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Accounting Policies of Sri Vajra Granites Ltd. Company

Mar 31, 2014

A) Accounting Assumptions:

The accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual, including provisions/adjustments for committed obligations and amounts determined as payables or receivables during the year.

b) Fixed Assets:

Fixed assets are stated at historical costs, which include freight, installation cost, duties, taxes and otherdirect/incidental expenses.

c) Depreciation:

i) On the fixed assets, other than quarries, put to use depreciation has been provided on quarterly basis on straight line method as per ammended Schedule XIV of the Companies Act- 1956.

ii) Depreciation on quarries, owing to depletion, is charged taking the life of each quarry estimated at 30 years.

d) Inventories:

i) Raw materials, stores, consumables, spares, tools and packing materials are valued at weighted average cost.

ii) Finished and Processed goods are valued at total cost (excluding selling expenses, interest & finance charges) or net realizable value whichever is lower.

e) Foreign Currency transactions:

i) Export sales are accounted at the exchange rates prevailing as on the dates of sale. Gains/loss arising out of fluctuations in the exchange rates has been treated as income/expenditure, on realization.

ii) Imports of consumables, spares etc., are accounted at the rates actually paid for.

f) Gratuity

Gratuity is accounted for based on the assumption that it becomes payable only at the end of accounting year to all the entitled employees.

g) Impairment of Assets

The carrying amount of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An Impairment loss is charged to the statement of profit and loss in the year in which the asset is identified as impaired. Impairment losses recognised in prior accounting periods are reversed if there has been any change in the estimate of the recoverable amount.

Rights attached to equity shares:

The Company has only one class of equity shares having a face value of Rs. 101- per share with one vote per each equity share.

The Company declares and pays dividends in indian rupees as and when proposed by the Board of Directors which is subject to the approval of the shareholders in the ensuing Annual General Meeting.


Mar 31, 2013

A) Accounting Assumptions:

The accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual, including provisions/adjustments for committed obligations and amounts determined as payables or receivables during the year.

b) Fixed Assets:

Fixed assets are stated at historical costs, which include freight, installation cost, duties, taxes and other direct / incidental expenses.

c) Depreciation:

i) On the fixed assets, other than quarries, put to use depreciation has been provided on quarterly basis on straight line method as per ammended Schedule XIV of the Companies Act-1956.

ii) Depreciation on quarries, owing to depletion, is charged taking the life of each quarry estimated at 30 years.

d) Inventories:

i) Raw materials, stores, consumables, spares, tools and packing materials are valued at weighted average cost. ii) Finished and Processed goods are valued at total cost (excluding selling expenses, interest & finance charges) or net realizable value whichever is lower.

e) Foreign Currency transactions:

i) Export sales are accounted at the exchange rates prevailing as on the dates of sale. Gains/loss arising out of fluctuations in the exchange rates has been treated as income/ expenditure, on realization.

ii) Imports of consumables, spares etc., are accounted at the rates actually paid for.

f) Gratuity

Gratuity is accounted for based on the assumption that it becomes payable only at the end of accounting year to all the entitled employees.

g) Impairment of Assets

The carrying amount of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An Impairment loss is charged to the statement of profit and loss in the year in which the asset is identified as impaired. Impairment losses recognised in prior accounting periods are reversed if there has been any change in the estimate of the recoverable amount.


Mar 31, 2011

A) Accounting Assumptions:

The accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual. including provisions/adjustments for committed obligations and amounts determined as payables or receivables during the year.

b) Fixed Assets:

i) On the fixed assets, other than quarries, put to use depreciation has been provided on quarterly basis on straight line method as per the amended Schedule XIV of the Companies Act- 1956.

ii) Depreciation on quarries, owing to depletion, is charged taking the life of each quarry estimated at 30 years.

iii) Fixed assets are stated at historical costs, which include freight, installation cost, duties, taxes and other direct / incidental expenses.

c) Inventories:

i) Raw materials, stores, consumables, spares, tools and packing materials are valued at weighted average cost.

ii) Finished and Processed goods are valued at total cost (excluding selling expenses, interest & finance charges) or net realizable value whichever is lower.

d) Foreign Currency transactions:

i) Export sales are accounted at the exchange rates prevailing as on the dates of sale. Gain/loss arising out of fluctuations in the exchange rates has been treated as income/ expenditure, on realization.

ii) Imports of consumables, spares etc., are accounted at the rates actually paid for.

e) Gratuity

Gratuity is accounted for based on the assumption that it becomes payable only at the end of accounting year to all the entitled employees.


Mar 31, 2010

A) Accounting Assumptions:

The accounts have been prepared under the historical cost convention on the basis of a going concern, with revenues recognized and expenses accounted on their accrual, including provisions/adjustments for committed obligations and amounts determined as payables or receivables during the year.

b) Fixed Assets:

i) On the fixed assets, other than quarries, put to use depreciation has been provided on quarterly basis on straight line method as per the amended Schedule XIV of the Companies Act- 1956.

ii) Depreciation on quarries, owing to depletion, is charged taking the life of each quarry estimated at 30 years.

iii) Fixed assets are stated at historical costs, which include freight, installation cost, duties, taxes and other direct / incidental expenses.

c) inventories:

i) Raw materials, stores, consumables, spares, tools and packing materials are valued at weighted average cost.

ii) Finished and Processed goods are valued at total cost (excluding selling expenses, interest & finance charges) or net realizable value whichever is lower.

d) Foreign Currency transactions:

i) Export sales are accounted at the exchange rates prevailing as on the dates of sale. Gain/loss arising out of fluctuations in the exchange rates has been treated as income/ expenditure, on realization.

ii) Imports of consumables, spares etc., are accounted at the rates actually paid for.

e) Gratuity

Gratuity is accounted for based on the assumption that it becomes payable only at the end of accounting year to all the entitled employees.

 
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