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Accounting Policies of Synergy Cosmetics (Exim) Ltd. Company

Mar 31, 2015

1. ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention in accordance with applicable accounting standards and relevant presentation requirements of the Companies Act, 2013.

b. Income/Expenditure is accounted on accrual basis.

2. FIXED ASSETS AND DEPRECIATION

Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition.

3. INVENTORIES: Inventories are Nil.

4. INCOME TAXES:

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

5. EARNINGS PER SHARE

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

6. PROVISIONS AND CONTINGENT LIABILITIES

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation


Mar 31, 2014

1. ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention in accordance with applicable accounting standards and relevant presentation requirements of the Companies Act, 1956.

b. Income/Expenditure is accounted on accrual basis.

2. FIXED ASSETS AND DEPRECIATION

a. Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition.

b. Depreciation on Fixed Assets is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on the intangible assets is provided at the general rate of depreciation applicable to plant and machinery. Depreciation on assets has been provided from the date they were put to use.

3. INVENTORIES: Inventories are Nil.

4. INCOME TAXES:

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

5. EARNINGS PER SHARE

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

6. PROVISIONS AND CONTINGENT LIABILITIES

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2013

1. ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention in accordance with applicable accounting standards and relevant presentation requirements of the Companies Act, 1956.

b. Income/Expenditure is accounted on accrual basis.

2. FIXED ASSETS AND DEPRECIATION

a. Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition.

b. Depreciation on Fixed Assets is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on the intangible assets is provided at the general rate of depreciation applicable to plant and machinery. Depreciation on assets has been provided from the date they were put to use.

3. INVENTORIES: Inventories are Nil.

4. INCOME TAXES:

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

5. EARNINGS PER SHARE

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

6. PROVISIONS AND CONTINGENT LIABILITIES

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2010

1. ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention in accordance with applicable accounting standards and relevant presentation requirements of the Companies Act, 1956.

b. Income/Expenditure is accounted on accrual basis.

i. FIXED ASSETS AND DEPRECIATION

a. Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition.

b. Depreciation on Fixed Assets is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on the intangible assets is provided at the general rate of depreciation applicable to plant and machinery. Depreciation on assets has been provided from the date they were put to use.

ii. INVENTORIES

Inventories are valued at cost.

iii. MISCELLANEOUS EXPENDITURE

Preliminary expenses are written off over a period of ten years.

iv. INCOME TAXES

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act.

The company does not made provision for deferred Tax assets or liablity

v. SALES

Sales are accounted for on dispatch of goods to the Customers, net of Sales Tax.

vi. EARNINGS PER SHARE

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. PROVISIONS AND CONTINGENT LIABILITIES

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2009

1. Basis of Preparation of Financial Statements:

a. The accounts of the company are prepared under the historical cost conversion in accordance with Indian Generally Accepted Accounting Principles (GAAP) and the provisions of the companies Act, 1956.

b. The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

2. Fixed Assets:

a. All fixed assets are stated at cost of acquisition and/or installation cost.

b. Depreciation is provided on the SLM Method at the rates specified in schedule XIV of the companies Act, 1956. Depreciation on the intangible assets is provided at the general rate of depreciation applicable to plant and machinery. Depreciation has been provided from the date they were put to use.

3. Investments:

Investments are valued at cost of acquisition. There is a diminution in the value of other long term investments (quoted) held by the company as on 31- 03-2009 on the basis of market value thereof as on that date. No provision is considered necessary in accounts at this stage since the company expects such a decline to be temporary.

4. Expenditure:

Expenditure is accounted on accrual basis. The Expenses are recorded in the year in which it is incurred.

5. Foreign currency transaction:

There is no foreign exchange earnings and expenditure during the year

6. Amortization of Miscellaneous Expenditure:

Preliminary expenses are written off in Ten equal annual installments.

7. Income - Tax:

Provision is made for income tax annually based on the tax liability computed, after considering tax allowances and exemptions, in accordance with provisions of the Income- tax Act, 1961.

8. inventories:

Inventories are valued at cost

9. Sales:

Sales are recognized when products are dispatched and represent net amounts billed for goods sold.

 
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