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Accounting Policies of Shree Ganesh Bio-Tech (India) Ltd. Company

Mar 31, 2015

A} Basis of Preparation of Financial Statements

The financial statements of the company have been prepared and accounting principles in India 'Indian GAAP) The company has prepared to comply in all material respects with the accounting standards noticed under Section 133 of the companies Act. 2013. read with Rule 7 of the Companies Accounts: and rules 2014 and the relevant provisions of the Companies Act. 2013 ("the 2013 Act) companies Act 1956 (the Act 1958) has applicable these financial statements have been prepared on a accrual basis and under the historical cost convention.

b) Use of Estimates

The preparation of financial statements m conformity with generally accepted principles requires estimates and assumptions to be made that and affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period Differences between actual results and estimates are recognized in the period in the results are known / materialized

c) Revenue Recognition

i) Sale of goads is recognized on dispatch to customers Sales are net of cess sales tax and claims

ii) Other income accounted on accrual basis except will of income is uncertain.

d) Fixed Assets

Fixed Assets are stated at cost of acquisition/ installation less accumulated depreciation and impairment losses if any The cost of assets comprise price and directly attributable cost of bringing the assets to working condition for its intended use

e) Depreciation

In respect of fixed assets other than free hold land and capital work in progress acquired during the year depreciation / amortization is charged on straight line basis so is to write off the cost of the assets over the useful life in terms of the provision of schedule II of the companies Act 2013, (The Act of the ' assets acquired prior to 1st April 20.14 the carrying amount is the remaining useful life of the assets in terms of the act except for the rules for which useful life's is considered for one year

() Investments

investments are classified into current and Long -I Current investments are state of lower of cost and fair market value Long investments are stated at cost after deducting provision of any. for diminution in value considered to be other than temporary in nature.

g) Earning Per Share

Basic an a Diluted Earnings per share are calculated by dividing the net profit attributable to the ordinary

shareholders by the weighted average number of ordinary shares outstanding during the year.

h) Inventories

Inventories are valued at lower of inventories comprises of cost of other incidental expenses Net realizable value is the estimated selling price in the ordinary course business.

j) Segment Reporting

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole

I) Impairment

An asset is treated as impaired when the carrying cost of assets exceeded is recoverable value being higher of value in use and not selling on importance is recognition of Profit and Loss Account in the year in winch an assets. accounting period is reserves.

m) Taxation

Provision for current tax is made after taking m to consideration benefits admission the provisions of the Income Tax Act 1961 Deferred tax resulting fron1 difference" between taxable accounting income is accounted for using I its and law that are enacted 01 substantively the as on the balance sheet date only to that there is virtual certainty In at the assets.

n) Employee Benefits

i) Provident Fund Act and/or Employee State insurance Act is not applicable the Company during under review.

i<) Gratuity Liability has not been provided The company does no: contributes to any turned for gratuity employees

p) Provision & Contingent Liability

A provision is recognized when there is a present obligation as a result of past requires an outflow of resources are a reliable estimate can be made to settle the amount of obligation These are reviewed at each year end and adjusted to reflect time best current Contingent liabilities are not recognised but disclosed in the financial statements.


Mar 31, 2014

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Company follows the mercantile system of accounting and recognises income and expenses on accrual basis. The accounts are prepared on historical cost basis as a concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles and the provisions of the Companies Act. 2013.

USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principle requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognised in the period in which the results are known/materialized

TANGIBLE AND INTANGIBLE FIXED ASSETS AND DEPRECIATION/ AMORTISATION

(a) Fixed Assets acquired before 31st March, 1982 are stated at valuation on current cost basis less depreciation up to the said date. Additions to the Fixed Assets after 31st March. 1982 are stated at cost. Cost includes acquisition price and attributable expenses including borrowing costs during construction period as applicable

(b) An impairment loss is recognised wherever, the carrying value of the fixed asset exceeds its market value or value in use, which-ever is higher.

(c) In respect of revalued assets the difference between written down value of assets and valuation is transferred to Revaluation Reserve.

(d) Depreciation is provided in accordance with Section 205 of the Companies Act. 19*6 on 'Written Down Value' method on all the fixed assets, except on (r) the additions to Plant and Machinery and Diesel Generating Sets made after 1st April. 1963 on which depreciation is provided on Straight Line Method and (ii) the amounts added on revaluation is amortised over the period of useful life of the asset as determined and an equivalent amount thereof is transferred to the Statement of Profit and Loss from the Revaluation Reserve.

REVENUE RECOGNITION

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

INVENTORIES

(a) Raw materials are valued at lower of cost (on weighted average basis) and market rate.

(b) Cost has been considered after taking credit for taxes, wherever and to the extent available.

SALES AND OTHER INCOME

(a) Sales are net of cess, sales tax and claims.

(b) Other income is accounted on accrual basis except where the receipt of income is uncertain.

INVESTMENTS

Long-term investments are carried at acquisition cost less provision for permanent diminution in the value. Investments intended to be held for not more than one year are classified as current investments and are valued at lower of cost and market value.

TAXES ON INCOME

As it is agro based company so there is no on the agricultural income


Mar 31, 2013

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The company follows the mercantile system of accounting and recognises income and expenses on account basis. The accounts are prepared on historical cost basis as going concern. Accounting policies not referred to otherwise. are consistent with generally accept accounting principles and the provisions of the companies Act.1956

USE OF ESTIMATES

The preperation of financial statements in conformity with generally accepted accounting principle requires estimates and assumption to be made that affect the reported amount of assets and liabilities on the date of the financial statement and the reported amount of revenues and expenses during the reporting period Differences between the actual result and estimates are recognised in the period in which the results are known/materialized.

TANGIBLE AND INTANGIBLE FIXED ASSETS AND DEPRECIATION/ AMORTISATION

(a) Fixed Assets acquired before 31st March. 1982 are stated at valuation on current cost basis less depreciation up to the said date. additions to the Fixed assets after 31st March,1982 are stated at cost. Cost includes acquisition price and attributable expenses including borrowing costs during construction period as applicable.

(b) An impairment loss is recognised wherever, the carrying value of the fixed assets exceeds its market value or value in use, which-ever is higher.

(c) In respect of revalued assets the differences between written down value of assets and valuation is transferred o Revaluation Reserve.

(d) Depreciation is provided in accordance with section 205 of the Companies Act, 1956 on written Down Value method on all the fixed assets. except on (i) the additions to plant and Machinary and Diesel Generating Sets made after 1st April, 1963 on which depreciation is provided on Straight Line Method and (ii) the amounts added on revaluation is amortised over the period of useful life of the assets as determined and an equivalent amount thereof is transffered to the Statement of Profit and Loss from the Revaluation Reserve

INVENTORIES

(a) Raw materials are valued at lower of cost (on weighted average basis) and market rate

(b) Cost has been considered after taking credit for taxes, wherever and to the extent available.

SALES AND OTHER INCOME

(a) Sales are net of cess, sales tax and claims.

(b) Other income is accounted on accrual basis except where the receipt of income is uncertain

INVESTMENTS

Long-term investments are carried at acquisition cost less provision tor permanent diminution in the value Investments intended to be held for not more than one ear are classified as current investments and are valued at lower of cost and market value.

TAXES ON INCOME

As it is agro based company so there is no on the agricultural income


Mar 31, 2012

1. The Company follows mercantile of account.

2. No Gratuity has been provided the accounts as no employee has put in qualifying period of services.

3. Fixed Assets have been valued at historical cost and depreciated in the Companies Act, 1956

 
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