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Accounting Policies of Super Bakers (India) Ltd. Company

Mar 31, 2015

1. BASIS OF ACCOUNTING PREPARATION:

These financial statements have been prepared under historical cost convention from books of accounts maintained on an accrual basis (unless otherwise stated hereinafter) in conformity with accounting principles generally accepted in India and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India and referred to Sec 129 & 133 of the Companies Act, 2013, of India. The accounting policies applied by the company are consistent with those used in previous year.

2. USE OF ESTIMATES:

The preparation of financial statements requires the management of the company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the year. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

3. FIXED ASSETS:TANGIBLE ASSETS Own Fixed Assets

Fixed Assets are stated at historical cost of acquisition less accumulated depreciation. Cost includes related expenditure incurred for bringing the asset to its working condition for its intended use.

Leased Fixed Assets

Leased Fixed Assets: Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

4. DEPRICIATION

Depreciation on fixed assets has been provided on Straight Line Method based on life assigned to each asset in accordance with Schedule II of The Companies Act, 2013. Depreciation on assets acquired and put to use during the year is provided on pro-rata basis. Depreciation on assets sold during the year has not been provided for in the books of accounts.

5. INVENTORIES:

a. Raw materials are stated at cost or net realizable value whichever is lower. Cost includes expenses for procuring the same and is computed on First In First Out basis.

b. Stock of finished goods and materials in process have been valued at cost or net realizable value whichever is lower. The cost includes direct cost and attributable overheads.

c. Packing materials, stores and spares are stated at cost or net realizable value whichever is lower. Cost is computed on First in first out basis.

6. INVESTMENTS:

Long term investments are stated at cost less provision for other than temporary diminution in value.

7. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE:

Events occurring after the Balance sheet date have been considered in the preparation of financial statements.

8. REVENUE RECOGNITION:

Sales are recorded net of returns, trade discounts, rebates and sales taxes. Lease Rent Income is recognized on the basis of terms of agreement.

9. RETIREMENT BENEFITS:

i. The Company makes the contributions to Provident Fund at the prescribed rates and accounts the same on basis of actual liability. .

ii. The Present value of the defined benefit obligation and the related current service cost were measured for Gratuity with actuarial valuation being carried out at the year end.

iii. Leave encashment are not ascertained actuarially but provided for at the gross undiscounted amount payable, the effect of which on accounts is not material.

10. TAXATION:

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. The Company provides for Income Tax on estimated taxable income and based on expected outcome of assessments/appeals, in accordance with the provisions of the Income Tax Act, 1961 and rules framed there under. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognized only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognized if there is virtual certainty that sufficient future taxable income will be available to realize the same. Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.


Mar 31, 2013

1. BASIS OF ACCOUNTING PREPARATION:

The financial statements are prepared on mercantile basis, under the historical cost convention in accordance with the generally accepted accounting principles in India and as per the requirements of the Companies Act, 1956.

2. USE OF ESTIMATES:

The preparation of financial statements requires the management of the company to make estimates and assumptions that effect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the year.

3. FIXED ASSETS: Own Fixed Assets

Fixed Assets are stated at historical cost of acquisition less accumulated depreciation. Cost includes related expenditure incurred for bringing the asset to its working condition for its intended use.

Leased Fixed Assets

Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

4. DEPRICIATION

Depreciation on fixed assets has been provided on Straight Line Method at the rates prescribed in Schedule XIV of The Companies Act, 1956.

Depreciation on assets acquired and put to use during the year is provided on pro-rata basis.

5. INVENTORIES:

a. Raw materials are stated at cost or net realizable value whichever is lower. Cost includes expenses for procuring the same and is computed on First In First Out basis.

b. Stock of finished goods and materials in process have been valued at cost or net realizable value ________whichever is lower. The cost includes direct cost and attributable overheads.________________

c. Packing materials, stores and spares are stated at cost or net realizable value whichever is lower. Cost is computed on First in first out basis.

6. INVESTMENTS:

Long term investments are stated at cost less provision for other than temporary diminution in value.

7. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE:

Events occurring after the Balance sheet date have been considered in the preparation of financial statements.

8. REVENUE RECOGNITION:

Sales are recorded net of returns, trade discounts, rebates and sales taxes. Lease Rent Income is recognised on the basis of terms of agreement.

9. RETIREMENT BENEFITS:

i. The Company makes the contributions to Provident Fund at the prescribed rates and accounts the same on basis of actual liability.

ii. The Present value of the defined benefit obligation and the related current service cost were measured for Gratuity with actuarial valuation being carried out at the year end.

iii. Leave encashment are not ascertained actuarially but provided for at the gross undiscounted amount payable, the effect of which on accounts is not material.

10. BUSINESS SEGMENT AND OPERATIONS:

In the context of Accounting Standard - 17 on "Segment Reporting" issued by The Institute of Chartered Accountants of India, management considers its operations to constitute primary segments namely "MANUFACTURING OF DIFFERENT TYPES OF FLOURS. The Plastic Unit of the Company has been leased out and business is discontinued.

11. TAXATION:

The Company provides for Income Tax on estimated taxable income and based on expected outcome of assessments/appeals, in accordance with the provisions of the Income Tax Act, 1961 and rules framed there under.

Consequent to the issuance of the Accounting Standard 22 - "Accounting for Taxes on Income" by the Institute of Chartered Accountants of India which states that deferred tax should be recognised based on timing differences between the accounting income and the estimated taxable income for the year and quantify the same using the tax rates and laws enacted or substantively enacted as at the Balance Sheet date. Deferred tax assets are recognised and carried forward to the extent there is a virtual certainity that sufficient future taxable income will be available against which such deferred tax assets can be realized.


Mar 31, 2012

1. BASIS OF ACCOUNTING PREPARATION: The financial statements are prepared on mercantile basis, under the historical cost convention in accordance with the generally accepted accounting principles in India and as per the requirements of the Companies Act, 1956.

2. USE OF ESTIMATES: The preparation of financial statements requires the management of the company to make estimates and assumptions that effect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the year.

3. FIXED ASSETS: Own Fixed Assets

Fixed Assets are stated at historical cost of acquisition less accumulated depreciation. Cost includes related expenditure incurred for bringing the asset to its working condition for its intended use.

Leased Fixed Assets

Operating Leases: Rentals are expensed with reference to lease terms and other considerations.

4. DEPRECIATION Depreciation on fixed assets has been provided on Straight Line Method at the rates prescribed in Schedule XIV of The Companies Act, 1956. Depreciation on assets acquired and put to use during the year is provided on pro-rata basis.

5. INVENTORIES:

a. Raw materials are stated at cost or net realizable value whichever is lower. Cost includes expenses for procuring the same and is computed on First In First Out basis.

b. Stock of finished goods and materials in process have been valued at cost or net realizable value whichever is lower. The cost includes direct cost and attributable overheads.

c. Packing materials, stores and spares are stated at cost or net realizable value whichever is lower. Cost is computed on First in first out basis.

6. INVESTMENTS:

Long term investments are stated at cost less provision for other than temporary diminution in value.

7. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE:

Events occurring after the Balance sheet date have been considered in the preparation of financial statements.

8. REVENUE RECOGNITION:

Sales are recorded net of returns, trade discounts, rebates and sales taxes. Lease Rent Income is recognised on the basis of terms of agreement.

9. RETIREMENT BENEFITS:

i. The Company makes the contributions to Provident Fund at the prescribed rates and accounts the same on basis of actual liability.

ii. The Present value of the defined benefit obligation and the related current service cost were measured for Gratuity with actuarial valuation being carried out at the year end.

iii. Leave encashment are not ascertained actuarially but provided for at the gross undiscounted amount payable, the effect of which on accounts is not material.

10. BUSINESS SEGMENT AND OPERATIONS:

In the context of Accounting Standard-17 on "Segment Reporting" issued by The Institute of Chartered Accountants of India, management considers its operations to constitute primary segments namely "MANUFACTURING OF DIFFERENT TYPES OF FLOURS. The Plastic Unit of the Company has been leased out and business is discontinued.

11. TAXATION:

The Company provides for Income Tax on estimated taxable income and based on expected outcome of assessments/appeals, in accordance with the provisions of the Income Tax Act, 1961 and rules framed there under.

Consequent to the issuance of the Accounting Standard 22-"Accounting for Taxes on Income" by the Institute of Chartered Accountants of India which states that deferred tax should be recognised based on timing differences between the accounting income and the estimated taxable income for the year and quantify the same using the tax rates and laws enacted or substantively enacted as at the Balance Sheet date. Deferred tax assets are recognised and carried forward to the extent there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.


Mar 31, 2011

(1) Basis of Accounting Preparation :

The financial statements are prepared on mercantile basis, under the historical cost convention in accordance with the generally accepted accounting principles in India and as per the requirements of the Companies Act, 1956.

(2) Use of Estimates :

The preparation of financial statements requires the management of the company to make estimates and assumptions that effect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the year, Example of such estimates include provisions for doubtful debts, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred to complete software development and the useful lives of fixed assets.

(3) Fixed Assets and Depreciation :

Fixed Assets are stated at historical cost of acquisition less accumulated depreciation. Cost includes related expenditure incurred for bringing the asset to its working condition for its intended use.

Depreciation on fixed assets has been provided on Straight Line Method at the rates prescribed in Schedule XIV of The Companies Act, 1956.

Depreciation on assets acquired and put to use during the year is provided on pro-rata basis.

(4) Impairment of Assets :

Impairment loss is charged to the Profit & Loss account in the period in which, assets is identified as impaired. The impairment loss recognised in the prior accounting periods is revised if there has been a change in the estimate of recoverable amount.

(5) Inventories :

1) Raw materials are stated at cost or net realizable value whichever is lower. Cost includes expenses for procuring the same and is computed on First In First Out basis.

2) Stock of finished goods and materials in process have been valued at cost or net realizable value whichever is lower. The cost includes direct cost and attributable overheads.

3) Packing materials, stores and spares are stated at cost or net realizable value whichever is lower. Cost is computed on First in first out basis.

(6) Investments :

Long term investments are stated at cost less provision for other than temporary diminution in value.

(7) Events occurring after the Balance Sheet Date :

Events occurring after the Balance sheet date have been considered in the preparation of financial statements.

(8) Revenue Recognition :

Sales are recorded net of returns, trade discounts, rebates and sales taxes. Lease Rent Income is recognised on the basis of terms of agreement.

(9) Retirement Benefits :

The Company makes the contributions to Provident Fund at the prescribed rates and accounts the same on basis of actual liability.

The Present value of the defined benefit obligation and the related current service cost were measured for Gratuity with actuarial valuation being carried out at the year end which was Rs. 31,910/- the necessary effect of the same given.

Leave encashment are not ascertained actuarially but provided for at the gross undiscounted amount payable, the effect of which on accounts is not material.

(10) Borrowing Costs :

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

(11) Business Segment and Operations :

In the context of Accounting Standard - 17 on "Segment Reporting" issued by The Institute of Chartered Accountants of India, management considers its operations to constitute primary segments namely "MANUFACTURING OF DIFFERENT TYPES OF FLOURS. The Plastic Unit of the Company has been leased out and business is discontinued.

(12) In respect of the Plastic unit, the company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are credited to the Profit and Loss Account.

(13) Taxation :

The Company provides for Income Tax on estimated taxable income and based on expected outcome of assessments/appeals, in accordance with the provisions of the Income Tax Act, 1961 and rules framed thereunder.

Consequent to the issuance of the Accounting Standard 22 - "Accounting for Taxes on Income" by the Institute of Chartered Accountants of India which states that deferred tax should be recognised based on timing differences between the accounting income and the estimated taxable income for the year and quantify the same using the tax rates and laws enacted or substantively enacted as at the Balance Sheet date. Deferred tax assets are recognised and carried forward to the extent there is a virtual certainity that sufficient future taxable income will be available against which such deferred tax assets can be realized.


Mar 31, 2010

(1) Basis of Accounting Preparation :

The financial statements are prepared on mercantile basis, under the historical cost convention in accordance with the generally accepted accounting principles in India and as per the requirements of the Companies Act, 1956.

(2) Use of Estimates :

The preparation of financial statements requires the management of the Company to make estimates and assumptions that effect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the year, Example of such estimates include provisions for doubtful debts, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred to complete software development and the useful lives of fixed assets.

(3) Fixed Assets and Depreciation :

Fixed Assets are stated at historical cost of acquisition less accumulated depreciation. Cost includes related expenditure incurred for bringing the asset to its working condition for its intended use.

Depreciation on fixed assets has been provided on Straight Line Method at the rates prescribed in Schedule XIV of The Companies Act, 1956.

Depreciation on assets acquired and put to use during the year is provided on pro-rata basis.

(4) Impairment of Assets :

Impairment loss is charged to the Profit & Loss account in the period in which, assets is identified as impaired. The impairment loss recognised in the prior accounting periods is revised if there has been a change in the estimate of recoverable amount.

(5) Inventories :

1) Raw materials are stated at cost or net realizable value whichever is lower. Cost includes expenses for procuring the same and is computed on First In First Out basis.

2) Stock of finished goods and materials in process have been valued at cost or net realizable value whichever is lower. The cost includes direct cost and attributable overheads.

3) Packing materials, stores and spares are stated at cost or net realizable value whichever is lower. Cost is computed on First in first out basis.

(6) Investments :

Long term investments are stated at cost less provision for other than temporary diminution in value.

(7) Events occurring after the Balance Sheet Date :

Events occurring after the Balance sheet date have been considered in the preparation of financial statements.

(8) Revenue Recognition :

Sales are recorded not of returns, trade discounts, rebates and sales taxes. Lease Rent Income is recognised on the basis of terms of agreement.

(9) Retirement Benefits :

The Company makes the contributions to Provident Fund at the prescribed rates and accounts the same on basis oi actual liability,

The Present value of the defined benefit obligation and the related current service cost were measured for Gratuity with actuarial valuation being carried out at the year end which was Rs. 78,691/- the necessary effect of the same given.

Leave encashment are not ascertained actuarially but provided for at the gross undiscounted amount payable, the effect of which on accounts is not material.

(10) Borrowing Costs :

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

(11) Business Segment and Operations :

in the context of Accounting Standard - 17 on "Segment Reporting" issued by The Institute of Chartered Accountants of India, management considers its operations to constitute primary segments namely "MANUFACTURING OF DIFFERENT TYPES OF FLOURS". The Plastic Unit of the Company has been leased out and business is discontinued.

(12) In respect of the Plastic unit, the Company has Lease arrangements which are in respect of Operating leases mainly for the factory premises (including office & godown). Generally, these lease arrangements are for a period less than a year and are renewable by mutual consent, on mutually agreeable/predetermined terms. The aggregate Lease rentals are credited to the Profit and Loss Account.

(13) Taxation :

The Company provides for Income Tax on estimated taxable income and based on expected outcome of assessments/appeals, in accordance with the provisions of the Income Tax Act, 1961 and rules framed thereunder,

Consequent to the issuance of the Accounting Standard 22 -"Accounting for Taxes on Income" by the Institute of Chartered Accountants of India which states that deferred tax should be recognised based on timing differences between the accounting income and the estimated taxable income for the year and quantify the same using the tax rates and laws enacted or substantively enacted as at the Balance Sheet date. Deferred tax assets are recognised and carried forward to the extent there is a virtual certainity that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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