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Accounting Policies of Spectra Industries Ltd. Company

Mar 31, 2015

(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.

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

(b) Fixed Assets :

Fixed Assets are shown at cost less depreciation. Cost comprises the purchase price and other attributable expenses.

(c) Depreciation on Fixed Assets :

Depreciation is provided pro-rata to the period of use on straight-line method based on the estimated useful lives of the assets. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.

(d) Inventories :

Inventories are valued at lower of cost and net realisable value. The method of valuation of various categories of Inventories is as below :

(i) Raw Material - At Cost

(ii) Finished goods and work in progress - At lower of cost or net realisable value

(iii) Scrap - At Realisable value

(e) Taxation:

(i) Provision for current taxation has not been made on the basis of estimated tax liability in accordance with the Income tax laws prevailing for the relevant assessment year.

(ii) Deferred tax resulting from timing differences between book and tax profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

(f) Foreign Currency Transactions:

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Foreign currency assets and liabilities are rated at the date of Balance Sheet. Any gain or loss arising out of settlement of foreign currency transactions are charged to the Profit and Loss Account.

(g) Revenue Recognition :

Sales is recognized on the basis of dispatch date.

(h) Retirement Benefit :

(i) Retirement benefits, Providend Fund / Pension scheme is accounted for on an accrual basis and charged to the Profit and Loss Account for the year.

(ii) Provisions for liability on account of retirement gratuity is made on the basis of acturial valuation carried out at the close of the financial year.

(iii) The Company accrues the leave encashment liability on an actuarial basis.

(i) Borrowing Costs :

Borrowing costs are accounted on an accrual basis and charged to Profit and Loss Account.

(j) Settlement of dispute either in income or expenditure is taken on Cash basis.

(k) Total outstanding to small scale industries undertaking - NIL

(l) The Company is operating in two segment "Manufacturing" & "Trading" in accordance with the provisions of AS-17 of ICAI.

(m) Long term investments are stated at cost.

(n) Miscellaneous Expenditure :

Miscellaneous expenditure includes Business development expenses and Lease hold expenses which are charged according to the period of benefit.

II Contingent Liabilities : As At 31.03.2015 As At31.03.2014 in respect of

Claims against the Company not NIL 9,30,500 acknowledged as debts hence not provided.

III Balance on account of suppliers & sundry debtors, creditors and loans and advances are subject to confirmation.

IV The Company has filed suit for the recovery of Rs.69,64,541/- against its debtor and the same is pending with the court. The Management is confident to recover the said amount.

V Previous years figures have been regrouped, rearranged wherever necessary to conform to this year's classification.


Mar 31, 2014

(a) Basis of preparation of accounts:

The Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in India, mandatory accounting standards notifed under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956 read with General Circular 15/2013 dated September 13, 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. the Financial Statements have been prepared under the historical cost convention on an accrual basis.

(b) Fixed Assets :

Fixed Assets are shown at cost less depreciation. Cost comprises of the purchase price and other attributable expenses

(c) Depreciation on Fixed Assets :

Depreciation has been provided on the Straight Line Method at the rates and in the manner specified in Schedule XIV of the Companies Act 1956.

(d) Inventories :

Inventories are valued at lower of cost and net realisable value. the method of valuation of various categories of Inventories is as below :

(i) Raw Material - At Cost

(ii) Finished goods and work in progress - At lower of cost or net realisable value

(iii) Scrap - At Realisable value

(e) Taxation:

(i) Provision for current taxation has not been made on the basis of estimated tax liability in accordance with the Income tax laws prevailing for the relevant assessment year.

(ii) Deferred tax resulting from timing differences between book and tax Profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

(f) Foreign Currency Transactions:

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Foreign currency assets and liabilities are rated at the date of Balance Sheet. Any gain or loss arising out of settlement of foreign currency transactions are charged to the Profit and Loss Account.

(g) Revenue Recognition :

Sales is recognized on the basis of dispatch date.

(h) Retirement benefit :

(i) Retirement benefits, Providend Fund / Pension scheme is accounted for on an accrual basis and charged to the Profit and Loss Account for the year.

(ii) Provisions for liability on account of retirement gratuity is made on the basis of acturial valuation carried out at the close of the financial year.

(iii) The Company accrues the leave encashment liability on an actuarial basis.

(i) Borrowing Costs :

Borrowing costs are accounted on an accrual basis and charged to Profit and Loss Account.

(j) Settlement of dispute either in income or expenditure is taken on Cash basis.

(k) Total outstanding to small scale industries undertaking - nIl

(l) The Company is operating in two segments "Automobile" & "trading" in accordance with the provisions of AS-17 of ICAI.

(m) Long term investments are stated at cost.

(n) Miscellaneous Expenditure :

Miscellaneous expenditure includes Business development expenses and lease hold expenses which are charged according to the period of benefit.


Mar 31, 2013

(a) Basis of Accounting :

The accounts of the Company are prepared in accordance with the generally accepted accounting principals and the Accounting Standards referred to in Section 211 (3C) wherever applicable.

(b) Fixed Assets :

Fixed Assets are shown at cost less depreciation. Cost comprises the purchase price and other attributable expenses.

(c) Depreciation on Fixed Assets :

Depreciation has been provided on the Straight Line Method at the rates and in the manner specified in Schedule XIV of the Companies Act 1956.

(d) Inventories :

Inventories are valued at lower of cost and net realisable value. The method of valuation of various categories of Inventories is as below :

(i) Raw Material - At Cost

(ii) Finished goods and work in progress - At lower of cost or net realisable value

(iii) Scrap - At Realisable value

(e) Taxation:

(i) Provision for current taxation has been made on the basis of estimated tax liability in accordance with the Income tax laws prevailing for the relevant assessment year.

(ii) Deferred tax resulting from timing differences between book and tax profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

(f) Foreign Currency Transactions:

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Foreign currency assets and liabilities are rated at the date of Balance Sheet. Any gain or loss arising out of settlement of foreign currency transactions are charged to the Profit and Loss Account.

(g) Revenue Recognition :

Sales is recognized on the basis of dispatch date.

(h) Retirement Benefit :

(i) Retirement benefits in the term of Providend Fund / Pension scheme is accounted for on an accrual basis and charged to the Profit and Loss Account for the year.

(ii) Provisions for liability on account of retirement gratuity is made on the basis of acturial valuation carried out at the close of the financial year. Effect of cheques are duly given in the Profit and Loss Account.

(iii) The Company accrues the leave encashment liability on an actuarial basis.

(i) Borrowing Costs :

Borrowing costs are accounted on an accrual basis and charged to Profit and Loss Account.

(j) Settlement of dispute either in income or expenditure is taken on Cash basis.

(k) Total outstanding to small scale industries undertaking - NIL

(l) The Company is operating in two segment "Manufacturing" & "Trading" in accordance with the provisions of AS- 17 of ICAI (details attached as per annexure - I.)

(m) Long term investments are stated at cost.

(n) Miscellaneous Expenditure :

Miscellaneous expenditure includes Business development and lease hold expenses are charged off accordingly to period of benefit.


Mar 31, 2011

(a) Basis of Accounting :

The accounts of the Company are prepared in accordance with the generally accepted accounting principles and the Accounting Standards referred to in Section 211 (3C) wherever applicable.

(b) Fixed Assets :

Fixed Assets are shown at cost less depreciation. Cost comprises the purchase price and other attributable expenses.

(c) Depreciation on Fixed Assets :

Depreciation has been provided on the Straight Line Method at the rates and in the manner specified in Schedule XIV of the Companies Act 1956.

(d) Inventories:

Inventories are valued at lower of cost and net realisable value. The method of valuation of various categories of Inventories is as below :

(i) Raw Material -At Cost

(ii) Finished goods and work in progress - At lower of cost or net realisable value

(iii) Scrap - At Realisable value

(e) Taxation :

(f) Provision for current taxation has been made on the basis of estimated tax liability in accordance with the Income tax laws prevailing for the relevant assessment year.

(g) Deferred tax resulting from timing differences between book and tax profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

(h) Foreign Currency Transactions :

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Foreign currency assets and liabilities are rated at the date of Balance Sheet. Any gain or loss arising out of settlement of foreign currency transactions are charged to the Profit and Loss Account.

(i) Revenue Recognition :

Sales is recognized on the basis of dispatch date net of Excise duty and Sales Tax.

(j) Retirement Benefit:

(i) Retirement benefits in the term of Provided Fund / Pension scheme is accounted for on an accrual basis and charged to the Profit and Loss Account for the year.

(ii) Provisions for liability on account of retirement gratuity is made on the basis of actuarial valuation carried out at the close of the financial year. Effects of cheques are duly given in the Profit and Loss Account.

(iii) The Company accrues the leave encashment liability on an actuarial basis.

(k) Borrowing Costs :

Borrowing costs are accounted on an accrual basis and charged to Profit and Loss Account. (j) Settlement of dispute either in income or expenditure is taken on Cash basis. (k) Total outstanding to small scale industries undertaking - NIL

(l) The Company is operating in two segment "Manufacturing" & "Trading" in accordance with the provisions of AS-17 of ICAI (details attached as per annexure-l.)

(m) Long term investments are stated at cost.

(n) Miscellaneous Expenditure:

Miscellaneous expenditure includes Business development and lease" hold expenses are charged off accordingly to period of benefit


Mar 31, 2010

(a) Basis of Accounting :

The accounts of the Company are prepared in accordance with the generally accepted accounting principles and the Accounting Standards referred to in Section 21-1 (3C) wherever applicable.

(b) Fixed Assets :

Fixed Assets are shown at cost less depreciation. Cost comprises the purchase price and other attributable expenses.

(c) Depreciation on Fixed Assets :

Depreciation has been^provided on the Straight Line Method at the rates and in the manner specified in Schedule XIV of the Companies Act 1956.

(d) Inventories:

Inventories are valued at lower of cost and net realisable value. The method of valuation of various categories of Inventories is as below :

(i) Raw Material -At Cost

(ii) Finished goods and work in progress - At lower of cost or net realisable value

(iii) Scrap - At Realisable value

(e) Taxation :

(j) Provision for current taxation has been made on the basis of estimated tax liability in accordance with the Income tax laws prevailing for the relevant assessment year.

(jj) Deferred tax resulting from timing differences between book and tax profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

(f) Foreign Currency Transactions :

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Foreign currency assets and liabilities are rated at the date of Balance Sheet. Any gain or loss arising out of settlement of foreign currency transactions are charged to the Profit and Loss Account.

(g) Revenue Recognition :

Sales is recognized on the basis of dispatch date net of Excise duty and Sales Tax.

(h) Retirement Benefit:

(i) Retirement benefits in the term of Providend Fund / Pension scheme is accounted for on an accrual basis and charged to the Profit and Loss Account for the year.

(jj) Provisions for liability on account of retirement gratuity is made on the basis of actuarial valuation carried put at the close of the financial year. Effects of cheques are duly given in the Profit and Loss Account.

(jjj) The Company accrues the leave encashment liability on an actuarial basis.

(i) Borrowing Costs :

Borrowing costs are accounted on an accrual basis and charged to Profit and Loss Account.

(j) Settlement of dispute either in income or expenditure is taken on Cash basis. (k) Total outstanding to small scale industries undertaking - NIL

(I) The Company is operating in two segment "Manufacturing" & "Trading" in accordance with the provisions of AS-17 of ICAI (details attached as per annexure-l.)

(m) Long term investments are stated at cost.

 
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