company is contesting the said order at higher legal forum and confident of appropriate legal remedy for restart of the factory. As on date of 31st March 2010, the Company is not a Going Concern. However as on date of this report, the Company is a going concern as on the date of this Report and accordingly financials has bee prepared.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies.

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2009

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India. Even though the factory is under closure from 15th April'' 06 as per the closure Orders of the Pollution Control Board, since the company is contesting the said order at higher legal forum and confident of appropriate legal remedy for restart of the factory. As on date of 31st March 2009, the Company is not a Going Concern. However as on date of this report, the Company is a going concern as on the date of this Report and accordingly financials has been prepared.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies.

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2008

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India. Even though the factory is under closure from 15th April'' 06 as per the closure Orders of the Pollution Control Board, since the company is contesting the said order at higher legal forum and confident of appropriate legal remedy for restart of the factory. As on date of 31st March 2008, the Company is not a going Concern. However as on date of this report, the Company is a going concern as on the date of this Report and accordingly financials has bee prepared.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

d) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

3. Inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies.

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.


Mar 31, 2007

1. Accounting Convention:

The Financial statements are prepared as a going concern under the historical cost convention on accrual basis and in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India. Even though the factory is under closure from 15th April'' 06 as per the closure Orders of the Pollution Control Board, since the company is contesting the said order at higher legal forum and confident of appropriate legal remedy for restart of the factory. As on date of 31st March 2007, the Company is not a going Concern. However as on date of this report, the Company is a going concern as on the date of this Report and accordingly financials has bee prepared.

2. Fixed Assets:

a) Fixed Assets are stated at their cost of acquisition comprising of the purchase price and any attributable cost of bringing the asset to working condition for the intended use.

b) Depreciation is provided on Straight line method on pro-rata basis in accordance rates prescribed under Schedule XIV of the Companies Act, 1956.

c). The Carrying amount of assets are reviewed at each balance sheet date when required to assess whether they are recorded in excess of their recoverable amounts and where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount.

3. Inventories:

a) Raw Materials, Packing Materials, Stores, Spares and Consumables are valued at cost, calculated on "First-in-First- Out (FIFO) "basis, which either equal to or Less than the realizable value. Items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

b) Finished goods and Work-in-process are valued at lower of the cost and net realizable value. In respect of finished goods, cost includes material, labour and proportion of appropriate overheads and excise duty.

4. Revenue recognition:

Revenues are recognized on accrual basis. Sales are recognized exclusive of Excise Duty and Sales Tax.

5. Retirement Benefits:

a) The Company''s contribution to Provident Fund is recognized on accrual basis.

b) Gratuity and Leave Encashment Liability is provided on the basis of actuarial valuation at the end of each financial year.

6. Deferred Taxation:

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.

7. Contingencies.

Loss arising from claims, litigation, assessments, fines, penalties etc., are provided for when it is probable that a liability may be incurred and the amount can be reasonably estimated.