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Accounting Policies of Southern Latex Ltd. Company

Mar 31, 2015

1. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation.

2. DEPRECIATION:

Depreciation on Fixed Assets has been provided as per Written down Value Method as per the Useful Life's prescribed under Schedule II of the Companies Act, 2013.

3. REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to customers net of rate difference and discount given.

4. INVENTORIES:

Inventories are valued on the following basis:

a) Raw Material at Cost

b) Work In progress at cost

C) Finished goods at lower of cost and net realizable value.

5. MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is amortized over the number of years, as prescribed in the provision of Income Tax Act, 1962.

6. SYSTEM ACCOUNTING:

The company adopts the accrual concept in the preparation of the accounts.

7. INFLATION:

Assets and Liabilities are recorded at historical cost at the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

8. CONTIGENT LIABILITIES:

Contingencies are disclosed.

9. PRIOR PERIOD ADJUSTMENTS, EXTRA – ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY:

There are no prior period adjustments, extra – ordinary items and no changes in accounting policy as compared to previous years.


Mar 31, 2014

1. FIXED ASSETS :

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation.

2. DEPRECIATION:

Depreciation on fixed assets other than land is provided on "Written down value method" at the rate which are in conformity with the requirement of schedule XIV to the companies act, 1956.

3. REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to customers net of rate difference and discount given.

4. INVENTORIES:

Inventories are valued on the following basis:

a) Raw Material at Cost

b) Work In progress at cost

c) Finished goods at lower of cost and net realizable value.

5. MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is amortized over the number of years, as prescribed in the provision of Income Tax Act, 1956.

6. SYSTEM ACCOUNTING:

The company adopts the accrual concept in the preparation of the accounts.

7. INFLATION:

Assets and Liabilities are recorded at historical cost at the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

8. CONTIGENT LIABILITIES:

Contingencies are disclosed.

9. PRIOR PERIOD ADJUSTMENTS, EXTRA - ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY:

There are no prior period adjustments, extra - ordinary items and no changes in accounting policy as compared to previous years.


Mar 31, 2013

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation .

DEPRECIATION :

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rate which are in conformity with the requirement of schedule XIV to the companies act, 1956.

REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customers net of rate difference and discount given.

INVENTORIES:

Inventories are valued on the following basis:

a) Raw material at cost

b) Work In progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is a mortised over the number of years, as prescribed in the- provision of Income Tax act, 1956.

SYSTEM OF ACCOUNTING:

- The company adopt the accrued concept in the preparation of the accounts.


Mar 31, 2012

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes, duties, freight and other incidental expenses related to acquisition, improvement and installation .

DEPRECIATION :

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rate which are in conformity with the requirement of schedule XIV to the companies act, 1956.

REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of the products are transferred to the customers net of rate difference and discount given.

INVENTORIES:

Inventories are valued on the following basis:

a) Raw material at cost

b) Work In progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE:

Miscellaneous expenditure is a mortised over the number of years, as prescribed in the provision of Income Tax act, 1956.

SYSTEM OF ACCOUNTING:

The company adopt the accrued concept in the preparation of the accounts.

INFLATION:

Assets and Liabilities are recorded at historical cost to the company. These costs are not adjusted to the reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITIES:

Contingencies are disclosed.

PRIOR PERIOD ADJUSTMENTS, EXTRA- ORDINARY ITEMS AND CHANNGES IN ACCOUNTING POLICY:

There are no prior period adjustments, extra-ordinary items and no changes in accounting policy as compared to previous years.


Mar 31, 2010

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes duties, freight and other incidental expenses related to acquisition, improvements and installation.

DEPRECIATION

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rates which are in conformity with requirements of Schedule XIV to the companies Act, 1956.

INVENTORIES

Inventories are valued on the following basis.

a) Raw Materials at cost

b) Work in-Progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE

Miscellaneous Expenditure is a mortised over the number of years, as prescribed in the provisions of the Income Act, 1961.

SYSTEM OF ACCOUNTING

The Company adopts the accrued concept in the preparation of accounts.

INFLATION

Assets and Liabilities are recorded at historical cost to the Company. These costs are not adjusted to reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITY

Contingencies are disclosed.

PRIOR PERIOD ADJUSTMENTS, EXTRA-ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

There are no prior period adjustments , extra-ordinary items and no changes in accounting policy as compared to the previous year.


Mar 31, 2009

FIXED ASSETS

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto inclusive of taxes duties, freight and other incidental expenses related to acquisition, improvements and installation.

DEPRECIATION

Depreciation on fixed assets other than land is provided on "Straight Line Method" at the rates which are in conformity with requirements of Schedule XIV to the companies Act, 1956.

INVENTORIES

inventories are valued on the following basis.

a) Raw Materials at cost ,

b) Work in-Progress at cost

c) Finished goods at lower of cost and net realizable value.

MISCELLANEOUS EXPENDITURE

Miscellaneous Expenditure is a mortised over the number of years, as prescribed in the provisions of the Income Act, 196 i.

SYSTEM OF ACCOUNTING

The Company adopts the accrued concept in the preparation of accounts.

INFLATION

Assets and Liabilities are recorded at historical cost to the Company. These costs are not adjusted to reflect the changing value in the purchasing power of money.

CONTIGENT LIABILITY

Contingencies are disclosed.

PRIOR PERIOD ADJUSTMENTS, EXTRA-ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

There are no prior period adjustments , extra-ordinary items and no changes in accounting policy as compared to the previous year.

 
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