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Accounting Policies of Sanjivani paranteral Ltd. Company

Mar 31, 2015

PARTICULARS

a) Accounting Conventions:

The financial statements are prepared under the historical cost convention on accrual basis.

b) Inventory Valuation

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. *

d) Investments

Investments are stated at cost.

e) Depreciation

Depreciation is provided as per rates prescribed in Schedule II to the Companies Act, 2013 on Straight Line Method.

f) Taxes on Income

Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of realization.

g) Foreign Exchange Transaction

i) Foreign currency transaction settled before the end of the year are accounted for at the rates prevailing on the date of the transactions.

ii) Foreign currency transaction remaining unsettled are restated at the exchange rates prevailing at the end of accounting year.

f) Revenue Recognition

Sales, inclusive of all taxes are recognized on dispatch, price adjustment for sales made during a year are recorded upon receipt of confirmed customer orders.


Mar 31, 2014

A) Accounting Conventions :

The financial statements are prepared under the historical cost convention on accrual basis.

b) Inventory Valuation

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

d) Investments

Investments are stated at cost.

e) Depreciation

Depreciation is provided as per rates prescribed in Schedule XIV to the Companies Act, 1956 on Straight Line Method.

f) Taxes on Income

Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of realization.

g) Foreign Exchange Transaction

i) Foreign currency transaction settled before the end of the year are accounted for at the rates prevailing on the date of the transactions.

ii) Foreign currency transaction remaining unsettled are restated at the exchange rates prevailing at the end of accounting year.

f) Revenue Recognition

Sales, inclusive of all taxes are recognized on dispatch, price adjustment for sales made during a year are recorded upon receipt of confirmed customer orders.

Term Loans Secured by Hypothication of Stock, Book Debts and Fixed Assets.

Vehicle Loans are secured against vehicle acquired under the scheme.

Secured Loans from Banks are payable in Equal Monthly Installment upto 31st October 2018.

Rate of interest on Secured Term Loans vary between 13% p.a. to 15.25% p.a.

The rate of interest on Secured Vehicle Loan is 11% p.a.


Mar 31, 2013

A) Accounting Conventions:

The financial statements are prepared under the historical cost convention on accrual basis.

b) Inventory Valuation .

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

d) Investments

Investments are stated at cost.

e) Depreciation

Depreciation is provided as per rates prescribed in Schedule XIV to the Companies Act, 1956 on Straight Line Method.

f) Taxes on Income

Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of realization.

g) Foreign Exchange Transaction

i) Foreign currency transaction settled before the end of the year are accounted for at the rates prevailing on the date of the transactions.

ii) Foreign currency transaction remaining unsettled are restated at the exchange rates prevailing at the end of accounting year.

f) Revenue Recognition

Sales, inclusive of all taxes are recognized on dispatch, price adjustment for sales made during a year are recorded upon receipt of confirmed customer orders.


Mar 31, 2012

A) Accounting Conventions:

The financial statements are prepared under the historical cost convention on accrual basis.

b) Inventory Valuation

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

d) Investments

Investments are stated at cost.

e) Depreciation

Depreciation is provided as per rates prescribed in Schedule XIV to the Companies Act, 1956 on Straight Line Method.

f) Taxes on Income

Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of realization.

g) Foreign Exchange Transaction

i) Foreign currency transaction settled before the end of the year are accounted for at the rates prevailing on the date of the transactions.

ii) Foreign currency transaction remaining unsettled are restated at the exchange rates prevailing at the end of accounting year.

f) Revenue Recognition

Sales, inclusive of all taxes are recognized on dispatch, price adjustment for sales made during a year are recorded upon receipt of confirmed customer orders.


Mar 31, 2011

A) Accounting conventions :

The financial statements are prepared under the historical cost convention on accrual basis.

b) Inventory Valuation:

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

d) Investments: Investments are stated at cost.

e) Depreciation:

Depreciation is provided as per rates prescribed in Schedule XlVto the Companies act, 1956 on Straight Line Method.

f) Taxes on income: Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward oly if there is a reasonable/virtual certainty of realization

g) Foreign Exchange Transaction:

i) Foreign currency transaction settled before the end of the year are accounted for at the rates prevailing on the date of the transactions.

ii) Foreign currency transaction remaining unsettled are restated at the exchange rates prevailing at the end of accounting year.

h) Revenue Recognition:

Sales, inclusive of all taxes are recognized on dispatch, price adjustments for sales made during a year are recorded upon receipt of confirmed customer orders.

i) Excise Duty:

i) Value of closing stocks of finished goods includes excise duty paid/payable on such stock.

ii) Sales includes excise duty of Rs. 1,09,86,490/=


Mar 31, 2010

A) Accounting Conventions::

The financial statements are prepared under the historical cost convention on accrual basis.

b) Inventory Valuation:

Inventory of goods are valued at cost or net realizable value whichever is lower.

c) Fixed Assets:

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

d) Investments:

Investments are stated at cost.

e) Depreciation:

Depreciation is provided as per rates prescribed in Schedule XIV to the Companies Act, 1956 on Straight Line Method.

f) Taxes on income :

Current tax is determined as per tax payable in respect of taxable income for the year. Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of realization.

g) Excise Duty:

i) Value of closing stocks of finished goods includes excise duty paid/payable on such stock. ii) Sales includes excise duty of Rs. 1,21,75,988

 
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