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Accounting Policies of SIP Industries Ltd. Company

Sep 30, 2014

(a) FIXED ASSETS AND DEPRECIATION :

Expenditure of capital nature are capitalised at cost which comprises of purchase price and any cost directly attributable to bring the asset to its working condition for the intended use.

Depreciation is provided from the date the assets have been put to use and on straight line basis at the rates specified in accordance with Schedule XIV of the Companies Act, 1956, including extra shift allowance wherever applicable. The Value of Mother Plants for the Floriculture Division, is charged off considering the estimated useful life of the Plants.

(b) INVESTMENTS :

Long term investments are valued at cost. Provision if any, is made to recognise a decline other than a temporary, in the value of long term investments. Investments held as stock in trade are valued at lower of cost or market value.

(c) REVENUE RECOGNITION :

Revenue is recognised on accrual basis.

(d) RETIREMENT BENEFITS :

Provident Fund is administered through Regional Provident Fund Commissioner. The Company has taken a Group Gratuity Policy for the employees with Life Insurance Corporation of India. The contributions to Provident Fund and the premiums paid to Life Insurance Corporation of India are charged against revenue. Encashment of leave is at the discretion of the management and is charged to Revenue in the year of payment.

(e) INVENTORY:

Raw Materials, Finished Goods, Stores and Spares and Packing Materials are valued at lower of cost or market value. The cost formula used is First In First Out Method


Sep 30, 2013

(a) FIXED ASSETS AND DEPRECIATION :

Expenditure of capital nature are capitalised at cost which comprises of purchase price and any cost directly attributable to bring the asset to its working condition for the intended use. Depreciation is provided from the date the assets have been put to use and on straight line basis at the rates specified in accordance with Schedule XIV of the Companies Act, 1956, including extra shift allowance wherever applicable. The Value of Mother Plants for the Floriculture Division, is charged off considering the estimated useful life of the Plants.

(b) INVESTMENTS : .

Long term investments are valued at cost. Provision if any, is made to recognise a decline other than a temporary, in the value of long term investments. Investments held as stock in trade are valued at lower of cost or market value.

(c) REVENUE RECOGNITION :

Revenue is recognised on accrual basis.

(d) RETIREMENT BENEFITS :

Provident Fund is administered through Regional Provident Fund Commissioner. The Company has taken a Group Gratuity Policy for the employees with Life Insurance Corporation of India. The contributions to Provident Fund and the premiums paid to Life Insurance Corporation of India are charged against revenue. Encashment of leave is at the discretion of the management and is charged to Revenue in the year of payment.

(e) INVENTORY :

Raw Materials, Finished Goods, Stores and Spares and Packing Materials are valued at lower of cost or market value. The cost formula used is First In First Out Method.


Sep 30, 2010

(a) FIXED ASSETS AND DEPRECIATION :

Expenditure of capital nature are capitalised at cost which comprises of purchase price and any cost directly attributable to bring the asset to its working condition for the intended use.

Depreciation is provided from the date the assets have been put to use and on straight line basis at the rates specified in accordance with Schedule XIV of the Companies Act, 1956, Including extra shift allowance wherever applicable. The Value of Mother Plants for the Floriculture Division, is charged off considering the estimated useful life of the Plants.

(b) INVESTMENTS:

Investments are valued at cost of acquisition. Investments held as stock in trade are valued at lower of cost or market value.

(c) REVENUE RECOGNITION:

Revenue is recognised on accrual basis.

(d) RETIREMENT BENEFITS:

Provident Fund is administered through Regional Provident Fund Commissioner. The Company has taken a Group Gratuity Policy for the employees with Life Insurance Corporation of India. The contributions to Provident Fund and the premiums paid to Life Insurance Corporation of India are charged against revenue. Encashment of leave is at the discretion of the management and is charged to Revenue in the year of payment.

(e) INVENTORY:

Raw Materials, Finished Goods, Stores and Spares and Packing Materials are valued at lower of cost or market value.


Sep 30, 2009

(a) FIXED ASSETS AND DEPRECIATION :

Expenditure of capital nature are capitalised at cost which comprises of purchase price and any cost directly attributable to bring the asset to its working condition for the intended use. Depreciation is provided from the date the assets have been put to use and on straight line basis at the rates specified in accordance with Schedule XIV of the Companies Act, 1956, including extra shift allowance wherever applicable. The Value of Mother Plants for the Floriculture Division, is charged off considering the estimated useful life of the Plants.

(b) INVESTMENTS:

Investments are valued at cost of acquisition. Investments held as stock in trade are valued at lower of cost or market value.

(c) REVENUE RECOGNITION:

Revenue is recognised on accrual basis.

(d) RETIREMENT BENEFITS:

Provident Fund is administered through Regional Provident Fund Commissioner. The Company has taken a Group Gratuity Policy for the employees with Life Insurance Corporation of India. The contributions to Provident Fund and the premiums paid to Life Insurance Corporation of India are charged against revenue. Encashment of leave is at the discretion of the management and is charged to Revenue in the year of payment.

(e) INVENTORY:

Raw Materials, Finished Goods, Stores and Spares and Packing Materials are valued at lower of cost or market value.

 
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